Table of our ownership interest in these funds. The investments in these commingled funds include some or all of the above asset classes and are primarily valued at net asset values based on the underlying investments, which are valued consistent with the methodologies described above for each asset class.

NOTE ~~13.~~14. POSTRETIREMENT BENEFITS

We provide certain postretirement healthcare (medical) and life insurance benefits for eligible active and retired domestic employees. The healthcare plans are contributory with participants’ contributions adjusted annually based on medical rates of inflation and plan experience. We use a measurement date of December 31 for our postretirement plans.

Other Postretirement Benefits Obligations and Funded Status

Changes in the benefit obligation were as follows:


	December 31, 2023						December 31, 2022
	U.S.		Foreign		Total		U.S.		Foreign		Total
Change in Benefit Obligation	($ in millions)
Benefit obligation - beginning of year	$	28.5	$	6.4	$	34.9	$	39.3	$	11.2	$	50.5
Service cost	0.6		0.1		0.7		0.8		0.3		1.1
Interest cost	1.4		0.4		1.8		0.8		0.3		1.1
Actuarial loss (gain)	1.5		0.2		1.7		(8.0)		(4.2)		(12.2)
Benefits paid	(3.8)		(0.3)		(4.1)		(4.4)		(0.4)		(4.8)
Foreign currency translation adjustments	—		0.2		0.2		—		(0.8)		(0.8)
Benefit obligation - end of year	$	28.2	$	7.0	$	35.2	$	28.5	$	6.4	$	34.9

December 31, 2021 December 31, 2020
U.S. Foreign Total U.S. Foreign Total
Change in Benefit Obligation ($ in millions)
Benefit obligation at beginning of year $ 44.2 $ 11.9 $ 56.1 $ 41.8 $ 10.9 $ 52.7
Service cost 0.9 0.4 1.3 0.9 0.3 1.2
Interest cost 0.7 0.3 1.0 1.1 0.3 1.4
Actuarial (gain) loss (2.7) (1.1) (3.8) 3.5 0.6 4.1
Benefits paid (3.8) (0.3) (4.1) (3.1) (0.4) (3.5)
Foreign currency translation adjustments — — — — 0.2 0.2
Benefit obligation at end of year $ 39.3 $ 11.2 $ 50.5 $ 44.2 $ 11.9 $ 56.1

December 31, 2021 December 31, 2020
U.S. Foreign Total U.S. Foreign Total
($ in millions)
Funded status $ (39.3) $ (11.2) $ (50.5) $ (44.2) $ (11.9) $ (56.1)


	December 31, 2023						December 31, 2022
	U.S.		Foreign		Total		U.S.		Foreign		Total
	($ in millions)
Funded status	$	(28.2)	$	(7.0)	$	(35.2)	$	(28.5)	$	(6.4)	$	(34.9)

We recorded a ~~$2.9~~$1.3 million after-tax ~~benefit~~charge ($~~3.8~~1.7 million pretax) to shareholders’ equity as of December 31, ~~2021~~2023, for our other postretirement plans. In ~~2020,~~2022, we recorded an after-tax ~~charge~~benefit of ~~$3.1~~$9.6 million ($~~4.1~~12.2 million pretax) to shareholders’ equity as of December 31, ~~2020~~2022, for our other postretirement plans.

Amounts recognized in the consolidated balance sheets consisted of:


	December 31, 2023						December 31, 2022
	U.S.		Foreign		Total		U.S.		Foreign		Total
	($ in millions)
Accrued benefit in current liabilities	$	(2.4)	$	(0.3)	$	(2.7)	$	(2.6)	$	(0.3)	$	(2.9)
Accrued benefit in noncurrent liabilities	(25.8)		(6.7)		(32.5)		(25.9)		(6.1)		(32.0)
Accumulated other comprehensive loss	11.0		(2.7)		8.3		10.3		(3.1)		7.2
Net balance sheet impact	$	(17.2)	$	(9.7)	$	(26.9)	$	(18.2)	$	(9.5)	$	(27.7)

December 31, 2021 December 31, 2020
U.S. Foreign Total U.S. Foreign Total
($ in millions)
Accrued benefit in current liabilities $ (3.0) $ (0.4) $ (3.4) $ (3.1) $ (0.3) $ (3.4)
Accrued benefit in noncurrent liabilities (36.3) (10.8) (47.1) (41.1) (11.6) (52.7)
Accumulated other comprehensive loss 20.0 1.0 21.0 24.9 2.1 27.0
Net balance sheet impact $ (19.3) $ (10.2) $ (29.5) $ (19.3) $ (9.8) $ (29.1)


	Years Ended December 31,
	2023		2022		2021
Components of Net Periodic Benefit Cost	($ in millions)
Service cost	$	0.7	$	1.1	$	1.3
Interest cost	1.8		1.1		1.0
Amortization of prior service cost	0.1		0.1		0.1
Recognized actuarial loss	0.5		1.5		2.1
Net periodic benefit cost	$	3.1	$	3.8	$	4.5

	Years Ended December 31,
	2023		2022		2021
Included in Pretax Other Comprehensive Income (Loss)	($ in millions)
Liability adjustment	$	1.7	$	(12.2)	$	(3.8)
Amortization of prior service costs and actuarial losses	(0.6)		(1.6)		(2.2)

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Years Ended December 31,
2021 2020 2019
Components of Net Periodic Benefit Cost ($ in millions)
Service cost $ 1.3 $ 1.2 $ 1.1
Interest cost 1.0 1.4 1.7
Amortization of prior service cost 0.1 0.1 —
Recognized actuarial loss 2.1 2.2 2.1
Net periodic benefit cost $ 4.5 $ 4.9 $ 4.9
Included in Other Comprehensive Income (Loss) (Pretax)
Liability adjustment $ (3.8) $ 4.1 $ 6.2
Amortization of prior service costs and actuarial losses (2.2) (2.3) (2.1)

The service cost component of net periodic postretirement benefit cost related to the employees of the operating segments are allocated to the operating segments based on their respective estimated census data.

Other Postretirement Benefits Plan Assumptions

Certain actuarial assumptions, such as discount rate, have a significant effect on the amounts reported for net periodic benefit cost and accrued benefit obligation amounts.

December 31,
Weighted-Average Assumptions 2021 2020 2019
Discount rate—periodic benefit cost 2.3 % 3.1 % 4.1 %
Discount rate—benefit obligation 2.8 % 2.3 % 3.1 %


	December 31,
Weighted-Average Assumptions	2023		2022		2021
Discount rate—periodic benefit cost	5.5	%	2.8	%	2.3	%
Discount rate—benefit obligation	5.2	%	5.5	%	2.8	%

The discount rate is based on a hypothetical yield curve represented by a series of annualized individual zero-coupon bond spot rates for maturities ranging from one-half to thirty years. The bonds used in the yield curve must have a rating of AA or better per Standard & Poor’s, be non-callable, and have at least $250 million par outstanding. The yield curve is then applied to the projected benefit payments from the plan. Based on these bonds and the projected benefit payment streams, the single rate that produces the same yield as the matching bond portfolio is used as the discount rate.

We review external data and our own internal trends for healthcare costs to determine the healthcare cost for the ~~post retirement~~postretirement benefit obligation. The assumed healthcare cost trend rates for pre-65 retirees were as follows:

December 31,
2021 2020
Healthcare cost trend rate assumed for next year 7.3 % 7.3 %
Rate that the cost trend rate gradually declines to 4.5 % 4.5 %
Year that the rate reaches the ultimate rate 2032 2031


	December 31,
	2023		2022
Healthcare cost trend rate assumed for next year	7.0	%	7.0	%
Rate that the cost trend rate gradually declines to	4.5	%	4.5	%
Year that the rate reaches the ultimate rate	2033		2032

For post-65 retirees, we provide a fixed dollar benefit, which is not subject to escalation.

We expect to make payments of approximately $3 million for each of the next five years under the provisions of our other postretirement benefit plans.

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NOTE ~~14.~~15. INCOME TAXES

Years ended December 31,
2021 2020 2019
Components of Income (Loss) Before Taxes ($ in millions)
Domestic $ 977.3 $ (1,025.2) $ (1.3)
Foreign 561.4 5.2 (35.6)
Income (loss) before taxes $ 1,538.7 $ (1,020.0) $ (36.9)
Components of Income Tax Provision (Benefit)
Current provision (benefit):
Federal $ 139.6 $ (42.9) $ 9.3
State 24.5 0.5 3.2
Foreign 131.3 12.5 7.6
295.4 (29.9) 20.1
Deferred provision (benefit):
Federal 39.1 (36.0) (32.4)
State 6.2 (13.2) (9.3)
Foreign (98.7) 29.0 (4.0)
(53.4) (20.2) (45.7)
Income tax provision (benefit) $ 242.0 $ (50.1) $ (25.6)


	Years ended December 31,
	2023		2022		2021
Components of Income (Loss) Before Taxes	($ in millions)
U.S.	$	456.7	$	1,231.2	$	977.3
Foreign	102.6		444.8		561.4
Income before taxes	$	559.3	$	1,676.0	$	1,538.7
Components of Income Tax Provision (Benefit)
Current:
Federal	$	96.2	$	225.0	$	139.6
State	19.4		31.1		24.5
Foreign	48.0		121.7		131.3
Total current	163.6		377.8		295.4
Deferred:
Federal	(25.3)		(32.1)		39.1
State	(7.9)		(4.3)		6.2
Foreign	(23.1)		7.7		(98.7)
Total deferred	(56.3)		(28.7)		(53.4)
Income tax provision	$	107.3	$	349.1	$	242.0

The following table accounts for the difference between the actual tax provision and the amounts obtained by applying the statutory U.S. federal income tax rate to the income (loss) before taxes.

Years ended December 31,
Effective Tax Rate Reconciliation (Percent) 2021 2020 2019
Statutory federal tax rate 21.0 % 21.0 % 21.0 %
State income taxes, net 1.9 1.1 (5.4)
Foreign rate differential 2.9 (0.2) 19.4
U.S. tax on foreign earnings 0.3 (1.8) —
Salt depletion (0.6) 1.0 29.0
Change in valuation allowance (10.4) (3.5) (64.9)
Remeasurement of U.S. state deferred taxes 0.1 (0.1) 16.1
Change in tax contingencies 1.5 0.2 35.4
Share-based payments (0.7) — 0.7
Dividends paid to Contributing Employee Ownership Plan — — 1.1
Return to provision (0.5) 0.3 15.0
U.S. federal tax credits — 0.2 6.4
Goodwill impairment charge — (13.3) —
Other, net 0.2 — (4.4)
Effective tax rate 15.7 % 4.9 % 69.4 %

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	Years ended December 31,
Effective Tax Rate Reconciliation (Percent)	2023		2022		2021
Statutory federal tax rate	21.0	%	21.0	%	21.0	%
State income taxes, net	2.7		2.3		1.9
Foreign rate differential	(1.8)		1.5		2.9
U.S. tax on foreign earnings	1.7		(0.8)		0.3
Salt depletion	(1.7)		(0.5)		(0.6)
Change in valuation allowance	2.0		0.4		(10.4)
Remeasurement of U.S. state deferred taxes	(0.2)		(0.8)		0.1
Change in tax contingencies	(0.5)		0.5		1.5
Share-based payments	(1.0)		(0.3)		(0.7)
Return to provision	(3.1)		(0.6)		(0.5)
U.S. federal tax credits	—		(0.1)		—
Legal entity liquidation	(0.5)		(2.0)		—

Other, net	0.6		0.2		0.2
Effective tax rate	19.2	%	20.8	%	15.7	%

The effective tax rate for 2023 included benefits associated with a legal entity liquidation, prior year tax positions, stock-based compensation, remeasurement of deferred taxes due to a decrease in our state effective tax rates and foreign rate changes, and from a change in tax contingencies, and an expense from a net increase in the valuation allowance related to deferred tax assets in foreign jurisdictions. These factors resulted in a net $29.4 million tax benefit. Excluding these items, the effective tax rate for 2023 of 24.4% was higher than the 21.0% U.S. federal statutory rate primarily due to state taxes, an increase in the valuation allowance related to losses in foreign jurisdictions and foreign income inclusions, partially offset by foreign rate differential and favorable permanent salt depletion deductions.

The effective tax rate for 2022 included benefits associated with a legal entity liquidation, prior year tax positions, stock-based compensation, and remeasurement of deferred taxes due to a decrease in our state effective tax rates, and expenses associated with a net increase in the valuation allowance related to state tax credits and a change in tax contingencies. These factors resulted in a net $60.2 million tax benefit. Excluding these items, the effective tax rate for 2022 of 24.4% was higher than the 21.0% U.S. federal statutory rate primarily due to state taxes, an increase in the valuation allowance related to losses in foreign jurisdictions and foreign income taxes, partially offset by foreign income exclusions and favorable permanent salt depletion deductions.

The effective tax rate for 2021 included benefits from a net decrease in the valuation allowance related to deferred tax assets in foreign jurisdictions, ~~and~~ domestic tax credits, ~~a benefit associated with~~ prior year tax positions, ~~a benefit associated with~~ stock-based compensation, ~~an expense~~and expenses from remeasurement of deferred taxes due to an increase in our state effective tax rates and ~~an expense from~~ a change in tax contingencies. These factors resulted in a net $103.6 million tax benefit. ~~After giving consideration to~~Excluding these items, the effective tax rate for 2021 of 22.5% was higher than the ~~21%~~21.0% U.S. federal statutory rate primarily due to state taxes, foreign income inclusions and foreign ~~income taxes,~~rate differential, partially offset by a net decrease in the valuation allowance related to utilization of losses in foreign jurisdictions and favorable permanent salt depletion deductions.

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The effective tax rate for 2020 included expenses associated with a net increase in the valuation allowance related to foreign and domestic tax credits and deferred tax assets in foreign jurisdictions, a remeasurement of deferred taxes due to an increase in our state effective tax rates and a change in tax contingencies, and stock-based compensation, partially offset by a benefit associated with prior year tax positions. These factors resulted in a net $27.9 million tax expense. For 2020, a tax benefit of $10.8 million was recognized associated with the $699.8 million goodwill impairment charge. After giving consideration to these items, including the goodwill impairment charge on Olin’s loss before taxes, the effective tax rate for 2020 of 21.0% was equal to the 21.0% U.S. federal statutory rate as foreign income taxes, foreign income inclusions and a net increase in the valuation allowance related to losses in foreign jurisdictions were offset by state taxes and favorable permanent salt depletion deductions.

The effective tax rate for 2019 included benefits associated with the finalization of the Internal Revenue Service (IRS) review of years 2013 to 2015 U.S. income tax claims, stock-based compensation, prior year tax positions, foreign tax law changes, a remeasurement of deferred taxes due to a decrease in our state effective tax rates and a change in tax contingencies. The effective tax rate also included expenses associated with a net increase in the valuation allowance primarily related to foreign deferred tax assets and liabilities. These factors resulted in a net $19.4 million tax benefit. After giving consideration to these items, the effective tax rate for 2019 of 16.8% was lower than the 21.0% U.S. federal statutory rate primarily due to state taxes and a net increase in the valuation allowance related to losses in foreign jurisdictions, partially offset by foreign income taxes and favorable permanent salt depletion deductions.

December 31,
Components of Deferred Tax Assets and Liabilities 2021 2020
Deferred tax assets: ($ in millions)
Pension and postretirement benefits $ 92.4 $ 181.9
Environmental reserves 36.4 36.3
Asset retirement obligations 14.7 16.4
Accrued liabilities 49.4 54.1
Lease liabilities 89.7 87.4
Tax credits 40.8 49.8
Net operating losses 22.6 141.0
Capital loss carryforward 0.5 0.9
Interest deduction limitation — 7.0
Total deferred tax assets 346.5 574.8
Valuation allowance (70.1) (239.6)
Net deferred tax assets 276.4 335.2
Deferred tax liabilities:
Property, plant and equipment 496.7 530.4
Right-of-use lease assets 88.2 86.2
Intangible amortization 41.2 40.0
Inventory and prepaids 7.9 17.4
Partnerships 87.0 80.9
Taxes on unremitted earnings 8.7 6.1
Other miscellaneous items 6.3 6.2
Total deferred tax liabilities 736.0 767.2
Net deferred tax liability $ (459.6) $ (432.0)


	December 31,
	2023		2022
Components of Deferred Tax Assets and Liabilities	($ in millions)
Deferred Tax Assets
Pension and postretirement benefits	$	42.4	$	42.9
Environmental reserves	38.3		37.4
Asset retirement obligations	16.6		13.9
Accrued liabilities	46.1		47.4
Lease liabilities	88.1		91.4
Tax credits	47.3		37.4
Net operating losses (NOL)	54.1		23.2

Other miscellaneous items	3.0		2.7
Total deferred tax assets	335.9		296.3
Valuation allowance	(99.5)		(76.4)
Net deferred tax assets	236.4		219.9

Deferred Tax Liabilities
Property, plant and equipment	439.5		481.7
Right-of-use lease assets	86.5		89.8
Intangible amortization	76.9		68.7
Inventory and prepaids	5.5		12.1

Taxes on unremitted earnings	16.8		12.0
Other miscellaneous items	—		2.4
Total deferred tax liabilities	625.2		666.7

Net deferred income tax liability	$	(388.8)	$	(446.8)

Realization of the net deferred tax assets, irrespective of indefinite-lived deferred tax liabilities, is dependent on future reversals of existing taxable temporary differences and adequate future taxable income, exclusive of reversing temporary differences and carryforwards. Although realization is not assured, we believe that it is more likely than not that the net deferred tax assets will be realized.

At December 31, ~~2021,~~2023, we had deferred state tax assets of ~~$14.2~~$14.9 million relating to state NOLs, which will expire in years ~~2022~~2024 through 2042, if not utilized.

~~Table of Contents~~

At December 31, ~~2021,~~2023, we had deferred state tax assets of ~~$21.2~~$19.3 million relating to state tax credits, which will expire in years ~~2022~~2024 through ~~2036,~~2038, if not utilized.

At December 31, 2021, we had a capital loss carryforward of $2.2 million (representing $0.5 million of deferred tax assets) which is available to offset future consolidated capital gains that will expire in years 2022 through 2025, if not utilized.

~~At December 31, 2021,~~2023, we had foreign tax credits of ~~$18.5~~$23.1 million, that will expire in years 2027 through ~~2031,~~2032, if not utilized.

At December 31, ~~2021,~~2023, we had NOLs of approximately ~~$39.2~~$141.4 million (representing ~~$8.4~~$39.1 million of deferred tax assets) in various foreign jurisdictions. Of these, ~~$30.8~~$67.9 million (representing ~~$7.0~~$16.9 million of deferred tax assets) expire in various years from ~~2023~~2024 to ~~2031.~~2033. The remaining ~~$8.4~~$73.5 million (representing ~~$1.4~~$22.2 million of deferred tax assets) do not expire.

As of December 31, ~~2021,~~2023, we had recorded a valuation allowance of ~~$70.1~~$99.5 million, compared to ~~$239.6~~$76.4 million as of December 31, ~~2020.~~2022, and $70.1 million as of December 31, 2021. The ~~decrease~~increase of ~~$169.5~~$23.1 million in 2023 is primarily due to ~~a release of the $156.9 million~~increases in valuation ~~allowance related to deferred~~allowances on foreign tax assets of our German operations, of which $103.8 million was released in the second quarter of 2021. As a result of significant taxable income during the first six months of 2021, our German operations reported cumulative income before tax (adjusted for permanent items) over the previous twelve quarters. Additionally, we projected taxable income in our German operations for the remainder of 2021credits and we expected that net operating loss carryovers and other deductible amounts in Germany would ultimately be realizable against future income. We concluded, based upon the preponderance of positive evidence over negative evidence and the anticipated ability to use the deferred tax assets, that it was more likely than not that the deferred tax assets in Germany would be realizable due to U.S. GAAP forecasted income. If there are unfavorable changes to actual operating results or to projections of future income, we may determine that it is more likely than not such deferred tax assets may not be realizable. All German net operating loss carryovers were realized in 2021.

foreign NOLs.

We continue to have net deferred tax assets in several jurisdictions which we expect to realize, assuming sufficient taxable income can be generated to utilize these deferred tax benefits, which is based on certain estimates and assumptions. If these estimates and related assumptions change in the future, we may be required to reduce the value of the deferred tax assets resulting in additional tax expense.

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The activity of our deferred income tax valuation allowance was as follows:

December 31,
2021 2020
($ in millions)
Beginning balance $ 239.6 $ 182.1
Increases to valuation allowances 3.2 54.6
Decreases to valuation allowances (169.6) (2.2)
Foreign currency translation adjustments (3.1) 5.1
Ending balance $ 70.1 $ 239.6


	December 31,
	2023		2022
Deferred Income Tax Valuation Allowance	($ in millions)
Beginning balance	$	76.4	$	70.1
Increases to valuation allowances	23.6		14.6
Decreases to valuation allowances	(0.1)		(6.6)
Foreign currency translation adjustments	(0.4)		(1.7)
Ending balance	$	99.5	$	76.4

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As of December 31, ~~2021,~~2023, we had ~~$43.4~~$50.3 million of gross unrecognized tax benefits, which would have a net ~~$43.6~~$49.9 million impact on the effective tax rate, if recognized. As of December 31, ~~2020,~~2022, we had ~~$21.3~~$51.6 million of gross unrecognized tax benefits, which would have a net ~~$21.2~~$50.6 million impact on the effective tax rate, if recognized. The change for both ~~2021~~2023 and ~~2020~~2022 primarily relates to additional gross unrecognized benefits for current and prior year tax positions, as well as decreases for prior year tax positions. The amounts of unrecognized tax benefits were as follows:

December 31,
2021 2020
($ in millions)
Beginning balance $ 21.3 $ 22.8
Increase for current year tax positions 5.8 1.7
Increase for prior year tax positions 24.4 0.2
Decrease for prior year tax positions (4.1) (3.5)
Reduction due to lapse in statute of limitations (3.0) —
Foreign currency translation adjustments (1.0) 0.1
Ending balance $ 43.4 $ 21.3


	December 31,
	2023		2022
Unrecognized Tax Benefits	($ in millions)
Beginning balance	$	51.6	$	43.4
Increase for current year tax positions	1.7		10.3
Increase for prior year tax positions	1.3		0.3
Decrease for prior year tax positions	(0.5)		(0.8)
Reduction due to lapse in statute of limitations	(5.1)		—
Foreign currency translation adjustments	1.3		(1.6)
Ending balance	$	50.3	$	51.6

We recognize interest and penalty expense related to unrecognized tax positions as a component of the income tax provision. As of December 31, ~~2021~~2023 and ~~2020,~~2022, interest and penalties accrued were ~~$0.5~~$1.9 million and ~~$0.1~~$1.2 million, respectively. For ~~2021, 2020~~2023, 2022 and ~~2019,~~2021, we recorded expense ~~(benefit)~~ related to interest and penalties of $0.7 million, $0.7 million and $0.5 million, ~~$(0.1) million and $(1.5) million,~~ respectively.

As of December 31, ~~2021,~~2023, we believe it is reasonably possible that our total amount of unrecognized tax benefits will decrease by approximately ~~$13.5~~$36.9 million over the next twelve months. The anticipated reduction primarily relates to expected settlements with tax authorities and the expiration of federal, state and foreign statutes of limitation.

We operate globally and file income tax returns in numerous jurisdictions. Our tax returns are subject to examination by various federal, state and local tax authorities. Additionally, examinations are ongoing in various states and foreign jurisdictions. We believe we have adequately provided for all tax positions; however, amounts asserted by taxing authorities could be greater than our accrued position.

For our primary tax jurisdictions, the tax years that remain subject to examination are as follows:


			Tax Years
U.S. federal income tax			~~2018~~2020 - ~~2020~~2022
U.S. state income tax			2012 - ~~2020~~2022
Canadian federal income tax			~~2013~~2015 - ~~2020~~2022
Brazil			2015 - ~~2020~~2022
Germany			2015 - ~~2020~~2022
China			2014 - ~~2020~~2022
The Netherlands			2015 - ~~2020~~2022

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NOTE ~~15.~~16. ACCRUED LIABILITIES

Included in accrued liabilities were the following:

December 31,
2021 2020
($ in millions)
Accrued compensation and payroll taxes $ 112.0 $ 57.2
Tax-related accruals 58.0 54.5
Accrued interest 39.1 59.2
Legal and professional costs 35.8 40.2
Accrued employee benefits 48.3 29.6
Manufacturing related accruals 52.8 40.0
Environmental (current portion only) 25.0 19.0
Asset retirement obligation (current portion only) 13.4 18.0
Restructuring reserves (current portion only) 12.2 2.6
Other 61.5 37.7
Accrued liabilities $ 458.1 $ 358.0


	December 31,
	2023		2022
Accrued Liabilities	($ in millions)
Accrued compensation and payroll taxes	$	72.0	$	111.9
Non-income tax-related accruals	52.5		51.4
Accrued interest	35.8		35.6
Legal and professional costs	27.0		41.6
Accrued employee benefits	63.5		64.6
Contract liabilities (current portion only)	34.5		41.1
Environmental (current portion only)	32.0		25.0
Asset retirement obligation (current portion only)	9.5		13.7
Restructuring reserves (current portion only)	22.6		13.6
Derivative contracts	31.9		42.5
Other	68.7		67.8
Accrued liabilities	$	450.0	$	508.8

NOTE ~~16.~~17. CONTRIBUTING EMPLOYEE OWNERSHIP PLAN

The Contributing Employee Ownership Plan (CEOP) is a defined contribution plan available to essentially all domestic employees. We provide a contribution to an individual retirement contribution account (Company Contribution) maintained with the CEOP equal to an amount of between 5.0% and 7.5% of the employee’s eligible compensation. ~~The defined contribution plan expense was $35.4 million, $30.6 million~~Employees generally vest in the value of the Company Contribution according to a schedule based on service. Prior to February 2023, participants vested 25% after 2 years of service, and ~~$29.9 million for 2021, 2020~~25% each year thereafter, through year 5 of service. After February 2023, participants vest 50% after 2 years of service and ~~2019, respectively.~~100% after 3 years of service.

~~Company matching~~We also match a percentage of our employee’s CEOP contributions (Company Match), which are invested in the same investment allocation as the employee’s contribution. ~~Our matching contributions for eligible employees amounted~~Prior to $14.2 million, $3.7 million and $15.8 million in 2021, 2020 and 2019, respectively. Effective January 1, 2020, we suspended the match on all salaried and non-bargaining hourly employees’ contributions, and moved to a discretionary contribution model with contributions contingent upon company-wide financial performance. For the year ended December 31, 2020, we did not make a discretionary matching contribution. Effective January 1, 2021, we reinstated the match on all salaried and non-bargaining hourly employees’ contributions, which provides for a maximum 3% matching contribution based on the level of participant contributions.

~~Employees generally become~~February 2023, participants vested ~~in the value of the contributions we make to the CEOP according to a schedule based on service. After~~25% after 2 years of service, ~~participants are~~and 25% ~~vested. They~~each year thereafter, through year 5 of service. After February 2023, employees immediately vest in ~~increments of 25%~~matching contributions.

Our contributions to the CEOP for ~~each additional year~~2023, 2022 and ~~after 5 years of service, they are 100% vested in the value of the contributions that we have made to their accounts.~~2021, were as follows:

Employees may transfer any or all of the value of the investments, including Olin common stock, to any one or combination of investments available in the CEOP. Employees may transfer balances daily and may elect to transfer any percentage of the balance in the fund from which the transfer is made. However, when transferring out of a fund, employees are prohibited from trading out of the fund to which the transfer was made for ~~seven~~ ~~calendar days. This limitation does not apply to trades into the money market fund or the Olin Common Stock Fund.~~


	Years ended December 31,
	2023		2022		2021
	($ in millions)
Company contribution	$	36.8	$	37.4	$	35.4
Company match	14.5		14.4		14.2

~~Table of Contents~~

NOTE ~~17.~~18. STOCK-BASED COMPENSATION

Stock-based compensation expense was allocated to the operating segments for the portion related to employees whose compensation would be included in cost of goods sold with the remainder recognized in corporate/other. There were no significant capitalized stock-based compensation costs. Stock-based compensation granted includes stock options, performance ~~stock~~share awards, restricted stock awards and deferred directors’ compensation. Stock-based compensation expense was as follows:


	Years ended December 31,
	2023		2022		2021
Stock Compensation Expense	($ in millions)
Stock-based compensation	$	26.7	$	25.6	$	28.4
Mark-to-market adjustments	1.1		(2.5)		24.7
Total expense	$	27.8	$	23.1	$	53.1

Years ended December 31,
2021 2020 2019
($ in millions)
Stock-based compensation $ 28.4 $ 17.5 $ 9.4
Mark-to-market adjustments 24.7 4.8 (1.8)
Total expense $ 53.1 $ 22.3 $ 7.6

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Stock Plans

Under the stock option and long-term incentive plans, options may be granted to purchase shares of our common stock at an exercise price not less than fair market value at the date of grant, and are exercisable for a period not exceeding ten years from that date. Stock options, restricted stock and performance shares typically vest over three years. We issue shares to settle stock options, restricted stock and share-based performance awards. In ~~2021, 2020~~2023, 2022 and ~~2019,~~2021, long-term incentive awards included stock options, performance share awards and restricted stock. The stock option exercise price was set at the fair market value of common stock on the date of the grant, and the options have a ten-year term.

The fair value of each stock option granted, which typically vests ratably over three years, but not less than one year, was estimated on the date of grant, using the Black-Scholes option-pricing model with the following assumptions:


Grant Date Assumptions	2023		2022		2021
Dividend yield	1.32%		1.60%		2.76%
Risk-free interest rate	4.07%		1.93%		0.94%
Expected volatility	47%		48%		44%
Expected life (years)	7.0		7.0		6.0
Weighted-average grant fair value (per option)	$	28.74	$	21.18	$	9.91
Weighted-average exercise price	$	60.43	$	49.71	$	28.99
Stock options granted	564,124		752,100		1,154,700

Dividend yield was based on our current dividend yield as of the option grant date. Risk-free interest rate was based on zero coupon U.S. Treasury securities rates for the expected life of the options. Expected volatility was based on our historical stock price movements, as we believe that historical experience is the best available indicator of the expected volatility. Expected life of the option grant was based on historical exercise and cancellation patterns, as we believe that historical experience is the best estimate for future exercise patterns.

Stock option transactions were as follows:

Exercisable
Shares Option Price Weighted-Average Option Price Options Weighted-Average Exercise Price
Outstanding at January 1, 2021 9,127,375 $13.14-32.94 $ 23.06 5,671,371 $ 24.57
Granted 1,154,700 28.99-58.59 30.63
Exercised (3,378,783) 13.14-32.94 21.42
Canceled (923,056) 13.14-32.94 20.28
Outstanding at December 31, 2021 5,980,236 13.14-58.59 $ 25.88 3,736,639 $ 26.60


					Exercisable
Stock Option Transactions	Shares	Option Price	Weighted-Average Option Price		Options	Weighted-Average Exercise Price
Outstanding at January 1, 2023	5,438,720	13.14-65.77	$	29.36	3,740,936	$	26.50
Granted	564,124	49.42-60.55	60.43
Exercised	(972,080)	13.14-50.08	26.06
Canceled	(107,191)	23.28-60.55	44.79
Outstanding at December 31, 2023	4,923,573	13.14-65.77	$	33.23	3,654,274	$	27.33

At December 31, ~~2021,~~2023, the average exercise period for all outstanding and exercisable options was 7970 months and 6659 months, respectively. At December 31, ~~2021,~~2023, the aggregate intrinsic value (the difference between the exercise price and market value) for outstanding options was ~~$189.6~~$105.9 million, which includes exercisable options of ~~$115.7~~$97.5 million. The total intrinsic value of options exercised during the years ended December 31, 2023, 2022 and 2021, ~~2020~~was $29.7 million, $36.9 million and ~~2019 was~~ $73.1 million, ~~$0.6 million and $1.3 million,~~ respectively.

The total unrecognized compensation cost related to unvested stock options at December 31, ~~2021~~2023, was ~~$9.9~~$15.5 million and was expected to be recognized over a weighted-average period of ~~1.2~~1.3 years.

The following table provides certain information with respect to stock options exercisable at December 31, ~~2021:~~2023:

Range of
Exercise Prices Options Exercisable Weighted-Average Exercise Price Options Outstanding Weighted-Average Exercise Price
Under $22.00 665,236 $ 15.23 1,598,246 $ 16.46
$22.00 - $28.00 1,353,803 26.54 1,600,790 26.49
Over $28.00 1,717,600 31.06 2,781,200 30.95
3,736,639 5,980,236


Range of Exercise Prices	Options Exercisable	Weighted-Average Exercise Price		Options Outstanding	Weighted-Average Exercise Price
Under $27.00	1,586,954	$	20.52	1,586,954	$	20.52
$27.00 - $45.00	1,843,786	30.26		2,107,064	30.12
Over $45.00	223,534	51.53		1,229,555	54.98
	3,654,274			4,923,573

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At December 31, ~~2021,~~2023, common shares reserved for issuance and available for grant or purchase under the following plans consisted of:

Number of Shares
Stock Option Plans Reserved for Issuance
Available for Grant or Purchase(1)
2000 long term incentive plan 13,000 —
2003 long term incentive plan 74,366 —
2006 long term incentive plan 44,362 —
2009 long term incentive plan 237,117 —
2014 long term incentive plan 750,556 —
2016 long term incentive plan 1,549,833 —
2018 long term incentive plan 9,389,001 4,790,339
2021 long term incentive plan 2,750,000 2,750,000
Total under stock option plans 14,808,235 7,540,339

Number of Shares
Stock Purchase Plans Reserved for Issuance Available for Grant or Purchase
1997 stock plan for non-employee directors 387,368 144,143


	Number of Shares
Incentive Plans	Reserved for Issuance	Available for Grant or Purchase(1)

2003 Long Term Incentive Plan	29,834	—
2006 Long Term Incentive Plan	18,698	—
2009 Long Term Incentive Plan	94,984	—
2014 Long Term Incentive Plan	355,082	—
2016 Long Term Incentive Plan	1,066,818	—
2018 Long Term Incentive Plan	8,054,619	3,765,408
2021 Long Term Incentive Plan	2,750,000	2,582,262
Total under stock option plans	12,370,035	6,347,670

(1)All available to be issued as stock options, but includes a sub-limit for all types of stock awards of ~~2,952,130~~2,595,246 shares.


	Number of Shares
Director Plans	Reserved for Issuance	Available for Grant or Purchase
1997 Stock Plan for Non-employee Directors	368,778	106,697

Under the stock purchase plans, our non-employee directors may defer certain elements of their compensation into shares of our common stock based on fair market value of the shares at the time of deferral. Non-employee directors annually receive stock grants as a portion of their director compensation. Of the shares reserved under the stock purchase plans at December 31, ~~2021, 243,225~~2023, 262,081 shares were committed.

Performance share awards are denominated in shares of our stock and are paid half in cash and half in stock. Payouts for performance share awards are based on two criteria: (1) 50% of the award is based on Olin’s total shareholder returns (TSR) over the applicable ~~3-year~~three-year performance cycle in relation to the ~~total shareholder return~~TSR over the same period among a portfolio of public companies which are selected in concert with outside compensation consultants and (2) 50% of the award is based on Olin’s net income over the applicable ~~3-year~~three-year performance cycle in relation to the net income goal for such period as set by the ~~compensation committee~~Compensation Committee of Olin’s ~~board~~Board of ~~directors.~~Directors. The expense associated with performance shares is recorded based on our estimate of our performance relative to the respective target. If an employee leaves the company before the end of the performance cycle, the performance shares may be prorated based on the number of months of the performance cycle worked and are settled in cash instead of half in cash and half in stock when the three-year performance cycle is completed. Granted shares reflects changes in assumptions associated with the expected achievement of the aforementioned criteria. ~~Performance~~

The fair value of each performance share ~~transactions were~~award based on net income was estimated on the date of grant, using the current stock price. The fair value of each performance share award based on TSR was estimated on the date of grant, using a Monte Carlo simulation model with the following weighted average assumptions:


Grant Date Assumptions	2023		2022		2021
Risk-free interest rate	4.46%		1.74%		0.23%
Expected volatility of Olin common stock	52%		59%		55%
Expected average volatility of peer companies	42%		47%		50%
Average correlation coefficient of peer companies	0.51		0.51		0.50
Expected life (years)	3.0		3.0		3.0
Grant date fair value (TSR-based award)	$	86.98	$	64.13	$	39.96
Grant date fair value (net income-based award)	60.55		49.71		28.99
Performance share awards granted	161,474		184,000		248,700

Risk-free interest rate was based on zero coupon U.S. Treasury securities rates for the expected life of the performance share awards. Expected volatility of Olin common stock and peer companies was based on historical stock price movements, as ~~follows:~~

To Settle in Cash To Settle in Shares
Shares Weighted-Average Fair Value per Share Shares Weighted-Average Fair Value per Share
Outstanding at January 1, 2021 393,205 $ 24.84 345,430 $ 21.37
Granted 399,669 24.25 364,287 24.15
Paid/Issued (25,605) 24.84 (19,267) 32.94
Converted from shares to cash 135,237 21.45 (135,237) 21.45
Canceled (119,232) 26.69 (118,456) 19.18
Outstanding at December 31, 2021 783,274 $ 57.57 436,757 $ 23.75
Total vested at December 31, 2021 592,914 $ 57.57 259,010 $ 22.81

we believe that historical experience is the best available indicator of the expected volatility. The average correlation coefficient of peer companies was determined based on historical trends of Olin’s common stock price compared to the peer companies.

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Expected life of the performance share award grant was based on historical exercise and cancellation patterns, as we believe that historical experience is the best estimate of future exercise patterns.

Performance share transactions were as follows:


	To Settle in Cash			To Settle in Shares
Performance Share Transactions	Shares	Weighted-Average Fair Value per Share		Shares	Weighted-Average Fair Value per Share
Outstanding at January 1, 2023	675,016	$	52.90	388,808	$	29.94
Granted	76,455	63.08		91,950	63.56
Paid/issued	(357,601)	52.90		(131,633)	17.33
Converted from shares to cash	5,397	37.49		(5,397)	37.49
Canceled	(3,605)	54.17		(3,876)	42.61
Outstanding at December 31, 2023	395,662	$	54.18	339,852	$	43.65
Total vested at December 31, 2023	309,835	$	54.18	249,753	$	40.37

The summary of the status of our unvested performance shares to be settled in cash were as follows:

Shares Weighted-Average Fair Value per Share
Unvested at January 1, 2021 176,250 $ 24.84
Granted 399,669 24.25
Vested (266,327) 57.57
Canceled (119,232) 26.69
Unvested at December 31, 2021 190,360 $ 57.57


Unvested Performance Shares	Shares	Weighted-Average Fair Value per Share
Unvested at January 1, 2023	125,750	$	52.90
Granted	76,455	63.08
Vested	(112,773)	54.18
Canceled	(3,605)	54.17
Unvested at December 31, 2023	85,827	$	54.18

At December 31, ~~2021,~~2023, the liability recorded for performance shares to be settled in cash totaled ~~$34.1~~$17.0 million. The total unrecognized compensation cost related to unvested performance shares at December 31, ~~2021~~2023, was ~~$15.4~~$9.8 million and was expected to be recognized over a weighted-average period of 1.7 years.

NOTE ~~18.~~19. 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. On November 1, 2021, our Board of Directors authorized a share repurchase program for the purchase of shares of common stock at an aggregate price of up to $1.0 billion. This program terminated upon the purchase of $1.0 billion of our common stock during the third quarter of 2022. On April 26, 2018, our ~~board~~Board of ~~directors~~Directors authorized a share repurchase program for the purchase of shares of common stock at an aggregate price of up to $500.0 million. This program ~~will terminate~~terminated upon the purchase of $500.0 million of our common ~~stock. On November 1,~~stock during the first quarter of 2022.

For the years ended December 31, 2023, 2022 and 2021, ~~our board of directors authorized an additional share repurchase program for the purchase of~~13.3 million, 25.7 million and 4.7 million shares, respectively, of common stock ~~at an aggregate price of up to $1.0 billion. This program will terminate upon the purchase of $1.0 billion of our common stock.~~

~~For the year ended December 31, 2021, 4.7 million were~~have been repurchased and retired at a ~~cost~~total value of $711.3 million, $1,350.7 million and $251.9 ~~million. On August 5, 2019, we entered into an accelerated share repurchase (ASR) agreement with Goldman Sachs & Co. LLC,~~million, respectively. As of December 31, 2023, a third-party financial institution, to repurchase $100.0 million of Olin’s common stock. This authorization was granted under the April 26, 2018 share repurchase program and reduced the remaining authorized repurchase amount under that program by $100.0 million. In connection with this agreement, we repurchased acumulative total of ~~5.7 million shares under this ASR agreement. For the year ended December 31, 2019, 8.0~~19.2 million shares were repurchased and retired at a ~~cost~~total value of ~~$145.9 million.~~

~~As of December 31, 2021, a cumulative total of 14.7 million shares were repurchased and retired at a cost of $447.8~~$1,003.0 million and ~~$52.2~~$997.0 million of common stock remained authorized to be repurchased under the ~~2018~~2022 Repurchase Authorization program. ~~As of December 31, 2021, there have been no repurchases under the 2021 Repurchase Authorization program and $1.0 billion of common stock remained authorized to be repurchased under this plan.~~

During ~~2021, 2020~~2023, 2022 and ~~2019,~~2021, we issued ~~3.4~~1.0 million, ~~0.1~~1.1 million and ~~0.1~~3.4 million shares, respectively, with a total value of ~~$72.4~~$25.4 million, ~~$1.9~~$25.7 million and ~~$1.7~~$72.4 million, respectively, representing stock options exercised.

We have registered an undetermined amount of securities with the SEC, so that, from time-to-time, we may issue debt securities, preferred stock and/or common stock and associated warrants in the public market under that registration statement.

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

Foreign Currency Translation Adjustment (net of taxes) Unrealized Gains (Losses) on Derivative Contracts (net of taxes) Pension and Other Postretirement Benefits (net of taxes) Accumulated Other Comprehensive Loss
($ in millions)
Balance at January 1, 2019 $ 0.7 $ 1.8 $ (653.5) $ (651.0)
Unrealized losses (9.1) (47.1) (183.9) (240.1)
Reclassification adjustments of losses into income — 26.9 29.1 56.0
Tax benefit — 4.8 26.9 31.7
Net change (9.1) (15.4) (127.9) (152.4)
Balance at December 31, 2019 (8.4) (13.6) (781.4) (803.4)
Unrealized gains 27.8 31.1 26.6 85.5
Reclassification adjustments of losses into income — 14.9 46.3 61.2
Tax provision — (11.0) (22.2) (33.2)
Net change 27.8 35.0 50.7 113.5
Balance at December 31, 2020 19.4 21.4 (730.7) (689.9)
Unrealized (losses) gains (30.3) 182.0 249.7 401.4
Reclassification adjustments of (gains) losses into income — (180.1) 54.3 (125.8)
Tax provision — (0.5) (73.2) (73.7)
Net change (30.3) 1.4 230.8 201.9
Balance at December 31, 2021 $ (10.9) $ 22.8 $ (499.9) $ (488.0)


	Foreign Currency Translation		Cash Flow Hedges		Pension and Postretirement Benefits		Total
Accumulated Other Comprehensive Loss	($ in millions)
Balance at January 1, 2021	$	19.4	$	21.4	$	(730.7)	$	(689.9)
Unrealized (losses) gains	(30.3)		182.0		249.7		401.4
Reclassification adjustments of (gains) losses into income	—		(180.1)		54.3		(125.8)
Tax provision	—		(0.5)		(73.2)		(73.7)
Net change	(30.3)		1.4		230.8		201.9
Balance at December 31, 2021	(10.9)		22.8		(499.9)		(488.0)
Unrealized (losses) gains	(27.7)		(15.6)		72.1		28.8
Reclassification adjustments of (gains) losses into income	—		(58.2)		35.5		(22.7)
Tax benefit (provision)	—		18.5		(32.5)		(14.0)
Net change	(27.7)		(55.3)		75.1		(7.9)
Balance at December 31, 2022	(38.6)		(32.5)		(424.8)		(495.9)
Unrealized losses	(1.1)		(53.6)		(18.1)		(72.8)
Reclassification adjustments of losses into income	—		72.5		0.2		72.7
Tax (provision) benefit	—		(4.8)		4.5		(0.3)
Net change	(1.1)		14.1		(13.4)		(0.4)
Balance at December 31, 2023	$	(39.7)	$	(18.4)	$	(438.2)	$	(496.3)

Net income (loss), interest expense and cost of goods sold included reclassification adjustments for realized gains and losses on derivative contracts from accumulated other comprehensive loss.

Net income (loss) and non-operating pension income included the amortization of prior service costs and actuarial losses from accumulated other comprehensive loss.

~~Table of Contents~~

NOTE ~~19.~~20. SEGMENT INFORMATION

We define segment results as income (loss) before interest expense, interest income, ~~goodwill impairment charges,~~ other operating income (expense), non-operating pension income, other income and income taxes, and includes the operating results of non-consolidated affiliates. Consistent with the guidance in ASC 280 “Segment Reporting,” we have determined it is appropriate to include the operating results of non-consolidated affiliates in the relevant segment financial results.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.

Years ended December 31,
2021 2020 2019
Sales: ($ in millions)
Chlor Alkali Products and Vinyls $ 4,140.8 $ 2,959.9 $ 3,420.1
Epoxy 3,186.0 1,870.5 2,024.4
Winchester 1,583.8 927.6 665.5
Total sales $ 8,910.6 $ 5,758.0 $ 6,110.0
Income (loss) before taxes:
Chlor Alkali Products and Vinyls $ 997.8 $ 3.5 $ 336.7
Epoxy 616.5 40.8 53.9
Winchester 412.1 92.3 40.1
Corporate/Other:
Environmental expense (14.0) (20.9) (20.5)
Other corporate and unallocated costs (135.1) (154.3) (156.3)
Restructuring charges (27.9) (9.0) (76.5)
Goodwill impairment — (699.8) —
Other operating income 1.4 0.7 0.4
Interest expense (348.0) (292.7) (243.2)
Interest income 0.2 0.5 1.0
Non-operating pension income 35.7 18.9 16.3
Other income — — 11.2
Income (loss) before taxes $ 1,538.7 $ (1,020.0) $ (36.9)
Depreciation and amortization expense:
Chlor Alkali Products and Vinyls $ 466.4 $ 451.4 $ 470.4
Epoxy 86.1 90.7 100.1
Winchester 23.3 20.1 20.1
Corporate/Other 6.7 6.2 6.8
Total depreciation and amortization expense $ 582.5 $ 568.4 $ 597.4
Capital spending:
Chlor Alkali Products and Vinyls $ 130.2 $ 180.4 $ 240.3
Epoxy 31.0 33.7 30.0
Winchester 28.5 24.5 12.1
Corporate/Other 10.9 60.3 103.2
Total capital spending $ 200.6 $ 298.9 $ 385.6

Sales are attributed to geographic areas based on customer location.

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	Years ended December 31,
	2023		2022		2021
Segment Detail	($ in millions)
Sales
Chlor Alkali Products and Vinyls	$	3,995.1	$	5,085.0	$	4,140.8
Epoxy	1,329.2		2,690.5		3,186.0
Winchester	1,508.7		1,600.7		1,583.8
Total sales	$	6,833.0	$	9,376.2	$	8,910.6

Income before Taxes
Chlor Alkali Products and Vinyls	$	664.2	$	1,181.3	$	997.8
Epoxy	(31.0)		388.5		616.5
Winchester	255.6		372.9		412.1
Corporate/Other:
Environmental expense	(23.7)		(23.2)		(14.0)
Other corporate and unallocated costs	(106.3)		(131.5)		(135.1)
Restructuring charges	(89.6)		(25.3)		(27.9)
Other operating income	42.9		16.3		1.4
Interest expense	(181.1)		(143.9)		(348.0)
Interest income	4.3		2.2		0.2
Non-operating pension income	24.0		38.7		35.7

Income before taxes	$	559.3	$	1,676.0	$	1,538.7

Depreciation and Amortization Expense
Chlor Alkali Products and Vinyls	$	440.7	$	482.2	$	466.4
Epoxy	57.4		83.3		86.1
Winchester	27.2		24.6		23.3
Corporate/Other	8.1		8.7		6.7
Total depreciation and amortization expense	$	533.4	$	598.8	$	582.5

Capital Spending
Chlor Alkali Products and Vinyls	$	161.1	$	151.4	$	130.2
Epoxy	15.2		27.2		31.0
Winchester	33.3		31.0		28.5
Corporate/Other	26.4		27.3		10.9
Total capital spending	$	236.0	$	236.9	$	200.6

Segment assets include only those assets which are directly identifiable to an operating segment. Assets of the corporate/other segment include primarily such items as cash and cash equivalents, deferred taxes and other assets.

December 31,
2021 2020
Assets: ($ in millions)
Chlor Alkali Products and Vinyls $ 6,184.9 $ 6,165.5
Epoxy 1,307.3 1,153.2
Winchester 540.6 468.2
Corporate/Other 484.9 484.0
Total assets $ 8,517.7 $ 8,270.9


	December 31,
	2023		2022
Assets by Segment	($ in millions)
Chlor Alkali Products and Vinyls	$	5,650.2	$	5,782.2
Epoxy	979.3		1,201.9
Winchester	683.6		595.0
Corporate/Other	400.1		465.1
Total assets	$	7,713.2	$	8,044.2

Property, plant and equipment is attributed to geographic areas based on the asset location, and sales are attributed to geographic areas based on the customer location.

December 31,
2021 2020
Property, plant and equipment: ($ in millions)
United States $ 2,639.6 $ 2,860.1
Foreign 274.0 310.9
Total property, plant and equipment $ 2,913.6 $ 3,171.0

Years ended December 31,
2021 2020 2019
Sales by geography: ($ in millions)
     Chlor Alkali Products and Vinyls
United States $ 2,839.1 $ 2,092.5 $ 2,332.1
Europe 203.5 106.7 134.5
Other foreign 1,098.2 760.7 953.5
               Total Chlor Alkali Products and Vinyls 4,140.8 2,959.9 3,420.1
     Epoxy
United States 926.7 578.1 664.0
Europe 1,457.9 684.9 844.2
Other foreign 801.4 607.5 516.2
               Total Epoxy 3,186.0 1,870.5 2,024.4
     Winchester
United States 1,502.2 865.9 603.4
Europe 19.4 9.3 11.7
Other foreign 62.2 52.4 50.4
               Total Winchester 1,583.8 927.6 665.5
     Total
United States 5,268.0 3,536.5 3,599.5
Europe 1,680.8 800.9 990.4
Other foreign 1,961.8 1,420.6 1,520.1
               Total sales $ 8,910.6 $ 5,758.0 $ 6,110.0

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Years ended December 31,
2021 2020 2019
Sales by product line: ($ in millions)
     Chlor Alkali Products and Vinyls
          Caustic soda $ 1,869.3 $ 1,408.3 $ 1,737.4
          Chlorine, chlorine derivatives and other products 2,271.5 1,551.6 1,682.7
               Total Chlor Alkali Products and Vinyls 4,140.8 2,959.9 3,420.1
     Epoxy
          Aromatics and allylics 1,450.5 821.0 945.3
          Epoxy resins 1,735.5 1,049.5 1,079.1
               Total Epoxy 3,186.0 1,870.5 2,024.4
     Winchester
          Commercial 1,104.1 640.5 441.3
          Military and law enforcement 479.7 287.1 224.2
               Total Winchester 1,583.8 927.6 665.5
          Total sales $ 8,910.6 $ 5,758.0 $ 6,110.0


	December 31,
	2023		2022
Property, Plant and Equipment by Geography	($ in millions)
United States	$	2,302.7	$	2,434.4
Foreign	216.9		239.7
Total property, plant and equipment	$	2,519.6	$	2,674.1


	Years ended December 31,
	2023		2022		2021
Sales by Geography	($ in millions)
Chlor Alkali Products and Vinyls
United States	$	2,700.0	$	3,400.0	$	2,839.1
Europe	207.9		331.9		203.5
Other foreign	1,087.2		1,353.1		1,098.2
Total Chlor Alkali Products and Vinyls	3,995.1		5,085.0		4,140.8

Epoxy
United States	562.8		855.1		926.7
Europe	338.5		1,181.8		1,457.9
Other foreign	427.9		653.6		801.4
Total Epoxy	1,329.2		2,690.5		3,186.0

Winchester
United States	1,336.6		1,467.0		1,502.2
Europe	57.3		34.1		19.4
Other foreign	114.8		99.6		62.2
Total Winchester	1,508.7		1,600.7		1,583.8

Total
United States	4,599.4		5,722.1		5,268.0
Europe	603.7		1,547.8		1,680.8
Other foreign	1,629.9		2,106.3		1,961.8
Total sales	$	6,833.0	$	9,376.2	$	8,910.6

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	Years ended December 31,
	2023		2022		2021
Sales by Product Line	($ in millions)
Chlor Alkali Products and Vinyls
Caustic soda	$	1,790.0	$	2,389.1	$	1,869.3
Chlorine, chlorine derivatives and other products	2,205.1		2,695.9		2,271.5
Total Chlor Alkali Products and Vinyls	3,995.1		5,085.0		4,140.8

Epoxy
Aromatics and allylics	525.1		1,338.6		1,450.5
Epoxy resins	804.1		1,351.9		1,735.5
Total Epoxy	1,329.2		2,690.5		3,186.0

Winchester
Commercial	806.5		1,079.1		1,104.1
Military and law enforcement	702.2		521.6		479.7
Total Winchester	1,508.7		1,600.7		1,583.8

Total sales	$	6,833.0	$	9,376.2	$	8,910.6

NOTE ~~20.~~21. ENVIRONMENTAL

As is common in our industry, we are subject to environmental laws and regulations related to the use, storage, handling, generation, transportation, emission, discharge, disposal and remediation of, and exposure to, hazardous and non-hazardous substances and wastes in all of the countries in which we do business.

The establishment and implementation of national, state or provincial and local standards to regulate air, water and land quality affect substantially all of our manufacturing locations around the world. Laws providing for regulation of the manufacture, transportation, use and disposal of hazardous and toxic substances, and remediation of contaminated sites, have imposed additional regulatory requirements on industry, particularly the chemicals industry. In addition, implementation of environmental laws has required and will continue to require new capital expenditures and will increase plant operating costs. We employ waste minimization and pollution prevention programs at our manufacturing sites.

We are party to various government and private environmental actions associated with past manufacturing facilities and former waste disposal sites. Associated costs of investigatory and remedial activities are provided for in accordance with generally accepted accounting principles governing probability and the ability to reasonably estimate future costs. Our ability to estimate future costs depends on whether our investigatory and remedial activities are in preliminary or advanced stages. With respect to unasserted claims, we accrue liabilities for costs that, in our experience, we expect to incur to protect our interests against those unasserted claims. Our accrued liabilities for unasserted claims amounted to ~~$9.0~~$11.6 million at December 31, ~~2021.~~2023. With respect to asserted claims, we accrue liabilities based on remedial investigation, feasibility study, remedial action and operation, maintenance and monitoring (OM&M) expenses that, in our experience, we expect to incur in connection with the asserted claims. Required site OM&M expenses are estimated and accrued in their entirety for required periods not exceeding 30 years, which reasonably approximates the typical duration of long-term site OM&M.

Our liabilities for future environmental expenditures were as follows:

December 31,
2021 2020
($ in millions)
Beginning balance $ 147.2 $ 139.0
Charges to income 16.2 20.9
Remedial and investigatory spending (16.4) (12.8)
Foreign currency translation adjustments 0.3 0.1
Ending balance $ 147.3 $ 147.2


	December 31,
	2023		2022
Environmental Liabilities	($ in millions)
Beginning balance	$	146.6	$	147.3
Charges to income	30.1		24.2
Remedial and investigatory spending	(25.9)		(24.6)
Other	2.8		(0.3)
Ending balance	$	153.6	$	146.6

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At both December 31, ~~2021~~2023 and ~~2020,~~2022, our consolidated balance sheets included environmental liabilities of ~~$122.3~~$121.6 million, ~~and $128.2 million, respectively,~~ which were classified as other noncurrent liabilities. Our environmental liability amounts do not take into account any discounting of future expenditures or any consideration of insurance recoveries or advances in technology. These liabilities are reassessed periodically to determine if environmental circumstances have changed and/or remediation efforts and our estimate of related costs have changed. As a result of these reassessments, future charges to income may be made for additional liabilities. Of the ~~$147.3~~$153.6 million included on our consolidated balance sheet at December 31, ~~2021~~2023, for future environmental expenditures, we currently expect to utilize ~~$75.1~~$59.8 million of the reserve for future environmental expenditures over the next 5 years, ~~$39.9~~$51.2 million for expenditures 6 to 10 years in the future, and ~~$32.3~~$42.6 million for expenditures beyond 10 years in the future.

Our total estimated environmental liability at December 31, ~~2021~~2023, was attributable to 58 sites, 14 of which were United States Environmental Protection Agency National Priority List sites. ~~NaN~~Nine sites accounted for ~~81%~~83% of our environmental liability and, of the remaining 49 sites, no one site accounted for more than 3%2% of our environmental liability. At 7seven of the 9nine sites, part of the site is in the long-term OM&M stage. At 7seven of the 9nine sites, a remedial action plan is being developed for part of the site. At 5six of the 9nine sites, a remedial design is being developed at part of the site and at 4four of the 9nine sites, part of the site is subject to a remedial investigation. All 9nine sites are either associated with past manufacturing operations or former waste disposal sites. None of the 9nine largest sites represents more than ~~22%~~25% of the liabilities reserved on our consolidated balance sheet at December 31, ~~2021~~2023, for future environmental expenditures.

Environmental provisions charged to income, which are included in cost of goods sold, were as follows:

Years ended December 31,
2021 2020 2019
($ in millions)
Provisions charged to income $ 16.2 $ 20.9 $ 25.3
Insurance recoveries for costs incurred and expensed (2.2) — (4.8)
Environmental expense $ 14.0 $ 20.9 $ 20.5


	Years ended December 31,
	2023		2022		2021
Environmental Expense	($ in millions)
Provisions charged to income	$	30.1	$	24.2	$	16.2
Insurance recoveries(1)	(6.4)		(1.0)		(2.2)
Environmental expense	$	23.7	$	23.2	$	14.0

(1)

~~Environmental expense for the years ended December 31, 2021 and 2019 included $2.2 million and $4.8 million, respectively, of insurance~~ Insurance recoveries for ~~environmental~~ costs incurred and expensed in prior periods.

These charges relate primarily to remedial and investigatory activities associated with past manufacturing operations and former waste disposal sites and may be material to operating results in future years.

Annual environmental-related cash outlays for site investigation and remediation are expected to range between approximately ~~$20~~$25 million to ~~$30~~$35 million over the next several years, which are expected to be charged against reserves recorded on our consolidated balance sheet. While we do not anticipate a material increase in the projected annual level of our environmental-related cash outlays for site investigation and remediation, there is always the possibility that such an increase may occur in the future in view of the uncertainties associated with environmental exposures. 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. At December 31, ~~2021,~~2023, we estimate that it is reasonably possible that we may have additional contingent environmental liabilities of ~~$70~~$80 million in addition to the amounts for which we have already recorded as a reserve.

NOTE ~~21.~~22. LEASES

Our lease commitments are primarily for railcars, but also include logistics, manufacturing, storage, real estate and information technology assets. Our leases have remaining lease terms of up to 9391 years ~~(16~~(14 years excluding land leases), some of which may include options to extend the leases for up to five years, and some of which may include options to terminate the leases within one year.

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The amounts for leases included in our consolidated balance ~~sheet~~sheets include:

December 31,
2021 2020
Lease assets: Balance sheet location: ($ in millions)
Operating Operating lease assets, net $ 372.4 $ 360.7
Finance
Property, plant and equipment, less accumulated depreciation(1)
3.4 4.5
Total lease assets $ 375.8 $ 365.2
Lease liabilities:
Current
Operating Current operating lease liabilities $ 76.8 $ 74.7
Finance Current installments of long-term debt 1.1 1.3
Long-term
Operating Operating lease liabilities 302.0 291.6
Finance Long-term debt 1.9 3.0
Total lease liabilities $ 381.8 $ 370.6


		December 31,
		2023		2022
	Balance Sheet Location:	($ in millions)
Lease Assets
Operating	Operating lease assets, net	$	344.7	$	356.0
Finance	Property, plant and equipment, net(1)	—		2.4
Total lease assets		$	344.7	$	358.4

Lease Liabilities
Current
Operating	Current operating lease liabilities	$	69.3	$	71.8
Finance	Current installments of long-term debt	—		1.0
Long-term
Operating	Operating lease liabilities	283.1		292.5
Finance	Long-term debt	—		0.9
Total lease liabilities		$	352.4	$	366.2

(1)

~~(1)~~ As of December 31, ~~2021 and 2020,~~2022, assets recorded under finance leases were $7.6 million and ~~$8.0 million, respectively, and~~ accumulated depreciation associated with finance leases was ~~$4.3 million and $3.5 million, respectively.~~$5.2 million.

The components of lease expense are recorded to cost of goods sold and selling and ~~administration~~administrative expenses in the consolidated statement of operations, excluding interest on finance lease liabilities which is recorded to interest expense. The components of lease expense were as follows:

Years Ended December 31,
2021 2020 2019
Lease expense: ($ in millions)
Operating $ 97.1 $ 96.0 $ 93.6
Other operating lease expense(1)
28.7 24.3 27.5
Finance:
Depreciation of leased assets 1.1 1.3 1.3
Interest on lease liabilities 0.1 0.2 0.2
Total lease expense $ 127.0 $ 121.8 $ 122.6


	Years Ended December 31,
	2023		2022		2021
Lease Expense	($ in millions)
Operating lease expense	$	88.4	$	93.4	$	97.1
Variable and short-term lease expense	24.6		32.5		28.7
Finance lease expense:
Depreciation of leased assets	0.5		1.0		1.1
Interest on lease liabilities	—		0.1		0.1
Total lease expense	$	113.5	$	127.0	$	127.0

~~(1) Includes costs associated with short-term leases and variable~~Future maturities of operating lease ~~expenses.~~liabilities as of December 31, 2023, are summarized below:


	Operating Leases
Future Lease Maturities	($ in millions)
2024	$	80.9
2025	70.8
2026	55.0
2027	44.0
2028	37.1
Thereafter	132.6
Total lease payments	420.4
Less: Imputed interest(1)	(68.0)
Present value of lease liabilities	$	352.4

(1) Calculated using the discount rate for each lease.

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~~The maturities of lease liabilities were as follows:~~

December 31, 2021
Operating leases Finance leases Total
($ in millions)
2022 $ 86.1 $ 1.2 $ 87.3
2023 69.7 1.0 70.7
2024 56.1 0.8 56.9
2025 46.8 0.2 47.0
2026 34.0 — 34.0
Thereafter 149.1 — 149.1
Total lease payments 441.8 3.2 445.0
Less: Imputed interest(1)
(63.0) (0.2) (63.2)
Present value of lease liabilities $ 378.8 $ 3.0 $ 381.8

~~(1) Calculated using the discount rate for each lease.~~

Other information related to leases was as follows:


	Years Ended December 31,
	2023		2022		2021
Supplemental Cash Flows Information	($ in millions)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	88.8	$	93.1	$	97.4
Operating cash flows from finance leases	—		0.1		0.1
Financing cash flows from finance leases	1.9		1.1		1.1
Non-cash increase in lease assets and lease liabilities:
Operating leases	$	71.1	$	71.8	$	56.7
Finance leases	—		—		0.1

Years Ended December 31,
2021 2020 2019
Supplemental cash flows information: ($ in millions)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases $ 97.4 $ 95.9 $ 93.4
Operating cash flows from finance leases 0.1 0.2 0.2
Financing cash flows from finance leases 1.1 2.1 1.4
Non-cash increase in lease assets and lease liabilities:
Operating leases $ 56.7 $ 70.5 $ 176.1
Finance leases 0.1 1.1 2.5
December 31,
Weighted-average remaining lease term: 2021 2020 2019
Operating leases 9.3 years 9.5 years 9.4 years
Finance leases 2.4 years 3.1 years 3.2 years
Weighted-average discount rate:
Operating leases 3.1 % 3.0 % 3.1 %
Finance leases 3.4 % 3.3 % 3.3 %


	December 31,
	2023		2022
Weighted-Average Remaining Lease Term
Operating leases	8.9 years		9.1 years
Finance leases	—		1.6 years

Weighted-Average Discount Rate
Operating leases	4.0	%	3.4	%
Finance leases	—	%	3.6	%

As of December 31, ~~2021,~~2023, we have additional operating leases ~~for railcars~~ that have not yet commenced of approximately ~~$28~~$1.5 million which are expected to commence during ~~2022 and 2023~~2024 with lease terms between 32 years and 10 years. We also have additional operating leases for logistics equipment and real estate that have not yet commenced of approximately $6 million which are expected to commence during 2022 with lease terms between 3 ~~years and 5~~ years.

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NOTE ~~22.~~23. COMMITMENTS AND CONTINGENCIES

The following table summarizes our contractual commitments under purchase contracts as of December 31, ~~2021:~~

Purchase Commitments
($ in millions)
2022 $ 1,244.0
2023 961.7
2024 961.8
2025 823.8
2026 290.3
Thereafter 3,057.9
Total commitments $ 7,339.5

2023:


	Purchase Commitments
Future Contractual Purchase Commitments	($ in millions)
2024	$	564.4
2025	564.8
2026	381.1
2027	370.8
2028	367.6
Thereafter	2,842.5
Total purchase commitments	$	5,091.2

The above purchase commitments include raw material, capital expenditure, long-term energy supply contracts and utility purchasing commitments utilized in our normal course of business for our projected needs.

Legal Matters

Olin, K.A. Steel Chemicals (a wholly owned subsidiary of Olin) and other ~~alleged~~ 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~~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.~~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 ~~named~~ in the Direct Purchaser and

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Indirect Purchaser lawsuits are ~~Occidental Petroleum Corporation,~~ Occidental Chemical Corporation d/b/a OxyChem, Westlake Chemical Corporation, Shin-Etsu Chemical Co., Ltd., ~~Shintech Incorporated, Formosa Plastics Corporation,~~ 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 ~~an unspecified amount of~~ damages and injunctive relief.

Westlake Chemical Corporation, Shin-Etsu Chemical Co., Ltd., and Formosa Plastics Corporation, U.S.A. all entered settlement agreements in the Direct Purchaser lawsuit, and Shin-Etsu Chemical Co., Ltd also entered a settlement agreement in the Indirect Purchaser lawsuit. All of the settlements are pending court approval. On December 28, 2023, the court denied the plaintiffs’ motion for class certification in the Direct Purchaser lawsuit, and the plaintiffs are seeking an interlocutory appeal of the court’s ruling.

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 ~~an unspecified amount of~~ damages, including punitive damages.

We believe we have meritorious legal positions and will continue to represent our interests vigorously in ~~these~~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.

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. At December 31, ~~2021~~2023 and ~~2020,~~2022, our consolidated balance sheets included accrued liabilities for these other legal actions of $14.2 million and ~~$13.5~~$14.4 million, respectively. These liabilities do not

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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 ~~clean-up~~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 ~~23.~~24. DERIVATIVE FINANCIAL INSTRUMENTS

We are exposed to market risk in the normal course of our business operations due to our purchases of certain commodities, our ongoing investing and financing activities and our operations that use foreign currencies. The risk of loss can be assessed from the perspective of adverse changes in fair values, cash flows and future earnings. We have established policies and procedures governing our management of market risks and the use of financial instruments to manage exposure to such risks. ASC 815 “Derivatives and Hedging” (ASC 815) requires an entity to recognize all derivatives as either assets or liabilities in the consolidated balance sheets and measure those instruments at fair value. In accordance with ASC 815, we designate derivative contracts as cash flow hedges of forecasted purchases of commodities and forecasted interest payments related to variable-rate borrowings and designate certain interest rate swaps as fair value hedges of fixed-rate borrowings. We do not enter into any derivative instruments for trading or speculative purposes.

Energy costs, including electricity and natural gas, and certain raw materials used in our production processes are subject to price volatility. Depending on market conditions, we may enter into futures contracts, forward contracts, commodity swaps and put and call option contracts in order to reduce the impact of commodity price fluctuations. The majority of our commodity derivatives expire within one year.

We actively manage currency exposures that are associated with net monetary asset positions, currency purchases and sales commitments denominated in foreign currencies and foreign currency denominated assets and liabilities created in the

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normal course of business. We enter into forward sales and purchase contracts to manage currency risk to offset our net exposures, by currency, related to the foreign currency denominated monetary assets and liabilities of our operations. ~~At December 31, 2021, we had outstanding forward contracts to buy foreign currency with a notional value of $199.0 million and to sell foreign currency with a notional value of $124.4 million.~~ All of the currency derivatives expire within one year and are for USD equivalents. The counterparties to the forward contracts are large financial institutions; however, the risk of loss to us in the event of nonperformance by a counterparty could impact our financial position or results of operations. ~~At December 31, 2020, we~~We had the following notional amounts of outstanding forward contracts to buy ~~foreign currency with a notional value of $169.9 million~~ and to sell foreign ~~currency with a notional value of $113.6 million.~~

currency:


	December 31,
	2023		2022
Notional Value - Foreign Currency	($ in millions)
Buy	$	21.0	$	275.8
Sell	140.2		110.7

Cash Flow Hedges

For derivative instruments that are designated and qualify as a cash flow hedge, the change in fair value of the derivative is recognized as a component of other comprehensive income (loss) until the hedged item is recognized in earnings.

We had the following notional amounts of outstanding commodity contracts that were entered into to hedge forecasted purchases:

December 31,
2021 2020
($ in millions)
Natural gas $ 37.7 $ 74.1
Ethane 60.3 51.8
Metals 126.3 88.2
Total notional $ 224.3 $ 214.1

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	December 31,
	2023		2022
Notional Value - Commodity	($ in millions)
Natural gas	$	63.2	$	107.6
Ethane	26.4		46.0
Metals	101.4		107.6
Total notional	$	191.0	$	261.2

As of December 31, ~~2021,~~2023, the counterparties to these commodity contracts were Wells Fargo Bank, N.A., Citibank, N.A., JPMorgan Chase Bank, National Association, Toronto Dominion Bank and Bank of America Corporation, all of which are major financial institutions.

We use cash flow hedges for certain raw material and energy costs such as copper, zinc, lead, ethane, electricity and natural gas to provide a measure of stability in managing our exposure to price fluctuations associated with forecasted purchases of raw materials and energy used in our manufacturing process. At December 31, ~~2021,~~2023, we had open derivative contract positions through ~~2027.~~2028. If all open futures contracts had been settled on December 31, ~~2021,~~2023, we would have recognized a pretax ~~gain~~loss of ~~$30.3~~$24.6 million.

If commodity prices were to remain at December 31, ~~2021~~2023 levels, approximately ~~$17.3~~$20.8 million of deferred ~~gains,~~losses, net of tax, would be reclassified into earnings during the next twelve months. The actual effect on earnings will be dependent on actual commodity prices when the forecasted transactions occur.

We use interest rate swaps as a means of minimizing cash flow fluctuations that may arise from volatility in interest rates of our variable-rate borrowings. In July 2019, we terminated the remaining interest rate swaps designated as cash flow hedges which resulted in a gain of $1.8 million that was recognized in interest expense for the year ended December 31, 2019. For the year ended December 31, 2019, $4.3 million of income was recorded to interest expense on the accompanying consolidated statements of operations related to these swap agreements.

Fair Value Hedges

We use interest rate swaps as a means of managing interest expense and floating interest rate exposure to optimal levels. For derivative instruments that are designated and qualify as a fair value hedge, the gain or loss on the derivative as well as the offsetting loss or gain on the hedged item attributable to the hedged risk are recognized in current earnings. We include the gain or loss on the hedged items (fixed-rate borrowings) in the same line item, interest expense, as the offsetting loss or gain on the related interest rate swaps.

~~In August 2019, we terminated the~~ There were no outstanding interest rate swaps ~~designated as fair value hedges which resulted in a loss of $2.3 million that was deferred as an offset to the carrying value of the related debt~~at December 31, 2023 and ~~was subsequently recognized to interest expense.~~ 2022.

In 2021, we redeemed the 2025 Notes which resulted in recognition of the outstanding deferred swap loss. For the ~~years~~year ended December 31, 2021, ~~2020 and 2019,~~ $1.8 million ~~$0.4 million and $2.6 million, respectively, of expense~~ was recorded to interest expense on the accompanying consolidated statements of operations related to these swap agreements.

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Financial Statement Impacts

We present our derivative assets and liabilities in our consolidated balance sheets on a net basis whenever we have a legally enforceable master netting agreement with the counterparty to our derivative contracts. We use these agreements to manage and substantially reduce our potential counterparty credit risk.

Table of Contents

The following table summarizes the location and fair value of the derivative instruments on our consolidated balance ~~sheets. The table disaggregates our net derivative assets and liabilities into gross components on a contract-by-contract basis before giving effect to master netting arrangements:~~

December 31,
2021 2020
Asset Derivatives: ($ in millions)
Other current assets
     Derivatives designated as hedging instruments:
          Commodity contracts - gains $ 31.8 $ 25.0
          Commodity contracts - losses (6.2) (3.1)
     Derivatives not designated as hedging instruments:
          Foreign exchange contracts - gains 2.0 2.5
          Foreign exchange contracts - losses (0.8) (0.2)
Total other current assets 26.8 24.2
Other assets
     Derivatives designated as hedging instruments:
          Commodity contracts - gains 7.9 7.4
          Commodity contracts - losses — (0.2)
Total other assets 7.9 7.2
Total Asset Derivatives(1)
$ 34.7 $ 31.4
Liability Derivatives:
Accrued liabilities
     Derivatives designated as hedging instruments:
          Commodity contracts - losses $ 3.6 $ 1.4
          Commodity contracts - gains (0.7) (1.3)
     Derivatives not designated as hedging instruments:
          Foreign exchange contracts - losses 0.7 —
          Foreign exchange contracts - gains (0.1) —
Total accrued liabilities 3.5 0.1
Other liabilities
     Derivatives designated as hedging instruments:
Commodity contract - losses 0.3 0.8
Commodity contract - gains — (0.2)
Total other liabilities 0.3 0.6
Total Liability Derivatives(1)
$ 3.8 $ 0.7

sheets:


		December 31,
		2023		2022
	Balance Sheet Location	($ in millions)
Current Assets
Commodity contracts	Other current assets	$	2.1	$	1.5
Foreign currency contracts	Other current assets	—		0.3
Noncurrent Assets
Commodity contracts	Other assets	3.2		4.0
Total derivative assets(1)		$	5.3	$	5.8

Current Liabilities
Commodity contracts	Accrued liabilities	$	29.4	$	41.6
Foreign currency contracts	Accrued liabilities	2.5		0.9
Noncurrent Liabilities
Commodity contracts	Other liabilities	0.5		7.4
Total derivative liabilities(1)		$	32.4	$	49.9

(1)

~~(1)~~ Does not include the impact of cash collateral received from or provided to counterparties.

~~101~~

~~Table of Contents~~

The following table summarizes the effects of derivative instruments on our consolidated statements of operations:


					Amount of Gain (Loss) for the									Amount of Gain (Loss) for the
					Years Ended December 31,									Years Ended December 31,
					2023							2023	2022		2021
			Location of Gain (Loss)							Location of Gain (Loss)	($ in millions)
Cash Flow Hedges
Commodity contracts
Commodity contracts
Commodity contracts

				Amount of Gain (Loss)
				Years Ended December 31,
Commodity contracts
		Location of Gain (Loss)		2021		2020		2019
Derivatives – Cash Flow Hedges				($ in millions)
Recognized in other comprehensive income (loss):

Commodity contracts	Commodity contracts	———		$	182.0	$	31.1	$	(46.1)

Commodity contracts

Fair Value Hedges

Fair Value Hedges

Fair Value Hedges
Interest rate contracts	Interest rate contracts	———		—		—		(1.0)
				$	182.0	$	31.1	$	(47.1)
Reclassified from accumulated other comprehensive loss into income:
Interest rate contracts		Interest expense		$	—	$	—	$	4.3
Not Designated as Hedging Instruments
Not Designated as Hedging Instruments
Not Designated as Hedging Instruments
Commodity contracts	Commodity contracts	Cost of goods sold		180.1		(14.9)		(31.1)
				$	180.1	$	(14.9)	$	(26.8)
Derivatives – Fair Value Hedges
Interest rate contracts		Interest expense		$	(1.8)	$	(0.4)	$	(2.6)
Derivatives Not Designated as Hedging Instruments
Foreign exchange contracts	Foreign exchange contracts	Selling and administration		$	(22.0)	$	17.7	$	(4.0)


Document						Part of 10-K into which incorporated
Proxy Statement relating to Olin’s Annual Meeting of Shareholders to be held in ~~2022~~2024						Part III


TABLE OF CONTENTS FOR FORM 10-K		Page
Part I		34
Item 1.	Business	34
Item 1A.	Risk Factors	1413
Item 1B.	Unresolved Staff Comments	2322
Item 1C.	Cybersecurity	22
Item 2.	Properties	23
Item 3.	Legal Proceedings	2324
Item 4.	Mine Safety Disclosures	2324
Part II		2425
Item 5.	Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	2425
Item 6.	[RESERVED]	2627
Item 7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	2728
	Business Background	2728
	Recent Developments and Highlights	2728
	Consolidated Results of Operations	29
	Segment Results	3231
	202 24 Outlook	3534
	Pension and Postretirement Benefits	3634
	Environmental Matters	3635
	Legal Matters and Contingencies	3836
	Liquidity and Capital Resources	3836
	Critical Accounting Estimates	4440
	New Accounting Pronouncements	4542
	Derivative Financial Instruments	4542
Item 7A.	Quantitative and Qualitative Disclosures About Market Risk	4743
	Cautionary Statement About Forward-Looking Statements	4844
Item 8.	Consolidated Financial Statements and Supplementary Data	4945
	Management Report on Internal Control Over Financial Reporting	4945
	Report of Independent Registered Public Accounting Firm	5046
	Consolidated Balance Sheets	5248
	Consolidated Statements of Operations	5349
	Consolidated Statements of Comprehensive Income ~~(Loss)~~	5450
	Consolidated Statements of Shareholders’ Equity	5551
	Consolidated Statements of Cash Flows	5652
	Notes to Consolidated Financial Statements	5753
Item 9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	~~104~~92
Item 9A.	Controls and Procedures	~~104~~92
Item 9B.	Other Information	~~104~~92
Item 9C.	Disclosure Regarding Foreign Jurisdictions that Prevent Inspections	~~104~~92
Part III		~~104~~92
Item 10.	Directors, Executive Officers and Corporate Governance	~~104~~92
Item 11.	Executive Compensation	~~105~~93
Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	~~105~~93
Item 13.	Certain Relationships and Related Transactions and Director Independence	~~106~~93
Item 14.	Principal Accounting Fees and Services	~~106~~93
Part IV		~~107~~94
Item 15.	Exhibits and Consolidated Financial Statement Schedules	~~107~~94
Item 16.	Form 10-K Summary	~~112~~98
SIGNATURES		~~113~~99


Country or Region	Number of Employees	Percent of Total
United States(1)	6,206	85	%
Foreign:
Europe, the Middle East, Africa, and India	655	9	%
Asia Pacific	184	2	%
Canada(1)	163	2	%
Latin America	118	2	%
Total foreign	1,120	15	%
Total employees	7,326


Segment	Number of Employees	Percent of Total
Chemicals(1)	3,423	47	%
Winchester(2)	3,639	50	%
Corporate	264	3	%
Total employees	7,326


Period	Total Number of Shares (or Units) Purchased(1)	Average Price Paid per Share (or Unit)		Total Number of Shares (or Units) Purchased as Part of Publicly Announced Plans or Programs	Maximum Dollar Value of Shares (or Units) that May Yet Be Purchased Under the Plans or Programs
October 1-31, 2021	174,195	$	49.24	174,195
November 1-30, 2021	1,540,815	60.26		1,540,815
December 1-31, 2021	1,485,507	55.35		1,485,507
Total					$	1,052,210,241	(1)


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


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


Period	Total Number of Shares (or Units) Purchased(1)	Average Price Paid per Share (or Unit)(2)		Total Number of Shares (or Units) Purchased as Part of Publicly Announced Plans or Programs	Maximum Dollar Value of Shares (or Units) that May Yet Be Purchased Under the Plans or Programs
October 1-31, 2023	1,254,572	$	47.84	1,254,572
November 1-30, 2023	1,232,117	44.66		1,232,117
December 1-31, 2023	—	—		—
Total					$	997,042,178	(1)


	12/16	12/17	12/18	12/19	12/20	12/21
Olin Corporation	100	143	83	74	111	266
S&P 500 Index	100	122	116	153	181	233
S&P 500 Chemicals Index	100	129	116	144	168	208
S&P 1500 Commodity Chemicals Index	100	132	98	113	118	135
Copyright© 2021 Standard & Poor’s, a division of S&P Global. All rights reserved.


	December 31,
	2018	2019	2020	2021	2022	2023
Olin Corporation	100	89	134	320	299	310
S&P 500 Index	100	132	156	200	164	207
S&P 500 Chemicals Index	100	122	144	181	161	179
S&P Composite 1500 Commodity Chemicals Index	100	113	121	142	134	155


	Long-term Debt Borrowings (Repayments)		Debt Early Redemption Premiums Paid		Long-term Debt Borrowings (Repayments)		Debt Early Redemption Premiums Paid
	Year Ended December 31, 2021				Year Ended December 31, 2020
Debt Instrument	($ in millions)
Borrowings:
Senior Term Loans	$	315.0			$	675.0
Receivables Financing Agreement	225.0				655.0
9.50% senior notes due 2025	—				497.5
Total borrowings	$	540.0			$	1,827.5
Repayments:
10.00% senior notes due 2025	$	(500.0)	$	25.0	$	—	$	—
9.50% senior notes due 2025	(391.4)		99.4		—		—
9.75% senior notes due 2023	(120.0)		2.9		(600.0)		14.6
5.625% senior notes due 2029	(80.7)		8.0		—		—
5.00% senior notes due 2030	(34.7)		2.4		—		—
Senior Term Loans	(465.0)		—		(175.0)		—
Receivables Financing Agreement	(50.0)		—		(530.0)		—
Finance leases	(1.3)		—		(2.2)		—
Total repayments	$	(1,643.1)	$	137.7	$	(1,307.2)	$	14.6
Long-term debt (repayments) borrowings, net	$	(1,103.1)			$	520.3


	Long-term Debt Borrowings (Repayments) for the Year Ended December 31,
	2023		2022
Debt Instrument	($ in millions)
Borrowings
Senior Revolving Credit Facility	$	375.0	$	320.0

Receivables Financing Agreement	332.7		95.0
Total borrowings	707.7		415.0
Repayments
5.50% senior notes, due 2022 (2022 Notes)	—		(200.0)
Senior Revolving Credit Facility	(307.0)		(320.0)
Term Loan Facility	(8.7)		—
Receivables Financing Agreement	(304.2)		(95.0)
Finance leases	(1.9)		(1.1)
Total repayments	(621.8)		(616.1)
Long-term debt borrowings (repayments), net	$	85.9	$	(201.1)


	Payments Due by Period
	Less than 1 Year		1-3 Years		3-5 Years		More than 5 Years		Total
	($ in millions)
Debt obligations, including finance lease obligations(1)	$	201.1	$	721.8	$	194.7	$	1,684.5	$	2,802.1
Interest payments under debt obligations(2)	116.5		214.8		183.9		195.0		710.2
Contingent tax liability	13.5		5.9		19.6		4.4		43.4

International qualified pension plan contributions(3)	1.6		7.9		10.5		283.6		303.6
Non-qualified pension plan payments	0.8		0.7		0.7		3.1		5.3
Postretirement benefit payments	3.4		6.2		5.8		35.1		50.5
Total	$	336.9	$	957.3	$	415.2	$	2,205.7	$	3,915.1


/s/ Scott Sutton
Scott Sutton
President and Chief Executive Officer


/s/ Todd A. Slater
Todd A. Slater
Senior Vice President and Chief Financial Officer


	December 31,								December 31,
Assets	Assets	2021		2020		Assets	2023	2022
Current assets:	Current assets:
Cash and cash equivalents
Cash and cash equivalents
Cash and cash equivalents	Cash and cash equivalents	$	180.5	$	189.7
Receivables, net	Receivables, net	1,106.5		770.9
Income taxes receivable	Income taxes receivable	0.3		15.1
Inventories, net	Inventories, net	868.3		674.7
Other current assets	Other current assets	92.7		66.7
Total current assets	Total current assets	2,248.3		1,717.1
Property, plant and equipment, net	Property, plant and equipment, net	2,913.6		3,171.0
Operating lease assets, net	Operating lease assets, net	372.4		360.7
Deferred income taxes	Deferred income taxes	99.3		11.2
Other assets	Other assets	1,131.8		1,191.3
Intangible assets, net	Intangible assets, net	331.7		399.4
Goodwill	Goodwill	1,420.6		1,420.2
Total assets	Total assets	$	8,517.7	$	8,270.9
Liabilities and Shareholders’ Equity	Liabilities and Shareholders’ Equity					Liabilities and Shareholders’ Equity
Current liabilities:	Current liabilities:					Current liabilities:
Current installments of long-term debt	Current installments of long-term debt	$	201.1	$	26.3
Accounts payable	Accounts payable	847.7		729.2
Income taxes payable	Income taxes payable	98.4		10.7
Current operating lease liabilities	Current operating lease liabilities	76.8		74.7
Accrued liabilities	Accrued liabilities	458.1		358.0
Total current liabilities	Total current liabilities	1,682.1		1,198.9
Long-term debt	Long-term debt	2,578.2		3,837.5
Operating lease liabilities	Operating lease liabilities	302.0		291.6
Accrued pension liability	Accrued pension liability	381.9		733.3
Deferred income taxes	Deferred income taxes	558.9		443.2
Other liabilities	Other liabilities	362.4		315.6
Total liabilities	Total liabilities	5,865.5		6,820.1
Commitments and contingencies	Commitments and contingencies	0		0		Commitments and contingencies
Shareholders’ equity:	Shareholders’ equity:					Shareholders’ equity:
Common stock, $1.00 par value per share:	Common stock, $1.00 par value per share:					Common stock, $1.00 par value per share:
Authorized, 240.0 shares; issued and outstanding, 156.8 and 158.0 shares		156.8		158.0
Authorized, 240.0 shares; issued and outstanding, 120.2 and 132.3 shares
Additional paid-in capital	Additional paid-in capital	1,969.6		2,137.8
Accumulated other comprehensive loss	Accumulated other comprehensive loss	(488.0)		(689.9)
Retained earnings (accumulated deficit)		1,013.8		(155.1)
Total shareholders’ equity		2,652.2		1,450.8
Total liabilities and shareholders’ equity		$	8,517.7	$	8,270.9
Retained earnings
Olin Corporation’s shareholders’ equity
Noncontrolling interests
Total equity
Total liabilities and equity


	Year Ended December 31,
	2023		2022		2021
Net income	$	452.0	$	1,326.9	$	1,296.7
Other comprehensive (loss) income, net of tax:
Foreign currency translation	(1.1)		(27.7)		(30.3)
Cash flow hedges	14.1		(55.3)		1.4
Pension and postretirement benefits	(13.4)		75.1		230.8
Total other comprehensive (loss) income, net of tax	(0.4)		(7.9)		201.9
Comprehensive income	451.6		1,319.0		1,498.6
Comprehensive loss attributable to noncontrolling interests	(8.2)		—		—
Comprehensive income attributable to Olin Corporation	$	459.8	$	1,319.0	$	1,498.6


~~Grant date~~	~~2021~~
~~Risk-free interest rate~~	~~0.23~~		%
~~Expected volatility of Olin common stock~~	55		%
~~Expected average volatility of peer companies~~	50		%
~~Average correlation coefficient of peer companies~~	~~0.50~~
~~Expected life (years)~~	~~3.0~~
~~Grant date fair value (TSR based award)~~	$	~~39.96~~
~~Grant date fair value (net income based award)~~	$	~~28.99~~
~~Awards granted~~	~~248,700~~


	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, 2019	$	1.5	$	6.0	$	0.7	$	—	$	8.2
Restructuring charges	2.1		0.9		14.6		58.9		76.5
Amounts utilized	(3.6)		(3.8)		(15.3)		(58.9)		(81.6)
Balance at December 31, 2019	—		3.1		—		—		3.1
Restructuring charges	2.2		1.4		5.4		—		9.0
Amounts utilized	(0.4)		(2.8)		(5.4)		—		(8.6)
Balance at December 31, 2020	1.8		1.7		—		—		3.5
Restructuring charges	10.3		6.0		11.6		—		27.9
Amounts utilized	(5.2)		(2.3)		(11.6)		—		(19.1)
Balance at December 31, 2021	$	6.9	$	5.4	$	—	$	—	$	12.3


				December 31,
		Useful Lives		2021		2020
				($ in millions)
			December 31,										December 31,
	Useful Lives								Useful Lives		2023	2022
Property Plant and Equipment								Property Plant and Equipment		($ in millions)
Land and improvements to land	Land and improvements to land	10-20 Years(1)		$	284.3	$	282.7
Buildings and building equipment	Buildings and building equipment	10-30 Years		412.6		409.4
Machinery and equipment	Machinery and equipment	3-20 Years		6,079.8		5,945.2
Leasehold improvements	Leasehold improvements	3-11 Years		8.6		8.3
Construction in progress	Construction in progress			204.8		245.2
Property, plant and equipment	Property, plant and equipment			6,990.1		6,890.8
Accumulated depreciation	Accumulated depreciation			(4,076.5)		(3,719.8)
Property, plant and equipment, net	Property, plant and equipment, net			$	2,913.6	$	3,171.0


Estimated Amortization Expense	($ in millions)
2024	$	37.6
2025	37.2
2026	35.5
2027	35.4
2028	35.2


	Long-term Debt Borrowings (Repayments)		Loss on Debt Extinguishment(1)		Long-term Debt Borrowings (Repayments)		Loss on Debt Extinguishment(1)
	Year Ended December 31, 2021				Year Ended December 31, 2020
Debt Instrument	($ in millions)
Borrowings:
Senior Term Loans	$	315.0			$	675.0
Receivables Financing Agreement	225.0				655.0
9.50% senior notes due 2025	—				497.5
Total borrowings	$	540.0			$	1,827.5
Repayments:
10.00% senior notes due 2025	$	(500.0)	$	30.9	$	—	$	—
9.50% senior notes due 2025	(391.4)		103.8		—		—
9.75% senior notes due 2023	(120.0)		3.7		(600.0)		20.4
5.625% senior notes due 2029	(80.7)		9.0		—		—
5.00% senior notes due 2030	(34.7)		2.8		—		—
Senior Term Loans	(465.0)		2.0		(175.0)		—
Receivables Financing Agreement	(50.0)		—		(530.0)		—
Finance leases	(1.3)		—		(2.2)		—
Total repayments	$	(1,643.1)	$	152.2	$	(1,307.2)	$	20.4
Long-term debt (repayments) borrowings, net	$	(1,103.1)			$	520.3


Expected Annual Maturities	($ in millions)
2024	$	78.8
2025	457.5
2026	17.5
2027	865.5
2028	—
Thereafter	1,267.6
Total	$	2,686.9


	December 31, 2021						December 31, 2020
	U.S.		Foreign		Total		U.S.		Foreign		Total
Change in Benefit Obligation	($ in millions)
Benefit obligation at beginning of year	$	2,758.9	$	446.4	$	3,205.3	$	2,620.2	$	377.6	$	2,997.8
Service cost	0.9		10.5		11.4		0.9		10.0		10.9
Interest cost	48.4		2.9		51.3		70.7		4.4		75.1
Actuarial (gain) loss	(163.7)		(41.7)		(205.4)		203.5		31.6		235.1
Benefits paid	(138.5)		(11.4)		(149.9)		(136.4)		(4.8)		(141.2)
Plan participant’s contributions	—		0.9		0.9		—		0.4		0.4
Plan amendments	—		(0.7)		(0.7)		—		(4.2)		(4.2)
Foreign currency translation adjustments	—		(24.6)		(24.6)		—		31.4		31.4
Benefit obligation at end of year	$	2,506.0	$	382.3	$	2,888.3	$	2,758.9	$	446.4	$	3,205.3


	Non-qualified Plans		Qualified Plans
Expected Benefit Payments	($ in millions)
2024	$	0.6	$	152.2
2025	0.4		143.6
2026	0.4		137.8
2027	0.3		132.3
2028	0.2		126.0


		U.S. Pension Benefits							Foreign Pension Benefits
Weighted-Average Assumptions		2021			2020		2019		2021		2020		2019
	U.S. Pension Benefits																							U.S. Pension Benefits										Foreign Pension Benefits
Weighted-average Assumptions															Weighted-average Assumptions	2023					2022				2021				2023				2022				2021
Discount rate—periodic benefit cost	Discount rate—periodic benefit cost	2.4	%	(1)	3.2	%	4.2	%	0.8	%	1.4	%	2.2	%	Discount rate—periodic benefit cost	5.50	%	(1)	2.90	%			2.40	%			3.70	%			1.40	%			0.80	%
Expected return on assets		7.25	%		7.75	%	7.75	%	4.2	%	4.4	%	5.2	%
Expected return on plans’ assets															Expected return on plans’ assets	6.75	%				6.75	%			7.25	%			4.40	%			3.80	%			4.20	%
Rate of compensation increase	Rate of compensation increase	3.0	%		3.0	%	3.0	%	3.0	%	2.7	%	2.9	%	Rate of compensation increase	3.00	%				3.00	%			3.00	%			3.40	%			3.00	%			3.00	%
Discount rate—benefit obligation	Discount rate—benefit obligation	2.9	%		2.4	%	3.2	%	1.4	%	0.8	%	1.4	%	Discount rate—benefit obligation	5.20	%				5.50	%			2.90	%			3.20	%			3.70	%			1.40	%


Asset Class					Asset Class	Rate of Return
U.S. equities	U.S. equities	7%	to	11%	U.S. equities	7%	to	11%
Non-U.S. equities	Non-U.S. equities	8%	to	12%	Non-U.S. equities	8%	to	12%
Fixed income/cash	Fixed income/cash	3%	to	7%	Fixed income/cash	3%	to	7%
Alternative investments	Alternative investments	5%	to	15%	Alternative investments	5%	to	15%


	Percentage of Plan Assets
Asset Class	2021		2020
U.S. equities	6	%	13	%
Non-U.S. equities	11	%	17	%
Fixed income/cash	44	%	35	%
Alternative investments	39	%	35	%
Total	100	%	100	%


Asset Class	Target Allocation		Target Range
U.S. equities(1)	2115	%	~~10-30~~5-25
Non-U.S. equities(1)	1410	%	~~0-35~~0-30
Fixed income/cash(1)	5875	%	~~25-90~~30-95
Alternative investments	7—	%	~~0-40~~0-30


Asset Class	Investments Measured at Net Asset Value		Quoted Prices In Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Equity securities	($ in millions)
U.S. equities	$	59.7	$	86.7	$	—	$	—	$	146.4
Non-U.S. equities	287.7		1.3		0.6		—		289.6
Fixed income/cash
Cash	—		129.3		—		—		129.3
Government treasuries	—		—		363.8		—		363.8
Corporate debt instruments	433.9		—		40.3		—		474.2
Asset-backed securities	107.2		—		18.5		—		125.7
Alternative investments
Hedge fund of funds	820.9		—		—		—		820.9
Real estate funds	17.0		—		—		—		17.0
Private equity funds	138.8		—		—		—		138.8
Total assets	$	1,865.2	$	217.3	$	423.2	$	—	$	2,505.7


	Number of Shares
Stock Option Plans	Reserved for Issuance	Available for Grant or Purchase(1)
2000 long term incentive plan	13,000	—
2003 long term incentive plan	74,366	—
2006 long term incentive plan	44,362	—
2009 long term incentive plan	237,117	—
2014 long term incentive plan	750,556	—
2016 long term incentive plan	1,549,833	—
2018 long term incentive plan	9,389,001	4,790,339
2021 long term incentive plan	2,750,000	2,750,000
Total under stock option plans	14,808,235	7,540,339


	Number of Shares
Stock Purchase Plans	Reserved for Issuance	Available for Grant or Purchase
1997 stock plan for non-employee directors	387,368	144,143


	Shares	Weighted-Average Fair Value per Share
Unvested at January 1, 2021	176,250	$	24.84
Granted	399,669	24.25
Vested	(266,327)	57.57
Canceled	(119,232)	26.69
Unvested at December 31, 2021	190,360	$	57.57


	Foreign Currency Translation Adjustment (net of taxes)		Unrealized Gains (Losses) on Derivative Contracts (net of taxes)		Pension and Other Postretirement Benefits (net of taxes)		Accumulated Other Comprehensive Loss
	($ in millions)
Balance at January 1, 2019	$	0.7	$	1.8	$	(653.5)	$	(651.0)
Unrealized losses	(9.1)		(47.1)		(183.9)		(240.1)
Reclassification adjustments of losses into income	—		26.9		29.1		56.0
Tax benefit	—		4.8		26.9		31.7
Net change	(9.1)		(15.4)		(127.9)		(152.4)
Balance at December 31, 2019	(8.4)		(13.6)		(781.4)		(803.4)
Unrealized gains	27.8		31.1		26.6		85.5
Reclassification adjustments of losses into income	—		14.9		46.3		61.2
Tax provision	—		(11.0)		(22.2)		(33.2)
Net change	27.8		35.0		50.7		113.5
Balance at December 31, 2020	19.4		21.4		(730.7)		(689.9)
Unrealized (losses) gains	(30.3)		182.0		249.7		401.4
Reclassification adjustments of (gains) losses into income	—		(180.1)		54.3		(125.8)
Tax provision	—		(0.5)		(73.2)		(73.7)
Net change	(30.3)		1.4		230.8		201.9
Balance at December 31, 2021	$	(10.9)	$	22.8	$	(499.9)	$	(488.0)


Equity Compensation Plan Information
	(a)		(b)			(c)
Plan Category	Number of securities to be issued upon exercise of outstanding options, warrants and rights (1)		Weighted-average exercise price of outstanding options, warrants and rights			Number of securities remaining available for future issuance under equity compensation plans excluding securities reflected in column (a)(1)
Equity compensation plans approved by security holders (2)	7,511,121	(3)	$	24.65	(3)	7,684,482
Equity compensation plans not approved by security holders	N/A		N/A			N/A
Total	7,511,121		$	24.65	(3)	7,684,482