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ACCOUNTS RECEIVABLES | 3 Months Ended
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Mar. 31, 2024
Receivables [Abstract] |
ACCOUNTS RECEIVABLE | NOTE 6. ACCOUNTS RECEIVABLES We maintain a $425.0 million Receivables Financing Agreement (Receivables Financing Agreement) that is scheduled to mature on October 14, 2025. 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 incorporates the net leverage ratio covenant that is contained in the $1,550.0 million Senior Credit Facility. As of March 31, 2024, December 31, 2023 and March 31, 2023, we had $332.4 million, $328.5 million and $355.0 million, respectively, drawn under the agreement. As of March 31, 2024, $477.6 million of our trade receivables were pledged as collateral and we had no additional borrowing capacity under the Receivables Financing Agreement, which was limited by our borrowing base. 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 $175.5 million and certain of our foreign subsidiaries may sell their accounts receivable up to a maximum of €22.0 million. We will continue to service the outstanding accounts sold. These receivables qualify for sales treatment under ASC 860 “Transfers and Servicing” and, accordingly, the proceeds are included in net cash provided by operating activities in the condensed statements of cash flows. The following table summarizes the AR Facilities activity:
| Three Months Ended March 31,
| 2024 |  | 2023
AR Facilities | ($ in millions)
Balance at beginning of year | $ | 63.3 |  |  | $ | 111.8 |
Gross receivables sold | 176.6 |  |  | 252.3 |
Payments received from customers on sold accounts | (176.7) |  |  | (287.0) |
Balance at end of period | $ | 63.2 |  |  | $ | 77.1 |
The factoring discount paid under the AR Facilities is recorded as interest expense on the condensed statements of operations. The factoring discount was $1.0 million and $1.2 million for the three months ended March 31, 2024 and 2023, respectively. The agreements are without recourse and therefore no recourse liability had been recorded as of March 31, 2024. Our condensed balance sheets included an allowance for doubtful accounts receivables of $12.6 million, $13.1 million and $13.1 million and other receivables of $89.4 million, $85.3 million and $67.7 million at March 31, 2024, December 31, 2023 and March 31, 2023, respectively, which were included in receivables, net.

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- Definition The entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 310 -SubTopic 10 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//310-10/tableOfContent + Details
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- References No definition available. + Details
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