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Correction to previously issued financial statements (Tables) | 6 Months Ended
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Jun. 30, 2017
Accounting Changes and Error Corrections [Abstract] |
Schedule of Error Corrections and Prior Period Adjustments | Although Ingevity’s management has determined that the impact of such errors is immaterial to all previously issued financial statements, we revised the previously issued financial statements for the periods ended December 31, 2015 and 2014, as shown in our 2016 Annual Report, and those corrections are also reflected for the three and six months ended June 30, 2016 in the tables below.
| Three Months Ended June 30, 2016 |  | Six Months Ended June 30, 2016
In millions | As reported |  | Increase/(decrease) |  | Revised |  | As reported |  | Increase/(decrease) |  | Revised
Statement of Operations |  |  |  |  |  |  |  |  |  |  |
Net sales | $ | 248.7 |  |  | (3.3 | ) |  | $ | 245.4 |  |  | $ | 452.6 |  |  | (7.6 | ) |  | $ | 445.0 |
Cost of sales | 172.6 |  |  | (1.9 | ) |  | 170.7 |  |  | 316.5 |  |  | (9.2 | ) |  | 307.3 |
Gross profit | 76.1 |  |  | (1.4 | ) |  | 74.7 |  |  | 136.1 |  |  | 1.6 |  |  | 137.7 |
Selling, general and administrative costs | 24.3 |  |  | (1.5 | ) |  | 22.8 |  |  | 47.2 |  |  | (1.6 | ) |  | 45.6 |
Income before income taxes | 38.4 |  |  | 0.1 |  |  | 38.5 |  |  | 58.2 |  |  | 3.2 |  |  | 61.4 |
Provision for income taxes | 12.6 |  |  | — |  |  | 12.6 |  |  | 22.6 |  |  | 1.2 |  |  | 23.8 |
Net income (loss) | 25.8 |  |  | 0.1 |  |  | 25.9 |  |  | 35.6 |  |  | 2.0 |  |  | 37.6 |
Less: Net income (loss) attributable to noncontrolling interest | 2.1 |  |  | (0.3 | ) |  | 1.8 |  |  | 3.7 |  |  | 0.6 |  |  | 4.3 |
Net income (loss) attributable to Ingevity stockholders | $ | 23.7 |  |  | 0.4 |  |  | $ | 24.1 |  |  | $ | 31.9 |  |  | 1.4 |  |  | $ | 33.3 |
In millions | Three Months Ended June 30, 2016 |  | Six Months Ended June 30, 2016
Segment Information | As reported |  | Increase/(decrease) |  | Revised |  | As reported |  | Increase/(decrease) |  | Revised
Net sales |  |  |  |  |  |  |  |  |  |  |
Performance Materials | $ | 74.5 |  |  | (0.3 | ) |  | $ | 74.2 |  |  | $ | 145.3 |  |  | (1.0 | ) |  | $ | 144.3 |
Performance Chemicals | 174.2 |  |  | (3.0 | ) |  | 171.2 |  |  | 307.3 |  |  | (6.6 | ) |  | 300.7 |
Total net sales | $ | 248.7 |  |  | (3.3 | ) |  | $ | 245.4 |  |  | $ | 452.6 |  |  | (7.6 | ) |  | $ | 445.0 |
Segment operating profit |  |  |  |  |  |  |  |  |  |  |
Performance Materials | $ | 26.3 |  |  | (0.1 | ) |  | $ | 26.2 |  |  | $ | 53.9 |  |  | 3.0 |  |  | $ | 56.9 |
Performance Chemicals | 22.8 |  |  | 0.2 |  |  | 23.0 |  |  | 31.4 |  |  | 0.2 |  |  | 31.6 |
Total segment operating profit | $ | 49.1 |  |  | 0.1 |  |  | $ | 49.2 |  |  | $ | 85.3 |  |  | 3.2 |  |  | $ | 88.5 |
In millions | Six Months Ended June 30, 2016
Statement of Cash Flows | As reported |  | Increase/(decrease) |  | Revised
Net income (loss) | $ | 35.6 |  |  | 2.0 |  |  | $ | 37.6 |
Deferred income taxes | (10.6 | ) |  | 1.1 |  |  | (9.5 | )
Accounts receivable, net | (18.3 | ) |  | 2.1 |  |  | (16.2 | )
Inventories | (4.0 | ) |  | (5.1 | ) |  | (9.1 | )
Accrued expenses | (1.9 | ) |  | (0.5 | ) |  | (2.4 | )
Income taxes payable | 6.5 |  |  | 0.2 |  |  | 6.7 |
Changes in all other operating assets and liabilities, net | (0.7 | ) |  | (0.3 | ) |  | (1.0 | )
Net cash provided by (used in) operating activities | 36.7 |  |  | (0.5 | ) |  | 36.2 |
Transactions with WestRock, net | 51.4 |  |  | 0.5 |  |  | 51.9 |
Net cash provided by (used in) financing activities | $ | 78.3 |  |  | 0.5 |  |  | $ | 78.8 |

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- Definition Tabular disclosure of prior period adjustments to previously issued financial statements including (1) the effect of the correction on each financial statement line item and any per-share amounts affected for each prior period presented (2) the cumulative effect of the change on retained earnings or other appropriate components of equity or net assets in the statement of financial position, as of the beginning of the earliest period presented, and (3) the effect of the prior period adjustments (both gross and net of applicable income tax) on the net income of each prior period presented in the entity's annual report for the year in which the adjustments are made. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=64853466&loc=d3e22663-107794 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=64853466&loc=d3e22644-107794 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=64853466&loc=d3e22658-107794 + Details
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