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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 September 30, 2022

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
oln-20220930_g1.jpg
Olin Corporation
(Exact name of registrant as specified in its charter)
Virginia13-1872319
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
190 Carondelet Plaza,Suite 1530,Clayton,MO63105
(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 Act:
Title of each class:Trading symbol:Name of each exchange on which registered:
Common Stock, $1.00 par value per shareOLNNew 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, a 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 September 30, 2022, 136,960,837 shares of the registrant’s common stock were outstanding.
1

TABLE OF CONTENTS FOR FORM 10-QPage
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.

2

Part I — Financial Information

Item 1.  Financial Statements.

OLIN CORPORATION AND CONSOLIDATED SUBSIDIARIES
Condensed Balance Sheets
(In millions, except per share data)
(Unaudited)
 September 30, 2022December 31, 2021September 30, 2021
Assets   
Current assets:   
Cash and cash equivalents$163.6 $180.5 $306.1 
Receivables, net1,075.4 1,106.5 1,041.7 
Income taxes receivable26.0 0.3 3.0 
Inventories, net945.1 868.3 826.8 
Other current assets74.9 92.7 127.7 
Total current assets2,285.0 2,248.3 2,305.3 
Property, plant and equipment (less accumulated depreciation of $4,296.5, $4,076.5 and $3,997.2)2,690.8 2,913.6 2,934.5 
Operating lease assets, net371.4 372.4 386.8 
Deferred income taxes81.9 99.3 104.9 
Other assets1,090.7 1,131.8 1,152.4 
Intangible assets, net279.2 331.7 348.5 
Goodwill1,421.2 1,420.6 1,420.3 
Total assets$8,220.2 $8,517.7 $8,652.7 
Liabilities and Shareholders’ Equity  
Current liabilities:  
Current installments of long-term debt$1.0 $201.1 $201.1 
Accounts payable892.6 847.7 811.7 
Income taxes payable183.2 98.4 62.1 
Current operating lease liabilities74.3 76.8 78.1 
Accrued liabilities467.6 458.1 434.0 
Total current liabilities1,618.7 1,682.1 1,587.0 
Long-term debt2,580.4 2,578.2 2,823.5 
Operating lease liabilities305.1 302.0 314.7 
Accrued pension liability286.3 381.9 654.2 
Deferred income taxes546.8 558.9 526.8 
Other liabilities333.2 362.4 358.6 
Total liabilities5,670.5 5,865.5 6,264.8 
Commitments and contingencies
Shareholders’ equity:  
Common stock, $1.00 par value per share:  authorized, 240.0 shares; issued and outstanding, 137.0, 156.8 and 159.4 shares137.0 156.8 159.4 
Additional paid-in capital920.3 1,969.6 2,133.1 
Accumulated other comprehensive loss(562.3)(488.0)(643.8)
Retained earnings2,054.7 1,013.8 739.2 
Total shareholders’ equity2,549.7 2,652.2 2,387.9 
Total liabilities and shareholders’ equity$8,220.2 $8,517.7 $8,652.7 

The accompanying notes to condensed financial statements are an integral part of the condensed financial statements.
3

OLIN CORPORATION AND CONSOLIDATED SUBSIDIARIES
Condensed Statements of Operations
(In millions, except per share data)
(Unaudited)
 Three Months Ended September 30,Nine Months Ended September 30,
 2022202120222021
Sales$2,321.7 $2,340.1 $7,399.2 $6,480.2 
Operating expenses:  
Cost of goods sold1,840.9 1,679.8 5,599.8 4,815.8 
Selling and administration92.7 107.2 296.0 314.7 
Restructuring charges7.6 3.6 14.3 24.5 
Other operating income (expense)13.0 (0.5)16.3  
Operating income393.5 549.0 1,505.4 1,325.2 
Interest expense36.0 54.0 103.4 204.4 
Interest income0.5 0.1 1.2 0.2 
Non-operating pension income9.9 9.2 29.0 26.7 
Income before taxes367.9 504.3 1,432.2 1,147.7 
Income tax provision52.7 113.6 301.9 157.6 
Net income$315.2 $390.7 $1,130.3 $990.1 
Net income per common share:  
Basic$2.23 $2.44 $7.62 $6.21 
Diluted$2.18 $2.38 $7.44 $6.07 
Average common shares outstanding:
Basic141.2 160.1 148.3 159.4 
Diluted144.3 163.9 151.9 163.0 

The accompanying notes to condensed financial statements are an integral part of the condensed financial statements.
4

OLIN CORPORATION AND CONSOLIDATED SUBSIDIARIES
Condensed Statements of Comprehensive Income (Loss)
(In millions)
(Unaudited)
 Three Months Ended September 30,Nine Months Ended September 30,
 2022202120222021
Net income$315.2 $390.7 $1,130.3 $990.1 
Other comprehensive (loss) income, net of tax:  
Foreign currency translation adjustments(25.1)(14.0)(61.6)(23.0)
Unrealized (losses) gains on derivative contracts, net(8.7)13.8 (33.0)37.1 
Amortization of prior service costs and actuarial losses, net7.0 10.7 20.3 32.0 
Total other comprehensive (loss) income, net of tax(26.8)10.5 (74.3)46.1 
Comprehensive income$288.4 $401.2 $1,056.0 $1,036.2 

The accompanying notes to condensed financial statements are an integral part of the condensed financial statements.
5

OLIN CORPORATION AND CONSOLIDATED SUBSIDIARIES
Condensed Statements of Shareholders’ Equity
(In millions, except per share data)
(Unaudited)
Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021
Common Stock
Balance at beginning of period$145.1 $160.5 $156.8 $158.0 
Common stock repurchased and retired(8.2)(1.5)(20.8)(1.5)
Common stock issued for:
Stock options exercised 0.4 0.9 2.8 
Other transactions0.1  0.1 0.1 
Balance at end of period$137.0 $159.4 $137.0 $159.4 
Additional Paid-In Capital
Balance at beginning of period$1,318.5 $2,187.9 $1,969.6 $2,137.8 
Common stock repurchased and retired(402.7)(66.8)(1,079.8)(66.8)
Common stock issued for:
Stock options exercised0.4 7.7 20.4 55.5 
Other transactions0.1 0.5 3.1 3.1 
Stock-based compensation4.0 3.8 7.0 3.5 
Balance at end of period$920.3 $2,133.1 $920.3 $2,133.1 
Accumulated Other Comprehensive Loss
Balance at beginning of period$(535.5)$(654.3)$(488.0)$(689.9)
Other comprehensive (loss) income(26.8)10.5 (74.3)46.1 
Balance at end of period$(562.3)$(643.8)$(562.3)$(643.8)
Retained Earnings (Accumulated Deficit)
Balance at beginning of period$1,768.0 $380.6 $1,013.8 $(155.1)
Net income315.2 390.7 1,130.3 990.1 
Common stock dividends paid(28.5)(32.1)(89.4)(95.8)
Balance at end of period$2,054.7 $739.2 $2,054.7 $739.2 
Total Shareholders’ Equity$2,549.7 $2,387.9 $2,549.7 $2,387.9 
Dividends declared per share of common stock$0.20 $0.20 $0.60 $0.60 
The accompanying notes to condensed financial statements are an integral part of the condensed financial statements.





6

OLIN CORPORATION AND CONSOLIDATED SUBSIDIARIES
Condensed Statements of Cash Flows
(In millions)
(Unaudited)
 Nine Months Ended September 30,
 20222021
Operating Activities  
Net income$1,130.3 $990.1 
Adjustments to reconcile net income to net cash and cash equivalents provided by (used for) operating activities: 
Stock-based compensation10.4 5.0 
Gains on disposition of property, plant and equipment(13.0) 
Loss on debt extinguishment 47.6 
Depreciation and amortization450.3 432.4 
Deferred income taxes(3.7)(25.2)
  Qualified pension plan contributions(0.9)(1.0)
Qualified pension plan income(24.7)(20.8)
Change in: 
Receivables(25.8)(291.6)
Income taxes receivable/payable75.5 64.8 
Inventories(102.9)(161.8)
Other current assets5.8 18.4 
Accounts payable and accrued liabilities31.7 157.9 
Other assets(17.5)(9.2)
Other noncurrent liabilities(9.1)41.3 
Other operating activities3.3 3.8 
Net operating activities1,509.7 1,251.7 
Investing Activities 
Capital expenditures(168.4)(135.8)
Proceeds from disposition of property, plant and equipment14.9  
Net investing activities(153.5)(135.8)
Financing Activities  
Long-term debt:
Borrowings215.0 390.0 
Repayments(415.9)(1,241.1)
Debt early redemption premiums (37.7)
Common stock repurchased and retired(1,100.6)(68.3)
Stock options exercised21.3 58.3 
Dividends paid(89.4)(95.8)
Debt issuance costs (3.8)
Net financing activities(1,369.6)(998.4)
Effect of exchange rate changes on cash and cash equivalents(3.5)(1.1)
Net (decrease) increase in cash and cash equivalents(16.9)116.4 
Cash and cash equivalents, beginning of year180.5 189.7 
Cash and cash equivalents, end of period$163.6 $306.1 
Cash paid for interest and income taxes: 
Interest, net$122.1 $218.2 
Income taxes, net of refunds$213.0 $104.5 
Non-cash investing activities: 
Decrease in capital expenditures included in accounts payable and accrued liabilities$12.0 $29.8 

The accompanying notes to condensed financial statements are an integral part of the condensed financial statements.
7

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, 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. 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 United States (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, 2021. Certain reclassifications were made to prior year amounts to conform to the 2022 presentation.

NOTE 2. RECENT ACCOUNTING PRONOUNCEMENTS

We do not believe that any recently issued effective pronouncements, or pronouncements issued but not yet effective, if adopted, would have a material effect on the accompanying condensed financial statements.

NOTE 3. RESTRUCTURING CHARGES

Olin committed to a productivity initiative to align the organization with our new operating model and improve efficiencies (collectively, Productivity Plan). These actions and related activities were completed during the second quarter of 2021. For the three and nine months ended September 30, 2021, we recorded pretax restructuring charges of $0.2 million and $10.3 million for employee severance and related benefit costs related to these actions. We do not expect to incur additional restructuring charges related to these actions.

On March 15, 2021, we announced that we had made the decision to permanently close approximately 50% of our diaphragm-grade chlor alkali capacity, representing 200,000 tons, at our McIntosh, AL facility. The closure was completed in the first quarter of 2021. On October 21, 2021, we announced that we had made a decision to permanently cease operations of the remaining 50% of our diaphragm-grade chlor alkali capacity, representing an additional 200,000 tons, at our McIntosh, AL facility (collectively, McIntosh Plan). The closure was completed during third quarter of 2022. For the three months ended September 30, 2022 and 2021, we recorded pretax restructuring charges of $5.5 million and $0.4 million, respectively, for write-off of equipment and facility costs, lease and other contract termination costs and for facility exit costs related to this action. For the nine months ended September 30, 2022 and 2021, we recorded pretax restructuring charges of $7.1 million and $5.2 million, respectively, for write-off of equipment and facility costs, 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 $30 million related to these actions.

8

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 September 30, 2022 and 2021, we recorded pretax restructuring charges of $0.4 million and $1.6 million, respectively, for facility exit costs related to these actions. For the nine months ended September 30, 2022 and 2021, we recorded pretax restructuring charges of $1.9 million and $5.7 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 September 30, 2022 and 2021, we recorded pretax restructuring charges of $1.7 million and $1.0 million, respectively, for facility exit costs related to these actions. For the nine months ended September 30, 2022 and 2021, we recorded pretax restructuring charges of $4.9 million and $2.2 million, respectively, for facility exit costs related to these actions. We expect to incur additional restructuring charges through 2025 of approximately $30 million related to these actions.

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 (collectively, Chlor Alkali 2016 Plan). 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 September 30, 2021, we recorded pretax restructuring charges of $0.4 million for facility exit costs and lease and other contract termination costs related to these actions. For the nine months ended September 30, 2022 and 2021, we recorded pretax restructuring charges of $0.4 million and $1.1 million, respectively, for facility exit costs and lease and other contract termination costs related to these actions. We do not expect to incur additional restructuring charges 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 September 30, 2022 and 2021:
 Employee severance and related benefit costsLease and other contract termination costsFacility exit costsWrite-off of equipment and facilityTotal
 ($ in millions)
Balance at January 1, 2021$1.8 $1.7 $ $ $3.5 
Restructuring charges:
First quarter 4.6 2.3  6.9 
Second quarter10.1 0.5 3.4  14.0 
  Third quarter0.2 0.5 2.9  3.6 
Amounts utilized(3.5)(1.3)(8.6) (13.4)
Balance at September 30, 2021$8.6 $6.0 $ $ $14.6 
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 
  Third quarter  4.9 2.7 7.6 
Amounts utilized(4.3)(1.3)(10.6)(3.4)(19.6)
Balance at September 30, 2022$2.6 $4.4 $ $ $7.0 

9

The following table summarizes the cumulative restructuring charges of these restructuring actions by major component through September 30, 2022:
Chlor Alkali Products and VinylsCorporate/otherTotal
 McIntosh PlanFreeport 2021 PlanFreeport 2019 PlanChlor Alkali 2016 PlanProductivity Plan
 ($ in millions)
Write-off of equipment and facility$2.7 $ $58.9 $78.1 $ $139.7 
Employee severance and related benefit costs  2.1 6.7 10.3 19.1 
Facility exit costs3.6 8.4 10.5 53.2  75.7 
Employee relocation costs   1.7  1.7 
Lease and other contract termination costs6.4   43.0  49.4 
Total cumulative restructuring charges$12.7 $8.4 $71.5 $182.7 $10.3 $285.6 

As of September 30, 2022, we have incurred cash expenditures of $137.1 million and non-cash charges of $141.5 million related to these restructuring actions. The remaining balance of $7.0 million is expected to be paid out through 2028.

NOTE 4. ACCOUNTS RECEIVABLES

As of September 30, 2022, we maintained a $300.0 million Receivables Financing Agreement (Receivables Financing Agreement) that was scheduled to mature on September 28, 2024. The Receivables Financing Agreement included a minimum borrowing requirement of 50% of the facility limit or available borrowing capacity, whichever was less. 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 incorporated the net leverage ratio covenant that is contained in the 2021 Senior Credit Facility. As of September 30, 2022, $655.2 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 September 30, 2021, we had $300.0 million and $150.0 million, respectively, drawn under the Receivables Financing Agreement. On October 11, 2022, we amended the Receivables Financing Agreement which increased the facility limit to $425.0 million and extended the scheduled termination date of the Receivables Financing Agreement to October 14, 2025 (Amended Receivables Financing Agreement). The Amended Receivables Financing Agreement incorporates the net leverage ratio covenant that is contained in the Senior Credit Facility.

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 $207.7 million and certain of our foreign subsidiaries may sell their accounts receivable up to a maximum of €42.9 million. We will continue to service the outstanding accounts sold.  These receivables qualify for sales treatment under ASC 860 “Transfers and Servicing” and, accordingly, the proceeds are included in net cash provided by operating activities in the condensed statements of cash flows.  The following table summarizes the AR Facilities activity:

September 30,
20222021
($ in millions)
Balance at beginning of year$83.3 $48.8 
     Gross receivables sold769.3 687.5 
     Payments received from customers on sold accounts(761.3)(645.6)
Balance at end of period$91.3 $90.7 

The factoring discount paid under the AR Facilities is recorded as interest expense on the condensed statements of operations. The factoring discount was $0.9 million and $0.3 million for the three months ended September 30, 2022 and 2021, respectively, and $1.8 million and $1.0 million for the nine months ended September 30, 2022 and 2021, respectively. The agreements are without recourse and therefore no recourse liability had been recorded as of September 30, 2022, December 31, 2021 or September 30, 2021.
10


Our condensed balance sheets included an allowance for doubtful accounts receivables of $12.5 million, $12.3 million and $12.2 million and other receivables of $58.0 million, $65.3 million and $68.1 million at September 30, 2022, December 31, 2021 and September 30, 2021, respectively, which were included in receivables, net.
 
NOTE 5. INVENTORIES

Inventories consisted of the following:
 September 30, 2022December 31,
2021
September 30, 2021
 ($ in millions)
Supplies$137.2 $115.6 $115.5 
Raw materials203.4 180.7 158.5 
Work in process189.6 155.2 156.3 
Finished goods569.2 523.3 492.2 
Inventories excluding LIFO reserve1,099.4 974.8 922.5 
LIFO reserve(154.3)(106.5)(95.7)
Inventories, net$945.1 $868.3 $826.8 

Inventories under the LIFO method are based on annual estimates of quantities and costs as of year-end; therefore, the condensed financial statements at September 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 $154.3 million, $106.5 million and $95.7 million higher than reported at September 30, 2022, December 31, 2021 and September 30, 2021, respectively.

NOTE 6. OTHER ASSETS

Included in other assets were the following:
September 30, 2022December 31, 2021September 30, 2021
($ in millions)
Supply contracts$1,013.8 $1,061.8 $1,076.8 
Other76.9 70.0 75.6 
Other assets$1,090.7 $1,131.8 $1,152.4 

Amortization expense of $17.6 million and $17.3 million for the three months ended September 30, 2022 and 2021, respectively, and amortization expense of $52.8 million and $52.1 million for the nine months ended September 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.

11

NOTE 7. GOODWILL AND INTANGIBLE ASSETS

Changes in the carrying value of goodwill were as follows:

Chlor Alkali Products and VinylsEpoxyTotal
($ in millions)
Balance at January 1, 2021$1,275.3 $144.9 $1,420.2 
Foreign currency translation adjustment0.1  0.1 
Balance at September 30, 2021$1,275.4 $144.9 $1,420.3 
Balance at January 1, 2022$1,275.6 $145.0 $1,420.6 
Foreign currency translation adjustment0.5 0.1 0.6 
Balance at September 30, 2022$1,276.1 $145.1 $1,421.2 

Intangible assets consisted of the following:

September 30, 2022December 31, 2021September 30, 2021
Gross AmountAccumulated AmortizationNetGross AmountAccumulated AmortizationNetGross AmountAccumulated AmortizationNet
($ in millions)
Customers, customer contracts and relationships$662.0 $(389.3)$272.7 $674.4 $(359.8)$314.6 $676.1 $(347.8)$328.3 
Acquired technology 91.9 (86.5)5.4 93.9 (77.9)16.0 94.2 (75.1)19.1 
Other1.8 (0.7)1.1 1.8 (0.7)1.1 1.8 (0.7)1.1 
Total intangible assets$755.7 $(476.5)$279.2 $770.1 $(438.4)$