Company: NGVT
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0001653477-25-000015
Chunk: 1312

Company: Ingevity Corp
Filing Date: 2025-02-19
Form: 10-K
Item: Item 1
Chunk 1312
---
 within the Union Hourly defined benefit pension plan. These are excluded from our segment results because we consider these costs to be outside our operational performance. We continue to include the service cost, amortization of prior service cost, interest costs, expected return on plan assets, and amortized actual gains and losses in our segment EBITDA. Refer to Note 14 for more information.

Revision to Previously Reported Adjusted EBITDA (Non-GAAP)

We revised our December 31, 2023 non-GAAP Adjusted EBITDA calculation to remove previous adjustments of $19.7 million related to inventory lower of cost or market charges associated with the Company's Performance Chemicals repositioning. This change was made to address a request from the Securities and Exchange Commission to revise future filings to no longer exclude these adjustments from non-GAAP performance measures. The following table presents the twelve months ended December 31, 2023 as previously reported and as revised.

Reconciliation of Net Income (Loss) to Adjusted EBITDATwelve Months Ended December 31, 2023In millionsAs previously reportedAs revisedNet income (loss) (GAAP)$(5.4)$(5.4)Interest expense93.3 93.3 Interest income(6.3)(6.3)Provision (benefit) for income taxes(4.7)(4.7)Depreciation and amortization122.8 122.8 Restructuring and other (income) charges, net 189.9 170.2 Acquisition and other-related costs4.5 4.5 Loss on CTO resales22.0 22.0 Gain on sale of strategic investment(19.3)(19.3)Adjusted EBITDA (Non-GAAP)$396.8 $377.1 

Adjusted EBITDA

Year Ended December 31, 2024, 2023 and 2022

The factors that impacted Adjusted EBITDA period to period are the same factors that affected earnings discussed in the sections entitled "Results of Operations" and "Segment Operating Results" within MD&A.

40

Current Full Year Company Outlook vs. Prior Year

Net sales are expected to be between $1.3 billion and $1.4 billion for 2025. We expect growth in our Performance Materials reportable segment due to increased pricing on select products while global automotive production remains flat compared to the prior year. For our Performance Chemicals reportable