OTHER ASSETS |
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| OTHER ASSETS | NOTE 8. OTHER ASSETS Included in other assets were the following:
For the six months ended June 30, 2024 payments of $46.7 million were made under other long-term supply contracts for energy modernization projects in the U.S. Gulf Coast. Amortization expense of $20.9 million and $18.3 million for the three months ended June 30, 2025 and 2024, respectively, and amortization expense of $41.8 million and $36.6 million for the six months ended June 30, 2025 and 2024, 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. Investments in Non-consolidated Affiliates Olin Corporation and Plug Power, Inc. have a joint venture named Hidrogenii, LLC (Hidrogenii), a strategic partnership which aims to leverage the strengths of both companies to advance hydrogen production and utilization. The joint venture began with the construction of a 15-ton-per-day hydrogen liquefaction plant in St. Gabriel, LA, which commenced operations in the second quarter 2025. Hidrogenii is owned 50% by Plug Power LA JV, LLC, a wholly owned subsidiary of Plug Power, Inc., and 50% by Niloco Hydrogen Holdings LLC, a wholly owned subsidiary of Olin Corporation. The investments in, and the operating results of, 50%-or-less-owned entities not controlled by Olin are included in the condensed financial statements using the equity method basis of accounting and classified as non-consolidated affiliates. The following table summarizes our investments in non-consolidated affiliates:
(1)Includes the impact of Olin’s portion of the investment tax credit of $22.0 million, which is the basis difference between our equity ownership of Hidrogenii and Olin’s investment, and will be recognized over the useful life of the underlying operational assets.
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| Schedule of Other Assets | Included in other assets were the following:
For the six months ended June 30, 2024 payments of $46.7 million were made under other long-term supply contracts for energy modernization projects in the U.S. Gulf Coast. Amortization expense of $20.9 million and $18.3 million for the three months ended June 30, 2025 and 2024, respectively, and amortization expense of $41.8 million and $36.6 million for the six months ended June 30, 2025 and 2024, 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.
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| Investments in and Advances to Affiliates | Investments in Non-consolidated Affiliates Olin Corporation and Plug Power, Inc. have a joint venture named Hidrogenii, LLC (Hidrogenii), a strategic partnership which aims to leverage the strengths of both companies to advance hydrogen production and utilization. The joint venture began with the construction of a 15-ton-per-day hydrogen liquefaction plant in St. Gabriel, LA, which commenced operations in the second quarter 2025. Hidrogenii is owned 50% by Plug Power LA JV, LLC, a wholly owned subsidiary of Plug Power, Inc., and 50% by Niloco Hydrogen Holdings LLC, a wholly owned subsidiary of Olin Corporation. The investments in, and the operating results of, 50%-or-less-owned entities not controlled by Olin are included in the condensed financial statements using the equity method basis of accounting and classified as non-consolidated affiliates. The following table summarizes our investments in non-consolidated affiliates:
(1)Includes the impact of Olin’s portion of the investment tax credit of $22.0 million, which is the basis difference between our equity ownership of Hidrogenii and Olin’s investment, and will be recognized over the useful life of the underlying operational assets.
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