Company: NGVT
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0001653477-25-000015
Chunk: 766

Company: Ingevity Corp
Filing Date: 2025-02-19
Form: 10-K
Item: Item 3
Chunk 766
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 common stock. At December 31, 2024, $353.4 million remained available for purchase under our Board-authorized repurchase program. 

Capital Expenditures

Projected 2025 capital expenditures are expected to be $50 million to $70 million, the majority of which will be spent on maintenance and safety, health and environment projects. We have no material commitments associated with these projected capital expenditures as of December 31, 2024.

42

Cash flow comparison of Years Ended December 31, 2024, 2023, and 2022 

Years Ended December 31,In millions202420232022Net cash provided by (used in) operating activities$128.6 $205.1 $313.4 Net cash provided by (used in) investing activities(79.5)(77.3)(551.9)Net cash provided by (used in) financing activities(70.2)(99.9)48.1 

Cash flows provided by (used in) operating activities

Cash provided by operating activities, which consists of net income (loss) adjusted for non-cash items including the cash impact from changes in operating assets and liabilities (i.e., working capital), totaled $128.6 million for the year ended December 31, 2024. 

Cash provided by operating activities for 2024, when compared to 2023, decreased by $76.5 million. This decrease was driven by a payment to terminate a Performance Chemicals CTO contract of $100.0 million, reduced cash earnings of $75.8 million, CTO resale cash outflows of $35.5 million, increased spending on restructuring initiatives of $15.3 million, and an increase in cash interest paid of $2.7 million due primarily to rising interest rates when compared to 2023. Partially offsetting these cash outflows was a net reduction in trade working capital (accounts receivable, inventory, and accounts payable) of $108.5 million, reduced employee variable compensation of $41.5 million, and a reduction in tax payments of $2.8 million.

Cash provided by operating activities for 2023, when compared to 2022, decreased by $108.3 million. This decrease was driven by lower cash earnings of $41.4 million, increased employee compensation payments of $38.9 million, increased spending on restructuring initiatives of $30.2 million, an increase in cash interest paid of $27.9 million due