What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2022-07-29 compared with 2022-04-29 · 161 added, 137 removed, 579 unchanged (34% of the section changed)

3 unchanged sentences

(In millions, except per share data)

March 31, 2022 December 31, 2021 March 31, 2021

June 30, 2022 December 31, 2021 June 30, 2021

Current assets:

40 unchanged sentences

(In millions, except per share data)

Three Months Ended March 31,

Three Months Ended June 30, Six Months Ended June 30,

2022 2021 2022 2021

Sales $ 2,616.1 $ 2,221.3 $ 5,077.5 $ 4,140.1

3 unchanged sentences

Restructuring charges 3.6 14.0 6.7 20.9

Other operating income 3.3 0.5 3.3 0.5

Operating income 565.4 395.0 1,111.9 776.2

3 unchanged sentences

Income before taxes 540.7 337.3 1,064.3 643.4

Income tax provision 130.6 62.5

Income tax provision (benefit) 118.6 ( 18.5 ) 249.2 44.0

Net income $ 422.1 $ 355.8 $ 815.1 $ 599.4

9 unchanged sentences

(In millions)

Three Months Ended March 31,

Three Months Ended June 30, Six Months Ended June 30,

2022 2021 2022 2021

Net income $ 422.1 $ 355.8 $ 815.1 $ 599.4

Other comprehensive income, net of tax:

Foreign currency translation adjustments, net ( 10.5 ) ( 11.4 )

Unrealized gains on derivative contracts, net 30.7 7.0

Other comprehensive (loss) income, net of tax:

Foreign currency translation adjustments ( 26.0 ) 2.4 ( 36.5 ) ( 9.0 )

Unrealized (losses) gains on derivative contracts, net ( 55.0 ) 16.3 ( 24.3 ) 23.3

Amortization of prior service costs and actuarial losses, net 6.7 10.7 13.3 21.3

Total other comprehensive income, net of tax 26.8 6.2

Total other comprehensive (loss) income, net of tax ( 74.3 ) 29.4 ( 47.5 ) 35.6

Comprehensive income $ 347.8 $ 385.2 $ 767.6 $ 635.0

3 unchanged sentences

(In millions, except per share data)

Three Months Ended March 31,

Three Months Ended June 30, Six Months Ended June 30,

2022 2021 2022 2021

Balance at beginning of period $ 151.8 $ 159.2 $ 156.8 $ 158.0

2 unchanged sentences

Stock options exercised 0.7 1.2 0.9 2.4

Other transactions — 0.1 — 0.1

Balance at end of period $ 145.1 $ 160.5 $ 145.1 $ 160.5

9 unchanged sentences

Balance at beginning of period $ ( 461.2 ) $ ( 683.7 ) $ ( 488.0 ) $ ( 689.9 )

Other comprehensive income 26.8 6.2

Other comprehensive (loss) income ( 74.3 ) 29.4 ( 47.5 ) 35.6

Balance at end of period $ ( 535.5 ) $ ( 654.3 ) $ ( 535.5 ) $ ( 654.3 )

10 unchanged sentences

(In millions)

Three Months Ended March 31,

Six Months Ended June 30,

Operating Activities

6 unchanged sentences

Qualified pension plan contributions ( 0.8 ) ( 0.6 )

( 0.4 ) ( 0.1 )

Qualified pension plan income ( 16.3 ) ( 13.7 )

( 8.0 ) ( 7.3 )

Receivables ( 228.5 ) ( 274.5 )

6 unchanged sentences

Other operating activities 2.9 1.3

( 0.3 ) ( 0.1 )

Net operating activities 959.2 707.6

6 unchanged sentences

Repayments ( 115.5 ) ( 855.2 )

Debt Early Redemption Premium — ( 18.7 )

Debt Early Redemption Premiums — ( 31.0 )

Common stock repurchased and retired ( 689.7 ) —

19 unchanged sentences

Chlor Alkali Products and Vinyls, Epoxy and Winchester.

The Chlor Alkali Products and Vinyls segment manufactures and sells chlorine and caustic soda, ethylene dichloride (EDC) and vinyl chloride monomer, methyl chloride, methylene chloride, chloroform, carbon tetrachloride, perchloroethylene, trichloroethylene, hydrochloric acid, hydrogen, bleach products and potassium hydroxide.

The Chlor Alkali Products and Vinyls segment manufactures and sells chlorine and caustic soda, ethylene dichloride (EDC) and vinyl chloride monomer, methyl chloride, methylene chloride, chloroform, carbon tetrachloride, perchloroethylene, hydrochloric acid, hydrogen, bleach products and potassium hydroxide.

The Epoxy segment produces and sells a full range of epoxy materials and precursors, including aromatics (acetone, bisphenol, cumene and phenol), allyl chloride, epichlorohydrin, liquid epoxy resins, solid epoxy resins and downstream products such as converted epoxy resins and additives.

12 unchanged sentences

These actions and related activities were completed during the second quarter of 2021.

We recorded pretax restructuring charges of $ 10.3 million for employee severance and related benefit costs related to these actions in the second quarter of 2021.

For both the three and six months ended June 30, 2021, we recorded pretax restructuring charges of $ 10.1 million for employee severance and related benefit costs related to these actions.

We do no t expect to incur additional restructuring charges related to these actions.

3 unchanged sentences

The closure is expected to be completed by the end of the third quarter of 2022.

For the three months ended March 31, 2022 and 2021, we recorded pretax restructuring charges of $ 0.9 million and $ 4.4 million, respectively, for lease and other contract termination costs and for facility exit costs related to this action.

For the three months ended June 30, 2022 and 2021, we recorded pretax restructuring charges of $ 0.7 million and $ 0.4 million, respectively, for lease and other contract termination costs and for facility exit costs related to this action.

For the six months ended June 30, 2022 and 2021, we recorded pretax restructuring charges of $ 1.6 million and $ 4.8 million, respectively, for lease and other contract termination costs and for facility exit costs related to this action.

We expect to incur additional restructuring charges through 2026 of approximately $ 35 million related to these actions.

On January 18, 2021, we announced we had made the decision to permanently close our trichloroethylene and anhydrous hydrogen chloride liquefaction facilities in Freeport, TX (collectively, Freeport 2021 Plan), which were completed in the fourth quarter of 2021.

For the three months ended March 31, 2022 and 2021, we recorded pretax restructuring charges of $ 0.3 million and $ 1.3 million for facility exit costs related to these actions.

For the three months ended June 30, 2022 and 2021, we recorded pretax restructuring charges of $ 1.2 million and $ 2.8 million, respectively, for facility exit costs related to these actions.

For the six months ended June 30, 2022 and 2021, we recorded pretax restructuring charges of $ 1.5 million and $ 4.1 million, respectively, for facility exit costs related to these actions.

We expect to incur additional restructuring charges through 2024 of approximately $ 20 million related to these actions.

On December 11, 2019, we announced that we had made the decision to permanently close a chlor alkali plant with a capacity of 230,000 tons and our vinylidene chloride (VDC) production facility, both in Freeport, TX (collectively, Freeport 2019 Plan).

The VDC facility and related chlor alkali plant were closed during the fourth quarter of 2020 and second quarter of

2021, respectively.

For the three months ended March 31, 2022 and 2021, we recorded pretax restructuring charges of $ 1.7 million and $ 0.8 million, respectively, for facility exit costs related to these actions.

The VDC facility and related chlor alkali plant were closed during the fourth quarter of 2020 and second quarter of 2021, respectively.

For the three months ended June 30, 2022 and 2021, we recorded pretax restructuring charges of $ 1.5 million and $ 0.4 million, respectively, for facility exit costs related to these actions.

For the six months ended June 30, 2022 and 2021, we recorded pretax restructuring charges of $ 3.2 million and $ 1.2 million, respectively, for facility exit costs related to these actions.

We expect to incur additional restructuring charges through 2025 of approximately $ 40 million related to these actions.

3 unchanged sentences

This 220,000 ton reduction was entirely from diaphragm cell capacity.

For the three months ended March 31, 2022 and 2021, we recorded pretax restructuring charges of $ 0.2 million and $ 0.4 million, respectively, for facility exit costs and lease and other contract termination costs related to these actions.

We expect to incur additional restructuring charges through 2022 of approximately $ 1 million related to these capacity reductions.

The following table summarizes the 2022 and 2021 activities by major component of these restructuring actions and the remaining balances of accrued restructuring costs as of March 31, 2022 and 2021:

For the three months ended June 30, 2022 and 2021, we recorded pretax restructuring charges of $ 0.2 million and $ 0.3 million, respectively, for facility exit costs and lease and other contract termination costs related to these actions.

For the six months ended June 30, 2022 and 2021, we recorded pretax restructuring charges of $ 0.4 million and $ 0.7 million, respectively, for facility exit costs and lease and other contract termination costs related to these actions.

We expect to incur additional restructuring charges through 2022 of approximately less than $ 1 million related to these capacity reductions.

The following table summarizes the 2022 and 2021 activities by major component of these restructuring actions and the remaining balances of accrued restructuring costs as of June 30, 2022 and 2021:

Employee severance and related benefit costs Lease and other contract termination costs Facility exit costs Write-off of equipment and facility Total

2 unchanged sentences

Restructuring charges:

First quarter — 4.6 2.3 — 6.9

Second quarter 10.1 0.5 3.4 — 14.0

Amounts utilized ( 1.3 ) ( 0.7 ) ( 5.7 ) — ( 7.7 )

Balance at March 31, 2021 $ 1.4 $ 6.2 $ — $ — $ 7.6

Balance at June 30, 2021 $ 10.6 $ 6.1 $ — $ — $ 16.7

Balance at January 1, 2022 $ 6.9 $ 5.4 $ — $ — $ 12.3

Restructuring charges:

First quarter — 0.1 2.6 0.4 3.1

Second quarter — 0.2 3.1 0.3 3.6

Amounts utilized ( 3.7 ) ( 1.0 ) ( 5.7 ) ( 0.7 ) ( 11.1 )

Balance at March 31, 2022 $ 4.9 $ 5.3 $ — $ — $ 10.2

The following table summarizes the cumulative restructuring charges of these restructuring actions by major component through March 31, 2022:

Balance at June 30, 2022 $ 3.2 $ 4.7 $ — $ — $ 7.9

The following table summarizes the cumulative restructuring charges of these restructuring actions by major component through June 30, 2022:

Chlor Alkali Products and Vinyls Corporate/other Total

7 unchanged sentences

Total cumulative restructuring charges $ 7.2 $ 8.0 $ 69.8 $ 182.7 $ 10.3 $ 278.0

As of March 31, 2022, we have incurred cash expenditures of $ 125.7 million and non-cash charges of $ 138.5 million related to these restructuring actions.

As of June 30, 2022, we have incurred cash expenditures of $ 131.3 million and non-cash charges of $ 138.8 million related to these restructuring actions.

The remaining balance of $ 7.9 million is expected to be paid out through 2028.

2 unchanged sentences

The Receivables Financing Agreement includes a minimum borrowing requirement of 50 % of the facility limit or available borrowing capacity, whichever is less.

Under the Receivables Financing Agreement, our eligible

trade receivables are used for collateralized borrowings and continue to be serviced by us.

Under the Receivables Financing Agreement, our eligible trade receivables are used for collateralized borrowings and continue to be serviced by us.

In addition, the Receivables Financing Agreement incorporates the net leverage ratio covenant that is contained in the $ 1,615.0 million senior credit facility.

As of March 31, 2022, $ 642.4 million of our trade receivables were pledged as collateral and we had $ 300.0 million drawn with no additional borrowing capacity available under the Receivables Financing Agreement.

As of December 31, 2021 and March 31, 2021, we had $ 300.0 million and $ 125.0 million, respectively, drawn under the Receivables Financing Agreement.

As of June 30, 2022, $ 666.3 million of our trade receivables were pledged as collateral and we had $ 300.0 million drawn with no additional borrowing capacity available under the Receivables Financing Agreement.

As of December 31, 2021 and June 30, 2021, we had $ 300.0 million and $ 125.0 million, respectively, drawn under the Receivables Financing Agreement.

Olin also has trade accounts receivable factoring arrangements (AR Facilities) and pursuant to the terms of the AR Facilities, certain of our domestic subsidiaries may sell their accounts receivable up to a maximum of $ 250.0 million and certain of our foreign subsidiaries may sell their accounts receivable up to a maximum of € 43.4 million.

8 unchanged sentences

The factoring discount paid under the AR Facilities is recorded as interest expense on the condensed statements of operations.

The factoring discount was $ 0.5 million and $ 0.4 million for the three months ended March 31, 2022 and 2021, respectively.

The agreements are without recourse and therefore no recourse liability had been recorded as of March 31, 2022, December 31, 2021 or March 31, 2021.

Our condensed balance sheets included an allowance for doubtful accounts receivables of $ 15.2 million, $ 12.3 million and $ 12.2 million and other receivables of $ 65.6 million, $ 65.3 million and $ 60.3 million at March 31, 2022, December 31, 2021 and March 31, 2021, respectively, which were included in receivables, net.

The factoring discount was $ 0.4 million and $ 0.3 million for the three months ended June 30, 2022 and 2021, respectively, and $ 0.9 million and $ 0.7 million for the six months ended June 30, 2022 and 2021, respectively.

The agreements are without recourse and therefore no recourse liability had been recorded as of June 30, 2022, December 31, 2021 or June 30, 2021.

Our condensed balance sheets included an allowance for doubtful accounts receivables of $ 15.0 million, $ 12.3 million and $ 12.4 million and other receivables of $ 50.3 million, $ 65.3 million and $ 72.8 million at June 30, 2022, December 31, 2021 and June 30, 2021, respectively, which were included in receivables, net.

Inventories consisted of the following:

March 31, 2022 December 31,

2021 March 31, 2021

June 30, 2022 December 31,

2021 June 30, 2021

($ in millions)

6 unchanged sentences

Inventories, net $ 945.7 $ 868.3 $ 736.5

Inventories are valued at the lower of cost and net realizable value.

inventories, inventory costs are determined principally by the last-in, first-out (LIFO) method of inventory accounting while for international inventories, inventory costs are determined principally by the first-in, first-out (FIFO) method of inventory accounting.

Cost for other inventories has been determined principally by the average-cost method (primarily operating supplies, spare parts and maintenance parts).

Elements of costs in inventories included raw materials, direct labor and manufacturing overhead.

Inventories under the LIFO method are based on annual estimates of quantities and costs as of year-end;

therefore, the condensed financial statements at March 31, 2022 reflect certain estimates relating to inventory quantities and costs at December 31, 2022.

The replacement cost of our inventories would have been approximately $ 144.1 million, $ 106.5 million and $ 58.0 million higher than reported at March 31, 2022, December 31, 2021 and March 31, 2021, respectively.

therefore, the condensed financial statements at June 30, 2022 reflect certain estimates relating to inventory quantities and costs at December 31, 2022.

The replacement cost of our inventories would have been approximately $ 166.0 million, $ 106.5 million and $ 89.6 million higher than reported at June 30, 2022, December 31, 2021 and June 30, 2021, respectively.

Included in other assets were the following:

March 31, 2022 December 31, 2021 March 31, 2021

June 30, 2022 December 31, 2021 June 30, 2021

($ in millions)

2 unchanged sentences

Other assets $ 1,090.0 $ 1,131.8 $ 1,165.9

Amortization expense of $ 17.6 million and $ 17.5 million for the three months ended March 31, 2022 and 2021, respectively, was recognized within cost of goods sold related to our long-term supply contracts and is reflected in depreciation and amortization on the condensed statements of cash flows.

The long-term supply contracts are monitored for impairment each reporting period.

Amortization expense of $ 17.6 million and $ 17.3 million for the three months ended June 30, 2022 and 2021, respectively, and amortization expense of $ 35.2 million and $ 34.8 million for the six months ended June 30, 2022 and 2021, respectively, was recognized within cost of goods sold related to our long-term supply contracts and is reflected in depreciation and amortization on the condensed statements of cash flows.

GOODWILL AND INTANGIBLE ASSETS

4 unchanged sentences

Foreign currency translation adjustment — — —

Balance at March 31, 2021 $ 1,275.2 $ 144.9 $ 1,420.1

Balance at June 30, 2021 $ 1,275.3 $ 144.9 $ 1,420.2

Balance at January 1, 2022 $ 1,275.6 $ 145.0 $ 1,420.6

Foreign currency translation adjustment 0.3 — 0.3

Balance at March 31, 2022 $ 1,275.7 $ 145.0 $ 1,420.7

Balance at June 30, 2022 $ 1,275.9 $ 145.0 $ 1,420.9

Intangible assets consisted of the following:

March 31, 2022 December 31, 2021 March 31, 2021

June 30, 2022 December 31, 2021 June 30, 2021

Gross Amount Accumulated Amortization Net Gross Amount Accumulated Amortization Net Gross Amount Accumulated Amortization Net

1 unchanged sentence

Customers, customer contracts and relationships $ 667.4 $ ( 382.2 ) $ 285.2 $ 674.4 $ ( 359.8 ) $ 314.6 $ 678.2 $ ( 336.3 ) $ 341.9

$ 672.0 $ ( 371.4 ) $ 300.6 $ 674.4 $ ( 359.8 ) $ 314.6 $ 677.2 $ ( 323.5 ) $ 353.7

Acquired technology 92.7 ( 82.8 ) 9.9 93.9 ( 77.9 ) 16.0 94.5 ( 71.9 ) 22.6

93.5 ( 80.7 ) 12.8 93.9 ( 77.9 ) 16.0 94.3 ( 68.2 ) 26.1

Other 1.8 ( 0.7 ) 1.1 1.8 ( 0.7 ) 1.1 1.8 ( 0.6 ) 1.2

Total intangible assets $ 761.9 $ ( 465.7 ) $ 296.2 $ 770.1 $ ( 438.4 ) $ 331.7 $ 774.5 $ ( 408.8 ) $ 365.7

$ 767.3 $ ( 452.8 ) $ 314.5 $ 770.1 $ ( 438.4 ) $ 331.7 $ 773.3 $ ( 392.3 ) $ 381.0

EARNINGS PER SHARE

1 unchanged sentence

Diluted net income per share reflects the dilutive effect of stock-based compensation.

Three Months Ended March 31,

Three Months Ended June 30, Six Months Ended June 30,

2022 2021 2022 2021

Computation of Net Income per Share (In millions, except per share data)

7 unchanged sentences

Diluted net income per share $ 2.76 $ 2.17 $ 5.24 $ 3.69

The computation of dilutive shares does not include 0.8 million and 3.2 million shares for the three months ended March 31, 2022 and 2021, respectively, as their effect would have been anti-dilutive.

The computation of dilutive shares does not include 0.8 million and 0.1 million shares for the three months ended June 30, 2022 and 2021, respectively, and 0.8 million and 1.1 million shares for the six months ended June 30, 2022 and 2021, respectively, as their effect would have been anti-dilutive.

ENVIRONMENTAL

1 unchanged sentence

Environmental provisions charged to income, which are included in costs of goods sold, were as follows:

Three Months Ended March 31,

Three Months Ended June 30, Six Months Ended June 30,

2022 2021 2022 2021

($ in millions)

2 unchanged sentences

Environmental expense $ 5.0 $ 4.7 $ 10.6 $ 5.0

Environmental expense for the three months ended March 31, 2021 includes $ 2.2 million of insurance recoveries for environmental costs incurred and expensed in prior periods.

The condensed balance sheets included reserves for future environmental expenditures to investigate and remediate known sites amounting to $ 149.5 million, $ 147.3 million and $ 147.2 million at March 31, 2022, December 31, 2021 and March 31, 2021, respectively, of which $ 124.5 million, $ 122.3 million and $ 128.2 million, respectively, were classified as other noncurrent liabilities.

Environmental expense for the six months ended June 30, 2021 includes $ 2.2 million of insurance recoveries for environmental costs incurred and expensed in prior periods.

The condensed balance sheets included reserves for future environmental expenditures to investigate and remediate known sites amounting to $ 148.9 million, $ 147.3 million and $ 148.4 million at June 30, 2022, December 31, 2021 and June 30, 2021, respectively, of which $ 123.9 million, $ 122.3 million and $ 129.4 million, respectively, were classified as other noncurrent liabilities.

Environmental exposures are difficult to assess for numerous reasons, including the identification of new sites, developments at sites resulting from investigatory studies, advances in technology, changes in environmental laws and regulations and their application, changes in regulatory authorities, the scarcity of reliable data pertaining to identified sites, the difficulty in assessing the involvement and financial capability of other Potentially Responsible Parties (PRPs), our ability to obtain contributions from other parties and the lengthy time periods over which site remediation occurs.

2 unchanged sentences

Steel Chemicals (a wholly owned subsidiary of Olin) and other caustic soda producers were named as defendants in six purported class action civil lawsuits filed March 22, 25 and 26, 2019 and April 12, 2019 in the U.S.

District Court for the Western District of New York on behalf of the respective named plaintiffs and a putative class comprised of all persons and entities who purchased caustic soda in the U.S.

directly from one or more of the defendants, their parents, predecessors, subsidiaries or affiliates at any time on or after October 1, 2015.

District Court for the Western District of New York.

Those cases were consolidated on May 22, 2019;

the claims in the consolidated “Direct Purchaser” lawsuit, as modified, are on behalf of the respective named plaintiffs and a putative class comprised of all persons and entities who purchased certain types of caustic soda in the U.S.

directly from one or more of the defendants, their parents, predecessors, subsidiaries or affiliates at any time on or after October 1, 2015 through December 31, 2018.

Steel Chemicals and other caustic soda producers were also named as defendants in two purported class action civil lawsuits filed July 25 and 29, 2019 in the U.S.

1 unchanged sentence

indirectly from distributors at any time on or after October 1, 2015.

The other current defendants in the lawsuits are Occidental Chemical Corporation d/b/a OxyChem, Westlake Chemical Corporation, Shin-Etsu Chemical Co., Ltd., and Formosa Plastics Corporation, U.S.A.

The lawsuits allege the defendants conspired to fix, raise, maintain and stabilize the price of caustic soda, restrict domestic (U.S.) supply of caustic soda and allocate caustic soda customers.

Plaintiffs seek an unspecified amount of damages and injunctive relief.

Those cases were consolidated and a consolidated, amended complaint in the “Indirect Purchaser” lawsuit was filed on August 23, 2021.

The other current defendants in the Direct Purchaser and Indirect Purchaser lawsuits are Occidental Chemical Corporation d/b/a OxyChem, Westlake Chemical Corporation, Shin-Etsu Chemical Co., Ltd., and Formosa Plastics Corporation, U.S.A.

The Direct Purchaser and Indirect Purchaser lawsuits allege the defendants conspired to fix, raise, maintain and stabilize the price of caustic soda, restrict domestic (U.S.) supply of caustic soda and allocate caustic soda customers.

Plaintiffs seek damages and injunctive relief.

Steel Chemical, Olin Canada ULC, 3229897 Nova Scotia Co.

4 unchanged sentences

The lawsuits allege the defendants conspired to fix, raise, maintain control, and stabilize the price of caustic soda, divide and allocate markets, sales, customers and territories, fix, maintain, control, prevent, restrict, lessen or eliminate production and supply of caustic soda, and agree to idle capacity of production and/or refrain from increasing their production capacity.

Plaintiffs seek an unspecified amount of damages, including punitive damages.

We believe we have meritorious legal positions and will continue to represent our interests vigorously in this matter.

Plaintiffs seek damages, including punitive damages.

We believe we have meritorious legal positions and will continue to represent our interests vigorously in the above matters.

Any losses related to this matter are not currently estimable because of unresolved questions of fact and law, but if resolved unfavorably to Olin, could have a material adverse effect on our financial position, cash flows or results of operations.

We, and our subsidiaries, are defendants in various other legal actions (including proceedings based on alleged exposures to asbestos) incidental to our past and current business activities.

As of March 31, 2022, December 31, 2021 and March 31, 2021, our condensed balance sheets included accrued liabilities for these other legal actions of $ 13.5 million, $ 14.2 million and $ 13.8 million, respectively.

As of June 30, 2022, December 31, 2021 and June 30, 2021, our condensed balance sheets included accrued liabilities for these other legal actions of $ 14.5 million, $ 14.2 million and $ 12.9 million, respectively.

These liabilities do not include costs associated with legal representation.

5 unchanged sentences

SHAREHOLDERS’ EQUITY

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.

This program will terminate upon the purchase of $ 2.0 billion of common stock.

On November 1, 2021, our Board of Directors authorized a share repurchase program for the purchase of shares of common stock at an aggregate price of up to $ 1.0 billion.

This program will terminate upon the purchase of $ 1.0 billion of our common stock.

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.

This program terminated upon the purchase of $ 500.0 million of our common stock during the first quarter of 2022.

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.

This program will terminate upon the purchase of $ 1.0 billion of our common stock.

For the three months ended March 31, 2022, 5.2 million shares of common stock were repurchased and retired at a total value of $ 263.2 million.

There were zero shares repurchased for the three months ended March 31, 2021.

As of March 31,

2022, a total of 15.7 million shares of common stock were repurchased and retired at a total value of $ 500.0 million under the 2018 Repurchase Authorization program, terminating the program.

As of March 31, 2022, 4.3 million shares of common stock have been repurchased and retired at a total value of $ 211.0 million under the 2021 Repurchase Authorization program, and $ 789.0 million of common stock remained authorized to be repurchased under the program.

We issued 0.2 million and 1.2 million shares representing stock options exercised for the three months ended March 31, 2022 and 2021, respectively, with a total value of $ 5.2 million and $ 25.7 million, respectively.

For the six months ended June 30, 2022, 12.6 million shares of common stock were repurchased and retired at a total value of $ 689.7 million.

There were zero shares repurchased for the six months ended June 30, 2021.

As of June 30, 2022, 11.6 million shares of common stock have been repurchased and retired at a total value of $ 637.5 million under the 2021 Repurchase Authorization program, and $ 362.5 million of common stock remained authorized to be repurchased under the program.

We issued 0.9 million and 2.4 million shares representing stock options exercised for the six months ended June 30, 2022 and 2021, respectively, with a total value of $ 20.9 million and $ 50.2 million, respectively.

The following table represents the activity included in accumulated other comprehensive loss:

Foreign Currency Translation Adjustment (net of taxes) Unrealized (Losses) Gains on Derivative Contracts (net of taxes) Pension and Other Postretirement Benefits (net of taxes) Accumulated Other Comprehensive Loss

Foreign Currency Translation Adjustment Unrealized (Losses) Gains on Derivative Contracts (net of taxes) Pension and Other Postretirement Benefits (net of taxes) Accumulated Other Comprehensive Loss

($ in millions)

1 unchanged sentence

Unrealized (losses) gains:

First quarter ( 11.4 ) 122.0 — 110.6

Second quarter 2.4 41.8 — 44.2

Reclassification adjustments of (gains) losses into income:

First quarter — ( 112.8 ) 13.7 ( 99.1 )

Second quarter — ( 20.4 ) 13.7 ( 6.7 )

Tax provision:

First quarter — ( 2.2 ) ( 3.1 ) ( 5.3 )

Second quarter — ( 5.1 ) ( 3.0 ) ( 8.1 )

Net change ( 9.0 ) 23.3 21.3 35.6

Balance at March 31, 2021 $ 8.0 $ 28.4 $ ( 720.1 ) $ ( 683.7 )

Balance at June 30, 2021 $ 10.4 $ 44.7 $ ( 709.4 ) $ ( 654.3 )

Balance at January 1, 2022 $ ( 10.9 ) $ 22.8 $ ( 499.9 ) $ ( 488.0 )

Unrealized (losses) gains:

First quarter ( 10.5 ) 52.8 — 42.3

Second quarter ( 26.0 ) ( 36.4 ) — ( 62.4 )

Reclassification adjustments of (gains) losses into income:

Tax provision — ( 9.7 ) ( 2.3 ) ( 12.0 )

First quarter — ( 12.4 ) 8.9 ( 3.5 )

Second quarter — ( 36.1 ) 9.0 ( 27.1 )

Tax (provision) benefit :

First quarter — ( 9.7 ) ( 2.3 ) ( 12.0 )

Second quarter — 17.5 ( 2.3 ) 15.2

Net change ( 36.5 ) ( 24.3 ) 13.3 ( 47.5 )

Balance at March 31, 2022 $ ( 21.4 ) $ 53.5 $ ( 493.3 ) $ ( 461.2 )

Balance at June 30, 2022 $ ( 47.4 ) $ ( 1.5 ) $ ( 486.6 ) $ ( 535.5 )

Net income and cost of goods sold included reclassification adjustments for realized gains and losses on derivative contracts from accumulated other comprehensive loss.

7 unchanged sentences

Sales are attributed to geographic areas based on customer location.

Three Months Ended March 31,

Three Months Ended June 30, Six Months Ended June 30,

2022 2021 2022 2021

($ in millions)

11 unchanged sentences

Restructuring charges ( 3.6 ) ( 14.0 ) ( 6.7 ) ( 20.9 )

Other operating income 3.3 0.5 3.3 0.5

Interest expense ( 34.5 ) ( 65.9 ) ( 67.4 ) ( 150.4 )

2 unchanged sentences

Income before taxes $ 540.7 $ 337.3 $ 1,064.3 $ 643.4

Three Months Ended March 31,

Three Months Ended June 30, Six Months Ended June 30,

2022 2021 2022 2021

Sales by geography:

17 unchanged sentences

Total sales $ 2,616.1 $ 2,221.3 $ 5,077.5 $ 4,140.1

Three Months Ended March 31,

Three Months Ended June 30, Six Months Ended June 30,

2022 2021 2022 2021

Sales by product line:

14 unchanged sentences

Stock-based compensation expense (benefit) was as follows:

Three Months Ended March 31,

Three Months Ended June 30, Six Months Ended June 30,

2022 2021 2022 2021

($ in millions)

36 unchanged sentences

The average correlation coefficient of peer companies was determined based on historical trends of Olin’s common stock price compared to the peer companies.

Expected life of the performance stock award grant was based on historical exercise and cancellation patterns, as we believe that historical experience is the best estimate of future exercise patterns.

Senior Credit Facility

On February 24, 2021, we entered into a $ 1,615.0 million senior secured credit facility (Senior Credit Facility) that amended our existing $ 1,300.0 million senior secured credit facility.

On July 28, 2021, the liens on the collateral provided under the Senior Credit Facility were released based on the achievement of a net leverage ratio below 3.50 for the prior two consecutive fiscal quarters.

The Senior Credit Facility includes a senior delayed-draw term loan facility with aggregate commitments of $ 315.0 million (Delayed Draw Term Loan), a senior term loan facility with aggregate commitments of $ 500.0 million (2020 Term Loan and together with the Delayed Draw Term Loan, the Senior Term Loans) and a senior revolving credit facility with aggregate commitments in an amount equal to $ 800.0 million (Senior Revolving Credit Facility).

We maintain a $ 1,615.0 million senior credit facility (Senior Credit Facility) which includes a senior delayed-draw term loan facility with aggregate commitments of $ 315.0 million (Delayed Draw Term Loan), a senior term loan facility with aggregate commitments of $ 500.0 million (2020 Term Loan and together with the Delayed Draw Term Loan, the Senior Term Loans) and a senior revolving credit facility with aggregate commitments in an amount equal to $ 800.0 million (Senior Revolving Credit Facility).

The maturity date for the Senior Credit Facility is July 16, 2024.

The amendment modified the pricing grid for the Senior Credit Facility by reducing applicable interest rates on the borrowings under the facility.

On March 30, 2021, Olin drew the entire $ 315.0 million of the Delayed Draw Term Loan and used the proceeds to fund the redemption of the 10.00 % senior notes due October 15, 2025 (2025 Notes).

2 unchanged sentences

The Senior Revolving Credit Facility includes a $ 100.0 million letter of credit subfacility.

At March 31, 2022, we had $ 799.6 million available under our $ 800.0 million Senior Revolving Credit Facility because we had issued $ 0.4 million of letters of credit.

Under the Senior Credit Facility, we may select various floating-rate borrowing options.

The actual interest rate paid on borrowings under the Senior Credit Facility is based on a pricing grid which is dependent upon the net leverage ratio as calculated under the terms of the applicable facility for the prior fiscal quarter.

The Senior Credit Facility includes various customary restrictive covenants, including restrictions related to the ratio of debt to earnings before interest expense, taxes, depreciation and amortization (net leverage ratio) and the ratio of earnings before interest expense, taxes, depreciation and amortization to interest expense (coverage ratio).

The calculation of debt in our net leverage ratio excludes borrowings under the Receivables Financing Agreement, up to a maximum of $ 250.0 million, and is reduced by all unrestricted cash and cash equivalents.

Compliance with these covenants is determined quarterly.

We were in compliance with all covenants and restrictions under all our outstanding credit agreements as of March 31, 2022, and no event of default had occurred that would permit the lenders under our outstanding credit agreements to accelerate the debt if not cured.

At June 30, 2022, we had $ 799.6 million available under our $ 800.0 million Senior Revolving Credit Facility because we had issued $ 0.4 million of letters of credit.

We were in compliance with all covenants and restrictions under all our outstanding credit agreements as of June 30, 2022, and no event of default had occurred that would permit the lenders under our outstanding credit agreements to accelerate the debt if not cured.

In the future, our ability to generate sufficient operating cash flows, among other factors, will determine the amounts available to be borrowed under these facilities.

1 unchanged sentence

The limitation, if an amendment or waiver from our lenders is not obtained, could restrict our ability to borrow the maximum amounts available under the Senior Revolving Credit Facility and the Receivables Financing Agreement.

As of March 31, 2022, there were no covenants or other restrictions that limited our ability to borrow.

As of June 30, 2022, there were no covenants or other restrictions that limited our ability to borrow.

Other Financing

Interest expense for the three months ended March 31, 2021 included a loss on extinguishment of debt of $ 23.5 million, which included $ 18.7 million of bond redemption premiums and $ 4.8 million for write-off of deferred debt issuance costs and recognition of deferred fair value interest rate swap losses related to financing transactions during first quarter 2021.

The cash payments related to the early redemption premiums for the debt extinguishments are classified as cash outflows from financing activities on the consolidated statements of cash flows for the three months ended March 31, 2021.

The condensed statement of cash flows reflects a correction to the loss on debt extinguishment and early redemption premiums from the previously issued condensed statement of cash flows for the three months ended March 31, 2021, which increased cash flows from net operating activities and decreased cash flows from net financing activities by $ 18.7 million.

For the three months ended March 31, 2021, we paid debt issuance costs of $ 3.1 million primarily for the amendments to our Senior Credit Facility.

Interest expense for the three and six months ended June 30, 2021 included a loss on extinguishment of debt of $ 15.4 million and $ 38.9 million, which included $ 12.3 million and $ 31.0 million, respectively, of bond redemption premiums and $ 3.1 million and $ 7.9 million, respectively, for write-off of deferred debt issuance costs and recognition of deferred fair value interest rate swap losses related to financing transactions during 2021.

For the six months ended June 30, 2021, we paid debt issuance costs of $ 3.1 million primarily for the amendments to our Senior Credit Facility.

CONTRIBUTING EMPLOYEE OWNERSHIP PLAN

1 unchanged sentence

We provide a contribution to an individual retirement contribution account maintained with the CEOP equal to an amount of between 5.0 % and 7.5 % of the employee’s eligible compensation.

The defined contribution plan expense for the three months ended March 31, 2022 and 2021 was $ 10.6 million and $ 8.7 million, respectively.

The defined contribution plan expense for the three months ended June 30, 2022 and 2021 was $ 8.8 million and $ 8.6 million, respectively, and for the six months ended June 30, 2022 and 2021 was $ 19.4 million and $ 17.3 million, respectively.

Company matching contributions are invested in the same investment allocation as the employee’s contribution.

Our matching contributions for eligible employees for the three months ended March 31, 2022 and 2021 were $ 3.1 million and $ 3.2 million, respectively.

Our matching contributions for eligible employees for the three months ended June 30, 2022 and 2021 were $ 3.6 million and $ 3.7 million, respectively, and for the six months ended June 30, 2022 and 2021 were $ 6.7 million and $ 6.9 million, respectively.

PENSION PLANS AND RETIREMENT BENEFITS

1 unchanged sentence

Most of our domestic employees participate in defined contribution plans.

However, a portion of our bargaining hourly employees continue to participate in our domestic qualified defined benefit pension plans under a flat-benefit formula.

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.

4 unchanged sentences

Pension Benefits Other Postretirement Benefits

Three Months Ended March 31, Three Months Ended March 31,

Three Months Ended June 30, Three Months Ended June 30,

2022 2021 2022 2021

6 unchanged sentences

Net periodic benefit (income) cost $ ( 8.2 ) $ ( 6.4 ) $ 1.2 $ 1.3

We made cash contributions to our international qualified defined benefit pension plans of $ 0.4 million and $ 0.1 million for the three months ended March 31, 2022 and 2021, respectively.

The effective tax rate for the three months ended March 31, 2022 included a benefit associated with prior year tax, stock-based compensation and a change in tax contingencies, resulting in a net $ 2.3 million tax benefit.

After giving consideration to these items, the effective tax rate for the three months ended March 31, 2022 of 25.4 % was higher than the 21 % U.S.

Pension Benefits Other Postretirement Benefits

Six Months Ended June 30, Six Months Ended June 30,

2022 2021 2022 2021

Components of Net Periodic Benefit (Income) Cost ($ in millions)

Service cost $ 4.5 $ 5.8 $ 0.6 $ 0.7

Interest cost 30.9 25.6 0.6 0.6

Expected return on plans’ assets ( 68.5 ) ( 71.1 ) — —

Amortization of prior service cost ( 0.4 ) ( 0.3 ) 0.1 0.1

Recognized actuarial loss 17.2 26.3 1.0 1.3

Net periodic benefit (income) cost $ ( 16.3 ) $ ( 13.7 ) $ 2.3 $ 2.7

We made cash contributions to our international qualified defined benefit pension plans of $ 0.8 million and $ 0.6 million for the six months ended June 30, 2022 and 2021, respectively.

The effective tax rate for the three months ended June 30, 2022 included a benefit associated with prior year tax positions and stock-based compensation, resulting in a net $ 8.5 million tax benefit.

After giving consideration to these items, the effective tax rate for the three months ended June 30, 2022 of 23.5 % was higher than the 21 % U.S.

federal statutory rate primarily due to state and foreign income taxes, partially offset by foreign income exclusions and favorable permanent salt depletion deductions.

The effective tax rate for the three months ended March 31, 2021 included a benefit associated with prior year tax positions, a benefit associated with stock-based compensation, an expense from remeasurement of deferred taxes due to an increase in our state effective tax rates and an expense from a change in tax contingencies.

The effective tax rate for the three months ended June 30, 2021 included a benefit from a net decrease in the valuation allowance related to deferred tax assets in foreign jurisdictions, a benefit associated with prior year tax positions, a benefit associated with stock-based compensation and an expense from a change in tax contingencies.

These factors resulted in a net $ 93.9 million tax benefit.

After giving consideration to these items, the effective tax rate for the three months ended March 31, 2021 of 20.8 % was lower than the 21 % U.S.

federal statutory rate primarily due to a net decrease in

the valuation allowance related to losses in foreign jurisdictions and favorable permanent salt depletion deductions, partially offset by state taxes, foreign income inclusions and foreign income taxes.

As of March 31, 2022, we had $ 45.1 million of gross unrecognized tax benefits, which would have a net $ 44.6 million impact on the effective tax rate, if recognized.

As of March 31, 2021, we had $ 21.6 million of gross unrecognized tax benefits, of which $ 21.5 million would have impacted the effective tax rate, if recognized.

After giving consideration to these items, the effective tax rate for the three months ended June 30, 2021 of 22.4 % was higher than the 21 % U.S.

federal statutory rate primarily due to state taxes, foreign income inclusions

and foreign income taxes, partially offset by a net decrease in the valuation allowance related to utilization of losses in foreign jurisdictions and favorable permanent salt depletion deductions.

The effective tax rate for the six months ended June 30, 2022 included a benefit associated with prior year tax positions and stock-based compensation, resulting in a net $ 10.8 million tax benefit.

After giving consideration to these items, the effective tax rate for the six months ended June 30, 2022 of 24.4 % was higher than the 21 % U.S.

federal statutory rate primarily due to state and foreign income taxes, partially offset by foreign income exclusions and favorable permanent salt depletion deductions.

The effective tax rate for the six months ended June 30, 2021 included a benefit from a net decrease in the valuation allowance related to deferred tax assets in foreign jurisdictions, a benefit associated with prior year tax positions, a benefit associated with stock-based compensation, an expense from remeasurement of deferred taxes due to an increase in our state effective tax rates and an expense from a change in tax contingencies.

These factors resulted in a net $ 95.2 million tax benefit.

After giving consideration to these items, the effective tax rate for the six months ended June 30, 2021 of 21.6 % was higher than the 21 % U.S.

federal statutory rate primarily due to state taxes, foreign income inclusions and foreign income taxes, partially offset by a net decrease in the valuation allowance related to utilization of losses in foreign jurisdictions and favorable permanent salt depletion deductions.

As of June 30, 2022, we had $ 46.0 million of gross unrecognized tax benefits, which would have a net $ 45.4 million impact on the effective tax rate, if recognized.

As of June 30, 2021, we had $ 40.8 million of gross unrecognized tax benefits, of which $ 40.6 million would have impacted the effective tax rate, if recognized.

The amount of unrecognized tax benefits was as follows:

1 unchanged sentence

Balance at beginning of year $ 43.4 $ 21.3

Increases for prior year tax positions 0.3 20.5

Decreases for prior year tax positions ( 0.7 ) ( 3.8 )

2 unchanged sentences

Balance at end of period $ 46.0 $ 40.8

As of March 31, 2022, we believe it is reasonably possible that our total amount of unrecognized tax benefits will decrease by approximately $ 12.9 million over the next twelve months.

As of June 30, 2022, we believe it is reasonably possible that our total amount of unrecognized tax benefits will decrease by approximately $ 12.3 million over the next twelve months.

The anticipated reduction primarily relates to settlements with taxing authorities and the expiration of federal, state and foreign statutes of limitation.

24 unchanged sentences

We enter into forward sales and purchase contracts to manage currency risk to offset our net exposures, by currency, related to the foreign currency denominated monetary assets and liabilities of our operations.

At March 31, 2022, we had outstanding forward contracts to buy foreign currency with a notional value of $ 259.2 million and to sell foreign currency with a notional value of $ 120.6 million.

At June 30, 2022, we had outstanding forward contracts to buy foreign currency with a notional value of $ 235.5 million and to sell foreign currency with a notional value of $ 81.0 million.

All of the currency derivatives expire within one year and are for U.S.

3 unchanged sentences

At December 31, 2021, we had outstanding forward contracts to buy foreign currency with a notional value of $ 199.0 million and to sell foreign currency with a notional value of $ 124.4 million.

At March 31, 2021, we had outstanding forward contracts to buy foreign currency with a notional value of $ 212.3 million and to sell foreign currency with a notional value of $ 110.8 million.

At June 30, 2021, we had outstanding forward contracts to buy foreign currency with a notional value of $ 270.8 million and to sell foreign currency with a notional value of $ 99.7 million.

Cash Flow Hedges

1 unchanged sentence

We had the following notional amounts of outstanding commodity contracts that were entered into to hedge forecasted purchases:

March 31, 2022 December 31, 2021 March 31, 2021

June 30, 2022 December 31, 2021 June 30, 2021

($ in millions)

3 unchanged sentences

Total notional $ 308.6 $ 224.3 $ 250.8

As of March 31, 2022, the counterparties to these commodity contracts were Wells Fargo Bank, N.A., Citibank, N.A., JPMorgan Chase Bank, National Association and Bank of America Corporation, all of which are major financial institutions.

As of June 30, 2022, the counterparties to these commodity contracts were Wells Fargo Bank, N.A., Citibank, N.A., JPMorgan Chase Bank, National Association and Bank of America Corporation, all of which are major financial institutions.

We use cash flow hedges for certain raw material and energy costs such as copper, zinc, lead, ethane, electricity and natural gas to provide a measure of stability in managing our exposure to price fluctuations associated with forecasted purchases of raw materials and energy used in our manufacturing process.

At March 31, 2022, we had open derivative contract positions through 2027.

If all open futures contracts had been settled on March 31, 2022, we would have recognized a pretax gain of $ 70.7 million.

If commodity prices were to remain at March 31, 2022 levels, approximately $ 46.8 million of deferred gains, net of tax, would be reclassified into earnings during the next twelve months.

At June 30, 2022, we had open derivative contract positions through 2027.

If all open futures contracts had been settled on June 30, 2022, we would have recognized a pretax loss of $ 1.9 million.

If commodity prices were to remain at June 30, 2022 levels, approximately $ 4.0 million of deferred losses, net of tax, would be reclassified into earnings during the next twelve months.

The actual effect on earnings will be dependent on actual commodity prices when the forecasted transactions occur.

4 unchanged sentences

In 2021, we redeemed the 2025 Notes, which resulted in recognition of the outstanding deferred swap loss.

For the three months ended March 31, 2021, $ 1.2 million of expense was recorded to interest expense on the accompanying condensed statements of operations related to these swap agreements.

For the three and six months ended June 30, 2021, $ 0.6 million and $ 1.8 million, respectively, of expense was recorded to interest expense on the accompanying condensed statements of operations related to these swap agreements.

Financial Statement Impacts

3 unchanged sentences

The table disaggregates our net derivative assets and liabilities into gross components on a contract-by-contract basis before giving effect to master netting arrangements:

March 31, 2022 December 31, 2021 March 31, 2021

June 30, 2022 December 31, 2021 June 30, 2021

($ in millions)

10 unchanged sentences

Commodity contracts - gains 5.4 7.9 14.9

Commodity contracts - losses — — ( 0.1 )

Total other assets 5.4 7.9 14.9

13 unchanged sentences

Commodity contracts - losses 2.0 0.3 —

Commodity contracts - gains ( 0.2 ) — ( 0.1 )

Total other liabilities 2.0 0.3 —

4 unchanged sentences

Amount of Gain (Loss)

Three Months Ended March 31,

Three Months Ended June 30, Six Months Ended June 30,

Location of Gain (Loss) 2022 2021 2022 2021

2 unchanged sentences

Commodity contracts ——— $ ( 36.4 ) $ 41.8 $ 16.4 $ 163.8

——— $ 52.8 $ 122.0

Reclassified from accumulated other comprehensive loss into income:

Commodity contracts

Cost of goods sold $ 12.4 $ 112.8

Commodity contracts Cost of goods sold $ 36.1 $ 20.4 $ 48.5 $ 133.2

Derivatives – Fair Value Hedges

12 unchanged sentences

If the threshold is exceeded, cash is either provided by the counterparty to us if the value of the derivatives is our asset, or cash is provided by us to the counterparty if the value of the derivatives is our liability.

As of March 31, 2022, December 31, 2021 and March 31, 2021, this threshold was not exceeded.

As of June 30, 2022, December 31, 2021 and June 30, 2021, this threshold was not exceeded.

In all instances where we are party to a master netting agreement, we offset the receivable or payable recognized upon payment of cash collateral against the fair value amounts recognized for derivative instruments that have also been offset under such master netting agreements.

14 unchanged sentences

We evaluate our hierarchy disclosures each quarter.

The following table summarizes the assets and liabilities measured at fair value in the

condensed balance sheets:

The following table summarizes the assets and liabilities measured at fair value in the condensed balance sheets:

Fair Value Measurements

Balance at March 31, 2022 Level 1 Level 2 Level 3 Total

Balance at June 30, 2022 Level 1 Level 2 Level 3 Total

Assets ($ in millions)

12 unchanged sentences

Total Liabilities $ — $ 3.8 $ — $ 3.8

Balance at March 31, 2021

Balance at June 30, 2021

Commodity contracts $ — $ 59.1 $ — $ 59.1

Foreign exchange contracts — 0.4 — 0.4

Total Assets $ — $ 59.1 $ — $ 59.1

Commodity contracts $ — $ 0.5 $ — $ 0.5

Foreign exchange contracts $ — $ 6.1 $ — $ 6.1

9 unchanged sentences

Since our long-term debt instruments may not be actively traded, the inputs used to measure the fair value of our long-term debt are based on current market rates for debt of similar risk and maturities and is classified as Level 2 in the fair value measurement hierarchy.

As of March 31, 2022, December 31, 2021 and March 31, 2021, the fair value measurements of debt were $ 2,807.2 million, $ 2,921.0 million and $ 4,011.5 million, respectively.

As of June 30, 2022, December 31, 2021 and June 30, 2021, the fair value measurements of debt were $ 2,635.3 million, $ 2,921.0 million and $ 3,669.2 million, respectively.

Nonrecurring Fair Value Measurements

In addition to assets and liabilities that are recorded at fair value on a recurring basis, we record assets and liabilities at fair value on a nonrecurring basis as required by ASC 820.

There were no assets or liabilities measured at fair value on a nonrecurring basis as of March 31, 2022, December 31, 2021 and March 31, 2021.

There were no assets or liabilities measured at fair value on a nonrecurring basis as of June 30, 2022, December 31, 2021 and June 30, 2021.

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.

What changed 10-Q

Item 1. Financial Statements