Company: NGVT
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0001653477-25-000015
Chunk: 1114

Company: Ingevity Corp
Filing Date: 2025-02-19
Form: 10-K
Item: Item 8
Chunk 1114
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IndexIngevity CorporationNotes to the Consolidated Financial StatementsDecember 31, 2024

Net Annual Benefit Costs AssumptionsThe following table summarizes the weighted-average assumptions used for the components of net annual benefit cost:PensionsOther BenefitsYears Ended December 31,In millions, except percentages202420232022202420232022Discount rate - qualified benefit plans (1)4.80 %5.00 %2.75 %— %— %— %Discount rate - non-qualified benefit plans (1)4.80 %5.00 %2.65 %4.70 %4.90 %2.60 %Expected return on plan assets6.50 %5.50 %5.50 %N/AN/AN/AComponents of net annual benefit cost:Service cost (2)$1.2 $1.1 $1.5 $— $— $— Interest cost (3)1.7 1.6 1.2 — — — Expected return on plan assets (3)(1.7)(1.3)(1.7)— — — Amortization of prior service cost (2)0.2 0.2 0.2 — — — Amortization of net actuarial and other (gain) loss (3)(0.1)— — — — — Recognized (gain) loss due to curtailments (2)(4)0.2 — 0.2 — — — Net annual benefit cost$1.5 $1.6 $1.4 $— $— $— _______________(1) The discount rate used to calculate pension and other post-retirement obligations was based on a review of available yields on high-quality corporate bonds. In selecting a discount rate, we placed particular emphasis on a discount rate yield-curve provided by our third-party actuary, which takes into consideration the projected cash flows that represent the expected timing and amount of our plans' benefit payments.(2) Amounts are recorded to "Cost of sales" on our consolidated statements of operations consistent with the employee compensation costs that participate in the plan.(3) Amounts are recorded to "Other (income) expense, net" on our consolidated statements of operations. (4) Our pension and postretirement settlement