Company: NGVT
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0001653477-25-000015
Chunk: 526

Company: Ingevity Corp
Filing Date: 2025-02-19
Form: 10-K
Item: Item 1
Chunk 526
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 Obligations

Refer to Note 10 for a summary of our outstanding debt obligations and revolving credit facility, and Note 13 for details of our lease obligations. 

Other Potential Liquidity Needs

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of Directors authorized the repurchase of up to $500.0 million of our common stock (the "2022 Authorization"), and rescinded the prior outstanding repurchase authorization with respect to the shares that remained unused under the prior authorization.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 year ended December 31, 2024, we repurchased no common stock. At December 31, 2024, $353.4 million remained available for purchase under our Board-authorized repurchase program. 

Capital Expenditures

Projected 2025 capital expenditures are expected to be $50 million to $70 million, the majority of which will be spent on maintenance and safety, health and environment projects. We have no material commitments associated with these projected capital expenditures as of December 31, 2024.

42

Cash flow comparison of Years Ended December 31, 2024, 2023, and 2022 

Years Ended December 31,In millions202420232022Net cash provided by (used in) operating activities$128.6 $205.1 $313.4 Net cash provided by (used in) investing activities(79.5)(77.3)(551.9)Net cash provided by (used in) financing activities(70.2)(99.9)48.1 

Cash flows provided by (used in) operating activities

Cash provided by operating activities, which consists of net income (loss) adjusted for non-cash items including the cash impact from changes in operating assets and liabilities (i.e., working capital), totaled $128.6 million for the year ended December 31, 2024. 

Cash provided by operating activities for 2024, when compared to 2023, decreased by $76.5 million. This decrease was driven by a payment to terminate a Performance Chemicals CTO contract of $100.0 million, reduced cash earnings of $75.8 million, CTO