Company: NGVT
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0001653477-25-000015
Chunk: 332

Company: Ingevity Corp
Filing Date: 2025-02-19
Form: 10-K
Item: Item 7
Chunk 332
---
 our overall opinion on the consolidated financial statements. These procedures included testing the effectiveness of controls relating to management’s annual goodwill impairment assessment, including controls over the valuation of the Advanced Polymer Technologies reporting unit. These procedures also included, among others (i) testing management’s process for developing the fair value estimate of the reporting unit; (ii) evaluating the appropriateness of the income and market approaches; (iii) testing the completeness and accuracy of underlying data used in the discounted cash flow model; and (iv) evaluating the reasonableness of the significant assumptions used by management related to the forecasted revenue growth rates, forecasted EBITDA margins, and discount rate. Evaluating management’s significant assumptions related to the forecast of forecasted revenue growth rates and forecasted EBITDA margins involved evaluating whether the significant assumptions used by management were reasonable considering (i) the current and past performance of the Advanced Polymer Technologies reporting unit; (ii) the consistency with external market data; and (iii) whether these significant assumptions were consistent with evidence obtained in other areas of the audit. Professionals with specialized skill and knowledge were used to assist in evaluating (i) the appropriateness of the Company’s discounted cash flow model and (ii) the reasonableness of the discount rate.

/s/ PricewaterhouseCoopers LLP

Charlotte, North Carolina

February 19, 2025 

We have served as the Company’s auditor since 2015. 

51

INGEVITY CORPORATION

Consolidated Statements of OperationsYears Ended December 31,In millions, except per share data202420232022Net sales$1,406.4 $1,692.1 $1,668.3 Cost of sales951.7 1,220.2 1,098.2 Gross profit454.7 471.9 570.1 Selling, general, and administrative expenses166.7 183.7 198.8 Research and technical expenses28.1 31.8 30.3 Restructuring and other (income) charges, net186.2 170.2 13.8 Goodwill impairment charge349.1 — — Acquisition-related costs0.3 3.6 5.0 Other (income) expense, net169.8 5.7 (1.7)Interest expense97.8 93.3 61.8 Interest income(7.7)(6.3