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, 2024, we had 2,805 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 2023 and 2022.
Issuer Purchases of Equity Securities
Period Total Number of Shares (or Units) Purchased (1)
Average Price Paid per Share (or Unit) (2)
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, 2023 1,254,572 $ 47.84 1,254,572
November 1-30, 2023 1,232,117 44.66 1,232,117
December 1-31, 2023 — — —
Total $ 997,042,178 (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. Through December 31, 2023, 19,234,991 shares of common stock had been repurchased and retired at a total value of $1,003.0 million and $997.0 million of common stock remained available for purchase under the 2022 Repurchase Authorization program.
(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.
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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.
COMPARISON OF FIVE-YEAR CUMULATIVE TOTAL RETURN
Among Olin Corporation, the S&P 500 Index,
S&P 500 Chemicals Index and the S&P Composite 1500 Commodity Chemicals Index
December 31,
2018 2019 2020 2021 2022 2023
Olin Corporation 100 89 134 320 299 310
S&P 500 Index 100 132 156 200 164 207
S&P 500 Chemicals Index 100 122 144 181 161 179
S&P Composite 1500 Commodity Chemicals Index 100 113 121 142 134 155
Data is for the five-year period from December 31, 2018, through December 31, 2023. The cumulative return includes reinvestment of dividends. The performance graph assumes an investment of $100 on December 31, 2018.
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FIVE-YEAR SUMMARY OF SELECTED FINANCIAL DATA
2023 2022 2021 2020 2019
Operations ($ and shares in millions, except per share data)
Sales $ 6,833 $ 9,376 $ 8,911 $ 5,758 $ 6,110
Cost of goods sold 5,667 7,194 6,616 5,375 5,439
Selling and administrative 407 394 417 422 417
Restructuring charges 90 25 28 9 76
Goodwill impairment — — — 700 —
Other operating income 43 16 1 1 —
Interest expense 181 144 348 293 243
Interest income and other income 4 2 — 1 12
Non-operating pension income 24 39 36 19 16
Income (loss) before taxes 559 1,676 1,539 (1,020) (37)
Income tax provision (benefit) 107 349 242 (50) (26)
Net income (loss) 452 1,327 1,297 (970) (11)
Net loss attributable to noncontrolling interests (8) — — — —
Net income (loss) attributable to Olin Corporation $ 460 $ 1,327 $ 1,297 $ (970) $ (11)
Financial Position
Cash and cash equivalents $ 170 $ 194 $ 181 $ 190 $ 221
Working capital, excluding cash and cash equivalents 275 401 386 329 411
Property, plant and equipment, net 2,520 2,674 2,914 3,171 3,324
Total assets 7,713 8,044 8,518 8,271 9,188
Capitalization:
Short-term debt 79 10 201 26 2
Long-term debt 2,591 2,571 2,578 3,838 3,339
Shareholders’ equity 2,268 2,544 2,652 1,451 2,418
Total capitalization $ 4,938 $ 5,125 $ 5,431 $ 5,315 $ 5,759
Total debt to total capitalization 54.1 % 50.4 % 51.2 % 72.7 % 58.0 %
Per Share Data
Net income (loss) attributable to Olin Corporation:
Basic $ 3.66 $ 9.16 $ 8.15 $ (6.14) $ (0.07)
Diluted $ 3.57 $ 8.94 $ 7.96 $ (6.14) $ (0.07)
Cash dividends paid per common share $ 0.80 $ 0.80 $ 0.80 $ 0.80 $ 0.80
Other
Capital expenditures $ 236 $ 237 $ 201 $ 299 $ 386
Depreciation and amortization 533 599 583 568 597
Common stock dividends paid 101 116 128 126 129
Repurchases of common stock 711 1,351 252 — 146
Current ratio 1.3 1.4 1.3 1.4 1.6
Effective tax rate 19.2 % 20.8 % 15.7 % 4.9 % 69.4 %
Average common shares outstanding - diluted 128.8 148.5 163.0 157.9 162.3
Employees (1)
7,326 7,780 7,750 8,000 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]
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