0000074303December 312024FYFALSETRUETRUETRUEFALSETRUETRUE1.001.00240.0240.0115.7120.2115.7120.2161717——1020103032031110157747101037.637.055.355.3—————37.235.535.435.235.26.0576.9556.0576.9555.5576.4206.4206.4205.006.4509.509.5005.1255.1255.0005.0005.6255.62571181237515322222020202320152023201820232019202320222023201420232017202313.1465.7749.4260.5513.1450.0823.2860.5513.1465.77—27.0027.0045.0045.00P0Y70M0DP0Y59M0Dten yearsiso4217:USDxbrli:sharesiso4217:USDxbrli:sharesxbrli:pure00000743032024-01-012024-12-3100000743032024-06-3000000743032025-01-3100000743032024-12-3100000743032023-12-3100000743032023-01-012023-12-3100000743032022-01-012022-12-310000074303us-gaap:CommonStockMember2023-12-310000074303us-gaap:CommonStockMember2022-12-310000074303us-gaap:CommonStockMember2021-12-310000074303us-gaap:CommonStockMember2024-01-012024-12-310000074303us-gaap:CommonStockMember2023-01-012023-12-310000074303us-gaap:CommonStockMember2022-01-012022-12-310000074303us-gaap:CommonStockMember2024-12-310000074303us-gaap:AdditionalPaidInCapitalMember2023-12-310000074303us-gaap:AdditionalPaidInCapitalMember2022-12-310000074303us-gaap:AdditionalPaidInCapitalMember2021-12-310000074303us-gaap:AdditionalPaidInCapitalMember2024-01-012024-12-310000074303us-gaap:AdditionalPaidInCapitalMember2023-01-012023-12-310000074303us-gaap:AdditionalPaidInCapitalMember2022-01-012022-12-310000074303us-gaap:AdditionalPaidInCapitalMember2024-12-310000074303us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-12-310000074303us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-12-310000074303us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-12-310000074303us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-01-012024-12-310000074303us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-01-012023-12-310000074303us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-01-012022-12-310000074303us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-12-310000074303us-gaap:RetainedEarningsMember2023-12-310000074303us-gaap:RetainedEarningsMember2022-12-310000074303us-gaap:RetainedEarningsMember2021-12-310000074303us-gaap:RetainedEarningsMember2024-01-012024-12-310000074303us-gaap:RetainedEarningsMember2023-01-012023-12-310000074303us-gaap:RetainedEarningsMember2022-01-012022-12-310000074303us-gaap:RetainedEarningsMember2024-12-3100000743032022-12-310000074303us-gaap:NoncontrollingInterestMember2023-12-310000074303us-gaap:NoncontrollingInterestMember2022-12-310000074303us-gaap:NoncontrollingInterestMember2021-12-310000074303us-gaap:NoncontrollingInterestMember2024-01-012024-12-310000074303us-gaap:NoncontrollingInterestMember2023-01-012023-12-310000074303us-gaap:NoncontrollingInterestMember2022-01-012022-12-310000074303us-gaap:NoncontrollingInterestMember2024-12-3100000743032021-12-3100000743032023-01-100000074303oln:SaleOfDomesticPrivateTruckingFleetAndOperationsMember2023-01-012023-12-310000074303oln:InsuranceRecoveriesAssociatedWithBusinessInterruptionMember2023-01-012023-12-310000074303oln:WhiteFlyerMember2024-01-012024-12-310000074303oln:WhiteFlyerMember2024-12-310000074303oln:AMMOInc.Member2024-01-012024-12-310000074303oln:Chlorine3PlanMemberoln:ChlorAlkaliProductsandVinylsSegmentMember2024-12-310000074303oln:StadePlanMemberoln:EpoxySegmentMember2024-12-310000074303oln:McIntoshPlanMemberoln:ChlorAlkaliProductsandVinylsSegmentMember2024-12-310000074303oln:FreeportMemberoln:ChlorAlkaliProductsandVinylsSegmentMember2024-12-310000074303oln:Freeport2019PlanMemberoln:ChlorAlkaliProductsandVinylsSegmentMember2024-12-310000074303oln:StadePlanMemberoln:EpoxySegmentMember2024-01-012024-12-310000074303oln:StadePlanMemberoln:EpoxySegmentMember2023-01-012023-12-310000074303oln:StadePlanMemberoln:EpoxySegmentMember2022-01-012022-12-310000074303oln:McIntoshPlanMemberoln:ChlorAlkaliProductsandVinylsSegmentMember2024-01-012024-12-310000074303oln:McIntoshPlanMemberoln:ChlorAlkaliProductsandVinylsSegmentMember2023-01-012023-12-310000074303oln:McIntoshPlanMemberoln:ChlorAlkaliProductsandVinylsSegmentMember2022-01-012022-12-310000074303oln:FreeportMemberoln:ChlorAlkaliProductsandVinylsSegmentMember2024-01-012024-12-310000074303oln:FreeportMemberoln:ChlorAlkaliProductsandVinylsSegmentMember2023-01-012023-12-310000074303oln:FreeportMemberoln:ChlorAlkaliProductsandVinylsSegmentMember2022-01-012022-12-310000074303oln:Freeport2019PlanMemberoln:ChlorAlkaliProductsandVinylsSegmentMember2024-01-012024-12-310000074303oln:Freeport2019PlanMemberoln:ChlorAlkaliProductsandVinylsSegmentMember2023-01-012023-12-310000074303oln:Freeport2019PlanMemberoln:ChlorAlkaliProductsandVinylsSegmentMember2022-01-012022-12-310000074303us-gaap:EmployeeSeveranceMember2021-12-310000074303us-gaap:ContractTerminationMember2021-12-310000074303oln:FacilityExitCostsAssetRetirementObligationsMember2021-12-310000074303oln:WriteoffofEquipmentandFacilityMember2021-12-310000074303us-gaap:EmployeeSeveranceMember2022-01-012022-12-310000074303us-gaap:ContractTerminationMember2022-01-012022-12-310000074303oln:FacilityExitCostsAssetRetirementObligationsMember2022-01-012022-12-310000074303oln:WriteoffofEquipmentandFacilityMember2022-01-012022-12-310000074303us-gaap:EmployeeSeveranceMember2022-12-310000074303us-gaap:ContractTerminationMember2022-12-310000074303oln:FacilityExitCostsAssetRetirementObligationsMember2022-12-310000074303oln:WriteoffofEquipmentandFacilityMember2022-12-310000074303us-gaap:EmployeeSeveranceMember2023-01-012023-12-310000074303us-gaap:ContractTerminationMember2023-01-012023-12-310000074303oln:FacilityExitCostsAssetRetirementObligationsMember2023-01-012023-12-310000074303oln:WriteoffofEquipmentandFacilityMember2023-01-012023-12-310000074303us-gaap:EmployeeSeveranceMember2023-12-310000074303us-gaap:ContractTerminationMember2023-12-310000074303oln:FacilityExitCostsAssetRetirementObligationsMember2023-12-310000074303oln:WriteoffofEquipmentandFacilityMember2023-12-310000074303us-gaap:EmployeeSeveranceMember2024-01-012024-12-310000074303us-gaap:ContractTerminationMember2024-01-012024-12-310000074303oln:FacilityExitCostsAssetRetirementObligationsMember2024-01-012024-12-310000074303oln:WriteoffofEquipmentandFacilityMember2024-01-012024-12-310000074303us-gaap:EmployeeSeveranceMember2024-12-310000074303us-gaap:ContractTerminationMember2024-12-310000074303oln:FacilityExitCostsAssetRetirementObligationsMember2024-12-310000074303oln:WriteoffofEquipmentandFacilityMember2024-12-3100000743032019-12-112024-12-310000074303oln:WriteoffofEquipmentandFacilityMemberoln:McIntoshPlanMemberoln:ChlorAlkaliProductsandVinylsSegmentMember2021-03-152024-12-310000074303oln:WriteoffofEquipmentandFacilityMemberoln:FreeportMemberoln:ChlorAlkaliProductsandVinylsSegmentMember2021-01-182024-12-310000074303oln:WriteoffofEquipmentandFacilityMemberoln:Freeport2019PlanMemberoln:ChlorAlkaliProductsandVinylsSegmentMember2019-12-112024-12-310000074303oln:WriteoffofEquipmentandFacilityMemberoln:StadePlanMemberoln:EpoxySegmentMember2023-06-202024-12-310000074303oln:WriteoffofEquipmentandFacilityMember2019-12-112024-12-310000074303us-gaap:EmployeeSeveranceMemberoln:McIntoshPlanMemberoln:ChlorAlkaliProductsandVinylsSegmentMember2021-03-152024-12-310000074303us-gaap:EmployeeSeveranceMemberoln:FreeportMemberoln:ChlorAlkaliProductsandVinylsSegmentMember2021-01-182024-12-310000074303us-gaap:EmployeeSeveranceMemberoln:Freeport2019PlanMemberoln:ChlorAlkaliProductsandVinylsSegmentMember2019-12-112024-12-310000074303us-gaap:EmployeeSeveranceMemberoln:StadePlanMemberoln:EpoxySegmentMember2023-06-202024-12-310000074303us-gaap:EmployeeSeveranceMember2019-12-112024-12-310000074303oln:FacilityExitCostsAssetRetirementObligationsMemberoln:McIntoshPlanMemberoln:ChlorAlkaliProductsandVinylsSegmentMember2021-03-152024-12-310000074303oln:FacilityExitCostsAssetRetirementObligationsMemberoln:FreeportMemberoln:ChlorAlkaliProductsandVinylsSegmentMember2021-01-182024-12-310000074303oln:FacilityExitCostsAssetRetirementObligationsMemberoln:Freeport2019PlanMemberoln:ChlorAlkaliProductsandVinylsSegmentMember2019-12-112024-12-310000074303oln:FacilityExitCostsAssetRetirementObligationsMemberoln:StadePlanMemberoln:EpoxySegmentMember2023-06-202024-12-310000074303oln:FacilityExitCostsAssetRetirementObligationsMember2019-12-112024-12-310000074303us-gaap:ContractTerminationMemberoln:McIntoshPlanMemberoln:ChlorAlkaliProductsandVinylsSegmentMember2021-03-152024-12-310000074303us-gaap:ContractTerminationMemberoln:FreeportMemberoln:ChlorAlkaliProductsandVinylsSegmentMember2021-01-182024-12-310000074303us-gaap:ContractTerminationMemberoln:Freeport2019PlanMemberoln:ChlorAlkaliProductsandVinylsSegmentMember2019-12-112024-12-310000074303us-gaap:ContractTerminationMemberoln:StadePlanMemberoln:EpoxySegmentMember2023-06-202024-12-310000074303us-gaap:ContractTerminationMember2019-12-112024-12-310000074303oln:McIntoshPlanMemberoln:ChlorAlkaliProductsandVinylsSegmentMember2021-03-152024-12-310000074303oln:FreeportMemberoln:ChlorAlkaliProductsandVinylsSegmentMember2021-01-182024-12-310000074303oln:Freeport2019PlanMemberoln:ChlorAlkaliProductsandVinylsSegmentMember2019-12-112024-12-310000074303oln:StadePlanMemberoln:EpoxySegmentMember2023-06-202024-12-310000074303us-gaap:LandAndLandImprovementsMember2024-12-310000074303us-gaap:LandAndLandImprovementsMember2023-12-310000074303us-gaap:BuildingMember2024-12-310000074303us-gaap:BuildingMember2023-12-310000074303us-gaap:MachineryAndEquipmentMember2024-12-310000074303us-gaap:MachineryAndEquipmentMember2023-12-310000074303us-gaap:LeaseholdImprovementsMember2024-12-310000074303us-gaap:LeaseholdImprovementsMember2023-12-310000074303us-gaap:ConstructionInProgressMember2024-12-310000074303us-gaap:ConstructionInProgressMember2023-12-310000074303srt:MinimumMemberus-gaap:LandAndLandImprovementsMember2024-12-310000074303srt:MaximumMemberus-gaap:LandAndLandImprovementsMember2024-12-310000074303srt:MinimumMemberus-gaap:BuildingMember2024-12-310000074303srt:MaximumMemberus-gaap:BuildingMember2024-12-310000074303srt:MinimumMemberus-gaap:MachineryAndEquipmentMember2024-12-310000074303srt:MaximumMemberus-gaap:MachineryAndEquipmentMember2024-12-310000074303srt:MinimumMemberus-gaap:LeaseholdImprovementsMember2024-12-310000074303srt:MaximumMemberus-gaap:LeaseholdImprovementsMember2024-12-310000074303oln:PlugPowerInc.Member2024-12-310000074303oln:OlinCorporationMember2024-12-310000074303oln:ChlorAlkaliProductsandVinylsSegmentMember2022-12-310000074303oln:EpoxySegmentMember2022-12-310000074303oln:WinchesterSegmentMember2022-12-310000074303oln:ChlorAlkaliProductsandVinylsSegmentMember2023-01-012023-12-310000074303oln:EpoxySegmentMember2023-01-012023-12-310000074303oln:WinchesterSegmentMember2023-01-012023-12-310000074303oln:ChlorAlkaliProductsandVinylsSegmentMember2023-12-310000074303oln:EpoxySegmentMember2023-12-310000074303oln:WinchesterSegmentMember2023-12-310000074303oln:ChlorAlkaliProductsandVinylsSegmentMember2024-01-012024-12-310000074303oln:EpoxySegmentMember2024-01-012024-12-310000074303oln:WinchesterSegmentMember2024-01-012024-12-310000074303oln:ChlorAlkaliProductsandVinylsSegmentMember2024-12-310000074303oln:EpoxySegmentMember2024-12-310000074303oln:WinchesterSegmentMember2024-12-310000074303oln:ChlorAlkaliProductsandVinylsSegmentMember2021-01-012021-12-310000074303oln:EpoxySegmentMember2021-01-012021-12-310000074303us-gaap:CustomerRelationshipsMember2024-12-310000074303us-gaap:CustomerRelationshipsMember2023-12-310000074303us-gaap:TradeNamesMember2024-12-310000074303us-gaap:TradeNamesMember2023-12-310000074303us-gaap:DevelopedTechnologyRightsMember2024-12-310000074303us-gaap:DevelopedTechnologyRightsMember2023-12-310000074303us-gaap:OtherIntangibleAssetsMember2024-12-310000074303us-gaap:OtherIntangibleAssetsMember2023-12-310000074303us-gaap:CustomerRelationshipsMembersrt:MinimumMember2024-12-310000074303us-gaap:CustomerRelationshipsMembersrt:MaximumMember2024-12-310000074303us-gaap:TradeNamesMembersrt:MinimumMember2024-12-310000074303us-gaap:TradeNamesMembersrt:MaximumMember2024-12-310000074303us-gaap:DevelopedTechnologyRightsMembersrt:MinimumMember2024-12-310000074303us-gaap:DevelopedTechnologyRightsMembersrt:MaximumMember2024-12-310000074303us-gaap:OtherIntangibleAssetsMembersrt:MinimumMember2024-12-310000074303us-gaap:OtherIntangibleAssetsMembersrt:MaximumMember2024-12-310000074303oln:A3500MillionSeniorTermLoanMember2024-12-310000074303oln:A3500MillionSeniorTermLoanMember2023-12-310000074303oln:A1550.0MillionSeniorRevolvingCreditFacilityMember2024-12-310000074303oln:A1550.0MillionSeniorRevolvingCreditFacilityMember2023-12-310000074303oln:VariableRateRecoveryZoneBondsMember2024-12-310000074303oln:VariableRateRecoveryZoneBondsMember2023-12-310000074303oln:VariableRateGoZoneBondsMember2024-12-310000074303oln:VariableRateGoZoneBondsMember2023-12-310000074303oln:IndustrialDevelopmentAndEnvironmentalImprovementObligationsMember2024-12-310000074303oln:IndustrialDevelopmentAndEnvironmentalImprovementObligationsMember2023-12-310000074303oln:A2025Notes950Member2024-12-310000074303oln:A2025Notes950Member2023-12-310000074303oln:A2029NotesMember2024-12-310000074303oln:A2029NotesMember2023-12-310000074303oln:A2027NotesMember2024-12-310000074303oln:A2027NotesMember2023-12-310000074303oln:A2030NotesMember2024-12-310000074303oln:A2030NotesMember2023-12-310000074303oln:A1550.0MillionSeniorRevolvingCreditFacilityMember2022-10-110000074303oln:A3500MillionTermLoanFacilityMember2022-10-110000074303oln:A12000MillionSeniorRevolvingCreditFacilityMember2022-10-1100000743032022-10-110000074303oln:A12000MillionSeniorRevolvingCreditFacilityMember2021-02-240000074303oln:A12000MillionSeniorRevolvingCreditFacilityMember2024-12-310000074303oln:VariableRateRecoveryZoneBondsMember2024-06-300000074303oln:ReceivablesFinancingAgreementMember2024-11-200000074303oln:ReceivablesFinancingAgreementMember2022-10-110000074303oln:ReceivablesFinancingAgreementMember2024-12-310000074303oln:ReceivablesFinancingAgreementMember2023-12-310000074303oln:ReceivablesFinancingAgreementMember2024-01-012024-12-310000074303oln:A12000MillionSeniorRevolvingCreditFacilityMember2024-01-012024-12-310000074303oln:A12000MillionSeniorRevolvingCreditFacilityMember2023-01-012023-12-310000074303oln:SeniorTermLoansMember2024-01-012024-12-310000074303oln:SeniorTermLoansMember2023-01-012023-12-310000074303oln:VariableRateGoZoneBondsMember2024-01-012024-12-310000074303oln:VariableRateGoZoneBondsMember2023-01-012023-12-310000074303oln:VariableRateRecoveryZoneBondsMember2024-01-012024-12-310000074303oln:VariableRateRecoveryZoneBondsMember2023-01-012023-12-310000074303oln:ReceivablesFinancingAgreementMember2023-01-012023-12-310000074303oln:FinanceLeasesMember2024-01-012024-12-310000074303oln:FinanceLeasesMember2023-01-012023-12-310000074303us-gaap:ForeignPlanMemberus-gaap:QualifiedPlanMember2024-01-012024-12-310000074303us-gaap:ForeignPlanMemberus-gaap:QualifiedPlanMember2023-01-012023-12-310000074303us-gaap:ForeignPlanMemberus-gaap:QualifiedPlanMember2022-01-012022-12-310000074303us-gaap:ForeignPlanMemberus-gaap:QualifiedPlanMembersrt:MaximumMember2024-12-310000074303country:USus-gaap:PensionPlansDefinedBenefitMember2023-12-310000074303us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMember2023-12-310000074303country:USus-gaap:PensionPlansDefinedBenefitMember2022-12-310000074303us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMember2022-12-310000074303country:USus-gaap:PensionPlansDefinedBenefitMember2024-01-012024-12-310000074303us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMember2024-01-012024-12-310000074303country:USus-gaap:PensionPlansDefinedBenefitMember2023-01-012023-12-310000074303us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMember2023-01-012023-12-310000074303country:USus-gaap:PensionPlansDefinedBenefitMember2024-12-310000074303us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMember2024-12-310000074303country:USus-gaap:QualifiedPlanMemberus-gaap:PensionPlansDefinedBenefitMember2024-12-310000074303us-gaap:ForeignPlanMemberus-gaap:QualifiedPlanMemberus-gaap:PensionPlansDefinedBenefitMember2024-12-310000074303us-gaap:QualifiedPlanMember2024-12-310000074303country:USus-gaap:QualifiedPlanMemberus-gaap:PensionPlansDefinedBenefitMember2023-12-310000074303us-gaap:ForeignPlanMemberus-gaap:QualifiedPlanMemberus-gaap:PensionPlansDefinedBenefitMember2023-12-310000074303us-gaap:QualifiedPlanMember2023-12-310000074303country:USus-gaap:NonqualifiedPlanMemberus-gaap:PensionPlansDefinedBenefitMember2024-12-310000074303us-gaap:ForeignPlanMemberus-gaap:NonqualifiedPlanMemberus-gaap:PensionPlansDefinedBenefitMember2024-12-310000074303us-gaap:NonqualifiedPlanMember2024-12-310000074303country:USus-gaap:NonqualifiedPlanMemberus-gaap:PensionPlansDefinedBenefitMember2023-12-310000074303us-gaap:ForeignPlanMemberus-gaap:NonqualifiedPlanMemberus-gaap:PensionPlansDefinedBenefitMember2023-12-310000074303us-gaap:NonqualifiedPlanMember2023-12-310000074303us-gaap:PensionPlansDefinedBenefitMember2024-12-310000074303us-gaap:PensionPlansDefinedBenefitMember2023-12-310000074303country:US2024-01-012024-12-310000074303us-gaap:ForeignPlanMember2024-01-012024-12-310000074303us-gaap:ForeignPlanMember2023-01-012023-12-310000074303country:USus-gaap:PensionPlansDefinedBenefitMember2022-01-012022-12-310000074303us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMember2022-01-012022-12-310000074303oln:U.S.EquitySecuritiesMemberDomain2024-12-310000074303oln:U.S.EquitySecuritiesMemberDomain2023-12-310000074303oln:NonU.S.EquitySecuritiesDomain2024-12-310000074303oln:NonU.S.EquitySecuritiesDomain2023-12-310000074303oln:FixedIncomeCashMember2024-12-310000074303oln:FixedIncomeCashMember2023-12-310000074303oln:AlternativeInvestmentsMember2024-12-310000074303oln:AlternativeInvestmentsMember2023-12-310000074303us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberoln:U.S.EquitySecuritiesMemberDomain2024-12-310000074303us-gaap:FairValueInputsLevel1Memberoln:U.S.EquitySecuritiesMemberDomain2024-12-310000074303us-gaap:FairValueInputsLevel2Memberoln:U.S.EquitySecuritiesMemberDomain2024-12-310000074303us-gaap:FairValueInputsLevel3Memberoln:U.S.EquitySecuritiesMemberDomain2024-12-310000074303us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberoln:NonU.S.EquitySecuritiesDomain2024-12-310000074303us-gaap:FairValueInputsLevel1Memberoln:NonU.S.EquitySecuritiesDomain2024-12-310000074303us-gaap:FairValueInputsLevel2Memberoln:NonU.S.EquitySecuritiesDomain2024-12-310000074303us-gaap:FairValueInputsLevel3Memberoln:NonU.S.EquitySecuritiesDomain2024-12-310000074303us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:CashAndCashEquivalentsMember2024-12-310000074303us-gaap:FairValueInputsLevel1Memberus-gaap:CashAndCashEquivalentsMember2024-12-310000074303us-gaap:FairValueInputsLevel2Memberus-gaap:CashAndCashEquivalentsMember2024-12-310000074303us-gaap:FairValueInputsLevel3Memberus-gaap:CashAndCashEquivalentsMember2024-12-310000074303us-gaap:CashAndCashEquivalentsMember2024-12-310000074303us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:USTreasurySecuritiesMember2024-12-310000074303us-gaap:FairValueInputsLevel1Memberus-gaap:USTreasurySecuritiesMember2024-12-310000074303us-gaap:FairValueInputsLevel2Memberus-gaap:USTreasurySecuritiesMember2024-12-310000074303us-gaap:FairValueInputsLevel3Memberus-gaap:USTreasurySecuritiesMember2024-12-310000074303us-gaap:USTreasurySecuritiesMember2024-12-310000074303us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:CorporateDebtSecuritiesMember2024-12-310000074303us-gaap:FairValueInputsLevel1Memberus-gaap:CorporateDebtSecuritiesMember2024-12-310000074303us-gaap:FairValueInputsLevel2Memberus-gaap:CorporateDebtSecuritiesMember2024-12-310000074303us-gaap:FairValueInputsLevel3Memberus-gaap:CorporateDebtSecuritiesMember2024-12-310000074303us-gaap:CorporateDebtSecuritiesMember2024-12-310000074303us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:AssetBackedSecuritiesMember2024-12-310000074303us-gaap:FairValueInputsLevel1Memberus-gaap:AssetBackedSecuritiesMember2024-12-310000074303us-gaap:FairValueInputsLevel2Memberus-gaap:AssetBackedSecuritiesMember2024-12-310000074303us-gaap:FairValueInputsLevel3Memberus-gaap:AssetBackedSecuritiesMember2024-12-310000074303us-gaap:AssetBackedSecuritiesMember2024-12-310000074303us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:HedgeFundsEquityMember2024-12-310000074303us-gaap:FairValueInputsLevel1Memberus-gaap:HedgeFundsEquityMember2024-12-310000074303us-gaap:FairValueInputsLevel2Memberus-gaap:HedgeFundsEquityMember2024-12-310000074303us-gaap:FairValueInputsLevel3Memberus-gaap:HedgeFundsEquityMember2024-12-310000074303us-gaap:HedgeFundsEquityMember2024-12-310000074303us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:RealEstateMember2024-12-310000074303us-gaap:FairValueInputsLevel1Memberus-gaap:RealEstateMember2024-12-310000074303us-gaap:FairValueInputsLevel2Memberus-gaap:RealEstateMember2024-12-310000074303us-gaap:FairValueInputsLevel3Memberus-gaap:RealEstateMember2024-12-310000074303us-gaap:RealEstateMember2024-12-310000074303us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:PrivateEquityFundsMember2024-12-310000074303us-gaap:FairValueInputsLevel1Memberus-gaap:PrivateEquityFundsMember2024-12-310000074303us-gaap:FairValueInputsLevel2Memberus-gaap:PrivateEquityFundsMember2024-12-310000074303us-gaap:FairValueInputsLevel3Memberus-gaap:PrivateEquityFundsMember2024-12-310000074303us-gaap:PrivateEquityFundsMember2024-12-310000074303us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2024-12-310000074303us-gaap:FairValueInputsLevel1Member2024-12-310000074303us-gaap:FairValueInputsLevel2Member2024-12-310000074303us-gaap:FairValueInputsLevel3Member2024-12-310000074303us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberoln:U.S.EquitySecuritiesMemberDomain2023-12-310000074303us-gaap:FairValueInputsLevel1Memberoln:U.S.EquitySecuritiesMemberDomain2023-12-310000074303us-gaap:FairValueInputsLevel2Memberoln:U.S.EquitySecuritiesMemberDomain2023-12-310000074303us-gaap:FairValueInputsLevel3Memberoln:U.S.EquitySecuritiesMemberDomain2023-12-310000074303us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberoln:NonU.S.EquitySecuritiesDomain2023-12-310000074303us-gaap:FairValueInputsLevel1Memberoln:NonU.S.EquitySecuritiesDomain2023-12-310000074303us-gaap:FairValueInputsLevel2Memberoln:NonU.S.EquitySecuritiesDomain2023-12-310000074303us-gaap:FairValueInputsLevel3Memberoln:NonU.S.EquitySecuritiesDomain2023-12-310000074303us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:CashAndCashEquivalentsMember2023-12-310000074303us-gaap:FairValueInputsLevel1Memberus-gaap:CashAndCashEquivalentsMember2023-12-310000074303us-gaap:FairValueInputsLevel2Memberus-gaap:CashAndCashEquivalentsMember2023-12-310000074303us-gaap:FairValueInputsLevel3Memberus-gaap:CashAndCashEquivalentsMember2023-12-310000074303us-gaap:CashAndCashEquivalentsMember2023-12-310000074303us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:USTreasurySecuritiesMember2023-12-310000074303us-gaap:FairValueInputsLevel1Memberus-gaap:USTreasurySecuritiesMember2023-12-310000074303us-gaap:FairValueInputsLevel2Memberus-gaap:USTreasurySecuritiesMember2023-12-310000074303us-gaap:FairValueInputsLevel3Memberus-gaap:USTreasurySecuritiesMember2023-12-310000074303us-gaap:USTreasurySecuritiesMember2023-12-310000074303us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:CorporateDebtSecuritiesMember2023-12-310000074303us-gaap:FairValueInputsLevel1Memberus-gaap:CorporateDebtSecuritiesMember2023-12-310000074303us-gaap:FairValueInputsLevel2Memberus-gaap:CorporateDebtSecuritiesMember2023-12-310000074303us-gaap:FairValueInputsLevel3Memberus-gaap:CorporateDebtSecuritiesMember2023-12-310000074303us-gaap:CorporateDebtSecuritiesMember2023-12-310000074303us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:AssetBackedSecuritiesMember2023-12-310000074303us-gaap:FairValueInputsLevel1Memberus-gaap:AssetBackedSecuritiesMember2023-12-310000074303us-gaap:FairValueInputsLevel2Memberus-gaap:AssetBackedSecuritiesMember2023-12-310000074303us-gaap:FairValueInputsLevel3Memberus-gaap:AssetBackedSecuritiesMember2023-12-310000074303us-gaap:AssetBackedSecuritiesMember2023-12-310000074303us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:HedgeFundsEquityMember2023-12-310000074303us-gaap:FairValueInputsLevel1Memberus-gaap:HedgeFundsEquityMember2023-12-310000074303us-gaap:FairValueInputsLevel2Memberus-gaap:HedgeFundsEquityMember2023-12-310000074303us-gaap:FairValueInputsLevel3Memberus-gaap:HedgeFundsEquityMember2023-12-310000074303us-gaap:HedgeFundsEquityMember2023-12-310000074303us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:RealEstateMember2023-12-310000074303us-gaap:FairValueInputsLevel1Memberus-gaap:RealEstateMember2023-12-310000074303us-gaap:FairValueInputsLevel2Memberus-gaap:RealEstateMember2023-12-310000074303us-gaap:FairValueInputsLevel3Memberus-gaap:RealEstateMember2023-12-310000074303us-gaap:RealEstateMember2023-12-310000074303us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:PrivateEquityFundsMember2023-12-310000074303us-gaap:FairValueInputsLevel1Memberus-gaap:PrivateEquityFundsMember2023-12-310000074303us-gaap:FairValueInputsLevel2Memberus-gaap:PrivateEquityFundsMember2023-12-310000074303us-gaap:FairValueInputsLevel3Memberus-gaap:PrivateEquityFundsMember2023-12-310000074303us-gaap:PrivateEquityFundsMember2023-12-310000074303us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2023-12-310000074303us-gaap:FairValueInputsLevel1Member2023-12-310000074303us-gaap:FairValueInputsLevel2Member2023-12-310000074303us-gaap:FairValueInputsLevel3Member2023-12-310000074303srt:MinimumMemberoln:U.S.EquitySecuritiesMemberDomain2024-12-310000074303srt:MaximumMemberoln:U.S.EquitySecuritiesMemberDomain2024-12-310000074303srt:MinimumMemberoln:NonU.S.EquitySecuritiesDomain2024-12-310000074303srt:MaximumMemberoln:NonU.S.EquitySecuritiesDomain2024-12-310000074303srt:MinimumMemberoln:FixedIncomeCashMember2024-12-310000074303srt:MaximumMemberoln:FixedIncomeCashMember2024-12-310000074303srt:MinimumMemberoln:AlternativeInvestmentsMember2024-12-310000074303srt:MaximumMemberoln:AlternativeInvestmentsMember2024-12-310000074303country:USus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2023-12-310000074303us-gaap:ForeignPlanMemberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2023-12-310000074303us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2023-12-310000074303country:USus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2022-12-310000074303us-gaap:ForeignPlanMemberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2022-12-310000074303us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2022-12-310000074303country:USus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2024-01-012024-12-310000074303us-gaap:ForeignPlanMemberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2024-01-012024-12-310000074303us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2024-01-012024-12-310000074303country:USus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2023-01-012023-12-310000074303us-gaap:ForeignPlanMemberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2023-01-012023-12-310000074303us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2023-01-012023-12-310000074303country:USus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2024-12-310000074303us-gaap:ForeignPlanMemberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2024-12-310000074303us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2024-12-310000074303us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2022-01-012022-12-310000074303oln:ForeignMember2024-12-310000074303country:USus-gaap:InternalRevenueServiceIRSMembersrt:MinimumMember2024-01-012024-12-310000074303country:USus-gaap:InternalRevenueServiceIRSMembersrt:MaximumMember2024-01-012024-12-310000074303country:USus-gaap:StateAndLocalJurisdictionMembersrt:MinimumMember2024-01-012024-12-310000074303country:USus-gaap:StateAndLocalJurisdictionMembersrt:MaximumMember2024-01-012024-12-310000074303country:CAus-gaap:ForeignCountryMembersrt:MinimumMember2024-01-012024-12-310000074303country:CAus-gaap:ForeignCountryMembersrt:MaximumMember2024-01-012024-12-310000074303country:BRus-gaap:ForeignCountryMembersrt:MinimumMember2024-01-012024-12-310000074303country:BRus-gaap:ForeignCountryMembersrt:MaximumMember2024-01-012024-12-310000074303country:DEus-gaap:ForeignCountryMembersrt:MinimumMember2024-01-012024-12-310000074303country:DEus-gaap:ForeignCountryMembersrt:MaximumMember2024-01-012024-12-310000074303country:CNus-gaap:ForeignCountryMembersrt:MinimumMember2024-01-012024-12-310000074303country:CNus-gaap:ForeignCountryMembersrt:MaximumMember2024-01-012024-12-310000074303country:NLus-gaap:ForeignCountryMembersrt:MinimumMember2024-01-012024-12-310000074303country:NLus-gaap:ForeignCountryMembersrt:MaximumMember2024-01-012024-12-310000074303srt:MinimumMember2024-12-310000074303srt:MaximumMember2024-12-310000074303srt:MaximumMember2024-01-012024-12-310000074303srt:MinimumMember2023-01-012023-12-310000074303oln:BlackSholesOptionPricingModelMember2024-01-012024-12-310000074303oln:BlackSholesOptionPricingModelMember2023-01-012023-12-310000074303oln:BlackSholesOptionPricingModelMember2022-01-012022-12-310000074303us-gaap:EmployeeStockOptionMember2024-12-310000074303oln:Under27Member2024-12-310000074303oln:Range2745Member2024-12-310000074303oln:Over45Member2024-12-310000074303oln:LongTermIncentivePlan2003Member2024-12-310000074303oln:LongTermIncentivePlan2006Member2024-12-310000074303oln:LongTermIncentivePlan2009Member2024-12-310000074303oln:LongTermIncentivePlan2014Member2024-12-310000074303oln:LongTermIncentivePlan2016Member2024-12-310000074303oln:LongTermIncentivePlan2018Member2024-12-310000074303oln:A2021LongTermIncentivePlanMember2024-12-310000074303oln:LongTermIncentiveStockOptionPlanMember2024-12-310000074303oln:LongTermIncentiveStockOptionPlanExpiredAndAssumedMember2024-12-310000074303oln:StockPurchasePlansMember2024-12-310000074303oln:StockPlanForNonEmployeeDirectors1997Member2024-12-310000074303oln:MonteCarloSimulationModelMember2024-01-012024-12-310000074303oln:MonteCarloSimulationModelMember2023-01-012023-12-310000074303oln:MonteCarloSimulationModelMember2022-01-012022-12-310000074303oln:ToSettleInCashMember2023-12-310000074303oln:ToSettleInSharesMember2023-12-310000074303oln:ToSettleInCashMember2024-01-012024-12-310000074303oln:ToSettleInSharesMember2024-01-012024-12-310000074303oln:ToSettleInCashMember2024-12-310000074303oln:ToSettleInSharesMember2024-12-310000074303us-gaap:PerformanceSharesMember2024-12-310000074303us-gaap:PerformanceSharesMember2024-01-012024-12-310000074303oln:Under27Member2024-01-012024-12-310000074303oln:Range2745Member2024-01-012024-12-310000074303oln:Over45Member2024-01-012024-12-310000074303us-gaap:EmployeeStockOptionMember2024-01-012024-12-310000074303oln:A2024ShareRepurchaseProgramMemberus-gaap:CommonClassAMember2024-12-110000074303oln:A2022ShareRepurchaseProgramMemberus-gaap:CommonClassAMember2022-07-280000074303oln:A2021ShareRepurchaseProgramMemberus-gaap:CommonClassAMember2021-11-010000074303oln:A2018ShareRepurchaseProgramMemberus-gaap:CommonClassAMember2018-04-260000074303us-gaap:CommonClassAMember2024-01-012024-12-310000074303us-gaap:CommonClassAMember2023-01-012023-12-310000074303us-gaap:CommonClassAMember2022-01-012022-12-310000074303oln:A2022ShareRepurchaseProgramMemberus-gaap:CommonClassAMember2024-01-012024-12-310000074303oln:A2022ShareRepurchaseProgramMemberus-gaap:CommonClassAMember2024-12-310000074303oln:A2024ShareRepurchaseProgramMemberus-gaap:CommonClassAMember2024-01-012024-12-310000074303oln:CorporateOtherMember2024-01-012024-12-310000074303oln:CorporateOtherMember2024-12-310000074303country:USoln:ChlorAlkaliProductsandVinylsSegmentMember2024-01-012024-12-310000074303country:USoln:EpoxySegmentMember2024-01-012024-12-310000074303country:USoln:WinchesterSegmentMember2024-01-012024-12-310000074303country:USoln:CorporateOtherMember2024-01-012024-12-310000074303country:US2024-01-012024-12-310000074303srt:EuropeMemberoln:ChlorAlkaliProductsandVinylsSegmentMember2024-01-012024-12-310000074303srt:EuropeMemberoln:EpoxySegmentMember2024-01-012024-12-310000074303srt:EuropeMemberoln:WinchesterSegmentMember2024-01-012024-12-310000074303srt:EuropeMemberoln:CorporateOtherMember2024-01-012024-12-310000074303srt:EuropeMember2024-01-012024-12-310000074303oln:OtherforeignMemberoln:ChlorAlkaliProductsandVinylsSegmentMember2024-01-012024-12-310000074303oln:OtherforeignMemberoln:EpoxySegmentMember2024-01-012024-12-310000074303oln:OtherforeignMemberoln:WinchesterSegmentMember2024-01-012024-12-310000074303oln:OtherforeignMemberoln:CorporateOtherMember2024-01-012024-12-310000074303oln:OtherforeignMember2024-01-012024-12-310000074303oln:CorporateOtherMember2023-01-012023-12-310000074303oln:CorporateOtherMember2023-12-310000074303country:USoln:ChlorAlkaliProductsandVinylsSegmentMember2023-01-012023-12-310000074303country:USoln:EpoxySegmentMember2023-01-012023-12-310000074303country:USoln:WinchesterSegmentMember2023-01-012023-12-310000074303country:USoln:CorporateOtherMember2023-01-012023-12-310000074303country:US2023-01-012023-12-310000074303srt:EuropeMemberoln:ChlorAlkaliProductsandVinylsSegmentMember2023-01-012023-12-310000074303srt:EuropeMemberoln:EpoxySegmentMember2023-01-012023-12-310000074303srt:EuropeMemberoln:WinchesterSegmentMember2023-01-012023-12-310000074303srt:EuropeMemberoln:CorporateOtherMember2023-01-012023-12-310000074303srt:EuropeMember2023-01-012023-12-310000074303oln:OtherforeignMemberoln:ChlorAlkaliProductsandVinylsSegmentMember2023-01-012023-12-310000074303oln:OtherforeignMemberoln:EpoxySegmentMember2023-01-012023-12-310000074303oln:OtherforeignMemberoln:WinchesterSegmentMember2023-01-012023-12-310000074303oln:OtherforeignMemberoln:CorporateOtherMember2023-01-012023-12-310000074303oln:OtherforeignMember2023-01-012023-12-310000074303oln:ChlorAlkaliProductsandVinylsSegmentMember2022-01-012022-12-310000074303oln:EpoxySegmentMember2022-01-012022-12-310000074303oln:WinchesterSegmentMember2022-01-012022-12-310000074303oln:CorporateOtherMember2022-01-012022-12-310000074303oln:CorporateOtherMember2022-12-310000074303country:USoln:ChlorAlkaliProductsandVinylsSegmentMember2022-01-012022-12-310000074303country:USoln:EpoxySegmentMember2022-01-012022-12-310000074303country:USoln:WinchesterSegmentMember2022-01-012022-12-310000074303country:USoln:CorporateOtherMember2022-01-012022-12-310000074303country:US2022-01-012022-12-310000074303srt:EuropeMemberoln:ChlorAlkaliProductsandVinylsSegmentMember2022-01-012022-12-310000074303srt:EuropeMemberoln:EpoxySegmentMember2022-01-012022-12-310000074303srt:EuropeMemberoln:WinchesterSegmentMember2022-01-012022-12-310000074303srt:EuropeMemberoln:CorporateOtherMember2022-01-012022-12-310000074303srt:EuropeMember2022-01-012022-12-310000074303oln:OtherforeignMemberoln:ChlorAlkaliProductsandVinylsSegmentMember2022-01-012022-12-310000074303oln:OtherforeignMemberoln:EpoxySegmentMember2022-01-012022-12-310000074303oln:OtherforeignMemberoln:WinchesterSegmentMember2022-01-012022-12-310000074303oln:OtherforeignMemberoln:CorporateOtherMember2022-01-012022-12-310000074303oln:OtherforeignMember2022-01-012022-12-310000074303country:US2024-12-310000074303country:US2023-12-310000074303oln:ForeignMember2024-12-310000074303oln:ForeignMember2023-12-310000074303oln:CausticsodaMemberoln:ChlorAlkaliProductsandVinylsSegmentMember2024-01-012024-12-310000074303oln:CausticsodaMemberoln:ChlorAlkaliProductsandVinylsSegmentMember2023-01-012023-12-310000074303oln:CausticsodaMemberoln:ChlorAlkaliProductsandVinylsSegmentMember2022-01-012022-12-310000074303oln:ChlorinechlorinederivativesandothercoproductsMemberoln:ChlorAlkaliProductsandVinylsSegmentMember2024-01-012024-12-310000074303oln:ChlorinechlorinederivativesandothercoproductsMemberoln:ChlorAlkaliProductsandVinylsSegmentMember2023-01-012023-12-310000074303oln:ChlorinechlorinederivativesandothercoproductsMemberoln:ChlorAlkaliProductsandVinylsSegmentMember2022-01-012022-12-310000074303oln:AromaticsandallylicsMemberoln:EpoxySegmentMember2024-01-012024-12-310000074303oln:AromaticsandallylicsMemberoln:EpoxySegmentMember2023-01-012023-12-310000074303oln:AromaticsandallylicsMemberoln:EpoxySegmentMember2022-01-012022-12-310000074303oln:EpoxyresinsMemberoln:EpoxySegmentMember2024-01-012024-12-310000074303oln:EpoxyresinsMemberoln:EpoxySegmentMember2023-01-012023-12-310000074303oln:EpoxyresinsMemberoln:EpoxySegmentMember2022-01-012022-12-310000074303oln:CommercialMemberoln:WinchesterSegmentMember2024-01-012024-12-310000074303oln:CommercialMemberoln:WinchesterSegmentMember2023-01-012023-12-310000074303oln:CommercialMemberoln:WinchesterSegmentMember2022-01-012022-12-310000074303oln:MilitaryandlawenforcementMemberoln:WinchesterSegmentMember2024-01-012024-12-310000074303oln:MilitaryandlawenforcementMemberoln:WinchesterSegmentMember2023-01-012023-12-310000074303oln:MilitaryandlawenforcementMemberoln:WinchesterSegmentMember2022-01-012022-12-310000074303srt:MinimumMember2024-01-012024-12-310000074303oln:AllLeasesMembersrt:MaximumMember2024-12-310000074303oln:AllLeasesExcludingLandMembersrt:MaximumMember2024-12-310000074303oln:CurrentoperatingleaseliabilitiesMember2024-12-310000074303oln:CurrentoperatingleaseliabilitiesMember2023-12-310000074303oln:OperatingLeaseLiabilitiesMember2024-12-310000074303oln:OperatingLeaseLiabilitiesMember2023-12-310000074303us-gaap:ForwardContractsMember2024-12-310000074303us-gaap:ForwardContractsMember2023-12-310000074303oln:ForwardContractsSellMember2024-12-310000074303oln:ForwardContractsSellMember2023-12-310000074303srt:NaturalGasReservesMember2024-12-310000074303srt:NaturalGasReservesMember2023-12-310000074303srt:NaturalGasLiquidsReservesMember2024-12-310000074303srt:NaturalGasLiquidsReservesMember2023-12-310000074303oln:MetalCommodityContractsMember2024-12-310000074303oln:MetalCommodityContractsMember2023-12-310000074303us-gaap:CommodityContractMember2024-12-310000074303us-gaap:CommodityContractMember2024-01-012024-12-310000074303us-gaap:InterestExpenseMemberoln:InterestRateSwapsDesignatedAsFairValueHedgesMember2024-01-012024-12-310000074303us-gaap:CommodityContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherCurrentAssetsMember2024-12-310000074303us-gaap:CommodityContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherCurrentAssetsMember2023-12-310000074303us-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMemberus-gaap:OtherCurrentAssetsMember2024-12-310000074303us-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMemberus-gaap:OtherCurrentAssetsMember2023-12-310000074303us-gaap:CommodityContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherAssetsMember2024-12-310000074303us-gaap:CommodityContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherAssetsMember2023-12-310000074303us-gaap:CommodityContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:AccruedLiabilitiesMember2024-12-310000074303us-gaap:CommodityContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:AccruedLiabilitiesMember2023-12-310000074303us-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMemberus-gaap:AccruedLiabilitiesMember2024-12-310000074303us-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMemberus-gaap:AccruedLiabilitiesMember2023-12-310000074303us-gaap:CommodityContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherLiabilitiesMember2024-12-310000074303us-gaap:CommodityContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherLiabilitiesMember2023-12-310000074303us-gaap:CommodityContractMemberus-gaap:CashFlowHedgingMember2024-01-012024-12-310000074303us-gaap:CommodityContractMemberus-gaap:CashFlowHedgingMember2023-01-012023-12-310000074303us-gaap:CommodityContractMemberus-gaap:CashFlowHedgingMember2022-01-012022-12-310000074303us-gaap:CommodityContractMemberus-gaap:CashFlowHedgingMemberus-gaap:CostOfSalesMember2024-01-012024-12-310000074303us-gaap:CommodityContractMemberus-gaap:CashFlowHedgingMemberus-gaap:CostOfSalesMember2023-01-012023-12-310000074303us-gaap:CommodityContractMemberus-gaap:CashFlowHedgingMemberus-gaap:CostOfSalesMember2022-01-012022-12-310000074303us-gaap:CommodityContractMemberus-gaap:NondesignatedMemberus-gaap:CostOfSalesMember2024-01-012024-12-310000074303us-gaap:CommodityContractMemberus-gaap:NondesignatedMemberus-gaap:CostOfSalesMember2023-01-012023-12-310000074303us-gaap:CommodityContractMemberus-gaap:NondesignatedMemberus-gaap:CostOfSalesMember2022-01-012022-12-310000074303us-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMemberus-gaap:SellingGeneralAndAdministrativeExpensesMember2024-01-012024-12-310000074303us-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMemberus-gaap:SellingGeneralAndAdministrativeExpensesMember2023-01-012023-12-310000074303us-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMemberus-gaap:SellingGeneralAndAdministrativeExpensesMember2022-01-012022-12-31

(Mark One)

For the transition period from              to            

Securities registered pursuant to section 12(g) of the Act: None.

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☒ No ☐

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No ☒

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large accelerated filer ☒ Accelerated filer ☐ Non-accelerated filer ☐ Smaller reporting company ☐ Emerging growth company ☐

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. ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒

As of June 30, 2024, the aggregate market value of registrant’s common stock, $1.00 par value per share, held by non-affiliates of registrant was approximately $5,520,518,211 based on the closing sale price as reported on the New York Stock Exchange as of the last business day of the registrant’s most recently completed second fiscal quarter.

As of January 31, 2025, 115,423,860 shares of the registrant’s common stock were outstanding.

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 and vinyl chloride monomer, methyl chloride, methylene chloride, chloroform, carbon tetrachloride, perchloroethylene, hydrochloric acid, hydrogen, bleach products and potassium hydroxide, which represented 55% of 2024 sales. 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, which represented 20% of 2024 sales. The Winchester segment produces and sells sporting ammunition, reloading components, small caliber military ammunition and components, industrial cartridges and clay targets, which represented 25% of 2024 sales. See our discussion of our segment disclosures contained in Item 7—“Management’s Discussion and Analysis of Financial Condition and Results of Operations.”

We maintain a website at www.olin.com. Our reports on Form 10-K, Form 10-Q and Form 8-K, as well as amendments to those reports, are available free of charge on our website, as soon as reasonably practicable after we file the reports with the Securities and Exchange Commission (SEC). Also, a copy of our electronically filed materials can be obtained at www.sec.gov. Our Principles of Corporate Governance, Committee Charters and Code of Conduct are available on our website at www.olin.com in the Leadership & Governance Section under Governance Documents and Committees.

We have been involved in the chlor alkali industry for approximately 135 years and consider ourselves the leading global chlor alkali and derivatives producer. Chlorine, caustic soda and hydrogen are co-produced commercially by the electrolysis of salt at a fixed ratio of 1.0 ton of chlorine to 1.1 tons of caustic soda and 0.03 tons of hydrogen. The industry refers to this as an Electrochemical Unit or ECU.

Chlorine is used as a raw material in the production of thousands of products, including vinyls, urethanes, epoxy, water treatment chemicals and a variety of other organic and inorganic chemicals. A significant portion of chlorine production is consumed in the manufacturing of vinyls intermediates, ethylene dichloride (EDC) and vinyl chloride monomer (VCM), both of which our Chlor Alkali Products and Vinyls segment produces. A large portion of our EDC production is utilized in the production of VCM, but we are also one of the largest global participants in merchant EDC sales. In addition to marketing Olin produced EDC, we also purchase EDC for re-sale on a global basis. EDC and VCM are precursors for polyvinyl chloride (PVC), a material used in applications such as vinyl siding, pipe, pipe fittings and automotive parts.

Our Chlor Alkali Products and Vinyls segment is one of the largest global marketers of caustic soda, including caustic soda produced by Olin, and globally produced material purchased by Olin for re-sale. The diversity of caustic soda sourcing allows us to cost effectively supply customers worldwide. Caustic soda has a wide variety of end-use applications, the largest of which includes water treatment, alumina, pulp and paper, urethanes, detergents and soaps and a variety of other organic and inorganic chemicals.

Our Chlor Alkali Products and Vinyls segment also includes our chlorinated organics business, which is a significant global producer of chlorinated organic products that include chloromethanes (methyl chloride, methylene chloride, chloroform and carbon tetrachloride) and chloroethanes (perchloroethylene). Our chlorinated organics business participates in both the solvent segment and the intermediate segment where Olin’s products are used as feedstocks for fluorocarbons, silicones and cellulosics.

We also manufacture and sell other chlor alkali-related products, including hydrochloric acid, sodium hypochlorite (bleach) and potassium hydroxide. These products, along with chlorinated organics products and epoxy resins, generally consume chlorine as a raw material creating downstream applications that upgrade the value of the ECU. Our industry leadership in the production of chlorinated organics and epoxy resins, as well as other products, offers us multiple outlets for our captive chlorine.

Our products are delivered by pipeline, marine vessel, deep-water and coastal barge, railcar and truck. We own, operate, and lease a geographically dispersed terminal infrastructure at our production sites and other locations that expand our geographic coverage and enhance our service capabilities. At our largest integrated product sites, our deep-water access allows us to reach global markets.

Blue Water Alliance (BWA), our joint venture with Mitsui & Co., Ltd. (Mitsui), began operations during 2023. BWA is an independent global trader of ECU-based derivatives, focused on globally traded caustic soda and EDC. Olin holds 51% interest and exercises control in BWA, and the joint venture is consolidated in our financial statements with Mitsui’s 49% interest in BWA classified as noncontrolling interest. All intercompany accounts and transactions are eliminated in consolidation. BWA brings together Mitsui's industry-leading global logistics, long-established supplier and customer relationships, and breadth of product portfolio with Olin's scale, North American export capability, extensive global terminal network, and production flexibility across the ECU portfolio.

Olin Corporation and Plug Power, Inc. have launched a joint venture named Hidrogenii, LLC. This strategic partnership aims to leverage the strengths of both companies to advance hydrogen production and utilization. The joint venture began with the construction of a 15-ton-per-day hydrogen liquefaction plant in St. Gabriel, LA with expected start of operation in early 2025. Hidrogenii is owned 50% by Plug Power LA JV, LLC, a wholly owned subsidiary of Plug Power, Inc. and 50% by Niloco Hydrogen Holdings LLC, a wholly owned subsidiary of Olin Corporation, which is accounted for using the equity method.

Our Chlor Alkali Products and Vinyls segment currently maintains a reliable supply of key raw materials. Electricity, salt, ethylene and methanol are the primary raw materials for our products. Electricity is the single largest raw material component in the production of Chlor Alkali Products and Vinyls products. Approximately 74% of our electricity is generated from natural gas or hydroelectric sources. We satisfy our electricity needs through a combination of market power, long-term contracts and the operation of our own power assets, which allow for cost differentiation at specific U.S. manufacturing sites. Approximately 73% of our salt requirements are met by internal supply. Ethylene is primarily supplied for the vinyls business under a long-term supply arrangement whereby we receive ethylene at integrated producer economics. Methanol is primarily sourced from large domestic and international producers. The high-volume nature of the chlor alkali industry places emphasis on cost management, and we believe that our scale, integration and raw material positions make us one of the low-cost producers in the industry.

The following table lists the principal products and services of our Chlor Alkali Products and Vinyls segment.

* Includes low salt, high strength bleach manufacturing.

Maximize Returns to the ECU. Leverage our diverse and flexible chlor alkali derivatives portfolio via our value first operating model to continually preserve and enhance value from the entire ECU.

Continually Drive Down Costs. Our advantaged cost position is derived from low-cost energy, scale, integration, global distribution networks and a culture of continuous improvement. Maintaining a strong discipline in areas such as cost management, capital outlays, and asset maintenance is key to creating greater operating flexibility to maximize returns to the ECU. We continually execute on cost reduction initiatives through the optimization of our asset strategy, productivity, and deploying a performance-driven culture.

Optimize Our U.S. Leadership Position to Pursue Growth Opportunities. Fully utilize the portfolio of integrated derivatives to continually optimize value from the entire ECU to the highest value applications and provide organic expansion opportunities throughout the value chain.

The Epoxy business was one of the first major manufacturers of epoxy products and has continued to build on more than half a century of history through product innovation and technical excellence. We believe the Epoxy segment is one of the largest fully integrated global producers of epoxy resins, curing agents and intermediates. The Epoxy segment’s cost position benefits from integration into low-cost feedstocks (including chlorine, caustic soda, allylics and aromatics). The Epoxy segment produces and sells a full range of epoxy materials and precursors, including aromatics (acetone and phenol), allylics, such as allyl chloride (Allyl) and epichlorohydrin (EPI), resins such as liquid epoxy resins (LER) and solid epoxy resins (SER) and formulated solutions platform products such as converted epoxy resins (CER) and additives.

The Epoxy segment serves a diverse array of applications, many of which are focused on improving sustainability and lowering greenhouse emissions, including wind energy, electrical laminates, consumer goods and composites, as well as numerous applications in civil engineering and protective coatings. The Epoxy segment has important relationships with established customers, some of which span decades. The segment sells primarily in North America and Western Europe. The segment products are delivered primarily by marine vessel, deep-water and coastal barge, railcar and truck.

Allyl is used not only as a feedstock in the production of EPI, but also as a chemical intermediate in multiple industries and applications, including water purification chemicals. EPI is primarily produced as a feedstock for use in the business’s epoxy resins and is also sold in the merchant market. LER is manufactured in liquid form and cures with the addition of a hardener into a three-dimensional thermoset solid material, offering a distinct combination of structural strength, adhesion, electrical insulation, thermal or chemical resistance and corrosion protection that is well-suited to coatings and composites applications. SER is processed further with bisphenol, which is produced internally to meet specific end-market applications. While LER and SER are sold externally, a significant portion of LER production is further converted through our formulated solutions platform into CER and other additive products where value-added modifications produce higher margin resins for specific customer applications.

The Epoxy segment’s principal raw materials are chlorine, caustic soda, cumene, propylene and aromatics, which consist of phenol and acetone. Our Epoxy segment maintains a reliable supply of certain key raw materials, such as cumene and propylene. The Epoxy segment’s production economics benefit from its integration into chlor alkali and aromatics which are key inputs in epoxy production. This fully integrated structure provides both access to low-cost materials and significant operational flexibility. The Epoxy segment operates an integrated aromatics production chain producing phenol and acetone for internal consumption and external sale. The Epoxy segment’s consumption of chlorine enables the Chlor Alkali Products and Vinyls segment to generate caustic soda production and sales. Chlorine and caustic soda used in our Epoxy segment are transferred at cost from the Chlor Alkali Products and Vinyls segment.

The following table lists the principal products and services of our Epoxy segment.

Capitalize on Integrated Assets through Flexible Market Entry Points. The Epoxy segment is focused on maximizing value by capitalizing on our flexible market entry points across the value chain which extends our reach into a broad array of end markets.

Continually Drive Down Costs. The Epoxy segment continues to drive cost improvements through the entire supply chain to optimize our EPI and LER cost position in the Americas and Europe. We continually execute on cost reduction initiatives through the optimization of our asset strategy, productivity, and deploying a performance-driven culture.

Focus on Formulated Solutions Platforms. The Epoxy segment is focused on expanding our market participation in higher value add platform products to align with growing end-use markets.

In 2025, Winchester is in its 159th year of operation and its 95th year as part of Olin. Winchester is a premier developer and manufacturer of small caliber ammunition for sale to domestic and international retailers (commercial customers), law enforcement agencies and domestic and international militaries. We believe we are a leading U.S. producer of ammunition for recreational shooters, hunters, law enforcement agencies and the U.S. Armed Forces. Winchester also manufactures industrial products that have various applications in the construction industry and clay targets for recreational and competitive shooters.

On October 1, 2023, Olin acquired the assets of White Flyer Targets, LLC (White Flyer) from Reagent Diversified Holdings, Inc. (Reagent) for $63.9 million. White Flyer is North America’s preeminent leader in recreational trap, skeet, and sporting clay targets. White Flyer was combined with the Winchester Ammunition business.

On October 1, 2020, Winchester assumed full management and operational control of the Lake City Army Ammunition Plant (Lake City) in Independence, MO. The contract is for the production of small caliber military ammunition, including 5.56mm, 7.62mm, and .50 caliber rounds, as well as certain cartridges and casings. The contract also allows for the production of certain ammunition for commercial customers. The contract has an initial term of seven years and may be extended by the U.S. Army for up to three additional years.

Our legendary Winchester® product line includes all major gauges and calibers of shotgun shells, rimfire and centerfire ammunition for pistols and rifles, reloading components and industrial cartridges. We believe we are a leading U.S. supplier of small caliber commercial ammunition. 

Winchester has strong relationships throughout the sales and distribution chain and strong ties to traditional dealers, distributors, and gun clubs. Winchester has also built its business with key high-volume mass merchants and specialty sporting goods and outdoor merchandise retailers. Winchester has consistently developed industry-leading ammunition, which is recognized in the industry for manufacturing excellence, design innovation and consumer value.

Winchester was awarded the following long-term contracts to support the U.S. military, and law enforcement:

•In 2021, the U.S. Army awarded Winchester a five-year contract to manufacture 5.56 mm, 7.62 mm and .50 caliber rifle ammunition under the third consecutive “Second Source” ammunition contract.

•In 2022, the U.S. Army awarded Winchester a five-year contract to manufacture .38 caliber, .45 caliber and 9mm handgun ammunition, maintaining Winchester’s longstanding position as the leading supplier of pistol ammunition to the U.S. military.

•In 2023, the U.S. Army awarded Winchester contracts to manufacture, test and deliver five million rounds of 6.8mm ammunition and develop, and manufacture multiple high-performance cartridges at Lake City, including nearly two million rounds of .50 Caliber Saboted Light Armor Penetrator ammunition.

•In 2024, after completing a contract to design a 6.8mm Next Generation Squad Weapon (NGSW) ammunition manufacturing facility, the U.S. Army awarded Winchester the contract to construct the facility at Lake City. Also in 2024, U.S. Special Operations Command awarded Winchester and three other awardees contracts for numerous types of ammunition, and Canada’s Royal Canadian Mounted Police awarded Winchester a three-year contract for 9mm duty ammunition.

Winchester’s new ammunition products continue to receive awards from major industry publications and organizations, with recent awards including American Rifleman magazine’s Golden Bullseye Award as “Ammunition Product of the Year” in 2025 and 2022 and American Hunter magazine’s Golden Bullseye award as “Ammunition Product of the Year” in 2025. The National Wild Turkey Federation chose Winchester to receive its 2024 Corporate Achievement Award in recognition of Winchester’s support of wild turkey conservation and the preservation of hunting heritage.

Winchester purchases raw materials such as copper-based strip and ammunition cartridge case cups and lead from vendors, pursuant to multi-year contracts, based on a conversion charge or premium. These conversion charges or premiums are in addition to the market prices for metal as posted on exchanges such as the Commodity Exchange, or COMEX, and London Metals Exchange, or LME. Winchester’s other main raw material is propellant, which is purchased predominantly from one of the U.S.’s largest propellant suppliers.

The following table lists the principal products and services of our Winchester segment.

*    Government-owned, contractor-operated (GOCO) facility

Maximize Existing Strengths. Winchester will increase our value by strengthening our leadership position in small caliber ammunition through all of the customer segments that we serve.

With one of the world’s largest small caliber ammunition manufacturing footprints, we will leverage employee engagement, engineering, and process excellence across our three production sites while capitalizing on Olin’s deep chemical expertise to expand our defense participation through synergies between ammunition and chemicals. We will drive further global brand awareness as ‘The American Legend’ — a longstanding highly-valued brand built on integrity, hard work, and customer loyalty.

Innovative Solutions. Winchester will continue building on our strong reputation as an industry innovator with a long record of meeting the needs of recreational shooters, first responders, and the modern warfighter. We will build value by developing market driven products, delivering engineered solutions for our customers and increasing our integration across the ammunition value chain.

Continually Drive Down Costs. Winchester promotes a culture of continuous improvement with a “Be Better Today” mindset. We deploy our world-class assets with disciplined approaches to productivity, reliability and modernization.

Olin has an international presence, including the geographic regions of Europe, Asia Pacific and Latin America. Approximately 29% of Olin’s 2024 sales were generated outside of the U.S., including 29% of our Chlor Alkali Products and Vinyls 2024 segment sales, 51% of our Epoxy 2024 segment sales and 12% of our Winchester 2024 segment sales. See Note 19, “Segment Information,” of the notes to consolidated financial statements contained in Item 8, for geographic segment data. We are incorporating our segment information from that Note into this section of our Form 10-K.

Products we sell to industrial or commercial users or distributors for use in the production of other products constitute a major part of our total sales. We sell some of our products, such as epoxy resins, caustic soda and sporting ammunition, to a large number of users or distributors, while we sell other products, such as chlorine and chlorinated organics, in substantial quantities to a relatively small number of industrial users. During 2024, no single customer accounted for more than 10% of sales.

We market most of our products and services primarily through our sales force and sell directly to various industrial customers, mass merchants, retailers, wholesalers, gun clubs, other distributors and the U.S. Government and its prime contractors.

Sales to all U.S. government agencies and sales under U.S. government contracting activities in total accounted for approximately 11% of sales in 2024. Because we engage in some government contracting activities and make sales to the U.S. government, we are subject to extensive and complex U.S. government procurement laws and regulations. These laws and regulations provide for ongoing government audits and reviews of contract procurement, performance and administration. Failure to comply, even inadvertently, with these laws and regulations and with laws governing the export of munitions and other controlled products and commodities could subject us or one or more of our businesses to civil and criminal penalties, and under certain circumstances, suspension and debarment from future government contracts and the exporting of products for a specified period of time.

The total amount of estimated backlog was approximately $1,426 million and $914 million as of January 31, 2025 and 2024, respectively. The backlog orders are associated with contractual orders in our Winchester business. Backlogs in our other businesses are not significant. Backlog is comprised of all open customer orders which have been received, but not yet shipped. The backlog was estimated based on expected volume to be shipped from firm contractual orders, which are subject to customary terms and conditions, including cancellation and modification provisions. Approximately 70% of the contracted backlog as of January 31, 2025, is expected to be fulfilled during 2025, with the remainder expected to be fulfilled during 2026.

We are in active competition with businesses producing or distributing the same or similar products, as well as, in some instances, with businesses producing or distributing different products designed for the same uses.

Chlor alkali manufacturers in North America, with approximately 16 million tons of chlorine and 17 million tons of caustic soda capacity, account for approximately 15% of worldwide chlor alkali production capacity. In 2024, we have the largest chlor alkali capacity in North America and globally. While the technologies to manufacture and transport chlorine and caustic soda are widely available, the production facilities require large capital investments and are subject to significant regulatory and permitting requirements. There is a global market for caustic soda, which attracts imports and allows exports depending on market conditions. This industry includes large, diversified producers in North America and abroad, including multiple producers located in Europe, China and India. Other large chlor alkali producers in North America include The Occidental Petroleum Corporation, Westlake Chemical Corporation (Westlake), Formosa USA, and Shintech Inc., a subsidiary of Shin-Etsu Chemical Co., Ltd.

We are a major global fully integrated epoxy producer, with access to key low-cost feedstocks and a cost advantaged infrastructure. The markets in which our Epoxy segment operates are highly competitive and are dependent on significant capital investment, the development of proprietary technology and the maintenance of product research and development. Among our competitors are Huntsman Corporation, Westlake, Kukdo Chemical Co. Ltd. and Kumho P&B Chemicals, as well as multiple other producers located in Asia. We remain exposed to competition from low-priced imports across our full range of epoxy materials and precursors.

We believe our Winchester business is one of the largest global manufacturers of commercial small caliber ammunition. Our Winchester business and The Kinetic Group (purchased from Vista Outdoor Inc. in November 2024 by Czechoslovak Group) are among the largest commercial ammunition manufacturers in the U.S. The ammunition industry is highly competitive with Olin, The Kinetic Group and numerous smaller domestic manufacturers and foreign producers competing for sales to the commercial ammunition customers. Many factors influence our ability to compete successfully, including price, delivery, service, performance, product innovation and product recognition and quality, depending on the product involved.

Olin employees are key to the successful implementation and execution of our operating model and related strategies. Annually, employees set goals that align with the Company’s strategic priorities and are “all-in” on demonstrating their achievement of those goals. Our Olin values, programs and processes support a culture of inclusivity, engagement and elevated performance, reflecting our “all-in” culture. Our established Lifting People core principles of creating meaningful opportunity and fulfillment for employees, providing robust communication and varied opportunities for connection, and fostering an environment of trust have enhanced the level of purposeful engagement at Olin. In the marketplace for talent, our Lifting People focus is unique and differentiates us from our competitors.

Lifting People is about creating work environments for our global workforce that are inclusive, supportive, and empowering while encouraging and incentivizing the highest level of performance and accountability to deliver the results necessary to achieve our strategic goals. We support our global workforce by providing competitive benefits and compensation, robust recognition and rewards, a variety of workplace flexibility options, support and resources for community engagement and volunteerism, and professional development programs and opportunities, all of which constitute a strong Olin employee value proposition. In 2024, Olin employees increased their volunteerism hours by more than 25% over 2023, committing more than 70,000 hours toward volunteerism for organizations in our communities. To further support our employees who may be impacted by natural disasters, we established the Olin Employee Disaster Relief Fund to allow Olin employees to contribute funds to help fellow employees in need. Olin matches these contributions up to $250,000 annually. We commit to providing our employees with a safe and supportive environment and maintain a steadfast commitment to safely producing and distributing our products, which is fundamental to the achievement of our goals. Our global workforce is committed to the We Care and Me Principles which focus on each individual’s responsibility for their own safety and that of others, on leading by example, on reinforcing positive behaviors and on elevating concerns.

To ensure we are attracting and retaining a talented workforce, which is vital to Olin’s ability to achieve our organizational goals and objectives, we have cultivated benefits and compensation structures that ensure our market competitiveness and supports a pay-for-performance philosophy. Olin senior management provides oversight for these benefits programs and for the compensation of our workforce, while our human resources organization manages and administers these programs to ensure that our total rewards programs remain market competitive. This includes conducting periodic compensation benchmarking, implementing health and other employee benefit programs and reviewing certain employee post-retirement benefits and accessibility of employee assistance programs. We have established both salaried and hourly employee structures to adequately compensate employees, and have implemented monetary rewards and recognition programs as an additional mechanism for supervisors to reward exceptional performance. Our recognition and rewards program allows people leaders across our organization to recognize the contributions of employees throughout the year, and in 2024 our leaders provided more than 5,600 recognition awards. We also provide a mechanism for employees to provide non-monetary peer-to-peer recognition in the form of Impressions, the number of which doubled in 2024 from the prior year. Separately, our Board of Directors maintains a Compensation Committee which sets policies, develops and monitors strategies for and administers the programs that are used to compensate our Chief Executive Officer and other senior executives.

Olin is committed to maintaining work environments free from all forms of discrimination and harassment and where all employees are comfortable bringing their authentic selves to work each day. We believe the insights provided by our workforce through their unique skills, backgrounds and experiences will lead us to future innovations that will reduce costs, reduce our environmental footprint, improve our ability to serve the world and keep our employees healthy and safe. We encourage our employees to be creative and participate in the dialogue across the Company to help develop innovative solutions that lead to lasting, positive impacts for our customers, employees, communities, and shareholders.

Our Voice of the Employee mechanism facilitates this sharing of insights across multiple sites. All Olin sites have established Olin People Network chapters, with each chapter focused on site-specific activities designed to foster and encourage inclusivity and engagement. Our U.S. college recruiting program is a key component of our talent pipeline. Additionally, Olin employees are our best recruiters with 49% of our hires in 2024 attributable to employee referrals.

We also invest in the continued professional development of our workforce. Olin provides a wide range of employee development and productivity programs, including assignment-based opportunities, job shadowing, mentoring, and foundational programs for new Olin employees. A tiered leadership development program gives our critical talent tools to support their continued growth in and aspiration toward leadership roles. These programs help our employees improve, grow, and reinforce our values. Our learning platform focuses on providing a variety of educational opportunities that support career and professional development for our employees, including undergraduate and graduate tuition assistance to eligible employees up to a maximum of $10,000 per year. We regularly review talent development and succession plans to identify and develop a pipeline of talent to maintain and continuously improve business operations. We make purposeful moves to accelerate the development of high potential employees. Our performance management process encourages ongoing feedback throughout the year and includes annual year-end reviews and regular development discussions.

As of December 31, 2024, we had 7,676 employees broken out as follows:

(1)     Various labor unions represent a significant number of our hourly-paid employees for collective bargaining purposes. In the U.S., bargaining unit employees comprise 37% of the total workforce. In 2025, we have no labor agreements that are due to expire in Canada, and two labor agreements expiring in the U.S., representing approximately 2% of our global workforce.

(1)     Includes 1,752 employees from Chlor Alkali Products and Vinyls, 865 employees from Epoxy and 789 employees for common services within Chemicals.

(2)     Includes 1,705 employees at Lake City in Independence, MO, which is a GOCO facility.

Our research activities are conducted on a product-group basis at a number of facilities. Company-sponsored research expenditures were $18.4 million, $20.0 million and $18.3 million in 2024, 2023 and 2022, respectively.

We own or license a number of patents, patent applications and trade secrets covering our products and processes. We believe that, in the aggregate, the rights under our patents and licenses are important to our operations, but we do not consider any individual patent, license or group of patents and licenses related to a specific process or product to be of material importance to our total business.

Our sales are affected by economic downturns and the seasonality of several industries we serve, including building and construction, coatings, oil and gas, infrastructure, electronics, automotive, water treatment, refrigerants and ammunition. The seasonality of the ammunition business is typically driven by the U.S. fall hunting season. Our chlor alkali businesses generally experience their highest level of activity during the spring and summer months, particularly when construction, refrigerants, coatings, infrastructure and water treatment activities are higher. Our Epoxy segment also serves a number of applications which experience their highest level of activity during the spring and summer months, particularly civil engineering and protective coatings and other construction materials, including composites and flooring.

Basic raw materials are processed through an integrated manufacturing process to produce a number of products that are sold at various points throughout the process. We purchase a portion of our raw material requirements and also utilize internal resources and finished goods as raw materials for downstream products. We believe we have reliable sources of supply for our raw materials under normal market conditions. However, we cannot predict the likelihood or impact of any future raw material shortages. We provide additional information with respect to specific raw materials in the tables set forth under “Products and Services.”

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

We are a party to various government and private environmental actions associated with former waste disposal sites and past manufacturing facilities. Charges to income for investigatory and remedial efforts were $30.2 million, $30.1 million and $24.2 million for the years ended December 31, 2024, 2023 and 2022, respectively. These charges may be material to operating results in future years. These charges do not include insurance recoveries for costs incurred and expensed in prior periods.

See our discussion on environmental matters contained in Note 20, “Environmental,” of the notes to consolidated financial statements contained in Item 8 and under the heading “Environmental Matters” in Item 7—“Management’s Discussion and Analysis of Financial Condition and Results of Operations.”

At Olin, we are committed to corporate responsibility to ensure the long-term success of our business, our collective global society and the well-being of our environment. We focus our corporate responsibility efforts on the areas of: (1) environment, health, safety and security stewardship, (2) sustainability and governance and (3) product stewardship. We value collaboration and commit to working with other organizations to encourage collective action for improving corporate responsibility. Additional information related to our corporate responsibility initiatives, practices, activities, goals and related information, as well as future updates, can be found in the Corporate Responsibility section of our website at www.olin.com, including our Sustainability Report under the section Sustainability Success. Our progress against environmental, social and governance (ESG) targets is included therein. The contents of our website referenced in this section are not, and should not be considered to be, part of this report.

Olin is strongly committed to excellence in protecting the environment, health, safety and security of our employees and those who live and work around our plants. Our operations worldwide comply with all local requirements and implement additional standards as required to protect the environment, health, safety and security of our operations. We use our management system to drive continuous improvement and achieve excellence in environmental, health, safety, process safety and security performance. Our safety, health and environmental strategy and goals are designed to sustain our drive to zero incidents. Relentlessly and responsibly, we constantly emphasize the importance of monitoring the safety, security and environmental impact of our facilities and processes. Through our daily vigilance, Olin strives to continue to be recognized as one of the industry’s best performers.

At Olin, we believe our purpose is to deliver essential materials and solutions that enhance and protect lives. By consistently integrating corporate values into the fabric of the organization, we believe we can create a strong, cohesive culture that drives success and employee engagement. Olin’s corporate values are:

•We safely and reliably deliver essential materials

•We act with integrity, always doing what is right

•We empower our employees to take ownership in everything we do

•We create value for our customers, shareholders, employees, and communities

These values are also reflected in our Environment, Health, Safety and Security (EHS&S) policy and practice. Olin leadership visibly performs and guides the organization to conduct business in a manner that protects and increasingly benefits our employees, business partners and the communities in which we live. All employees have responsibilities within our management systems necessary to sustain our drive to zero incidents.

We strongly believe in meeting the needs of the present without compromising the needs of future generations. We recognize our Company’s impact on our natural resources and our responsibility to stewardship of people and the planet. This means striving for a company culture responsible to the ongoing ESG ideals of our employees and shareholders.

At Olin, we integrate sustainability into everything we do as a responsible corporate citizen. We value and respect our people, the communities in which we operate, our customers and the environment. We commit to making a contribution to protecting the world and its future condition through the safety and efficiency of our business practices - from supply to manufacturing to delivery and ultimately the end-use of our products. Executing on our sustainability strategy, we believe Olin will increase value for our investors, employees, and customers by enhancing our operating model through focused ESG actions. These actions include:

•Protecting our employees and communities through our industry-leading occupational and process safety programs

•Proudly strengthening United States defense, international defense, law enforcement, and conservation through our Winchester ammunition brand

•Significantly reducing our environmental impact by taking concrete steps through technology and commercial innovation to lower our carbon footprint, net water usage, and resource consumption

•Developing and enabling sustainable solutions within the value chain through our product and service offerings

•Consistently upholding our values and governance standards as we amplify our culture of high performance and engagement

We believe Olin’s industry leadership, focused ESG actions, and our engaged workforce will create a positive, long-lasting impact on our communities and the environment.

We take pride in safely distributing and handling our products and enabling our customers to do the same. Our product stewardship and quality practices are aligned with our core values and other globally recognized standards. We apply these standards to our chemical business segments and relevant subsidiaries to ensure compliance with applicable global regulations, evaluation, continuous improvement and transparency of relevant production and product or formulation information. Additionally, Winchester ammunition is designed and manufactured in accordance with the voluntary industry standards published by the Sporting Arms and Ammunition Manufacturers’ Institute. Our goal is to meet or exceed guidelines in every instance. Olin leadership demonstrates its commitment to these standards through active participation and communication concerning product safety, within our organization and to external stakeholders. We are deeply committed to ammunition education and advocate strongly for owners and participants to take the necessary steps to be trained and educated when handling, storing or using a firearm for recreational purposes, both for experienced and novice participants. Winchester dedicates an increasing share of its online content to safety education materials for all to responsibly and confidently own and use Winchester products.

In addition to the other information in this Form 10-K, the following factors should be considered in evaluating Olin and our business. All of our forward-looking statements should be considered in light of these factors. The following summarizes the risks and uncertainties that we consider to be material and that may adversely affect our business, financial condition, results of operations, cash flows and/or reputation. Additional risks and uncertainties that we are unaware of or that we currently deem immaterial also may become important factors that affect us.

Our industries and the businesses of most of our customers have historically experienced periodic downturns. These economic, seasonal and industry downturns have been characterized by diminished product demand, excess manufacturing capacity and, in some cases, lower average selling prices. Therefore, any significant downturn in our customers’ businesses, industry conditions, or in global economic conditions could result in reduced demand for our products or our customers’ products.

Although a majority of our sales are within North America, a large part of our financial performance is dependent upon a healthy global economy as we, along with our customers, participate in global markets and sell products abroad. As a result, our business is and will continue to be affected by general economic and business conditions in Europe, Asia Pacific, particularly China, and Latin America, as well as within North America. External factors include inflation and fluctuations in interest rates, customer demand, labor and energy costs, currency changes, new capacity additions, competitor actions, public health epidemics, and other factors beyond our control. The demand for our products and our customers’ products is directly affected by such fluctuations. In addition, our customers could decide to move some or all of their production to locations that are more remote from our facilities, and this could reduce demand for our products.

We cannot assure you that events having an adverse effect on the industries in which we operate will not occur or continue, such as a downturn in the European, Asian Pacific, particularly Chinese, Latin American, or other world economies, increases in or persistently high interest rates, unfavorable currency fluctuations or prolonged effects of global public health crises, including pandemics. Economic conditions in other regions of the world, predominantly Asia and Europe, can adversely affect the balance between global supply and demand for our chemical products and increase the amount of products produced and made available for export to North America and other jurisdictions in which we sell. Any significant increased product supply could put downward pressure on our product pricing, negatively affecting our profitability.

Our industries and each of our business segments experience fluctuating supply and demand, particularly in our Chlor Alkali Products and Vinyls segment, which can result in changes in selling prices. Periods of high demand, tight supply and increasing operating margins tend to result in increases in capacity and production until supply exceeds demand, generally followed by periods of oversupply and declining prices. We believe our operating model can mitigate pricing pressure historically experienced during periods of supply exceeding demand. Nevertheless, we cannot assure you that increased pricing pressure will not affect our operating results in the future during these periods. Another factor influencing demand and pricing for chemical products is the price of energy. Higher natural gas prices increase our customers’ and competitors’ manufacturing costs and depending on the ratio of crude oil to natural gas prices, could make our customers less competitive in world markets, negatively affecting the demand and pricing for our chemical products.

In the chemical industries in which we operate, price is one of the major supplier selection criteria. Pricing is subject to a variety of factors, some of which are outside of our control. Decreases in the average selling prices of our products could have a material adverse effect on our profitability. While we strive to maintain or increase our profitability by executing our operating model and by reducing costs through improving production efficiency, emphasizing higher margin products and by controlling transportation, selling and administrative expenses, we cannot assure you that these efforts will be sufficient to fully offset the effect of possible decreases in pricing on operating results.

Chlorine and caustic soda are produced simultaneously and in a fixed ratio of 1.0 ton of chlorine to 1.1 tons of caustic soda. An imbalance in customer demand may require Olin to reduce production of both chlorine and caustic soda or take other steps to correct the imbalance. Since we cannot store large quantities of chlorine, we may not be able to respond to an imbalance in customer demand for these products quickly or efficiently. To mitigate exposure and maximize value from the entire ECU, we continually take a number of actions, including, managing our production rates to the prevailing weaker side of the ECU, leveraging our portfolio of chlorine and chlorine derivatives outlets and entering into purchase for re-sale transactions. If our efforts are not successful and a substantial imbalance occurred, we might need to take actions that could have a material adverse effect on our business.

Our Epoxy segment is also subject to changes in operating results as a result of pricing pressures. Selling prices of epoxy materials are affected by changes in raw material costs, including energy, propylene and cumene, customer demand, and global fluctuations in supply and demand. Periods of supply and demand imbalances, particularly changes in trade flows within Asia Pacific markets, particularly China, can result in increased pricing pressure on our epoxy products. Declines in average selling prices of products of our Epoxy segment could have a material adverse effect on our business.

Our Winchester segment is also subject to pricing pressures. Selling prices of ammunition are affected by changes in raw material costs and availability, customer demand and industry production capacity. Declines in average selling prices of products of our Winchester segment could have a material adverse effect on our business.

We cannot assure you that pricing or profitability in the future will be comparable to any particular historical period, including the most recent period shown in our operating results. We cannot assure you that the chemical industry or ammunition industry will not experience adverse trends in the future.

Our operating model in our chemicals businesses prioritizes ECU margins over sales volume. To mitigate exposure and maximize value from the entire ECU, our operating model necessitates managing production rates to preserve value, which may impact the way we transact business with customers and other third parties. The execution of the model may not be successful over time. For example, we may not be able to consistently achieve higher margins compared to previous industry or business cycles, customers may not be willing to transact with us on terms acceptable to us, or the margin improvement achieved might be more than offset by the impact from lower sales volumes, any of which could have a material adverse effect on our business.

In addition, we take actions from time to time designed to complement our operating model, such as purchase for re-sale transactions that may not improve our operating results and could adversely affect our business if these activities are not successfully implemented.

Some of our assets were designed to operate at consistently high operating rates. If we operate at lower operating rates for extended periods or make frequent changes to operating rates, our assets may become less reliable or may require additional maintenance or capital investment, which could have a material adverse effect on our business.

If we fail to effectively execute our operating model, our operating results may fail to achieve the level of profitability that we forecast, and our business could be adversely affected.

Our operating results and profitability are dependent upon our continued ability to control, and in some cases reduce, our costs. If we are unable to do so, or if costs outside of our control, particularly our costs of raw materials, utilities, transportation and similar costs, increase beyond anticipated levels, our profitability will decline. In addition, an increase in costs generally as a result of rising inflation, or in a particular sector such as the energy or transportation sector, could result in rising costs which we cannot fully mitigate through product price increases or cost reductions, which could also adversely affect our profitability.

For example, if our feedstock and energy costs increase, and we are unable to pass the increased costs on to customers, our profitability in our Chlor Alkali Products and Vinyls and Epoxy segments would be negatively affected. Similarly, costs of commodity metals and other materials used in our Winchester business, such as copper, propellant and lead, can vary. If we experience significant increases in these costs and are unable to raise our prices to offset the higher costs, the profitability in our Winchester business would be negatively affected.

Our profitability and margin growth will depend in part on our ability to maintain an efficient operating model and drive sustainable improvements, through productivity, reliability and modernization actions and projects, such as rightsizing our global asset base, product line rationalizations, renegotiating supplier contracts and facility modernization projects. A variety of factors may adversely affect the Company’s ability to realize targeted cost reductions, including failure to successfully optimize our facilities footprint, failure to take advantage of our vertically integrated product lines and global supply chains, or the failure to identify and eliminate duplicative programs. There can be no assurance that we will be able to achieve or sustain any or all of the cost savings generated from our actions.

We obtain a significant portion of our raw materials from a few key suppliers. If any of these suppliers fail to meet their obligations under present or any future supply agreements, we may be forced to pay higher prices or incur higher costs to obtain the necessary raw materials. Any interruption of supply or any price increase of raw materials could have a material adverse effect on our business. Certain of our facilities are dependent on feedstocks, services, and related infrastructure provided by third parties, which are provided pursuant to long-term contracts. Any failure of those third parties to perform their obligations under those agreements or disagreements regarding the performance under those agreements or inability to renew such agreements at acceptable terms could adversely affect the operation of the affected facilities and our business, or result in diversion of management’s attention or our resources from other business matters. If we are required to obtain an alternate source for these feedstocks or services, we may not be able to obtain equally favorable pricing and terms. Additionally, we may be forced to pay additional transportation costs or to invest in capital projects for pipelines or alternate facilities to accommodate railcar or other delivery methods or to replace other services.

Subject to existing contracts, a vendor may choose to modify its relationship with us due to general economic concerns or concerns relating to the vendor or us, at any time. Any significant change in the terms that we have with our key suppliers could have a material adverse effect on our business, as could significant additional requirements from suppliers that we provide them additional security in the form of prepayments or posting letters of credit.

Purchased feedstock, including propylene and cumene, and energy costs account for a substantial portion of our total production costs and operating expenses. We purchase certain raw materials as feedstocks.

Feedstock and energy costs generally follow price trends in crude oil and natural gas, which are sometimes volatile. Ultimately, the ability to pass on underlying cost increases in a timely manner or at all is partially dependent on market conditions. Conversely, when feedstock and energy costs decline, selling prices generally decline as well. As a result, volatility in these costs could have a material adverse effect on our business.

If the availability of any of our principal feedstocks is limited or we are unable to obtain natural gas or energy from any of our energy sources, we may be unable to produce some of our products in the quantities demanded by our customers, which could have a material adverse effect on plant utilization and our sales of products requiring such raw materials. We have long-term supply contracts with various third parties for certain raw materials, including ethylene, electricity, propylene and cumene. As these contracts expire, we may be unable to renew these contracts or obtain new long-term supply agreements on terms comparable or as favorable to us, depending on market conditions, which may have a material adverse effect on our business. In addition, many of our long-term contracts contain provisions that allow our suppliers to limit the amount of raw materials shipped to us below the contracted amount in force majeure or similar circumstances. If we are required to obtain alternate sources for raw materials because our suppliers are unwilling or unable to perform under raw material supply agreements or if a supplier terminates or is unwilling to renew its agreements with us, we may not be able to obtain these raw materials from alternative suppliers or obtain new long-term supply agreements on terms comparable or as favorable to us.

We are dependent upon the continued safe and reliable operation of our production facilities. Our production facilities are subject to hazards associated with the manufacture, handling, storage and transportation of chemical materials and products and ammunition, including leaks and ruptures, explosions, fires, inclement weather and natural disasters, unexpected utility disruptions or outages, unscheduled downtime, equipment failure, information technology systems interruptions or failures, terrorism, transportation interruptions, transportation incidents involving our chemical products, chemical spills and other discharges or releases of toxic or hazardous substances or gases and environmental hazards. Due to the integrated nature of our large chemical sites, an event at one plant could affect production across multiple plants at a facility. In the past, we have had incidents that have temporarily shut down or otherwise disrupted our manufacturing, causing production delays and resulting in liability for workplace injuries and fatalities. Some of our operations involve manufacturing and/or handling various explosive and flammable materials. Use of our products by our customers could also result in liability if an explosion, fire, spill or other accident were to occur. We cannot assure you that we will not experience these types of incidents in the future or that these incidents will not result in production delays or otherwise have a material adverse effect on our business.

We maintain risk management strategies, including but not limited to levels of insurance associated with property, casualty and business interruption. Such insurance may not cover all of the risks associated with the hazards of our business and is subject to limitations, including deductibles and maximum liabilities covered. We may incur losses beyond the limits, or outside the coverage, of our insurance policies. We may also be unable to continue to maintain our existing insurance or obtain comparable insurance at a reasonable cost.

We are exposed to climate-related risks and uncertainties, many of which are outside of our control. We have a substantial presence near the U.S. Gulf Coast and a significant portion of our manufacturing facilities, similar to our competitors and customers, are structured near major bodies of water. Major hurricanes, or other weather-related events, have caused significant disruption in our operations on the U.S. Gulf Coast, logistics across the region and the supply of certain raw materials, which have had an adverse effect on volume and cost for some of our products. Climate change could result in more frequent severe weather events, potential changes in precipitation patterns and extreme variability in weather patterns, which could disrupt our operations in the U.S. Gulf Coast, or elsewhere, as well as those of our customers and suppliers. Severe weather conditions or other natural phenomena in the future, including those resulting from climate change, could have a material adverse effect on our business.

We rely heavily on railroad, truck, marine vessel, barge and other shipping companies to transport finished products to customers and to transport raw materials to the manufacturing facilities used by each of our businesses. These transport operations are subject to various hazards and risks, including extreme weather conditions, work stoppages and operating hazards, as well as domestic and international transportation and maritime regulations. In addition, the methods of transportation we utilize, including shipping chlorine and other chemicals by railroad and by barge, may be subject to additional, more stringent and more costly regulations in the future. If we are delayed or unable to ship finished products or unable to obtain raw materials as a result of any such new or modified regulations or public policy changes related to transportation safety, or these transportation companies’ failure to operate properly, or if there are significant changes in the cost of these services due to new additional regulations, or otherwise, we may not be able to arrange efficient alternatives and timely means to obtain raw materials or ship goods, which could result in a material adverse effect on our business. If any third-party railroad that we utilize to transport chlorine and other chemicals ceases to transport certain hazardous materials, or if there are significant changes in the cost of shipping hazardous materials by rail or otherwise, we may not be able to arrange efficient alternatives and timely means to deliver our products or at all, which could result in a material adverse effect on our business.

Our operations depend on our ability to protect our information technology systems, computer equipment and information databases from systems failures or interruptions. We rely on both internal information technology systems and certain external service providers to assist in the management of the day-to-day operation of our business, operate elements of our manufacturing facilities, manage relationships with our employees, customers and suppliers, fulfill customer orders and maintain our financial, accounting or other business records. Failure or interruption of one, or more than one, of our information technology systems to perform as anticipated could be caused by internal or external events or parties, such as incursions by intruders or hackers, computer viruses, cyber-attacks, failures in hardware or software, or power or telecommunication fluctuations or failures. The failure of our information technology systems to perform as anticipated for any reason, or any significant breach of our systems’ security, could disrupt our business and result in numerous adverse consequences, including reduced effectiveness and efficiency of operations, increased costs or loss of important information, or loss of sales, any of which could have a material adverse effect on our business. We have technology and information security processes, periodic external service and service provider reviews, insurance policies and disaster recovery plans in place to mitigate our risk to these vulnerabilities. However, these measures may not be adequate to ensure that our operations will not be disrupted or our financial impact minimized, should such an event occur. Our cybersecurity risk management strategy is detailed within Item 1C. - Cybersecurity.

Olin has an international presence, including the geographic regions of Europe, Asia Pacific, Latin America and Canada. In 2024, approximately 29% of our sales were generated outside of the United States. These international sales and operations expose us to risks, including:

•difficulties and costs associated with complying with complex and varied laws, treaties, and regulations;

•tariffs and trade barriers;

•outbreaks of serious disease, such as pandemics, which could cause us and our suppliers and/or customers to temporarily suspend operations in affected areas, restrict the ability of Olin to distribute our products or cause economic downturns that could affect demand for our products;

•geopolitical or regional conflicts which can disrupt trade flows, supply/demand fundamentals, or the ability to sell certain products within countries or regions;

•changes in laws and regulations, including the imposition of economic or trade sanctions affecting international commercial transactions;

•risk of non-compliance with anti-bribery laws and regulations, such as the U.S. Foreign Corrupt Practices Act;

•restrictions on, or difficulties and costs associated with, the repatriation of cash from foreign countries to the United States;

•unfavorable currency fluctuations;

•changes in local economic conditions, including inflation levels exceeding that of the U.S.;

•unexpected changes in political or regulatory environments;

•labor compliance and costs associated with a global workforce;

•data privacy regulations;

•difficulties in maintaining overseas subsidiaries and international operations; and

•challenges in protecting intellectual property rights.

Any one or more of the above factors could have a material adverse effect on our business.

Our success depends in large part on our ability to recruit and retain our executive officers and senior management. The market for executive officers and senior management in our industry is competitive. We must continue to recruit, retain, and motivate management and other team members sufficiently, both to maintain our current business and to execute our long-term strategic initiatives. The loss of any of our executive officers or other key senior management without sufficient advance notice could prevent or delay the implementation and completion of our strategic initiatives, divert management’s attention to seeking qualified replacements, be disruptive to our daily operations or impact public or market perception. Any failure by us to manage a successful leadership transition of an executive officer and to timely identify a qualified permanent replacement could have a material adverse effect on our business.

We believe our success depends on hiring, retaining and motivating key employees, including executive officers. Our future success depends in part on our ability to identify and develop talent throughout the organization who adopt and successfully execute our strategies and operating model. The development and retention of key personnel and appropriate senior management succession planning will continue to be important to the successful execution of our strategies. We may have difficulty locating and hiring qualified personnel. In addition, we may have difficulty retaining such personnel once hired, and key people may leave and compete against us. The loss of key personnel or our failure to attract and retain other qualified and experienced personnel could disrupt or materially adversely affect our business. In addition, our operating results could be adversely affected by increased costs due to increased competition for employees or higher employee turnover, which may result in the loss of significant customer business or increased costs.

As part of our growth strategy, we intend to pursue acquisitions and joint venture opportunities consistent with or complementary to our existing business strategies. Successful accomplishment of this objective may be limited by the availability and suitability of acquisition candidates, the ability to obtain regulatory approvals necessary to complete a planned transaction, and by our financial resources. Acquisitions and joint venture transactions involve numerous risks, including difficulty determining appropriate valuation, integrating operations, technologies, services and products of the acquired businesses, personnel turnover and the diversion of management’s attention from other business matters. The nature of a joint venture requires us to work cooperatively with unaffiliated third parties. Differences in views among joint venture participants may result in delayed decisions or failure to agree on major decisions. If these differences cause the joint ventures to deviate from their business plans or fail to achieve their desired operating performance, our results of operations could be adversely affected. In addition, we may be unable to achieve anticipated benefits from these transactions in the time frame that we anticipate, or at all, which could have a materially adverse effect on our business.

While we believe we have facilities in place that should allow us to borrow funds as needed to meet our ordinary course business activities, adverse conditions in the credit and financial markets could prevent us from obtaining financing, if the need arises, or result in our creditors terminating their funding commitments. Our ability to invest in our businesses and refinance or repay maturing debt obligations could require access to the credit and capital markets and sufficient bank credit lines to support cash requirements. Our ability to access credit and capital markets can also depend on our credit rating as determined by reputable credit rating agencies. A significant downgrade in our credit rating could affect our ability to refinance or repay maturing debt obligations, result in increased borrowing costs, decrease the availability of capital from financial institutions or require our subsidiaries to post letters of credit, cash or other assets as collateral with certain counterparties. If we are unable to access the credit and capital markets on commercially reasonable terms, we could experience a material adverse effect on our business.

Our Senior Revolving Credit Facility, and other debt instruments, include certain financial maintenance covenants requiring us to not exceed a maximum leverage ratio and to maintain a minimum coverage ratio.

Depending on the magnitude and duration of economic or industry downturns affecting our businesses, including deterioration in prices and volumes, there can be no assurance that we will continue to be in compliance with these ratios. If we fail to comply with either of these covenants in a future period and are not able to obtain waivers from the lenders, we would need to refinance our current senior credit facility or our ability to borrow under this facility may be limited. However, there can be no assurance that such refinancing would be available to us on terms that would be acceptable to us or at all.

As of December 31, 2024, we had $2,842.2 million of indebtedness outstanding. Outstanding indebtedness does not include amounts that could be borrowed under our Senior Revolving Credit Facility with aggregate commitments of $1,200.0 million (Senior Revolving Credit Facility). As of December 31, 2024, our indebtedness represented 58.0% of our total capitalization and $129.0 million of our indebtedness was due within one year. Despite our level of indebtedness, we expect to continue to have the ability to borrow additional debt, but we cannot be certain that additional debt will be available on terms acceptable to us or at all.

Our indebtedness could have important consequences, including but not limited to:

•limiting our ability to fund working capital, capital expenditures, and other general corporate purposes;

•limiting our ability to accommodate growth by reducing funds otherwise available for other corporate purposes, which in turn could prevent us from fulfilling our obligations under our indebtedness;

•limiting our operational flexibility due to the covenants contained in our debt agreements;

•to the extent that our debt is subject to floating interest rates, increasing our vulnerability to fluctuations in market interest rates;

•limiting our ability to pay cash dividends;

•limiting our ability to approve or execute share repurchase programs;

•limiting our flexibility for, or reacting to, changes in our business or industry or economic conditions, thereby limiting our ability to compete with companies that are not as highly leveraged; and

•increasing our vulnerability to economic downturns.

Our ability to generate sufficient cash flow from operations to make scheduled payments on our debt will depend on a range of economic, competitive and business factors, many of which are outside our control. There can be no assurance that our business will generate sufficient cash flow from operations to make these payments. If we are unable to meet our expenses and debt obligations, we may need to refinance all or a portion of our indebtedness before maturity, sell assets or issue additional equity. We may not be able to refinance any of our indebtedness, sell assets or issue additional equity on commercially reasonable terms or at all, which could cause us to default on our obligations and impair our liquidity. Our inability to generate sufficient cash flow to satisfy our debt obligations, or to refinance our debt obligations on commercially reasonable terms, would have a material adverse effect on our business, as well as on our ability to satisfy our debt obligations.

Various labor unions represent a significant number of our hourly paid employees for collective bargaining purposes. In 2025, we have no labor agreements that are due to expire in Canada, and two labor agreement expiring in the U.S., representing approximately 2% of our global workforce.

In addition, a large number of our employees are located in countries in which employment laws provide greater bargaining or other rights to employees than the laws of the U.S. Such employment rights require us to work collaboratively with the legal representatives of those employees to effect any changes to labor arrangements. For example, most of our employees in Europe are represented by works councils that must approve any changes in conditions of employment, including salaries and benefits and staff changes, and may impede efforts to restructure our workforce. While we believe our relations with our employees and their various representatives are generally satisfactory, we cannot assure that we can conclude any labor agreements without work stoppages and cannot assure that any work stoppages will not have a material adverse effect on our business.

We sponsor domestic and foreign defined benefit pension plans for eligible employees and retirees. Substantially all domestic defined benefit pension plan participants are no longer accruing benefits. However, a portion of our bargaining hourly employees continue to participate in our domestic qualified defined benefit pension plans under a flat-benefit formula. Our funding policy for the qualified defined benefit pension plans is consistent with the requirements of federal laws and regulations. Our foreign subsidiaries maintain pension and other benefit plans, which are consistent with local statutory practices. The determinations of pension expense and pension funding are based on a variety of rules and regulations along with economic factors which are outside of our control. These factors include returns on invested assets, the level of certain market interest rates, the discount rates used to determine pension obligations and mortality assumptions used to value liabilities in our pension plans. Changes in these rules and regulations or unfavorable changes to the factors which are used to value the assets and liabilities in our pension plans could impact the calculation of funded status of our pension plans. They may also result in higher pension costs and the need for additional pension plan funding. See “Pension and Postretirement Benefits” contained in Item 7—“Management’s Discussion and Analysis of Financial Condition and Results of Operations.”

The process of impairment testing for our goodwill involves a number of judgments and estimates made by management including future cash flows, discount rates, profitability assumptions and terminal growth rates with regards to our reporting units. Our internally generated long-range plan includes assumptions regarding pricing and operating forecasts for the chlor alkali industry. If the judgments and estimates used in our analysis are not realized or are affected by external factors, then actual results may not be consistent with these judgments and estimates, and we may be required to record a goodwill impairment charge in the future, which could be significant and have a material adverse effect on our business.

We review long-lived assets, including property, plant and equipment and identifiable amortizing intangible assets, for impairment whenever changes in circumstances or events may indicate that the carrying amounts are not recoverable. If the fair value is less than the carrying amount of the asset, an impairment is recognized for the difference. Factors which may cause an impairment of long-lived assets include significant changes in the manner of use of these assets, negative industry or market trends, a significant underperformance relative to historical or projected future operating results, extended period of idleness or a likely sale or disposal of the asset before the end of its estimated useful life. If our property, plant and equipment and identifiable amortizing intangible assets are determined to be impaired in the future, we may be required to record non-cash charges to earnings during the period in which the impairment is determined, which could be significant and have a material adverse effect on our business.

Legislation or regulations that may be adopted or modified by U.S. or foreign governments that affect products we produce could significantly affect the sales, costs and profitability of our business, including legislation or regulations intended to address antitrust and competition, the environment, climate change, taxes, international trade matters through import and export duties and quotas and anti-dumping measures and related tariffs.

The chemical and ammunition industries are subject to extensive legislative and regulatory actions, which could have a material adverse effect on our business. Many of our products and operations are subject to chemical control laws of the countries in which they are located. These laws include regulation of chemical substances and inventories under the U.S. Toxic Substances Control Act of 1976 (TSCA) in the U.S. and the Registration, Evaluation and Authorization of Chemicals (REACH) regulation in Europe. Likewise, Congress and government agencies also periodically consider legislation and other regulations related to the ammunition business, and legislative or regulatory actions could affect our ability to manufacture and sell certain types of ammunition, including restrictions on exports to certain countries.

TSCA was amended in 2016, and the U.S. Environmental Protection Agency (EPA) is currently evaluating several of our products and manufacturing processes for additional regulation under the amended law. Certain of our products, or inputs into our manufacturing process, are subject to regulation under current TSCA regulations, and other chemicals or ingredients may be regulated under the law in the future. In 2024, the EPA finalized regulation that bans the use of asbestos, a principal material used in diaphragm-based chlorine manufacturing, in five years. Diaphragm technology-based chlorine production makes up a significant part of Olin’s capacity and this government regulation could significantly increase the cost of production or cause us to close production capacity that would have negative consequences on our business. The EPA has also finalized regulation associated with several of Olin’s chlorinated organic products under the new TSCA law and these rules also present risk to these businesses. Olin is challenging many of these new regulations in an array of court proceedings, but the outcome of these litigation matters is uncertain. We also anticipate future regulatory action related to EDC and VCM under the amended TSCA law that could significantly affect the sales, costs and profitability of those product lines.

Under REACH, additional testing requirements, documentation, risk assessments and registrations are occurring and will continue to occur and may adversely affect our costs of products produced in or imported into the European Union. The European Union is currently considering regulations related to the use of bisphenol, or BPA, in chemical manufacturing, which is a critical component of the epoxy resins we manufacture and sell in the region.

Compliance with current or future TSCA, REACH, or other regulations may limit or hinder our ability to manufacture our products and/or cause us to incur expenditures that are material to our business. Additionally, changes to government regulations and laws, including TSCA and REACH, or changes in their interpretation may reduce the demand for our products, impact our ability to use or manufacture certain products, or limit our ability to implement our strategies, any of which could have a material adverse effect on our business. A material change in tax laws, treaties or regulations in the jurisdictions in which we operate or a change in their interpretation or application could have a material adverse effect on our business.

The transportation of our products and feedstocks, including transportation by pipeline, and the security of our chemical manufacturing facilities are subject to extensive regulation. Government authorities at the local, state and federal levels could implement new or stricter regulations, or change their interpretations of existing regulations, that would impact the security of chemical plant locations and the transportation of hazardous chemicals. Our Chlor Alkali Products and Vinyls and Epoxy segments could be adversely affected by the cost of complying with any new regulations. Our business also could be adversely affected if an incident were to occur at one of our facilities or while transporting products. The extent of the impact would depend on the requirements of future regulations and the nature of an incident, which are unknown at this time.

We are subject to legal and regulatory claims and proceedings relating to our present and former operations and could become subject to additional claims in the future, some of which could be material. These proceedings may be brought by the government or private parties and may arise out of a number of matters, including, antitrust claims, contract disputes, product liability claims, including ammunition and firearms, and proceedings alleging injurious exposure of plaintiffs to various chemicals and other substances (including proceedings based on alleged exposures to asbestos). Frequently, the proceedings alleging injurious exposure involve claims made by numerous plaintiffs against many defendants. Defense of these claims can be costly and time-consuming even if ultimately successful. Because of the inherent uncertainties of legal proceedings, we are unable to predict their outcome and therefore cannot determine whether the financial effect, if any, will be material to our business. We have included additional information with respect to pending legal and regulatory proceedings in Part II, Item 8, under the heading of “Legal Matters” within Note 22, “Commitments and Contingencies,” of our notes to consolidated financial statements.

Our operations and assets are subject to extensive environmental, health and safety regulations, including laws and regulations related to air emissions, water discharges, waste disposal and remediation of contaminated sites. The nature of our operations and products, including the raw materials we handle, exposes us to the risk of liabilities, obligations or claims under these laws and regulations due to the production, storage, use, transportation and sale of materials that can adversely impact the environment or cause personal injury, including, in the case of chemicals, unintentional releases into the environment. Environmental laws may have a significant effect on the costs of use, transportation, handling and storage of raw materials and finished products, as well as the costs of storage, handling, treatment, transportation and disposal of wastes. In addition, we are party to various government and private environmental actions associated with past manufacturing facilities and former waste disposal sites. We have incurred, and expect to incur, significant costs and capital expenditures in complying with environmental laws and regulations.

The ultimate costs and timing of environmental liabilities are difficult to predict. Liabilities under environmental laws relating to contaminated sites can be imposed retroactively and on a joint and several basis. One liable party could be held responsible for all costs at a site, regardless of fault, percentage of contribution to the site or the legality of the original disposal. We could incur significant costs, including clean-up costs, natural resource damages, civil or criminal fines and sanctions and third-party lawsuits claiming, for example, personal injury and/or property damage, as a result of past or future violations of, or liabilities under, environmental or other laws.

In addition, future events, such as changes to environmental laws, changes in the interpretation or implementation of current environmental laws or new information about the extent of remediation required, could require us to make additional expenditures, modify or curtail our operations and/or install additional pollution control equipment. It is possible that regulatory agencies may identify new chemicals of concern or enact new or more stringent clean-up standards for existing chemicals of concern. This could lead to expenditures for environmental remediation in the future that are additional to existing estimates.

Accordingly, it is possible that some of the matters in which we are involved or may become involved may be resolved unfavorably to us, which could have a material adverse effect on our business. See “Environmental Matters” contained in Item 7—“Management’s Discussion and Analysis of Financial Condition and Results of Operations.”

Our Winchester business currently operates and manages the Lake City Army Ammunition Plant in Independence, MO under a multi-year contract with the U. S. Army. The contract has an initial term of seven years, starting on October 1, 2020, and may be extended for up to three additional years. Additionally, our Winchester business is engaged to perform various deliverables under other government contract arrangements. The Lake City facility also allows, under certain conditions, for Winchester to utilize the facility to produce commercial ammunition. The operation of the Lake City facility and our other U.S. government contracts require compliance with numerous contract provisions and government regulations. U.S. government contracts often reserve the right to audit our contract costs and conduct inquiries and investigations of our business practices and compliance with government contract requirements. In some cases, audits may result in delayed payments or contractor costs not being reimbursed or subject to repayment. Our failure to comply with any one of these contract provisions and regulations could have a material adverse effect on our business.

A large portion of our government contracts contain fixed-price deliverables while a smaller portion are performed under cost-plus arrangements. While certain of these contracts contain price escalation and other price adjustment provisions, if we are unable to control costs related to these contracts or if our assumptions regarding the fixed pricing on one or multiple of these contracts is incorrect, we may experience lower profitability, materially adversely affecting our business.

Companies across all industries are facing increased scrutiny related to their ESG policies and practices. Increased focus and activism related to ESG may hinder our access to credit and capital markets, as investors may reconsider their investment as a result of their assessment of our ESG policies and practices. In particular, customers, consumers, investors and other stakeholders are increasingly focusing on environmental issues, including climate change, energy and water use, greenhouse gas (GHG) emissions and other sustainability concerns. Change in public sentiment may result in changing demands for our customers’ products and the products which we produce in light of their perceived environmental impacts or other related issues. These demand changes could cause changes in the market dynamics of our existing products, impacting pricing, or we may incur additional costs to make changes to our operations to comply with such demand changes.

Concern over climate change, GHG emissions in particular, may result in new or increased legal and regulatory requirements to reduce or mitigate impacts to the environment. Increased regulatory requirements or demands for enhanced mitigation of environmental impacts may result in increased compliance costs, including capital expenditures, higher energy and raw materials input costs or compliance with more stringent emissions standards, which may cause disruptions in the manufacture of our products or an increase in operating costs. Any failure to achieve our ESG goals, or a perception of our failure to act responsibly with respect to the environment or to effectively respond to new, or updated, legal or regulatory requirements concerning environmental or other ESG matters, or increased operating or manufacturing costs due to increased regulation or efforts to mitigate environmental impacts could have a material adverse effect on our business.

We have an enterprise-wide cybersecurity risk management approach designed to identify, protect, detect, respond to and manage cybersecurity and information technology risks and threats. This program is integrated into our enterprise risk management (ERM) framework, and the underlying controls leverage recognized best practices and standards for cybersecurity and information technology, including the National Institute of Standards and Technology Cybersecurity Framework.

Our Company’s Chief Information Officer (CIO) is responsible for developing and maintaining our global cybersecurity and information technology program and directs our Information Security team. The Information Security team is primarily responsible for identifying and protecting against cybersecurity threats and maintains a comprehensive set of policies and standards applicable to our global organization. We consult with multiple third-party firms to assess and review these policies and standards and regularly update them for contemporary best practices. Our CIO has over fifteen years of experience leading cybersecurity oversight for global organizations, and our Information Security team leaders have extensive cybersecurity and information technology industry experience with Olin or other large public companies and hold industry certifications, including the Certified Information Systems Security Professional certification.

Our Information Security team monitors alerts and meets to discuss threat levels, trends and remediation tactics. Every identified cyber event is evaluated, ranked by severity and prioritized for response and remediation in compliance with our global Security Incident Management Procedure. Significant events are evaluated for both quantitative and qualitative factors to determine materiality on a case-by-case basis, including, among other factors, potential privacy, operational, financial, or reputational impacts for the Company, and our customers, vendors, shareholders, or other external stakeholders. The Information Security team prepares a monthly scorecard for senior management, summarizing cyber events for the month and reporting on our remedial actions. While we have experienced cybersecurity attacks, such attacks to date have not materially affected the Company or our business strategy, results of operations, or financial condition.

The Company regularly conducts penetration testing, both internally and by third parties, and conducts automated attacks simulating real-world cyber incidents. These tests and assessments are useful tools for maintaining a comprehensive cybersecurity program to protect our investors, customers, employees, vendors, and intellectual property. We continue to expand our cybersecurity risk mitigation strategies, which includes around-the-clock monitoring of our global network, using layered defenses and identifying and protecting critical assets, including our manufacturing facilities. The Information Security team conducts annual cybersecurity awareness training and quarterly email phishing tests and training for all employees.

We rely on certain external service providers to assist in the management of the day-to-day operation of our business, operate elements of our manufacturing facilities, manage relationships with our employees, customers, and suppliers, fulfill customer orders, and maintain our financial, accounting, or other business records. The Information Security team maintains a third-party security program to identify, prioritize, assess, mitigate, and remediate our third-party risks; however, we also rely on our third-party vendors, suppliers, and other business partners to implement security programs commensurate with their risk, and we cannot ensure in all circumstances that their efforts will be successful. Cybersecurity risks are assessed when selecting our third-party service providers and reassessed periodically.

We face a number of cybersecurity risks in connection with our business. Failure of any one or more than one of our information technology systems could be caused by internal or external events or parties, such as incursions by intruders or hackers, computer viruses, cyber-attacks, failures in hardware or software, or power or telecommunication fluctuations or failures. For more information about the cybersecurity risks we face, see Item 1A - Risk Factors.

Cybersecurity is an important component of our ERM framework and an area of focus for both our Board of Directors (Board) and management team. While management holds primary responsibility for our Company’s risk management strategy, our Board, with the support of its committees, oversees the process to ensure that the framework designed, implemented and maintained by management is functioning as intended and adapts, when necessary, to our evolving strategy and emerging risks.

The Board’s Audit Committee is delegated responsibility for oversight of our ERM process, including our strategies to identify, detect and respond to cybersecurity and information technology risks and threats. Our Audit Committee’s process includes an annual review of our ERM program to ensure appropriate practices are in place to monitor and mitigate identified risks on an ongoing basis. Additionally, our CIO meets with the Audit Committee or Board each quarter to discuss cyber hygiene, incidents (as needed), and provide updates on our enterprise-wide cybersecurity risks and strategies, including steps taken to mitigate and manage the same. To aid the Board with its cybersecurity and data privacy oversight responsibilities, the Board periodically hosts experts for presentations on current cyber topics, trends and best practices. We have established protocols by which certain cybersecurity incidents are reported to the Audit Committee and Board.

Information concerning our principal locations from which our products and services are manufactured, distributed or marketed are included in the tables set forth under the caption “Products and Services” contained in Item 1—“Business.” Generally, these facilities are well maintained, in good operating condition, and suitable and adequate for their use. Our two largest facilities are co-located with a site partner. The land on which these facilities are located is leased with a 99-year initial term that commenced in 2015. Additionally, we lease warehouses, terminals and distribution offices and space for executive and branch sales offices and service departments. We believe our current facilities are adequate to meet the requirements of our present operations.

On October 1, 2020, Winchester assumed full management and operational control of the Lake City Army Ammunition Plant in Independence, MO, which is a government-owned, contractor-operated facility. The contract is for the production of small caliber military ammunition, including 5.56mm, 7.62mm, and .50 caliber rounds, as well as certain cartridges and casings. The contract also allows for the production of certain ammunition for commercial customers. The contract has an initial term of seven years and may be extended by the U.S. Army for up to three additional years.

Discussion of legal matters is incorporated by reference from Part II, Item 8, under the heading of “Legal Matters” within Note 22, “Commitments and Contingencies,” and should be considered an integral part of Part I, Item 3, “Legal Proceedings.”

(a) Not applicable.

(c) As of January 31, 2025, we had 2,644 record holders of our common stock.

Our common stock is traded on the NYSE under the “OLN” ticker symbol.

A dividend of $0.20 per common share was paid during each of the four quarters in 2024 and 2023.

The payment of future cash dividends is subject to the discretion of our Board and will be determined in light of then current conditions, including our earnings, our operations, our financial condition, our capital requirements, and other factors deemed relevant by our Board. In the future, our Board may change our dividend policy, including the frequency or amount of any dividend, in light of then existing conditions.

(1)     On December 11, 2024, our Board of Directors authorized a share repurchase program for the purchase of shares of common stock at an aggregate price of up to $1.3 billion (the 2024 Repurchase Authorization). This program will terminate upon the purchase of $1.3 billion of common stock. On July 28, 2022, our Board of Directors authorized a share repurchase program for the purchase of shares of common stock at an aggregate price of up to $2.0 billion (the 2022 Repurchase Authorization). This program will terminate upon the purchase of $2.0 billion of common stock. Through December 31, 2024, 25,156,703 shares of common stock had been repurchased and retired at a total value of $1,301.1 million and $698.9 million and $1.3 billion of common stock remained available for purchase under the 2022 and 2024 Repurchase Authorization programs, respectively.

(2)    Average price paid per share includes transaction costs including commissions and fees paid to acquire the shares and excludes costs associated with 1% excise tax on the fair market value of stock repurchases.

This graph compares the total shareholder return on our common stock with the cumulative total return of the Standard & Poor’s (S&P) 500 Index, S&P 500 Chemicals Index and S&P Composite 1500 Commodity Chemicals Index.

Data is for the five-year period from December 31, 2019, through December 31, 2024. The cumulative return includes reinvestment of dividends. The performance graph assumes an investment of $100 on December 31, 2019.

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 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. 

Net income was $108.6 million for 2024 compared to $460.2 million for 2023, a decrease of $351.6 million, or 76%. The decrease in net income from the prior year was primarily due to lower operating results across all of our business segments. Net income for 2023 also reflects a pretax gain of $27.0 million from the sale of our domestic private trucking fleet and operations. Diluted net income per share was $0.91 for 2024 compared to $3.57 for 2023, a decrease of $2.66 per share, or 75%.

Chlor Alkali Products and Vinyls reported segment income of $296.4 million for 2024 compared to $664.2 million for 2023. Chlor Alkali Products and Vinyls segment results were lower than the prior year due to lower pricing, primarily caustic soda, partially offset by lower costs associated with products purchased from other parties, and lower raw material and operating costs. The Chlor Alkali Products and Vinyls 2024 segment results were also negatively impacted by Hurricane Beryl resulting in incremental costs to restore operations, unabsorbed fixed manufacturing costs, and reduced profit from lost sales of $93.6 million. The 2023 segment results were negatively impacted by higher costs and reduced profit from lost sales of $104.2 million associated with operating issues related to a 2023 second quarter maintenance turnaround at our vinyl chloride monomer plant at the Freeport, TX facility.

Epoxy reported segment loss of $85.0 million for 2024 compared to segment loss of $31.0 million for 2023. Epoxy segment results were lower than in the prior year primarily due to lower product pricing and the impact of Hurricane Beryl of $32.7 million, partially offset by increased volumes, improved product mix and lower raw material and operating costs.

Winchester reported segment income of $237.9 million for 2024 compared to $255.6 million for 2023. Winchester segment results were lower than in the prior year primarily due to higher commodity and operating costs, including propellant costs, and lower pricing. The decline was partially offset by higher sales volumes. Higher international military sales, military project revenue, and White Flyer sales were partially offset by lower commercial ammunition sales.

On December 11, 2024, our Board of Directors authorized a share repurchase program for the purchase of shares of common stock at an aggregate price of up to $1.3 billion. During 2024, we repurchased and retired 5.9 million shares of common stock at a total value of $300.3 million under a prior authorized share repurchase program. As of December 31, 2024, we have $2.0 billion of remaining authorized common stock to be repurchased under the 2022 and 2024 Repurchase Authorization programs.

On November 20, 2024, we entered into a $500.0 million receivables financing agreement (2024 Receivables Financing Agreement) which increased the borrowing limit of our existing $425.0 million receivables financing agreement (2022 Receivables Financing Agreement) by $75.0 million, and extended the maturity date from October 14, 2025 to November 19, 2027 (collectively, the “Receivables Financing Agreements”). As part of the 2024 Receivables Financing Agreement, we terminated our existing trade accounts receivable factoring arrangements (AR Facilities).

During 2024, we had net borrowings of $169.7 million with $102.0 million borrowed under our Senior Revolving Credit Facility, which was partially utilized to repay $70.0 million of tax-exempt variable-rate bonds. We also borrowed $146.5 million under our 2024 Receivables Financing Agreement, which was partially utilized to replace our AR Facilities that were terminated.

On July 10, 2024, we announced a temporary disruption of operations at our Freeport, TX, facility as a result of Hurricane Beryl. In response to this disruption, we declared a system-wide force majeure for our Chlor Alkali Products & Vinyls products and aromatics shipments for our Epoxy segment. This disruption was a result of hurricane-related damage to Olin facilities in Freeport, TX, impacting Olin’s normal production and logistics capabilities including access to power, raw materials, and other essential feedstocks and services. During the third quarter, we safely returned many Freeport, TX plants to operation and on August 28, 2024, we lifted the system wide force majeure on Chlor Alkali Products and Vinyls products. However, persistent operating limitations necessitated an additional outage, which we commenced in late September and successfully completed during October.

Our 2024 results included a negative pretax impact of $126.3 million associated with Hurricane Beryl for incremental costs to restore operations, unabsorbed fixed manufacturing costs, and reduced profit from lost sales. The Hurricane Beryl impact included in our Chlor Alkali Products and Vinyls and Epoxy segment results was $93.6 million and $32.7 million, respectively.

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.

On July 1, 2024, we announced the initiation of an anti-dumping proceeding by the European Commission against China, the Republic of Korea, Taiwan and Thailand concerning low-priced imports of epoxy resins into the European Union (EU), as a result of a complaint lodged by the Ad Hoc Coalition of Epoxy Resin Producers. The complaint alleges that exporting producers in the four targeted countries have injured the European epoxy resin producers by selling their products on the EU market at unfairly low prices that significantly undercut the prices of European producers.

During 2024, the U.S. Army awarded Winchester a contract for the construction of the Next Generation Squad Weapon (NGSW) ammunition manufacturing facility at the 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.

Sales for 2024 were $6,540.1 million compared to $6,833.0 million in 2023, a decrease of $292.9 million, or 4%. Chlor Alkali Products and Vinyls sales decreased by $364.9 million, primarily due to lower pricing, primarily caustic soda. Epoxy sales decreased by $102.9 million, primarily due to lower product pricing, partially offset by increased sales volumes. Winchester sales increased by $174.9 million, primarily due to increased sales to international military customers and military project revenue and 2024 sales from White Flyer.

Gross margin in 2024 decreased $428.0 million from 2023. Chlor Alkali Products and Vinyls gross margin decreased by $344.1 million primarily due to lower pricing, primarily caustic soda. Epoxy gross margin decreased by $55.1 million primarily due to lower product pricing, partially offset by increased volumes. Winchester gross margin decreased by $21.3 million, primarily due to higher commodity and operating costs, including propellant costs, and lower product pricing, partially offset by White Flyer results. Gross margin as a percentage of sales decreased to 11% in 2024 from 17% in 2023.

Selling and administrative expenses in 2024 increased $1.8 million from the prior year. The increase was primarily due to higher legal and legal-related settlement expense of $23.2 million and consulting and contract services of $3.1 million, partially offset by lower stock-based compensation expense of $18.0 million, which includes mark-to-market adjustments, and a favorable foreign currency impact of $7.4 million. Selling and administrative expenses as a percentage of sales was 6% for both 2024 and 2023.

Restructuring charges for 2024 were $33.3 million compared to $89.6 million in 2023. The decrease was primarily due to 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 operating model, which resulted in pretax restructuring charges for 2024 and 2023 of $24.1 million and $73.4 million, respectively.

Other operating income for 2023 included a gain of $27.0 million from the sale of our domestic private trucking fleet and operations and an insurance recovery of $15.6 million associated with a second quarter 2022 business interruption at our Plaquemine, LA Chlor Alkali Products and Vinyls facility.

Interest expense in 2024 increased $3.4 million from 2023, primarily due to higher average interest rates. Interest expense for 2024 and 2023 was reduced by capitalized interest of $1.7 million and $2.8 million, respectively.

Non-operating pension income includes all components of pension and other postretirement income (costs) other than service costs.

The effective tax rate for 2024 included benefits associated with stock-based compensation, U.S. Federal tax credits purchased at a discount, changes in tax contingencies and remeasurement of deferred taxes due to a decrease in our state effective tax rates, partially offset by expenses from prior year tax positions and from a net increase in the valuation allowance related to deferred tax assets in foreign jurisdictions. These factors resulted in a net $5.1 million tax benefit. Excluding these items, the effective tax rate for 2024 of 29.5% was higher than the 21.0% U.S. federal statutory rate primarily due to state income tax, foreign income inclusions and non-deductible exchange rate results, partially offset by favorable permanent salt depletion deductions. The effective tax rate for 2023 included benefits associated with a legal entity liquidation, prior year tax positions, stock-based compensation, remeasurement of deferred taxes due to a decrease in our state effective tax rates and foreign rate changes, and from a change in tax contingencies, and an expense from a net increase in the valuation allowance related to deferred tax assets in foreign jurisdictions. These factors resulted in a net $29.4 million tax benefit. Excluding these items, the effective tax rate for 2023 of 24.4% was higher than the 21.0% U.S. federal statutory rate primarily due to state income tax, an increase in the valuation allowance related to losses in foreign jurisdictions and foreign income inclusions, partially offset by foreign rate differential and favorable permanent salt depletion deductions.

Sales for 2023 were $6,833.0 million compared to $9,376.2 million in 2022, a decrease of $2,543.2 million, or 27%. Epoxy sales decreased by $1,361.3 million, primarily due to lower volumes, including the closure of our cumene facility and one of our bisphenol production lines, and lower product pricing. Chlor Alkali Products and Vinyls sales decreased by $1,089.9 million, primarily due to lower volumes, partially offset by products sold by BWA. Winchester sales decreased by $92.0 million, primarily due to lower commercial sales volumes, partially offset by higher domestic and international military sales.

Gross margin in 2023 decreased $1,016.4 million from 2022. Chlor Alkali Products and Vinyls gross margin decreased by $483.0 million primarily due to lower volumes. Epoxy gross margin decreased by $425.4 million primarily due to lower volumes and lower product pricing. Winchester gross margin decreased by $112.5 million, primarily due to lower commercial volumes. Gross margin as a percentage of sales decreased to 17% in 2023 from 23% in 2022.

Selling and administrative expenses in 2023 increased $12.8 million, or 3%, from 2022. The increase was primarily due to higher costs associated with BWA of $23.9 million, partially offset by lower legal and legal-related settlement expenses of $7.4 million and a favorable foreign currency impact of $5.5 million. Selling and administrative expenses as a percentage of sales increased to 6% in 2023 from 4% in 2022.

Restructuring charges for 2023 were $89.6 million compared to $25.3 million in 2022. The increase in charges was primarily due to our actions to reconfigure our global Epoxy asset footprint to optimize the most productive and cost-effective assets to support our operating model, which resulted in restructuring charges of $73.4 million for 2023.

Other operating income for 2023 included a gain of $27.0 million from the sale of our domestic private trucking fleet and operations and an insurance recovery of $15.6 million associated with a second quarter 2022 business interruption at our Plaquemine, LA Chlor Alkali Products and Vinyls facility. Other operating income for 2022 included $13.0 million of gains from the sale of two former manufacturing facilities.

Interest expense in 2023 increased $37.2 million from 2022, primarily due to higher average interest rates. Interest expense for 2023 and 2022 was reduced by capitalized interest of $2.8 million and $3.1 million, respectively.

Non-operating pension income includes all components of pension and other postretirement income (costs) other than service costs. Non-operating pension income was lower in 2023 from the prior year primarily due to an increase in the discount rate used to determine interest costs, partially offset by lower actuarial losses recognized to income.

The effective tax rate for 2023 included benefits associated with a legal entity liquidation, prior year tax positions, stock-based compensation, remeasurement of deferred taxes due to a decrease in our state effective tax rates and foreign rate changes, and from a change in tax contingencies, and an expense from a net increase in the valuation allowance related to deferred tax assets in foreign jurisdictions. These factors resulted in a net $29.4 million tax benefit. Excluding these items, the effective tax rate for 2023 of 24.4% was higher than the 21.0% U.S. federal statutory rate primarily due to state income tax, an increase in the valuation allowance related to losses in foreign jurisdictions and foreign income inclusions, partially offset by foreign rate differential and favorable permanent salt depletion deductions. The effective tax rate for 2022 included benefits associated with a legal entity liquidation, prior year tax positions, stock-based compensation, and remeasurement of deferred taxes due to a decrease in our state effective tax rates, and expenses associated with a net increase in the valuation allowance related to state tax credits and a change in tax contingencies. These factors resulted in a net $60.2 million tax benefit. Excluding these items, the effective tax rate for 2022 of 24.4% was higher than the 21.0% U.S. federal statutory rate primarily due to state income tax, an increase in the valuation allowance related to losses in foreign jurisdictions and foreign income taxes, partially offset by foreign income exclusions and favorable permanent salt depletion deductions.

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.

(1)Environmental expense for the years ended December 31, 2023 and 2022, included $6.4 million and $1.0 million, respectively, of insurance recoveries for environmental costs incurred and expensed in prior periods. Environmental expense is included in cost of goods sold in the consolidated statements of operations. 

(2)Other operating income for the year ended December 31, 2023, included a gain of $27.0 million from the sale of our domestic private trucking fleet and operations and an insurance recovery of $15.6 million associated with a second quarter 2022 business interruption at our Plaquemine, LA, Chlor Alkali Products and Vinyls facility. Other operating income for the year ended December 31, 2022, included $13.0 million of gains from the sale of two former manufacturing facilities.

(3)Interest expense was reduced by capitalized interest of $1.7 million, $2.8 million and $3.1 million for the years ended December 31, 2024, 2023 and 2022, respectively.

Chlor Alkali Products and Vinyls sales for 2024 were $3,630.2 million compared to $3,995.1 million in 2023, a decrease of $364.9 million, or 9%. The sales decrease was primarily due to lower pricing, primarily caustic soda, partially offset by increased sales volumes associated with products purchased from other parties.

Chlor Alkali Products and Vinyls reported segment income of $296.4 million for 2024 compared to $664.2 million for 2023, a decrease of $367.8 million. The decrease in Chlor Alkali Products and Vinyls operating results were primarily due to lower pricing ($462.8 million), primarily caustic soda, the negative impact of Hurricane Beryl resulting in incremental costs to restore operations, unabsorbed fixed manufacturing costs, and reduced profit from lost sales ($93.6 million), and an unfavorable product mix ($42.7 million), partially offset by lower costs associated with products purchased from other parties ($123.4 million) and lower raw material and operating costs ($107.9 million). The Chlor Alkali Products and Vinyls 2023 segment results were negatively impacted by higher costs and reduced profit from lost sales associated with operating issues related to the second quarter’s maintenance turnaround at our vinyl chloride monomer plant at the Freeport, TX facility. Chlor Alkali Products and Vinyls segment results included depreciation and amortization expense of $424.6 million and $440.7 million in 2024 and 2023, respectively.

Chlor Alkali Products and Vinyls sales for 2023 were $3,995.1 million compared to $5,085.0 million in 2022, a decrease of $1,089.9 million, or 21%. The sales decrease was primarily due to lower volumes across all products and lower prices, primarily caustic soda and EDC, partially offset by products sold by BWA.

Chlor Alkali Products and Vinyls reported segment income of $664.2 million for 2023 compared to $1,181.3 million for 2022, a decrease of $517.1 million. Chlor Alkali Products and Vinyls operating results were negatively impacted by lower volumes across all products ($846.4 million) and lower prices, primarily caustic soda and EDC ($51.4 million), partially offset by lower raw material and operating costs ($341.0 million), primarily lower natural gas and electrical power costs, and decreased costs associated with product purchased from other parties ($39.7 million). The Chlor Alkali Products and Vinyls segment results were also negatively impacted by higher costs and reduced profit from lost sales associated with operating issues related to the second quarter’s maintenance turnaround at our vinyl chloride monomer plant at the Freeport, TX facility. Chlor Alkali Products and Vinyls segment results included depreciation and amortization expense of $440.7 million and $482.2 million in 2023 and 2022, respectively.

Epoxy sales were $1,226.3 million for 2024 compared to $1,329.2 million in 2023, a decrease of $102.9 million, or 8%. The sales decrease was due to lower product prices ($148.3 million) and an unfavorable effect of foreign currency translation ($4.5 million), partially offset by increased sales volumes ($49.9 million), which were negatively impacted by Hurricane Beryl.

Epoxy reported segment loss of $85.0 million for 2024 compared to $31.0 million for 2023, a decrease in segment results of $54.0 million. The decrease was due to lower product prices ($148.3 million), which continues to be impacted by significant exports out of Asia into the European and North American markets, and the negative impact of Hurricane Beryl resulting in incremental costs to restore operations, unabsorbed fixed manufacturing costs, and reduced profit from lost sales ($32.7 million), partially offset by increased volumes and improved product mix ($76.4 million) and lower raw material and operating costs ($50.6 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 $53.7 million and $57.4 million in 2024 and 2023, respectively.

Epoxy sales were $1,329.2 million for 2023 compared to $2,690.5 million in 2022, a decrease of $1,361.3 million, or 51%. The sales decrease was primarily due to the closure of our cumene facility and one of our bisphenol production lines ($649.4 million), lower product prices ($419.6 million), lower volumes ($291.9 million) and an unfavorable effect of foreign currency translation ($0.4 million).

Epoxy reported segment loss of $31.0 million for 2023 compared to segment income of $388.5 million for 2022, a decrease of $419.5 million. The decrease in segment results was due to lower product prices ($419.6 million) and lower volumes ($138.6 million), which were both impacted by significant exports out of Asia into the European and North American markets, partially offset by lower raw material and operating costs ($138.7 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 $57.4 million and $83.3 million in 2023 and 2022, respectively.

Winchester sales were $1,683.6 million for 2024 compared to $1,508.7 million in 2023, an increase of $174.9 million, or 12%. The increase was due to higher sales to domestic and international military customers ($148.9 million) and higher sales to commercial customers ($30.1 million), partially offset by lower sales to law enforcement agencies ($4.1 million). Commercial sales were higher due to 2024 sales from White Flyer, partially offset by lower commercial ammunition sales.

Winchester reported segment income of $237.9 million for 2024 compared to $255.6 million for 2023, a decrease of $17.7 million. The decrease in segment results was due to higher commodity and operating costs ($19.2 million), including propellant costs, and lower product pricing ($10.9 million), partially offset by higher sales volumes ($12.4 million), which includes White Flyer. Winchester segment results included depreciation and amortization expense of $33.8 million and $27.2 million in 2024 and 2023, respectively.

Winchester sales were $1,508.7 million for 2023 compared to $1,600.7 million in 2022, a decrease of $92.0 million, or 6%. The decrease was due to lower ammunition sales to commercial customers ($272.6 million) and law enforcement agencies ($7.5 million), partially offset by higher sales to domestic and international military customers ($188.1 million). The lower commercial sales were primarily due to lower volumes, partially offset by fourth quarter 2023 sales from White Flyer.

Winchester reported segment income of $255.6 million for 2023 compared to $372.9 million for 2022, a decrease of $117.3 million. The decrease in segment results was due to lower volumes and an unfavorable product mix ($61.4 million), lower product pricing ($40.0 million), and higher commodity and operating costs ($15.9 million). Winchester segment results included depreciation and amortization expense of $27.2 million and $24.6 million in 2023 and 2022, respectively.

For the year ended December 31, 2024, charges to income for environmental investigatory and remedial activities were $30.2 million, compared to $23.7 million for the year ended December 31, 2023. These charges related primarily to expected future investigatory and remedial activities associated with past manufacturing operations and former waste disposal sites. For the year ended December 31, 2023, environmental expense included $6.4 million of insurance recoveries for environmental costs incurred and expensed in prior periods.

For 2024, other corporate and unallocated costs were $90.1 million compared to $106.3 million for 2023, a decrease of $16.2 million, or 15%. The decrease was primarily due to lower stock-based compensation costs ($18.0 million), which includes mark-to-market adjustments and a favorable foreign currency impact ($7.4 million), partially offset by higher consulting costs ($4.9 million) and increased legal and legal-related settlement expenses ($2.9 million).

For the years ended December 31, 2023 and 2022, environmental expense included $6.4 million and $1.0 million, respectively, of insurance recoveries for environmental costs incurred and expensed in prior periods. Without these recoveries, charges to income for environmental investigatory and remedial activities for the year ended December 31, 2023, would have been $30.1 million, compared to $24.2 million for the year ended December 31, 2022. These charges related primarily to expected future investigatory and remedial activities associated with past manufacturing operations and former waste disposal sites.

For 2023, other corporate and unallocated costs were $106.3 million compared to $131.5 million for 2022, a decrease of $25.2 million, or 19%. The decrease was primarily due to lower legal and legal-related settlement expenses ($13.8 million), a favorable foreign currency impact ($5.5 million) and lower variable incentive compensation costs ($4.2 million), which includes mark-to-market adjustments on stock-based compensation expense.

As a result of weak global resin demand and higher cost structures within the European region, we began a review of our global Epoxy asset footprint to optimize the most productive and cost-effective assets to support our strategic operating model. As part of this review, we announced operational cessations in the fourth quarter of 2022 and the first half of 2023 (collectively, Epoxy Optimization Plan). In connection with the Epoxy Optimization Plan for the years ended December 31, 2024 and 2023, we recorded pretax restructuring charges of $24.1 million and $73.4 million, respectively. We expect to incur additional restructuring charges through 2025 of approximately $10 million related to these actions.

In 2024 and 2023, we incurred charges of $9.2 million and $16.2 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 of our restructuring activity, including a description of each plan, is referenced under Item 8, within Note 5, “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.

We expect first quarter 2025 operating results from our Chemicals businesses to be lower than the fourth quarter 2024 as we expect both challenging industry conditions and our disciplined market participation to continue. We also expect our Winchester business first quarter 2025 results to decrease sequentially from fourth quarter 2024 due to softer consumer demand compounded by continued inventory destocking efforts by our retail customers. Overall, we expect Olin’s first quarter 2025 operating results to be lower than the fourth quarter 2024 levels.

Other corporate and unallocated costs in 2025 are expected to be higher than the $90.1 million in 2024.

During 2025, we anticipate environmental expenses in the $25 million to $35 million range, compared to $30.2 million in 2024.

We expect non-operating pension income in 2025 to be lower than the $26.0 million in 2024. Based on our plan assumptions and estimates, we will not be required to make any cash contributions to our domestic qualified defined benefit pension plan in 2025. We have several international qualified defined benefit pension plans for which we anticipate cash contributions of less than $5 million in 2025.

In 2025, we currently expect our capital spending to be in the $225 million to $250 million range. We expect 2025 depreciation and amortization expense to be in the $525 million range.

We currently believe the 2025 effective tax rate will be in the 25% to 30% range and our cash tax rate to be in the 60% to 70% range as a result of previously deferred international tax payments expected to be made in 2025.

We recorded an after-tax benefit of $21.7 million ($29.7 million pretax) to shareholders’ equity as of December 31, 2024, for our pension and other postretirement plans. This charge primarily reflects a 50-basis point increase in the domestic pension plans’ discount rate and a 20-basis point increase in the international defined benefit pension plans’ discount rate, partially offset by unfavorable performance on plan assets during 2024. In 2023, we recorded an after-tax charge of $13.2 million ($18.1 million pretax) to shareholders’ equity as of December 31, 2023, for our pension and other postretirement plans. This charge primarily reflected a 30-basis point decrease in the domestic pension plans’ discount rate and a 50-basis point decrease in the international defined benefit pension plans’ discount rate, partially offset by a favorable performance on plan assets during 2023. In 2022, we recorded an after-tax benefit of $46.8 million ($72.1 million pretax) to shareholders’ equity as of December 31, 2022, for our pension and other postretirement plans. This benefit primarily reflected a 260-basis point increase in the domestic pension plans’ discount rate and a 230-basis point increase in the international defined benefit pension plans’ discount rate, partially offset by unfavorable performance on plan assets during 2022.

In connection with international qualified defined benefit pension plans, we made cash contributions of $1.3 million, $1.0 million and $1.3 million in 2024, 2023 and 2022, respectively, and we anticipate less than $5 million of cash contributions to international qualified defined benefit pension plans in 2025. 

At December 31, 2024, the projected benefit obligation of $2,013.4 million exceeded the market value of assets in our qualified defined benefit pension plans by $155.9 million, as calculated under Accounting Standards Codification (ASC) 715 “Compensation—Retirement Benefits”.

Components of net periodic benefit (income) costs were:

			Years ended December 31,
			2024						2023						2022
Net Periodic Benefit (Income) Costs			($ in millions)
Pension benefits			$	(22.4)					$	(20.7)					$	(33.0)
Other postretirement benefit costs			2.1						3.1						3.8

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

We have included additional information with respect our defined benefit pension plans and other postretirement benefit plans within Item 8, Note 12, “Pension Plans,” and Note 13, “Postretirement Benefits,” of our notes to consolidated financial statements.

Cash outlays for remedial and investigatory activities associated with former waste sites and past operations were not charged to income but instead were charged to reserves established for such costs identified and expensed to income in prior years. Cash outlays for normal plant operations for the disposal of waste and the operation and maintenance of pollution control equipment and facilities to ensure compliance with mandated and voluntarily imposed environmental quality standards were charged to income.

Total environmental-related cash outlays for 2025 are estimated to be approximately $220 million, of which approximately $25 million to $35 million is expected to be spent on investigatory and remedial efforts, approximately $5 million on capital projects and approximately $175 million on normal plant operations. Historically, we have funded our environmental capital expenditures through cash flow from operations and expect to do so in the future.

Annual environmental-related cash outlays for site investigation and remediation, capital projects and normal plant operations are expected to range between $200 million to $220 million over the next several years, $25 million to $35 million of which is for investigatory and remedial efforts, which are expected to be charged against reserves recorded on our consolidated balance sheet. While we do not anticipate a material increase in the projected annual level of our environmental-related cash outlays for site investigation and remediation, there is always the possibility that such an increase may occur in the future in view of the uncertainties associated with environmental exposures.

Our liabilities for future environmental expenditures were as follows:

			December 31,
			2024						2023
Environmental Liabilities			($ in millions)
Beginning balance			$	153.6					$	146.6
Charges to income			30.2						30.1
Remedial and investigatory spending			(27.3)						(25.9)
Other			—						2.8
Ending balance			$	156.5					$	153.6

(1)     Insurance recoveries for costs incurred and expensed in prior periods.

We have included additional information with respect to environmental matters within Item 8, Note 20, “Environmental,” of our notes to consolidated financial statements.

Please see the discussion of legal matters and contingencies within Item 8, under the heading of “Legal Matters” within Note 22, “Commitments and Contingencies.”

For 2024, cash provided by operating activities decreased by $471.1 million from 2023, primarily due to a decrease in operating results and increased working capital compared to the prior year. For 2024, working capital increased $19.9 million, compared to a decrease of $68.6 million in 2023. Receivables increased by $119.4 million, primarily as a result of the termination of our accounts receivable factoring program. Accounts payable and accrued liabilities increased $72.8 million.

For 2023, cash provided by operating activities decreased by $947.6 million from 2022, primarily due to a decrease in operating results compared with the prior year. For 2023, working capital decreased $68.6 million, compared to a decrease of $65.2 million in 2022. Inventories decreased by $94.4 million from December 31, 2022, primarily due to inventory destocking efforts. A portion of the working capital decrease in 2023 was offset by incremental working capital associated with BWA.

Capital spending was $195.1 million and $236.0 million in 2024 and 2023, respectively. In 2025, we expect our capital spending to be in the $225 million to $250 million range. Our capital spending forecast represents capital spending to maintain our current operating facilities.

For the year ended December 31, 2024 and 2023, payments of $58.6 million and $64.5 million, respectively, were made under other long-term supply contracts for energy modernization projects on the U.S. Gulf Coast. Our payments for this project were completed in 2024.

For the year ended December 31, 2024, we contributed capital of $23.0 million in an unconsolidated affiliate, Hidrogenii, a joint venture between Plug Power, Inc. and Olin Corporation.

On October 1, 2023, Olin acquired the assets of White Flyer from Reagent for $63.9 million. The acquisition was financed with cash on hand.

For the year ended December 31, 2023, we received $28.5 million of cash proceeds from the sale of our domestic private trucking fleet and operations.