Item 5. Market for Registrant’s Common Equity
Item 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
As of January 31, 2022, we had 3,175 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 2021 and 2020.
Issuer Purchases of Equity Securities
Period Total Number of Shares (or Units) Purchased (1)
Average Price Paid per Share (or Unit) Total Number of Shares (or Units) Purchased as Part of Publicly Announced Plans or Programs Maximum Dollar Value of Shares (or Units) that May Yet Be Purchased Under the Plans or Programs
October 1-31, 2021 174,195 $ 49.24 174,195
November 1-30, 2021 1,540,815 60.26 1,540,815
December 1-31, 2021 1,485,507 55.35 1,485,507
Total $ 1,052,210,241 (1)
(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. 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). This program will terminate upon the purchase of $1.0 billion of our common stock. 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. 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.
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Performance Graph
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
Among Olin Corporation, the S&P 500 Index,
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
Olin Corporation 100 143 83 74 111 266
S&P 500 Index 100 122 116 153 181 233
S&P 500 Chemicals Index 100 129 116 144 168 208
S&P 1500 Commodity Chemicals Index 100 132 98 113 118 135
Copyright© 2021 Standard & Poor’s, a division of S&P Global. All rights reserved.
Data is for the five-year period from December 31, 2016 through December 31, 2021. The cumulative return includes reinvestment of dividends. The performance graph assumes an investment of $100 on December 31, 2016.
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FIVE-YEAR SUMMARY OF SELECTED FINANCIAL DATA
2021 2020 2019 2018 2017
Operations ($ and shares in millions, except per share data)
Sales $ 8,911 $ 5,758 $ 6,110 $ 6,946 $ 6,268
Cost of goods sold 6,616 5,375 5,439 5,822 5,555
Selling and administration 417 422 417 431 369
Restructuring charges 28 9 76 22 38
Acquisition-related costs — — — 1 13
Goodwill impairment — 700 — — —
Other operating income 1 1 — 6 3
Earnings (losses) of non-consolidated affiliates — — — (20) 2
Interest expense 348 293 243 243 217
Interest income and other income — 1 12 2 2
Non-operating pension income 36 19 16 22 34
Income (loss) before taxes 1,539 (1,020) (37) 437 117
Income tax provision (benefit) 242 (50) (26) 109 (432)
Net income (loss) $ 1,297 $ (970) $ (11) $ 328 $ 549
Financial position
Cash and cash equivalents $ 181 $ 190 $ 221 $ 179 $ 218
Working capital, excluding cash and cash equivalents 386 329 411 410 527
Property, plant and equipment, net 2,914 3,171 3,324 3,482 3,576
Total assets 8,518 8,271 9,188 8,997 9,218
Capitalization:
Short-term debt 201 26 2 126 1
Long-term debt 2,578 3,838 3,339 3,104 3,611
Shareholders’ equity 2,652 1,451 2,418 2,832 2,754
Total capitalization $ 5,431 $ 5,315 $ 5,759 $ 6,062 $ 6,366
Total debt to total capitalization 51.2 % 72.7 % 58.0 % 53.3 % 56.7 %
Per share data
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
Cash dividends paid per common share $ 0.80 $ 0.80 $ 0.80 $ 0.80 $ 0.80
Other
Capital expenditures $ 201 $ 299 $ 386 $ 385 $ 294
Depreciation and amortization 583 568 597 601 559
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
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
Employees (1)
7,750 8,000 6,500 6,500 6,400
(1) Beginning October 1, 2020, total employees include employees at Lake City which is a government-owned, contractor-operated facility.
Item 6. [RESERVED]
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