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Share-based Compensation (Tables)

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Allocation of Stock-based Compensation

Our share-based compensation and ESPP expense is included in the table below.

			Years Ended December 31,
In millions			2022						2021						2020
Stock option expense			$	1.5					$	1.7					$	0.6
ESPP expense			0.7						0.6						0.5
RSU, DSU and PSU expense			13.9						10.0						7.3
Total share-based compensation expense (1)			$	16.1					$	12.3					$	8.4
Income tax benefit			(3.1)						(2.3)						(1.5)
Total share-based compensation expense, net of tax			$	13.0					$	10.0					$	6.9

_______________

(1) Amounts reflected in "Selling, general, and administrative expenses" on the consolidated statements of operations.

Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques

Expense related to stock options granted is based on the assumptions shown in the table below:

			Years Ended December 31,
Weighted-average assumptions used to calculate expense for stock options			2022						2021						2020
Risk-free interest rate			1.8		%				1.0		%				1.0		%
Average life of options (years)			6.0						6.5						6.5
Volatility			40.0		%				46.0		%				33.5		%
Dividend yield			—						—						—
Fair value per stock option			$	28.80					$	33.07					$	15.87

Disclosure of Stock-based Compensation Arrangements by Stock-based Payment Award

The following table summarizes Ingevity's stock option activity.

			Number of Options (in thousands)						Weighted-average exercise price (per share)						Weighted-average remaining contractual term (years)						Aggregate intrinsic value (in thousands)
Outstanding, December 31, 2021			338						$	61.34					6.7						$	5,366
Granted			74						68.23
Exercised			(33)						46.79
Forfeited			(44)						69.94
Cancelled			—						—
Outstanding, December 31, 2022			335						$	63.18					6.1						$	4,100
Exercisable, December 31, 2022			224						$	61.94					4.9						$	3,568

Schedule of Nonvested Share Activity

The following table summarizes Ingevity's RSUs, DSUs, and PSUs activity.

			RSUs and DSUs												PSUs
			Number of Units (in thousands) (1)						Weighted average grant date fair value (per share)						Number of Units (in thousands) (1)						Weighted average grant date fair value (per share)
Nonvested, December 31, 2021			243						$	67.36					166						$	65.91
Granted			179						66.42						83						68.23
Vested			(95)						71.62						—						—
Forfeited			(26)						63.32						(56)						82.96
Nonvested, December 31, 2022 (2)			301						$	6.04					193						$	61.88

_______________

(1) The number granted represents the number of shares issuable upon vesting of RSUs and DSUs. For PSUs, the number granted represents the number of shares issuable upon vesting, assuming that Ingevity performs at the target performance level in each year of the three-year performance period.

(2) Excludes 5,715 non-employee director shares that were vested but unissued at December 31, 2022.

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Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement.

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Tabular disclosure of the changes in outstanding nonvested shares.

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Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value.

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Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions.

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