Company: NGVT
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0001653477-25-000015
Chunk: 815

Company: Ingevity Corp
Filing Date: 2025-02-19
Form: 10-K
Item: Item 4
Chunk 815
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 $93.3 $61.8 

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(1) See Note 13 for more information. 

(2) The increase in interest expense was driven by higher average debt levels during 2024 and 2023 due to the October 2022, $325.0 million acquisition of Ozark Materials, as well as higher average interest rates compared to prior years.

(3) See Note 10 for more information.

(4) See Note 18 for more information.q

Interest income

Years Ended December 31 2024, 2023, and 2022

Years Ended December 31,In millions202420232022Restricted investment (1)$2.6 $2.4 $2.1 Fixed-to-fixed cross-currency interest rate swap (2)— — 1.1 Floating-to-fixed interest rate swaps (2)0.8 — 1.7 Other (3)4.3 3.9 2.6 Total interest income$7.7 $6.3 $7.5 _______________

(1) See Note 5 for more information.

(2) See Note 9 for more information.

(3) Primarily consists of bank interest. 

Provision (benefit) for income taxes

Years Ended December 31, 2024, 2023, and 2022 

For the years ended December 31, 2024, 2023, and 2022, our effective tax rate was 19.7 percent, 46.5 percent, and 21.5 percent respectively. An explanation of the change in the effective tax rate is presented in Note 17.

34

Segment Operating Results

In addition to the information discussed above, the following sections discuss the results of operations for each of Ingevity's segments. Our segments are (i) Performance Materials, (ii) Performance Chemicals, and (iii) Advanced Polymer Technologies. Segment Earnings before Interest, Taxes, Depreciation and Amortization ("EBITDA") is the primary measure used by the Company's chief operating decision maker to evaluate the performance of and allocate resources among our operating segments. Segment EBITDA is defined as segment net sales less segment operating expenses (segment operating expenses consist of costs of sales, selling, general and administrative expenses, research and technical expenses, other (income) expense, net, excluding depreciation and amortization). We have excluded the following items