Form 8-K - Current report

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): January 30, 2025

OLIN CORPORATION

(Exact name of registrant as specified in its charter)

Virginia			1-1070			13-1872319
(State or Other Jurisdiction of Incorporation)			(Commission File Number)			(IRS Employer Identification No.)

190 Carondelet Plaza,

Suite 1530

Clayton,

MO

63105

(Address of principal executive offices)

(Zip Code)

[phone]

(Registrant’s telephone number, including area code)

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol

Name of each exchange on which registered

Common Stock, $1.00 par value per share

OLN

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

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Emerging growth company

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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

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Item 2.02 Results of Operations and Financial Condition.

On January 30, 2025, Olin Corporation ("Olin”) issued a press release announcing financial results for the fourth quarter ended December 31, 2024. Attached as Exhibit 99.1, and incorporated by reference into this Item 2.02, is a copy of Olin’s press release dated January 30, 2025.

Item 9.01.    Financial Statements and Exhibits.

(d) Exhibit No.			Exhibit
99.1			Press Release announcing fourth quarter 2024 earnings, dated January 30, 2025
104			Cover Page Interactive Data File (embedded within the Inline XBRL document)

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

			OLIN CORPORATION
			By:			/s/ Inchan Hwang
						Name:			Inchan Hwang
						Title:			Vice President, Deputy General Counsel and Secretary

Date: January 30, 2025

Exhibit 99.1

    Investor Contact: Steve Keenan

        [phone]

    [e-mail]

News

Olin Corporation, 190 Carondelet Plaza, Suite 1530, Clayton, MO 63105

Olin Announces Fourth Quarter 2024 Results

Highlights

•Fourth quarter 2024 net income of $10.7 million, or $0.09 per diluted share

•Quarterly adjusted EBITDA of $193.4 million

Clayton, MO, January 30, 2025 – Olin Corporation (NYSE: OLN) announced financial results for the fourth quarter ended December 31, 2024. Fourth quarter 2024 reported net income was $10.7 million, or $0.09 per diluted share, which compares to fourth quarter 2023 reported net income of $52.9 million, or $0.43 per diluted share. Fourth quarter 2024 adjusted EBITDA of $193.4 million excludes depreciation and amortization expense of $129.2 million and restructuring charges of $10.3 million. Fourth quarter 2023 adjusted EBITDA was $210.1 million. Sales in the fourth quarter 2024 were $1,671.3 million, compared to $1,614.6 million in the fourth quarter 2023. Full year 2024 reported net income was $108.6 million, or $0.91 per diluted share, which compares to full year 2023 reported net income of $460.2 million, or $3.57 per diluted share.

Ken Lane, President, and Chief Executive Officer, said, “While we expect challenging industry conditions to continue into 2025, we will stay focused on optimizing our core businesses through our value-first commercial approach as well as controlling our costs as we described during our Investor Day in December. We remain confident in our ability to generate higher trough-level earnings and cash flow despite the difficult environment.”

Lane continued, “We expect first quarter 2025 results from our Chemicals businesses to be lower than fourth quarter 2024 as our disciplined market participation continues. Our Chlor Alkali business expects sequentially lower chlorine and caustic soda volumes and continued pricing pressure on ethylene dichloride (EDC). As we announced at our Investor Day in December, Olin will enter the domestic polyvinyl chloride (PVC) resin market in the first quarter 2025 through our EDC tolling agreement. This pilot initiative expands our chlorine optionality, upgrades the value of Olin EDC and will guide our PVC resin go-to-market strategy in the coming years.

“Global epoxy demand remains weak, and our U.S. and European Epoxy business remains significantly challenged by subsidized Asian competition. Our Epoxy business focus remains on maximizing the chlor alkali integration value, continuing to reduce our costs and growing our formulated solutions business.

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“We expect our Winchester first quarter 2025 results to be slightly lower than fourth quarter 2024, as commercial customers continue to work down elevated inventories along with softer consumer demand. As we announced on January 21, 2025, Winchester entered into a definitive agreement to acquire the ammunition manufacturing assets of AMMO, Inc. We expect this acquisition to be immediately accretive and to enable our broader participation in high-margin specialty calibers. The transaction is expected to close in second quarter 2025.”

Commenting on the overall first quarter outlook, Lane continued, “We expect Olin’s first quarter 2025 adjusted EBITDA to be in the range of $150 million to $170 million, and we will continue Olin’s disciplined capital allocation strategy to prioritize share repurchases from available cash flow. During 2024, we repurchased approximately 5% of outstanding Olin shares.”

SEGMENT REPORTING

Olin defines segment earnings as income (loss) before interest expense, interest income, other operating income (expense), non-operating pension income, other income, and income taxes.

CHLOR ALKALI PRODUCTS AND VINYLS

Chlor Alkali Products and Vinyls sales for the fourth quarter 2024 were $953.7 million, compared to $906.1 million in the fourth quarter 2023. The increase in sales was primarily due to higher volumes and pricing. Fourth quarter 2024 segment earnings were $75.2 million, compared to $65.9 million in the fourth quarter 2023. The fourth quarter included $16.9 million of costs associated with Hurricane Beryl. The remaining $26.2 million increase in segment earnings was primarily due to higher pricing and lower raw materials and operating costs, partially offset by a less favorable product mix. Chlor Alkali Products and Vinyls fourth quarter 2024 results included depreciation and amortization expense of $105.5 million compared to $105.4 million in the fourth quarter 2023.

EPOXY

Epoxy sales for the fourth quarter 2024 were $282.2 million, compared to $313.1 million in the fourth quarter 2023. The decrease in sales was primarily due to lower volumes and pricing. Fourth quarter 2024 segment loss was ($27.4) million, compared to segment loss of ($23.1) million in the fourth quarter 2023. The $4.3 million decrease in segment results was primarily due to lower volumes and pricing, partially offset by lower raw material and operating costs. Epoxy fourth quarter 2024 results included depreciation and amortization expense of $13.1 million compared to $13.0 million in the fourth quarter 2023.

WINCHESTER

Winchester sales for the fourth quarter 2024 were $435.4 million, compared to $395.4 million in the fourth quarter 2023. The increase in sales was primarily due to higher military sales and military project revenue, partially offset by lower commercial ammunition sales. Fourth quarter 2024 segment earnings were $42.0 million, compared to $65.4 million in the fourth quarter 2023. The $23.4 million decrease in segment earnings was primarily due to lower commercial ammunition shipments and pricing and higher propellant costs, partially offset by higher military shipments and military project revenue. Winchester fourth quarter 2024 results included depreciation and amortization expense of $9.1 million compared to $8.1 million in the fourth quarter 2023.

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CORPORATE AND OTHER COSTS

Other corporate and unallocated costs in the fourth quarter of 2024 decreased $5.3 million compared to fourth quarter 2023 primarily due to lower stock-based compensation, including mark-to-market adjustments, partially offset by higher consulting costs and legal and legal-related settlement costs.

LIQUIDITY AND SHARE REPURCHASES

The cash balance on December 31, 2024, was $175.6 million. Olin ended the fourth quarter 2024 with net debt of approximately $2.7 billion and a net debt to adjusted EBITDA ratio of 3.1 times. On December 31, 2024, Olin had approximately $1.2 billion of available liquidity.

During fourth quarter 2024, approximately 1.0 million shares of common stock were repurchased at a cost of $43.5 million. During 2024, approximately 5.9 million shares of common stock were repurchased at a cost of $300.3 million. On December 31, 2024, Olin had approximately $2.0 billion available under its share repurchase authorizations.

CONFERENCE CALL INFORMATION

Olin senior management will host a conference call to discuss fourth quarter 2024 financial results at 9:00 a.m. Eastern Time on Friday, January 31, 2025. Remarks will be followed by a question-and-answer session. Associated slides, which will be available the evening before the call, and the conference call webcast will be accessible via Olin’s website, www.olin.com, under the fourth quarter conference call icon. An archived replay of the webcast will also be available in the Investor Relations section of Olin’s website beginning at 12:00 p.m. Eastern Time. A final transcript of the call will be posted the next business day.

COMPANY DESCRIPTION

Olin Corporation is a leading vertically integrated global manufacturer and distributor of chemical products and a leading U.S. manufacturer of ammunition. The chemical products produced include chlorine and caustic soda, vinyls, epoxies, chlorinated organics, bleach, hydrogen, and hydrochloric acid. Winchester’s principal manufacturing facilities produce and distribute sporting ammunition, law enforcement ammunition, reloading components, small caliber military ammunition and components, industrial cartridges, and clay targets.

Visit www.olin.com for more information on Olin Corporation.

FORWARD-LOOKING STATEMENTS

This communication includes forward-looking statements. These statements relate to analyses and other information that are based on management's beliefs, certain assumptions made by management, forecasts of future results, and current expectations, estimates and projections about the markets and economy in which we and our various segments operate. The statements contained in this communication that are not statements of historical fact may include forward-looking statements that involve a number of risks and uncertainties.

We have used the words "anticipate," "intend," "may," "expect," "believe," "should," "plan," "outlook," "project," "estimate," "forecast," "optimistic," “target,” and variations of such words and similar expressions in this communication to identify such forward-looking statements. These forward-looking statements include, but are not limited to, statements regarding the Company’s intent to repurchase, from time to time, the Company’s common stock, the Company’s anticipated timing and financial and other benefits of entering the domestic PVC resin market and the Company’s anticipated financial and other benefits of our proposed acquisition of the ammunition assets of Ammo, Inc. These statements are not guarantees of future performance and involve certain risks, uncertainties, and assumptions, which are difficult to predict and many of which are beyond our control. Therefore, actual outcomes and results may differ materially from those matters expressed or implied in such forward-looking statements. We undertake no obligation to update publicly any forward-looking statements, whether as a result of future events, new information or otherwise. The payment of cash dividends is subject to the discretion of our board of directors and will be determined in light of then-current conditions, including our earnings, our operations, our financial conditions, our capital requirements and other factors deemed relevant by our board of directors. In the future, our board of directors may change our dividend policy, including the frequency or amount of any dividend, in light of then-existing conditions.

The risks, uncertainties and assumptions involved in our forward-looking statements, many of which are discussed in more detail in our filings with the SEC, including without limitation the "Risk Factors" section of our Annual Report on Form 10-K for the year ended December 31, 2023, and our Quarterly Reports on Form 10-Q and other reports furnished or filed with the SEC, include, but are not limited to, the following:

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Business, Industry and Operational Risks

•sensitivity to economic, business and market conditions in the United States and overseas, including economic instability or a downturn in the sectors served by us;

•declines in average selling prices for our products and the supply/demand balance for our products, including the impact of excess industry capacity or an imbalance in demand for our chlor alkali products;

•unsuccessful execution of our operating model, which prioritizes Electrochemical Unit (ECU) margins over sales volumes;

•failure to identify, attract, develop, retain and motivate qualified employees throughout the organization and ability to manage executive officer and other key senior management transitions;

•failure to control costs and inflation impacts or failure to achieve targeted cost reductions;

•our reliance on a limited number of suppliers for specified feedstock and services and our reliance on third-party transportation;

•the occurrence of unexpected manufacturing interruptions and outages, including those occurring as a result of labor disruptions and production hazards;

•exposure to physical risks associated with climate-related events or increased severity and frequency of severe weather events;

•availability of and/or higher-than-expected costs of raw material, energy, transportation, and/or logistics;

•the failure or an interruption, including cyber-attacks, of our information technology systems;

•our inability to complete future acquisitions or joint venture transactions or successfully integrate them into our business;

•risks associated with our international sales and operations, including economic, political or regulatory changes;

•our indebtedness and debt service obligations;

•weak industry conditions affecting our ability to comply with the financial maintenance covenants in our senior credit facility;

•adverse conditions in the credit and capital markets, limiting or preventing our ability to borrow or raise capital;

•the effects of any declines in global equity markets on asset values and any declines in interest rates or other significant assumptions used to value the liabilities in, and funding of, our pension plans;

•our long-range plan assumptions not being realized, causing a non-cash impairment charge of long-lived assets;

Legal, Environmental and Regulatory Risks

•changes in, or failure to comply with, legislation or government regulations or policies, including changes regarding our ability to manufacture or use certain products and changes within the international markets in which we operate;

•new regulations or public policy changes regarding the transportation of hazardous chemicals and the security of chemical manufacturing facilities;

•unexpected outcomes from legal or regulatory claims and proceedings;

•costs and other expenditures in excess of those projected for environmental investigation and remediation or other legal proceedings;

•various risks associated with our Lake City U.S. Army Ammunition Plant contract and performance under other governmental contracts; and

•failure to effectively manage environmental, social and governance (ESG) issues and related regulations, including climate change and sustainability.

All of our forward-looking statements should be considered in light of these factors. In addition, other risks and uncertainties not presently known to us or that we consider immaterial could affect the accuracy of our forward-looking statements.

2025-03

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Olin Corporation

Consolidated Statements of Operations(a)

			Three Months Ended December 31,									Years Ended December 31,
(In millions, except per share amounts)			2024						2023			2024						2023
Sales			$	1,671.3					$	1,614.6		$	6,540.1					$	6,833.0
Operating Expenses:
Cost of Goods Sold			1,513.4						1,430.9			5,802.6						5,667.5
Selling and Administrative			100.3						102.8			408.5						406.7
Restructuring Charges (Income)(b)			10.3						(2.4)			33.3						89.6
Other Operating Income(c)			—						15.7			0.8						42.9
Operating Income			47.3						99.0			296.5						712.1
Interest Expense			44.9						47.2			184.5						181.1
Interest Income			1.0						1.1			3.7						4.3
Non-operating Pension Income			6.6						7.0			26.0						24.0
Income before Taxes			10.0						59.9			141.7						559.3
Income Tax (Benefit) Provision			(0.1)						11.1			36.7						107.3
Net Income			10.1						48.8			105.0						452.0
Net Loss Attributable to Noncontrolling Interests			(0.6)						(4.1)			(3.6)						(8.2)
Net Income Attributable to Olin Corporation			$	10.7					$	52.9		$	108.6					$	460.2
Net Income Attributable to Olin Corporation Per Common Share:
Basic			$	0.09					$	0.44		$	0.92					$	3.66
Diluted			$	0.09					$	0.43		$	0.91					$	3.57
Dividends Per Common Share			$	0.20					$	0.20		$	0.80					$	0.80
Average Common Shares Outstanding - Basic			116.1						121.0			117.8						125.9
Average Common Shares Outstanding - Diluted			117.3						123.5			119.5						128.8

(a)Unaudited.

(b)Restructuring income for the three months ended December 31, 2023 was primarily attributed to revised contract termination costs associated with our operational cessation at our Terneuzen, Netherlands, cumene facility. Restructuring charges for the year ended December 31, 2023 were primarily associated with our actions to configure our global Epoxy asset footprint to optimize the most productive and cost-effective assets to support our operating model, of which $17.7 million were non-cash impairment charges for equipment and facilities.

(c)Other operating income for both the three months and year ended December 31, 2023 included an insurance recovery of $15.6 million associated with a second quarter 2022 business interruption at our Plaquemine, Louisiana, Chlor Alkali Products and Vinyls facility. Other operating income for the year ended December 31, 2023 also included a gain of $27.0 million for the sale of Olin's domestic private trucking fleet and operations.

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Olin Corporation

Segment Information(a)

			Three Months Ended December 31,									Years Ended December 31,
(In millions)			2024						2023			2024						2023
Sales:
Chlor Alkali Products and Vinyls			$	953.7					$	906.1		$	3,630.2					$	3,995.1
Epoxy			282.2						313.1			1,226.3						1,329.2
Winchester			435.4						395.4			1,683.6						1,508.7
Total Sales			$	1,671.3					$	1,614.6		$	6,540.1					$	6,833.0
Income before Taxes:
Chlor Alkali Products and Vinyls			$	75.2					$	65.9		$	296.4					$	664.2
Epoxy			(27.4)						(23.1)			(85.0)						(31.0)
Winchester			42.0						65.4			237.9						255.6
Corporate/Other:
Environmental Expense(b)			(10.8)						(0.6)			(30.2)						(23.7)
Other Corporate and Unallocated Costs			(21.4)						(26.7)			(90.1)						(106.3)
Restructuring (Charges) Income(c)			(10.3)						2.4			(33.3)						(89.6)
Other Operating Income(d)			—						15.7			0.8						42.9
Interest Expense			(44.9)						(47.2)			(184.5)						(181.1)
Interest Income			1.0						1.1			3.7						4.3
Non-operating Pension Income			6.6						7.0			26.0						24.0
Income before Taxes			$	10.0					$	59.9		$	141.7					$	559.3

(a)Unaudited.

(b)Environmental expense for both the three months and year ended December 31, 2023 included $6.4 million of insurance recoveries for costs incurred and expensed in prior periods.

(c)Restructuring income for the three months ended December 31, 2023 was primarily attributed to revised contract termination costs associated with our operational cessation at our Terneuzen, Netherlands, cumene facility. Restructuring charges for the year ended December 31, 2023 were primarily associated with our actions to configure our global Epoxy asset footprint to optimize the most productive and cost-effective assets to support our operating model, of which $17.7 million were non-cash impairment charges for equipment and facilities.

(d)Other operating income for both the three months and year ended December 31, 2023 included an insurance recovery of $15.6 million associated with a second quarter 2022 business interruption at our Plaquemine, Louisiana, Chlor Alkali Products and Vinyls facility. Other operating income for the year ended December 31, 2023 also included a gain of $27.0 million for the sale of Olin's domestic private trucking fleet and operations.

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Olin Corporation

Consolidated Balance Sheets(a)

			December 31,
(In millions, except per share data)			2024						2023
Assets:
Cash and Cash Equivalents			$	175.6					$	170.3
Accounts Receivable, Net			1,007.8						874.7
Income Taxes Receivable			11.5						15.3
Inventories, Net			823.5						858.8
Other Current Assets			61.4						54.1
Total Current Assets			2,079.8						1,973.2
Property, Plant and Equipment     (Less Accumulated Depreciation of $5,189.2 and $4,826.4)			2,328.4						2,519.6
Operating Lease Assets, Net			302.2						344.7
Deferred Income Taxes			53.4						87.4
Other Assets			1,185.1						1,118.5
Intangibles, Net			206.6						245.8
Goodwill			1,423.6						1,424.0
Total Assets			$	7,579.1					$	7,713.2
Liabilities and Shareholders’ Equity:
Current Installments of Long-term Debt			$	129.0					$	78.8
Accounts Payable			861.6						775.4
Income Taxes Payable			141.3						154.7
Current Operating Lease Liabilities			64.8						69.3
Accrued Liabilities			435.5						450.0
Total Current Liabilities			1,632.2						1,528.2
Long-term Debt			2,713.2						2,591.3
Operating Lease Liabilities			243.2						283.1
Accrued Pension Liability			197.7						225.8
Deferred Income Taxes			430.5						476.2
Other Liabilities			306.9						340.3
Total Liabilities			5,523.7						5,444.9
Commitments and Contingencies
Shareholders’ Equity:
Common Stock, $1.00 Par Value Per Share; Authorized 240.0 Shares; Issued and Outstanding 115.7 Shares (120.2 in 2023)			115.7						120.2
Additional Paid-in Capital			—						24.8
Accumulated Other Comprehensive Loss			(450.1)						(496.3)
Retained Earnings			2,357.5						2,583.7
Olin Corporation’s Shareholders’ Equity			2,023.1						2,232.4
Noncontrolling Interests			32.3						35.9
Total Equity			2,055.4						2,268.3
Total Liabilities and Equity			$	7,579.1					$	7,713.2

(a)Unaudited.

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Olin Corporation

Consolidated Statements of Cash Flows(a)

			Years Ended December 31,
(In millions)			2024						2023
Operating Activities:
Net Income			$	105.0					$	452.0
Depreciation and Amortization			518.1						533.4
Gains on Disposition of Property, Plant and Equipment			—						(27.0)
Stock-based Compensation			17.1						18.6
Write-off of Equipment and Facility included in Restructuring Charges			—						17.7
Deferred Income Taxes			(33.7)						(55.6)
Qualified Pension Plan Contributions			(1.3)						(1.1)
Qualified Pension Plan Income			(23.3)						(21.0)
Changes in Assets and Liabilities:
Receivables			(119.4)						65.4
Income Taxes Receivable/Payable			(1.6)						45.8
Inventories			25.9						94.4
Other Current Assets			2.4						(3.1)
Accounts Payable and Accrued Liabilities			72.8						(133.9)
Other Assets			(28.4)						(23.4)
Other Noncurrent Liabilities			(35.1)						15.8
Other Operating Activities			4.7						(3.7)
Net Operating Activities			503.2						974.3
Investing Activities:
Capital Expenditures			(195.1)						(236.0)
Business Acquired in Purchase Transaction, Net of Cash Acquired			—						(63.9)
Payments under Other Long-term Supply Contracts			(58.6)						(64.5)
Proceeds from Disposition of Property, Plant and Equipment			—						28.8
Investments in Unconsolidated Affiliates			(23.0)						—
Other Investing Activities			(7.0)						(5.2)
Net Investing Activities			(283.7)						(340.8)
Financing Activities:
Long-term Debt Borrowings, Net			169.7						85.9
Common Stock Repurchased and Retired			(300.3)						(711.3)
Stock Options Exercised			23.9						25.4
Employee Taxes Paid for Share-based Payment Arrangements			(10.5)						—
Dividends Paid			(94.2)						(101.0)
Debt and Equity Issuance Costs			(1.2)						—
Contributions Received from Noncontrolling Interests			—						44.1
Net Financing Activities			(212.6)						(656.9)
Effect of Exchange Rate Changes on Cash and Cash Equivalents			(1.6)						(0.3)
Net Increase (Decrease) in Cash and Cash Equivalents			5.3						(23.7)
Cash and Cash Equivalents, Beginning of Year			170.3						194.0
Cash and Cash Equivalents, End of Year			$	175.6					$	170.3

(a)Unaudited.

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Olin Corporation

Non-GAAP Financial Measures - Adjusted EBITDA(a)

Olin's definition of Adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) is net income (loss) plus an add-back for depreciation and amortization, interest expense (income), income tax provision (benefit), other expense (income), restructuring charges (income) and certain other non-recurring items. Adjusted EBITDA is a non-GAAP financial measure. Management believes that this measure is meaningful to investors as a supplemental financial measure to assess the financial performance without regard to financing methods, capital structures, taxes or historical cost basis. The use of non-GAAP financial measures is not intended to replace any measures of performance determined in accordance with GAAP and Adjusted EBITDA presented may not be comparable to similarly titled measures of other companies. Reconciliation of forward-looking non-GAAP financial measures to the most directly comparable GAAP financial measures are omitted from this release because Olin is unable to provide such reconciliations without the use of unreasonable efforts. This inability results from the inherent difficulty in forecasting generally and quantifying certain projected amounts that are necessary for such reconciliations. In particular, sufficient information is not available to calculate certain adjustments required for such reconciliations, including interest expense (income), income tax provision (benefit), other expense (income) and restructuring charges (income). Because of our inability to calculate such adjustments, forward-looking net income guidance is also omitted from this release. We expect these adjustments to have a potentially significant impact on our future GAAP financial results.

			Three Months Ended December 31,									Years Ended December 31,
(In millions)			2024						2023			2024						2023
Reconciliation of Net Income to Adjusted EBITDA:
Net Income			$	10.1					$	48.8		$	105.0					$	452.0
Add Back:
Interest Expense			44.9						47.2			184.5						181.1
Interest Income			(1.0)						(1.1)			(3.7)						(4.3)
Income Tax (Benefit) Provision			(0.1)						11.1			36.7						107.3
Depreciation and Amortization			129.2						128.5			518.1						533.4
EBITDA			183.1						234.5			840.6						1,269.5
Add Back:
Restructuring Charges (Income)			10.3						(2.4)			33.3						89.6
Environmental Recoveries(b)			—						(6.4)			—						(6.4)
Certain Non-recurring Items(c)			—						(15.6)			—						(42.6)
Adjusted EBITDA			$	193.4					$	210.1		$	873.9					$	1,310.1

(a)Unaudited.

(b)Environmental recoveries included insurance recoveries for costs incurred and expensed in prior periods.

(c)Certain non-recurring items for both the three months and year ended December 31, 2023 included an insurance recovery of $15.6 million associated with a second quarter 2022 business interruption at our Plaquemine, Louisiana, Chlor Alkali Products and Vinyls facility. Certain non-recurring items for the year ended December 31, 2023 also included a gain of $27.0 million for the sale of Olin's domestic private trucking fleet and operations.

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Olin Corporation

Non-GAAP Financial Measures - Net Debt to Adjusted EBITDA(a)

Olin's definition of Net Debt to Adjusted EBITDA is Net Debt divided by Adjusted EBITDA. Net Debt at the end of any reporting period is defined as the sum of our current installments of long-term debt and long-term debt, less cash and cash equivalents. Adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) is net income (loss) plus an add-back for depreciation and amortization, interest expense (income), income tax provision (benefit), other expense (income), restructuring charges (income) and certain other non-recurring items. Net Debt to Adjusted EBITDA is a non-GAAP financial measure. Management believes that this measure is meaningful to investors as a measure of our ability to manage our indebtedness. The use of non-GAAP financial measures is not intended to replace any measures of indebtedness or liquidity determined in accordance with GAAP and Net Debt or Net Debt to Adjusted EBITDA presented may not be comparable to similarly titled measures of other companies.

			December 31,
(In millions)			2024						2023
Current Installments of Long-term Debt			$	129.0					$	78.8
Long-term Debt			2,713.2						2,591.3
Total Debt			2,842.2						2,670.1
Less: Cash and Cash Equivalents			(175.6)						(170.3)
Net Debt			$	2,666.6					$	2,499.8
Adjusted EBITDA			$	873.9					$	1,310.1
Net Debt to Adjusted EBITDA			3.1						1.9

(a)Unaudited.

Document and Entity Information	Jan. 30, 2025
Cover [Abstract]
Entity Registrant Name	OLIN CORPORATION
Entity Central Index Key	0000074303
Document Type	8-K
Amendment Flag	false
Document Period End Date	Jan. 30, 2025
Entity Incorporation, State or Country Code	VA
Entity File Number	1-1070
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
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock, $1.00 par value per share
Trading Symbol	OLN
Security Exchange Name	NYSE
Entity Emerging Growth Company	false

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