Company: NGVT
Filing Date: 2025-08-05
Form Type: 10-Q
Source: 0001653477-25-000108
Chunk: 98

Company: Ingevity Corp
Filing Date: 2025-08-05
Form: 10-Q
Item: Part I, Item 8
Chunk 98
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 31, 2024. As a result of the termination, the purchases under the CTO supply contract ended effective June 30, 2024. 

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INGEVITY CORPORATIONNotes to the Condensed Consolidated Financial StatementsJune 30, 2025(Unaudited)

Other (income) charges, netNorth Charleston plant transitionOur North Charleston, South Carolina Performance Chemicals manufacturing plant has historically been co-located with a WestRock Company (“WestRock”) paper mill. In May 2023, WestRock announced that it would permanently cease operating its North Charleston paper mill by August 31, 2023 and notified us that it was terminating the shared services in accordance with our operating agreement. WestRock ceased production at their North Charleston paper mill in June 2023. During 2023, we executed a transition plan, which was completed in 2024, to separate certain critical operating services WestRock had historically provided to us such as steam, water and wastewater treatment. During the three and six months ended June 30, 2024, we incurred charges of $3.1 million and $3.6 million, respectively. Restructuring and Other (Income) Charges, net Reserves The following table shows a roll forward of restructuring reserves that will result in cash spending, the majority of which relate to the Performance Chemicals repositioning.Balance atChange inCashBalance atIn millions12/31/2024 (1)Reserve (2)PaymentsOther (3)6/30/2025 (1)Severance and other employee-related costs$4.2 2.5 (4.7)— $2.0 Other charges (income)0.9 24.1 (18.4)6.6 Restructuring 5.1 26.6 (23.1)— 8.6 Other (income) charges, net— — — — — Restructuring and Other (income) charges, net reserves$5.1 26.6 (23.1)— $8.6 _______________(1) Included in "Accrued expenses" on the condensed consolidated balance sheets. (2) Includes severance and other employee-related costs, exited leases, CTO supply contract terminations and other miscellaneous exit costs. Any asset write-downs including accelerated depreciation and impairment charges are not included in the above table.(3) Primarily foreign currency translation adjustments