Company: NGVT
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0001653477-25-000015
Chunk: 1123

Company: Ingevity Corp
Filing Date: 2025-02-19
Form: 10-K
Item: Item 8
Chunk 1123
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 Ended December 31,In millions202420232022CurrentFederal$0.9 $25.8 $41.7 State and local0.9 2.9 6.3 Foreign14.3 11.3 15.0 Total current$16.1 $40.0 $63.0 DeferredFederal$(101.0)$(39.7)$(4.6)State and local(16.8)(4.6)(1.7)Foreign(3.6)(0.4)1.3 Total deferred$(121.4)$(44.7)$(5.0)Provision (benefit) for income taxes$(105.3)$(4.7)$58.0 We recorded $1.3 million, zero, and $4.5 million of deferred tax provision (benefit) expense within components of other comprehensive income during the years ended December 31, 2024, 2023, and 2022, respectively.

94

IndexIngevity CorporationNotes to the Consolidated Financial StatementsDecember 31, 2024

The following table summarizes the major differences between taxes computed at the U.S. federal statutory rate and the actual income tax provision attributable to operations:Years Ended December 31,In millions, except percentage data202420232022Federal statutory tax rate$(112.5)$(2.1)$56.6 State and local income taxes, net of federal benefit(10.3)(1.0)5.6 Foreign income tax rate differential(2.4)1.7 2.2 Changes in valuation allowance1.4 1.3 0.1 Foreign derived intangible income (1.4)(2.4)(5.9)Officers compensation0.4 0.9 0.6 Goodwill impairment26.8 — — Excess share-based compensation1.0 (1.1)(0.1)Federal and state tax credits(11.3)(4.2)(4.8)Legislative tax rate change(0.1)0.5 0.8 Sustainably sourced feedstock benefit(0.8)(0.7)(1.3)Uncertain tax positions1.0 0.5 0.5 Tax on Dividends, Deemed Dividends, and GILTI (1)1.