Company: NGVT
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0001653477-25-000015
Chunk: 58

Company: Ingevity Corp
Filing Date: 2025-02-19
Form: 10-K
Item: Item 3
Chunk 58
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 technical expenses28.1 31.8 30.3 Restructuring and other (income) charges, net186.2 170.2 13.8 Goodwill impairment charge349.1 — — Acquisition-related costs0.3 3.6 5.0 Other (income) expense, net169.8 5.7 (1.7)Interest expense97.8 93.3 61.8 Interest income(7.7)(6.3)(7.5)Income (loss) before income taxes(535.6)(10.1)269.6 Provision (benefit) for income taxes(105.3)(4.7)58.0 Net income (loss)$(430.3)$(5.4)$211.6 

Net sales

The table below shows 2024 and 2023 Net sales and variances from 2023 and 2022, respectively.

Change vs. prior yearIn millions Prior year Net salesVolumePrice/MixCurrency effectCurrent year Net salesYear Ended December 31, 2024 vs. 2023$1,692.1 (274.9)(1.0)(9.8)$1,406.4 Year Ended December 31, 2023 vs. 2022$1,668.3 (106.3)142.3 (12.2)$1,692.1 

2024 Performance Summary

The Net sales decrease was driven primarily by the Performance Chemicals industrial specialties product line due to repositioning actions that have resulted in the reduction of sales to lower margin end-use markets, therefore reducing Net sales during the year by approximately $210 million. Also contributing to the lower sales was unfavorable weather in key North American regions impacting the Performance Chemicals road technologies product line contributing to the decline in Net sales of $27.5 million, continued weakness in certain industrial end markets that negatively impacted sales in the Performance Chemicals industrial specialties product line that contributed to the reduction in Net sales of $56.4 million, and lower sales in our Advanced Polymer Technologies reportable segment of $15.4 million, partially offset by an increase in our Performance Materials reportable segment of $23.6 million.

Year Ended December 31, 2024 vs. 2023

The Net sales decrease in 2024 was driven by volume decline of $274.9 million (16 percent),