Company Quick10K Filing
Quick10K
Olin
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$20.92 165 $3,450
10-Q 2019-06-30 Quarter: 2019-06-30
10-Q 2019-03-31 Quarter: 2019-03-31
10-K 2018-12-31 Annual: 2018-12-31
10-Q 2018-09-30 Quarter: 2018-09-30
10-Q 2018-06-30 Quarter: 2018-06-30
10-Q 2018-03-31 Quarter: 2018-03-31
10-K 2017-12-31 Annual: 2017-12-31
10-Q 2017-09-30 Quarter: 2017-09-30
10-Q 2017-06-30 Quarter: 2017-06-30
10-Q 2017-03-31 Quarter: 2017-03-31
10-K 2016-12-31 Annual: 2016-12-31
10-Q 2016-09-30 Quarter: 2016-09-30
10-Q 2016-06-30 Quarter: 2016-06-30
10-Q 2016-03-31 Quarter: 2016-03-31
10-K 2015-12-31 Annual: 2015-12-31
10-Q 2015-09-30 Quarter: 2015-09-30
10-Q 2015-06-30 Quarter: 2015-06-30
10-Q 2015-03-31 Quarter: 2015-03-31
10-K 2014-12-31 Annual: 2014-12-31
10-Q 2014-09-30 Quarter: 2014-09-30
10-Q 2014-06-30 Quarter: 2014-06-30
10-Q 2014-03-31 Quarter: 2014-03-31
10-K 2013-12-31 Annual: 2013-12-31
8-K 2019-08-05 Enter Agreement, Exhibits
8-K 2019-07-31 Earnings, Exhibits
8-K 2019-07-11 Enter Agreement, Off-BS Arrangement, Other Events, Exhibits
8-K 2019-07-11 Regulation FD, Exhibits
8-K 2019-07-11 Other Events
8-K 2019-07-09 Earnings, Exhibits
8-K 2019-06-14 Officers, Amend Bylaw, Exhibits
8-K 2019-06-10 Officers, Amend Bylaw, Exhibits
8-K 2019-04-30 Earnings, Exhibits
8-K 2019-04-29 Officers, Amend Bylaw, Shareholder Vote, Exhibits
8-K 2019-03-15 Officers, Exhibits
8-K 2019-02-22 Officers, Exhibits
8-K 2019-02-12 Regulation FD, Exhibits
8-K 2019-02-04 Earnings, Exhibits
8-K 2019-01-30 Officers, Amend Bylaw, Exhibits
8-K 2019-01-11 Officers
8-K 2018-12-14 Officers, Exhibits
8-K 2018-10-29 Earnings, Exhibits
8-K 2018-09-20 Officers, Amend Bylaw, Exhibits
8-K 2018-09-06 Other Events
8-K 2018-08-22 Amend Bylaw, Exhibits
8-K 2018-07-31 Earnings, Exhibits
8-K 2018-07-26 Officers, Amend Bylaw, Regulation FD, Exhibits
8-K 2018-04-26 Officers, Amend Bylaw, Shareholder Vote, Exhibits
8-K 2018-02-06 Earnings, Exhibits
8-K 2018-01-16 Enter Agreement, Off-BS Arrangement, Other Events, Exhibits
COF Capital One Financial 42,360
ORAN Orange 41,300
OMC Omnicom Group 17,460
BOH Bank of Hawaii 3,340
SPSC SPS Commerce 1,850
TCMD Tactile Systems Technology 1,090
AAMC Altisource Asset Management 38
SNGX Soligenix 13
FXB Invesco Currencyshares British Pound Sterling Trust 0
CYPW Cyclone Power Technologies 0
OLN 2019-06-30
Part I - Financial Information
Item 1. Financial Statements.
Note 1. Description of Business
Note 2. Accounting Policies
Note 3. Acquisition
Note 4. Restructuring Charges
Note 5. Accounts Receivables
Note 6. Allowance for Doubtful Accounts Receivables
Note 7. Inventories
Note 8. Other Assets
Note 9. Goodwill and Intangible Assets
Note 10. Earnings per Share
Note 11. Environmental
Note 12. Leases
Note 13. Commitments and Contingencies
Note 14. Shareholders' Equity
Note 15. Segment Information
Note 16. Stock-Based Compensation
Note 17. Debt
Note 18. Contributing Employee Ownership Plan
Note 19. Pension Plans and Retirement Benefits
Note 20. Income Taxes
Note 21. Derivative Financial Instruments
Note 22. Fair Value Measurements
Note 23. Supplemental Guarantor Financial Information
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.
Item 3. Quantitative and Qualitative Disclosures About Market Risk.
Item 4. Controls and Procedures.
Part II - Other Information
Item 1. Legal Proceedings.
Item 1A. Risk Factors.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
Item 3. Defaults Upon Senior Securities.
Item 4. Mine Safety Disclosures.
Item 5. Other Information.
Item 6. Exhibits.
EX-31.1 oln-ex311_2019630xq2.htm
EX-31.2 oln-ex312_2019630xq2.htm
EX-32 oln-ex32_2019630xq2.htm

Olin Earnings 2019-06-30

OLN 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Document
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Table of Contents

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2019
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from              to             

Commission file number 1-1070
olinlogorgbv2.jpg
Olin Corporation
(Exact name of registrant as specified in its charter)
Virginia
13-1872319
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification No.)
190 Carondelet Plaza,
Suite 1530,
Clayton,
MO
63105
(Address of principal executive offices)
(Zip Code)
(314) 480-1400
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Exchange Act:
Title of each class:
Trading symbol:
Name of each exchange on which registered:
Common Stock, $1.00 par value per share
OLN
New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  No 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  No 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer  Accelerated filer  Non-accelerated filer  Smaller reporting company Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes No

As of June 30, 2019, 164,298,223 shares of the registrant’s common stock were outstanding.

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Table of Contents

TABLE OF CONTENTS FOR FORM 10-Q
Page
Item 1.
 
 
 
 
 
 
Item 2.
 
 
 
 
     Segment Results
 
     Outlook
 
 
 
Item 3.
Item 4.
 
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.
 


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Table of Contents

Part I — Financial Information

Item 1.  Financial Statements.

OLIN CORPORATION AND CONSOLIDATED SUBSIDIARIES
Condensed Balance Sheets
(In millions, except per share data)
(Unaudited)
 
June 30, 2019
 
December 31, 2018
 
June 30, 2018
ASSETS
 
 
 
 
 
Current assets:
 
 
 
 
 
Cash and cash equivalents
$
126.9

 
$
178.8

 
$
144.2

Receivables, net
848.2

 
776.3

 
837.2

Income taxes receivable
23.4

 
5.9

 
17.8

Inventories, net
698.9

 
711.4

 
716.3

Other current assets
28.8

 
35.0

 
47.7

Total current assets
1,726.2

 
1,707.4

 
1,763.2

Property, plant and equipment (less accumulated depreciation of $3,000.0, $2,781.0 and $2,537.0)
3,410.5

 
3,482.1

 
3,501.4

Operating lease assets, net
295.8

 

 

Deferred income taxes
28.1

 
26.3

 
39.7

Other assets
1,174.5

 
1,150.4

 
1,169.5

Intangible assets, net
480.6

 
511.6

 
544.3

Goodwill
2,119.6

 
2,119.6

 
2,119.7

Total assets
$
9,235.3

 
$
8,997.4

 
$
9,137.8

LIABILITIES AND SHAREHOLDERS’ EQUITY

 
 
 
 
Current liabilities:

 
 
 
 
Current installments of long-term debt
$
1.1

 
$
125.9

 
$
0.9

Accounts payable
669.2

 
636.5

 
681.4

Income taxes payable
9.5

 
22.6

 
15.5

Current operating lease liabilities
71.4

 

 

Accrued liabilities
298.9

 
333.3

 
284.4

Total current liabilities
1,050.1

 
1,118.3

 
982.2

Long-term debt
3,232.6

 
3,104.4

 
3,512.6

Operating lease liabilities
229.3

 

 

Accrued pension liability
653.6

 
674.3

 
602.7

Deferred income taxes
506.4

 
518.9

 
512.7

Other liabilities
792.5

 
749.3

 
764.5

Total liabilities
6,464.5

 
6,165.2

 
6,374.7

Commitments and contingencies

 

 

Shareholders’ equity:
 
 
 
 
 
Common stock, par value $1 per share:  authorized, 240.0 shares;
   issued and outstanding, 164.3, 165.3 and 167.0 shares
164.3

 
165.3

 
167.0

Additional paid-in capital
2,229.2

 
2,247.4

 
2,280.5

Accumulated other comprehensive loss
(660.4
)
 
(651.0
)
 
(573.2
)
Retained earnings
1,037.7

 
1,070.5

 
888.8

Total shareholders’ equity
2,770.8

 
2,832.2

 
2,763.1

Total liabilities and shareholders’ equity
$
9,235.3

 
$
8,997.4

 
$
9,137.8


The accompanying notes to condensed financial statements are an integral part of the condensed financial statements.

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Table of Contents

OLIN CORPORATION AND CONSOLIDATED SUBSIDIARIES
Condensed Statements of Operations
(In millions, except per share data)
(Unaudited)
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2019
 
2018
 
2019
 
2018
Sales
$
1,592.9

 
$
1,728.4

 
$
3,146.3

 
$
3,438.7

Operating expenses:
 
 
 
 
 
 
 
Cost of goods sold
1,463.7

 
1,460.7

 
2,811.0

 
2,989.4

Selling and administration
97.0

 
110.3

 
204.0

 
210.8

Restructuring charges
3.8

 
6.4

 
7.8

 
10.4

Acquisition-related costs

 
0.3

 

 
0.6

Other operating income
0.1

 

 
0.2

 
8.1

Operating income
28.5

 
150.7

 
123.7

 
235.6

Losses of non-consolidated affiliates

 
(21.1
)
 

 
(20.6
)
Interest expense
57.9

 
61.1

 
115.3

 
124.8

Interest income
0.3

 
0.4

 
0.5

 
0.8

Non-operating pension income
4.2

 
5.4

 
8.1

 
10.8

Other income

 

 
11.2

 

Income (loss) before taxes
(24.9
)
 
74.3

 
28.2

 
101.8

Income tax (benefit) provision
(4.9
)
 
15.7

 
6.5

 
22.3

Net (loss) income
$
(20.0
)
 
$
58.6

 
$
21.7

 
$
79.5

Net (loss) income per common share:
 
 
 
 
 
 
 
Basic
$
(0.12
)
 
$
0.35

 
$
0.13

 
$
0.48

Diluted
$
(0.12
)
 
$
0.35

 
$
0.13

 
$
0.47

Average common shares outstanding:
 
 
 
 
 
 
 
Basic
164.6

 
167.1

 
164.8

 
167.1

Diluted
164.6

 
168.8

 
165.7

 
169.1


The accompanying notes to condensed financial statements are an integral part of the condensed financial statements.

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Table of Contents

OLIN CORPORATION AND CONSOLIDATED SUBSIDIARIES
Condensed Statements of Comprehensive Income (Loss)
(In millions)
(Unaudited)
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2019
 
2018
 
2019
 
2018
Net (loss) income
$
(20.0
)
 
$
58.6

 
$
21.7

 
$
79.5

Other comprehensive loss, net of tax:
 
 
 
 
 
 
 
Foreign currency translation adjustments, net
3.3

 
(26.1
)
 
(5.0
)
 
(13.7
)
Unrealized losses on derivative contracts, net
(12.1
)
 
(2.4
)
 
(15.4
)
 
(2.5
)
Amortization of prior service costs and actuarial losses, net
5.3

 
8.1

 
11.0

 
13.5

Total other comprehensive loss, net of tax
(3.5
)
 
(20.4
)
 
(9.4
)
 
(2.7
)
Comprehensive (loss) income
$
(23.5
)
 
$
38.2

 
$
12.3

 
$
76.8


The accompanying notes to condensed financial statements are an integral part of the condensed financial statements.

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OLIN CORPORATION AND CONSOLIDATED SUBSIDIARIES
Condensed Statements of Shareholders’ Equity
(In millions, except per share data)
(Unaudited)
 
Six Months Ended June 30, 2019
 
Common Stock
 
Additional Paid-In Capital
 
Accumulated Other Comprehensive Loss
 
Retained Earnings
 
Total Shareholders’ Equity
 
Shares Issued
 
Par Value
Balance at January 1, 2019
165.3

 
$
165.3

 
$
2,247.4

 
$
(651.0
)
 
$
1,070.5

 
$
2,832.2

Lease accounting adoption adjustment

 

 

 

 
11.2

 
11.2

Net income

 

 

 

 
41.7

 
41.7

Other comprehensive loss

 

 

 
(5.9
)
 

 
(5.9
)
Dividends paid:
 
 
 
 
 
 
 
 
 
 
 
Common stock ($0.20 per share)

 

 

 

 
(33.0
)
 
(33.0
)
Common stock repurchased and retired
(0.6
)
 
(0.6
)
 
(12.6
)
 

 

 
(13.2
)
Common stock issued for:
 
 
 
 
 
 
 
 
 
 
 
Stock options exercised
0.1

 
0.1

 
1.3

 

 

 
1.4

Other transactions
0.1

 
0.1

 
0.3

 

 

 
0.4

Stock-based compensation

 

 
2.8

 

 

 
2.8

Balance at March 31, 2019
164.9

 
164.9

 
2,239.2

 
(656.9
)
 
1,090.4

 
2,837.6

Net loss

 

 

 

 
(20.0
)
 
(20.0
)
Other comprehensive loss

 

 

 
(3.5
)
 

 
(3.5
)
Dividends paid:
 
 
 
 
 
 
 
 
 
 
 
Common stock ($0.20 per share)

 

 

 

 
(32.7
)
 
(32.7
)
Common stock repurchased and retired
(0.6
)
 
(0.6
)
 
(12.9
)
 

 

 
(13.5
)
Common stock issued for:
 
 
 
 
 
 
 
 
 
 
 
Stock options exercised

 

 
0.1

 

 

 
0.1

Other transactions

 

 
0.9

 

 

 
0.9

Stock-based compensation

 

 
1.9

 

 

 
1.9

Balance at June 30, 2019
164.3

 
$
164.3

 
$
2,229.2

 
$
(660.4
)
 
$
1,037.7

 
$
2,770.8


The accompanying notes to condensed financial statements are an integral part of the condensed financial statements.

















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Table of Contents

OLIN CORPORATION AND CONSOLIDATED SUBSIDIARIES
Condensed Statements of Shareholders’ Equity
(In millions, except per share data)
(Unaudited)
 
Six Months Ended June 30, 2018
 
Common Stock
 
Additional Paid-In Capital
 
Accumulated Other Comprehensive Loss
 
Retained Earnings
 
Total Shareholders’ Equity
 
Shares Issued
 
Par Value
Balance at January 1, 2018
167.1

 
$
167.1

 
$
2,280.9

 
$
(484.6
)
 
$
790.3

 
$
2,753.7

Income tax reclassification adjustment

 

 

 
(85.9
)
 
85.9

 

Net income

 

 

 

 
20.9

 
20.9

Other comprehensive income

 

 

 
17.7

 

 
17.7

Dividends paid:
 
 
 
 
 
 
 
 
 
 
 
Common stock ($0.20 per share)

 

 

 

 
(33.4
)
 
(33.4
)
Common stock issued for:
 
 
 
 
 
 
 
 
 
 
 
Stock options exercised
0.1

 
0.1

 
0.9

 

 

 
1.0

Other transactions

 

 
0.5

 

 

 
0.5

Stock-based compensation

 

 
2.7

 

 

 
2.7

Balance at March 31, 2018
167.2

 
167.2

 
2,285.0

 
(552.8
)
 
863.7

 
2,763.1

Net income

 

 

 

 
58.6

 
58.6

Other comprehensive loss

 

 

 
(20.4
)
 

 
(20.4
)
Dividends paid:
 
 
 
 
 
 
 
 
 
 
 
Common stock ($0.20 per share)

 

 

 

 
(33.5
)
 
(33.5
)
Common stock repurchased and retired
(0.3
)
 
(0.3
)
 
(8.8
)
 

 

 
(9.1
)
Common stock issued for:
 
 
 
 
 
 
 
 
 
 
 
Stock options exercised
0.1

 
0.1

 
1.1

 

 

 
1.2

Other transactions

 

 
0.1

 

 

 
0.1

Stock-based compensation

 

 
3.1

 

 

 
3.1

Balance at June 30, 2018
167.0

 
$
167.0

 
$
2,280.5

 
$
(573.2
)
 
$
888.8

 
$
2,763.1


The accompanying notes to condensed financial statements are an integral part of the condensed financial statements.

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Table of Contents

OLIN CORPORATION AND CONSOLIDATED SUBSIDIARIES
Condensed Statements of Cash Flows
(In millions)
(Unaudited)
 
Six Months Ended June 30,
 
2019
 
2018
Operating Activities
 
 
 
Net income
$
21.7

 
$
79.5

Adjustments to reconcile net income to net cash and cash equivalents provided by (used for) operating activities:
 
 
 
Gain on disposition of non-consolidated affiliate
(11.2
)
 

Losses of non-consolidated affiliates

 
20.6

Losses on disposition of property, plant and equipment

 
0.1

Stock-based compensation
5.3

 
6.2

Depreciation and amortization
304.3

 
297.4

Deferred income taxes
(16.6
)
 
(6.2
)
Qualified pension plan contributions
(0.7
)
 
(1.1
)
Qualified pension plan income
(4.6
)
 
(7.7
)
Change in:
 
 
 
Receivables
(70.8
)
 
(109.9
)
Income taxes receivable/payable
(30.6
)
 
5.4

Inventories
9.6

 
(35.2
)
Other current assets
2.4

 
(5.1
)
Accounts payable and accrued liabilities
(1.9
)
 
26.1

Other assets
(2.3
)
 
(1.5
)
Other noncurrent liabilities
29.4

 
(3.0
)
Other operating activities
2.1

 
(1.3
)
Net operating activities
236.1

 
264.3

Investing Activities
 
 
 
Capital expenditures
(191.3
)
 
(176.0
)
Proceeds from disposition of property, plant and equipment

 
0.1

Proceeds from disposition of non-consolidated affiliate
20.0

 

Net investing activities
(171.3
)
 
(175.9
)
Financing Activities
 
 
 
Long-term debt:
 
 
 
Borrowings
25.0

 
570.0

Repayments
(50.6
)
 
(650.1
)
Common stock repurchased and retired
(26.7
)
 
(9.1
)
Stock options exercised
1.5

 
2.2

Dividends paid
(65.7
)
 
(66.9
)
Debt issuance costs

 
(8.5
)
Net financing activities
(116.5
)
 
(162.4
)
Effect of exchange rate changes on cash and cash equivalents
(0.2
)
 
(0.2
)
Net decrease in cash and cash equivalents
(51.9
)
 
(74.2
)
Cash and cash equivalents, beginning of period
178.8

 
218.4

Cash and cash equivalents, end of period
$
126.9

 
$
144.2

Cash paid for interest and income taxes:
 
 
 
Interest, net
$
108.2

 
$
105.4

Income taxes, net of refunds
$
44.3

 
$
23.5

Non-cash investing activities:
 
 
 
Decrease (increase) in capital expenditures included in accounts payable and accrued liabilities
$
10.1

 
$
(2.8
)

The accompanying notes to condensed financial statements are an integral part of the condensed financial statements.

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OLIN CORPORATION AND CONSOLIDATED SUBSIDIARIES
Notes to Condensed Financial Statements
(Unaudited)

NOTE 1. DESCRIPTION OF BUSINESS

Olin Corporation (Olin) is a Virginia corporation, incorporated in 1892, having its principal executive offices in Clayton, MO.  We are a manufacturer concentrated in three business segments:  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 and vinylidene chloride, hydrochloric acid, hydrogen, bleach products and potassium hydroxide.  The Epoxy segment produces and sells a full range of epoxy materials, including allyl chloride, epichlorohydrin, liquid epoxy resins, solid epoxy resins and downstream products such as differentiated epoxy resins and additives. The Winchester segment produces and sells sporting ammunition, reloading components, small caliber military ammunition and components, and industrial cartridges.

We have prepared the condensed financial statements included herein, without audit, pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (SEC). The preparation of the financial statements requires estimates and assumptions that affect amounts reported and disclosed in the financial statements and related notes. In our opinion, these financial statements reflect all adjustments (consisting only of normal accruals), which are necessary to present fairly the results for interim periods. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations; however, we believe that the disclosures are appropriate. We recommend that you read these condensed financial statements in conjunction with the financial statements, accounting policies and the notes thereto and Management’s Discussion and Analysis of Financial Condition and Results of Operations included in our Annual Report on Form 10-K for the year ended December 31, 2018. Certain reclassifications were made to prior year amounts to conform to the 2019 presentation.

NOTE 2. ACCOUNTING POLICIES

Leases

In February 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-02 “Leases,” (ASU 2016-02) which supersedes Accounting Standards Codification (ASC) 840 “Leases” and creates a new topic, ASC 842 “Leases” (ASC 842). Subsequent to the issuance of ASU 2016-02, ASC 842 was amended by various updates that amend and clarify the impact and implementation of the aforementioned update. Upon initial application, the provisions of these updates are required to be applied using the modified retrospective method which requires retrospective adoption to each prior reporting period presented with the cumulative effect of adoption recorded to the earliest reporting period presented.  An optional transition method can be utilized which requires application of these updates beginning on the date of adoption with the cumulative effect of initially applying these updates recognized at the date of initial adoption. We adopted these updates on January 1, 2019 using the optional transition method. Consequently, our comparative periods have not been retrospectively adjusted for the new lease requirements. In addition, we elected the following practical expedients:

We elected the package of practical expedients permitted under the transition guidance within the new standard, which among other things, allowed us to carry forward the historical lease classification.
We elected the practical expedient related to land easements, allowing us to carry forward our accounting treatment for land easements on existing agreements.
We elected the short-term practical expedient for all classes of lease assets, which allows us to not record leases with an initial term of 12 months or less on the balance sheet, and instead recognize the expense straight-line over the lease term.
We elected the practical expedient to not separate lease components from non-lease components for all asset classes.

Adoption of these updates resulted in the recording of operating lease assets and lease liabilities on our condensed balance sheet of $291.9 million as of January 1, 2019. Our assets and liabilities for finance leases remained unchanged. We also recognized the cumulative effect of applying these updates as an adjustment to retained earnings of $11.2 million, net of tax, which was primarily related to the recognition of previously deferred sale/leaseback gains. Our condensed statements of operations and cash flows, along with our compliance with all covenants and restrictions under all our outstanding credit agreements, were not impacted by this adoption.


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We determine if an arrangement is a lease at inception of the contract. Operating lease assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease assets and liabilities are recognized at commencement date based on the present value of fixed lease payments over the lease term. Our lease commitments are primarily for railcars, but also include logistics, manufacturing, storage, real estate and information technology assets. Leases with an initial term of 12 months or less are not recorded on the balance sheet; instead, we recognize lease expense for these leases on a straight-line basis over the lease term. We do not account for lease components (e.g., fixed payments to use the underlying lease asset) separately from the non-lease components (e.g., fixed payments for common-area maintenance costs and other items that transfer a good or service). Some of our leases include variable lease payments, which primarily result from changes in consumer price and other market-based indices, which are generally updated annually, and maintenance and usage charges. These variable payments are excluded from the calculation of our lease assets and liabilities.

Most leases include one or more options to renew, with renewal terms that can extend the lease term from one to many years. The exercise of lease renewal options is typically at our sole discretion. Certain leases also include options to purchase the leased asset. We do not include options to renew or purchase leased assets in the measurement of lease liabilities unless those options are highly certain of exercise. The depreciable life of assets and leasehold improvements are limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise. We have operating leases with terms that require us to guarantee a portion of the residual value of the leased assets upon termination of the lease as well as other guarantees. These residual value guarantees consist primarily of leases for railcars. Residual value guarantee payments that become probable and estimable are accrued as part of the lease liability and recognized over the remaining life of the applicable lease. Our current expectation is that the likelihood of material residual guarantee payments is remote. We utilize the interest rate implicit in the lease to determine the lease liability when the interest rate can be determined. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at the lease commencement date in determining the present value of lease payments. We estimate the incremental borrowing rate based on the geographic region for which we would borrow, on a secured basis of the lease asset, at an amount equal to the lease payments over a similar time period as the lease term. We have no additional restrictions or covenants imposed by our lease contracts.

NOTE 3. ACQUISITION
On October 5, 2015 (the Closing Date), we completed the acquisition (the Acquisition) from The Dow Chemical Company (Dow) (a wholly owned subsidiary of Dow Inc., which was separated from DowDupont Inc. on April 1, 2019) of its U.S. Chlor Alkali and Vinyl, Global Chlorinated Organics and Global Epoxy businesses (collectively, the Acquired Business), whose operating results are included in the accompanying financial statements since the Closing Date.

We incurred costs related to the integration of the Acquired Business of $0.3 million and $0.6 million for the three and six months ended June 30, 2018, respectively.

NOTE 4. RESTRUCTURING CHARGES

On December 10, 2018, we announced that we had made the decision to permanently close the ammunition assembly operations at our Winchester facility in Geelong, Australia. Subsequent to the facility’s closure, product for customers in the region will be sourced from Winchester manufacturing facilities located in the United States. For the three and six months ended June 30, 2019, 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 this action. We expect to incur additional restructuring charges through 2019 of approximately $1 million related to this closure. For the six months ended June 30, 2019, we recorded additional pretax restructuring charges of $1.4 million for employee severance and related benefit costs related to our Winchester operations.

On March 21, 2016, we announced that we had made the decision to close a combined total of 433,000 tons of chlor alkali capacity across three separate locations. Associated with this action, we have permanently closed our Henderson, NV chlor alkali plant with 153,000 tons of capacity and have reconfigured the site to manufacture bleach and distribute caustic soda and hydrochloric acid. Also, the capacity of our Niagara Falls, NY chlor alkali plant has been reduced from 300,000 tons to 240,000 tons and the chlor alkali capacity at our Freeport, TX facility was reduced by 220,000 tons. This 220,000 ton reduction was entirely from diaphragm cell capacity. For the three months ended June 30, 2019 and 2018, we recorded pretax restructuring charges of $3.6 million and $6.1 million, respectively, for facility exit costs, employee severance and related benefit costs and lease and other contract termination costs related to these actions. For the six months ended June 30, 2019 and 2018, we recorded pretax restructuring charges of $6.1 million and $9.1 million, respectively, for facility exit costs,

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employee severance and related benefit costs and lease and other contract termination costs related to these actions. We expect to incur additional restructuring charges through 2020 of approximately $10 million related to these capacity reductions.

For the three and six months ended June 30, 2018, we recorded pretax restructuring charges of $0.3 million and $1.3 million, respectively, for facility exit costs related to our permanent reduction in capacity at our Becancour, Canada chlor alkali facility in 2014. We expect to incur additional restructuring charges through 2019 of less than $1 million related to this action.

The following table summarizes the 2019 and 2018 activities by major component of these restructuring actions and the remaining balances of accrued restructuring costs as of June 30, 2019 and 2018:
 
Employee severance and related benefit costs
 
Lease and other contract termination costs
 
Facility exit costs
 
Total
 
($ in millions)
Balance at January 1, 2018
$
1.8

 
$
3.3

 
$

 
$
5.1

Restructuring charges:
 
 
 
 
 
 
 
First quarter

 
0.4

 
3.6

 
4.0

Second quarter
0.1

 
3.7

 
2.6

 
6.4

Amounts utilized
(1.0
)
 
(1.3
)
 
(5.1
)
 
(7.4
)
Balance at June 30, 2018
$
0.9

 
$
6.1

 
$
1.1

 
$
8.1

Balance at January 1, 2019
$
1.5

 
$
6.0

 
$
0.7

 
$
8.2

Restructuring charges:
 
 
 
 
 
 
 
First quarter
1.4

 
0.1

 
2.5

 
4.0