OLIN CorpOLN
OLIN Corp Segments Disclosure
NOTE 19. SEGMENT INFORMATION
The chief operating decision maker (CODM) is the individual, or group of individuals, who assess financial performance and determines resource allocation. Management has identified our Chief Executive Officer (CEO) as the CODM. In arriving at this conclusion, we considered that the individual who receives the relevant financial information, which is primarily provided in the form of segment operations reviews, is ultimately our CEO. Further, our CEO assesses the reasonableness of resource
allocation, primarily in the form of capital allocation and budgetary analysis, and reviews segment results and resource allocation summaries prepared by segment management, consistent with their view of the business as a whole.
We define segment results as income (loss) before interest expense, interest income, other operating income (expense), non-operating pension income, other income and income taxes, and includes the results of non-consolidated affiliates in segment results consistent with management’s monitoring of the operating segments. We have three operating segments: Chlor Alkali Products and Vinyls, Epoxy and Winchester. The three operating segments reflect the organization used by our management for purposes of allocating resources and assessing performance, and represents our reportable segments. Chlorine and caustic soda used in our Epoxy segment is transferred at cost from the Chlor Alkali Products and Vinyls segment.
Cost of goods sold at Corporate is primarily attributed to environmental expense. Other segment items for each reportable segment includes selling, general and administrative expenses and earnings (losses) from non-consolidated affiliates. Segment assets include only those assets which are directly identifiable to an operating segment. Assets in the corporate/other segment primarily include cash and cash equivalents, deferred taxes and other assets. Sales are attributed to geographic areas based on the customer location.
| Year Ended December 31, 2025 | |||||||||||||||||||||||||||||
| Chlor Alkali Products and Vinyls | Epoxy | Winchester | Corp/Other | Totals | |||||||||||||||||||||||||
| Segment Detail | ($ in millions) | ||||||||||||||||||||||||||||
| Sales | $ | 3,684.4 | $ | 1,371.8 | $ | 1,724.6 | $ | — | $ | 6,780.8 | |||||||||||||||||||
| Cost of goods sold | 3,265.0 | 1,415.5 | 1,571.2 | 27.6 | 6,279.3 | ||||||||||||||||||||||||
| Gross margin | 419.4 | (43.7) | 153.4 | (27.6) | 501.5 | ||||||||||||||||||||||||
| Other segment items | (238.3) | (59.8) | (85.7) | (82.6) | (466.4) | ||||||||||||||||||||||||
| Restructuring charges | — | — | — | (33.4) | (33.4) | ||||||||||||||||||||||||
| Other operating income | — | — | — | 0.5 | 0.5 | ||||||||||||||||||||||||
| Interest expense | — | — | — | (188.3) | (188.3) | ||||||||||||||||||||||||
| Interest income | — | — | — | 4.4 | 4.4 | ||||||||||||||||||||||||
| Non-operating pension income | — | — | — | 20.6 | 20.6 | ||||||||||||||||||||||||
| Income (loss) before taxes | $ | 181.1 | $ | (103.5) | $ | 67.7 | $ | (306.4) | $ | (161.1) | |||||||||||||||||||
| Other Items | |||||||||||||||||||||||||||||
| Depreciation and amortization expense | $ | 423.6 | $ | 51.7 | $ | 34.2 | $ | 12.1 | $ | 521.6 | |||||||||||||||||||
| Capital spending | 159.7 | 19.9 | 39.8 | 6.9 | 226.3 | ||||||||||||||||||||||||
| Assets | 5,092.4 | 855.1 | 849.4 | 528.9 | 7,325.8 | ||||||||||||||||||||||||
| Segment Sales by Geography | |||||||||||||||||||||||||||||
| United States | $ | 2,529.1 | $ | 559.8 | $ | 1,497.0 | $ | — | $ | 4,585.9 | |||||||||||||||||||
| Europe | 160.0 | 391.5 | 95.9 | — | 647.4 | ||||||||||||||||||||||||
| Other foreign | 995.3 | 420.5 | 131.7 | — | 1,547.5 | ||||||||||||||||||||||||
| Total sales | $ | 3,684.4 | $ | 1,371.8 | $ | 1,724.6 | $ | — | $ | 6,780.8 | |||||||||||||||||||
| Year Ended December 31, 2024 | |||||||||||||||||||||||||||||
| Chlor Alkali Products and Vinyls | Epoxy | Winchester | Corp/Other | Totals | |||||||||||||||||||||||||
| Segment Detail | ($ in millions) | ||||||||||||||||||||||||||||
| Sales | $ | 3,630.2 | $ | 1,226.3 | $ | 1,683.6 | $ | — | $ | 6,540.1 | |||||||||||||||||||
| Cost of goods sold | 3,154.5 | 1,256.2 | 1,356.7 | 35.2 | 5,802.6 | ||||||||||||||||||||||||
| Gross margin | 475.7 | (29.9) | 326.9 | (35.2) | 737.5 | ||||||||||||||||||||||||
| Other segment items | (179.3) | (55.1) | (89.0) | (85.1) | (408.5) | ||||||||||||||||||||||||
| Restructuring charges | — | — | — | (33.3) | (33.3) | ||||||||||||||||||||||||
| Other operating income | — | — | — | 0.8 | 0.8 | ||||||||||||||||||||||||
| Interest expense | — | — | — | (184.5) | (184.5) | ||||||||||||||||||||||||
| Interest income | — | — | — | 3.7 | 3.7 | ||||||||||||||||||||||||
| Non-operating pension income | — | — | — | 26.0 | 26.0 | ||||||||||||||||||||||||
Income (loss) before taxes | $ | 296.4 | $ | (85.0) | $ | 237.9 | $ | (307.6) | $ | 141.7 | |||||||||||||||||||
Other Items | |||||||||||||||||||||||||||||
| Depreciation and amortization expense | $ | 424.6 | $ | 53.7 | $ | 33.8 | $ | 6.0 | $ | 518.1 | |||||||||||||||||||
| Capital spending | 140.4 | 21.7 | 31.3 | 1.7 | 195.1 | ||||||||||||||||||||||||
| Assets | 5,346.8 | 960.5 | 744.6 | 527.2 | 7,579.1 | ||||||||||||||||||||||||
| Segment Sales by Geography | |||||||||||||||||||||||||||||
| United States | $ | 2,561.4 | $ | 606.8 | $ | 1,489.2 | $ | — | $ | 4,657.4 | |||||||||||||||||||
| Europe | 184.1 | 312.5 | 95.7 | — | 592.3 | ||||||||||||||||||||||||
| Other foreign | 884.7 | 307.0 | 98.7 | — | 1,290.4 | ||||||||||||||||||||||||
| Total sales | $ | 3,630.2 | $ | 1,226.3 | $ | 1,683.6 | $ | — | $ | 6,540.1 | |||||||||||||||||||
| Year Ended December 31, 2023 | |||||||||||||||||||||||||||||
| Chlor Alkali Products and Vinyls | Epoxy | Winchester | Corp/Other | Totals | |||||||||||||||||||||||||
| Segment Detail | ($ in millions) | ||||||||||||||||||||||||||||
| Sales | $ | 3,995.1 | $ | 1,329.2 | $ | 1,508.7 | $ | — | $ | 6,833.0 | |||||||||||||||||||
| Cost of goods sold | 3,175.3 | 1,304.0 | 1,160.5 | 27.7 | 5,667.5 | ||||||||||||||||||||||||
| Gross margin | 819.8 | 25.2 | 348.2 | (27.7) | 1,165.5 | ||||||||||||||||||||||||
| Other segment items | (155.6) | (56.2) | (92.6) | (102.3) | (406.7) | ||||||||||||||||||||||||
| Restructuring charges | — | — | — | (89.6) | (89.6) | ||||||||||||||||||||||||
| Other operating income | — | — | — | 42.9 | 42.9 | ||||||||||||||||||||||||
| Interest expense | — | — | — | (181.1) | (181.1) | ||||||||||||||||||||||||
| Interest income | — | — | — | 4.3 | 4.3 | ||||||||||||||||||||||||
| Non-operating pension income | — | — | — | 24.0 | 24.0 | ||||||||||||||||||||||||
Income (loss) before taxes | $ | 664.2 | $ | (31.0) | $ | 255.6 | $ | (329.5) | $ | 559.3 | |||||||||||||||||||
Other Items | |||||||||||||||||||||||||||||
| Depreciation and amortization expense | $ | 440.7 | $ | 57.4 | $ | 27.2 | $ | 8.1 | $ | 533.4 | |||||||||||||||||||
| Capital spending | 161.1 | 15.2 | 33.3 | 26.4 | 236.0 | ||||||||||||||||||||||||
| Assets | 5,650.2 | 979.3 | 683.6 | 400.1 | 7,713.2 | ||||||||||||||||||||||||
| Segment Sales by Geography | |||||||||||||||||||||||||||||
| United States | $ | 2,700.0 | $ | 562.8 | $ | 1,336.6 | $ | — | $ | 4,599.4 | |||||||||||||||||||
| Europe | 207.9 | 338.5 | 57.3 | — | 603.7 | ||||||||||||||||||||||||
| Other foreign | 1,087.2 | 427.9 | 114.8 | — | 1,629.9 | ||||||||||||||||||||||||
| Total sales | $ | 3,995.1 | $ | 1,329.2 | $ | 1,508.7 | $ | — | $ | 6,833.0 | |||||||||||||||||||
Property, plant and equipment is attributed to geographic areas based on the asset location:
| December 31, | |||||||||||
| 2025 | 2024 | ||||||||||
| Property, Plant and Equipment by Geography | ($ in millions) | ||||||||||
| United States | $ | 1,992.2 | $ | 2,132.8 | |||||||
| Foreign | 204.7 | 195.6 | |||||||||
| Total property, plant and equipment | $ | 2,196.9 | $ | 2,328.4 | |||||||
| Years Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Segment Sales by Product Line | ($ in millions) | ||||||||||||||||
| Chlor Alkali Products and Vinyls | |||||||||||||||||
| Caustic soda | $ | 1,632.3 | $ | 1,526.9 | $ | 1,790.0 | |||||||||||
| Chlorine, chlorine derivatives and other products | 2,052.1 | 2,103.3 | 2,205.1 | ||||||||||||||
| Total Chlor Alkali Products and Vinyls | 3,684.4 | 3,630.2 | 3,995.1 | ||||||||||||||
| Epoxy | |||||||||||||||||
| Aromatics and allylics | 564.7 | 512.2 | 525.1 | ||||||||||||||
| Epoxy resins and formulated solutions | 807.1 | 714.1 | 804.1 | ||||||||||||||
| Total Epoxy | 1,371.8 | 1,226.3 | 1,329.2 | ||||||||||||||
| Winchester | |||||||||||||||||
| Commercial | 636.4 | 836.6 | 806.5 | ||||||||||||||
Military and law enforcement(1) | 1,088.2 | 847.0 | 702.2 | ||||||||||||||
| Total Winchester | 1,724.6 | 1,683.6 | 1,508.7 | ||||||||||||||
| Total sales | $ | 6,780.8 | $ | 6,540.1 | $ | 6,833.0 | |||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 20, 2026 | Showing above |
| 2024 | Feb 20, 2025 | |
| 2023 | Feb 22, 2024 | |
| 2022 | Feb 23, 2023 | |
| 2021 | Feb 24, 2022 | |
| 2020 | Feb 22, 2021 | |
| 2019 | Feb 25, 2020 | |
| 2018 | Feb 25, 2019 | |
| 2017 | Feb 26, 2018 | |
| 2016 | Feb 28, 2017 | |
| 2015 | Mar 1, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.