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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_______________________________________________________________________ 
FORM 10-Q
_______________________________________________________________________ 
☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2024
 OR
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission File Number: 001-37586
__________________________________________________________________________
ingevitylogorgba11.jpg
INGEVITY CORPORATION
(Exact name of registrant as specified in its charter)
_____________________________________________________________________ 
Delaware47-4027764
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
4920 O'Hear Avenue Suite 400North CharlestonSouth Carolina29405
(Address of principal executive offices) (Zip code)

843-740-2300
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock ($0.01 par value)NGVTNew 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  x No  o
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 registrant was required to submit such files).  Yes  x No  o
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 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 securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.                                    o
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).                            o
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.  o
Indicate by check mark whether the Registrant is a shell company (as defined by Rule 12b-2 of the Exchange Act).  Yes  ☐ No  x
The registrant had 36,345,110 shares of common stock, $0.01 par value, outstanding at July 29, 2024.


Ingevity Corporation
INDEX
Page No.



2

PART I - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

INGEVITY CORPORATION
Condensed Consolidated Statements of Operations (Unaudited)
Three Months Ended June 30,Six Months Ended June 30,
In millions, except per share data2024202320242023
Net sales$390.6 $481.8 $730.7 $874.4 
Cost of sales267.4 328.8 507.8 591.0 
Gross profit123.2 153.0 222.9 283.4 
Selling, general, and administrative expenses41.4 51.7 88.6 100.3 
Research and technical expenses7.3 8.0 14.1 16.8 
Restructuring and other (income) charges, net13.1 19.2 75.9 24.8 
Goodwill impairment charge349.1 — 349.1 — 
Acquisition-related costs(0.2)1.8 0.1 3.7 
Other (income) expense, net23.9 3.0 56.1 (15.2)
Interest expense, net23.2 21.6 45.5 41.2 
Income (loss) before income taxes(334.6)47.7 (406.5)111.8 
Provision (benefit) for income taxes(50.9)12.2 (66.8)25.6 
Net income (loss)$(283.7)$35.5 $(339.7)$86.2 
Per share data
Basic earnings (loss) per share $(7.81)$0.98 $(9.36)$2.34 
Diluted earnings (loss) per share (7.81)0.97 (9.36)2.33 

The accompanying notes are an integral part of these financial statements.


3

INGEVITY CORPORATION
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited)
Three Months Ended June 30,Six Months Ended June 30,
In millions2024202320242023
Net income (loss)$(283.7)$35.5 $(339.7)$86.2 
Other comprehensive income (loss), net of tax:
Foreign currency adjustments:
Foreign currency translation adjustment (2.6)4.0 (11.7)14.5 
Total foreign currency adjustments, net of tax provision (benefit) of zero for all periods
(2.6)4.0 (11.7)14.5 
Derivative instruments:
Unrealized gain (loss), net of tax provision (benefit) of zero, zero, $(0.1), and $(0.7)
0.1 (0.1)(0.2)(2.4)
Reclassifications of deferred derivative instruments (gain) loss, included in net income (loss), net of tax (provision) benefit of $0.2, $0.5, $0.4, and $0.4
0.6 1.3 1.1 1.1 
Total derivative instruments, net of tax provision (benefit) of $0.2, $0.5, $0.3, and $(0.3)
0.7 1.2 0.9 (1.3)
Pension & other postretirement benefits:
Reclassifications of net actuarial and other (gain) loss and amortization of prior service cost, included in net income, net of tax of zero for all periods
— 0.1 — 0.1 
Total pension and other postretirement benefits, net of tax of zero for all periods
— 0.1 — 0.1 
Other comprehensive income (loss), net of tax provision (benefit) of $0.2, $0.5, $0.3, and $(0.3)
(1.9)5.3 (10.8)13.3 
Comprehensive income (loss)$(285.6)$40.8 $(350.5)$99.5 

The accompanying notes are an integral part of these financial statements.


4

INGEVITY CORPORATION
Condensed Consolidated Balance Sheets
In millions, except share and par value dataJune 30, 2024December 31, 2023
Assets(Unaudited)
Cash and cash equivalents$107.4 $95.9 
Accounts receivable, net of allowance of $0.9 - 2024 and $1.1 - 2023
213.4 182.0 
Inventories, net302.0 308.8 
Prepaid and other current assets63.0 71.9 
Current assets685.8 658.6 
Property, plant, and equipment, net722.2 762.2 
Operating lease assets, net60.3 67.1 
Goodwill177.0 527.5 
Other intangibles, net295.7 336.1 
Deferred income taxes80.7 11.6 
Restricted investment, net of allowance of $0.1 - 2024 and $0.2 - 2023
80.5 79.1 
Strategic investments93.9 99.2 
Other assets80.1 81.9 
Total Assets$2,276.2 $2,623.3 
Liabilities
Accounts payable$142.4 $158.4 
Accrued expenses70.0 72.3 
Accrued payroll and employee benefits21.2 19.9 
Current operating lease liabilities18.5 18.7 
Notes payable and current maturities of long-term debt103.0 84.4 
Income taxes payable2.7 9.2 
Current liabilities357.8 362.9 
Long-term debt including finance lease obligations1,401.0 1,382.8 
Noncurrent operating lease liabilities41.9 48.6 
Deferred income taxes61.6 70.9 
Other liabilities129.1 126.7 
Total Liabilities1,991.4 1,991.9 
Commitments and contingencies (Note 13)
Equity
Preferred stock (par value $0.01 per share; 50,000,000 shares authorized; zero issued and outstanding at 2024 and 2023, respectively)
— — 
Common stock (par value $0.01 per share; 300,000,000 shares authorized; 43,605,487 and 43,446,513 issued and 36,340,277 and 36,233,092 outstanding at 2024 and 2023, respectively)
0.4 0.4 
Additional paid-in capital171.6 164.9 
Retained earnings662.6 1,002.3 
Accumulated other comprehensive income (loss)(37.5)(26.7)
Treasury stock, common stock, at cost (7,265,210 shares - 2024 and 7,213,421 shares - 2023)
(512.3)(509.5)
Total Equity284.8 631.4 
Total Liabilities and Equity$2,276.2 $2,623.3 
The accompanying notes are an integral part of these financial statements.


5


INGEVITY CORPORATION
Condensed Consolidated Statements of Cash Flows (Unaudited)
Six Months Ended June 30,
In millions20242023
Cash provided by (used in) operating activities:
Net income (loss)$(339.7)$86.2 
Adjustments to reconcile net income (loss) to cash provided by (used in) operating activities:
Depreciation and amortization56.9 61.5 
Non cash operating lease costs9.7 8.9 
Deferred income taxes(78.6)(1.0)
Disposal/impairment of assets0.9 5.8 
Restructuring and other (income) charges, net75.9 24.8 
Loss on CTO resales50.0 — 
LIFO reserve(9.1)40.7 
Share-based compensation6.7 8.9 
(Gain) loss on strategic investment4.7 (19.2)
Goodwill impairment charge349.1 — 
Other non-cash items6.6 13.3 
Changes in operating assets and liabilities, net of effect of acquisitions:
Accounts receivable, net(33.1)(36.3)
Inventories, net12.7 (94.7)
Prepaid and other current assets6.7 (6.5)
Planned major maintenance outage(2.8)(9.9)
Accounts payable(13.4)27.7 
Accrued expenses(1.7)7.2 
Accrued payroll and employee benefits1.4 (33.2)
Income taxes(10.8)1.4 
Restructuring and other cash outflow, net(22.9)(24.8)
Operating leases(10.7)(10.7)
CTO resales cash outflow, net(45.3)— 
Changes in other operating assets and liabilities, net4.4 3.6 
Net cash provided by (used in) operating activities$17.6 $53.7 
Cash provided by (used in) investing activities:
Capital expenditures$(34.7)$(47.1)
Proceeds from sale of strategic investment— 31.4 
Other investing activities, net0.6 (4.6)
Net cash provided by (used in) investing activities$(34.1)$(20.3)
Cash provided by (used in) financing activities:
Proceeds from revolving credit facility and other borrowings$112.3 $197.8 
Payments on revolving credit facility and other borrowings(75.2)(144.8)
Finance lease obligations, net(0.6)(0.5)
Tax payments related to withholdings on vested equity awards(2.8)(4.5)
Proceeds and withholdings from share-based compensation plans, net— 4.0 
Repurchases of common stock under publicly announced plan— (92.1)
Net cash provided by (used in) financing activities$33.7 $(40.1)
Increase (decrease) in cash, cash equivalents, and restricted cash17.2 (6.7)
Effect of exchange rate changes on cash(3.8)(0.7)
Change in cash, cash equivalents, and restricted cash13.4 (7.4)
Cash, cash equivalents, and restricted cash at beginning of period111.9 84.3 
Cash, cash equivalents, and restricted cash at end of period(1)
$125.3 $76.9 
(1)
Includes restricted cash of $17.9 million and $8.9 million and cash and cash equivalents of $107.4 million and $68.0 million at June 30, 2024 and 2023, respectively. Restricted cash is included within "Prepaid and other current assets" and "Restricted investment" within the condensed consolidated balance sheets.
Supplemental cash flow information:
Cash paid for interest, net of capitalized interest$42.3 $40.0 
Cash paid for income taxes, net of refunds22.2 23.6 
Purchases of property, plant, and equipment in accounts payable1.8 5.3 
Leased assets obtained in exchange for new operating lease liabilities1.9 18.8 
The accompanying notes are an integral part of these financial statements.


6

INGEVITY CORPORATION
Notes to the Condensed Consolidated Financial Statements
June 30, 2024
(Unaudited)


Note 1: Background
Description of Business
Ingevity Corporation ("Ingevity," "the company," "we," "us," or "our") provides products and technologies that purify, protect, and enhance the world around us. Through a diverse team of talented and experienced people, we develop, manufacture, and bring to market solutions that are largely renewably sourced and help customers solve complex problems while making the world more sustainable. Our products are used in a variety of demanding applications, including adhesives, agrochemicals, asphalt paving, bioplastics, coatings, elastomers, lubricants, pavement markings, oil exploration and production, and automotive components. We operate in three reportable segments: Performance Materials, Performance Chemicals, and Advanced Polymer Technologies.
Basis of Consolidation and Presentation
These unaudited Condensed Consolidated Financial Statements reflect the consolidated operations of the company and have been prepared in accordance with United States Securities and Exchange Commission ("SEC") interim reporting requirements. Accordingly, the accompanying Condensed Consolidated Financial Statements do not include all disclosures required by accounting principles generally accepted in the United States of America ("GAAP") for full financial statements and should be read in conjunction with the Annual Consolidated Financial Statements for the years ended December 31, 2023, 2022 and 2021, collectively referred to as the “Annual Consolidated Financial Statements,” included in our Annual Report on Form 10-K for the year ended December 31, 2023 (the "2023 Annual Report").
In the opinion of management, the Condensed Consolidated Financial Statements contain all adjustments which include only normal recurring adjustments necessary to fairly present the financial position, results of operations, and cash flows for the interim periods presented and contain adequate disclosures to make the information presented not misleading. The consolidated results of operations for interim periods are not necessarily indicative of the results to be expected for the full year.
The preparation of the Condensed Consolidated Financial Statements requires management to make estimates and assumptions with respect to the reported amounts of assets, liabilities, revenue, and expenses and the disclosure of contingent assets and liabilities. Actual results could differ from these estimates.
Certain prior year amounts have been reclassified to conform with the current year's presentation.
Note 2: New Accounting Guidance
The Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC" or "Codification") is the sole source of authoritative GAAP other than SEC issued rules and regulations that apply only to SEC registrants. The FASB issues an Accounting Standards Update ("ASU") to communicate changes to the Codification. We consider the applicability and impact of all ASUs. Recently issued ASUs that are not listed within this Form 10-Q have been assessed and determined to be either not applicable or are not expected to have a material impact on the Condensed Consolidated Financial Statements.
Recently Issued Accounting Pronouncements
In November 2023, the FASB issued ASU 2023-07, “Segment Reporting: Improvements to Reportable Segment Disclosures”, which is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The purpose of the amendment is to provide readers of the financial statements with information to better understand an entity’s overall performance and assess potential future cash flows. The guidance is effective beginning with our 2024 fiscal year Form 10-K and will be applied to all prior periods presented in the financial statements. We are currently evaluating the potential impact of adopting this new guidance on our Condensed Consolidated Financial Statements and related disclosures.
In December 2023, the FASB issued ASU 2023-09, “Improvements to Income Tax Disclosures”, which is intended to enhance income tax disclosures around the rate reconciliation and income taxes paid. The purpose of the amendment is to provide readers of the financial statements with information to better assess the differences between the effective tax rate and the statutory tax rate across multiple jurisdictions, enabling them to understand tax implications around operational


7

INGEVITY CORPORATION
Notes to the Condensed Consolidated Financial Statements
June 30, 2024
(Unaudited)

opportunities and potential future cash flows. The guidance is effective beginning with our 2025 fiscal year. Early adoption is permitted and we are currently evaluating the potential impact of adopting this new guidance on our Condensed Consolidated Financial Statements and related disclosures.
Note 3: Net Sales
Disaggregation of Net Sales
The following table presents our Net sales disaggregated by reportable segment and product line.
 Three Months Ended June 30,Six Months Ended June 30,
In millions2024202320242023
Performance Materials segment$157.2 $144.6 $302.3 $286.0 
Road Technologies product line129.1 140.9 174.8 186.7 
Industrial Specialties product line56.4 143.1 157.7 282.9 
Performance Chemicals segment$185.5 $284.0 $332.5 $469.6 
Advanced Polymer Technologies segment$47.9 $53.2 $95.9 $118.8 
Net sales$390.6 $481.8 $730.7 $874.4 
The following table presents our Net sales disaggregated by geography, based on the delivery address of our customer.
Three Months Ended June 30,Six Months Ended June 30,
In millions2024202320242023
North America$235.6 $327.2 $438.3 $561.9 
Asia Pacific86.7 86.2 165.1 171.9 
Europe, Middle East, and Africa55.3 56.3 103.6 119.0 
South America13.0 12.1 23.7 21.6 
Net sales$390.6 $481.8 $730.7 $874.4 
Contract Balances
The contract assets primarily relate to our rights to consideration for products produced but not billed at the reporting date. The contract assets are recognized as accounts receivables when we have an enforceable right to payment for performance completed to date and the customer has been billed. Contract liabilities represent obligations to transfer goods to a customer for which we have received consideration from our customer. For all periods presented, we had no contract liabilities.
The following table provides information about contract assets from contracts with certain customers.
Contract Asset
June 30,
In millions20242023
Beginning balance$11.2 $6.4 
Contract asset additions4.8 8.1 
Reclassification to accounts receivable, billed to customers(8.3)(7.2)
Ending balance (1)
$7.7 $7.3 
______________
(1) Included within "Prepaid and other current assets" on the condensed consolidated balance sheets.


8

INGEVITY CORPORATION
Notes to the Condensed Consolidated Financial Statements
June 30, 2024
(Unaudited)

Note 4: Fair Value Measurements
Recurring Fair Value Measurements
The following information is presented for assets and liabilities that are recorded on the condensed consolidated balance sheets at fair value measured on a recurring basis. There were no transfers of assets and liabilities that were recorded at fair value between the three-level fair value hierarchy during the periods reported.
In millions
Level 1(1)
Level 2(2)
Level 3(3)
Total
June 30, 2024
Assets:
Deferred compensation plan investments (4)
$3.6 $— $— $3.6 
Total assets$3.6 $— $— $3.6 
Liabilities:
Deferred compensation arrangement (4)
$16.1 $— $— $16.1 
Total liabilities$16.1 $— $— $16.1 
In millions
Level 1(1)
Level 2(2)
Level 3(3)
Total
December 31, 2023
Assets:
Deferred compensation plan investments (4)
$3.0 $— $— $3.0 
Total assets$3.0 $— $— $3.0 
Liabilities:
Deferred compensation arrangement (4)
$15.5 $— $— $15.5 
Total liabilities$15.5 $— $— $15.5 
______________
(1) Quoted prices in active markets for identical assets.
(2) Quoted prices for similar assets and liabilities in active markets.
(3) Significant unobservable inputs.
(4) Consists of a deferred compensation arrangement through which we hold various investment securities recognized on our condensed consolidated balance sheets. Both the asset and liability related to investment securities are recorded at fair value and are included within "Other assets" and "Other liabilities" on the condensed consolidated balance sheets, respectively. In addition to the investment securities, we also had company-owned life insurance related to the deferred compensation arrangement recorded at cash surrender value in "Other assets" of $16.0 million and $14.9 million at June 30, 2024 and December 31, 2023, respectively.
Nonrecurring Fair Value Measurements
There were no nonrecurring fair value measurements on the condensed consolidated balance sheets during the periods ended June 30, 2024, and December 31, 2023.
Strategic Investments
Equity Method Investments
The aggregate carrying value of all strategic equity method investments totaled $15.5 million and $16.0 million at June 30, 2024 and December 31, 2023, respectively. There were no adjustments to the carrying value of equity method investments for impairment for the periods ended June 30, 2024 and December 31, 2023. As of June 30, 2024 we had approximately $5.6 million of unfunded commitments, associated with a venture capital fund investment accounted for under the equity method of accounting, which we anticipate will be paid over a period of 10 years from the date of the investment.
During the first quarter of 2023, we sold a strategic equity method investment for $31.4 million, resulting in a $19.2 million gain, recorded within "Other (income) expense, net" on the condensed consolidated statements of operations. We recognized an additional $0.1 million gain associated with the equity method investment sale during the three months ended June 30, 2024.


9

INGEVITY CORPORATION
Notes to the Condensed Consolidated Financial Statements
June 30, 2024
(Unaudited)

Measurement Alternative Investments
The aggregate carrying value of all measurement alternative investments where fair value is not readily determinable totaled $78.4 million and $83.2 million at June 30, 2024 and December 31, 2023, respectively. During the first quarter of 2024, the company identified a triggering event indicating that an investment being accounted for under the measurement alternative may be impaired. For the three and six months ended June 30, 2024, the company recognized an impairment of zero and $4.8 million, respectively, recorded in Other (income) expense, net on the condensed consolidated statements of operations.
Restricted Investment
Our restricted investment is a trust managed in order to secure repayment of the finance lease obligation associated with our Performance Materials' Wickliffe, Kentucky manufacturing site at maturity. The trust, presented as Restricted investment on our condensed consolidated balance sheets, originally purchased long-term bonds that mature through 2026. The principal received at maturity of the bonds, along with interest income that is reinvested in the trust, is expected to be equal to or more than the $80.0 million finance lease obligation that is due in 2027. Because the provisions of the trust provide us the ability, and it is our intent, to hold the investments to maturity, the investments held by the trust are accounted for as held to maturity ("HTM"); therefore, they are held at their amortized cost. The investments held by the trust earn interest at the stated coupon rate of the invested bonds. Interest earned on the investments held by the trust is recognized and presented as interest income on our condensed consolidated statements of operations. As interest from the bonds is received and as bonds mature, any proceeds not reinvested are held in highly liquid securities and treated as restricted cash.
At June 30, 2024 and December 31, 2023, the carrying value of our restricted investment was $80.5 million and $79.1 million, net of an allowance for credit losses of $0.1 million and $0.2 million, and included restricted cash of $16.8 million and $15.4 million, respectively. The fair value at June 30, 2024 and December 31, 2023 was $77.9 million and $76.7 million, respectively, based on Level 1 inputs.
The following table shows the total amortized cost of our HTM debt securities by credit rating, excluding the allowance for credit losses and cash. The primary factor in our expected credit loss calculation is the composite bond rating. As the rating decreases, the risk present in holding the bond is inherently increased, leading to an increase in expected credit losses.
HTM Debt Securities
In millionsAA+AA-AA-BBB+Total
June 30, 2024$13.3 10.3 13.2 17.0 10.0 $63.8 
December 31, 2023$13.3 10.4 13.2 17.0 10.0 $63.9 
Debt and Finance Lease Obligations
At June 30, 2024 and December 31, 2023, the carrying value of finance lease obligations was $100.6 million and $101.1 million, respectively, and the fair value was $103.5 million and $105.7 million, respectively. The fair value of our finance lease obligation associated with our Performance Materials' Wickliffe, Kentucky manufacturing site, is based on the period-end quoted market prices for the obligation, using Level 2 inputs. The fair value of all other finance lease obligations approximates their carrying values.
The carrying value, excluding debt issuance fees, of our variable interest rate debt was $852.9 million and $821.4 million as of June 30, 2024 and December 31, 2023, respectively. The carrying value of our variable rate debt is a reasonable estimate of the fair value.
At June 30, 2024 and December 31, 2023, the carrying value of our fixed rate debt was $550.0 million and $550.0 million, respectively, and the fair value was $499.0 million and $494.6 million, respectively, based on Level 2 inputs.



10

INGEVITY CORPORATION
Notes to the Condensed Consolidated Financial Statements
June 30, 2024
(Unaudited)

Note 5: Inventories, net
In millionsJune 30, 2024December 31, 2023
Raw materials$107.8 $128.3 
Production materials, stores, and supplies26.9 26.0 
Finished and in-process goods259.0 255.2 
Subtotal$393.7 $409.5 
Less: LIFO reserve (91.7)(100.7)
Inventories, net$302.0 $308.8 
Note 6: Property, Plant, and Equipment, net
In millionsJune 30, 2024December 31, 2023
Machinery and equipment$1,277.0 $1,244.6 
Buildings and leasehold improvements220.7 217.4 
Land and land improvements26.3 26.3 
Construction in progress81.8 92.8 
Total cost$1,605.8 $1,581.1 
Less: accumulated depreciation (1)
(883.6)(818.9)
Property, plant, and equipment, net$722.2 $762.2 
_______________
(1) As a result of the Performance Chemicals' repositioning, as further described in Note 11, we accelerated the depreciation of certain property, plant and equipment assets. This resulted in $1.8 million and $33.4 million of additional expense for the three and six months ended June 30, 2024, respectively, which is included in Restructuring and other (income) charges, net within the condensed consolidated statements of operations.
Note 7: Goodwill and Other Intangible Assets, net
Goodwill
Reporting Units
In millionsPerformance MaterialsPerformance ChemicalsAdvanced Polymer TechnologiesTotal
December 31, 2023$4.3 $349.4 $173.8 $527.5 
Goodwill impairment charge— (349.1)— (349.1)
Foreign currency translation— (0.3)(1.1)(1.4)
June 30, 2024$4.3 $— $172.7 $177.0 
Beginning in fiscal year 2023, we began to see depressed volumes in our industrial end markets, constraining our ability to offset the continued crude tall oil (“CTO”) price inflation we were experiencing, and negatively impacting earnings and cash flow within our Performance Chemicals’ reporting unit, particularly in our industrial specialties product line. As a result, we concluded that a triggering event occurred in the third quarter of 2023. Our third quarter 2023 impairment analysis included significant assumptions, such as the execution of several measures in 2023 to pursue greater cost efficiency, including a reorganization to streamline certain functions and reduce ongoing costs, and expectations of decreased CTO costs beginning in the second half of 2024. We concluded that no impairment was necessary as a result of that third quarter 2023 interim analysis or at our annual impairment test, dated October 1, 2023.
During the second quarter of 2024, our supplier provided new information regarding the cost of CTO for the second half of 2024, which significantly exceeded our forecasted costs, resulting in a triggering event for our Performance Chemicals’ reporting unit. We performed an analysis of the reporting unit’s goodwill, intangibles, and long-lived assets. Our analysis included significant assumptions such as: revenue growth rate, earnings before interest, taxes, depreciation and amortization


11

INGEVITY CORPORATION
Notes to the Condensed Consolidated Financial Statements
June 30, 2024
(Unaudited)

("EBITDA") margin, and discount rate, which are judgmental, and variations in any assumptions could result in materially different calculations of fair value.
Our analysis reassessed the expected cash flows in light of current performance and expected lack of near term recovery in our industrial specialties product line, resulting in lower volume and profitability expectations. As a result, the company concluded that the carrying amount of the Performance Chemicals’ reporting unit exceeded its fair value, resulting in a non-cash goodwill impairment charge of $349.1 million, which represents all of the goodwill within the Performance Chemicals' reportable segment. The charge was recorded within “Goodwill impairment charge” on the condensed consolidated statements of operations for the quarter ended June 30, 2024.

Other Intangible Assets
In millionsCustomer contracts and relationships
Brands (1)
Developed TechnologyTotal
Gross Asset Value
December 31, 2023$396.5 $92.6 $91.7 $580.8 
Retirements (2)
(129.0)— (1.9)(130.9)
Foreign currency translation(1.1)(0.4)(0.4)(1.9)
June 30, 2024$266.4 $92.2 $89.4 $448.0 
Accumulated Amortization
December 31, 2023$(179.4)$(30.3)$(35.0)$(244.7)
Amortization (3)
(31.3)(2.7)(5.1)(39.1)
Retirements (2)
129.0 — 1.9 130.9 
Foreign currency translation0.3 0.1 0.2 0.6 
June 30, 2024$(81.4)$(32.9)$(38.0)$(152.3)
Other intangibles, net$185.0 $59.3 $51.4 $295.7 
_______________
(1) Represents trademarks, trade names, and know-how.
(2) As a result of the Performance Chemicals' repositioning, as further described in Note 11, we retired certain customer contracts and relationships, and developed technology finite-lived intangible assets.
(3) As a result of the Performance Chemicals' repositioning, as further described in Note 11, we accelerated the amortization of certain customer contract and relationship finite-lived intangible assets. This resulted in zero and $22.1 million of additional expense for the three and six months ended June 30, 2024, respectively, and $37.4 million of additional expenses for the twelve months ended December 31, 2023, which is included in Restructuring and other (income) charges, net within the condensed consolidated statements of operations.
Intangible assets subject to amortization were attributed to our business segments as follows:
In millionsJune 30, 2024December 31, 2023
Performance Materials$1.3 $1.5 
Performance Chemicals108.0 137.5 
Advanced Polymer Technologies186.4 197.1 
Other intangibles, net$295.7 $336.1 


12

INGEVITY CORPORATION
Notes to the Condensed Consolidated Financial Statements
June 30, 2024
(Unaudited)

The amortization expense related to our intangible assets in the table above is shown in the table below.
Three Months Ended June 30,Six Months Ended June 30,
In millions2024202320242023
Selling, general, and administrative expenses$7.5 $10.5 $17.0 $20.9 
Restructuring and other (income) charges, net (1)
— — 22.1 — 
Total amortization expense$7.5 $10.5 $39.1 $20.9 
_______________
(1) Amounts recorded to Restructuring and other (income) charges, net are not included within segment depreciation and amortization.
Based on the current carrying values of intangible assets, estimated pre-tax amortization expense for the next five years is as follows: $15.0 million for the remainder of 2024, 2025 - $29.8 million, 2026 - $29.1 million, 2027 - $29.1 million, and 2028 - $29.1 million. The estimated pre-tax amortization expense may fluctuate due to changes in foreign currency exchange rates.
Note 8: Financial Instruments and Risk Management
Cash Flow Hedges
Foreign Currency Exchange Risk Management
As of June 30, 2024, there were $2.2 million open foreign currency derivative contracts. The fair value of the designated foreign currency hedge contracts was a net asset (liability) of zero at June 30, 2024 and December 31, 2023.
Commodity Price Risk Management
As of June 30, 2024, we had 1.5 million and 0.9 million mm BTUS (millions of British Thermal Units) in aggregate notional volume of outstanding natural gas commodity swap contracts and zero cost collar option contracts, respectively, designated as cash flow hedges. As of June 30, 2024, open commodity contracts hedge forecasted transactions until December 2025. The fair value of the outstanding designated natural gas commodity hedge contracts as of June 30, 2024 and December 31, 2023, was a net asset (liability) of zero and $(0.9) million, respectively.


13

INGEVITY CORPORATION
Notes to the Condensed Consolidated Financial Statements
June 30, 2024
(Unaudited)

Effect of Cash Flow and Net Investment Hedge Accounting on AOCI
In millionsAmount of Gain (Loss) Recognized in AOCIAmount of Gain (Loss) Reclassified from AOCI into Net income (loss)Location of Gain (Loss) Reclassified from AOCI in Net income (loss)
Three Months Ended June 30,
2024202320242023
Cash flow hedging derivatives
Currency exchange contracts$0.1 $— $— $(0.3)Net sales
Natural gas contracts— (0.1)(0.8)(1.5)Cost of sales
Total$0.1 $(0.1)$(0.8)$(1.8)
In millionsAmount of Gain (Loss) Recognized in AOCIAmount of Gain (Loss) Reclassified from AOCI into Net income (loss)Location of Gain (Loss) Reclassified from AOCI in Net income (loss)
Six Months Ended June 30,
2024202320242023
Cash flow hedging derivatives
Currency exchange contracts$0.1 $(0.1)$— $(0.5)Net sales
Natural gas contracts(0.4)(3.0)(1.5)(1.0)Cost of sales
Total$(0.3)$(3.1)$(1.5)$(1.5)
Within the next twelve months, we expect to reclassify $0.8 million of net gains from AOCI to income, before taxes.


14

INGEVITY CORPORATION
Notes to the Condensed Consolidated Financial Statements
June 30, 2024
(Unaudited)

Fair Value Measurements
The following information is presented for derivative assets and liabilities that are recorded in the condensed consolidated balance sheets at fair value measured on a recurring basis. There were no transfers of assets and liabilities that are recorded at fair value between Level 1 and Level 2 during the periods reported. There were no nonrecurring fair value measurements related to derivative assets and liabilities on the condensed consolidated balance sheets as of June 30, 2024, or December 31, 2023.
June 30, 2024
In millions
Level 1(1)
Level 2(2)
Level 3(3)
Total
Assets:
Currency exchange contracts (4)
$— $0.1 $— $0.1 
Total assets$— $0.1 $— $0.1 
Liabilities:
Currency exchange contracts (5)
$— $0.1 $— $0.1 
Total liabilities$— $0.1 $— $0.1 
December 31, 2023
In millions
Level 1(1)
Level 2(2)
Level 3(3)
Total
Assets:
Currency exchange contracts (4)
$— $0.5 $— $0.5 
Total assets$— $0.5 $— $0.5 
Liabilities:
Natural gas contracts (5)
$— $0.9 $— $0.9 
Currency exchange contracts (5)
— 0.5 — 0.5 
Total liabilities$— $1.4 $— $1.4 
__________
(1) Quoted prices in active markets for identical assets.
(2) Quoted prices for similar assets and liabilities in active markets.
(3) Significant unobservable inputs.
(4) Included within "Prepaid and other current assets" on the condensed consolidated balance sheets.
(5) Included within "Accrued expenses" on the condensed consolidated balance sheets.


15

INGEVITY CORPORATION
Notes to the Condensed Consolidated Financial Statements
June 30, 2024
(Unaudited)

Note 9: Debt, including Finance Lease Obligations
Current and long-term debt including finance lease obligations consisted of the following:
In millions, except percentagesJune 30, 2024December 31, 2023
Revolving Credit Facility and other lines of credit (1)(2)
$756.3 $738.0 
3.88% Senior Notes due 2028
550.0 550.0 
Finance lease obligations (3)
100.6 101.1 
Accounts receivable securitization (4)
100.0 81.3 
Other notes payable1.9 2.1 
Total debt including finance lease obligations$1,508.8 $1,472.5 
Less: debt issuance costs4.8 5.3 
Total debt, including finance lease obligations, net of debt issuance costs$1,504.0 $1,467.2 
Less: debt maturing within one year (5)
103.0 84.4 
Long-term debt including finance lease obligations$1,401.0 $1,382.8 
______________
(1) Letters of credit outstanding under the revolving credit facility were $2.0 million and $2.5 million and available funds under the facility were $241.7 million and $259.5 million at June 30, 2024 and December 31, 2023, respectively.
(2) The weighted average interest rate associated with our revolving credit facility was 6.76 percent and 6.36 percent for the period ended June 30, 2024 and December 31, 2023, respectively.
(3) At June 30, 2024 and December 31, 2023, $80.0 million of the finance lease obligation upon maturity will be settled utilizing liquid assets that have been placed into a trust established strictly for this purpose. The trust is presented as Restricted investments on the condensed consolidated balance sheets in the amount of $80.5 million and $79.1 million as of June 30, 2024 and December 31, 2023, respectively. Refer to Note 4, under the section: Restricted Investment, for more information.
(4) The interest rate associated with our accounts receivable securitization program was 5.50 percent and 5.61 percent for the period ended June 30, 2024 and December 31, 2023, respectively.
(5) Debt maturing within one year is included in "Notes payable and current maturities of long-term debt" on the condensed consolidated balance sheets.
Debt Covenants
Our indenture contains certain customary covenants (including covenants limiting Ingevity's and its restricted subsidiaries’ ability to grant or permit liens on certain property securing debt, declare or pay dividends, make distributions on or repurchase or redeem capital stock, make investments in unrestricted subsidiaries, engage in sale and lease-back transactions, and engage in a consolidation or merger, or sell, transfer or otherwise dispose of all or substantially all of the assets of Ingevity and our restricted subsidiaries, taken as a whole) and events of default (subject in certain cases to customary exceptions, as well as grace and cure periods). The occurrence of an event of default under the 2028 Senior Notes could result in the acceleration of the notes of such series and could cause a cross-default resulting in the acceleration of other indebtedness of Ingevity and its subsidiaries. We were in compliance with all covenants under the indenture as of June 30, 2024.
The credit agreement governing our revolving credit facility contains customary default provisions, including defaults for non-payment, breach of representations and warranties, insolvency, non-compliance with covenants and cross-defaults to other material indebtedness. The occurrence of an uncured event of default under the credit agreement could result in all loans and other obligations becoming immediately due and payable and our revolving credit facility being terminated. The credit agreement also contains certain customary covenants, including financial covenants. The revolving credit facility financial covenants require Ingevity to maintain on a consolidated basis a maximum total net leverage ratio of 4.0 to 1.0 (which may be increased to 4.5 to 1.0 under certain circumstances) and a minimum interest coverage ratio of 3.0 to 1.0. As calculated per the credit agreement, our net leverage for the four consecutive quarters ended June 30, 2024 was 3.3, and our actual interest coverage for the four consecutive quarters ended June 30, 2024 was 4.8. We were in compliance with all covenants under the credit agreement at June 30, 2024.


16

INGEVITY CORPORATION
Notes to the Condensed Consolidated Financial Statements
June 30, 2024
(Unaudited)

Note 10: Equity
Common Stock
In millions, shares in thousandsSharesAmountAdditional paid in capitalRetained earningsAccumulated
other
comprehensive
income (loss)		Treasury stockTotal Equity
Balance at December 31, 202343,447 $0.4 $164.9 $1,002.3 $(26.7)$(509.5)$631.4 
Net income (loss)— — — (56.0)— — (56.0)
Other comprehensive income (loss)— — — — (8.9)— (8.9)
Common stock issued139 — — — — — — 
Tax payments related to vested restricted stock units— — — — — (2.6)(2.6)
Share-based compensation plans— — 4.3 — — — 4.3 
Balance at March 31, 202443,585 $0.4 $169.2 $946.3 $(35.6)$(512.1)$568.2 
Net income (loss)— — — (283.7)— — (283.7)
Other comprehensive income (loss)— — — — (1.9)— (1.9)
Common stock issued20 — — — — — — 
Tax payments related to vested restricted stock units— — — — — (0.2)(0.2)
Share-based compensation plans— — 2.4 — — 2.4 
Balance at June 30, 202443,606 $0.4 $171.6 $662.6 $(37.5)$(512.3)$284.8 
Common Stock
In millions, shares in thousandsSharesAmountAdditional paid in capitalRetained earningsAccumulated
other
comprehensive
income (loss)		Treasury stockTotal Equity
Balance at December 31, 202243,228 $0.4 $153.0 $1,007.7 $(46.8)$(416.0)$698.3 
Net income (loss)— — — 50.7 — — 50.7 
Other comprehensive income (loss)— — — — 8.0 — 8.0 
Common stock issued139 — — — — — — 
Exercise of stock options, net41 — 2.2 — — — 2.2 
Tax payments related to vested restricted stock units— — — — — (4.5)(4.5)
Share repurchase program— — — — — (33.4)(33.4)
Share-based compensation plans— — 3.7 — — 0.7 4.4 
Balance at March 31, 202343,408 $0.4 $158.9 $1,058.4 $(38.8)$(453.2)$725.7 
Net income (loss)— — — 35.5 — — 35.5 
Other comprehensive income (loss)— — — — 5.3 — 5.3 
Common stock issued22 — — — — — — 
Share repurchase program— — — — — (58.7)(58.7)
Share-based compensation plans— — 4.7 — — 1.6 6.3 
Balance at June 30, 202343,430 $0.4 $163.6 $1,093.9 $(33.5)$(510.3)$714.1 


17

INGEVITY CORPORATION
Notes to the Condensed Consolidated Financial Statements
June 30, 2024
(Unaudited)

Accumulated other comprehensive income (loss)
Three Months Ended June 30,Six Months Ended June 30,
In millions2024202320242023
Foreign currency translation
Beginning balance$(34.7)$(35.3)$(25.6)$(45.8)
Net gains (losses) on foreign currency translation(2.6)4.0 (11.7)14.5 
Other comprehensive income (loss), net of tax(2.6)4.0 (11.7)14.5 
Ending balance$(37.3)$(31.3)$(37.3)$(31.3)
Derivative instruments
Beginning balance$(1.4)$(3.9)$(1.6)$(1.4)
Gains (losses) on derivative instruments0.1 (0.1)(0.3)(3.1)
Less: tax provision (benefit)— — (0.1)(0.7)
Net gains (losses) on derivative instruments0.1 (0.1)(0.2)(2.4)
(Gains) losses reclassified to net income0.8 1.8 1.5 1.5 
Less: tax (provision) benefit0.2 0.5 0.4 0.4 
Net (gains) losses reclassified to net income0.6 1.3 1.1 1.1 
Other comprehensive income (loss), net of tax0.7 1.2 0.9 (1.3)
Ending balance$(0.7)$(2.7)$(0.7)$(2.7)
Pension and other postretirement benefits
Beginning balance$0.5 $0.4 $0.5 $0.4 
Amortization of actuarial and other (gains) losses, prior service cost (credits), and settlement and curtailment (income) charge reclassified to net income— 0.1 — 0.1 
Less: tax (provision) benefit— — — — 
Net actuarial and other (gains) losses, amortization of prior service cost (credits), and settlement and curtailment (income) charge reclassified to net income— 0.1 — 0.1 
Other comprehensive income (loss), net of tax— 0.1 — 0.1 
Ending balance$0.5 $0.5 $0.5 $0.5 
Total AOCI ending balance at June 30$(37.5)$(33.5)$(37.5)$(33.5)


18

INGEVITY CORPORATION
Notes to the Condensed Consolidated Financial Statements
June 30, 2024
(Unaudited)

Reclassifications of accumulated other comprehensive income (loss)
Three Months Ended June 30,Six Months Ended June 30,
In millions2024202320242023
Derivative instruments
Currency exchange contracts (1)
$— $(0.3)$— $(0.5)
Natural gas contracts (2)
(0.8)(1.5)(1.5)(1.0)
Total before tax(0.8)(1.8)(1.5)(1.5)
(Provision) benefit for income taxes0.2 0.5 0.4 0.4 
Amount included in net income (loss)$(0.6)$(1.3)$(1.1)$(1.1)
Pension and other post retirement benefits
Amortization of prior service costs (2)
$— $0.1 $— $0.1 
Total before tax— 0.1 — 0.1 
(Provision) benefit for income taxes— — — — 
Amount included in net income (loss)$— $0.1 $— $0.1 
______________
(1) Included within "Net sales" on the condensed consolidated statements of operations.
(2) Included within "Cost of sales" on the condensed consolidated statements of operations.
Share Repurchases
On July 25, 2022, our Board of Directors authorized the repurchase of up to $500.0 million of our common stock (the "2022 Authorization"), and rescinded the prior outstanding repurchase authorization with respect to the shares that remained unused under the prior authorization. Shares under the 2022 Authorization may be purchased through open market or privately negotiated transactions at the discretion of management based on its evaluation of market prevailing conditions and other factors, including through the use of trading plans intended to qualify under Rule 10b5-1 under the Securities Exchange Act of 1934, as amended.
During the three and six months ended June 30, 2024, we repurchased no common stock. At June 30, 2024, $353.4 million remained unused under the 2022 Authorization.
During the three and six months ended June 30, 2023, we repurchased $58.7 million, inclusive of $0.6 million excise tax, and $92.1 million, inclusive of $0.8 million excise tax, in common stock, representing 819,898 and 1,269,373 shares of our common stock at a weighted average cost per share of $70.87 and $71.93, respectively.

Note 11: Restructuring and Other (Income) Charges, net
Detail on the restructuring charges and other (income) charges, net, is provided below.
Three Months Ended June 30,Six Months Ended June 30,
In millions2024202320242023
Restructuring charges$10.0 $7.0 $