OLIN Corp

Previous wording

Olin Corporation (Olin) is a Virginia corporation, incorporated in 1892, having its principal executive offices in Clayton, MO. We are a leading vertically integrated global manufacturer and distributor of chemical products and a leading U.S. manufacturer of ammunition. Our operations are concentrated in three business segments: Chlor Alkali Products and Vinyls, Epoxy and Winchester. All of our business segments are capital-intensive manufacturing businesses. The Chlor Alkali Products and Vinyls segment manufactures and sells chlorine and caustic soda, ethylene dichloride (EDC) and vinyl chloride monomer, methyl chloride, methylene chloride, chloroform, carbon tetrachloride, perchloroethylene, hydrochloric acid, hydrogen, bleach products and potassium hydroxide. The Epoxy segment produces and sells a full range of epoxy materials and precursors, including aromatics (acetone and phenol), allyl chloride, epichlorohydrin, liquid epoxy resins, solid epoxy resins and formulated solutions products such as converted epoxy resins and additives. The Winchester segment produces and sells sporting ammunition, reloading components, small caliber military ammunition and components, industrial cartridges and clay targets.

Current wording

Olin Corporation (Olin, the Company, we or our) is a Virginia corporation, incorporated in 1892, having its principal executive offices in Clayton, MO. We are a leading vertically integrated global manufacturer and distributor of chemical products and a leading U.S. manufacturer of ammunition. Our operations are concentrated in three business segments: Chlor Alkali Products and Vinyls, Epoxy and Winchester. All of our business segments are capital-intensive manufacturing businesses. The Chlor Alkali Products and Vinyls segment manufactures and sells chlorine and caustic soda, ethylene dichloride (EDC) and vinyl chloride monomer, methyl chloride, methylene chloride, chloroform, carbon tetrachloride, perchloroethylene, hydrochloric acid, hydrogen, bleach products and potassium hydroxide. The Epoxy segment produces and sells a full range of epoxy materials and precursors, including aromatics (acetone and phenol), allyl chloride, epichlorohydrin, liquid epoxy resins, solid epoxy resins and formulated solutions products such as converted epoxy resins and additives. The Winchester segment produces and sells sporting ammunition, reloading components, small caliber military ammunition and components, industrial cartridges and clay targets.

Previous wording

Net income for the three months ended March 31, 2025, and 2024 was $1.4 million, and $48.6 million, respectively. The decrease of $47.2 million in net income from the prior year period was primarily due to lower operating results across our Winchester and Epoxy business segments, partially offset by improved operating results from our Chlor Alkali Products and Vinyls segment. Diluted net income per share was $0.01 for the three months ended March 31, 2025, compared to $0.40 in the prior year period, a decrease of $0.39 per share.

Current wording

Net (loss) income for the three and six months ended June 30, 2025 was ($1.3) million, and $0.1 million, respectively, compared to $74.2 million and $122.8 million, for the prior year periods, respectively. The decrease of $75.5 million and $122.7 million, respectively, in net income from the prior year periods was primarily due to lower operating results across all of our business segments. Diluted net (loss) income per share was ($0.01) and $0.00 for the three and six months ended June 30, 2025, respectively, compared to $0.62 and $1.01 in the prior year periods, respectively.

Previous wording

Chlor Alkali Products and Vinyls reported segment income was $78.3 million and $76.6 million for the three months ended March 31, 2025 and 2024, respectively. Chlor Alkali Products and Vinyls segment results were slightly higher than the comparable prior year period due to higher volumes, partially offset by lower pricing, primarily EDC, and higher raw material and operating costs.

Current wording

Chlor Alkali Products and Vinyls reported segment income was $64.9 million and $143.2 million for the three and six months ended June 30, 2025, respectively. Chlor Alkali Products and Vinyls segment results were lower than the comparable prior year periods due to higher raw material and operating costs, including planned maintenance turnaround expenses, and lower pricing, primarily EDC, partially offset by higher volumes.

Previous wording

Epoxy reported a segment loss of $28.4 million and $11.8 million for the three months ended March 31, 2025 and 2024, respectively. Epoxy segment results were lower than the comparable prior year period primarily due to higher operating costs. Global epoxy demand remains weak, and our U.S. and European Epoxy businesses remains significantly challenged by subsidized Asian competition. Our anti-dumping initiatives have provided limited benefits to date.

Current wording

Epoxy reported a segment loss of $23.7 million and $52.1 million for the three and six months ended June 30, 2025, respectively. Epoxy segment results were lower than the comparable prior year periods primarily due to higher operating costs, including planned maintenance turnaround expenses, as product margins were comparable year over year. Global epoxy demand remains weak, and our U.S. and European Epoxy businesses remains significantly challenged by subsidized Asian competition. Our anti-dumping initiatives have provided limited benefits to date.

Previous wording

Winchester reported segment income of $22.8 million and $72.2 million for the three months ended March 31, 2025 and 2024, respectively. Winchester segment results were lower than the comparable prior year period due to decreased commercial sales volumes, higher commodity and operating costs, and lower commercial ammunition product pricing, partially offset by higher domestic and international military sales.

Current wording

Winchester reported segment income of $25.0 million and $47.8 million for the three and six months ended June 30, 2025, respectively. Winchester segment results were lower than the comparable prior year periods due to decreased commercial ammunition sales volumes and pricing and higher raw material and operating costs, including commodity metal and propellant costs, partially offset by higher domestic and international military sales and military project revenue.

Previous wording

During the three months ended March 31, 2025, we repurchased and retired 0.7 million shares of common stock at a total value of $20.2 million. As of March 31, 2025, we had $1,978.9 million of remaining authorized common stock to be repurchased under our 2022 and 2024 Repurchase Authorization Programs.

Current wording

During the six months ended June 30, 2025, we repurchased and retired 1.2 million shares of common stock at a total value of $30.3 million. As of June 30, 2025, we had $1,968.9 million of remaining authorized common stock to be repurchased under our 2022 Repurchase Authorization and 2024 Repurchase Authorization (both defined below) programs.

Previous wording

On March 14, 2025, we entered into a new $1,850.0 million senior credit facility (2025 Senior Credit Facility), which increased the borrowing limit of our existing credit facility by $300.0 million and extended the maturity date from October 11, 2027 to March 14, 2030. Pursuant to the agreement, the aggregate principal amount under our term loan facility increased from $350.0 million to $650.0 million and the aggregate principal amount under our revolving credit facility remained at $1,200.0 million. The term loan was fully drawn on the closing date.

Current wording

On March 14, 2025, we entered into a new $1,850.0 million senior credit facility (2025 Senior Credit Facility), which increased the borrowing limit of our then-existing credit facility by $300.0 million and extended the maturity date from October 11, 2027 to March 14, 2030. Pursuant to the agreement, the aggregate principal amount under our term loan facility increased from $350.0 million to $650.0 million and the aggregate principal amount under our revolving credit facility remained at $1,200.0 million. The term loan was fully drawn on the closing date.

Previous wording

During the three months ended March 31, 2025, we had net borrowings of $199.9 million. Proceeds from the 2033 Notes, together with borrowings under the 2025 Senior Credit Facility, were used to redeem the $108.6 million 9.50% senior notes due 2025 (2025 Notes), redeem the $500.0 million 5.125% senior notes due 2027 (2027 Notes), refinance the existing $1,550.0 million senior credit facility (2022 Senior Credit Facility) comprised of $505.0 million of borrowings under the prior revolving credit facility and $332.5 million of borrowings under the prior term loan facility, and pay related fees and expenses.

Current wording

During the six months ended June 30, 2025, we had net borrowings of $159.8 million. Proceeds from the 2033 Notes, together with borrowings under the 2025 Senior Credit Facility, were used to redeem the $108.6 million 9.50% senior notes due 2025 (2025 Notes), redeem the $500.0 million 5.125% senior notes due 2027 (2027 Notes), refinance the then-existing $1,550.0 million senior credit facility (2022 Senior Credit Facility) comprised of $505.0 million of borrowings under the prior revolving credit facility and $332.5 million of borrowings under the prior term loan facility, and pay related fees and expenses.

Previous wording

The ultimate impact of tariffs and trade flows remains highly uncertain. We do not expect the direct impact from current tariffs on Olin to be significant. Our chemicals businesses generally source and sell where we produce. The exception to this would be our caustic soda and EDC exports, which are predominantly sold into low tariff countries. Additionally, although Winchester buys most metals locally, we still realize tariff-related price inflation on the domestic price of steel, aluminum and copper.

Current wording

The ultimate impact of tariffs and trade flows remains highly uncertain. While we are continuing to monitor the situation, as of the date of this filing, the direct impact from current tariffs have not been significant to our chemicals businesses. Our chemicals businesses generally source and sell where we produce. An exception to this would be potential retaliatory tariffs on caustic soda and EDC exports, which could alter the economics rapidly within the respective countries. Additionally, although Winchester buys most metals locally, we still realize tariff-related price inflation on the domestic price of steel, aluminum and copper.

Previous wording

On April 18, 2025, Olin acquired AMMO, Inc.’s small caliber ammunition manufacturing assets for total consideration of $55.8 million, subject to normal post-closing adjustments. The acquisition, which includes AMMO Inc.’s brass shellcase capabilities and their 185,000 square foot production facility located in Manitowoc, WI, will be included in Olin’s existing Winchester segment. The acquisition was financed with cash on hand.

Current wording

On April 18, 2025, Olin acquired AMMO, Inc.’s small caliber ammunition manufacturing assets for total consideration of $55.8 million, subject to normal post-closing adjustments. The acquisition, which included AMMO Inc.’s brass shellcase capabilities and its 185,000 square foot production facility located in Manitowoc, WI, is included in Olin’s Winchester segment. The acquisition was financed with cash on hand.

Previous wording

Sales for the three months ended March 31, 2025 were $1,644.2 million compared to $1,635.3 million in the same period last year, an increase of $8.9 million, or 1%. Chlor Alkali Products and Vinyls sales increased by $39.9 million primarily due to higher volumes, partially offset by lower pricing, primarily EDC. Epoxy sales decreased by $9.6 million. Winchester sales decreased by $21.4 million, primarily due to lower commercial ammunition sales, partially offset by increased sales to military customers and military project revenue.

Current wording

Sales for the three months ended June 30, 2025 were $1,758.3 million compared to $1,644.0 million in the same period last year, an increase of $114.3 million, or 7%. Chlor Alkali Products and Vinyls sales increased by $59.2 million primarily due to higher volumes. Winchester sales increased by $41.6 million, primarily due to increased sales to military customers and military project revenue, partially offset by lower commercial ammunition sales. Epoxy sales increased by $13.5 million, primarily due to higher volumes, partially offset by lower pricing.

Previous wording

Selling and administration expenses for the three months ended March 31, 2025 were $101.0 million, a decrease of $0.9 million from the prior year. The decrease was primarily due to lower stock-based compensation expense of $6.3 million, which includes mark-to-market adjustments, partially offset by higher legal expenses of $2.5 million. Selling and administration expenses as a percentage of sales was 6% for both the three months ended March 31, 2025 and 2024.

Current wording

Selling and administration expenses for the three months ended June 30, 2025 were $95.2 million, an increase of $0.6 million from the prior year period. The increase was primarily due to higher stock-based compensation expense of $7.3 million, which includes mark-to-market adjustments, partially offset by favorable foreign currency impact of $4.9 million. Selling and administration expenses as a percentage of sales was 5% and 6% for the three months ended June 30, 2025 and 2024, respectively.

Previous wording

The effective tax rate for the three months ended March 31, 2025 included a net $0.4 million tax benefit, primarily associated with a change in tax contingencies. Excluding this item, the effective tax rate for the three months ended March 31, 2025 of 23.8% 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, 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.

Current wording

The effective tax rate for the three months ended June 30, 2025 included a net $3.3 million tax benefit, primarily associated with U.S. federal investment tax credits and a release of valuation allowances on domestic state net operating losses and tax credits, 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 three months ended June 30, 2025 of 10.3% was lower than the 21.0% U.S. federal statutory rate primarily due to state income tax, favorable permanent salt depletion deductions, non-taxable exchange rate results and a favorable foreign rate differential, partially offset by foreign income inclusions. The effective tax rate for the three months ended June 30, 2024 included a net $0.6 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 three months ended June 30, 2024 of 25.8% 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.

Previous wording

Gross margin decreased $58.6 million for the three months ended March 31, 2025 compared to the prior year. Winchester gross margin decreased by $47.7 million primarily due to lower commercial sales volumes, higher commodity and operating costs and lower product pricing. Epoxy gross margin decreased by $15.6 million primarily due to higher operating costs. Chlor Alkali Products and Vinyls gross margin increased by $3.9 million primarily due to higher volumes, partially offset by lower pricing, primarily EDC, and higher raw material and operating cost. Gross margin as a percentage of sales decreased to 9% in 2025 from 13% in 2024.

Current wording

Gross margin decreased $158.3 million for the six months ended June 30, 2025 compared to the prior year period. Winchester gross margin decreased by $95.9 million primarily due to lower commercial sales volumes and pricing, and higher raw material and operating costs, including commodity metal and propellant costs. Epoxy gross margin decreased by $34.5 million primarily due to higher operating costs, including planned maintenance turnaround expenses. Chlor Alkali Products and Vinyls gross margin decreased by $30.2 million primarily due to higher raw material and operating costs, including planned maintenance turnaround expenses, and lower pricing, primarily EDC, partially offset by higher volumes. Gross margin as a percentage of sales decreased to 8% during the six months ended June 30, 2025 from 14% during the six months ended June 30, 2024.

Previous wording

Interest expense for the three months ended March 31, 2025 included $3.3 million for the write-off of unamortized deferred debt issuance costs and costs associated with our first quarter financing transactions, including the 2025 Senior Credit Facility, early redemption of the 2025 Notes and 2027 Notes, and issuance of the 2033 Notes. Without these items, interest expense increased $0.6 million primarily due to a higher level of debt outstanding, partially offset by lower average interest rates.

Current wording

Interest expense for the six months ended June 30, 2025 included $3.3 million for the write-off of unamortized deferred debt issuance costs and costs associated with our first quarter financing transactions, including the 2025 Senior Credit Facility, early redemption of the 2025 Notes and the 2027 Notes, and issuance of the 2033 Notes.

Previous 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 lower for the three months ended March 31, 2025 primarily due to a lower assumption for the long-term rate of return on plan assets.

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 lower for the six months ended June 30, 2025 primarily due to a lower assumption for the long-term rate of return on plan assets.

Previous wording

We define segment results as income (loss) before interest expense, interest income, other operating income (expense), non-operating pension income, other income and income taxes. We have three operating segments: Chlor Alkali Products and Vinyls, Epoxy and Winchester. The three operating segments reflect the organization used by our management for purposes of allocating resources and assessing performance. Chlorine and caustic soda used in our Epoxy segment is transferred at cost from the Chlor Alkali Products and Vinyls segment.

Current wording

We define segment results as income (loss) before interest expense, interest income, other operating income (expense), non-operating pension income, other income and income taxes, and includes the results of non-consolidated affiliates in segment results consistent with management’s monitoring of the operating segments. We have three operating segments: Chlor Alkali Products and Vinyls, Epoxy and Winchester. The three operating segments reflect the organization used by our management for purposes of allocating resources and assessing performance. Chlorine and caustic soda used in our Epoxy segment is transferred at cost from the Chlor Alkali Products and Vinyls segment.

Previous wording

Chlor Alkali Products and Vinyls segment income was $78.3 million for the three months ended March 31, 2025 compared to $76.6 million for the same period in 2024. The increase in segment results of $1.7 million was due to higher volumes ($59.9 million), and lower costs associated with products purchased from other parties ($16.0 million), partially offset by lower pricing ($45.7 million), primarily EDC, and higher raw material and operating costs ($28.5 million). Chlor Alkali Products and Vinyls segment results included depreciation and amortization expense of $107.2 million and $106.8 million for the three months ended March 31, 2025 and 2024, respectively.

Current wording

Chlor Alkali Products and Vinyls segment income was $64.9 million for the three months ended June 30, 2025 compared to $99.3 million for the same period in 2024, a decrease of $34.4 million. The decrease in segment results was due to higher raw material and operating costs ($49.5 million), including planned maintenance turnaround expenses, and lower pricing ($8.6 million), primarily EDC, partially offset by higher volumes ($14.4 million) and lower costs associated with products purchased from other parties ($9.3 million). Chlor Alkali Products and Vinyls segment results included depreciation and amortization expense of $106.3 million and $105.8 million for the three months ended June 30, 2025 and 2024, respectively.

Previous wording

Chlor Alkali Products and Vinyls sales for the three months ended March 31, 2025 were $924.5 million compared to $884.6 million for the same period in 2024, an increase of $39.9 million, or 5%. The sales increase was primarily due to higher volumes, partially offset by lower pricing, primarily EDC.

Current wording

Chlor Alkali Products and Vinyls sales for the six months ended June 30, 2025 were $1,904.0 million compared to $1,804.9 million for the same period in 2024, an increase of $99.1 million, or 5%. The sales increase was primarily due to higher volumes, partially offset by lower pricing, primarily EDC.

Previous wording

Epoxy segment loss was $28.4 million for the three months ended March 31, 2025 compared to segment loss of $11.8 million for the same period in 2024. The decrease in segment results of $16.6 million was due to higher operating costs ($12.2 million), lower product pricing ($2.3 million), which continues to be impacted by significant exports out of Asia into the European and North American markets, and decreased volumes ($2.1 million). A significant percentage of our Euro denominated sales are from 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 $12.8 million and $13.5 million for the three months ended March 31, 2025 and 2024, respectively.

Current wording

Epoxy segment loss was $23.7 million for the three months ended June 30, 2025 compared to segment loss of $3.0 million for the same period in 2024. The decrease in segment results of $20.7 million was due to higher operating costs ($24.4 million), including planned maintenance turnaround expenses, and lower product pricing ($16.1 million), offset by lower raw material costs ($18.1 million), primarily benzene and propylene, and increased volumes ($1.7 million), which included an unfavorable product mix. A significant percentage of our Euro denominated sales are from 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 $13.1 million and $13.4 million for the three months ended June 30, 2025 and 2024, respectively.

Previous wording

Winchester sales were $388.0 million for the three months ended March 31, 2025 compared to $409.4 million for the same period in 2024, a decrease of $21.4 million, or 5%. The sales decrease was due to lower sales to commercial customers ($86.9 million) and lower sales to law enforcement agencies ($1.2 million), partially offset by higher sales to domestic and international military customers ($66.7 million).

Current wording

Winchester sales were $447.6 million for the three months ended June 30, 2025 compared to $406.0 million for the same period in 2024, an increase of $41.6 million, or 10%. The sales increase was due to higher sales to military customers and military project revenue ($102.0 million), partially offset by lower sales to commercial customers ($55.2 million) and law enforcement agencies ($5.2 million).

Previous wording

Winchester segment income was $22.8 million for the three months ended March 31, 2025 compared to $72.2 million for the same period in 2024, a decrease of $49.4 million. The decrease in segment results was due to lower sales volumes ($24.7 million), higher commodity and operating costs ($16.6 million), including propellant cost, and lower product pricing ($8.1 million). Winchester segment income included depreciation and amortization expense of $9.5 million and $7.9 million for the three months ended March 31, 2025 and 2024, respectively.

Current wording

Winchester segment income was $47.8 million for the six months ended June 30, 2025 compared to $142.5 million for the same period in 2024, a decrease of $94.7 million. The decrease in segment results was due to lower sales volumes ($46.1 million), higher raw material and operating costs ($27.8 million), including commodity metal and propellant costs, and lower product pricing ($20.8 million). Winchester segment income included depreciation and amortization expense of $17.4 million and $16.2 million for the six months ended June 30, 2025 and 2024, respectively.

Previous wording

For the three months ended March 31, 2025, charges to income for environmental investigatory and remedial activities were $5.0 million compared to $5.8 million for the three months ended March 31, 2024. 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, 2025, charges to income for environmental investigatory and remedial activities were $4.8 million compared to $6.4 million for the three months ended June 30, 2024. 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, 2025, other corporate and unallocated costs were $20.0 million compared to $25.8 million for the three months ended March 31, 2024, a decrease of $5.8 million. The decrease was primarily due lower variable incentive compensation costs ($4.6 million), which includes mark-to-market adjustments on stock-based compensation expense, and a favorable foreign currency impact ($4.7 million).

Current wording

For the six months ended June 30, 2025, other corporate and unallocated costs were $39.9 million compared to $42.8 million for the six months ended June 30, 2024, a decrease of $2.9 million. The decrease was primarily due to a favorable foreign currency impact ($9.7 million), partially offset by higher variable incentive compensation costs ($4.4 million), which includes mark-to-market adjustments on stock-based compensation expense.

Previous wording

For the three months ended March 31, 2025 and 2024, we incurred charges of $2.9 million and $4.8 million, respectively, associated with other previously disclosed restructuring plans. We expect to incur additional restructuring charges through 2027 of approximately $35 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.

Current wording

Pretax restructuring charges related to our restructuring and optimization efforts include facility exit costs, lease and other contract termination costs, employee severance and related benefits costs and the write-off of equipment and facilities. Pretax restructuring charges for the three and six months ended June 30, 2025 and 2024, were as follows:

Previous wording

In 2025, we currently expect our capital spending to be in the $200 million to $220 million range. We expect 2025 depreciation and amortization expense to be in the $525 million range.

Current wording

In 2025, we currently expect our capital spending to be in the $200 million to $220 million range. We expect 2025 depreciation and amortization expense to be approximately $525 million.

Previous wording

We currently believe the 2025 effective tax rate will be in the 25% to 30% range. We expect cash taxes paid to be $175 million to $200 million primarily for earnings in foreign jurisdictions, including the previously deferred international tax payments expected to be made in 2025.

Current wording

We currently believe the 2025 effective tax rate will be in the 25% to 35% range. We expect cash taxes paid to be approximately $175 million, primarily for earnings in foreign jurisdictions, including the previously deferred international tax payments expected to be made in 2025.

Previous wording

Environmental provisions charged to income, which are included in costs of goods sold, were $5.0 million and $5.8 million for the three months ended March 31, 2025 and 2024, respectively.

Current wording

Environmental provisions charged to income, which are included in costs of goods sold, were $4.8 million and $6.4 million for the three months ended June 30, 2025 and 2024, respectively, and $9.8 million and $12.2 million for the six months ended June 30, 2025 and 2024, respectively.

Previous wording

Environmental investigatory and remediation activities spending was associated with former waste disposal sites and past manufacturing operations. Spending in 2025 for investigatory and remedial efforts, the timing of which is subject to regulatory approvals and other uncertainties, is estimated to be approximately $30 million. Cash outlays for remedial and investigatory activities associated with former waste disposal sites and past manufacturing operations were not charged to income, but instead, were charged to reserves established for such costs identified and expensed to income in prior periods. Associated costs of investigatory and remedial activities are provided for in accordance with generally accepted accounting principles governing probability and the ability to reasonably estimate future costs. Our ability to estimate future costs depends on whether our investigatory and remedial activities are in preliminary or advanced stages. With respect to unasserted claims, we accrue liabilities for costs that, in our experience, we expect to incur to protect our interests against those unasserted claims.

Current wording

Environmental investigatory and remediation activities spending was associated with former waste disposal sites and past manufacturing operations. Spending in 2025 for investigatory and remedial efforts, the timing of which is subject to regulatory approvals and other uncertainties, is estimated to be approximately $30 million. Cash outlays for remedial and investigatory activities associated with former waste disposal sites and past manufacturing operations were not charged to income, but instead, were charged to reserves established for such costs identified and expensed to income in prior periods. Associated costs of investigatory and remedial activities are provided for in accordance with generally accepted accounting principles governing probability and the ability to reasonably estimate future costs. Our ability to estimate future costs depends on whether our investigatory and remedial activities are in preliminary or advanced stages. With respect to unasserted claims, we accrue liabilities for costs that, in our experience, we expect to incur to protect our interests against those unasserted claims. Our accrued liabilities for unasserted claims amounted to $11.6 million at June 30, 2025. With respect to asserted claims, we accrue liabilities based on remedial investigation, feasibility study, remedial action and operation, maintenance and monitoring (OM&M) expenses that, in our experience, we expect to incur in connection with the asserted claims. Required site OM&M expenses are estimated and accrued in their entirety for required periods not exceeding 30 years, which reasonably approximates the typical duration of long-term site OM&M. Charges to income for investigatory and remedial efforts may be material to our operating results in 2025.

Previous wording

The condensed balance sheets included reserves for future environmental expenditures to investigate and remediate known sites amounting to $157.0 million, $156.5 million and $154.8 million at March 31, 2025, December 31, 2024 and March 31, 2024, respectively, of which $127.0 million, $126.5 million and $122.8 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.

Current wording

The condensed balance sheets included reserves for future environmental expenditures to investigate and remediate known sites amounting to $155.2 million, $156.5 million and $155.3 million at June 30, 2025, December 31, 2024 and June 30, 2024, respectively, of which $125.2 million, $126.5 million and $123.3 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, 2025, cash provided by operating activities decreased by $167.0 million from the three months ended March 31, 2024, primarily due to a larger increase in working capital compared with the prior year and a decrease in operating results. For the three months ended March 31, 2025, working capital increased $204.4 million compared to an increase of $89.0 million for the three months ended March 31, 2024. Receivables increased $98.2 million, primarily due to the timing of sales during the first quarter 2025 compared to fourth quarter 2025. Inventories increased $43.9 million which reflects normal seasonal growth. Income taxes payable, net of income taxes receivable, decreased by $34.0 million from December 31, 2024 primarily due to timing of international tax payments.

Current wording

For the six months ended June 30, 2025, cash provided by operating activities decreased by $45.3 million from the six months ended June 30, 2024, primarily due to a decrease in operating results, partially offset by a smaller increase in working capital compared with the prior year period. For the six months ended June 30, 2025, working capital increased $112.4 million compared to an increase of $166.3 million for the six months ended June 30, 2024. Receivables increased $34.1 million, primarily due to the timing of sales during the second quarter 2025 compared to the fourth quarter 2024. Inventories increased $51.8 million from December 31, 2024, which reflects normal seasonal growth. Income taxes payable, net of income taxes receivable, decreased by $124.3 million from December 31, 2024 primarily due to timing of international tax payments. Accounts payable and accrued liabilities increased $108.2 million from December 31, 2024, primarily as a result of timing of payments during the first half of 2025.

Previous wording

Capital spending was $61.4 million for the three months ended March 31, 2025, compared to $44.3 million for the comparable period in 2024. For the full year 2025, we expect our capital spending to be in the $200 million to $220 million range. Our capital spending forecast represents normal capital spending to maintain our current operating facilities. We expect 2025 depreciation and amortization expense to be in the $525 million range.

Current wording

Capital spending was $92.4 million for the six months ended June 30, 2025, compared to $100.8 million for the comparable period in 2024. For the full year 2025, we expect our capital spending to be in the $200 million to $220 million range. Our capital spending forecast represents normal capital spending to maintain our current operating facilities. We expect 2025 depreciation and amortization expense to be in the $525 million range.

Previous wording

For the three months ended March 31, 2024, payments under other long-term supply contracts were $28.5 million for energy modernization on the U.S. Gulf Coast. Our payments for this project were completed in the third quarter of 2024.

Current wording

For the six months ended June 30, 2024, payments under other long-term supply contracts were $46.7 million for energy modernization on the U.S. Gulf Coast. Our payments for this project were completed in the third quarter of 2024.

Previous wording

During the three months ended March 31, 2025 and 2024, activity of our outstanding debt included:

Current wording

During the six months ended June 30, 2025 and 2024, activity of our outstanding debt included:

Previous wording

For the three months ended March 31, 2025, we paid debt issuance costs of $12.0 million associated with the 2033 Notes and 2025 Senior Credit Facility.

Current wording

For the six months ended June 30, 2025, we paid debt issuance costs of $12.0 million associated with the 2033 Notes and the 2025 Senior Credit Facility.

Previous wording

For the three months ended March 31, 2025 and 2024, 0.7 million and 2.0 million shares, respectively, of common stock were repurchased and retired at a total value of $20.2 million and $105.4 million, respectively.

Current wording

For the six months ended June 30, 2025 and 2024, 1.2 million and 3.9 million shares, respectively, of common stock were repurchased and retired at a total value of $30.3 million and $211.4 million, respectively.

Previous wording

We issued less than 0.1 million and 0.8 million shares representing stock options exercised for the three months ended March 31, 2025 and 2024, respectively, with a total value of$1.9 million and $19.8 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 less than 0.1 million and 0.8 million shares representing stock options exercised for the six months ended June 30, 2025 and 2024, respectively, with a total value of$1.9 million and $21.7 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

The percent of total debt to total capitalization increased to 59.8% as of March 31, 2025 from 58.0% as of December 31, 2024, primarily as a result of a higher level of debt outstanding.

Current wording

The percentage of total debt to total capitalization increased to 60.1% as of June 30, 2025 from 58.0% as of December 31, 2024, primarily as a result of a higher level of debt outstanding.

Previous wording

In the first quarter of 2025 and 2024, we paid a quarterly dividend of $0.20 per share. Dividends paid for the three months ended March 31, 2025 and 2024, were $23.0 million and $23.9 million, respectively. On May 1, 2025, our Board of Directors declared a dividend of $0.20 per share on our common stock, payable on June 13, 2025, to shareholders of record on May 15, 2025.

Current wording

In the first and second quarters of 2025 and 2024, we paid a quarterly dividend of $0.20 per share. Dividends paid for the six months ended June 30, 2025 and 2024, were $46.0 million and $47.6 million, respectively.

Previous wording

On March 14, 2025, Olin issued $600.0 million aggregate principal amount of 6.625% senior notes due April 1, 2033 (2033 Notes), in a private offering exempt from the registration requirements of the Securities Act of 1933, as amended. Interest on the 2033 Notes began accruing from March 14, 2025 and is paid semi-annually beginning on October 1, 2025.

Current wording

On March 14, 2025, Olin issued $600.0 million aggregate principal amount of 6.625% senior notes due April 1, 2033 (2033 Notes), in a private offering exempt from the registration requirements of the Securities Act of 1933, as amended. Interest on the 2033 Notes began accruing from March 14, 2025 and is paid semi-annually beginning on October 1, 2025, and every six months thereafter.