Company: NGVT
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0001653477-25-000015
Chunk: 1126

Company: Ingevity Corp
Filing Date: 2025-02-19
Form: 10-K
Item: Item 8
Chunk 1126
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 $0.1 million will expire in 10 years, $0.3 million will expire in 15 years, $0.9 million will expire in 20 years, and $17.3 million will never expire. 

96

IndexIngevity CorporationNotes to the Consolidated Financial StatementsDecember 31, 2024

Due to the global nature of our operations, a portion of our cash is held outside the U.S. The cash and cash equivalent balance at December 31, 2024 included $63.9 million held by our foreign subsidiaries. At December 31, 2024, 2023, and 2022, no deferred income taxes have been provided for our share of undistributed net earnings of foreign operations due to management’s intent to reinvest such amounts indefinitely. The determination of the amount of taxes that may be due if earnings are remitted is not practicable because such liability, if any, is dependent on circumstances that exist if and when remittance occurs. The circumstances that would affect the calculations include the source location and amount of the distribution, the underlying tax rate already paid on the earnings, foreign withholding taxes, the opportunity to use foreign tax credits, and the potential impact of future tax reform. Positive undistributed earnings considered to be indefinitely reinvested totaled $40.0 million at December 31, 2024.  A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows:Years ended December 31,In millions202420232022Balance at beginning of year$1.2 $0.8 $0.3 Additions for tax positions related to prior years1.2 0.4 0.5 Reduction for lapse of statute of limitation(0.3)— — Balance at end of year (1)$2.1 $1.2 $0.8 _______________(1) Included in "Other liabilities" on the consolidated balance sheets.As of December 31, 2024, 2023, and 2022, $2.4 million, $1.4 million, and $0.9 million, respectively, of unrecognized tax benefit, including penalties and interest, would, if recognized, impact our effective tax rate. We recognize interest accrued related to unrecognized tax benefits and penalties as income tax expense. Pillar Two, released by the Organisation for Economic Cooperation and Development (OECD), went into effect on January 1, 2024. Pillar Two