Company: NGVT
Filing Date: 2025-08-05
Form Type: 10-Q
Source: 0001653477-25-000108
Chunk: 120

Company: Ingevity Corp
Filing Date: 2025-08-05
Form: 10-Q
Item: Part I, Item 8
Chunk 120
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Interest expense, net

Three and Six Months Ended June 30, 2025 vs. 2024

Three Months Ended June 30,Six Months Ended June 30,In millions2025202420252024Accounts receivable securitization (1)$1.1 $1.4 $1.8 $2.8 Finance lease obligations (1)1.8 1.8 3.6 3.6 Interest rate swap (2)(0.3)— (0.5)— Litigation related interest expense (3)1.2 1.3 2.5 2.6 Revolving Credit Facility and other lines of credit (1)10.3 14.0 21.7 27.2 Senior notes (1)5.6 5.6 11.2 11.2 Other interest (income) expense, net(1.1)(0.9)(2.3)(1.9)Total Interest expense, net$18.6 $23.2 $38.0 $45.5 

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(1) See Note 9 for more information.

(2) See Note 8 for more information.

(3) See Note 13 for more information. 

Provision (benefit) for income taxes

Three and Six Months Ended June 30, 2025 vs. 2024

For the three months ended June 30, 2025 and 2024, our effective tax rate was (2.7) percent and 15.2 percent, respectively. Excluding discrete items, the effective rate was 22.2 percent compared to 33.5 percent in the three months ended June 30, 2025 and 2024, respectively. See Note 12 for more information. 

For the six months ended June 30, 2025 and 2024, our effective tax rate was (8.7) percent and 16.4 percent, respectively. Excluding discrete items, the effective rate was 22.3 percent compared to 34.5 percent in the six months ended June 30, 2025 and 2024, respectively. See Note 12 for more information. 

Segment Operating Results

In addition to the information discussed above, the following sections discuss the results of operations for Ingevity's reportable segments. Our segments are (i)