Company: NGVT
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0001653477-25-000015
Chunk: 1184

Company: Ingevity Corp
Filing Date: 2025-02-19
Form: 10-K
Item: Item 8
Chunk 1184
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 StatementsDecember 31, 2024

In December 2023, the FASB issued ASU 2023-09, “Improvements to Income Tax Disclosures,” which is intended to enhance income tax disclosures around the rate reconciliation and income taxes paid. The purpose of the amendment is to provide readers of the financial statements with information to better assess the differences between the effective tax rate and the statutory tax rate across multiple jurisdictions, enabling them to understand tax implications around operational opportunities and potential future cash flows. The guidance is effective beginning with our 2025 fiscal year Consolidated Financial Statements. We are currently evaluating the potential impact of adopting this new guidance on our Consolidated Financial Statements and related disclosures.In November 2024, the FASB issued ASU 2024-03, “Disaggregation of Income Statement Expenses,” which is intended to enhance disclosures regarding significant expenses. The purpose of the amendment is to provide readers of the financial statements with information to better understand an entity’s overall performance, assess potential future cash flows, and compare an entity's performance over time and with that of other entities. The guidance is effective beginning with our 2027 fiscal year Consolidated Financial Statements. We are currently evaluating the potential impact of adopting this new guidance on our Consolidated Financial Statements and related disclosures.

Note 4: Net Sales

Disaggregation of Net salesThe following table presents our Net sales disaggregated by reportable segment and product line.Years Ended December 31,In millions202420232022Performance Materials segment$609.6 $586.0 $548.5 Road Technologies product line342.3 369.8 241.3 Industrial Specialties product line (1)265.9 532.3 633.8 Performance Chemicals segment$608.2 $902.1 $875.1 Advanced Polymer Technologies segment$188.6 $204.0 $244.7 Net sales$1,406.4 $1,692.1 $1,668.3 _______________(1) The reduction in the industrial specialties product line from 2023 to 2024 was due to the repositioning action taken to improve the Performance Chemicals reportable segment, refer to Note 15 for more information. The following table presents our Net sales disaggregated by geography, based on the delivery address of our customer.Years Ended December 31,In millions202420232022North America (1)$820.9 $