Company: NGVT
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0001653477-25-000015
Chunk: 315

Company: Ingevity Corp
Filing Date: 2025-02-19
Form: 10-K
Item: Item 7
Chunk 315
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 the inclusion of such gains or losses, would impair the factors and trends affecting the historical financial performance of our reportable segments. We continue to include undistributed earnings or loss, distributions, amortization or accretion of basis differences, and other-than-temporary impairments for equity method investments that we believe are directly attributable to the operational performance of such investments, in our reportable segment results. Refer to Note 5 for more information.

(8) Our pension and postretirement settlement and curtailment charges (income) are related to the acceleration of prior service costs, as a result of a reduction in the number of participants 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