Company: NGVT
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0001653477-25-000015
Chunk: 1217

Company: Ingevity Corp
Filing Date: 2025-02-19
Form: 10-K
Item: Item 8
Chunk 1217
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 13.8 Total Restructuring and other (income) charges, net$186.2 $170.2 $13.8 Restructuring ChargesIn millionsSeverance and other employee-related costsOther charges (income) (1)Asset disposal charges (2)TotalPerformance Chemicals' repositioning$9.8 $39.7 $123.2 $172.7 Other (3)0.3 0.4 1.6 2.3 Year ended December 31, 2024$10.1 $40.1 $124.8 $175.0 Performance Chemicals' repositioning8.61.5103.0113.1Other (3)9.80.12.612.5Year ended December 31, 2023$18.4 $1.6 $105.6 $125.6 Other— — — — Year ended December 31, 2022$— $— $— $— _______________(1) Primarily represents costs associated with contract terminations, plant and equipment decommissioning charges and other miscellaneous exit costs.(2) Primarily represents property, plant, and equipment and finite-lived intangible asset write-downs, accelerated depreciation and amortization, and impairment charges on certain assets, which were or are to be disposed of or abandoned. Also included, to the extent incurred, the acceleration effect of re-estimating settlement dates and revised cost estimates associated with asset retirement obligations related to asset disposal charges that are included within restructuring charges.(3) During 2023, we incurred severance and asset charges associated with targeted workforce reduction initiatives. During 2024, we took further steps to streamline our Performance Chemicals cost structure and improve the profitability of the segment, resulting in additional restructuring charges of $2.3 million, including $1.6 million in asset disposal charges, $0.2 million in foreign currency translation adjustments, and $0.2 million in other charges.Performance Chemicals RepositioningOn November 1, 2023, we announced a number of strategic actions designed to reposition our Performance Chemicals reportable segment to improve profitability and reduce the cyclicality of the Company as a whole. These actions increased our focus on growing our most profitable Performance Chemicals product lines, such as road technologies, and diversifying our raw material stream to non-CT