Ingevity Corp
For the period ended Sep 30, 2024. Filed Oct 30, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Oct 30, 2024
NGVT$60.78-2.6%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Statements of Cash Flows
Condensed Consolidated Statements of Cash Flows (Unaudited)
| Nine Months Ended September 30, | ||
|---|---|---|
| In millions | 2024 | 2023 |
| Cash provided by (used in) operating activities: | ||
| Net income (loss) | $(446.9) | $111.4 |
| Adjustments to reconcile net income (loss) to cash provided by (used in) operating activities: | ||
| Depreciation and amortization | 83.1 | 92.1 |
| Non cash operating lease costs | 14.7 | 13.8 |
| Deferred income taxes | (111.0) | (2.3) |
| Disposal/impairment of assets | 1.0 | 12.6 |
| Restructuring and other (income) charges, net | 162.8 | 49.4 |
| Loss on CTO resales | 50.8 | — |
| LIFO reserve | (12.4) | 62.6 |
| Share-based compensation | 9.8 | 8.3 |
| (Gain) loss on strategic investment | 11.4 | (19.3) |
| Goodwill impairment charge | 349.1 | — |
| CTO supply contract termination charges | 100.0 | — |
| Other non-cash items | 9.4 | 20.9 |
| Changes in operating assets and liabilities, net of effect of acquisitions: | ||
| Accounts receivable, net | (7.0) | 6.1 |
| Inventories, net | 57.8 | (118.1) |
| Prepaid and other current assets | 8.9 | (5.8) |
| Accounts payable | (62.4) | 20.6 |
| Accrued expenses | 8.1 | 9.0 |
| Accrued payroll and employee benefits | 3.9 | (36.7) |
| Income taxes | (11.8) | 4.2 |
| Restructuring and other cash outflow, net | (43.9) | (46.7) |
| Operating leases | (17.5) | (16.6) |
| CTO resales cash outflow, net | (45.0) | — |
| CTO supply contract termination cash outflow | (50.0) | — |
| Changes in other operating assets and liabilities, net | 1.2 | (6.6) |
| Net cash provided by (used in) operating activities | $64.1 | $158.9 |
| Cash provided by (used in) investing activities: | ||
| Capital expenditures | $(52.7) | $(80.6) |
| Proceeds from sale of strategic investment | — | 31.5 |
| Purchase of strategic investment | — | (2.4) |
| Other investing activities, net | 1.2 | (1.1) |
| Net cash provided by (used in) investing activities | $(51.5) | $(52.6) |
| Cash provided by (used in) financing activities: | ||
| Proceeds from revolving credit facility and other borrowings | $150.5 | $239.5 |
| Payments on revolving credit facility and other borrowings | (119.3) | (240.1) |
| Finance lease obligations, net | (0.9) | (0.6) |
| Tax payments related to withholdings on vested equity awards | (2.9) | (4.8) |
| Proceeds and withholdings from share-based compensation plans, net | — | 4.7 |
| Repurchases of common stock under publicly-announced plan | — | (92.1) |
| Net cash provided by (used in) financing activities | $27.4 | $(93.4) |
| Increase (decrease) in cash, cash equivalents, and restricted cash | 40.0 | 12.9 |
| Effect of exchange rate changes on cash | 1.6 | (3.0) |
| Change in cash, cash equivalents, and restricted cash | 41.6 | 9.9 |
| Cash, cash equivalents, and restricted cash at beginning of period | 111.9 | 84.3 |
| Cash, cash equivalents, and restricted cash at end of period(1) | $153.5 | $94.2 |
| (1) | Includes restricted cash of $18.0 million and $9.7 million and cash and cash equivalents of $135.5 million and $84.5 million at September 30, 2024 and 2023, respectively. Restricted cash is included within "Prepaid and other current assets" and "Restricted investment" within the condensed consolidated balance sheets. | |
| Supplemental cash flow information: | ||
| Cash paid for interest, net of capitalized interest | $61.0 | $57.9 |
| Cash paid for income taxes, net of refunds | 24.0 | 27.9 |
| Purchases of property, plant, and equipment in accounts payable | 2.2 | 6.1 |
| Leased assets obtained in exchange for new finance lease liabilities | — | 0.2 |
| Leased assets obtained in exchange for new operating lease liabilities | 5.5 | 26.0 |
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