Ingevity Corp
For the period ended Dec 31, 2023. Filed Feb 22, 2024.
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FY2023 · Filed Feb 22, 2024
NGVT$60.78-2.6%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
Consolidated Statements of Cash Flows
| Years Ended December 31, | |||
|---|---|---|---|
| In millions | 2023 | 2022 | 2021 |
| Cash provided by (used in) operating activities: | |||
| Net income (loss) | $(5.4) | $211.6 | $118.1 |
| Adjustments to reconcile net income (loss) to cash provided by operating activities: | |||
| Depreciation and amortization | 122.8 | 108.8 | 109.9 |
| Non cash operating lease costs | 18.6 | 16.1 | 17.3 |
| Deferred income taxes | (44.7) | (5.0) | (4.6) |
| Disposal/impairment of assets | 4.3 | 2.5 | 1.2 |
| Restructuring and other (income) charges, net | 170.2 | 13.8 | 16.2 |
| LIFO reserve | 72.9 | 10.0 | 3.5 |
| Share-based compensation | 10.6 | 16.1 | 12.3 |
| Gain on sale of strategic investment | (19.3) | — | — |
| Pension and other postretirement benefit costs | 1.6 | 1.4 | 1.6 |
| Other non-cash items | 36.2 | 18.4 | 12.1 |
| Changes in operating assets and liabilities, net of effect of acquisitions: | |||
| Accounts receivable, net | 42.7 | (42.1) | (13.8) |
| Inventories, net | (75.6) | (63.7) | (55.8) |
| Prepaid and other current assets | (6.6) | (0.8) | (5.9) |
| Planned major maintenance outage | (12.8) | (9.1) | (8.6) |
| Accounts payable | (14.6) | 42.7 | 14.8 |
| Accrued expenses | (7.7) | 0.8 | 4.8 |
| Accrued payroll and employee benefits | (33.5) | 5.4 | 23.1 |
| Income taxes | 6.4 | 4.9 | (6.2) |
| Litigation verdict charge and interest | 3.0 | — | 85.0 |
| Operating leases | (22.5) | (18.8) | (20.5) |
| Pension contribution | (2.0) | — | — |
| Restructuring and other spending | (44.0) | (13.8) | (16.2) |
| CTO resales | (10.6) | — | — |
| Changes in all other operating assets and liabilities, net | 15.1 | 14.2 | 5.0 |
| Net cash provided by (used in) operating activities | $205.1 | $313.4 | $293.3 |
| Cash provided by (used in) investing activities: | |||
| Capital expenditures | (109.8) | (142.5) | (103.8) |
| Payments for acquired businesses, net of cash acquired | — | (344.5) | — |
| Proceeds from sale of strategic investment | 31.5 | — | — |
| Net investment hedge settlement | — | 14.7 | — |
| Purchase of strategic investments | (2.4) | (77.4) | (35.3) |
| Other investing activities, net | 3.4 | (2.2) | 0.5 |
| Net cash provided by (used in) investing activities | $(77.3) | $(551.9) | $(138.6) |
Consolidated Statements of Cash Flows (continued)
| Years Ended December 31, | |||
|---|---|---|---|
| In millions | 2023 | 2022 | 2021 |
| Cash provided by (used in) financing activities: | |||
| Proceeds from revolving credit facility and other borrowings | 376.3 | 1,164.7 | — |
| Payments on revolving credit facility | (382.9) | (336.7) | — |
| Payments on long-term borrowings | — | (628.1) | (23.4) |
| Debt issuance costs | (0.4) | (3.0) | — |
| Debt repayment costs | — | (3.8) | — |
| Financing lease obligations, net | (0.7) | (0.9) | (0.7) |
| Borrowings (repayments) of notes payable and other short-term borrowings, net | — | — | (1.9) |
| Tax payments related to withholdings on vested equity awards | (4.8) | (2.2) | (2.4) |
| Proceeds and withholdings from share-based compensation plans, net | 4.7 | 4.1 | 4.7 |
| Repurchases of common stock under publicly announced plan | (92.1) | (145.2) | (109.4) |
| Other financing activities, net | — | (0.8) | — |
| Net cash provided by (used in) financing activities | $(99.9) | $48.1 | $(133.1) |
| Increase (decrease) in cash, cash equivalents, and restricted cash | 27.9 | (190.4) | 21.6 |
| Effect of exchange rate changes on cash | (0.3) | (6.0) | (1.7) |
| Change in cash, cash equivalents, and restricted cash | 27.6 | (196.4) | 19.9 |
| Cash, cash equivalents, and restricted cash at beginning of period | 84.3 | 280.7 | 260.8 |
| Cash, cash equivalents, and restricted cash at end of period (1) | $111.9 | $84.3 | $280.7 |
| _______________ | |||
| (1) Includes restricted cash of $16.0 million, $7.6 million, and $5.3 million and cash and cash equivalents of $95.9 million, $76.7 million, and $275.4 million for the years ended December 31, 2023, 2022, and 2021, respectively. Restricted cash is included within "Prepaid and other current assets" and "Restricted investment" within the consolidated balance sheets. | |||
| Supplemental cash flow information: | |||
| Cash paid for interest, net of capitalized interest | $82.7 | $54.8 | $47.5 |
| Cash paid for income taxes, net of refunds | 29.7 | 54.8 | 53.7 |
| Purchases of property, plant and equipment in accounts payable | 2.8 | 4.9 | 9.4 |
| Leased assets obtained in exchange for new finance lease liabilities | 0.2 | — | — |
| Leased assets obtained in exchange for new operating lease liabilities | 29.1 | 23.7 | 20.5 |
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