Olin (OLN) 10-Q 5 Nov 20 2020 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information	9 Months Ended
	Sep. 30, 2020shares
Cover [Abstract]
Entity Registrant Name	Olin Corporation
Entity Central Index Key	0000074303
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2020
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Document Transition Report	false
Entity File Number	1-1070
Entity Incorporation, State or Country Code	VA
Entity Tax Identification Number	13-1872319
Entity Address, Address Line One	190 Carondelet Plaza,
Entity Address, Address Line Two	Suite 1530,
Entity Address, City or Town	Clayton,
Entity Address, State or Province	MO
Entity Address, Postal Zip Code	63105
City Area Code	314
Local Phone Number	480-1400
Title of 12(b) Security	Common Stock, $1.00 par value per share
Trading Symbol	OLN
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding	157,862,051

Condensed Balance Sheets

Condensed Balance Sheets - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019	Sep. 30, 2019
Current assets:
Cash and cash equivalents	$ 282.7	$ 220.9	$ 177.4
Receivables, net	714.9	760.4	849.9
Income taxes receivable	22	13.9	17.5
Inventories, net	608.4	695.7	700.7
Other current assets	44.5	23.1	24.1
Total current assets	1,672.5	1,714	1,769.6
Property, plant and equipment (less accumulated depreciation of $3,602.4, $3,268.1 and $3,112.4)	3,179.8	3,323.8	3,367
Operating lease assets, net	376	377.8	314.6
Deferred income taxes	36.3	35.3	30.3
Other assets	1,177	1,169.1	1,170.1
Intangible assets, net	404.9	448.1	461.9
Goodwill	1,420.1	2,119.7	2,119.1
Total assets	8,266.6	9,187.8	9,232.6
Current liabilities:
Current installments of long-term debt	1.2	2.1	1.1
Accounts payable	614.7	651.9	647.7
Income taxes payable	14.2	19.8	9.8
Current operating lease liabilities	76.2	79.3	71.2
Accrued liabilities	335.8	329.1	347.4
Total current liabilities	1,042.1	1,082.2	1,077.2
Long-term debt	3,959.5	3,338.7	3,339
Operating lease liabilities	305	303.4	248.2
Accrued pension liability	766.5	797.7	622.4
Deferred income taxes	410.9	454.5	515.5
Other liabilities	313.5	793.8	765.6
Total liabilities	6,797.5	6,770.3	6,567.9
Commitments and contingencies
Shareholders’ equity:
Common stock, $1.00 par value per share: authorized, 240.0 shares; issued and outstanding, 157.9, 157.7 and 159.7 shares	157.9	157.7	159.7
Additional paid-in capital	2,129.9	2,122.1	2,128.6
Accumulated other comprehensive loss	(728.2)	(803.4)	(672.7)
Retained earnings (accumulated deficit)	(90.5)	941.1	1,049.1
Total shareholders’ equity	1,469.1	2,417.5	2,664.7
Total liabilities and shareholders’ equity	$ 8,266.6	$ 9,187.8	$ 9,232.6

Condensed Balance Sheets Parent

Condensed Balance Sheets Parenthetical - USD ($) shares in Millions, $ in Millions	Sep. 30, 2020	Dec. 31, 2019	Sep. 30, 2019
Assets
Accumulated depreciation	$ 3,602.4	$ 3,268.1	$ 3,112.4
Shareholders' equity:
Common stock, par value	$ 1	$ 1	$ 1
Common stock, authorized (in shares)	240	240	240
Common stock, issued	157.9	157.7	159.7
Common stock, outstanding	157.9	157.7	159.7

Condensed Statements of Operati

Condensed Statements of Operations - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Income Statement [Abstract]
Sales	$ 1,437.6	$ 1,576.6	$ 4,103.9	$ 4,722.9
Operating expenses:
Cost of goods sold	1,307.4	1,357.6	3,917.3	4,168.6
Selling and administration	112.7	110.8	309.1	314.8
Restructuring charges	1.3	4.9	4.7	12.7
Goodwill impairment	699.8	0	699.8	0
Other operating (expense) income	(0.2)	0.1	(0.1)	0.3
Operating (loss) income	(683.8)	103.4	(827.1)	227.1
Interest expense	74.6	63.9	207.1	179.2
Interest income	0.1	0.2	0.4	0.7
Non-operating pension income	(4.9)	(4.1)	(14.4)	(12.2)
Other income	0	0	0	11.2
Income (loss) before taxes	(753.4)	43.8	(1,019.4)	72
Income tax (benefit) provision	(16.6)	(0.4)	(82.5)	6.1
Net (loss) income	$ (736.8)	$ 44.2	$ (936.9)	$ 65.9
Net (loss) income per common share:
Basic	$ (4.67)	$ 0.27	$ (5.94)	$ 0.40
Diluted	$ (4.67)	$ 0.27	$ (5.94)	$ 0.40
Average common shares outstanding:
Basic	157.9	161.9	157.8	163.7
Diluted	157.9	162.8	157.8	164.5

Condensed Statements of Compreh

Condensed Statements of Comprehensive Income (Loss) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]
Net (loss) income	$ (736.8)	$ 44.2	$ (936.9)	$ 65.9
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments, net	17	(15.7)	16.2	(20.7)
Unrealized gains (losses) on derivative contracts, net	19.8	(2.5)	31.9	(17.9)
Amortization of prior service costs and actuarial losses, net	8.9	5.9	27.1	16.9
Total other comprehensive income (loss), net of tax	45.7	(12.3)	75.2	(21.7)
Comprehensive (loss) income	$ (691.1)	$ 31.9	$ (861.7)	$ 44.2

Condensed Statements of Shareho

Condensed Statements of Shareholders' Equity - USD ($) shares in Millions, $ in Millions	Total	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Loss	Retained Earnings
Balance (in shares) at Dec. 31, 2018		165.3
Balance at Dec. 31, 2018	$ 2,832.2	$ 165.3	$ 2,247.4	$ (651)	$ 1,070.5
Lease accounting adoption adjustment	11.2	0	0	0	11.2
Net (loss) income	41.7	0	0	0	41.7
Other comprehensive (loss) income	(5.9)	0	0	(5.9)	0
Dividends paid:
Common stock ($0.20 per share)	(33)	$ 0	0	0	(33)
Common stock repurchased and retired (in shares)		(0.6)
Common stock repurchased and retired	(13.2)	$ (0.6)	(12.6)	0	0
Common stock issued for:
Stock options exercised (in shares)		0.1
Stock options exercised	1.4	$ 0.1	1.3	0	0
Other transactions (in shares)		0.1
Other transactions	0.4	$ 0.1	0.3	0	0
Stock-based compensation	2.8	$ 0	2.8	0	0
Balance (in shares) at Mar. 31, 2019		164.9
Balance at Mar. 31, 2019	2,837.6	$ 164.9	2,239.2	(656.9)	1,090.4
Balance (in shares) at Dec. 31, 2018		165.3
Balance at Dec. 31, 2018	2,832.2	$ 165.3	2,247.4	(651)	1,070.5
Net (loss) income	65.9
Other comprehensive (loss) income	$ (21.7)
Common stock issued for:
Stock options exercised (in shares)	0.1
Stock options exercised	$ 1.5
Balance (in shares) at Sep. 30, 2019		159.7
Balance at Sep. 30, 2019	2,664.7	$ 159.7	2,128.6	(672.7)	1,049.1
Balance (in shares) at Mar. 31, 2019		164.9
Balance at Mar. 31, 2019	2,837.6	$ 164.9	2,239.2	(656.9)	1,090.4
Net (loss) income	(20)	0	0	0	(20)
Other comprehensive (loss) income	(3.5)	0	0	(3.5)	0
Dividends paid:
Common stock ($0.20 per share)	(32.7)	$ 0	0	0	(32.7)
Common stock repurchased and retired (in shares)		(0.6)
Common stock repurchased and retired	(13.5)	$ (0.6)	(12.9)	0	0
Common stock issued for:
Stock options exercised (in shares)		0
Stock options exercised	0.1	$ 0	0.1	0	0
Other transactions (in shares)		0
Other transactions	0.9	$ 0	0.9	0	0
Stock-based compensation	1.9	$ 0	1.9	0	0
Balance (in shares) at Jun. 30, 2019		164.3
Balance at Jun. 30, 2019	2,770.8	$ 164.3	2,229.2	(660.4)	1,037.7
Net (loss) income	44.2	0	0	0	44.2
Other comprehensive (loss) income	(12.3)	0	0	(12.3)	0
Dividends paid:
Common stock ($0.20 per share)	(32.8)	$ 0	0	0	(32.8)
Common stock repurchased and retired (in shares)		(4.8)
Common stock repurchased and retired	(108.9)	$ (4.8)	(104.1)	0	0
Common stock issued for:
Other transactions (in shares)		0.2
Other transactions	1.8	$ 0.2	1.6	0	0
Stock-based compensation	1.9	$ 0	1.9	0	0
Balance (in shares) at Sep. 30, 2019		159.7
Balance at Sep. 30, 2019	2,664.7	$ 159.7	2,128.6	(672.7)	1,049.1
Balance (in shares) at Dec. 31, 2019		157.7
Balance at Dec. 31, 2019	2,417.5	$ 157.7	2,122.1	(803.4)	941.1
Net (loss) income	(80)	0	0	0	(80)
Other comprehensive (loss) income	(17.7)	0	0	(17.7)	0
Dividends paid:
Common stock ($0.20 per share)	(31.5)	$ 0	0	0	(31.5)
Common stock issued for:
Stock options exercised (in shares)		0
Stock options exercised	0.5	$ 0	0.5	0	0
Other transactions (in shares)		0.1
Other transactions	2.9	$ 0.1	2.8	0	0
Stock-based compensation	(2.6)	$ 0	(2.6)	0	0
Balance (in shares) at Mar. 31, 2020		157.8
Balance at Mar. 31, 2020	2,289.1	$ 157.8	2,122.8	(821.1)	829.6
Balance (in shares) at Dec. 31, 2019		157.7
Balance at Dec. 31, 2019	2,417.5	$ 157.7	2,122.1	(803.4)	941.1
Net (loss) income	(936.9)
Other comprehensive (loss) income	$ 75.2
Common stock issued for:
Stock options exercised (in shares)	0.1
Stock options exercised	$ 0.5
Balance (in shares) at Sep. 30, 2020		157.9
Balance at Sep. 30, 2020	1,469.1	$ 157.9	2,129.9	(728.2)	(90.5)
Balance (in shares) at Mar. 31, 2020		157.8
Balance at Mar. 31, 2020	2,289.1	$ 157.8	2,122.8	(821.1)	829.6
Net (loss) income	(120.1)	0	0	0	(120.1)
Other comprehensive (loss) income	47.2	0	0	47.2	0
Dividends paid:
Common stock ($0.20 per share)	(31.6)	$ 0	0	0	(31.6)
Common stock issued for:
Other transactions (in shares)		0.1
Other transactions	0.4	$ 0.1	0.3	0	0
Stock-based compensation	3.9	$ 0	3.9	0	0
Balance (in shares) at Jun. 30, 2020		157.9
Balance at Jun. 30, 2020	2,188.9	$ 157.9	2,127	(773.9)	677.9
Net (loss) income	(736.8)	0	0	0	(736.8)
Other comprehensive (loss) income	45.7	0	0	45.7	0
Dividends paid:
Common stock ($0.20 per share)	(31.6)	0	0	0	(31.6)
Common stock issued for:
Stock-based compensation	2.9	$ 0	2.9	0	0
Balance (in shares) at Sep. 30, 2020		157.9
Balance at Sep. 30, 2020	$ 1,469.1	$ 157.9	$ 2,129.9	$ (728.2)	$ (90.5)

Condensed Statements of Share_2

Condensed Statements of Shareholders' Equity Parenthetical - $ / shares	3 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019
Statement of Stockholders' Equity [Abstract]
Dividends Paid, Common Stock, per share	$ 0.20	$ 0.20	$ 0.20	$ 0.20	$ 0.20	$ 0.20

Condensed Statements of Cash Fl

Condensed Statements of Cash Flows - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Operating Activities
Net (loss) income	$ (936.9)	$ 65.9
Adjustments to reconcile net (loss) income to net cash and cash equivalents provided by (used for) operating activities:
Goodwill impairment	699.8	0
Gain on disposition of non-consolidated affiliate	0	(11.2)
Stock-based compensation	7.1	8.9
Depreciation and amortization	425.1	460.3
Deferred income taxes	(61.6)	(11)
Qualified pension plan contributions	(1.3)	(13.2)
Qualified pension plan income	(8.7)	(6.9)
Change in:
Receivables	57	(77.4)
Income taxes receivable/payable	(14)	(24.1)
Inventories	90.5	2.5
Other current assets	(7.2)	4.9
Accounts payable and accrued liabilities	52.9	14.2
Other assets	(4.1)	(4.8)
Other noncurrent liabilities	0.9	12.9
Other operating activities	5.8	(4.4)
Net operating activities	305.3	416.6
Investing Activities
Capital expenditures	(223.3)	(271.8)
Payments under ethylene long-term supply contracts	(461)	0
Payments under other long-term supply contracts	(75.8)	0
Proceeds from disposition of non-consolidated affiliate	0	20
Net investing activities	(760.1)	(251.8)
Long-term debt:
Borrowings	1,212.5	825
Repayments	(591.8)	(744.1)
Common stock repurchased and retired	0	(135.6)
Stock options exercised	0.5	1.5
Dividends paid	(94.7)	(98.5)
Debt issuance costs	(9.9)	(14.4)
Net financing activities	516.6	(166.1)
Effect of exchange rate changes on cash and cash equivalents	0	(0.1)
Net increase (decrease) in cash and cash equivalents	61.8	(1.4)
Cash and cash equivalents, beginning of year	220.9	178.8
Cash and cash equivalents, end of period	282.7	177.4
Cash paid for interest and income taxes:
Interest, net	179.3	135.2
Income taxes, net of refunds	(2.5)	47.6
Non-cash investing activities:
Decrease (increase) in capital expenditures included in accounts payable and accrued liabilities	$ 46.2	$ (4.6)

DESCRIPTION OF BUSINESS

DESCRIPTION OF BUSINESS	9 Months Ended
	Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
DESCRIPTION OF BUSINESS	NOTE 1 . DESCRIPTION OF BUSINESS Olin Corporation (Olin) is a Virginia corporation, incorporated in 1892, having its principal executive offices in Clayton, MO. We are a manufacturer concentrated in three business segments: Chlor Alkali Products and Vinyls, Epoxy and Winchester. The Chlor Alkali Products and Vinyls segment manufactures and sells chlorine and caustic soda, ethylene dichloride (EDC) and vinyl chloride monomer, methyl chloride, methylene chloride, chloroform, carbon tetrachloride, perchloroethylene, trichloroethylene and vinylidene chloride, hydrochloric acid, hydrogen, bleach products and potassium hydroxide. The Epoxy segment produces and sells a full range of epoxy materials, including allyl chloride, epichlorohydrin, liquid epoxy resins, solid epoxy resins and downstream products such as differentiated epoxy resins and additives. The Winchester segment produces and sells sporting ammunition, reloading components, small caliber military ammunition and components, and industrial cartridges. We have prepared the condensed financial statements included herein, without audit, pursuant to the rules and regulations of the United States (U.S.) Securities and Exchange Commission (SEC). The preparation of the financial statements requires estimates and assumptions that affect amounts reported and disclosed in the financial statements and related notes. In our opinion, these financial statements reflect all adjustments (consisting only of normal accruals), which are necessary to present fairly the results for interim periods. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations; however, we believe that the disclosures are appropriate. We recommend that you read these condensed financial statements in conjunction with the financial statements, accounting policies and the notes thereto and Management’s Discussion and Analysis of Financial Condition and Results of Operations included in our Annual Report on Form 10-K for the year ended December 31, 2019 . Certain reclassifications were made to prior year amounts to conform to the 2020 presentation.

RESTRUCTURING CHARGES

RESTRUCTURING CHARGES	9 Months Ended
	Sep. 30, 2020
Restructuring and Related Activities [Abstract]
RESTRUCTURING CHARGES	NOTE 2 . RESTRUCTURING CHARGES On December 11, 2019, we announced that we had made the decision to permanently close a chlor alkali plant with a capacity of 230,000 tons and our vinylidene chloride (VDC) production facility, both in Freeport, TX. The VDC facility was closed during fourth quarter 2020. The related chlor alkali plant closure is expected to be completed in second quarter 2021. For the three and nine months ended September 30, 2020 , we recorded pretax restructuring charges of $0.3 million and $0.8 million , respectively, for facility exit costs related to these actions. We expect to incur additional restructuring charges through 2024 of approximately $50 million related to these actions. On December 10, 2018, we announced that we had made the decision to permanently close the ammunition assembly operations at our Winchester facility in Geelong, Australia. Subsequent to the facility’s closure, product for customers in the region will be sourced from Winchester manufacturing facilities located in the United States. For the three and nine months ended September 30, 2019 , we recorded pretax restructuring charges of $0.1 million and $0.4 million , respectively, for facility exit costs and lease and other contract termination costs related to this action. For the nine months ended September 30, 2019 , we recorded additional pretax restructuring charges of $1.4 million for employee severance and related benefit costs related to our Winchester operations. On March 21, 2016, we announced that we had made the decision to close a combined total of 433,000 tons of chlor alkali capacity across three separate locations. Associated with this action, we have permanently closed our Henderson, NV chlor alkali plant with 153,000 tons of capacity and have reconfigured the site to manufacture bleach and distribute caustic soda and hydrochloric acid. Also, the capacity of our Niagara Falls, NY chlor alkali plant has been reduced from 300,000 tons to 240,000 tons and the chlor alkali capacity at our Freeport, TX facility was reduced by 220,000 tons. This 220,000 ton reduction was entirely from diaphragm cell capacity. For the three months ended September 30, 2020 and 2019 , we recorded pretax restructuring charges of $1.0 million and $4.8 million , respectively, for facility exit costs, employee severance and related benefit costs and lease and other contract termination costs related to these actions. For the nine months ended September 30, 2020 and 2019 , we recorded pretax restructuring charges of $3.9 million and $10.9 million , respectively, for facility exit costs, employee severance and related benefit costs and lease and other contract termination costs related to these actions. We expect to incur additional restructuring charges through 2021 of approximately $4 million related to these capacity reductions. The following table summarizes the 2020 and 2019 activities by major component of these restructuring actions and the remaining balances of accrued restructuring costs as of September 30, 2020 and 2019 : Employee severance and related benefit costs Lease and other contract termination costs Facility exit costs Total ($ in millions) Balance at January 1, 2019 $ 1.5 $ 6.0 $ 0.7 $ 8.2 Restructuring charges: First quarter 1.4 0.1 2.5 4.0 Second quarter 0.4 0.2 3.2 3.8 Third quarter 0.3 0.1 4.5 4.9 Amounts utilized (3.4 ) (1.5 ) (10.8 ) (15.7 ) Balance at September 30, 2019 $ 0.2 $ 4.9 $ 0.1 $ 5.2 Balance at January 1, 2020 $ — $ 3.1 $ — $ 3.1 Restructuring charges: First quarter 0.1 0.1 1.5 1.7 Second quarter — — 1.7 1.7 Third quarter — 0.3 1.0 1.3 Amounts utilized (0.1 ) (1.0 ) (4.2 ) (5.3 ) Balance at September 30, 2020 $ — $ 2.5 $ — $ 2.5 The following table summarizes the cumulative restructuring charges of these restructuring actions by major component through September 30, 2020 : Chlor Alkali Products and Vinyls Winchester Total Freeport Capacity Reductions ($ in millions) Write-off of equipment and facility $ 58.9 $ 78.1 $ 2.6 $ 139.6 Employee severance and related benefit costs — 6.7 2.7 9.4 Facility exit costs 0.8 51.6 0.2 52.6 Employee relocation costs — 1.7 — 1.7 Lease and other contract termination costs — 41.3 0.4 41.7 Total cumulative restructuring charges $ 59.7 $ 179.4 $ 5.9 $ 245.0 As of September 30, 2020 , we have incurred cash expenditures of $102.9 million and non-cash charges of $139.6 million related to these restructuring actions. The remaining balance of $2.5 million is expected to be paid out through 2021 .

ACCOUNTS RECEIVABLES

ACCOUNTS RECEIVABLES	9 Months Ended
	Sep. 30, 2020
Receivables [Abstract]
ACCOUNTS RECEIVABLE	NOTE 3 . ACCOUNTS RECEIVABLES On July 16, 2019, our existing $250.0 million Receivables Financing Agreement was extended to July 15, 2022 and downsized to $10.0 million with the option to expand (Receivables Financing Agreement). During the nine months ended September 30, 2020 , we amended the Receivables Financing Agreement to expand the borrowing capacity to $250.0 million . The Receivables Financing Agreement includes a minimum borrowing requirement of 50% of the facility limit or available borrowing capacity, whichever is lesser, beginning on October 1, 2020. The administrative agent for our Receivables Financing Agreement is PNC Bank, National Association. Under the Receivables Financing Agreement, our eligible trade receivables are used for collateralized borrowings and continue to be serviced by us. In addition, the Receivables Financing Agreement incorporates the secured leverage covenant that is contained in the $1,300.0 million senior secured credit facility. As of September 30, 2020 , $325.1 million of our trade receivables were pledged as collateral. As of September 30, 2020 , we had $125.0 million drawn with $115.8 million of additional borrowing capacity available under the Receivables Financing Agreement. As of both December 31, 2019 and September 30, 2019 , we had zero drawn under the Receivables Financing Agreement. Olin also has trade accounts receivable factoring arrangements (AR Facilities) and pursuant to the terms of the AR Facilities, certain of our subsidiaries may sell their accounts receivable up to a maximum of $315.0 million . We will continue to service the outstanding accounts sold. These receivables qualify for sales treatment under ASC 860 “Transfers and Servicing” and, accordingly, the proceeds are included in net cash provided by operating activities in the condensed statements of cash flows. The following table summarizes the AR Facilities activity: September 30, 2020 2019 ($ in millions) Balance at beginning of year $ 63.1 $ 132.4 Gross receivables sold 614.9 778.9 Payments received from customers on sold accounts (584.9 ) (803.9 ) Balance at end of period $ 93.1 $ 107.4 The factoring discount paid under the AR Facilities is recorded as interest expense on the condensed statements of operations. The factoring discount was $0.2 million and $0.8 million for the three months ended September 30, 2020 and 2019 , respectively, and $1.2 million and $2.3 million for the nine months ended September 30, 2020 and 2019 , respectively. The agreements are without recourse and therefore no recourse liability had been recorded as of September 30, 2020 , December 31, 2019 , or September 30, 2019 .

ALLOWANCE FOR DOUBTFUL ACCOUNTS

ALLOWANCE FOR DOUBTFUL ACCOUNTS RECEIVABLES	9 Months Ended
	Sep. 30, 2020
Accounts Receivable, after Allowance for Credit Loss [Abstract]
ALLOWANCE FOR DOUBTFUL ACCOUNTS RECEIVABLES	NOTE 4 . ALLOWANCE FOR DOUBTFUL ACCOUNTS RECEIVABLES We evaluate the collectibility of financial instruments based on our current estimate of credit losses expected to be incurred over the life of the financial instrument. The only significant financial instrument which creates exposure to credit losses are customer accounts receivables. We measure credit losses on uncollected accounts receivable through an allowance for doubtful accounts receivable which is based on a combination of factors including both historical collection experience and reasonable estimates that affect the expected collectibility of the receivable. These factors include historical bad debt experience, industry conditions of the customer or group of customers, geographical region, credit ratings and general market conditions. We group receivables together for purposes of estimating credit losses when customers have similar risk characteristics; otherwise, the estimation is performed on the individual receivable. This estimate is periodically adjusted when we become aware of a specific customer’s inability to meet its financial obligations (e.g., bankruptcy filing) or as a result of changes in the overall aging of accounts receivable. While we have a large number of customers that operate in diverse businesses and are geographically dispersed, a general economic downturn in any of the industry segments in which we operate could result in higher than expected defaults, and, therefore, the need to revise estimates for the provision for doubtful accounts could occur. Allowance for doubtful accounts receivables consisted of the following: September 30, 2020 2019 ($ in millions) Balance at beginning of year $ 11.9 $ 12.9 Provisions charged 0.7 1.1 Write-offs, net of recoveries (0.5 ) (2.1 ) Balance at end of period $ 12.1 $ 11.9 Provisions charged to operations were zero and $0.2 million for the three months ended September 30, 2020 and 2019 , respectively.

INVENTORIES

INVENTORIES	9 Months Ended
	Sep. 30, 2020
Inventory Disclosure [Abstract]
INVENTORIES	NOTE 5 . INVENTORIES Inventories consisted of the following: September 30, 2020 December 31, September 30, 2019 ($ in millions) Supplies $ 107.6 $ 105.6 $ 99.4 Raw materials 86.4 69.2 60.9 Work in process 96.3 120.9 123.1 Finished goods 363.8 449.5 474.9 654.1 745.2 758.3 LIFO reserve (45.7 ) (49.5 ) (57.6 ) Inventories, net $ 608.4 $ 695.7 $ 700.7 Inventories are valued at the lower of cost and net realizable value. For U.S. inventories, inventory costs are determined principally by the last-in, first-out (LIFO) method of inventory accounting while for international inventories, inventory costs are determined principally by the first-in, first-out (FIFO) method of inventory accounting. Cost for other inventories has been determined principally by the average-cost method (primarily operating supplies, spare parts and maintenance parts). Elements of costs in inventories included raw materials, direct labor and manufacturing overhead. Inventories under the LIFO method are based on annual estimates of quantities and costs as of year-end; therefore, the condensed financial statements at September 30, 2020 reflect certain estimates relating to inventory quantities and costs at December 31, 2020 . The replacement cost of our inventories would have been approximately $45.7 million , $49.5 million and $57.6 million higher than reported at September 30, 2020 , December 31, 2019 and September 30, 2019 , respectively.

OTHER ASSETS

OTHER ASSETS	9 Months Ended
	Sep. 30, 2020
Other Assets [Abstract]
OTHER ASSETS	NOTE 6 . OTHER ASSETS Included in other assets were the following: September 30, 2020 December 31, 2019 September 30, 2019 ($ in millions) Supply contracts $ 1,129.7 $ 1,112.6 $ 1,122.0 Other 47.3 56.5 48.1 Other assets $ 1,177.0 $ 1,169.1 $ 1,170.1 On January 1, 2019, we sold our 9.1% limited partnership interest in Bay Gas Storage Company, Ltd. (Bay Gas) for $20.0 million . The sale closed on February 7, 2019 which resulted in a gain of $11.2 million for the nine months ended September 30, 2019 which was recorded to other income in the condensed statements of operations. On October 5, 2015 (the Closing Date), we completed the acquisition (the Acquisition) from The Dow Chemical Company (Dow) of its U.S. Chlor Alkali and Vinyl, Global Chlorinated Organics and Global Epoxy businesses (collectively, the Acquired Business). In connection with the Acquisition, Olin and Dow entered into arrangements for the long-term supply of ethylene by Dow to Olin, pursuant to which, among other things, Olin made upfront payments in order to receive ethylene at producer economics and for certain reservation fees and for the option to obtain additional ethylene at producer economics. On February 27, 2017, we exercised the remaining option to reserve additional ethylene at producer economics from Dow. In connection with the exercise of this option, we also secured a long-term customer arrangement. As a result, an additional payment was made to Dow of $461.0 million during the second quarter of 2020. The original liability was discounted and recorded at present value as of March 31, 2017. The discount amount of $40.9 million was recorded as interest expense from inception through March 31, 2020. For the three months ended September 30, 2019 , $4.4 million , and for the nine months ended September 30, 2020 and 2019 , $4.0 million and $12.6 million , respectively, of interest expense was recorded for accretion on the 2020 payment liability discount. Amortization expense of $9.4 million for both the three months ended September 30, 2020 and 2019 and $28.2 million for both the nine months ended September 30, 2020 and 2019 was recognized within cost of goods sold related to our long-term supply contracts and is reflected in depreciation and amortization on the condensed statements of cash flows. The long-term supply contracts are monitored for impairment each reporting period. During the nine months ended September 30, 2020 , a payment of $75.8 million was made associated with the resolution of a dispute over the allocation to Olin of certain capital costs incurred at our Plaquemine, LA site after the Closing Date of the Acquisition.

GOODWILL AND INTANGIBLES

GOODWILL AND INTANGIBLES	9 Months Ended
	Sep. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL AND INTANGIBLES	NOTE 7 . GOODWILL AND INTANGIBLE ASSETS Changes in the carrying value of goodwill were as follows: Chlor Alkali Products and Vinyls Epoxy Total ($ in millions) Balance at January 1, 2019 $ 1,832.6 $ 287.0 $ 2,119.6 Foreign currency translation adjustment (0.4 ) (0.1 ) (0.5 ) Balance at September 30, 2019 $ 1,832.2 $ 286.9 $ 2,119.1 Balance at January 1, 2020 $ 1,832.7 $ 287.0 $ 2,119.7 Goodwill impairment (557.6 ) (142.2 ) (699.8 ) Foreign currency translation adjustment 0.2 — 0.2 Balance at September 30, 2020 $ 1,275.3 $ 144.8 $ 1,420.1 Goodwill is not amortized, but is reviewed for impairment annually in the fourth quarter and/or when circumstances or other events indicate that impairment may have occurred. Circumstances that are considered as part of the qualitative assessment and could trigger a quantitative impairment test include, but are not limited to: a significant adverse change in the business climate; a significant adverse legal judgment; adverse cash flow trends; an adverse action or assessment by a government agency; unanticipated competition; sustained decline in our stock price; and a significant restructuring charge within a reporting unit. During the first quarter of 2020, our market capitalization declined significantly compared to the fourth quarter of 2019. Over the same period, the equity value of our peer group companies and the overall U.S. stock market also declined significantly amid market volatility. These declines were driven by the uncertainty surrounding the outbreak of the 2019 Novel Coronavirus (COVID-19) global pandemic and other macroeconomic events impacting the various industries in which Olin and our peers participate. Additionally, the various governmental, business and consumer responses to the pandemic were expected to have a negative impact on the near-term demand for several of the products produced by our Chlor Alkali Products and Vinyls and Epoxy businesses. The full extent and duration of the impact of COVID-19 on our operations and financial performance was unknown at the time. As a result of these events, we identified triggering events associated with a significant overall decrease in our stock price, a significant adverse change in the business climate and a significant reduction in near-term cash flow projections and performed a quantitative goodwill impairment test during the first quarter of 2020. We used a discounted cash flow approach to develop the estimated fair value of our reporting units. Based on the aforementioned analysis, the estimated fair value of our reporting units exceeded the carrying value of the reporting units and no impairment charges were recorded. Throughout the second and third quarters of 2020, the spread of the COVID-19 pandemic and the associated response has caused significant disruptions in the U.S. and global economies, resulting in the disruption of the supply and demand fundamentals of our Chemicals businesses. The various governmental, business and consumer responses to the pandemic continued to negatively impact the demand for several of the products produced by our Chlor Alkali Products and Vinyls and Epoxy businesses resulting in lower volumes and pricing during 2020 compared to 2019. Due to these factors, the triggering events identified in the first quarter associated with a significant adverse change in the business climate and a significant adverse reduction in near-term cash flow projections have persisted during 2020. Throughout the second and third quarters of 2020, the equity value of our peer group companies and the overall U.S. stock market improved significantly while Olin’s stock price remained low. During the three months ended September 30, 2020, we identified a triggering event associated with a sustained significant overall decrease in our stock price. As a result, we performed an updated quantitative goodwill impairment test during the third quarter of 2020. We used a discounted cash flow approach to develop the estimated fair value of our reporting units. Fair value determinations require considerable judgment and are sensitive to changes in underlying assumptions, estimates and market factors. The discount rate, profitability assumptions and terminal growth rate of our reporting units and the cyclical nature of the chlor alkali industry were the material assumptions utilized in the discounted cash flow model used to estimate the fair value of each reporting unit. The discount rate reflects a weighted-average cost of capital, which is calculated, in part based on observable market data. Some of this data (such as the risk free or treasury rate and the pretax cost of debt) are based on the market data at a point in time. Other data (such as the equity risk premium) are based upon market data over time for a peer group of companies in the chemical manufacturing or distribution industries, with a market capitalization premium added, as applicable. Also factoring into the discount rate was a market participant’s perceived risk (such as the company specific risk premium) in the valuation implied by the sustained reduction in our stock price. The discounted cash flow analysis requires estimates, assumptions and judgments about future events. Our analysis uses our internally generated long-range plan. Specifically, the assumptions in our long-range plan about terminal growth rates, forecasted capital expenditures and changes in future working capital requirements are used to determine the implied fair value of each reporting unit. The long-range plan reflects management judgment, supplemented by independent chemical industry analyses which provide multi-year chlor alkali industry operating and pricing forecasts. As a further indicator that each reporting unit has been valued appropriately using a discounted cash flow model, the aggregate fair value of all reporting units is reconciled to the total market value of Olin. Due to the sustained decline in our stock price, the decrease in the value of our reporting units reflects a market participant’s perceived risk in the valuation implied by the sustained reduction in our stock price. As a result of this assessment, the carrying values of our Chlor Alkali Products and Vinyls and Epoxy reporting units exceeded the fair values which resulted in pre-tax goodwill impairment charges of $557.6 million and $142.2 million , respectively. The goodwill impairment charge was calculated as the amount that the carrying value of the reporting unit, including any goodwill, exceeded its fair value and therefore the carrying value of our reporting units equal their fair value upon completion of the goodwill impairment test. We believe the assumptions used in our goodwill impairment analysis are appropriate and result in reasonable estimates of the implied fair value of each reporting unit. However, given the economic environment and the uncertainties regarding the impact on our business, there can be no assurance that our estimates and assumptions, made for purposes of our goodwill impairment testing, will prove to be an accurate prediction of the future. If our assumptions regarding future performance are not achieved, or if our stock price experiences further sustained declines, we may be required to record additional goodwill impairment charges in future periods. It is not possible at this time to determine if any such future impairment charge would result or, if it does, whether such charge would be material. Intangible assets consisted of the following: September 30, 2020 December 31, 2019 September 30, 2019 Gross Amount Accumulated Amortization Net Gross Amount Accumulated Amortization Net Gross Amount Accumulated Amortization Net ($ in millions) Customers, customer contracts and relationships $ 676.5 $ (299.2 ) $ 377.3 $ 673.5 $ (260.9 ) $ 412.6 $ 671.1 $ (248.0 ) $ 423.1 Trade name 7.1 (7.1 ) — 7.0 (6.0 ) 1.0 7.0 (5.6 ) 1.4 Acquired technology 87.7 (61.3 ) 26.4 85.1 (51.8 ) 33.3 84.7 (48.5 ) 36.2 Other 1.8 (0.6 ) 1.2 1.8 (0.6 ) 1.2 1.8 (0.6 ) 1.2 Total intangible assets $ 773.1 $ (368.2 ) $ 404.9 $ 767.4 $ (319.3 ) $ 448.1 $ 764.6 $ (302.7 ) $ 461.9

EARNINGS PER SHARE

EARNINGS PER SHARE	9 Months Ended
	Sep. 30, 2020
Earnings Per Share [Abstract]
EARNINGS PER SHARE	NOTE 8 . EARNINGS PER SHARE Basic and diluted net (loss) income per share are computed by dividing net (loss) income by the weighted-average number of common shares outstanding. Diluted net (loss) income per share reflects the dilutive effect of stock-based compensation. Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Computation of Net (Loss) Income per Share (In millions, except per share data) Net (loss) income $ (736.8 ) $ 44.2 $ (936.9 ) $ 65.9 Basic shares 157.9 161.9 157.8 163.7 Basic net (loss) income per share $ (4.67 ) $ 0.27 $ (5.94 ) $ 0.40 Diluted shares: Basic shares 157.9 161.9 157.8 163.7 Stock-based compensation — 0.9 — 0.8 Diluted shares 157.9 162.8 157.8 164.5 Diluted net (loss) income per share $ (4.67 ) $ 0.27 $ (5.94 ) $ 0.40 The computation of dilutive shares does not include 10.3 million and 7.4 million shares for the three months ended September 30, 2020 and 2019 , respectively, and 10.3 million and 7.2 million shares for the nine months ended September 30, 2020 and 2019 , respectively, as their effect would have been anti-dilutive.

ENVIRONMENTAL

ENVIRONMENTAL	9 Months Ended
	Sep. 30, 2020
Environmental Remediation Obligations [Abstract]
ENVIRONMENTAL	NOTE 9 . ENVIRONMENTAL We are party to various government and private environmental actions associated with past manufacturing facilities and former waste disposal sites. Environmental provisions charged (credited) to income, which are included in costs of goods sold, were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 ($ in millions) Provisions charged (credited) to income $ 12.5 $ (0.8 ) $ 17.9 $ 23.0 Recoveries for costs incurred and expensed — — — (4.8 ) Environmental expense (income) $ 12.5 $ (0.8 ) $ 17.9 $ 18.2 Provisions charged (credited) to income for the nine months ended September 30, 2019 include $4.8 million of recoveries associated with resolving outstanding third party claims against the proceeds from a 2018 environmental insurance settlement. The condensed balance sheets included reserves for future environmental expenditures to investigate and remediate known sites amounting to $146.7 million , $139.0 million and $140.1 million at September 30, 2020 , December 31, 2019 and September 30, 2019 , respectively, of which $129.7 million , $122.0 million and $123.1 million , respectively, were classified as other noncurrent liabilities. 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. In connection with the October 5, 2015 acquisition of Dow’s U.S. Chlor Alkali and Vinyl, Global Chlorinated Organics and Global Epoxy businesses, the prior owner of the businesses retained liabilities relating to releases of hazardous materials and violations of environmental law to the extent arising prior to October 5, 2015.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 10 . COMMITMENTS AND CONTINGENCIES Olin and Oxy Vinyls, L.P. (Oxy) have a long-term chlorine supply agreement, which is the subject of a pricing dispute. The dispute is pending in the United States District Court for the Southern District of Texas, and we currently anticipate trial will be scheduled for fourth quarter 2020 or first quarter 2021. Any additional losses related to this contract dispute are not currently estimable because of unresolved questions of fact and law but, if resolved unfavorably to Olin, they could have a material adverse effect on our results of operations. Olin, K.A. Steel Chemicals (a wholly owned subsidiary of Olin) and other caustic soda producers were named as defendants in six purported class action civil lawsuits filed March 22, 25 and 26, 2019 and April 12, 2019 in the U.S. District Court for the Western District of New York 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. directly from one or more of the defendants, their parents, predecessors, subsidiaries or affiliates at any time between October 1, 2015 and the present. 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 between October 1, 2015 and the present. The other defendants named in the 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 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. We believe we have meritorious legal positions and will continue to represent our interests vigorously in this matter. Any losses related to this matter 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. As of September 30, 2020 , December 31, 2019 and September 30, 2019 , our condensed balance sheets included accrued liabilities for these other legal actions of $13.0 million , $12.4 million and $13.2 million , respectively. These liabilities do not include costs associated with legal representation. Based on our analysis, and considering the inherent uncertainties associated with litigation, we do not believe that it is reasonably possible that these other legal actions will materially adversely affect our financial position, cash flows or results of operations. In connection with the October 5, 2015 acquisition of Dow’s U.S. Chlor Alkali and Vinyl, Global Chlorinated Organics and Global Epoxy businesses, the prior owner of the businesses retained liabilities related to litigation to the extent arising prior to October 5, 2015. During the ordinary course of our business, contingencies arise resulting from an existing condition, situation or set of circumstances involving an uncertainty as to the realization of a possible gain contingency. In certain instances such as environmental projects, we are responsible for managing the cleanup and remediation of an environmental site. There exists the possibility of recovering a portion of these costs from other parties. We account for gain contingencies in accordance with the provisions of ASC 450 “Contingencies” and, therefore, do not record gain contingencies and recognize income until it is earned and realizable.

SHAREHOLDERS' EQUITY

SHAREHOLDERS' EQUITY	9 Months Ended
	Sep. 30, 2020
Stockholders' Equity Note [Abstract]
SHAREHOLDERS' EQUITY	NOTE 11 . SHAREHOLDERS’ EQUITY On April 26, 2018, our board of 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 upon the purchase of $500.0 million of our common stock. On August 5, 2019, we entered into an accelerated share repurchase (ASR) agreement with Goldman Sachs & Co. LLC (Goldman Sachs), a third-party financial institution, to repurchase $100.0 million of Olin’s common stock. This transaction qualified for treatment as an equity contract. Under this agreement, Olin paid $100.0 million to Goldman Sachs and received an initial delivery of 4.3 million shares in August 2019. The transaction had not settled as of September 30, 2019; however, upon settlement of the agreement in October 2019, we received 1.4 million additional shares which resulted in a total of 5.7 million shares repurchased under this ASR agreement. There were no shares repurchased for the nine months ended September 30, 2020 . For the nine months ended September 30, 2019 , 6.0 million shares were repurchased and retired at a cost of $135.6 million . As of September 30, 2020 , we had repurchased a total of $195.9 million of our common stock, representing 10.1 million shares, and $304.1 million of common stock remained authorized to be repurchased. We issued less than 0.1 million and 0.1 million shares representing stock options exercised for the nine months ended September 30, 2020 and 2019 , respectively, with a total value of $0.5 million and $1.5 million , respectively. The following table represents the activity included in accumulated other comprehensive loss: Foreign Currency Translation Adjustment (net of taxes) Unrealized (Losses) Gains on Derivative Contracts (net of taxes) Pension and Other Postretirement Benefits (net of taxes) Accumulated Other Comprehensive Loss ($ in millions) Balance at January 1, 2019 $ 0.7 $ 1.8 $ (653.5 ) $ (651.0 ) Unrealized (losses) gains: First quarter (8.3 ) (6.6 ) — (14.9 ) Second quarter 3.3 (22.2 ) — (18.9 ) Third quarter (15.7 ) (12.3 ) — (28.0 ) Reclassification adjustments of losses into income: First quarter — 2.2 7.4 9.6 Second quarter — 6.3 7.1 13.4 Third quarter — 9.0 7.3 16.3 Tax benefit (provision): First quarter — 1.1 (1.7 ) (0.6 ) Second quarter — 3.8 (1.8 ) 2.0 Third quarter — 0.8 (1.4 ) (0.6 ) Net change (20.7 ) (17.9 ) 16.9 (21.7 ) Balance at September 30, 2019 $ (20.0 ) $ (16.1 ) $ (636.6 ) $ (672.7 ) Balance at January 1, 2020 $ (8.4 ) $ (13.6 ) $ (781.4 ) $ (803.4 ) Unrealized (losses) gains: First quarter (9.0 ) (35.1 ) — (44.1 ) Second quarter 8.2 29.9 — 38.1 Third quarter 17.0 26.0 — 43.0 Reclassification adjustments of losses into income: First quarter — 11.6 11.9 23.5 Second quarter — 9.3 11.6 20.9 Third quarter — 0.1 11.5 11.6 Tax benefit (provision): First quarter — 5.6 (2.7 ) 2.9 Second quarter — (9.2 ) (2.6 ) (11.8 ) Third quarter — (6.3 ) (2.6 ) (8.9 ) Net change 16.2 31.9 27.1 75.2 Balance at September 30, 2020 $ 7.8 $ 18.3 $ (754.3 ) $ (728.2 ) Net (loss) income, interest expense and cost of goods sold included reclassification adjustments for realized gains and losses on derivative contracts from accumulated other comprehensive loss.

SEGMENT INFORMATION

SEGMENT INFORMATION	9 Months Ended
	Sep. 30, 2020
Segment Reporting [Abstract]
SEGMENT INFORMATION	NOTE 12 . 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. 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 used in our Epoxy segment is transferred at cost from the Chlor Alkali Products and Vinyls segment. Sales and profits are recognized in the Chlor Alkali Products and Vinyls segment for all caustic soda generated and sold by Olin. Sales are attributed to geographic areas based on customer location. Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Sales: ($ in millions) Chlor Alkali Products and Vinyls $ 755.1 $ 876.3 $ 2,166.2 $ 2,657.7 Epoxy 476.1 511.6 1,350.7 1,554.4 Winchester 206.4 188.7 587.0 510.8 Total sales $ 1,437.6 $ 1,576.6 $ 4,103.9 $ 4,722.9 Income (loss) before taxes: Chlor Alkali Products and Vinyls $ 37.8 $ 112.7 $ (53.5 ) $ 303.8 Epoxy 14.9 24.2 13.6 38.6 Winchester 21.0 13.9 47.5 33.1 Corporate/other: Environmental (expense) income (12.5 ) 0.8 (17.9 ) (18.2 ) Other corporate and unallocated costs (43.7 ) (43.4 ) (112.2 ) (117.8 ) Restructuring charges (1.3 ) (4.9 ) (4.7 ) (12.7 ) Goodwill impairment (699.8 ) — (699.8 ) — Other operating (expense) income (0.2 ) 0.1 (0.1 ) 0.3 Interest expense (74.6 ) (63.9 ) (207.1 ) (179.2 ) Interest income 0.1 0.2 0.4 0.7 Non-operating pension income 4.9 4.1 14.4 12.2 Other income — — — 11.2 Income (loss) before taxes $ (753.4 ) $ 43.8 $ (1,019.4 ) $ 72.0 Environmental (expense) income for the nine months ended September 30, 2019 included $4.8 million of an environmental insurance-related settlement gain. For the nine months ended September 30, 2019 , other income included a gain of $11.2 million on the sale of our equity interest in a non-consolidated affiliate. Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Sales by geography: ($ in millions) Chlor Alkali Products and Vinyls United States $ 596.8 $ 613.7 $ 1,581.0 $ 1,818.7 Europe 22.5 27.2 79.5 104.9 Other foreign 135.8 235.4 505.7 734.1 Total Chlor Alkali Products and Vinyls 755.1 876.3 2,166.2 2,657.7 Epoxy United States 161.9 177.7 443.2 517.2 Europe 166.9 199.6 501.7 657.6 Other foreign 147.3 134.3 405.8 379.6 Total Epoxy 476.1 511.6 1,350.7 1,554.4 Winchester United States 182.1 174.5 534.8 462.6 Europe 1.8 2.8 6.6 7.9 Other foreign 22.5 11.4 45.6 40.3 Total Winchester 206.4 188.7 587.0 510.8 Total United States 940.8 965.9 2,559.0 2,798.5 Europe 191.2 229.6 587.8 770.4 Other foreign 305.6 381.1 957.1 1,154.0 Total sales $ 1,437.6 $ 1,576.6 $ 4,103.9 $ 4,722.9 Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Sales by product line: ($ in millions) Chlor Alkali Products and Vinyls Caustic soda $ 373.0 $ 421.7 $ 1,053.4 $ 1,344.8 Chlorine, chlorine-derivatives and other co-products 382.1 454.6 1,112.8 1,312.9 Total Chlor Alkali Products and Vinyls 755.1 876.3 2,166.2 2,657.7 Epoxy Aromatics and allylics 198.3 237.9 582.7 716.5 Epoxy resins 277.8 273.7 768.0 837.9 Total Epoxy 476.1 511.6 1,350.7 1,554.4 Winchester Commercial 152.4 131.0 415.1 341.0 Military and law enforcement 54.0 57.7 171.9 169.8 Total Winchester 206.4 188.7 587.0 510.8 Total sales $ 1,437.6 $ 1,576.6 $ 4,103.9 $ 4,722.9

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	9 Months Ended
	Sep. 30, 2020
Share-based Payment Arrangement [Abstract]
STOCK-BASED COMPENSATION	NOTE 13 . STOCK-BASED COMPENSATION Stock-based compensation granted includes stock options, performance stock awards, restricted stock awards and deferred directors’ compensation. Stock-based compensation expense was as follows: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 ($ in millions) Stock-based compensation $ 3.4 $ 4.2 $ 9.7 $ 8.5 Mark-to-market adjustments 0.6 (1.4 ) (2.5 ) (1.0 ) Total expense $ 4.0 $ 2.8 $ 7.2 $ 7.5 The fair value of each stock option granted, which typically vests ratably over three years, but not less than one year, was estimated on the date of grant, using the Black-Scholes option-pricing model with the following weighted-average assumptions: Grant date 2020 2019 Dividend yield 4.60 % 3.05 % Risk-free interest rate 1.44 % 2.51 % Expected volatility 36 % 34 % Expected life (years) 6.0 6.0 Weighted-average grant fair value (per option) $ 3.64 $ 6.76 Weighted-average exercise price $ 17.33 $ 26.26 Shares granted 2,665,700 1,575,900 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 of future exercise patterns.

DEBT

DEBT	9 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
DEBT	NOTE 14 . DEBT On May 19, 2020, Olin issued $500.0 million aggregate principal amount of 9.50% senior notes due June 1, 2025 (2025 Notes). The 2025 Notes were issued at 99.5% of par value, the discount from which is included within long-term debt in the condensed balance sheets. Interest on the 2025 Notes is payable semi-annually beginning on December 1, 2020. Proceeds from the 2025 Notes were used for general corporate purposes. On May 8, 2020, we entered into a $1,300.0 million senior secured credit facility (Senior Secured Credit Facility) that amended our existing five -year, $2,000.0 million senior credit facility. The Senior Secured Credit Facility includes a senior secured delayed-draw term loan facility with aggregate commitments of $500.0 million (Delayed Draw Term Loan Facility) and a senior secured revolving credit facility with aggregate commitments in an amount equal to $800.0 million (Senior Revolving Credit Facility). The maturity date for the Senior Secured Credit Facility is July 16, 2024. The amendment modified the financial covenants of the Senior Secured Credit Facility to be less restrictive and expanded the permitted use of proceeds of the Delayed Draw Term Loan Facility to include general corporate purposes. The amendment also requires that the obligations under the Senior Secured Credit Facility be guaranteed by certain of our domestic subsidiaries, which are also guarantors of Olin’s outstanding notes, with the exception of the $200.0 million senior notes due 2022. The obligations under the Senior Secured Credit Facility are also secured by liens on substantially all of Olin’s and the subsidiary guarantors’ personal property (Collateral), other than certain principal properties and capital stock of subsidiaries, and subject to certain other exceptions. The amendment provides that substantially all guarantees under the Senior Secured Credit Facility and liens on the Collateral will be released automatically when our net leverage ratio is below 3.50 to 1.00 for two consecutive fiscal quarters. The Delayed Draw Term Loan Facility is available on a delayed basis in up to three draws to be made on or prior to November 29, 2020. The Delayed Draw Term Loan Facility includes principal amortization amounts payable beginning the quarter ending after the facility is fully drawn at a rate of 5.0% per annum for the first two years, increasing to 7.5% per annum for the following year and to 10.0% per annum for the last two years. The Senior Revolving Credit Facility includes a $100.0 million letter of credit subfacility. At September 30, 2020 , we had $799.6 million available under our $800.0 million Senior Revolving Credit Facility because we had issued $0.4 million of letters of credit. For the nine months ended September 30, 2020 , we recognized interest expense of $1.6 million for the write-off of unamortized deferred debt issuance costs related to the reduction of commitments under the Senior Secured Credit Facility. For the nine months ended September 30, 2020 , we paid debt issuance costs of $9.9 million for the issuance of the 2025 Notes and amendments to our Senior Secured Credit Facility and Receivables Financing Agreement. Under the Senior Secured Credit Facility, we may select various floating rate borrowing options. The actual interest rate paid on borrowings under the Senior Secured Credit Facility is based on a pricing grid which is dependent upon the net leverage ratio as calculated under the terms of the applicable facility for the prior fiscal quarter. The Senior Secured Credit Facility includes various customary restrictive covenants, including restrictions related to the ratio of secured debt to earnings before interest expense, taxes, depreciation and amortization (secured leverage ratio) and the ratio of earnings before interest expense, taxes, depreciation and amortization to interest expense (coverage ratio). The calculation of secured debt in our secured leverage ratio excludes borrowings under the Receivables Financing Agreement, up to a maximum of $250.0 million . As of September 30, 2020 , the only secured borrowings included in the secured leverage ratio were $153.0 million for our Go Zone and Recovery Zone bonds. Compliance with these covenants is determined quarterly. We were in compliance with all covenants and restrictions under all our outstanding credit agreements as of September 30, 2020 , and no event of default had occurred that would permit the lenders under our outstanding credit agreements to accelerate the debt if not cured. In the future, our ability to generate sufficient operating cash flows, among other factors, will determine the amounts available to be borrowed under these facilities. As a result of our restrictive covenant related to the secured leverage ratio, the maximum additional borrowings available to us could be limited in the future. The limitation, if an amendment or waiver from our lenders is not obtained, could restrict our ability to borrow the maximum amounts available under the Senior Revolving Credit Facility and the Receivables Financing Agreement. As of September 30, 2020 , there were no covenants or other restrictions that limited our ability to borrow. Subsequent Event On October 15, 2020, Olin redeemed $600.0 million of the outstanding 9.75% senior notes due 2023 (2023 Notes). The 2023 Notes were redeemed at 102.438% of the principal amount of the 2023 Notes, resulting in a redemption premium of $14.6 million . The 2023 Notes were redeemed by drawing $500.0 million of the Delayed Draw Term Loan Facility along with utilizing $114.6 million of cash on hand.

CONTRIBUTING EMPLOYEE OWNERSHIP

CONTRIBUTING EMPLOYEE OWNERSHIP PLAN	9 Months Ended
	Sep. 30, 2020
Retirement Benefits [Abstract]
CONTRIBUTING EMPLOYEE OWNERSHIP PLAN	NOTE 15 . 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 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 for the three months ended September 30, 2020 and 2019 was $6.5 million and $6.9 million , respectively, and for the nine months ended September 30, 2020 and 2019 was $21.5 million and $23.2 million , respectively. Company matching contributions are invested in the same investment allocation as the employee’s contribution. Our matching contributions for eligible employees for the three months ended September 30, 2020 and 2019 were $0.8 million and $4.0 million , respectively, and for the nine months ended September 30, 2020 and 2019 were $2.3 million and $11.9 million , 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.

PENSION PLANS AND RETIREMENT BE

PENSION PLANS AND RETIREMENT BENEFITS	9 Months Ended
	Sep. 30, 2020
Retirement Benefits [Abstract]
PENSION PLANS AND RETIREMENT BENEFITS	NOTE 16 . PENSION PLANS AND RETIREMENT BENEFITS We sponsor domestic and foreign defined benefit pension plans for eligible employees and retirees. Most of our domestic employees participate in defined contribution plans. However, a portion of our bargaining hourly employees continue to participate in our domestic qualified defined benefit pension plans under a flat-benefit formula. Our funding policy for the qualified defined benefit pension plans is consistent with the requirements of federal laws and regulations. Our foreign subsidiaries maintain pension and other benefit plans, which are consistent with local statutory practices. Our domestic qualified defined benefit pension plan provides that if, within three years following a change of control of Olin, any corporate action is taken or filing made in contemplation of, among other things, a plan termination or merger or other transfer of assets or liabilities of the plan, and such termination, merger, or transfer thereafter takes place, plan benefits would automatically be increased for affected participants (and retired participants) to absorb any plan surplus (subject to applicable collective bargaining requirements). We also provide certain postretirement healthcare (medical) and life insurance benefits for eligible active and retired domestic employees. The healthcare plans are contributory with participants’ contributions adjusted annually based on medical rates of inflation and plan experience. Pension Benefits Other Postretirement Benefits Three Months Ended September 30, Three Months Ended September 30, 2020 2019 2020 2019 Components of Net Periodic Benefit (Income) Cost ($ in millions) Service cost $ 2.8 $ 2.7 $ 0.2 $ 0.2 Interest cost 18.8 23.7 0.3 0.4 Expected return on plans’ assets (35.5 ) (35.5 ) — — Recognized actuarial loss 11.2 6.8 0.3 0.5 Net periodic benefit (income) cost $ (2.7 ) $ (2.3 ) $ 0.8 $ 1.1 Pension Benefits Other Postretirement Benefits Nine Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Components of Net Periodic Benefit (Income) Cost ($ in millions) Service cost $ 8.5 $ 8.5 $ 0.9 $ 0.8 Interest cost 56.3 71.0 1.0 1.3 Expected return on plans’ assets (106.7 ) (106.3 ) — — Recognized actuarial loss 33.5 20.2 1.5 1.6 Net periodic benefit (income) cost $ (8.4 ) $ (6.6 ) $ 3.4 $ 3.7 We made cash contributions to our international qualified defined benefit pension plans of $1.3 million and $0.7 million for the nine months ended September 30, 2020 and 2019 , respectively.

INCOME TAXES

INCOME TAXES	9 Months Ended
	Sep. 30, 2020
Income Tax Disclosure [Abstract]
INCOME TAXES	NOTE 17 . INCOME TAXES The effective tax rate for the three months ended September 30, 2020 included a benefit associated with prior year tax positions and an expense from a net increase in the valuation allowance related to foreign tax credits. These factors resulted in a net $1.7 million tax expense. For the three months ended September 30, 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 the three months ended September 30, 2020 of 14.0% was lower than the 21% U.S. federal statutory rate primarily due to foreign income inclusions and a net increase in the valuation allowance related to losses in foreign jurisdictions partially offset by state taxes, foreign income taxes and favorable permanent salt depletion deductions. The effective tax rate for the three months ended September 30, 2019 included a benefit associated with the finalization of the Internal Revenue Service (IRS) review of years 2013 to 2015 U.S. income tax claims, a benefit associated with stock-based compensation, a benefit associated with prior year tax positions, a benefit from foreign tax law changes, a benefit from the remeasurement of deferred taxes due to a decrease in our state effective tax rates, an expense from a change in tax contingencies and an expense from a net increase in the valuation allowance related to state deferred tax assets. These factors resulted in a net $24.0 million tax benefit. After giving consideration to these items, the effective tax rate for the three months ended September 30, 2019 of 53.9% was higher than the 21% U.S. federal statutory rate, primarily due to state taxes, foreign income taxes and foreign income inclusions and a net increase in the valuation allowance related to losses in foreign jurisdictions, partially offset by favorable permanent salt depletion deductions. The effective tax rate for the nine months ended September 30, 2020 included a benefit associated with prior year tax positions, an expense associated with stock-based compensation, an expense from a net increase in the valuation allowance related to foreign tax credits and an expense from a change in tax contingencies. These factors resulted in a net $2.8 million tax expense. For the nine months ended September 30, 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 the nine months ended September 30, 2020 of 23.3% was higher than the 21% U.S. federal statutory rate primarily due to state taxes, foreign income taxes and favorable permanent salt depletion deductions, partially offset by foreign income inclusions and a net increase in the valuation allowance related to losses in foreign jurisdictions. The effective tax rate for the nine months ended September 30, 2019 included a benefit associated with the finalization of the IRS review of years 2013 to 2015 U.S. income tax claims, a benefit associated with stock-based compensation, a benefit associated with prior year tax positions, a benefit from foreign tax law changes, a benefit from the remeasurement of deferred taxes due to a decrease in our state effective tax rates, a benefit from a net decrease in the valuation allowance related to state deferred tax assets and an expense from a change in tax contingencies. These factors resulted in a net $24.3 million tax benefit. After giving consideration to these items, the effective tax rate for the nine months ended September 30, 2019 of 42.2% was higher than the 21% U.S. federal statutory rate primarily due to state taxes, foreign income taxes and foreign income inclusions and a net increase in the valuation allowance related to losses in foreign jurisdictions, partially offset by favorable permanent salt depletion deductions. As of September 30, 2020 , we had $22.7 million of gross unrecognized tax benefits, which would have a net $22.6 million impact on the effective tax rate, if recognized. As of September 30, 2019 , we had $22.3 million of gross unrecognized tax benefits, of which $21.8 million would have impacted the effective tax rate, if recognized. The amount of unrecognized tax benefits was as follows: September 30, 2020 2019 ($ in millions) Balance at beginning of year $ 22.8 $ 33.8 Increases for prior year tax positions 2.1 1.6 Decreases for prior year tax positions (3.5 ) (14.3 ) Increases for current year tax positions 1.3 1.4 Settlements with taxing authorities — (0.2 ) Balance at end of period $ 22.7 $ 22.3 As of September 30, 2020 , we believe it is reasonably possible that our total amount of unrecognized tax benefits will decrease by approximately $3.8 million over the next twelve months. The anticipated reduction primarily relates to settlements with taxing 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. Our 2016 U.S. federal income tax return is currently under examination by the Internal Revenue Service. 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 2016 - 2019 U.S. state income tax 2006 - 2019 Canadian federal income tax 2012 - 2019 Brazil 2014 - 2019 Germany 2015 - 2019 China 2014 - 2019 The Netherlands 2014 - 2019

DERIVATIVE FINANCIAL INSTRUMENT

DERIVATIVE FINANCIAL INSTRUMENTS	9 Months Ended
	Sep. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVE FINANCIAL INSTRUMENTS	NOTE 18 . DERIVATIVE FINANCIAL INSTRUMENTS We are exposed to market risk in the normal course of our business operations due to our purchases of certain commodities, our ongoing investing and financing activities and our operations that use foreign currencies. The risk of loss can be assessed from the perspective of adverse changes in fair values, cash flows and future earnings. We have established policies and procedures governing our management of market risks and the use of financial instruments to manage exposure to such risks. ASC 815 “Derivatives and Hedging” (ASC 815) requires an entity to recognize all derivatives as either assets or liabilities in the condensed balance sheets and measure those instruments at fair value. In accordance with ASC 815, we designate derivative contracts as cash flow hedges of forecasted purchases of commodities and forecasted interest payments related to variable-rate borrowings and designate certain interest rate swaps as fair value hedges of fixed-rate borrowings. We do not enter into any derivative instruments for trading or speculative purposes. Energy costs, including electricity and natural gas, and certain raw materials used in our production processes are subject to price volatility. Depending on market conditions, we may enter into futures contracts, forward contracts, commodity swaps and put and call option contracts in order to reduce the impact of commodity price fluctuations. The majority of our commodity derivatives expire within one year. We actively manage currency exposures that are associated with net monetary asset positions, currency purchases and sales commitments denominated in foreign currencies and foreign currency denominated assets and liabilities created in the normal course of business. We enter into forward sales and purchase contracts to manage currency risk to offset our net exposures, by currency, related to the foreign currency denominated monetary assets and liabilities of our operations. At September 30, 2020 , we had outstanding forward contracts to buy foreign currency with a notional value of $186.1 million and to sell foreign currency with a notional value of $127.7 million . All of the currency derivatives expire within one year and are for U.S. dollar (USD) equivalents. The counterparties to the forward contracts are large financial institutions; however, the risk of loss to us in the event of nonperformance by a counterparty could be significant to our financial position or results of operations. At December 31, 2019 , we had outstanding forward contracts to buy foreign currency with a notional value of $140.6 million and to sell foreign currency with a notional value of $99.2 million . At September 30, 2019 , we had outstanding forward contracts to buy foreign currency with a notional value of $105.6 million and to sell foreign currency with a notional value of $98.5 million . Cash Flow Hedges For derivative instruments that are designated and qualify as a cash flow hedge, the change in fair value of the derivative is recognized as a component of other comprehensive income (loss) until the hedged item is recognized in earnings. We had the following notional amounts of outstanding commodity contracts that were entered into to hedge forecasted purchases: September 30, 2020 December 31, 2019 September 30, 2019 ($ in millions) Natural gas $ 46.8 $ 62.9 $ 56.6 Ethane 38.2 51.5 48.3 Metals 118.5 60.2 62.7 Total notional $ 203.5 $ 174.6 $ 167.6 As of September 30, 2020 , the counterparties to these commodity contracts were Wells Fargo Bank, N.A., Citibank, N.A., JPMorgan Chase Bank, National Association, Intesa Sanpaolo S.p.A. 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 September 30, 2020 , we had open derivative contract positions through 2027. If all open futures contracts had been settled on September 30, 2020 , we would have recognized a pretax gain of $24.2 million . If commodity prices were to remain at September 30, 2020 levels, approximately $13.4 million of deferred gains, net of tax, would be reclassified into earnings during the next twelve months. The actual effect on earnings will be dependent on actual commodity prices when the forecasted transactions occur. 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 April 2016, we entered into three tranches of forward starting interest rate swaps whereby we agreed to pay fixed rates to the counterparties who, in turn, pay us floating rates on $1,100.0 million , $900.0 million , and $400.0 million of our underlying floating-rate debt obligations. Each tranche’s term length was for twelve months beginning on December 31, 2016, 2017 and 2018, respectively. We designated the swaps as cash flow hedges of the risk of changes in interest payments associated with our variable-rate borrowings. In July 2019, we terminated the remaining interest rate swap. For the three and nine months ended September 30, 2019 , $1.8 million and $4.3 million , respectively, of income was recorded to interest expense on the accompanying condensed 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 April 2016, we entered into interest rate swaps on $250.0 million of our underlying fixed-rate debt obligations, whereby we agreed to pay variable rates to the counterparties who, in turn, pay us fixed rates. In October 2016, we entered into interest rate swaps on an additional $250.0 million of our underlying fixed-rate debt obligations, whereby we agreed to pay variable rates to the counterparties who, in turn, pay us fixed rates. We designated the April 2016 and October 2016 interest rate swap agreements as fair value hedges of the risk of changes in the value of fixed-rate debt due to changes in interest rates for a portion of our fixed-rate borrowings. In August 2019, we terminated the April 2016 and October 2016 interest rate swaps. For the three and nine months ended September 30, 2019 , $0.9 million and $2.6 million , respectively, of expense was recorded to interest expense on the accompanying condensed statements of operations related to these swap agreements. Financial Statement Impacts We present our derivative assets and liabilities in our condensed balance sheets on a net basis whenever we have a legally enforceable master netting agreement with the counterparty to our derivative contracts. We use these agreements to manage and substantially reduce our potential counterparty credit risk. The following table summarizes the location and fair value of the derivative instruments on our condensed balance sheets. The table disaggregates our net derivative assets and liabilities into gross components on a contract-by-contract basis before giving effect to master netting arrangements: September 30, 2020 December 31, 2019 September 30, 2019 ($ in millions) Asset derivatives: Other current assets Derivatives designated as hedging instruments: Commodity contracts - gains $ 20.6 $ 1.8 $ — Commodity contracts - losses (2.9 ) (0.5 ) — Derivatives not designated as hedging instruments: Foreign exchange contracts - gains 2.4 1.1 1.0 Foreign exchange contracts - losses (1.0 ) (0.5 ) (0.2 ) Total other current assets 19.1 1.9 0.8 Other assets Derivatives designated as hedging instruments: Commodity contracts - gains 6.7 0.8 0.1 Commodity contracts - losses (0.1 ) (0.1 ) — Total other assets 6.6 0.7 0.1 Total asset derivatives (1) $ 25.7 $ 2.6 $ 0.9 Liability derivatives: Accrued liabilities Derivatives designated as hedging instruments: Commodity contracts - losses $ 0.1 $ 18.0 $ 19.1 Commodity contracts - gains — (0.2 ) (0.8 ) Derivatives not designated as hedging instruments: Foreign exchange contracts - losses 1.4 1.4 1.2 Foreign exchange contracts - gains (0.8 ) (0.2 ) (0.3 ) Total accrued liabilities 0.7 19.0 19.2 Other liabilities Derivatives designated as hedging instruments: Commodity contracts - losses — 1.8 3.0 Commodity contracts - gains — — (0.3 ) Total other liabilities — 1.8 2.7 Total liability derivatives (1) $ 0.7 $ 20.8 $ 21.9 (1) Does not include the impact of cash collateral received from or provided to counterparties. The following table summarizes the effects of derivative instruments on our condensed statements of operations: Amount of Gain (Loss) Three Months Ended September 30, Nine Months Ended September 30, Location of Gain (Loss) 2020 2019 2020 2019 Derivatives – Cash Flow Hedges ($ in millions) Recognized in other comprehensive loss: Commodity contracts ——— $ 26.0 $ (12.4 ) $ 20.8 $ (40.1 ) Interest rate contracts ——— — 0.1 — (1.0 ) $ 26.0 $ (12.3 ) $ 20.8 $ (41.1 ) Reclassified from accumulated other comprehensive loss into income: Interest rate contracts Interest expense $ — $ 1.8 $ — $ 4.3 Commodity contracts Cost of goods sold (0.1 ) (10.8 ) (21.0 ) (21.8 ) $ (0.1 ) $ (9.0 ) $ (21.0 ) $ (17.5 ) Derivatives – Fair Value Hedges Interest rate contracts Interest expense $ — $ (0.9 ) $ — $ (2.6 ) Derivatives Not Designated as Hedging Instruments Foreign exchange contracts Selling and administration $ 9.6 $ (1.4 ) $ 16.7 $ (4.4 ) Credit Risk and Collateral By using derivative instruments, we are exposed to credit and market risk. If a counterparty fails to fulfill its performance obligations under a derivative contract, our credit risk will equal the fair value gain in a derivative. Generally, when the fair value of a derivative contract is positive, this indicates that the counterparty owes us, thus creating a repayment risk for us. When the fair value of a derivative contract is negative, we owe the counterparty and, therefore, assume no repayment risk. We minimize the credit (or repayment) risk in derivative instruments by entering into transactions with high-quality counterparties. We monitor our positions and the credit ratings of our counterparties, and we do not anticipate non-performance by the counterparties. Based on the agreements with our various counterparties, cash collateral is required to be provided when the net fair value of the derivatives, with the counterparty, exceeds a specific threshold. If the threshold is exceeded, cash is either provided by the counterparty to us if the value of the derivatives is our asset, or cash is provided by us to the counterparty if the value of the derivatives is our liability. As of September 30, 2020 , December 31, 2019 and September 30, 2019 , this threshold was not exceeded. In all instances where we are party to a master netting agreement, we offset the receivable or payable recognized upon payment of cash collateral against the fair value amounts recognized for derivative instruments that have also been offset under such master netting agreements.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	9 Months Ended
	Sep. 30, 2020
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	NOTE 19 . FAIR VALUE MEASUREMENTS Fair value is defined as the price at which an asset could be exchanged in a current transaction between knowledgeable, willing parties or the amount that would be paid to transfer a liability to a new obligor, not the amount that would be paid to settle the liability with the creditor. Where available, fair value is based on observable market prices or parameters or derived from such prices or parameters. Where observable prices or inputs are not available, valuation models are applied. These valuation techniques involve some level of management estimation and judgment, the degree of which is dependent on the price transparency for the instruments or market and the instruments’ complexity. Assets and liabilities recorded at fair value in the condensed balance sheets are categorized based upon the level of judgment associated with the inputs used to measure their fair value. Hierarchical levels, defined by ASC 820 “Fair Value Measurements and Disclosures” (ASC 820) are directly related to the amount of subjectivity associated with the inputs to fair valuation of these assets and liabilities, and are as follows: Level 1 — Inputs were unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. Level 2 — Inputs (other than quoted prices included in Level 1) were either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date and for the duration of the instrument’s anticipated life. Level 3 — Inputs reflected management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration was given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model. We are required to separately disclose assets and liabilities measured at fair value on a recurring basis, from those measured at fair value on a nonrecurring basis. Nonfinancial assets measured at fair value on a nonrecurring basis are intangible assets and goodwill, which are reviewed for impairment annually in the fourth quarter and/or when circumstances or other events indicate that impairment may have occurred. Determining which hierarchical level an asset or liability falls within requires significant judgment. We evaluate our hierarchy disclosures each quarter. The following table summarizes the assets and liabilities measured at fair value in the condensed balance sheets: Fair Value Measurements Balance at September 30, 2020 Level 1 Level 2 Level 3 Total Assets ($ in millions) Commodity contracts $ — $ 24.3 $ — $ 24.3 Foreign exchange contracts — 1.4 — 1.4 Total assets $ — $ 25.7 $ — $ 25.7 Liabilities Commodity contracts $ — $ 0.1 $ — $ 0.1 Foreign exchange contracts — 0.6 — 0.6 Total liabilities $ — $ 0.7 $ — $ 0.7 Balance at December 31, 2019 Assets Commodity contracts $ — $ 2.0 $ — $ 2.0 Foreign exchange contracts — 0.6 — 0.6 Total assets $ — $ 2.6 $ — $ 2.6 Liabilities Commodity contracts $ — $ 19.6 $ — $ 19.6 Foreign exchange contracts — 1.2 — 1.2 Total liabilities $ — $ 20.8 $ — $ 20.8 Balance at September 30, 2019 Assets Commodity contracts $ — $ 0.1 $ — $ 0.1 Foreign exchange contracts — 0.8 — 0.8 Total assets $ — $ 0.9 $ — $ 0.9 Liabilities Commodity contracts $ — $ 21.0 $ — $ 21.0 Foreign exchange contracts — 0.9 — 0.9 Total liabilities $ — $ 21.9 $ — $ 21.9 Interest Rate Swaps Interest rate swap financial instruments were valued using the “income approach” valuation technique. This method used valuation techniques to convert future amounts to a single present amount. The measurement was based on the value indicated by current market expectations about those future amounts. We use interest rate swaps as a means of managing interest expense and floating interest rate exposure to optimal levels. Commodity Contracts Commodity contract financial instruments were valued primarily based on prices and other relevant information observable in market transactions involving identical or comparable assets or liabilities including both forward and spot prices for commodities. We use commodity derivative contracts for certain raw materials and energy costs such as copper, zinc, lead, ethane, electricity and natural gas to provide a measure of stability in managing our exposure to price fluctuations. Foreign Currency Contracts Foreign currency contract financial instruments were valued primarily based on relevant information observable in market transactions involving identical or comparable assets or liabilities including both forward and spot prices for currencies. We enter into forward sales and purchase contracts to manage currency risk resulting from purchase and sale commitments denominated in foreign currencies. Financial Instruments The carrying values of cash and cash equivalents, accounts receivable and accounts payable approximated fair values due to the short-term maturities of these instruments. The fair value of our long-term debt was determined based on current market rates for debt of similar risk and maturities. The following table summarizes the fair value measurements of debt and the actual debt recorded on our condensed balance sheets: Fair Value Measurements Amount recorded Level 1 Level 2 Level 3 Total ($ in millions) Balance at September 30, 2020 $ — $ 3,925.7 $ 153.0 $ 4,078.7 $ 3,960.7 Balance at December 31, 2019 — 3,417.5 153.0 3,570.5 3,340.8 Balance at September 30, 2019 — 3,399.6 153.0 3,552.6 3,340.1 Nonrecurring Fair Value Measurements In addition to assets and liabilities that are recorded at fair value on a recurring basis, we record assets and liabilities at fair value on a nonrecurring basis as required by ASC 820. For the three months ended September 30, 2020 , the carrying value of the Chlor Alkali Products and Vinyls and Epoxy reporting units’ goodwill was remeasured to fair value on a nonrecurring basis. The fair value of each reporting unit was calculated utilizing an income approach. The income approach uses a discounted cash flow model that requires various observable and nonobservable inputs, such as prices, volumes, expenses, capital expenditures, discount rates and projected long-term growth rates and terminal values. The resulting fair value Level 3 estimates were less than the reporting units’ carrying value which resulted in pre-tax goodwill impairment charge of $699.8 million . As part of our impairment analysis, the fair value of all reporting units was reconciled to the company’s market capitalization. See Note 7 “Goodwill and Intangibles” for additional information on the goodwill impairment. There were no other assets or liabilities measured at fair value on a nonrecurring basis as of September 30, 2020 , December 31, 2019 and September 30, 2019 .

ALLOWANCE FOR DOUBTFUL ACCOUN_2

ALLOWANCE FOR DOUBTFUL ACCOUNTS RECEIVABLES (Policies)	9 Months Ended
	Sep. 30, 2020
Accounts Receivable, after Allowance for Credit Loss [Abstract]
Allowance for Doubtful Accounts Receivables	We evaluate the collectibility of financial instruments based on our current estimate of credit losses expected to be incurred over the life of the financial instrument. The only significant financial instrument which creates exposure to credit losses are customer accounts receivables. We measure credit losses on uncollected accounts receivable through an allowance for doubtful accounts receivable which is based on a combination of factors including both historical collection experience and reasonable estimates that affect the expected collectibility of the receivable. These factors include historical bad debt experience, industry conditions of the customer or group of customers, geographical region, credit ratings and general market conditions. We group receivables together for purposes of estimating credit losses when customers have similar risk characteristics; otherwise, the estimation is performed on the individual receivable. This estimate is periodically adjusted when we become aware of a specific customer’s inability to meet its financial obligations (e.g., bankruptcy filing) or as a result of changes in the overall aging of accounts receivable. While we have a large number of customers that operate in diverse businesses and are geographically dispersed, a general economic downturn in any of the industry segments in which we operate could result in higher than expected defaults, and, therefore, the need to revise estimates for the provision for doubtful accounts could occur.

GOODWILL AND INTANGIBLES (Polic

GOODWILL AND INTANGIBLES (Policies)	9 Months Ended
	Sep. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	Goodwill is not amortized, but is reviewed for impairment annually in the fourth quarter and/or when circumstances or other events indicate that impairment may have occurred. Circumstances that are considered as part of the qualitative assessment and could trigger a quantitative impairment test include, but are not limited to: a significant adverse change in the business climate; a significant adverse legal judgment; adverse cash flow trends; an adverse action or assessment by a government agency; unanticipated competition; sustained decline in our stock price; and a significant restructuring charge within a reporting unit. During the first quarter of 2020, our market capitalization declined significantly compared to the fourth quarter of 2019. Over the same period, the equity value of our peer group companies and the overall U.S. stock market also declined significantly amid market volatility. These declines were driven by the uncertainty surrounding the outbreak of the 2019 Novel Coronavirus (COVID-19) global pandemic and other macroeconomic events impacting the various industries in which Olin and our peers participate. Additionally, the various governmental, business and consumer responses to the pandemic were expected to have a negative impact on the near-term demand for several of the products produced by our Chlor Alkali Products and Vinyls and Epoxy businesses. The full extent and duration of the impact of COVID-19 on our operations and financial performance was unknown at the time. As a result of these events, we identified triggering events associated with a significant overall decrease in our stock price, a significant adverse change in the business climate and a significant reduction in near-term cash flow projections and performed a quantitative goodwill impairment test during the first quarter of 2020. We used a discounted cash flow approach to develop the estimated fair value of our reporting units. Based on the aforementioned analysis, the estimated fair value of our reporting units exceeded the carrying value of the reporting units and no impairment charges were recorded. Throughout the second and third quarters of 2020, the spread of the COVID-19 pandemic and the associated response has caused significant disruptions in the U.S. and global economies, resulting in the disruption of the supply and demand fundamentals of our Chemicals businesses. The various governmental, business and consumer responses to the pandemic continued to negatively impact the demand for several of the products produced by our Chlor Alkali Products and Vinyls and Epoxy businesses resulting in lower volumes and pricing during 2020 compared to 2019. Due to these factors, the triggering events identified in the first quarter associated with a significant adverse change in the business climate and a significant adverse reduction in near-term cash flow projections have persisted during 2020. Throughout the second and third quarters of 2020, the equity value of our peer group companies and the overall U.S. stock market improved significantly while Olin’s stock price remained low. During the three months ended September 30, 2020, we identified a triggering event associated with a sustained significant overall decrease in our stock price. As a result, we performed an updated quantitative goodwill impairment test during the third quarter of 2020. We used a discounted cash flow approach to develop the estimated fair value of our reporting units. Fair value determinations require considerable judgment and are sensitive to changes in underlying assumptions, estimates and market factors. The discount rate, profitability assumptions and terminal growth rate of our reporting units and the cyclical nature of the chlor alkali industry were the material assumptions utilized in the discounted cash flow model used to estimate the fair value of each reporting unit. The discount rate reflects a weighted-average cost of capital, which is calculated, in part based on observable market data. Some of this data (such as the risk free or treasury rate and the pretax cost of debt) are based on the market data at a point in time. Other data (such as the equity risk premium) are based upon market data over time for a peer group of companies in the chemical manufacturing or distribution industries, with a market capitalization premium added, as applicable. Also factoring into the discount rate was a market participant’s perceived risk (such as the company specific risk premium) in the valuation implied by the sustained reduction in our stock price. The discounted cash flow analysis requires estimates, assumptions and judgments about future events. Our analysis uses our internally generated long-range plan. Specifically, the assumptions in our long-range plan about terminal growth rates, forecasted capital expenditures and changes in future working capital requirements are used to determine the implied fair value of each reporting unit. The long-range plan reflects management judgment, supplemented by independent chemical industry analyses which provide multi-year chlor alkali industry operating and pricing forecasts. As a further indicator that each reporting unit has been valued appropriately using a discounted cash flow model, the aggregate fair value of all reporting units is reconciled to the total market value of Olin. Due to the sustained decline in our stock price, the decrease in the value of our reporting units reflects a market participant’s perceived risk in the valuation implied by the sustained reduction in our stock price. As a result of this assessment, the carrying values of our Chlor Alkali Products and Vinyls and Epoxy reporting units exceeded the fair values which resulted in pre-tax goodwill impairment charges of $557.6 million and $142.2 million , respectively. The goodwill impairment charge was calculated as the amount that the carrying value of the reporting unit, including any goodwill, exceeded its fair value and therefore the carrying value of our reporting units equal their fair value upon completion of the goodwill impairment test. We believe the assumptions used in our goodwill impairment analysis are appropriate and result in reasonable estimates of the implied fair value of each reporting unit. However, given the economic environment and the uncertainties regarding the impact on our business, there can be no assurance that our estimates and assumptions, made for purposes of our goodwill impairment testing, will prove to be an accurate prediction of the future. If our assumptions regarding future performance are not achieved, or if our stock price experiences further sustained declines, we may be required to record additional goodwill impairment charges in future periods. It is not possible at this time to determine if any such future impairment charge would result or, if it does, whether such charge would be material.

RESTRUCTURING CHARGES (Tables)

RESTRUCTURING CHARGES (Tables)	9 Months Ended
	Sep. 30, 2020
Restructuring and Related Activities [Abstract]
Schedule of Restructuring Reserve by Type of Cost	The following table summarizes the 2020 and 2019 activities by major component of these restructuring actions and the remaining balances of accrued restructuring costs as of September 30, 2020 and 2019 : Employee severance and related benefit costs Lease and other contract termination costs Facility exit costs Total ($ in millions) Balance at January 1, 2019 $ 1.5 $ 6.0 $ 0.7 $ 8.2 Restructuring charges: First quarter 1.4 0.1 2.5 4.0 Second quarter 0.4 0.2 3.2 3.8 Third quarter 0.3 0.1 4.5 4.9 Amounts utilized (3.4 ) (1.5 ) (10.8 ) (15.7 ) Balance at September 30, 2019 $ 0.2 $ 4.9 $ 0.1 $ 5.2 Balance at January 1, 2020 $ — $ 3.1 $ — $ 3.1 Restructuring charges: First quarter 0.1 0.1 1.5 1.7 Second quarter — — 1.7 1.7 Third quarter — 0.3 1.0 1.3 Amounts utilized (0.1 ) (1.0 ) (4.2 ) (5.3 ) Balance at September 30, 2020 $ — $ 2.5 $ — $ 2.5
Cumulative Restructuring Charges by Type and Plan	The following table summarizes the cumulative restructuring charges of these restructuring actions by major component through September 30, 2020 : Chlor Alkali Products and Vinyls Winchester Total Freeport Capacity Reductions ($ in millions) Write-off of equipment and facility $ 58.9 $ 78.1 $ 2.6 $ 139.6 Employee severance and related benefit costs — 6.7 2.7 9.4 Facility exit costs 0.8 51.6 0.2 52.6 Employee relocation costs — 1.7 — 1.7 Lease and other contract termination costs — 41.3 0.4 41.7 Total cumulative restructuring charges $ 59.7 $ 179.4 $ 5.9 $ 245.0

ACCOUNTS RECEIVABLES (Tables)

ACCOUNTS RECEIVABLES (Tables)	9 Months Ended
	Sep. 30, 2020
Receivables [Abstract]
AR Facilities	The following table summarizes the AR Facilities activity: September 30, 2020 2019 ($ in millions) Balance at beginning of year $ 63.1 $ 132.4 Gross receivables sold 614.9 778.9 Payments received from customers on sold accounts (584.9 ) (803.9 ) Balance at end of period $ 93.1 $ 107.4

ALLOWANCE FOR DOUBTFUL ACCOUN_3

ALLOWANCE FOR DOUBTFUL ACCOUNTS RECEIVABLES (Tables)	9 Months Ended
	Sep. 30, 2020
Accounts Receivable, after Allowance for Credit Loss [Abstract]
Allowance for Doubtful Accounts Receivable	Allowance for doubtful accounts receivables consisted of the following: September 30, 2020 2019 ($ in millions) Balance at beginning of year $ 11.9 $ 12.9 Provisions charged 0.7 1.1 Write-offs, net of recoveries (0.5 ) (2.1 ) Balance at end of period $ 12.1 $ 11.9

INVENTORIES (Tables)

INVENTORIES (Tables)	9 Months Ended
	Sep. 30, 2020
Inventory Disclosure [Abstract]
Inventories Table	Inventories consisted of the following: September 30, 2020 December 31, September 30, 2019 ($ in millions) Supplies $ 107.6 $ 105.6 $ 99.4 Raw materials 86.4 69.2 60.9 Work in process 96.3 120.9 123.1 Finished goods 363.8 449.5 474.9 654.1 745.2 758.3 LIFO reserve (45.7 ) (49.5 ) (57.6 ) Inventories, net $ 608.4 $ 695.7 $ 700.7

OTHER ASSETS (Tables)

OTHER ASSETS (Tables)	9 Months Ended
	Sep. 30, 2020
Other Assets [Abstract]
Schedule of Other Assets	Included in other assets were the following: September 30, 2020 December 31, 2019 September 30, 2019 ($ in millions) Supply contracts $ 1,129.7 $ 1,112.6 $ 1,122.0 Other 47.3 56.5 48.1 Other assets $ 1,177.0 $ 1,169.1 $ 1,170.1

GOODWILL AND INTANGIBLES (Table

GOODWILL AND INTANGIBLES (Tables)	9 Months Ended
	Sep. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	Changes in the carrying value of goodwill were as follows: Chlor Alkali Products and Vinyls Epoxy Total ($ in millions) Balance at January 1, 2019 $ 1,832.6 $ 287.0 $ 2,119.6 Foreign currency translation adjustment (0.4 ) (0.1 ) (0.5 ) Balance at September 30, 2019 $ 1,832.2 $ 286.9 $ 2,119.1 Balance at January 1, 2020 $ 1,832.7 $ 287.0 $ 2,119.7 Goodwill impairment (557.6 ) (142.2 ) (699.8 ) Foreign currency translation adjustment 0.2 — 0.2 Balance at September 30, 2020 $ 1,275.3 $ 144.8 $ 1,420.1
Schedule of Finite-Lived Intangible Assets	Intangible assets consisted of the following: September 30, 2020 December 31, 2019 September 30, 2019 Gross Amount Accumulated Amortization Net Gross Amount Accumulated Amortization Net Gross Amount Accumulated Amortization Net ($ in millions) Customers, customer contracts and relationships $ 676.5 $ (299.2 ) $ 377.3 $ 673.5 $ (260.9 ) $ 412.6 $ 671.1 $ (248.0 ) $ 423.1 Trade name 7.1 (7.1 ) — 7.0 (6.0 ) 1.0 7.0 (5.6 ) 1.4 Acquired technology 87.7 (61.3 ) 26.4 85.1 (51.8 ) 33.3 84.7 (48.5 ) 36.2 Other 1.8 (0.6 ) 1.2 1.8 (0.6 ) 1.2 1.8 (0.6 ) 1.2 Total intangible assets $ 773.1 $ (368.2 ) $ 404.9 $ 767.4 $ (319.3 ) $ 448.1 $ 764.6 $ (302.7 ) $ 461.9

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	9 Months Ended
	Sep. 30, 2020
Earnings Per Share [Abstract]
Basic and Diluted Earnings Per Share Table	Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Computation of Net (Loss) Income per Share (In millions, except per share data) Net (loss) income $ (736.8 ) $ 44.2 $ (936.9 ) $ 65.9 Basic shares 157.9 161.9 157.8 163.7 Basic net (loss) income per share $ (4.67 ) $ 0.27 $ (5.94 ) $ 0.40 Diluted shares: Basic shares 157.9 161.9 157.8 163.7 Stock-based compensation — 0.9 — 0.8 Diluted shares 157.9 162.8 157.8 164.5 Diluted net (loss) income per share $ (4.67 ) $ 0.27 $ (5.94 ) $ 0.40

ENVIRONMENTAL (Tables)

ENVIRONMENTAL (Tables)	9 Months Ended
	Sep. 30, 2020
Environmental Remediation Obligations [Abstract]
Environmental Provisions Charged (Credited) to Income [Table Text Block]	Environmental provisions charged (credited) to income, which are included in costs of goods sold, were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 ($ in millions) Provisions charged (credited) to income $ 12.5 $ (0.8 ) $ 17.9 $ 23.0 Recoveries for costs incurred and expensed — — — (4.8 ) Environmental expense (income) $ 12.5 $ (0.8 ) $ 17.9 $ 18.2

SHAREHOLDERS' EQUITY (Tables)

SHAREHOLDERS' EQUITY (Tables)	9 Months Ended
	Sep. 30, 2020
Stockholders' Equity Note [Abstract]
Activity included in accumulated other comprehensive loss table	The following table represents the activity included in accumulated other comprehensive loss: Foreign Currency Translation Adjustment (net of taxes) Unrealized (Losses) Gains on Derivative Contracts (net of taxes) Pension and Other Postretirement Benefits (net of taxes) Accumulated Other Comprehensive Loss ($ in millions) Balance at January 1, 2019 $ 0.7 $ 1.8 $ (653.5 ) $ (651.0 ) Unrealized (losses) gains: First quarter (8.3 ) (6.6 ) — (14.9 ) Second quarter 3.3 (22.2 ) — (18.9 ) Third quarter (15.7 ) (12.3 ) — (28.0 ) Reclassification adjustments of losses into income: First quarter — 2.2 7.4 9.6 Second quarter — 6.3 7.1 13.4 Third quarter — 9.0 7.3 16.3 Tax benefit (provision): First quarter — 1.1 (1.7 ) (0.6 ) Second quarter — 3.8 (1.8 ) 2.0 Third quarter — 0.8 (1.4 ) (0.6 ) Net change (20.7 ) (17.9 ) 16.9 (21.7 ) Balance at September 30, 2019 $ (20.0 ) $ (16.1 ) $ (636.6 ) $ (672.7 ) Balance at January 1, 2020 $ (8.4 ) $ (13.6 ) $ (781.4 ) $ (803.4 ) Unrealized (losses) gains: First quarter (9.0 ) (35.1 ) — (44.1 ) Second quarter 8.2 29.9 — 38.1 Third quarter 17.0 26.0 — 43.0 Reclassification adjustments of losses into income: First quarter — 11.6 11.9 23.5 Second quarter — 9.3 11.6 20.9 Third quarter — 0.1 11.5 11.6 Tax benefit (provision): First quarter — 5.6 (2.7 ) 2.9 Second quarter — (9.2 ) (2.6 ) (11.8 ) Third quarter — (6.3 ) (2.6 ) (8.9 ) Net change 16.2 31.9 27.1 75.2 Balance at September 30, 2020 $ 7.8 $ 18.3 $ (754.3 ) $ (728.2 )

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	9 Months Ended
	Sep. 30, 2020
Segment Reporting [Abstract]
Segment Information	Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Sales: ($ in millions) Chlor Alkali Products and Vinyls $ 755.1 $ 876.3 $ 2,166.2 $ 2,657.7 Epoxy 476.1 511.6 1,350.7 1,554.4 Winchester 206.4 188.7 587.0 510.8 Total sales $ 1,437.6 $ 1,576.6 $ 4,103.9 $ 4,722.9 Income (loss) before taxes: Chlor Alkali Products and Vinyls $ 37.8 $ 112.7 $ (53.5 ) $ 303.8 Epoxy 14.9 24.2 13.6 38.6 Winchester 21.0 13.9 47.5 33.1 Corporate/other: Environmental (expense) income (12.5 ) 0.8 (17.9 ) (18.2 ) Other corporate and unallocated costs (43.7 ) (43.4 ) (112.2 ) (117.8 ) Restructuring charges (1.3 ) (4.9 ) (4.7 ) (12.7 ) Goodwill impairment (699.8 ) — (699.8 ) — Other operating (expense) income (0.2 ) 0.1 (0.1 ) 0.3 Interest expense (74.6 ) (63.9 ) (207.1 ) (179.2 ) Interest income 0.1 0.2 0.4 0.7 Non-operating pension income 4.9 4.1 14.4 12.2 Other income — — — 11.2 Income (loss) before taxes $ (753.4 ) $ 43.8 $ (1,019.4 ) $ 72.0
Disaggregation of Revenue	Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Sales by geography: ($ in millions) Chlor Alkali Products and Vinyls United States $ 596.8 $ 613.7 $ 1,581.0 $ 1,818.7 Europe 22.5 27.2 79.5 104.9 Other foreign 135.8 235.4 505.7 734.1 Total Chlor Alkali Products and Vinyls 755.1 876.3 2,166.2 2,657.7 Epoxy United States 161.9 177.7 443.2 517.2 Europe 166.9 199.6 501.7 657.6 Other foreign 147.3 134.3 405.8 379.6 Total Epoxy 476.1 511.6 1,350.7 1,554.4 Winchester United States 182.1 174.5 534.8 462.6 Europe 1.8 2.8 6.6 7.9 Other foreign 22.5 11.4 45.6 40.3 Total Winchester 206.4 188.7 587.0 510.8 Total United States 940.8 965.9 2,559.0 2,798.5 Europe 191.2 229.6 587.8 770.4 Other foreign 305.6 381.1 957.1 1,154.0 Total sales $ 1,437.6 $ 1,576.6 $ 4,103.9 $ 4,722.9 Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Sales by product line: ($ in millions) Chlor Alkali Products and Vinyls Caustic soda $ 373.0 $ 421.7 $ 1,053.4 $ 1,344.8 Chlorine, chlorine-derivatives and other co-products 382.1 454.6 1,112.8 1,312.9 Total Chlor Alkali Products and Vinyls 755.1 876.3 2,166.2 2,657.7 Epoxy Aromatics and allylics 198.3 237.9 582.7 716.5 Epoxy resins 277.8 273.7 768.0 837.9 Total Epoxy 476.1 511.6 1,350.7 1,554.4 Winchester Commercial 152.4 131.0 415.1 341.0 Military and law enforcement 54.0 57.7 171.9 169.8 Total Winchester 206.4 188.7 587.0 510.8 Total sales $ 1,437.6 $ 1,576.6 $ 4,103.9 $ 4,722.9

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	9 Months Ended
	Sep. 30, 2020
Share-based Payment Arrangement [Abstract]
Stock-based compensation expense	Stock-based compensation expense was as follows: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 ($ in millions) Stock-based compensation $ 3.4 $ 4.2 $ 9.7 $ 8.5 Mark-to-market adjustments 0.6 (1.4 ) (2.5 ) (1.0 ) Total expense $ 4.0 $ 2.8 $ 7.2 $ 7.5
Schedule of fair value of stock options granted	The fair value of each stock option granted, which typically vests ratably over three years, but not less than one year, was estimated on the date of grant, using the Black-Scholes option-pricing model with the following weighted-average assumptions: Grant date 2020 2019 Dividend yield 4.60 % 3.05 % Risk-free interest rate 1.44 % 2.51 % Expected volatility 36 % 34 % Expected life (years) 6.0 6.0 Weighted-average grant fair value (per option) $ 3.64 $ 6.76 Weighted-average exercise price $ 17.33 $ 26.26 Shares granted 2,665,700 1,575,900

PENSION PLANS AND RETIREMENT _2

PENSION PLANS AND RETIREMENT BENEFITS (Tables)	9 Months Ended
	Sep. 30, 2020
Retirement Benefits [Abstract]
Components of Net Periodic Benefit (Income) Cost	Pension Benefits Other Postretirement Benefits Three Months Ended September 30, Three Months Ended September 30, 2020 2019 2020 2019 Components of Net Periodic Benefit (Income) Cost ($ in millions) Service cost $ 2.8 $ 2.7 $ 0.2 $ 0.2 Interest cost 18.8 23.7 0.3 0.4 Expected return on plans’ assets (35.5 ) (35.5 ) — — Recognized actuarial loss 11.2 6.8 0.3 0.5 Net periodic benefit (income) cost $ (2.7 ) $ (2.3 ) $ 0.8 $ 1.1 Pension Benefits Other Postretirement Benefits Nine Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Components of Net Periodic Benefit (Income) Cost ($ in millions) Service cost $ 8.5 $ 8.5 $ 0.9 $ 0.8 Interest cost 56.3 71.0 1.0 1.3 Expected return on plans’ assets (106.7 ) (106.3 ) — — Recognized actuarial loss 33.5 20.2 1.5 1.6 Net periodic benefit (income) cost $ (8.4 ) $ (6.6 ) $ 3.4 $ 3.7

INCOME TAXES (Tables)

INCOME TAXES (Tables)	9 Months Ended
	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Unrecognized Tax Benefits	e amount of unrecognized tax benefits was as follows: September 30, 2020 2019 ($ in millions) Balance at beginning of year $ 22.8 $ 33.8 Increases for prior year tax positions 2.1 1.6 Decreases for prior year tax positions (3.5 ) (14.3 ) Increases for current year tax positions 1.3 1.4 Settlements with taxing authorities — (0.2 ) Balance at end of period $ 22.7 $ 22.3
Tax Returns Subject to Examination	For our primary tax jurisdictions, the tax years that remain subject to examination are as follows: Tax Years U.S. federal income tax 2016 - 2019 U.S. state income tax 2006 - 2019 Canadian federal income tax 2012 - 2019 Brazil 2014 - 2019 Germany 2015 - 2019 China 2014 - 2019 The Netherlands 2014 - 2019

DERIVATIVE FINANCIAL INSTRUME_2

DERIVATIVE FINANCIAL INSTRUMENTS (Tables)	9 Months Ended
	Sep. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of derivative instruments	We had the following notional amounts of outstanding commodity contracts that were entered into to hedge forecasted purchases: September 30, 2020 December 31, 2019 September 30, 2019 ($ in millions) Natural gas $ 46.8 $ 62.9 $ 56.6 Ethane 38.2 51.5 48.3 Metals 118.5 60.2 62.7 Total notional $ 203.5 $ 174.6 $ 167.6
Summary of location and fair value of derivative instruments on condensed balance sheets	The following table summarizes the location and fair value of the derivative instruments on our condensed balance sheets. 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: September 30, 2020 December 31, 2019 September 30, 2019 ($ in millions) Asset derivatives: Other current assets Derivatives designated as hedging instruments: Commodity contracts - gains $ 20.6 $ 1.8 $ — Commodity contracts - losses (2.9 ) (0.5 ) — Derivatives not designated as hedging instruments: Foreign exchange contracts - gains 2.4 1.1 1.0 Foreign exchange contracts - losses (1.0 ) (0.5 ) (0.2 ) Total other current assets 19.1 1.9 0.8 Other assets Derivatives designated as hedging instruments: Commodity contracts - gains 6.7 0.8 0.1 Commodity contracts - losses (0.1 ) (0.1 ) — Total other assets 6.6 0.7 0.1 Total asset derivatives (1) $ 25.7 $ 2.6 $ 0.9 Liability derivatives: Accrued liabilities Derivatives designated as hedging instruments: Commodity contracts - losses $ 0.1 $ 18.0 $ 19.1 Commodity contracts - gains — (0.2 ) (0.8 ) Derivatives not designated as hedging instruments: Foreign exchange contracts - losses 1.4 1.4 1.2 Foreign exchange contracts - gains (0.8 ) (0.2 ) (0.3 ) Total accrued liabilities 0.7 19.0 19.2 Other liabilities Derivatives designated as hedging instruments: Commodity contracts - losses — 1.8 3.0 Commodity contracts - gains — — (0.3 ) Total other liabilities — 1.8 2.7 Total liability derivatives (1) $ 0.7 $ 20.8 $ 21.9 (1) Does not include the impact of cash collateral received from or provided to counterparties.
Summary of effects of derivative instruments on condensed statements of income	The following table summarizes the effects of derivative instruments on our condensed statements of operations: Amount of Gain (Loss) Three Months Ended September 30, Nine Months Ended September 30, Location of Gain (Loss) 2020 2019 2020 2019 Derivatives – Cash Flow Hedges ($ in millions) Recognized in other comprehensive loss: Commodity contracts ——— $ 26.0 $ (12.4 ) $ 20.8 $ (40.1 ) Interest rate contracts ——— — 0.1 — (1.0 ) $ 26.0 $ (12.3 ) $ 20.8 $ (41.1 ) Reclassified from accumulated other comprehensive loss into income: Interest rate contracts Interest expense $ — $ 1.8 $ — $ 4.3 Commodity contracts Cost of goods sold (0.1 ) (10.8 ) (21.0 ) (21.8 ) $ (0.1 ) $ (9.0 ) $ (21.0 ) $ (17.5 ) Derivatives – Fair Value Hedges Interest rate contracts Interest expense $ — $ (0.9 ) $ — $ (2.6 ) Derivatives Not Designated as Hedging Instruments Foreign exchange contracts Selling and administration $ 9.6 $ (1.4 ) $ 16.7 $ (4.4 )

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	9 Months Ended
	Sep. 30, 2020
Fair Value Disclosures [Abstract]
Table of financial instruments measured at fair value	The following table summarizes the assets and liabilities measured at fair value in the condensed balance sheets: Fair Value Measurements Balance at September 30, 2020 Level 1 Level 2 Level 3 Total Assets ($ in millions) Commodity contracts $ — $ 24.3 $ — $ 24.3 Foreign exchange contracts — 1.4 — 1.4 Total assets $ — $ 25.7 $ — $ 25.7 Liabilities Commodity contracts $ — $ 0.1 $ — $ 0.1 Foreign exchange contracts — 0.6 — 0.6 Total liabilities $ — $ 0.7 $ — $ 0.7 Balance at December 31, 2019 Assets Commodity contracts $ — $ 2.0 $ — $ 2.0 Foreign exchange contracts — 0.6 — 0.6 Total assets $ — $ 2.6 $ — $ 2.6 Liabilities Commodity contracts $ — $ 19.6 $ — $ 19.6 Foreign exchange contracts — 1.2 — 1.2 Total liabilities $ — $ 20.8 $ — $ 20.8 Balance at September 30, 2019 Assets Commodity contracts $ — $ 0.1 $ — $ 0.1 Foreign exchange contracts — 0.8 — 0.8 Total assets $ — $ 0.9 $ — $ 0.9 Liabilities Commodity contracts $ — $ 21.0 $ — $ 21.0 Foreign exchange contracts — 0.9 — 0.9 Total liabilities $ — $ 21.9 $ — $ 21.9
Fair value of debt table	The following table summarizes the fair value measurements of debt and the actual debt recorded on our condensed balance sheets: Fair Value Measurements Amount recorded Level 1 Level 2 Level 3 Total ($ in millions) Balance at September 30, 2020 $ — $ 3,925.7 $ 153.0 $ 4,078.7 $ 3,960.7 Balance at December 31, 2019 — 3,417.5 153.0 3,570.5 3,340.8 Balance at September 30, 2019 — 3,399.6 153.0 3,552.6 3,340.1

RESTRUCTURING CHARGES (Details

RESTRUCTURING CHARGES (Details 1) $ in Millions	3 Months Ended						9 Months Ended		10 Months Ended	54 Months Ended
	Sep. 30, 2020USD ($)	Jun. 30, 2020USD ($)	Mar. 31, 2020USD ($)	Sep. 30, 2019USD ($)	Jun. 30, 2019USD ($)	Mar. 31, 2019USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 11, 2019T	Dec. 31, 2018USD ($)	Mar. 21, 2016T
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 1.3	$ 1.7	$ 1.7	$ 4.9	$ 3.8	$ 4	$ 4.7	$ 12.7		$ 245
Inception to date Amounts Utilized (cash)										102.9
Inception to date Amounts Utilized (non-cash)										139.6
Accrued restructuring costs	2.5			5.2			2.5	5.2	$ 2.5	2.5	$ 3.1		$ 8.2
Freeport | Chlor Alkali Products and Vinyls
Restructuring Cost and Reserve [Line Items]
Freeport Chlor Alkali Capacity Reduction | T												230,000
Restructuring charges	0.3						0.8		59.7
Additional restructuring and related expected cost	50						50		50	50
Geelong | Winchester
Restructuring Cost and Reserve [Line Items]
Restructuring charges				0.1				0.4
Other Winchester | Winchester
Restructuring Cost and Reserve [Line Items]
Restructuring charges								1.4
Capacity Reductions | Chlor Alkali Products and Vinyls
Restructuring Cost and Reserve [Line Items]
Restructuring charges	1			$ 4.8			3.9	$ 10.9		179.4
Additional restructuring and related expected cost	$ 4						$ 4		$ 4	$ 4
Total Product Segment Production Capacity Decrease | T														433,000
Henderson Product Segment Production Capacity Decrease | T														153,000
Niagara Product Segment Production Capacity | T														300,000
Reduced Niagara Segment Production Capacity | T														240,000
Freeport Product Segment Production Capacity Decrease | T														220,000

RESTRUCTURING CHARGES (Detail_2

RESTRUCTURING CHARGES (Details 2) - USD ($) $ in Millions	3 Months Ended						9 Months Ended		54 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Dec. 31, 2019	Dec. 31, 2018
Restructuring Cost and Reserve [Line Items]
Accrued restructuring costs	$ 2.5			$ 5.2			$ 2.5	$ 5.2	$ 2.5	$ 3.1	$ 8.2
Restructuring charges	1.3	$ 1.7	$ 1.7	4.9	$ 3.8	$ 4	4.7	12.7	245
Amounts utilized							(5.3)	(15.7)
Employee severance and related benefit costs
Restructuring Cost and Reserve [Line Items]
Accrued restructuring costs	0			0.2			0	0.2	0	0	1.5
Restructuring charges	0	0	0.1	0.3	0.4	1.4			9.4
Amounts utilized							(0.1)	(3.4)
Lease and other contract termination costs
Restructuring Cost and Reserve [Line Items]
Accrued restructuring costs	2.5			4.9			2.5	4.9	2.5	3.1	6
Restructuring charges	0.3	0	0.1	0.1	0.2	0.1			41.7
Amounts utilized							(1)	(1.5)
Employee relocation costs
Restructuring Cost and Reserve [Line Items]
Restructuring charges									1.7
Facility exit costs
Restructuring Cost and Reserve [Line Items]
Accrued restructuring costs	0			0.1			0	0.1	0	$ 0	$ 0.7
Restructuring charges	$ 1	$ 1.7	$ 1.5	$ 4.5	$ 3.2	$ 2.5			52.6
Amounts utilized							$ (4.2)	$ (10.8)
Write-off of equipment and facility
Restructuring Cost and Reserve [Line Items]
Restructuring charges									$ 139.6

RESTRUCTURING CHARGES (Detail_3

RESTRUCTURING CHARGES (Details 3) - USD ($) $ in Millions	3 Months Ended						9 Months Ended		10 Months Ended	22 Months Ended	54 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2020	Sep. 30, 2020
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 1.3	$ 1.7	$ 1.7	$ 4.9	$ 3.8	$ 4	$ 4.7	$ 12.7			$ 245
Write-off of equipment and facility
Restructuring Cost and Reserve [Line Items]
Restructuring charges											139.6
Employee severance and related benefit costs
Restructuring Cost and Reserve [Line Items]
Restructuring charges	0	0	0.1	0.3	0.4	1.4					9.4
Facility exit costs
Restructuring Cost and Reserve [Line Items]
Restructuring charges	1	1.7	1.5	4.5	3.2	2.5					52.6
Employee relocation costs
Restructuring Cost and Reserve [Line Items]
Restructuring charges											1.7
Lease and other contract termination costs
Restructuring Cost and Reserve [Line Items]
Restructuring charges	0.3	$ 0	$ 0.1	0.1	$ 0.2	$ 0.1					41.7
Freeport | Chlor Alkali Products and Vinyls
Restructuring Cost and Reserve [Line Items]
Restructuring charges	0.3						0.8		$ 59.7
Freeport | Chlor Alkali Products and Vinyls | Write-off of equipment and facility
Restructuring Cost and Reserve [Line Items]
Restructuring charges									58.9
Freeport | Chlor Alkali Products and Vinyls | Employee severance and related benefit costs
Restructuring Cost and Reserve [Line Items]
Restructuring charges									0
Freeport | Chlor Alkali Products and Vinyls | Facility exit costs
Restructuring Cost and Reserve [Line Items]
Restructuring charges									0.8
Freeport | Chlor Alkali Products and Vinyls | Employee relocation costs
Restructuring Cost and Reserve [Line Items]
Restructuring charges									0
Freeport | Chlor Alkali Products and Vinyls | Lease and other contract termination costs
Restructuring Cost and Reserve [Line Items]
Restructuring charges									$ 0
Capacity Reductions | Chlor Alkali Products and Vinyls
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 1			$ 4.8			$ 3.9	$ 10.9			179.4
Capacity Reductions | Chlor Alkali Products and Vinyls | Write-off of equipment and facility
Restructuring Cost and Reserve [Line Items]
Restructuring charges											78.1
Capacity Reductions | Chlor Alkali Products and Vinyls | Employee severance and related benefit costs
Restructuring Cost and Reserve [Line Items]
Restructuring charges											6.7
Capacity Reductions | Chlor Alkali Products and Vinyls | Facility exit costs
Restructuring Cost and Reserve [Line Items]
Restructuring charges											51.6
Capacity Reductions | Chlor Alkali Products and Vinyls | Employee relocation costs
Restructuring Cost and Reserve [Line Items]
Restructuring charges											1.7
Capacity Reductions | Chlor Alkali Products and Vinyls | Lease and other contract termination costs
Restructuring Cost and Reserve [Line Items]
Restructuring charges											$ 41.3
Total Winchester | Winchester
Restructuring Cost and Reserve [Line Items]
Restructuring charges										$ 5.9
Total Winchester | Winchester | Write-off of equipment and facility
Restructuring Cost and Reserve [Line Items]
Restructuring charges										2.6
Total Winchester | Winchester | Employee severance and related benefit costs
Restructuring Cost and Reserve [Line Items]
Restructuring charges										2.7
Total Winchester | Winchester | Facility exit costs
Restructuring Cost and Reserve [Line Items]
Restructuring charges										0.2
Total Winchester | Winchester | Employee relocation costs
Restructuring Cost and Reserve [Line Items]
Restructuring charges										0
Total Winchester | Winchester | Lease and other contract termination costs
Restructuring Cost and Reserve [Line Items]
Restructuring charges										$ 0.4

ACCOUNTS RECEIVABLES (Details)

ACCOUNTS RECEIVABLES (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	May 08, 2020	Apr. 23, 2020	Mar. 27, 2020	Dec. 31, 2019	Jul. 16, 2019	Dec. 31, 2018	Dec. 31, 2016
Accounts, Notes, Loans and Financing Receivable [Line Items]
Receivables Financing Agreement Collateral	$ 325.1		$ 325.1
Receivables Financing Agreement Outstanding Balance	125	$ 0	125	$ 0				$ 0
Receivables Financing Agreement Available Borrowing Capacity	115.8		115.8
AR Facilities, Maximum Outstanding Sales	315		315
AR Facilities, Amount Outstanding to be Serviced	93.1	107.4	93.1	107.4				63.1		$ 132.4
AR Facilities, Gross receivables sold			614.9	778.9
AR Facilities, Payments received from customers on sold accounts			(584.9)	(803.9)
AR Facilities, Interest Expense	0.2	0.8	1.2	2.3
AR Facilities, Recourse Liability	$ 0	$ 0	$ 0	$ 0				$ 0
AR Securitization
Accounts, Notes, Loans and Financing Receivable [Line Items]
Receivables Financing Agreement Maximum Borrowing Capacity						$ 250			$ 10		$ 250
Receivables Financing Agreement Minimum Borrowing Percentage							50.00%
$1,300.0 million Senior Secured Credit Facility
Accounts, Notes, Loans and Financing Receivable [Line Items]
2020 Senior Secured Credit Facility					$ 1,300

ALLOWANCE FOR DOUBTFUL ACCOUN_4

ALLOWANCE FOR DOUBTFUL ACCOUNTS RECEIVABLES (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Accounts Receivable, after Allowance for Credit Loss [Abstract]
Balance at beginning of year			$ 11.9	$ 12.9
Provisions charged	$ 0	$ 0.2	0.7	1.1
Write-offs, net of recoveries			(0.5)	2.1
Balance at end of period	$ 12.1	$ 11.9	$ 12.1	$ 11.9

INVENTORIES (Details)

INVENTORIES (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019	Sep. 30, 2019
Inventory Disclosure [Abstract]
Supplies	$ 107.6	$ 105.6	$ 99.4
Raw materials	86.4	69.2	60.9
Work in process	96.3	120.9	123.1
Finished goods	363.8	449.5	474.9
Inventories excluding LIFO reserve	654.1	745.2	758.3
LIFO reserve	(45.7)	(49.5)	(57.6)
Inventories, net	$ 608.4	$ 695.7	$ 700.7

OTHER ASSETS (Details)

OTHER ASSETS (Details) - USD ($) $ in Millions	Jan. 01, 2019	Sep. 30, 2020	Jun. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Jun. 30, 2020	Dec. 31, 2019	Mar. 31, 2019
Other Assets [Abstract]
Supply contracts		$ 1,129.7		$ 1,122	$ 1,129.7	$ 1,122		$ 1,112.6
Other		47.3		48.1	47.3	48.1		56.5
Other assets		1,177		1,170.1	1,177	1,170.1		$ 1,169.1
Schedule of Equity Method Investments [Line Items]
Bay Gas realized gain on sale					0	11.2
2020 Supply Contract Payment			$ 461
2020 Supply Contract Payment Total Accretion							$ 40.9
2020 Supply Contract Payment Accretion Expense				4.4	4	12.6
Amortization of Supply Contracts		$ 9.4		$ 9.4	28.2	28.2
Long-term Other Supply Contract Payments					$ 75.8	0
Bay Gas
Schedule of Equity Method Investments [Line Items]
Bay Gas Olin ownership percentage									9.10%
Bay Gas sale proceeds	$ 20
Bay Gas realized gain on sale						$ 11.2

GOODWILL AND INTANGIBLES (Detai

GOODWILL AND INTANGIBLES (Details 1) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Dec. 31, 2018
Goodwill [Line Items]
Goodwill	$ 1,420.1	$ 2,119.1	$ 1,420.1	$ 2,119.1	$ 2,119.7	$ 2,119.6
Goodwill impairment	(699.8)	0	(699.8)	0
Foreign currency translation adjustment			0.2	(0.5)
Chlor Alkali Products and Vinyls
Goodwill [Line Items]
Goodwill	1,275.3	1,832.2	1,275.3	1,832.2	1,832.7	1,832.6
Goodwill impairment			(557.6)
Foreign currency translation adjustment			0.2	(0.4)
Epoxy
Goodwill [Line Items]
Goodwill	$ 144.8	$ 286.9	144.8	286.9	$ 287	$ 287
Goodwill impairment			(142.2)
Foreign currency translation adjustment			$ 0	$ (0.1)

GOODWILL AND INTANGIBLES (Det_2

GOODWILL AND INTANGIBLES (Details 2) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019	Sep. 30, 2019
Schedule Of Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Finite-Lived Intangible Assets, Gross	$ 773.1	$ 767.4	$ 764.6
Finite-Lived Intangible Assets, Accumulated Amortization	(368.2)	(319.3)	(302.7)
Finite-Lived Intangible Assets, Net	404.9	448.1	461.9
Customers, customer contracts and relationships
Schedule Of Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Finite-Lived Intangible Assets, Gross	676.5	673.5	671.1
Finite-Lived Intangible Assets, Accumulated Amortization	(299.2)	(260.9)	(248)
Finite-Lived Intangible Assets, Net	377.3	412.6	423.1
Trade name
Schedule Of Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Finite-Lived Intangible Assets, Gross	7.1	7	7
Finite-Lived Intangible Assets, Accumulated Amortization	(7.1)	(6)	(5.6)
Finite-Lived Intangible Assets, Net	0	1	1.4
Acquired technology
Schedule Of Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Finite-Lived Intangible Assets, Gross	87.7	85.1	84.7
Finite-Lived Intangible Assets, Accumulated Amortization	(61.3)	(51.8)	(48.5)
Finite-Lived Intangible Assets, Net	26.4	33.3	36.2
Other
Schedule Of Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Finite-Lived Intangible Assets, Gross	1.8	1.8	1.8
Finite-Lived Intangible Assets, Accumulated Amortization	(0.6)	(0.6)	(0.6)
Finite-Lived Intangible Assets, Net	$ 1.2	$ 1.2	$ 1.2

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended						9 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2020	Sep. 30, 2019
Earnings Per Share [Abstract]
Net (loss) income	$ (736.8)	$ (120.1)	$ (80)	$ 44.2	$ (20)	$ 41.7	$ (936.9)	$ 65.9
Basic shares	157.9			161.9			157.8	163.7
Basic net (loss) income per share	$ (4.67)			$ 0.27			$ (5.94)	$ 0.40
Earnings Per Share, Diluted [Abstract]
Basic shares	157.9			161.9			157.8	163.7
Stock-based compensation	0			0.9			0	0.8
Diluted shares	157.9			162.8			157.8	164.5
Diluted net (loss) income per share	$ (4.67)			$ 0.27			$ (5.94)	$ 0.40
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	10.3			7.4			10.3	7.2

ENVIRONMENTAL (Details)

ENVIRONMENTAL (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Environmental Remediation Obligations [Abstract]
Provisions charged (credited) to income	$ 12.5	$ (0.8)	$ 17.9	$ 23
Recoveries for costs incurred and expensed	0	0	0	(4.8)
Environmental expense (income)	12.5	(0.8)	17.9	18.2
Reserves for future environmental expenditures - total	146.7	140.1	146.7	140.1	$ 139
Reserves for future environmental expenditures - noncurrent	$ 129.7	$ 123.1	$ 129.7	$ 123.1	$ 122

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019	Sep. 30, 2019
Commitments and Contingencies Disclosure [Abstract]
Legal action accrued liabilities	$ 13	$ 12.4	$ 13.2

SHAREHOLDERS' EQUITY (Details)

SHAREHOLDERS' EQUITY (Details) - USD ($) shares in Millions, $ in Millions	Aug. 05, 2019	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Oct. 07, 2019	Apr. 26, 2018
Equity, Class of Treasury Stock [Line Items]
Cost of common stock repurchased and retired (in dollars)								$ 0	$ 135.6
Stock options exercised								0.1	0.1
Total value of stock options exercised				$ 0.5		$ 0.1	$ 1.4	$ 0.5	$ 1.5
Foreign Currency Translation Adjustment (net of taxes)
Beginning balance				(8.4)			0.7	(8.4)	0.7
Unrealized (losses) gains		$ 17	$ 8.2	(9)	$ (15.7)	3.3	(8.3)
Reclassification adjustments of losses into income		0	0	0	0	0	0
Tax benefit (provision)		0	0	0	0	0	0
Net change								16.2	(20.7)
Ending Balance		7.8			(20)			7.8	(20)	$ 7.8
Unrealized (Losses) Gains on Derivative Contracts (net of taxes)
Beginning balance				(13.6)			1.8	(13.6)	1.8
Unrealized (losses) gains		26	29.9	(35.1)	(12.3)	(22.2)	(6.6)
Reclassification adjustments of losses into income		0.1	9.3	11.6	9	6.3	2.2
Tax benefit (provision)		(6.3)	(9.2)	5.6	0.8	3.8	1.1
Net change		19.8			(2.5)			31.9	(17.9)
Ending balance		18.3			(16.1)			18.3	(16.1)	18.3
Pension and Other Postretirement Benefits (net of taxes)
Beginning balance				(781.4)			(653.5)	(781.4)	(653.5)
Unrealized (losses) gains		0	0	0	0	0	0
Reclassification adjustments of losses into income		11.5	11.6	11.9	7.3	7.1	7.4
Tax benefit (provision)		(2.6)	(2.6)	(2.7)	(1.4)	(1.8)	(1.7)
Net change								27.1	16.9
Ending balance		(754.3)			(636.6)			(754.3)	(636.6)	(754.3)
Accumulated Other Comprehensive Loss
Beginning balance				(803.4)			(651)	(803.4)	(651)
Unrealized (losses) gains		43	38.1	(44.1)	(28)	(18.9)	(14.9)
Reclassification adjustments of losses into income		11.6	20.9	23.5	16.3	13.4	9.6
Tax benefit (provision)		(8.9)	$ (11.8)	$ 2.9	(0.6)	$ 2	$ (0.6)
Net change								75.2	(21.7)
Ending balance		(728.2)			$ (672.7)			$ (728.2)	(672.7)	(728.2)
2018 Share Repurchase Program | Common Stock
Equity, Class of Treasury Stock [Line Items]
Authorized share repurchase program (in dollars)												$ 500
Cost of common stock repurchased and retired (in dollars)									$ 135.6	$ 195.9
Total repurchased shares under this program (in shares)								0	6	10.1
Remaining authorized repurchase amount (in dollars)		$ 304.1						$ 304.1		$ 304.1
Accelerated Share Repurchase | 2018 Share Repurchase Program | Common Stock
Equity, Class of Treasury Stock [Line Items]
Accelerated Share Repurchase, Contract Payment (in dollars)	$ 100
Cost of common stock repurchased and retired (in dollars)	$ 100
Accelerated Share Repurchase, Initial Share Delivery (in shares)	4.3
Accelerated Share Repurchase, Settlement Receipt (in shares)											1.4
Accelerated Share Repurchase, Total Shares Repurchased (in shares)											5.7

SEGMENT INFORMATION (Details 1)

SEGMENT INFORMATION (Details 1) - USD ($) $ in Millions	3 Months Ended						9 Months Ended		54 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020
Sales [Abstract]
Sales	$ 1,437.6			$ 1,576.6			$ 4,103.9	$ 4,722.9
Income (loss) before taxes:
Income (loss) before taxes	(753.4)			43.8			(1,019.4)	72
Corporate/Other:
Environmental (expense) income	12.5			(0.8)			17.9	23
Restructuring charges	(1.3)	$ (1.7)	$ (1.7)	(4.9)	$ (3.8)	$ (4)	(4.7)	(12.7)	$ (245)
Goodwill impairment	(699.8)			0			(699.8)	0
Other operating (expense) income	(0.2)			0.1			(0.1)	0.3
Interest expense	(74.6)			(63.9)			(207.1)	(179.2)
Interest income	0.1			0.2			0.4	0.7
Non-operating pension income	4.9			4.1			14.4	12.2
Other income	0			0			0	11.2
Recoveries for costs incurred and expensed	0			0			0	4.8
Chlor Alkali Products and Vinyls
Sales [Abstract]
Sales	755.1			876.3			2,166.2	2,657.7
Income (loss) before taxes:
Income (loss) before taxes	37.8			112.7			(53.5)	303.8
Corporate/Other:
Goodwill impairment							(557.6)
Epoxy
Sales [Abstract]
Sales	476.1			511.6			1,350.7	1,554.4
Income (loss) before taxes:
Income (loss) before taxes	14.9			24.2			13.6	38.6
Corporate/Other:
Goodwill impairment							(142.2)
Winchester
Sales [Abstract]
Sales	206.4			188.7			587	510.8
Income (loss) before taxes:
Income (loss) before taxes	21			13.9			47.5	33.1
Corporate/Other
Corporate/Other:
Environmental (expense) income	12.5			(0.8)			17.9	18.2
Other corporate and unallocated costs	(43.7)			(43.4)			(112.2)	(117.8)
Restructuring charges	$ (1.3)			$ (4.9)			$ (4.7)	$ (12.7)

SEGMENT INFORMATION (Details 2)

SEGMENT INFORMATION (Details 2) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Disaggregation of Revenue [Line Items]
Sales	$ 1,437.6	$ 1,576.6	$ 4,103.9	$ 4,722.9
United States
Disaggregation of Revenue [Line Items]
Sales	940.8	965.9	2,559	2,798.5
Europe
Disaggregation of Revenue [Line Items]
Sales	191.2	229.6	587.8	770.4
Other foreign
Disaggregation of Revenue [Line Items]
Sales	305.6	381.1	957.1	1,154
Chlor Alkali Products and Vinyls
Disaggregation of Revenue [Line Items]
Sales	755.1	876.3	2,166.2	2,657.7
Chlor Alkali Products and Vinyls | United States
Disaggregation of Revenue [Line Items]
Sales	596.8	613.7	1,581	1,818.7
Chlor Alkali Products and Vinyls | Europe
Disaggregation of Revenue [Line Items]
Sales	22.5	27.2	79.5	104.9
Chlor Alkali Products and Vinyls | Other foreign
Disaggregation of Revenue [Line Items]
Sales	135.8	235.4	505.7	734.1
Epoxy
Disaggregation of Revenue [Line Items]
Sales	476.1	511.6	1,350.7	1,554.4
Epoxy | United States
Disaggregation of Revenue [Line Items]
Sales	161.9	177.7	443.2	517.2
Epoxy | Europe
Disaggregation of Revenue [Line Items]
Sales	166.9	199.6	501.7	657.6
Epoxy | Other foreign
Disaggregation of Revenue [Line Items]
Sales	147.3	134.3	405.8	379.6
Winchester
Disaggregation of Revenue [Line Items]
Sales	206.4	188.7	587	510.8
Winchester | United States
Disaggregation of Revenue [Line Items]
Sales	182.1	174.5	534.8	462.6
Winchester | Europe
Disaggregation of Revenue [Line Items]
Sales	1.8	2.8	6.6	7.9
Winchester | Other foreign
Disaggregation of Revenue [Line Items]
Sales	$ 22.5	$ 11.4	$ 45.6	$ 40.3

SEGMENT INFORMATION (Details 3)

SEGMENT INFORMATION (Details 3) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Disaggregation of Revenue [Line Items]
Sales	$ 1,437.6	$ 1,576.6	$ 4,103.9	$ 4,722.9
Chlor Alkali Products and Vinyls
Disaggregation of Revenue [Line Items]
Sales	755.1	876.3	2,166.2	2,657.7
Chlor Alkali Products and Vinyls | Caustic soda
Disaggregation of Revenue [Line Items]
Sales	373	421.7	1,053.4	1,344.8
Chlor Alkali Products and Vinyls | Chlorine, chlorine-derivatives and other co-products
Disaggregation of Revenue [Line Items]
Sales	382.1	454.6	1,112.8	1,312.9
Epoxy
Disaggregation of Revenue [Line Items]
Sales	476.1	511.6	1,350.7	1,554.4
Epoxy | Aromatics and allylics
Disaggregation of Revenue [Line Items]
Sales	198.3	237.9	582.7	716.5
Epoxy | Epoxy resins
Disaggregation of Revenue [Line Items]
Sales	277.8	273.7	768	837.9
Winchester
Disaggregation of Revenue [Line Items]
Sales	206.4	188.7	587	510.8
Winchester | Commercial
Disaggregation of Revenue [Line Items]
Sales	152.4	131	415.1	341
Winchester | Military and law enforcement
Disaggregation of Revenue [Line Items]
Sales	$ 54	$ 57.7	$ 171.9	$ 169.8

STOCK-BASED COMPENSATION (Detai

STOCK-BASED COMPENSATION (Details 1) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Share-based Payment Arrangement [Abstract]
Stock-based compensation	$ 3.4	$ 4.2	$ 9.7	$ 8.5
Mark-to-market adjustments	0.6	(1.4)	(2.5)	(1)
Total expense	$ 4	$ 2.8	$ 7.2	$ 7.5

STOCK-BASED COMPENSATION (Det_2

STOCK-BASED COMPENSATION (Details 2) - $ / shares	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Share-based Payment Arrangement [Abstract]
Dividend yield	4.60%	3.05%
Risk-free interest rate	1.44%	2.51%
Expected volatility	36.00%	34.00%
Expected life (years)	6 years	6 years
Weighted-average grant fair value (per option)	$ 3.64	$ 6.76
Weighted-average exercise price	$ 17.33	$ 26.26
Shares granted	2,665,700	1,575,900

DEBT (Details 1)

DEBT (Details 1) $ in Millions	Oct. 15, 2020USD ($)	Jul. 16, 2019USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)	May 19, 2020	May 08, 2020USD ($)	Aug. 22, 2012USD ($)
Debt Instrument [Line Items]
Write-off of Unamortized Deferred Debt Issuance Costs			$ 1.6
Payment of Debt Issuance Costs				$ 9.9	$ 14.4
Debt Covenant, Secured Debt Exclusion			250	250
Debt Covenant, Secured Debt			153	153
2023 Notes Refinance
Debt Instrument [Line Items]
Debt Repayment, Cash	$ 114.6
$500.0 million Senior Notes Due 2025
Debt Instrument [Line Items]
Proceeds from Issuance of Debt				500
Debt Instrument, Interest Rate, Stated Percentage						9.50%
Debt Issuance, Percent of Par Value						99.50%
$1,300.0 million Senior Secured Credit Facility
Debt Instrument [Line Items]
2020 Senior Secured Credit Facility							$ 1,300
$2,000.0 million Senior Credit Facility
Debt Instrument [Line Items]
2019 Senior Credit Facility Term		5 years
2019 Senior Credit Facility		$ 2,000
$500.0 million Senior Secured Delayed Draw Term Loan
Debt Instrument [Line Items]
Senior Secured Delayed-Draw Term Loan, Maximum Borrowing Capacity							500
Annual Required Principal Payment Percent in Years 1 and 2		5.00%
Annual Required Principal Payment Percent in Year 3		7.50%
Annual Required Principal Payment Percent in Years 4 and 5		10.00%
$500.0 million Senior Secured Delayed Draw Term Loan | 2023 Notes Refinance
Debt Instrument [Line Items]
Debt Repayment, Debt Refinance	$ 500
$500.0 million Senior Secured Delayed Draw Term Loan | Maximum
Debt Instrument [Line Items]
Senior Secured Delayed-Draw Term Loan, Number of Draws		3
$800.0 million Senior Secured Revolving Credit Facility
Debt Instrument [Line Items]
Senior Secured Revolving Credit Facility, Maximum Borrowing Capacity							$ 800
Letter of Credit Subfacility, Maximum		$ 100
Senior Secured Revolving Credit Facility, Remaining Borrowing Capacity			799.6	799.6
Letters of Credit Outstanding, Amount			$ 0.4	$ 0.4
$200.0 million Senior Notes Due 2022
Debt Instrument [Line Items]
Debt Instrument, Face Amount								$ 200
$720.0 million Senior Notes Due 2023 | 2023 Notes Refinance
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	9.75%
Repayments of Debt	$ 600
Debt Instrument, Redemption Price, Percentage	102.438%
Debt Redemption Premium Amount	$ 14.6

CONTRIBUTING EMPLOYEE OWNERSH_2

CONTRIBUTING EMPLOYEE OWNERSHIP PLAN (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Defined Contribution Plan Disclosure [Line Items]
Employer contributions to employee ownership plan	$ 6.5	$ 6.9	$ 21.5	$ 23.2
Employer matching contributions to employee ownership plan	$ 0.8	$ 4	$ 2.3	$ 11.9
Minimum
Defined Contribution Plan Disclosure [Line Items]
Contribution To Individual Retirement Account Percentage Of Employees Eligible Compensation	5.00%		5.00%
Maximum
Defined Contribution Plan Disclosure [Line Items]
Contribution To Individual Retirement Account Percentage Of Employees Eligible Compensation	7.50%		7.50%

PENSION PLANS AND RETIREMENT _3

PENSION PLANS AND RETIREMENT BENEFITS (Details 1) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Foreign Plan | Qualified Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Plan Assets, Contributions by Employer	$ 1.3	$ 0.7

PENSION PLANS AND RETIREMENT _4

PENSION PLANS AND RETIREMENT BENEFITS (Details 2) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Pension Benefits
Service cost	$ 2.8	$ 2.7	$ 8.5	$ 8.5
Interest cost	18.8	23.7	56.3	71
Expected return on plans’ assets	(35.5)	(35.5)	(106.7)	(106.3)
Recognized actuarial loss	11.2	6.8	33.5	20.2
Net periodic benefit (income) cost	(2.7)	(2.3)	(8.4)	(6.6)
Other Postretirement Benefits
Service cost	0.2	0.2	0.9	0.8
Interest cost	0.3	0.4	1	1.3
Expected return on plans’ assets	0	0	0	0
Recognized actuarial loss	0.3	0.5	1.5	1.6
Net periodic benefit (income) cost	$ 0.8	$ 1.1	$ 3.4	$ 3.7

INCOME TAXES (Details 1)

INCOME TAXES (Details 1) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Income Tax Disclosure [Abstract]
Effective Tax Rate, Discrete Items, net benefit (expense)	$ (1.7)	$ 24	$ (2.8)	$ 24.3
Goodwill impairment, tax benefit	10.8		10.8
Goodwill impairment	$ (699.8)	$ 0	$ (699.8)	$ 0
Effective Tax Rate, Discrete Items, net Percent	14.00%	53.90%	23.30%	42.20%
Statutory Federal Tax Rate	21.00%	21.00%	21.00%	21.00%
Impact on the effective tax rate, if recognized	$ 22.6	$ 21.8	$ 22.6	$ 21.8
Reconciliation of Unrecognized Tax Benefits [Roll Forward]
Balance at beginning of year			22.8	33.8
Increases for prior year tax positions			2.1	1.6
Decreases for prior year tax positions			(3.5)	(14.3)
Increases for current year tax positions			1.3	1.4
Settlements with taxing authorities			0	(0.2)
Balance at end of period	22.7	$ 22.3	22.7	$ 22.3
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit	$ 3.8		$ 3.8

INCOME TAXES (Details 2)

INCOME TAXES (Details 2)	9 Months Ended
	Sep. 30, 2020
United States | Internal Revenue Service (IRS) | Minimum
Income Tax Examination [Line Items]
Open Tax Year	2016
United States | Internal Revenue Service (IRS) | Maximum
Income Tax Examination [Line Items]
Open Tax Year	2019
United States | State and Local Jurisdiction | Minimum
Income Tax Examination [Line Items]
Open Tax Year	2006
United States | State and Local Jurisdiction | Maximum
Income Tax Examination [Line Items]
Open Tax Year	2019
Canada | Foreign Country | Minimum
Income Tax Examination [Line Items]
Open Tax Year	2012
Canada | Foreign Country | Maximum
Income Tax Examination [Line Items]
Open Tax Year	2019
Brazil | Foreign Country | Minimum
Income Tax Examination [Line Items]
Open Tax Year	2014
Brazil | Foreign Country | Maximum
Income Tax Examination [Line Items]
Open Tax Year	2019
Germany | Foreign Country | Minimum
Income Tax Examination [Line Items]
Open Tax Year	2015
Germany | Foreign Country | Maximum
Income Tax Examination [Line Items]
Open Tax Year	2019
China | Foreign Country | Minimum
Income Tax Examination [Line Items]
Open Tax Year	2014
China | Foreign Country | Maximum
Income Tax Examination [Line Items]
Open Tax Year	2019
The Netherlands | Foreign Country | Minimum
Income Tax Examination [Line Items]
Open Tax Year	2014
The Netherlands | Foreign Country | Maximum
Income Tax Examination [Line Items]
Open Tax Year	2019

DERIVATIVE FINANCIAL INSTRUME_3

DERIVATIVE FINANCIAL INSTRUMENTS (Details Textuals) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Oct. 31, 2016	Apr. 30, 2016
Derivative [Line Items]
Notional amount	$ 167.6	$ 203.5	$ 167.6	$ 174.6
Forward Contracts
Derivative [Line Items]
Notional amount	105.6	186.1	105.6	140.6
Forward Contracts Sell
Derivative [Line Items]
Notional amount	98.5	127.7	98.5	$ 99.2
Commodity Contract
Derivative [Line Items]
Cash Flow Hedges Derivative Instruments at Fair Value, Net		24.2
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months		$ 13.4
Interest Rate Contract
Derivative [Line Items]
Interest Rate Cash Flow Hedge Gain (Loss) Reclassified to Earnings, Net	1.8		4.3
Fixed Interest Rate Swaps $1,100M (Tranche 1)
Derivative [Line Items]
Notional amount						$ 1,100
Fixed Interest Rate Swaps $900M (Tranche 2)
Derivative [Line Items]
Notional amount						900
Fixed Interest Rate Swaps $400M (Tranche 3)
Derivative [Line Items]
Notional amount						400
Interest Rate Swaps Designated As Fair Value Hedges
Derivative [Line Items]
Notional amount					$ 250	$ 250
Amount of Gain (Loss)	$ (0.9)		$ (2.6)

DERIVATIVE FINANCIAL INSTRUME_4

DERIVATIVE FINANCIAL INSTRUMENTS (Details 1) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019	Sep. 30, 2019
Derivative [Line Items]
Notional amount	$ 203.5	$ 174.6	$ 167.6
Forward Contracts
Derivative [Line Items]
Notional amount	186.1	140.6	105.6
Forward Contracts Sell
Derivative [Line Items]
Notional amount	127.7	99.2	98.5
Natural Gas Commodity Forward Contracts
Derivative [Line Items]
Notional amount	46.8	62.9	56.6
Ethane Commodity Forward Contracts
Derivative [Line Items]
Notional amount	38.2	51.5	48.3
Metals Commodity Forward Contracts
Derivative [Line Items]
Notional amount	$ 118.5	$ 60.2	$ 62.7

DERIVATIVE FINANCIAL INSTRUME_5

DERIVATIVE FINANCIAL INSTRUMENTS (Details 2) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019	Sep. 30, 2019
Derivatives, Fair Value [Line Items]
Asset derivatives	$ (25.7)	$ (2.6)	$ (0.9)
Liability derivatives	(0.7)	(20.8)	(21.9)
Other Current Assets
Derivatives, Fair Value [Line Items]
Asset derivatives	(19.1)	(1.9)	(0.8)
Other Assets
Derivatives, Fair Value [Line Items]
Asset derivatives	(6.6)	(0.7)	(0.1)
Accrued Liabilities
Derivatives, Fair Value [Line Items]
Liability derivatives	(0.7)	(19)	(19.2)
Other Liabilities
Derivatives, Fair Value [Line Items]
Liability derivatives	0	(1.8)	(2.7)
Commodity Contracts Losses | Designated as Hedging Instrument | Other Current Assets
Derivatives, Fair Value [Line Items]
Asset derivatives	2.9	0.5	0
Commodity Contracts Losses | Designated as Hedging Instrument | Other Assets
Derivatives, Fair Value [Line Items]
Asset derivatives	0.1	0.1	0
Commodity Contracts Losses | Designated as Hedging Instrument | Accrued Liabilities
Derivatives, Fair Value [Line Items]
Liability derivatives	(0.1)	(18)	(19.1)
Commodity Contracts Losses | Designated as Hedging Instrument | Other Liabilities
Derivatives, Fair Value [Line Items]
Liability derivatives	0	(1.8)	(3)
Commodity Contracts Gains | Designated as Hedging Instrument | Other Current Assets
Derivatives, Fair Value [Line Items]
Asset derivatives	(20.6)	(1.8)	0
Commodity Contracts Gains | Designated as Hedging Instrument | Other Assets
Derivatives, Fair Value [Line Items]
Asset derivatives	(6.7)	(0.8)	(0.1)
Commodity Contracts Gains | Designated as Hedging Instrument | Accrued Liabilities
Derivatives, Fair Value [Line Items]
Liability derivatives	0	0.2	0.8
Commodity Contracts Gains | Designated as Hedging Instrument | Other Liabilities
Derivatives, Fair Value [Line Items]
Liability derivatives	0	0	0.3
Foreign Exchange Contract | Not Designated as Hedging Instrument | Other Current Assets
Derivatives, Fair Value [Line Items]
Asset derivatives	(2.4)	(1.1)	(1)
Foreign Exchange Contract | Not Designated as Hedging Instrument | Accrued Liabilities
Derivatives, Fair Value [Line Items]
Liability derivatives	0.8	0.2	0.3
Foreign Exchange Contract Loss | Not Designated as Hedging Instrument | Other Current Assets
Derivatives, Fair Value [Line Items]
Asset derivatives	1	0.5	0.2
Foreign Exchange Contract Loss | Not Designated as Hedging Instrument | Accrued Liabilities
Derivatives, Fair Value [Line Items]
Liability derivatives	$ (1.4)	$ (1.4)	$ (1.2)

DERIVATIVE FINANCIAL INSTRUME_6

DERIVATIVE FINANCIAL INSTRUMENTS (Details 3) - USD ($) $ in Millions	3 Months Ended						9 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2020	Sep. 30, 2019
Derivative Instruments, Gain (Loss) [Line Items]
Recognized in other comprehensive loss:	$ 26	$ 29.9	$ (35.1)	$ (12.3)	$ (22.2)	$ (6.6)
Cash Flow Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Recognized in other comprehensive loss:	26			(12.3)			$ 20.8	$ (41.1)
Reclassified from accumulated other comprehensive loss into income:	(0.1)			(9)			(21)	(17.5)
Commodity Contract | Cash Flow Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Recognized in other comprehensive loss:	26			(12.4)			20.8	(40.1)
Commodity Contract | Cost of goods sold | Cash Flow Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Reclassified from accumulated other comprehensive loss into income:	(0.1)			(10.8)			(21)	(21.8)
Interest Rate Swap | Cash Flow Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Recognized in other comprehensive loss:	0			0.1			0	(1)
Interest Rate Swap | Interest expense | Cash Flow Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Reclassified from accumulated other comprehensive loss into income:	0			1.8			0	4.3
Interest Rate Swap | Interest expense | Fair Value Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss)	0			(0.9)			0	(2.6)
Foreign Exchange Contract | Selling and administration | Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss)	$ 9.6			$ (1.4)			$ 16.7	$ (4.4)

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details Textuals) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Goodwill impairment	$ (699.8)	$ 0	$ (699.8)	$ 0
Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, Fair Value Disclosure	0	0	0	0	$ 0
Liabilities, Fair Value Disclosure	$ 0	$ 0	$ 0	$ 0	$ 0

FAIR VALUE MEASUREMENTS (Deta_2

FAIR VALUE MEASUREMENTS (Details 1) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019	Sep. 30, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset	$ 25.7	$ 2.6	$ 0.9
Derivative Liability	0.7	20.8	21.9
Fair Value, Inputs, Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset	0	0	0
Derivative Liability	0	0	0
Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset	25.7	2.6	0.9
Derivative Liability	0.7	20.8	21.9
Fair Value, Inputs, Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset	0	0	0
Derivative Liability	0	0	0
Commodity Contract
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset	24.3	2	0.1
Derivative Liability	0.1	19.6	21
Commodity Contract | Fair Value, Inputs, Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset	0	0	0
Derivative Liability	0	0	0
Commodity Contract | Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset	24.3	2	0.1
Derivative Liability	0.1	19.6	21
Commodity Contract | Fair Value, Inputs, Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset	0	0	0
Derivative Liability	0	0	0
Foreign Exchange Contract
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset	1.4	0.6	0.8
Derivative Liability	0.6	1.2	0.9
Foreign Exchange Contract | Fair Value, Inputs, Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset	0	0	0
Derivative Liability	0	0	0
Foreign Exchange Contract | Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset	1.4	0.6	0.8
Derivative Liability	0.6	1.2	0.9
Foreign Exchange Contract | Fair Value, Inputs, Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset	0	0	0
Derivative Liability	$ 0	$ 0	$ 0

FAIR VALUE MEASUREMENTS (Deta_3

FAIR VALUE MEASUREMENTS (Details 2) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019	Sep. 30, 2019
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Long-term Debt, Fair Value	$ 4,078.7	$ 3,570.5	$ 3,552.6
Notes Payable	3,960.7	3,340.8	3,340.1
Fair Value, Inputs, Level 1
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Long-term Debt, Fair Value	0	0	0
Fair Value, Inputs, Level 2
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Long-term Debt, Fair Value	3,925.7	3,417.5	3,399.6
Fair Value, Inputs, Level 3
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Long-term Debt, Fair Value	$ 153	$ 153	$ 153