Ingevity Corp Files 2023 Annual Report on Form 10-K

Ticker: NGVT · Form: 10-K · Filed: 2024-02-22T00:00:00.000Z

Sentiment: neutral

Topics: 10-K, Ingevity Corp, Financial Report, Annual Filing, Chemicals

TL;DR

<b>Ingevity Corp has filed its 2023 Form 10-K detailing its financial performance and operations for the fiscal year ending December 31, 2023.</b>

AI Summary

Ingevity Corp (NGVT) filed a Annual Report (10-K) with the SEC on February 22, 2024. Ingevity Corp filed its 2023 Form 10-K on February 22, 2024. The filing covers the fiscal year ending December 31, 2023. The company is incorporated in Delaware and operates in the Chemicals & Allied Products sector. Its principal business address is in North Charleston, SC. The filing includes financial data for the fiscal years 2021, 2022, and 2023.

Why It Matters

For investors and stakeholders tracking Ingevity Corp, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Ingevity's financial health, operational performance, and strategic direction for the past fiscal year, crucial for investors to assess the company's current standing and future prospects. The detailed financial statements and risk factors within the report offer insights into the company's revenue streams, profitability, debt levels, and potential challenges, enabling stakeholders to make informed investment decisions.

Risk Assessment

Risk Level: medium — Ingevity Corp shows moderate risk based on this filing. The company operates in the Chemicals & Allied Products sector, which can be subject to market volatility and regulatory changes, as indicated by its SIC code and the nature of a 10-K filing.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand Ingevity's performance and potential challenges in the chemical industry.

Key Numbers

Key Players & Entities

FAQ

When did Ingevity Corp file this 10-K?

Ingevity Corp filed this Annual Report (10-K) with the SEC on February 22, 2024.

What is a 10-K filing?

A 10-K is a comprehensive annual financial report required by the SEC, covering audited financials, business operations, risk factors, and management discussion. This particular 10-K was filed by Ingevity Corp (NGVT).

Where can I read the original 10-K filing from Ingevity Corp?

You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by Ingevity Corp.

What are the key takeaways from Ingevity Corp's 10-K?

Ingevity Corp filed this 10-K on February 22, 2024. Key takeaways: Ingevity Corp filed its 2023 Form 10-K on February 22, 2024.. The filing covers the fiscal year ending December 31, 2023.. The company is incorporated in Delaware and operates in the Chemicals & Allied Products sector..

Is Ingevity Corp a risky investment based on this filing?

Based on this 10-K, Ingevity Corp presents a moderate-risk profile. The company operates in the Chemicals & Allied Products sector, which can be subject to market volatility and regulatory changes, as indicated by its SIC code and the nature of a 10-K filing.

What should investors do after reading Ingevity Corp's 10-K?

Investors should review the detailed financial statements and risk factors in the 10-K to understand Ingevity's performance and potential challenges in the chemical industry. The overall sentiment from this filing is neutral.

How does Ingevity Corp compare to its industry peers?

Ingevity Corp operates within the Chemicals & Allied Products industry, a sector characterized by innovation, supply chain complexities, and evolving environmental regulations.

Are there regulatory concerns for Ingevity Corp?

Companies in the chemical sector are subject to various regulations concerning environmental impact, product safety, and manufacturing processes, which are typically detailed in the risk factors section of a 10-K.

Industry Context

Ingevity Corp operates within the Chemicals & Allied Products industry, a sector characterized by innovation, supply chain complexities, and evolving environmental regulations.

Regulatory Implications

Companies in the chemical sector are subject to various regulations concerning environmental impact, product safety, and manufacturing processes, which are typically detailed in the risk factors section of a 10-K.

What Investors Should Do

  1. Analyze Ingevity's revenue and net income trends from 2021-2023.
  2. Review the identified risk factors for potential impacts on future performance.
  3. Assess the company's debt-to-equity ratio and cash position for financial stability.

Key Dates

Year-Over-Year Comparison

This filing represents the annual report for the fiscal year ending December 31, 2023, providing a year-over-year comparison against previous periods like 2022 and 2021.

Filing Stats: 4,323 words · 17 min read · ~14 pages · Grade level 15.9 · Accepted 2024-02-22 16:16:54

Key Financial Figures

Filing Documents

Forward-Looking Statements

Forward-Looking Statements 3 PART I 4

Business

Item 1. Business 4

Risk Factors

Item 1A. Risk Factors 14

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 23

Cybersecurity

Item 1C. Cybersecurity 23

Properties

Item 2. Properties 24

Legal Proceedings

Item 3. Legal Proceedings 24

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 24 INFORMATION ABOUT OUR EXECUTIVE OFFICERS 25 PART II 26

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 26

[RESERVED]

Item 6. [RESERVED] 27

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 27

Quantitative and Qualitative Disclosures about Market Risk

Item 7A. Quantitative and Qualitative Disclosures about Market Risk 43

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 45

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 104

Controls and Procedures

Item 9A. Controls and Procedures 104

Other Information

Item 9B. Other Information 104

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 104 PART III 105

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 105

Executive Compensation

Item 11. Executive Compensation 105

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 105

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 106

Principal Accounting Fees and Services

Item 14. Principal Accounting Fees and Services 106 PART IV 107

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules 107

Form 10-K Summary

Item 16. Form 10-K Summary 113

SIGNATURES

SIGNATURES 114 2 CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K contains forward-looking statements within the meaning of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995 that reflect our current expectations, beliefs, plans, or forecasts with respect to, among other things, future events and financial performance. Forward-looking statements are often characterized by words or phrases such as "may," "will," "could," "should," "would," "anticipate," "estimate," "expect," "project," "intend," "plan," "believe," "target," "prospects," "potential," "outlook," "guidance," and "forecast," and other words, terms and phrases of similar meaning. These statements, by their nature, involve certain estimates, expectations, projections, forecasts and assumptions, and are subject to various risks and uncertainties that are difficult to predict and often beyond our control. These risks and uncertainties may, and often do, cause actual results to differ materially from those contained in a forward-looking statement. Accordingly, readers are cautioned not to place undue reliance on any forward-looking statement. Any forward-looking statement is based on information currently available to us and speaks only as of the date that it is made. We have no duty, and undertake no obligation, to update any forward-looking statement to reflect developments occurring after the statement is made. The risks and uncertainties that may cause actual results to differ materially from those indicated in any forward-looking may be included with the forward-looking statement itself. Other such risks and uncertainties include, but are not limited to, those discussed in Item 1A. Risk Factors in this report, as well as the following: the anticipated timing, charges and costs of the closure of our DeRidder, Louisiana plant may differ materially from our estimates due to events that may occur as a res

BUSINESS

ITEM 1. BUSINESS General Ingevity Corporation provides products and technologies that purify, protect, and enhance the world around us. Through a diverse team of talented and experienced people, we develop, manufacture, and bring to market solutions that are largely renewably sourced and help customers solve complex problems while making the world more sustainable. Our products are used in a variety of demanding applications, including adhesives, agrochemicals, asphalt paving, bioplastics, coatings, elastomers, lubricants, pavement markings, publication inks, oil exploration and production and automotive components. We operate in three reporting segments: Performance Materials, Performance Chemicals and Advanced Polymer Technologies. During the first quarter of 2023, we realigned our segment reporting structure to increase transparency for our investors and better align with how our chief operating decision maker intends to measure segment operating performance and allocate resources across our operating segments. We separated our engineered polymers product line from the Performance Chemicals reportable segment into its own reportable segment, Advanced Polymer Technologies. This reportable segment change also resulted in our Performance Chemicals reporting unit for goodwill being split into two separate reporting units for the purposes of goodwill impairment testing. In November of 2023, we announced an initiative to reposition our Performance Chemicals segment to enhance profitability and earnings stability as we execute our corporate strategy to focus on higher margin and higher growth specialty products, diversify feedstocks and optimize our manufacturing network. This initiative will result in the reduction, and in some cases exit, of historical primary end uses of our Industrial Specialties product line such as adhesives, publication inks, and oilfield as well as the closure of our Performance Chemicals' manufacturing facility in DeRidder, Louisiana. Refer

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