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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Supplemental Information
Index
Note 21: Supplemental Information
The following tables include details of prepaid and other current assets, other assets, accrued expenses and other liabilities as presented on the consolidated balance sheets, as well as other (income) expense, net on the consolidated statement of operations:
| Prepaid and other current assets: | December 31, | |
|---|---|---|
| In millions | 2023 | 2022 |
| Income and value added tax receivables | $12.0 | $12.7 |
| Prepaid freight and supply agreements | 2.5 | 2.7 |
| Prepaid insurance | 1.9 | 3.2 |
| Non-trade receivables | 5.8 | 5.4 |
| Advances to suppliers | 1.0 | 1.0 |
| Prepaid software as a service | 4.1 | 2.9 |
| Contract asset (Note 4) | 11.2 | 6.4 |
| Restricted cash | 0.6 | 0.6 |
| CTO resales (Note 2) | 24.2 | — |
| Planned major maintenance activities | 2.5 | 4.3 |
| Currency exchange and natural gas contracts (Note 9) | 0.5 | — |
| Other | 5.6 | 7.6 |
| $71.9 | $46.8 | |
| Other assets: | December 31, | |
|---|---|---|
| In millions | 2023 | 2022 |
| Deferred financing charges | $3.9 | $5.1 |
| Capitalized software, net | 44.8 | 46.4 |
| Land-use rights | 4.4 | 4.6 |
| Deferred software as a service | 2.8 | 4.0 |
| Deferred compensation plan assets (Note 5) | 17.9 | 14.4 |
| Finance lease assets, net (Note 13) | 0.1 | 0.1 |
| Other | 8.0 | 6.6 |
| $81.9 | $81.2 | |
Index
| Accrued expenses: | December 31, | |
|---|---|---|
| In millions | 2023 | 2022 |
| Accrued interest | $10.0 | $9.0 |
| Accrued taxes | 7.5 | 5.3 |
| Accrued freight | 1.8 | 3.9 |
| Accrued rebates | 10.4 | 13.7 |
| Restructuring reserves (Note 15) | 8.2 | 0.5 |
| Accrued royalties and commissions | 2.0 | 2.4 |
| Currency exchange and natural gas contracts (Note 9) | 1.4 | 2.1 |
| Accrued energy | 2.3 | 3.2 |
| CTO resales (Note 2) | 13.6 | — |
| Asset retirement obligations (Note 2) | 5.5 | 4.3 |
| Other | 9.6 | 10.0 |
| $72.3 | $54.4 | |
| Other liabilities: | December 31, | |
|---|---|---|
| In millions | 2023 | 2022 |
| Deferred compensation arrangements (Note 5) | $15.5 | $12.5 |
| Pension & OPEB liabilities (Note 14) | 9.6 | 10.4 |
| Unrecognized tax benefits (Note 17) | 1.2 | 0.8 |
| Litigation verdict accrual (Note 18) | 87.4 | 85.0 |
| Asset retirement obligations (Note 2) | 7.4 | — |
| Other | 5.6 | 6.2 |
| $126.7 | $114.9 | |
| Other (income) expense, net: | Years Ended December 31, | ||
|---|---|---|---|
| In millions | 2023 | 2022 | 2021 |
| (Gain)/loss on sale of strategic investment (Note 5) | $(19.3) | $— | $— |
| Foreign currency transaction (gain)/loss | 3.7 | 2.3 | 2.5 |
| Loss on CTO resales (Note 2) | 22.0 | — | — |
| Litigation verdict charge (Note 18) | — | — | 85.0 |
| Other (income)/expense, net | (0.7) | (4.0) | (7.6) |
| $5.7 | $(1.7) | $79.9 | |
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS AND RESERVES
FOR YEARS ENDED DECEMBER 31, 2023, 2022, and 2021
| Provision/ (Benefit) | ||||||
|---|---|---|---|---|---|---|
| In millions | Balance, Beginning of Year | Charged to Costs and Expenses | Charged to Other Comprehensive Income | Charged to Retained Earnings | Write-offs (1) | Balance, End of Year |
| Accounts receivable credit loss allowance (2) | $0.5 | 0.6 | — | — | — | $1.1 |
| Held-to-maturity debt securities credit loss allowance (3) | $0.6 | (0.4) | — | — | — | $0.2 |
| Deferred tax valuation allowance | $9.2 | 1.3 | 0.6 | — | — | $11.1 |
| Accounts receivable credit loss allowance (2) | $2.0 | 0.3 | — | — | (1.8) | $0.5 |
| Held-to-maturity debt securities credit loss allowance (3) | $0.5 | 0.1 | — | — | — | $0.6 |
| Deferred tax valuation allowance | $8.8 | 0.1 | 0.3 | — | — | $9.2 |
| Accounts receivable credit loss allowance (2) | $1.9 | 0.1 | — | — | — | $2.0 |
| Held-to-maturity debt securities credit loss allowance (3) | $0.9 | (0.4) | — | — | — | $0.5 |
| Deferred tax valuation allowance | $8.4 | 0.8 | (0.4) | — | — | $8.8 |
(1) Write-offs are net of recoveries.
(2) Allowance for credit losses on accounts receivable is included within Accounts receivable, net on the consolidated balance sheet.
(3) Allowance for credit losses on held-to-maturity debt securities is included within Restricted investment on the consolidated balance sheet.
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