10 unchanged sentences
Total $ 1,052,210,241 (1)
−Removed: (1) On April 26, 2018, our board of directors authorized a share repurchase program for the purchase of shares of common stock at an aggregate price of up to $500.0 million.
+Added: (1) On April 26, 2018, our board of directors authorized a share repurchase program for the purchase of shares of common stock at an aggregate price of up to $500.0 million (the 2018 Repurchase Authorization).
This program will terminate upon the purchase of $500.0 million of our common stock.
−Removed: Through December 31, 2020, 10,072,741 shares had been repurchased at a total value of $195,924,171 and $304,075,829 of common stock remained available for purchase under the program.
+Added: On November 1, 2021, our board of directors authorized an additional share repurchase program for the purchase of shares of common stock at an aggregate price of up to $1.0 billion (the 2021 Repurchase Authorization).
+Added: This program will terminate upon the purchase of $1.0 billion of our common stock.
+Added: Through December 31, 2021, 14,743,977 shares had been repurchased at a total value of $447,789,759 and $52,210,241 of common stock remained available for purchase under the 2018 Repurchase Authorization.
+Added: As of December 31, 2021, there have been no repurchases under the 2021 Repurchase Authorization program and $1.0 billion of common stock remained authorized to be repurchased under this plan.
Performance Graph
−Removed: This graph compares the total shareholder return on our common stock with the cumulative total return of the Standard & Poor’s (S&P) 1000 Index (the S&P 1000 Index), S&P 500 Index, S&P 500 Chemicals Index, S&P Composite 1500 Commodity Chemicals Index (S&P 1500 Commodity Chemicals Index) and our peer group of four companies comprised of:
−Removed: Huntsman, Trinseo S.A., Oxy and Westlake (collectively, the 2019 Peer Group).
−Removed: We believe the S&P 500 Index is a better representation of overall market performance as compared to the S&P 1000 Index based on available market data.
−Removed: We adjusted our peer group to the S&P 500 Chemicals Index and S&P 1500 Commodity Chemicals Index to reflect a larger portfolio of companies that are in our current line of business and which we believe provide a better and more accurate basis to compare to our performance.
+Added: 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 (S&P 1500 Commodity Chemicals Index).
COMPARISON OF FIVE YEAR CUMULATIVE TOTAL RETURN
−Removed: Among Olin Corporation, the S&P 1000 Index, the S&P 500 Index, the 2019 Peer Group,
−Removed: the S&P 500 Chemicals Index and the S&P 1500 Commodity Chemicals Index
+Added: Among Olin Corporation, the S&P 500 Index,
+Added: S&P 500 Chemicals Index and the S&P 1500 Commodity Chemicals Index
12/16 12/17 12/18 12/19 12/20 12/21
1 unchanged sentence
S&P 500 Index 100 122 116 153 181 233
−Removed: S&P 500 Index 100 112 136 130 171 203
−Removed: 2019 Peer Group 100 114 140 111 91 60
S&P 500 Chemicals Index 100 129 116 144 168 208
4 unchanged sentences
The cumulative return includes reinvestment of dividends.
−Removed: The 2019 Peer Group is weighted in accordance with market capitalization (closing stock price multiplied by the number of shares outstanding) as of the beginning of each of the five years covered by the performance graph.
−Removed: We calculated the weighted return for each year by multiplying (a) the percentage that each corporation’s market capitalization represented of the total market capitalization for all corporations in the 2019 Peer Group for such year by (b) the total shareholder return for that corporation for such year.
−Removed: SELECTED FINANCIAL DATA
−Removed: FIVE-YEAR SUMMARY
+Added: The performance graph assumes an investment of $100 on December 31, 2016.
+Added: FIVE-YEAR SUMMARY OF SELECTED FINANCIAL DATA
2021 2020 2019 2018 2017
12 unchanged sentences
Income (loss) before taxes 1,539 (1,020) (37) 437 117
−Removed: Income tax (benefit) provision (50) (26) 109 (432) (30)
−Removed: Net (loss) income $ (970) $ (11) $ 328 $ 549 $ (4)
+Added: Income tax provision (benefit) 242 (50) (26) 109 (432)
+Added: Net income (loss) $ 1,297 $ (970) $ (11) $ 328 $ 549
Financial position
8 unchanged sentences
Total capitalization $ 5,431 $ 5,315 $ 5,759 $ 6,062 $ 6,366
+Added: Total debt to total capitalization 51.2 % 72.7 % 58.0 % 53.3 % 56.7 %
Per share data
−Removed: Net (loss) income:
+Added: Net income (loss):
Basic $ 8.15 $ (6.14) $ (0.07) $ 1.97 $ 3.31
Diluted $ 7.96 $ (6.14) $ (0.07) $ 1.95 $ 3.26
−Removed: Common cash dividends $ 0.80 $ 0.80 $ 0.80 $ 0.80 $ 0.80
+Added: Cash dividends paid per common share $ 0.80 $ 0.80 $ 0.80 $ 0.80 $ 0.80
Capital expenditures $ 201 $ 299 $ 386 $ 385 $ 294
Depreciation and amortization 583 568 597 601 559
−Removed: Common dividends paid 126 129 134 133 132
+Added: Common stock dividends paid 128 126 129 134 133
Repurchases of common stock 252 — 146 50 —
Current ratio 1.3 1.4 1.6 1.5 1.8
−Removed: Total debt to total capitalization 72.7 % 58.0 % 53.3 % 56.7 % 61.4 %
Effective tax rate 15.7 % 4.9 % 69.4 % 25.0 % (368.9) %
Average common shares outstanding - diluted 163.0 157.9 162.3 168.4 168.5
−Removed: Shareholders 3,400 3,500 3,700 3,900 4,200
Employees (1)
7,750 8,000 6,500 6,500 6,400
−Removed: (1) As of December 31, 2020, employees includes approximately 1,700 employees at Lake City which is a government-owned, contractor-operated facility.
+Added: (1) Beginning October 1, 2020, total employees include employees at Lake City which is a government-owned, contractor-operated facility.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.