Company: NGVT
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0001653477-25-000015
Chunk: 239

Company: Ingevity Corp
Filing Date: 2025-02-19
Form: 10-K
Item: Item 6
Chunk 239
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.0 million in Selling, general, and administrative expenses, and $4.0 million in Research and technical expenses, respectively. Collectively, these savings are realized in the following financial statement captions: 70-80 percent in Cost of sales, 15-25 percent in Selling, general, and administrative expenses, and ~5 percent in Research and technical expenses, all presented on our consolidated statements of operations. We expect to realize the remaining savings in 2025.

In addition to the cash savings, we expect to realize approximately $15 million to $17 million in depreciation and intangible amortization expenses, respectively. During the year ended December 31, 2024, we realized savings of approximately $10 million. We expect to realize the remaining savings in 2025. 

The charges we currently expect to incur and the savings we expect to obtain in connection with these actions are subject to a number of assumptions and risks, and actual results may differ materially. We may also incur other material charges not currently contemplated due to events that may occur as a result of, or in connection with, these actions.

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Results of OperationsYears Ended December 31,In millions202420232022Net sales$1,406.4 $1,692.1 $1,668.3 Cost of sales951.7 1,220.2 1,098.2 Gross profit454.7 471.9 570.1 Selling, general, and administrative expenses166.7 183.7 198.8 Research and technical expenses28.1 31.8 30.3 Restructuring and other (income) charges, net186.2 170.2 13.8 Goodwill impairment charge349.1 — — Acquisition-related costs0.3 3.6 5.0 Other (income) expense, net169.8 5.7 (1.7)Interest expense97.8 93.3 61.8 Interest income(7.7)(6.3)(7.5)Income (loss) before income taxes(535.6)(10.1)269.6 Provision (benefit) for income taxes(105.3)(4.7)58.0 Net income (loss)$(430.3)$(5.4)$211.6 

Net sales

The table below shows 2024 and 2023 Net sales