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TM
VerticalResearch-GlobalMaterialsConferenceWestbrook, CT June 14, 2018
Forward-LookingStatements
2
Thiscommunicationincludesforward-lookingstatementswithinthemeaningofthePrivateSecuritiesLitigationReformActof1995.Thesestatementsrelatetoanalysesandotherinformationthatarebasedonmanagement’sbeliefs,certainassumptionsmadebymanagement,forecastsoffutureresults,andcurrentexpectations,estimatesandprojectionsaboutthemarketsandeconomyinwhichweandourvarioussegmentsoperate.Thestatementscontainedinthispresentationthatarenotstatementsofhistoricalfactmayincludeforward-lookingstatementsthatinvolveanumberofrisksanduncertainties.
Wehaveusedthewords“anticipate,”“intend,”“may,”“expect,”“believe,”“should,”“plan,”“project,”“estimate,”“forecast,”“optimistic,”andvariationsofsuchwordsandsimilarexpressionsinthispresentationtoidentifysuchforward-lookingstatements.Thesestatementsarenotguaranteesoffutureperformanceandinvolvecertainrisks,uncertaintiesandassumptions,whicharedifficulttopredictandmanyofwhicharebeyondourcontrol.Therefore,actualoutcomesandresultsmaydiffermateriallyfromthosemattersexpressedorimpliedinsuchforward-lookingstatements.Allreferencestoexpectationsandotherforward-lookingstatementsarebasedonexpectationsatMay1,2018.Olinundertakesnoobligationtoupdatepubliclyanyforward-lookingstatements,whetherasaresultoffutureevents,newinformationorotherwise.
Factorsthatcouldcauseorcontributetosuchdifferencesinclude,butarenotlimitedto:oursensitivitytoeconomic,businessandmarketconditionsintheU.S.andoverseas;thecyclicalnatureofouroperatingresultsandthesupply/demandbalanceforourproducts;ourrelianceonalimitednumberofsuppliersforspecifiedfeedstockandservices,includingthird-partytransportationservices;higher-than-expectedrawmaterialandenergy,transportation,and/orlogisticscosts;failuretocontrolcostsortoachievetargetedcostreductions;newregulationsorpublicpolicychangesregardingthetransportationofhazardouschemicalsandthesecurityofchemicalmanufacturingfacilities;theoccurrenceofunexpectedmanufacturinginterruptionsandoutages;complicationsresultingfromourmultipleenterpriseresourceplanningsystemsandtheconversiontoonesystem;changesin,orfailuretocomplywith,legislationorgovernmentregulationsorpolicies;thefailureoraninterruptionofourinformationtechnologysystems;economicandindustrydownturns;declinesinglobalequitymarketsandinterestratesimpactingpensionplanassetvaluesandliabilities;fluctuationsinforeigncurrencyexchangerates;unexpectedlitigationoutcomesandenvironmentalinvestigationandremediationcosts;oursubstantialamountofindebtednessanddebtserviceobligations;theintegrationoftheDowChemicalProductsBusinessnotfullyrealizingthebenefitsoftheanticipatedsynergies;thefailuretoattract,retainandmotivatekeyemployees;assetimpairmentchargesresultingfromthefailuretorealizeourlongrangeplanassumptions;adverseconditionsinthecreditandcapitalmarkets;andtheotherrisksdetailedinOlin’sForm10-KforthefiscalyearendedDecember31,2017.Alloftheforward-lookingstatementsshouldbeconsideredinlightofthesefactors.Inaddition,otherrisksanduncertaintiesnotpresentlyknowntoOlinorthatOlinconsidersimmaterialcouldaffecttheaccuracyofourforward-lookingstatements.Thereaderiscautionednottorelyundulyontheseforward-lookingstatements.
Non-GAAPFinancialMeasures
InadditiontoU.S.GAAPfinancialmeasures,thispresentationincludescertainnon-GAAPfinancialmeasuresincludingEBITDA,andAdjustedEBITDA.Thesenon-GAAPmeasuresareinadditionto,notasubstitutefororsuperiorto,measuresforfinancialperformancepreparedinaccordancewithU.S.GAAP.DefinitionsofthesemeasuresandreconciliationofGAAPtonon-GAAPmeasuresareprovidedintheappendixtothispresentation.
All financial data are for the three months ended March 31, 2018 and the twelve months ended December 31, 2017. Data are presented in millions of U.S. dollars. Additional information is available at www.olin.com.
WinchesterChlorAlkaliProductsandVinyls
1Q18 FY ‘17
Revenue: $ 936 $ 3,501
Adj. EBITDA: $ 244 $ 838
Revenue: $ 1,710 $ 6,268 Adjusted EBITDA: $ 240 $ 944
Olin 1Q 2018 FY 2017
OlinCorporation
Epoxy
CompanyOverview
1Q18 FY ‘17
Revenue: $ 603 $ 2,086
Adj. EBITDA: $ 5 $ 83
1Q18 FY ‘17
Revenue: $ 171 $ 681
Adj. EBITDA: $ 17 $ 92
3
2:Olin’sdefinitionof“AdjustedEBITDA”(earningsbeforeinterest,taxes,depreciationandamortization)isnetincome(loss)plusanadd-backfordepreciationandamortization,interestexpense(income),incometaxexpense(benefit),otherexpense(income),restructuringcharges,acquisition-relatedcostsandcertainnon-recurringitems.
2
1:ChlorAlkaliProductsandVinylsfullyear2017AdjustedEBITDAwasreducedby$27millionandEpoxyfullyear2017AdjustedEBITDAwasreduced$27.7millionasaresultofincrementalcoststocontinueoperationsandunabsorbedfixedmanufacturingcostsandreducedprofitfromlostsalesassociatedwithHurricaneHarvey.
1
KeyTakeawaysfromFirstQuarter2018
4
3
4.Sharerepurchaseprogramauthorized
3.Winchester2018outlookisweaker
1.Mostsignificantplannedmaintenanceturnaroundsarebehindus
2.PricinghasmovedhigherforChlorAlkaliProducts&VinylsandEpoxybusinesses
OlinisaGlobalLeaderinChlorineDerivativesGlobal:• Topquartilechlor-alkalicostposition• #1chlor-alkaliproducer• #1sellerofmembranegradecausticsoda
• #1supplierofepoxymaterials• #1sellerofchlorinatedorganic• Broadestgeographicpresenceincaustic,epoxyandchlorinatedorganics
Industry-leadingScaleandCostAdvantage
PowerfulUpstreamIntegration
UnparalleledEnd-UseandGeographicDiversity
5
NorthAmerica:• MostdiversifiedchlorineenvelopeofanyNorthAmericaproducer
• #1sellerofchlorine• #1sellerofindustrialbleach• #1sellerofon-purposehydrochloricacid• Fullownershipofnewest,world-scalemembranechlor-alkalifacility
• Themostextensivedistributionandlogisticsnetwork
SignificantlyExpandedChlorineEndUses
3MerchantHCIBleach
19MerchantHCIBleachEthyleneDichlorideVCMAllylChlorideEpichlorohydrinLiquidEpoxyResinVinylideneChloridePercTricM1M2M3CarbonTetrachlorideMDIPropyleneOxidePropyleneGlycolAg
5MerchantHCIBleachEthyleneDichlorideVCM
Vinyl
8MerchantHCIBleachEthyleneDichlorideVCMAllylChlorideEpichlorohydrinLiquidEpoxyResin
Epoxy
15MerchantHCIBleachEthyleneDichlorideVCMAllylChlorideEpichlorohydrinLiquidEpoxyResinVinylideneChloridePerchloroethyleneTrichloroethyleneM1M2M3CarbonTetrachloride
ChlorinatedOrganics
6Pre10/5/15 Today
Heritage
FavorableChlor-AlkaliIndustryDynamicsContinue
1
1
Source:IHSMarkitandTecnon
CausticSodaandChlorinePrices
Janu
ary2015=100
NorthAmericanCausticSodaSpotExportPrice
+39.8%YoY
NorthAmericanChlorineContractPrice+4.6%YoY
NorthAmericanCausticSodaContractLiquidIndexPrice
+28.2%YoY
U.S.CausticSodaImportsandExports(inthousandsofshorttons)
7
25020015010050Jan-15Mar-15Jun-15Sep-15Dec-15Mar-16Jun-16Sep-16Dec-16Mar-17Jun-17Sep-17Dec-17Mar-18
January2015toApril2018
• NorthAmericancapacityreductionin1Q18,nomaterialchloralkaliplantscomingonlineinthenext2to3years
• 2017globaloperatingrates83%;2017U.S.operatingrates86%• Favorablecausticsodadynamicscontinue:
• 2015-2017U.S.exportsincreased38%to3.6milliontons,importsdown25%to550,000tons
• 2015-2017U.S.exportstoBrazilincreased30%to1.3milliontons
• 2017Chineseexportsdown12%from2015levelsto850,000tons
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
ImportsShortTons ExportsShortTons
8
EDCPricingHistory2000–April2018
EDCSpotExportPrices
31%
Source:IHSMarkit
Centsp
erpou
nd
2000200220042006200820102012201420162018
PercentageofTimeinPriceRange
4%
15%
14%
31%
10%
26%
• Pricinghasrecoveredfromthe5yearlowsexperiencedinDecember2017
• USGCpricingin1Q18drivenbynewEuropeandemandalongwithanoutageataBrazilianvinylsproducer
• Near-termvolatilityremains,ashighercausticsodapricescontinuetoincentivizeEDCproduction
• Ourcurrentfullyear2018AdjustedEBITDAforecastassumeslowerEDCpricesthan2017
• A1centchangeinOlin’sEDCsalespricechangesannualAdjustedEBITDAby$20million
0
2
4
6
8
10
12
14
16
18
20
22
24
Average=13.4cents
9
Product PriceChangeInOlin’sSystem
FullYearEBITDAImpact
Chlorine $10/ton $10million
CausticSoda $10/ton $30million
EthyleneDichloride $.01/pound $20million
KeyChlorAlkaliProducts&VinylsEBITDASensitivity
EpoxyhasAccesstoAttractiveHighGrowthEndUsesAroundtheGlobe
SelectEpoxyEndUseApplications
Composites CivilEngineering
Marine&ProtectiveCoatings
ElectricalLaminates2016 2021
China Asia(Excl.China)LAA EMEAINorthAmerica
EpoxyResinConsumption
3.7%
CAGR(’16-’21)
4.7%
2.2%
4.1%
Source:IHSMarkitEpoxyResinsChemicalEconomicsHandbook-Nov2017
(Tonsinthousands)
3,335
2,765
2.7%
10
0.60
0.80
1.00
1.20
1.40
1.60
1.80
USLER EuropeLER AsianLER
LiquidEpoxyResinPricingUS$perpou
nd
Jan-16Mar-16Jun-16Sep-16Dec-16Mar-17Jun-17Sep-17Dec-17Mar-18
Source:ICIS
• Improvedsupply/demandfundamentalsforLiquidEpoxyResin
• HigherliquidepoxyresinpricingintheU.S.,EuropeandAsiasince2016
• Globalresingrowthisbetween3%and5%
January2016toApril2018
LiquidEpoxyResinPricing1
1.Europeanliquidepoxyresinpricesreflectanon-marketadjustmentmadeinthethirdquarterof2017.11
EpoxyPrioritiesforSuccess
12
0
50
100
150
200
250
300
350
EpoxySegmentEBITDA($inmillions)Upstream Midstream Downstream
Driveproductivitytosustaincostadvantage
Focusoncapturingthefullvalueofour
low-costassetbase(“Sellout”)
Upgradesalesportfolioandproductmixtoimprovemargin
(“Sellup”)N/A
1
2
3
N/A
Winchester
Brands:
Hunters & Recreational Shooters
Ammunition Products
Retail Distributors Mass Merchants
Law Enforcement Military Industrial
Rifle ü ü ü ü ü N/A
Handgun ü ü ü ü ü N/A
Rimfire ü ü ü ü ü ü
Shotshell ü ü ü ü ü ü
Components ü ü ü ü ü ü
13
0
20
40
60
80
100
120
140
160
180
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
WinchesterAdjustedEBITDAMargins
6.7%8.3%
8.6%
13.7%13.3%
8.6%
11.2%
20.3%
19.4%
18.7%
2006-2012AverageAdj.EBITDAmargin:10.1%2013-2017AverageAdj.EBITDAmargin:18.2%
14
($inmillions)
19.1%
13.5%
$944.1
15
FullYear2018AdjustedEBITDAForecastCurrentView:“MoreUpsideOpportunities”
2017Actual 2018Forecast
($inmillions)
1:Olin’sdefinitionof“AdjustedEBITDA”(Earningsbeforeinterest,taxes,depreciationandamortization)isnetincome(loss)plusanadd-backfordepreciationandamortization,interestexpense(income),incometaxexpense(benefit),otherexpense(income),restructuringcharges,acquisition-relatedcosts,andcertainothernon-recurringitems.
1
+Highercausticsodapricing+Higherchlorineandchlorine-derivativespricing+HigherEpoxyearnings+Fullyearofcost-basedethylene+Synergies
- LowerEDCpricing- Higherhydrocarboncosts
--
$1,250
Opportunities+Highercausticsodapricing
HigherEDCpricing
+Growthinvolumes
+++
RisksLowerEDCpricing
Highernaturalgasprices
Higherhydrocarboncosts
Lowercommercialammunitiondemandandpricing
----
derivativespricing
+/-5%
WorkingCapital4
FreeCashFlowAfterDividend
CashTaxes2 CapitalSpending3
FreeCashFlow
1:Mid-pointofOlin’sestimatedAdjustedEBITDAforecastof$1.25billionplusorminus5%.Includespensionincomeconsistentwithprioryear’sreporting2:Estimatedusingthecashtaxrateof10%to15%3:Representsthemid-pointofmanagement’sannualcapitalspendingestimaterangeof$375millionto$425million,whichincludes$100millionassociatedwiththeinformationtechnologyproject4:Estimatedincreaseinworkingcapitalduetohighersellingpricesandhydrocarboncosts5:One-timeitemsincludeintegrationexpenses,includingtheinformationtechnologyproject,cashrestructuringcharges,andan$8.0millioninsurancerecovery6:CalculatedbasedonOlin’scapitalstructureandassumingcurrentinterestrates7:Calculatedbasedon167millionsharesoutstandingandanannualdividendof$0.80pershare
2018CashFlowForecastDebtReductionRemainsTopPriorityforFreeCashFlow
One-timeItems
5
Dividend7
Interest6
($inmillions)
$1,250
($400)
($50)
($240)
$450
($134)
$316
($60)
AdjustedEBITDA1
($50)
16
$1,250
17
Near-TermAdjustedEBITDAPotential
Near-Term2018Forecast
($inmillions)
$1,500+
• Highercausticsodapricing
• Higherchlorine&chlorine
derivativespricing
• EDCpricerecovery
• Epoxyimprovement
• Lowerturnaroundcosts
• Winchesterimprovement
Appendix
TheChlorineEnvelope
19
Epoxy
Brine(NaCl)
Power
Phenol
Acetone
CausticSoda(NaOH)
Chlorine(CI2)
Bisphenol-A
GCO(Perc/Tric/CMP/VDC)
Epichlorohydrin
AllylChloride
EDC/VCM
Chlor-alkali
Cumene
Bleach
HCl
Merchant
1Q18 1Q17 ∆Q/Q
Sales $936.1 $836.9 11.9%
AdjustedEBITDA $244.2 $192.1 27.1%
� 1Q18Performancevs.1Q17
� Highercausticsoda,chlorineandotherchlorine-derivativespricing,lowerEDCpricing
� Lowervolumes
� Lowerethylenecosts
� 2Q18Outlookvs.2Q17
� Expectimprovementincausticsoda,chlorineandchlorine-derivativespricing
� ExpectlowerEDCpricing
� Lowerplannedmaintenanceturnaroundcosts
($inmillions)
ChlorAlkaliProductsandVinylsSegmentPerformance
20
1Q18versus
1Q17 4Q17
Chlorine
CausticSoda
EDC
Bleach
HCI
ChlorinatedOrganics
ChlorAlkaliProductsandVinylsPricingandVolumeComparisons
1Q18versus
1Q17 4Q17
Chlorine
CausticSoda
EDC
Bleach
HCI
ChlorinatedOrganics
VolumeComparison PricingComparison
21
OlinCausticSodaPriceRealization
• A$10pertonchangeinOlin’scausticsodasellingpricechangesannualAdjustedEBITDAbyapproximately$30million
FundamentalPrinciple
DomesticSales
• Asignificantportionofdomesticsalesarelinkedtoindexprices
• Indexpricechangestypicallyoccur30to60dayspostourpricenomination
• Realizationofindexpricechangesaretypically50%to100%
• Overallpricerealizationlagsindexpricechangesby30to90days
ExportSales• Typicallyrangebetween20%and25%ofcausticsales
• Soldonacombinationofnegotiatedsalesandexportindexprice
• Realizationofindexpricechangesaretypically90%to100%
• Changesinexportindexpricesaretypicallyrealizedona30to90daylag
22
AdvantagedEthyleneArrangement
• AseriesofthreesupplyagreementswithDow
• Pipelinesupplywithoutoperatingorstart-uprisk
• Producereconomicsfor20yearsforeachtranche
Tranche EffectiveDate AnnualVolume(short-tons)
Cost(millions)
#1 Acquiredatclosing Upto180,000 $433
#2 AcquiredlateSeptember2017 Upto160,000 $209
#3 Available~4Q2020 Upto300,000 $440-$465
1.IncludesoptionpaymentsforTranches#2and#3;alloptionstoobtainfuturecost-basedethylenehavebeenexercised
23
1
1Q18 1Q17 ∆Q/QSales $603.3 $567.6 6.3%AdjustedEBITDA $4.6 $21.2 -78.3%
� 1Q18Performancevs.1Q17
� Higherproductpricing,partiallyoffsetbyhigherrawmaterialcosts
� Higherplannedmaintenanceturnaroundcostsofapproximately$43million
� 2Q18Outlookvs.2Q17
� Expecthigherproductpricing
� Expecthigherrawmaterialscostsassociatedwithbenzeneandpropylene
($inmillions)
EpoxySegmentPerformance
24
0.20
0.25
0.30
0.35
0.40
0.45
0.50
0.55
0.60
0.65
PropylenePricing
USPropylene EUPropylene
RawMaterialCosts-Benzene&PropylenePricing
1/163/166/169/1612/163/176/179/1712/173/18
US$perpou
nd
US$perpou
nd
1/163/166/169/1612/163/176/179/1712/173/18
• 1Q18U.S.benzenepriceshigherthan1Q17and4Q17
• Europeanbenzene1Q18priceslowerthan1Q17,buthigherthan4Q17
• U.S.andEuropeanpropylenepricesarehigherin1Q18versus1Q17and4Q17
Source:ICIS
0.20
0.25
0.30
0.35
0.40
0.45
0.50
0.55
0.60
BenzenePricing
USBenzene EUBenzene
January2016toApril2018
January2016toApril2018
25
261.Lostvolumepenaltyincludesunabsorbedfixedmanufacturingcostsandreducedpretaxprofitfromlostsalesassociatedwiththeturnaroundsandoutages
1
Expenses
SignificantRealizableSynergies
Logistics&Procurement
OperationalEfficiencies
AssetOptimization
AccessingNewSegments&Customers
CapitalInvestment
27
ActualActualSynergiesForecastTotal20162017Breakdown2018Synergies
$75$100 $75-$100$250-$275
($inmillions)
$6$30 $50-$65 $85-$100
$205$30 $0 $235
$70$35 $20 $125
ProjectedAnnualImpact
ProjectedAnnualImpact
ProjectedCAPEX&
InvestmentsProjected
CashIntegration&Restructuring
� 1Q18Performancevs.1Q17
� Lowercommercialsalespartiallyoffsetbyhighermilitaryvolumes
� Lessfavorableproductmixandlowersellingprices
� Highercommodityandothermaterialcosts
� 2Q18Outlookvs.2Q17
� Expecthighersalestomilitarycustomers
� Expectlowercommercialvolumesandlessfavorableproductmix
� Expecthighercommodityandothermaterialcosts
WinchesterSegmentPerformance
28
1Q18 1Q17 ∆Q/QSales $170.9 $162.6 5.1%AdjustedEBITDA $17.1 $30.0 -43.0%
($inmillions)
2018ForecastAssumptions
LineItem Forecast KeyElements($inmillions)
Maintenancelevelofcapitalspendingof$225Mto$275MCapitalSpending $375to$425annually,informationtechnologyprojectspendingof$100M
andotherprojects
Depreciation& Amortization
Non-operating PensionIncome
EnvironmentalExpense$15to$20Representsamorehistoriclevelofexpense
OtherCorporate& Forecastisanincreasefrom2017levelsduetostock-basedUnallocatedCosts compensationandlegalandlitigationcosts
Restructuring& Acquisitionrelatedintegration,includinginformationtechnologyAcquisitionCosts projectandrestructuringcosts
Reflects2017taxlawchangesand2017taxcreditcarryforwards benefits;primarilypayingforeignincometaxesin2017
Reflects2017taxlawchangesandfavorablebook/taxdeductions, partiallyoffsetbystateandforeignincometaxes
29
$70
25%
$110to$120
$570to$580Forecastisanincreasefrom2017levelsof$559M
10%to15%
BookEffectiveTaxRate
CashTaxRate
Lowerthan2017incomelevelsbyapproximately$10Mto$15M$20to$25
30
Non-GAAPFinancialMeasures–AdjustedEBITDA(a)Olin's definition of Adjusted EBITDA (Earnings before interest, taxes, depreciation, and amortization) is net income (loss) plus an add-back for depreciation and amortization, interest expense (income), income tax expense (benefit), other expense (income), restructuring charges, acquisition-related costs and certain other non-recurring items. Adjusted EBITDA is a non-GAAP financial measure. Management believes that this measure is meaningful to investors as a supplemental financial measure to assess the financial performance without regard to financing methods, capital structures, taxes or historical cost basis. The use of non-GAAP financial measures is not intended to replace any measures of performance determined in accordance with GAAP and Adjusted EBITDA presented may not be comparable to similarly titled measures of other companies. Reconciliation of forward-looking non-GAAP financial measures to the most directly comparable GAAP financial measures are omitted from this release because Olin is unable to provide such reconciliations without the use of unreasonable efforts. This inability results from the inherent difficulty in forecasting generally and quantifying certain projected amounts that are necessary for such reconciliations. In particular, sufficient information is not available to calculate certain adjustments required for such reconciliations, including interest expense (income), income tax expense (benefit), other expense (income), restructuring charges and acquisition-related costs. Because of our inability to calculate such adjustments, forward-looking net income guidance is also omitted from this release. We expect these adjustments to have a potentially significant impact on our future GAAP financial results.
(a) Unaudited.
(b) Income tax provision (benefit) for the year ended December 31, 2017 reflects the tax benefit of $437.9 million from the Tax Cuts & Jobs Act.
(c) Restructuring charges for both the three months ended March 31, 2018 and 2017 and the year ended December 31, 2017 were primarily associated with the closure of 433,000 tons of chlor alkali capacity across three separate Olin locations.
(d) Acquisition-related costs for both the three months ended March 31, 2018 and 2017 and the year ended December 31, 2017 were associated with our integration of the Acquired Business.
(e) Information technology integration project for the three months ended March 31, 2018 and year ended December 31, 2017 included costs associated with the implementation of new enterprise resource planning, manufacturing, and engineering systems, and related infrastructure costs of $6.5 million and $5.3 million, respectively.
(f) Certain non-recurring items for the three months ended March 31, 2018 included an $8.0 million insurance recovery associated with a second quarter 2017 business interruption at our Freeport, Texas vinyl chloride monomer facility. Certain non-recurring items for the year ended December 31, 2017 included a gain of $3.3 million on the sale of a former manufacturing facility.
Year EndedDecember 31,
(In millions) 2018 2017 2017
Reconciliation of Net Income to Adjusted EBITDA:Net Income 20.9$ 13.4$ 549.5$
Add Back:Interest Expense 63.7 52.4 217.4Interest Income (0.4) (0.2) (1.8)Income Tax Provision (Benefit) (b) 6.6 4.5 (432.3)Depreciation and Amortization 146.7 135.1 558.9
EBITDA 237.5 205.2 891.7Add Back:
Restructuring Charges (c) 4.0 8.2 37.6Acquisition-related Costs (d) 0.3 7.0 12.8Information Technology Integration Project (e) 6.5 - 5.3Certain Non-recurring Items (f) (8.0) - (3.3)
Adjusted EBITDA 240.3$ 220.4$ 944.1$
Three MonthsEnded March 31,
Non-GAAPFinancialMeasuresbySegment
31
Three Months Ended March 31, 2018 (In millions)
Income (loss) before Taxes
Depreciation and Amortization
Adjusted EBITDA
Chlor Alkali Products and Vinyls $ 130.5 $ 113.7 $ 244.2 Epoxy (22.1) 26.7 4.6 Winchester 12.0 5.1 17.1
Three Months Ended March 31, 2017
Income (loss) before Taxes
Depreciation and Amortization
Adjusted EBITDA
Chlor Alkali Products and Vinyls $ 87.5 $ 104.6 $ 192.1 Epoxy (1.2) 22.4 21.2 Winchester 25.1 4.9 30.0
Year Ended December 31, 2017
Income (loss) before Taxes
Depreciation and Amortization
Adjusted EBITDA
Chlor Alkali Products and Vinyls $ 405.8 $ 432.2 $ 838.0 Epoxy (11.8) 94.3 82.5 Winchester 72.4 19.5 91.9