Ingevity Corp
For the period ended Dec 31, 2023. Filed Feb 22, 2024.
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FY2023 · Filed Feb 22, 2024
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
For the fiscal year ended December 31, 2023
OR
| ☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|---|
Commission File Number 001-37586
(Exact name of registrant as specified in its charter)
| Delaware | 47-4027764 | ||
|---|---|---|---|
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | ||
| 4920 O'Hear Avenue Suite 400 | North Charleston | South Carolina | 29405 |
| (Address of principal executive offices) | (Zip code) | ||
843-740-2300
(Registrant’s telephone number)
Securities registered pursuant to Section 12(b) of the Act:
| Title of Each Class: | Trading Symbol(s) | Name of Each Exchange on Which Registered: |
|---|---|---|
| Common Stock ($0.01 par value) | NGVT | New York Stock Exchange |
Securities registered pursuant to Section 12(g) of the Act: None
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.
Yeso No x
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports); and (2) has been subject to such filing requirements for the past 90 days.
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):
| Large accelerated filer | x | Accelerated filer | o |
|---|---|---|---|
| Non-accelerated filer | o | Smaller reporting company | o |
| Emerging growth company | o | ||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.☒
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. o
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). o
Indicate by check mark whether the Registrant is a shell company (as defined by Rule 12b-2 of the Exchange Act). Yes☐ No x
At June 30, 2023, the aggregate market value of common stock held by non-affiliates of the Registrant was $2,102,138,239. The market value held by non-affiliates excludes the value of those shares held by executive officers and directors of the Registrant.
The Registrant had 36,235,885 shares of common stock, $0.01 par value, outstanding at February 14, 2024.
Documents Incorporated by Reference
Portions of the Company's definitive 2023 Annual Meeting Proxy Statement are incorporated by reference into Part III of this report.
Form 10-K
INDEX
| Page No. | |
|---|---|
| Forward-Looking Statements | 3 |
| PART I | 4 |
| Item 1. Business | 4 |
| Item 1A. Risk Factors | 14 |
| Item 1B. Unresolved Staff Comments | 23 |
| Item 1C. Cybersecurity | 23 |
| Item 2. Properties | 24 |
| Item 3. Legal Proceedings | 24 |
| Item 4. Mine Safety Disclosures | 24 |
| INFORMATION ABOUT OUR EXECUTIVE OFFICERS | 25 |
| PART II | 26 |
| Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities | 26 |
| Item 6. [RESERVED] | 27 |
| Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations | 27 |
| Item 7A. Quantitative and Qualitative Disclosures about Market Risk | 43 |
| Item 8. Financial Statements and Supplementary Data | 45 |
| Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure | 104 |
| Item 9A. Controls and Procedures | 104 |
| Item 9B. Other Information | 104 |
| Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections | 104 |
| PART III | 105 |
| Item 10. Directors, Executive Officers and Corporate Governance | 105 |
| Item 11. Executive Compensation | 105 |
| Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters | 105 |
| Item 13. Certain Relationships and Related Transactions, and Director Independence | 106 |
| Item 14. Principal Accounting Fees and Services | 106 |
| PART IV | 107 |
| Item 15. Exhibits and Financial Statement Schedules | 107 |
| SIGNATURES | 114 |
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