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, 2023, we had 3,005 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 2022 and 2021.
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, 2022 2,146,933 $ 46.60 2,146,933
November 1-30, 2022 1,206,561 56.99 1,206,561
December 1-31, 2022 1,513,053 53.73 1,513,053
Total $ 1,701,506,254 (1)
(1) 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. 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 (the 2021 Repurchase Authorization). This program terminated upon the purchase of $1.0 billion of our common stock during the third quarter of 2022. 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 terminated upon the purchase of $500.0 million of our common stock during the first quarter of 2022. Through December 31, 2022, 5,937,998 shares of common stock had been repurchased and retired at a total value of $298.5 million and $1,701.5 million of common stock remained available for purchase under the 2022 Repurchase Authorization.
25
Table of Contents
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
12/17 12/18 12/19 12/20 12/21 12/22
Olin Corporation 100 58 52 78 186 174
S&P 500 Index 100 96 126 149 192 157
S&P 500 Chemicals Index 100 88 108 127 160 142
S&P 1500 Commodity Chemicals Index 100 74 84 90 105 99
Copyright© 2022 Standard & Poor’s, a division of S&P Global. All rights reserved.
Data is for the five-year period from December 31, 2017 through December 31, 2022. The cumulative return includes reinvestment of dividends. The performance graph assumes an investment of $100 on December 31, 2017.
26
Table of Contents
FIVE-YEAR SUMMARY OF SELECTED FINANCIAL DATA
2022 2021 2020 2019 2018
Operations ($ and shares in millions, except per share data)
Sales $ 9,376 $ 8,911 $ 5,758 $ 6,110 $ 6,946
Cost of goods sold 7,194 6,616 5,375 5,439 5,822
Selling and administration 394 417 422 417 431
Restructuring charges 25 28 9 76 22
Acquisition-related costs — — — — 1
Goodwill impairment — — 700 — —
Other operating income 16 1 1 — 6
Losses of non-consolidated affiliates — — — — (20)
Interest expense 144 348 293 243 243
Interest income and other income 2 — 1 12 2
Non-operating pension income 39 36 19 16 22
Income (loss) before taxes 1,676 1,539 (1,020) (37) 437
Income tax provision (benefit) 349 242 (50) (26) 109
Net income (loss) $ 1,327 $ 1,297 $ (970) $ (11) $ 328
Financial position
Cash and cash equivalents $ 194 $ 181 $ 190 $ 221 $ 179
Working capital, excluding cash and cash equivalents 401 386 329 411 410
Property, plant and equipment, net 2,674 2,914 3,171 3,324 3,482
Total assets 8,044 8,518 8,271 9,188 8,997
Capitalization:
Short-term debt 10 201 26 2 126
Long-term debt 2,571 2,578 3,838 3,339 3,104
Shareholders’ equity 2,544 2,652 1,451 2,418 2,832
Total capitalization $ 5,125 $ 5,431 $ 5,315 $ 5,759 $ 6,062
Total debt to total capitalization 50.4 % 51.2 % 72.7 % 58.0 % 53.3 %
Per share data
Net income (loss):
Basic $ 9.16 $ 8.15 $ (6.14) $ (0.07) $ 1.97
Diluted $ 8.94 $ 7.96 $ (6.14) $ (0.07) $ 1.95
Cash dividends paid per common share $ 0.80 $ 0.80 $ 0.80 $ 0.80 $ 0.80
Other
Capital expenditures $ 237 $ 201 $ 299 $ 386 $ 385
Depreciation and amortization 599 583 568 597 601
Common stock dividends paid 116 128 126 129 134
Repurchases of common stock 1,351 252 — 146 50
Current ratio 1.4 1.3 1.4 1.6 1.5
Effective tax rate 20.8 % 15.7 % 4.9 % 69.4 % 25.0 %
Average common shares outstanding - diluted 148.5 163.0 157.9 162.3 168.4
Employees (1)
7,780 7,750 8,000 6,500 6,500
(1) Beginning October 1, 2020, total employees include employees at Lake City which is a government-owned, contractor-operated facility.
Item 6. [RESERVED]
27
Table of Contents