OLIN Corp

Previous wording

Net income for the three months ended March 31, 2024 and 2023 was $48.6 million and $156.3 million, respectively, a decrease of $107.7 million, or 69%. The decrease in net income from the comparable prior year period was primarily due to lower operating results across our chemicals business segments partially offset by improved operating results from our Winchester segment. Diluted net income per share was $0.40 for the three months ended March 31, 2024 compared to $1.16 for 2023, a decrease of $0.76 per share, or 66%.

Current wording

Net income for the three and six months ended June 30, 2024 was $74.2 million and $122.8 million, respectively, compared to $146.9 million and $303.2 million, for the prior year periods, respectively. The decrease of $72.7 million and $180.4 million, respectively, in net income from the prior year periods was primarily due to a decline in operating results across our chemicals business segments, partially offset by improved operating results from our Winchester segment. Net income for both the three and six months ended June 30, 2023 also reflects a gain of $27.0 million for the sale of our domestic private trucking fleet and operations. Diluted net income per share was $0.62 and $1.01 for the three and six months ended June 30, 2024, respectively, compared to $1.13 and $2.29 in the prior year periods, respectively, a decrease of $0.51 and $1.28 per share, or 45% and 56%, respectively.

Previous wording

Chlor Alkali Products and Vinyls reported segment income was $76.6 million and $245.9 million for the three months ended March 31, 2024 and 2023, respectively. Chlor Alkali Products and Vinyls segment results decreased from the comparable prior year period due to lower pricing, primarily caustic soda, and lower volumes.

Current wording

Chlor Alkali Products and Vinyls reported segment income was $99.3 million and $175.9 million for the three and six months ended June 30, 2024, respectively. Chlor Alkali Products and Vinyls segment results were lower than the comparable prior year periods due to lower caustic soda pricing, partially offset by lower costs associated with product purchased from other parties and lower raw material and operating costs.

Previous wording

Epoxy reported a segment loss of $11.8 million for the three months ended March 31, 2024 compared to segment income of $21.4 million during the comparable prior year period in 2023. Epoxy segment results were lower than in the comparable prior year period primarily due to lower product pricing partially offset by increased volumes.

Current wording

Epoxy reported a segment loss of $3.0 million and $14.8 million for the three and six months ended June 30, 2024, respectively. Epoxy segment results were lower than the comparable prior year periods primarily due to lower product pricing, partially offset by increased volumes.

Previous wording

Winchester reported segment income of $72.2 million and $61.0 million for the three months ended March 31, 2024 and 2023, respectively. Winchester segment results were higher than the comparable prior year period due to higher sales volumes, which includes White Flyer, partially offset by lower product pricing.

Current wording

Winchester reported segment income of $70.3 million and $142.5 million for the three and six months ended June 30, 2024, respectively. Winchester segment results were higher than the comparable prior year periods due to higher sales volumes, which included White Flyer results, partially offset by lower product pricing.

Previous wording

During the three months ended March 31, 2024, we repurchased and retired 2.0 million shares of common stock at a total value of $105.4 million. As of March 31, 2024, we had $892.0 million of remaining authorized common stock to be purchased under our 2022 Repurchase Authorization Program.

Current wording

During the six months ended June 30, 2024, we repurchased and retired 3.9 million shares of common stock at a total value of $211.4 million. As of June 30, 2024, we had $787.0 million of remaining authorized common stock to be repurchased under our 2022 Repurchase Authorization Program.

Previous wording

During the three months ended March 31, 2024, we had net borrowings of $94.7 million with $93.0 million borrowed under our Senior Revolving Credit Facility and $3.9 million under our Receivables Financing Agreement.

Current wording

During the six months ended June 30, 2024, we had net borrowings of $238.9 million with $343.0 million borrowed under our Senior Revolving Credit Facility, which was utilized to repay $70.0 million of tax-exempt variable-rate bonds and $29.7 million under our Receivables Financing Agreement.

Previous wording

Epoxy segment results in 2024 continue to be impacted by significant exports out of Asia into the European and North American markets, negatively impacting pricing and volumes. On April 3, 2024, we announced the filing of antidumping and countervailing duty petitions against China, India, South Korea, Taiwan and Thailand with the U.S. Department of Commerce and the U.S. International Trade Commission relating to certain epoxy resins, as part of the U.S. Epoxy Resin Producers Ad Hoc Coalition. The petitions were filed in response to large volumes of low-priced imports of epoxy resins into the U.S. from the subject countries over the past three years that have injured the U.S. domestic epoxy resin producers.

Current wording

Epoxy segment results in 2024 continue to be impacted by significant exports out of Asia into the European and North American markets, negatively impacting pricing and volumes. On April 3, 2024, we announced the filing of anti-dumping and countervailing duty petitions against China, India, South Korea, Taiwan and Thailand with the U.S. Department of Commerce and the U.S. International Trade Commission relating to certain epoxy resins, as part of the U.S. Epoxy Resin Producers Ad Hoc Coalition. The petitions were filed in response to large volumes of low-priced imports of epoxy resins into the U.S. from the subject countries over the past three years that have injured U.S. domestic epoxy resin producers.

Previous wording

During 2024, the U.S. Army awarded Winchester a contract for the construction of the Next Generation Squad Weapon (NGSW) manufacturing facility at Lake City Army Ammunition Plant. The project will be the first new manufacturing facility built at the Lake City facility in decades. The new manufacturing facility will provide safe, reliable, and advanced NGSW to the joint warfighter. Winchester will manage all aspects of the construction process, which is projected to start in the second quarter of 2024.

Current wording

During 2024, the U.S. Army awarded Winchester a contract for the construction of the Next Generation Squad Weapon (NGSW) manufacturing facility at Lake City Army Ammunition Plant. The project will be the first new manufacturing plant built at the Lake City facility in decades. The new manufacturing facility will provide safe, reliable, and advanced NGSW ammunition to the U.S. warfighter. Winchester will manage all aspects of the government-funded construction project, which commenced in the second quarter of 2024.

Previous wording

Gross margin decreased $195.3 million for the three months ended March 31, 2024 compared to the prior year. Chlor Alkali Products and Vinyls gross margin decreased by $165.4 million primarily due to lower pricing, primarily caustic soda, and lower volumes. Epoxy gross margin decreased by $35.5 million primarily due to lower product pricing partially offset by increased volumes. Winchester gross margin increased by $8.1 million primarily due to higher sales volumes, partially offset by lower product pricing. Gross margin as a percentage of sales decreased to 13% in 2024 from 22% in 2023.

Current wording

Gross margin decreased $72.3 million for the three months ended June 30, 2024 compared to the prior year. Chlor Alkali Products and Vinyls gross margin decreased by $77.8 million primarily due to lower caustic soda pricing. Epoxy gross margin decreased by $4.4 million primarily due to lower product pricing, partially offset by increased volumes. Winchester gross margin increased by $2.9 million primarily due to higher sales volumes, including White Flyer, partially offset by lower product pricing. Gross margin as a percentage of sales decreased to 14% in 2024 from 18% in 2023, across all segments.

Previous wording

Restructuring charges for the three months ended March 31, 2024 and 2023 were $8.3 million and $60.9 million, respectively. The decrease in charges was primarily due to our 2023 actions to configure our global Epoxy asset footprint to optimize the most productive and cost effective assets to support our strategic operating model, which resulted in pretax restructuring charges of $57.8 million in the first quarter 2023.

Current wording

Restructuring charges for the three months ended June 30, 2024 and 2023 were $6.8 million and $19.2 million, respectively. The decrease in charges was primarily due to a decline in charges associated with our 2023 actions to reconfigure our global Epoxy asset footprint to optimize the most productive and cost effective assets to support our strategic operating model, which resulted in pretax restructuring charges of $5.8 million and $13.3 million for the three months ended June 30, 2024 and 2023, respectively.

Previous wording

Interest expense increased by $2.2 million for the three months ended March 31, 2024 from the prior year, primarily due to higher average interest rates.

Current wording

Interest expense increased by $1.3 million for the three months ended June 30, 2024 from the prior year, primarily due to higher average interest rates.

Previous wording

Non-operating pension income includes all components of pension and other postretirement income (costs) other than service costs. Non-operating pension income was higher for the three months ended March 31, 2024 primarily due to a decrease in the discount rate used to determine interest costs, partially offset by higher actuarial losses recognized to income.

Current wording

Non-operating pension income includes all components of pension and other postretirement net periodic benefit (income) cost, other than service costs. Non-operating pension income was higher for the three months ended June 30, 2024 primarily due to a decrease in the discount rate used to determine interest costs, partially offset by higher actuarial losses recognized to income.

Previous wording

Sales for the three months ended March 31, 2024 were $1,635.3 million compared to $1,844.3 million in the same period last year, a decrease of $209.0 million, or 11%. Chlor Alkali Products and Vinyls sales decreased by $232.5 million primarily due to lower pricing, primarily caustic soda, and lower volumes. Epoxy sales decreased by $19.4 million, primarily due to lower product pricing partially offset by increased sales volumes. Winchester sales increased by $42.9 million, primarily due to higher commercial ammunition sales volumes and first quarter 2024 sales from White Flyer.

Current wording

Sales for the six months ended June 30, 2024 were $3,279.3 million compared to $3,547.0 million in the same period last year, a decrease of $267.7 million, or 8%. Chlor Alkali Products and Vinyls sales decreased by $314.5 million primarily due to lower caustic soda pricing, partially offset by increased sales volumes associated with product purchased from other parties. Epoxy sales decreased by $35.5 million, primarily due to lower product pricing, partially offset by increased sales volumes. Winchester sales increased by $82.3 million, primarily due to 2024 sales from White Flyer, higher commercial ammunition sales volumes, and increased sales to international military customers.

Previous wording

Selling and administrative expenses for the three months ended March 31, 2024 was $101.9 million, a decrease of $9.9 million from the prior year. The decrease was primarily due to lower variable incentive compensation expense of $4.0 million, a favorable foreign currency impact of $2.5 million and lower costs of $2.0 million associated with consulting and contract services. Selling and administrative expenses as a percentage of sales was 6% in both 2024 and 2023.

Current wording

Selling and administration expenses for the six months ended June 30, 2024 were $196.5 million, a decrease of $16.5 million from the prior year. The decrease was primarily due to lower stock-based compensation expense of $4.9 million, which includes mark-to-market adjustments, lower costs of $4.8 million associated with consulting and contract services and a favorable foreign currency impact of $3.8 million. Selling and administration expenses as a percentage of sales was 6% for both the six months ended June 30, 2024 and 2023.

Previous wording

The effective tax rate for the three months ended March 31, 2024 included a net $2.6 million tax benefit, primarily associated with stock-based compensation and prior year tax positions, partially offset by an expense from a change in tax contingencies. Excluding these items, the effective tax rate for the three months ended March 31, 2024 of 25.0% was higher than the 21.0% U.S. federal statutory rate primarily due to state income tax and foreign income inclusions, partially offset by favorable permanent salt depletion deductions. The effective tax rate for the three months ended March 31, 2023 included a net $5.2 million tax benefit, primarily associated with stock-based compensation, a remeasurement of deferred taxes due to a decrease in our state effective tax rates, and prior year tax positions, partially offset by an expense from a net increase in the valuation allowance related to deferred tax assets in foreign jurisdictions and an expense from a change in tax contingencies. Excluding these items, the effective tax rate for the three months ended March 31, 2023 of 23.6% was higher than the 21.0% U.S. federal statutory rate primarily due to state and foreign income taxes and an increase in the valuation allowance related to losses in foreign jurisdictions, partially offset by favorable permanent salt depletion deductions.

Current wording

The effective tax rate for the six months ended June 30, 2024 included a net $3.3 million tax benefit, primarily associated with stock-based compensation and U.S. Federal tax credits purchased at a discount, partially offset by an expense from prior year tax positions and a change in tax contingencies. Excluding these items, the effective tax rate for the six months ended June 30, 2024 of 25.6% was higher than the 21.0% U.S. federal statutory rate primarily due to state income tax and foreign income inclusions, partially offset by favorable permanent salt depletion deductions. The effective tax rate for the six months ended June 30, 2023 included a net $17.2 million tax benefit, primarily associated with stock-based compensation, remeasurement of deferred taxes due to a decrease in our state effective tax rates, and prior year tax positions, partially offset by an expense from a net increase in the valuation allowance related to deferred tax assets in foreign jurisdictions and from a change in tax contingencies. Excluding these items, the effective tax rate for the six months ended June 30, 2023 of 24.5% was higher than the 21.0% U.S. federal statutory rate primarily due to state income tax and an increase in the valuation allowance related to losses in foreign jurisdictions, partially offset by favorable permanent salt depletion deductions.

Previous wording

Epoxy sales for the three months ended March 31, 2024 were $341.3 million compared to $360.7 million for the same period in 2023, a decrease of $19.4 million, or 5%. The sales decrease was primarily due to lower product prices ($98.1 million) and an unfavorable effect of foreign currency translation ($0.5 million), partially offset by increased sales volumes ($79.2 million).

Current wording

Epoxy sales for the three months ended June 30, 2024 were $317.7 million compared to $333.8 million for the same period in 2023, a decrease of $16.1 million, or 5%. The sales decrease was primarily due to lower product prices ($35.5 million) and an unfavorable effect of foreign currency translation ($1.9 million), partially offset by increased sales volumes ($21.3 million).

Previous wording

Epoxy segment loss was $11.8 million for the three months ended March 31, 2024 compared to segment income of $21.4 million for the same period in 2023. The decrease in segment results of $33.2 million was primarily due to lower product prices ($98.1 million), which continues to be impacted by significant exports out of Asia into the European and North American markets, partially offset by increased volumes ($58.4 million) and lower raw material and operating costs ($6.5 million). A significant percentage of our Euro denominated sales are of products manufactured within Europe. As a result, the impact of foreign currency translation on revenue is primarily offset by the impact of foreign currency translation on raw materials and manufacturing costs also denominated in Euros. Epoxy segment results included depreciation and amortization expense of $13.5 million and $14.5 million for the three months ended March 31, 2024 and 2023, respectively.

Current wording

Epoxy segment loss was $14.8 million for the six months ended June 30, 2024 compared to segment income of $20.9 million for the same period in 2023. The decrease in segment results of $35.7 million was primarily due to lower product prices ($133.6 million), which continues to be impacted by significant exports out of Asia into the European and North American markets, partially offset by increased volumes and improved product mix ($83.5 million) and lower raw material and operating costs ($14.4 million). A significant percentage of our Euro denominated sales are of products manufactured within Europe. As a result, the impact of foreign currency translation on revenue is primarily offset by the impact of foreign currency translation on raw materials and manufacturing costs also denominated in Euros. Epoxy segment results included depreciation and amortization expense of $26.9 million and $29.7 million for the six months ended June 30, 2024 and 2023, respectively.

Previous wording

Winchester segment income was $72.2 million for the three months ended March 31, 2024 compared to $61.0 million for the same period in 2023, an increase of $11.2 million. The increase in segment results was due to higher sales volumes ($11.3 million), which includes White Flyer, and lower commodity and operating costs ($4.0 million), partially offset by lower product pricing ($4.1 million). Winchester segment income included depreciation and amortization expense of $7.9 million and $6.2 million for the three months ended March 31, 2024 and 2023, respectively.

Current wording

Winchester segment income was $70.3 million for the three months ended June 30, 2024 compared to $64.7 million for the same period in 2023, an increase of $5.6 million. The increase in segment results was due to higher sales volumes ($11.7 million), which includes White Flyer, partially offset by higher commodity and operating costs ($3.6 million) and lower product pricing ($2.5 million). Winchester segment income included depreciation and amortization expense of $8.3 million and $6.3 million for the three months ended June 30, 2024 and 2023, respectively.

Previous wording

Winchester sales were $409.4 million for the three months ended March 31, 2024 compared to $366.5 million for the same period in 2023, an increase of $42.9 million, or 12%. The increase was due to higher ammunition sales to commercial customers ($42.3 million), higher sales to domestic and international military customers ($6.1 million), partially offset by lower sales to law enforcement agencies ($5.5 million). Commercial ammunition sales were primarily impacted by increased sales volumes and first quarter 2024 sales from White Flyer.

Current wording

Winchester sales were $815.4 million for the six months ended June 30, 2024 compared to $733.1 million for the same period in 2023, an increase of $82.3 million, or 11%. The increase was due to higher sales to commercial customers ($64.9 million), higher sales to domestic and international military customers ($26.6 million), partially offset by lower sales to law enforcement agencies ($9.2 million). Commercial sales were primarily impacted by 2024 sales from White Flyer and increased ammunition volumes. The increase in sales to military customers was primarily due to international military sales increasing 165% compared to 2023.

Previous wording

For the three months ended March 31, 2024, charges to income for environmental investigatory and remedial activities were $5.8 million compared to $3.2 million for the three months ended March 31, 2023. These charges related primarily to expected future investigatory and remedial activities associated with past manufacturing operations and former waste disposal sites.

Current wording

For the three months ended June 30, 2024, charges to income for environmental investigatory and remedial activities were $6.4 million compared to $13.0 million for the three months ended June 30, 2023. These charges related primarily to expected future investigatory and remedial activities associated with past manufacturing operations and former waste disposal sites.

Previous wording

For the three months ended March 31, 2024, other corporate and unallocated costs were $25.8 million compared to $34.3 million for the three months ended March 31, 2023, a decrease of $8.5 million. The decrease was primarily due to lower variable incentive compensation expense ($4.3 million) and a favorable foreign currency impact ($2.5 million).

Current wording

For the three months ended June 30, 2024, other corporate and unallocated costs were $17.0 million compared to $22.4 million for the three months ended June 30, 2023, a decrease of $5.4 million. The decrease was primarily due to lower variable incentive compensation costs ($2.1 million), which includes mark-to-market adjustments on stock-based compensation expense, lower legal and legal-related settlement expenses ($1.3 million) and a favorable foreign currency impact ($1.3 million).

Previous wording

For the three months ended March 31, 2024 and 2023, we recorded restructuring charges of $3.5 million and $57.8 million, respectively, for contract termination costs, the write-off of equipment and facility costs and facility exit costs related to these actions. We expect to incur additional restructuring charges through 2025 of approximately $20 million related to these actions.

Current wording

In connection with the previously announced Epoxy Optimization Plan, for the three months ended June 30, 2024 and 2023, we recorded restructuring charges of $5.8 million and $13.3 million, respectively, and for the six month ended June 30, 2024 and 2023, we recorded restructuring charges of $9.3 million and $71.1 million, respectively. We expect to incur additional restructuring charges through 2025 of approximately $15 million related to these actions.

Previous wording

For the three months ended March 31, 2024 and 2023, Olin incurred charges of $4.8 million and $3.1 million, respectively, associated with other previously disclosed restructuring plans. We expect to incur additional restructuring charges through 2027 of approximately $45 million related to these actions.

Current wording

For the three months ended June 30, 2024 and 2023, we incurred charges of $1.0 million and $5.9 million, respectively, and for the six month ended June 30, 2024 and 2023, we incurred charges of $5.8 million and $9.0 million, respectively, associated with other previously disclosed restructuring plans. We expect to incur additional restructuring charges through 2027 of approximately $40 million related to these actions. Discussion on our restructuring activity, including a description of each plan, is referenced under Item 1, within Note 4, “Restructuring Charges.” Pretax restructuring charges related to our actions include facility exit costs, lease and other contract termination costs, employee severance and related benefits costs and the write-off of equipment and facilities.

Previous wording

Other corporate and unallocated costs in 2024 are expected to be higher than the $106.3 million in 2023.

Current wording

Other corporate and unallocated costs in 2024 are expected to be comparable with the $106.3 million in 2023.

Previous wording

In 2024, we currently expect our capital spending to be in the $225 million to $250 million range and we expect to make payments under other long-term supply contracts of approximately $50 million for energy modernization on the U.S. Gulf Coast. We expect 2024 depreciation and amortization expense to be in the $500 million to $525 million range.

Current wording

In 2024, we currently expect our capital spending to be in the $225 million range, including $10 million of additional capital associated with Hurricane Beryl, and we expect to make payments under other long-term supply contracts of approximately $50 million for energy modernization on the U.S. Gulf Coast. We expect 2024 depreciation and amortization expense to be in the $500 million to $525 million range.

Previous wording

We currently believe the 2024 effective tax rate will be in the 25% to 30% range and our cash tax rate to be in the 35% to 40% range as a result of previously deferred international tax payments expected to be made in 2024.

Current wording

We currently believe the 2024 effective tax rate will be in the 25% to 30% range and our cash tax rate to be in the 30% range.

Previous wording

Environmental provisions charged to income, which are included in costs of goods sold, were $5.8 million and $3.2 million for the three months ended March 31, 2024 and 2023, respectively.

Current wording

Environmental provisions charged to income, which are included in costs of goods sold, were $6.4 million and $13.0 million for the three months ended June 30, 2024 and 2023, respectively, and were $12.2 million and $16.2 million for the six month ended June 30, 2024 and 2023, respectively.

Previous wording

March 31, 2023, respectively, of which $122.8 million, $121.6 million and $121.7 million, respectively, were classified as other noncurrent liabilities. These amounts do not take into account any discounting of future expenditures or any consideration of insurance recoveries or advances in technology. These liabilities are reassessed periodically to determine if environmental circumstances have changed and/or remediation efforts and our estimate of related costs have changed. As a result of these reassessments, future charges to income may be made for additional liabilities.

Current wording

The condensed balance sheets included reserves for future environmental expenditures to investigate and remediate known sites amounting to $155.3 million, $153.6 million and $151.8 million at June 30, 2024, December 31, 2023 and June 30, 2023, respectively, of which $123.3 million, $121.6 million and $126.8 million, respectively, were classified as other noncurrent liabilities. These amounts do not take into account any discounting of future expenditures or any consideration of insurance recoveries or advances in technology. These liabilities are reassessed periodically to determine if environmental circumstances have changed and/or remediation efforts and our estimate of related costs have changed. As a result of these reassessments, future charges to income may be made for additional liabilities.

Previous wording

For the three months ended March 31, 2024, cash provided by operating activities increased by $43.5 million from the three months ended March 31, 2023, primarily due to a smaller increase in working capital compared with the prior year partially offset by a decrease in operating results. For the three months ended March 31, 2024, working capital increased $89.0 million compared to an increase of $244.4 million for the three months ended March 31, 2023. Inventories decreased by $31.2 million from December 31, 2023 primarily due to inventory reduction efforts over the last year. Accounts payable and accrued liabilities decreased $95.9 million from December 31, 2023, primarily as a result of timing of payments during the first quarter of 2024.

Current wording

For the six months ended June 30, 2024, cash provided by operating activities decreased by $171.4 million from the six months ended June 30, 2023, primarily due to a decrease in operating results, partially offset by a smaller increase in working capital compared with the prior year. For the six months ended June 30, 2024, working capital increased $166.3 million compared to an increase of $213.7 million for the six months ended June 30, 2023. Inventories increased by $19.3 million from December 31, 2023, which reflects normal seasonal growth, partially offset by inventory reduction efforts over the last year. Accounts payable and accrued liabilities decreased $63.8 million from December 31, 2023, primarily as a result of timing of payments during the first half of 2024.

Previous wording

Capital spending was $44.3 million for the three months ended March 31, 2024 compared to $61.4 million for the comparable period in 2023. Our capital spending forecast represents normal capital spending to maintain our current operating facilities. For the total year 2024, we currently expect our capital spending to be in the $225 million to $250 million range. We expect 2024 depreciation and amortization expense to be in the $500 million to $525 million range.

Current wording

Capital spending was $100.8 million for the six months ended June 30, 2024 compared to $128.8 million for the comparable period in 2023. Our capital spending forecast represents normal capital spending to maintain our current operating facilities. For the full year 2024, we expect our capital spending to be in the $225 million range, including $10 million of additional capital associated with Hurricane Beryl. We expect 2024 depreciation and amortization expense to be in the $500 million to $525 million range.

Previous wording

For the three months ended March 31, 2024, payments under other long-term supply contracts was $28.5 million for energy modernization on the U.S. Gulf Coast and we expect to make payments for the total year 2024 of approximately $50 million.

Current wording

For the six months ended June 30, 2024, payments under other long-term supply contracts was $46.7 million for energy modernization on the U.S. Gulf Coast. We expect to make payments for the full year 2024 of approximately $50 million.

Previous wording

For the three months ended March 31, 2024, we had long-term debt borrowings, net of long-term debt repayments of $94.7 million. For the three months ended March 31, 2023, we had long-term debt borrowings, net of long-term debt repayments of $192.6 million.

Current wording

For the six months ended June 30, 2024, we had long-term debt borrowings, net of repayments of $238.9 million. For the six months ended June 30, 2023, we had long-term debt borrowings, net of repayments of $143.7 million.

Previous wording

For the three months ended March 31, 2024 and 2023, 2.0 million and 3.6 million shares, respectively, of common stock were repurchased and retired at a total value of $105.4 million and $206.1 million, respectively.

Current wording

For the six months ended June 30, 2024 and 2023, 3.9 million and 7.1 million shares, respectively, of common stock were repurchased and retired at a total value of $211.4 million and $393.0 million, respectively.

Previous wording

We issued 0.8 million and 0.4 million shares representing stock options exercised for the three months ended March 31, 2024 and 2023, respectively, with a total value of $19.8 million and $11.2 million, respectively. For the three months ended March 31, 2024, we withheld and paid $10.5 million for employee taxes on share-based payment arrangements.

Current wording

We issued 0.8 million and 0.4 million shares representing stock options exercised for the six months ended June 30, 2024 and 2023, respectively, with a total value of $21.7 million and $11.9 million, respectively. For the six months ended June 30, 2024, we withheld and paid $10.5 million for employee taxes on share-based payment arrangements.

Previous wording

For the three months ended March 31, 2023, we received $44.1 million of cash contributions from noncontrolling interests for BWA.

Current wording

For the six months ended June 30, 2023, we received $44.1 million of cash contributions from noncontrolling interests for BWA.

Previous wording

The percent of total debt to total capitalization increased to 55.6% as of March 31, 2024 from 54.1% as of December 31, 2023, primarily as a result of a higher level of debt outstanding, partially offset by lower shareholders’ equity, primarily due to common stock repurchases, partially offset by our operating results.

Current wording

The percent of total debt to total capitalization increased to 57.3% as of June 30, 2024 from 54.1% as of December 31, 2023, primarily as a result of a higher level of debt outstanding, partially offset by lower shareholders’ equity, primarily due to common stock repurchases, partially offset by our operating results.

Previous wording

In the first quarter of 2024 and 2023, we paid a quarterly dividend of $0.20 per share. Dividends paid for the three months ended March 31, 2024 and 2023, were $23.9 million and $26.2 million, respectively. On April 24, 2024, our Board of Directors declared a dividend of $0.20 per share on our common stock, payable on June 14, 2024, to shareholders of record on May 9, 2024.

Current wording

In the first and second quarters of 2024 and 2023, we paid a quarterly dividend of $0.20 per share. Dividends paid for the six months ended June 30, 2024 and 2023, were $47.6 million and $51.8 million, respectively. On July 24th, 2024, our Board of Directors declared a dividend of $0.20 per share on our common stock, payable on September 13th, 2024, to shareholders of record on August 8th, 2024.

Previous wording

We maintain a $1,550.0 million senior credit facility (Senior Credit Facility) which includes a senior term loan facility with aggregate commitments of $350.0 million (Term Loan Facility) and a senior revolving credit facility with aggregate commitments of $1,200.0 million (Senior Revolving Credit Facility). The Term Loan Facility was fully drawn on the closing date with the proceeds of the Term Loan Facility used to refinance the loans and commitments outstanding under the existing facility. The Term Loan Facility requires principal amortization amounts payable which began on March 31, 2023 at a rate of 0.625% per quarter through the end of 2024, increasing to 1.250% per quarter thereafter until maturity. The maturity date for the Senior Credit Facility is October 11, 2027.

Current wording

We maintain a $1,550.0 million senior credit facility (Senior Credit Facility) which includes a senior term loan facility with aggregate commitments of $350.0 million (Term Loan Facility) and a senior revolving credit facility with aggregate commitments of $1,200.0 million (Senior Revolving Credit Facility). The Term Loan Facility was fully drawn on the closing date with the proceeds of the Term Loan Facility used to refinance the loans and commitments outstanding under the existing facility. The Term Loan Facility requires principal amortization payments which began on March 31, 2023 at a rate of 0.625% per quarter through the end of 2024, increasing to 1.250% per quarter thereafter until maturity. The maturity date for the Senior Credit Facility is October 11, 2027.

Previous wording

The Senior Revolving Credit Facility includes a $100.0 million letter of credit subfacility. At March 31, 2024, we had $1,038.6 million available under our $1,200.0 million Senior Revolving Credit Facility because we had $161.0 million borrowed under the facility and issued $0.4 million of letters of credit.

Current wording

The Senior Revolving Credit Facility includes a $100.0 million letter of credit subfacility. At June 30, 2024, we had $788.6 million available under our $1,200.0 million Senior Revolving Credit Facility because we had $411.0 million borrowed under the facility and issued $0.4 million of letters of credit. During the second quarter of 2024, we utilized our Senior Revolving Credit Facility to repay $50.0 million of Go Zone and $20.0 million of Recovery Zone tax-exempt variable-rate bonds.

Previous wording

For the three months ended March 31, 2024, 2.0 million shares of common stock have been repurchased and retired at a total value of $105.4 million. As of March 31, 2024, 21.2 million shares of common stock have been repurchased and retired at a total value of $1,108.0 million under the 2022 Repurchase Authorization program, and $892.0 million of common stock remained authorized to be repurchased under the program.

Current wording

For the six months ended June 30, 2024, 3.9 million shares of common stock have been repurchased and retired at a total value of $211.4 million. As of June 30, 2024, 23.2 million shares of common stock have been repurchased and retired at a total value of $1,213.0 million under the 2022 Repurchase Authorization program, and $787.0 million of common stock remained authorized to be repurchased under the program.