Company: NGVT
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0001653477-25-000015
Chunk: 121

Company: Ingevity Corp
Filing Date: 2025-02-19
Form: 10-K
Item: Item 4
Chunk 121
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 in the year ended December 31, 2023, that did not repeat in 2024.

Year Ended December 31, 2023 vs. 2022

SG&A expenses were $183.7 million (11 percent of Net sales) and $198.8 million (12 percent of Net sales) for the years ended December 31, 2023 and 2022, respectively. The decrease in SG&A expenses is primarily due to lower employee-related costs of $18.4 million, and decreased travel and other miscellaneous costs of $6.9 million, partially offset by increased amortization expense of $10.2 million due to the Ozark Materials acquisition.

Research and technical expenses

Years Ended December 31, 2024, 2023, and 2022 

Research and technical expenses as a percentage of Net sales remained relatively consistent period over period, totaling 2.0 percent of sales in the year ended December 31, 2024, compared to 1.9 percent in the year ended December 31, 2023, and 1.8 percent in the year ended December 31, 2022. Research and technical expenses as a percentage of Net sales increased due to lower sales. Overall, Research and technical expense decreased by $3.7 million in 2024, compared to 2023, which included approximately $4.0 million realized from the Performance Chemicals repositioning actions initiated in 2023.

32

Restructuring and other (income) charges, net

Years Ended December 31, 2024, 2023, and 2022

 Years Ended December 31,In millions202420232022Work force reductions and other$2.3 $12.5 $— Performance Chemicals' repositioning172.7 113.1 — Restructuring charges$175.0 $125.6 $— Alternative feedstock transition— 22.1 — North Charleston plant transition11.2 14.8 — Business transformation costs— 7.7 13.8 Other (income) charges, net$11.2 $44.6 $13.8 Restructuring and other (income) charges, net (1)$186.2 $170.2 $13.8 

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(1) See Note 15 for more information. 

Goodwill impairment charge

Years Ended December