Item 5. Market for Registrant’s Common Equity
ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDERS MATTER AND ISSUER PURCHASES OF EQUITY SECURITIES
Market for Registrant's Common Equity and Related Stockholder Matters
Ingevity's common stock ($0.01 par value) is listed on the New York Stock Exchange, Inc. ("NYSE") under the symbol "NGVT." There were approximately 5,100 record holders of our common stock as of February 15, 2021 .
Unregistered Sales of Equity Securities
Not Applicable.
Issuer Purchases of Equity Securities
The following table summarizes information with respect to the purchase of our common stock during the three months ended December 31, 2020.
Period Total Number of Shares Purchased Average Price Paid Per Share Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs Approximate Dollar Value of Shares that May Yet be Purchased Under the Plans or Programs (1)
October 1-31, 2020 — $ — — $ 467,615,810
November 1-30, 2020 145,786 $ 68.49 145,786 $ 457,630,510
December 1-31, 2020 637,656 $ 71.53 637,656 $ 412,017,195
Total 783,442 783,442
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(1) On February 28, 2020, our Board of Directors authorized the repurchase of up to $500.0 million of our common stock. We currently do not have any specific timetable or price targets for repurchasing shares, and may suspend or terminate the program at any time. Shares may be purchased through open market or privately negotiated transactions at the discretion of management based on its evaluation of market prevailing conditions and other factors. Shares may be purchased through open market or privately negotiated transactions at the discretion of management based on its evaluation of market prevailing conditions and other factors.
Stock Performance Graph
The following table and graph present the cumulative total stockholder return for Ingevity's common stock compared with the Standard & Poor's (S&P) MidCap 400 Index and the Dow Jones (DJ) U.S. Specialty Chemicals Index since Ingevity's stock began "regular-way" trading on the NYSE on May 16, 2016.
The graph assumes the investment of $100 in each of Ingevity's common stock, the S&P MidCap 400 Index, and DJ U.S. Specialty Chemicals Index on May 16, 2016, and that all dividends, if any, were reinvested.
December 31,
May 16, 2016 2016 2017 2018 2019 2020
Ingevity Corporation $ 100.00 $ 204.24 $ 262.36 $ 311.58 $ 325.32 $ 281.94
S&P MidCap 400 Index 100.00 115.37 134.09 119.22 150.41 170.94
Dow Jones U.S. Specialty Chemicals Index $ 100.00 $ 105.60 $ 129.24 $ 120.40 $ 135.15 $ 155.70
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The graph and related information set forth above are not deemed to be "filed" with the SEC for purposes of Section 18 of the Exchange Act or incorporated by reference into any future filing made by us with the SEC, except to the extent that we specifically incorporate it by reference into any such filing. The stock price performance included in the graph above is not necessarily indicative of future stock performance.
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ITEM 6. SELECTED FINANCIAL DATA
Our consolidated balance sheets as of December 31, 2020, 2019, 2018, 2017, and 2016, respectively, and our consolidated statements of operations, comprehensive income (loss), and cash flows for the years ended December 31, 2020, 2019, 2018, and 2017, respectively, consist of the consolidated balances of Ingevity as prepared on a stand-alone basis. Our consolidated statements of operations, comprehensive income (loss), and cash flows for the year ended December 31, 2016 have been prepared on a “carve out” basis for the periods and dates prior to the Separation. The selected consolidated financial data should be read in conjunction with our consolidated financial statements included within Part II. Item 8 of this Form 10-K.
Years Ended December 31,
In millions, except per share and share data 2020 2019 2018 2017 2016
Statements of Operations Data:
Net sales $ 1,216.1 $ 1,292.9 $ 1,133.6 $ 972.4 $ 908.3
Gross profit 465.5 482.0 416.8 329.0 274.4
Income (loss) before income taxes 235.1 227.9 221.8 174.8 87.0
Net income (loss) attributable to Ingevity stockholders 181.4 183.7 169.1 126.5 35.2
Per Share Data attributable to Ingevity stockholders (1)
Basic earnings (loss) per share $ 4.39 $ 4.39 $ 4.02 $ 3.00 $ 0.83
Diluted earnings (loss) per share $ 4.37 $ 4.35 $ 3.97 $ 2.97 $ 0.83
Balance Sheet Data (at period end):
Working capital (2)
$ 405.3 $ 247.7 $ 239.4 $ 215.5 $ 158.3
Property, plant, and equipment, net 703.6 664.7 523.8 438.5 422.8
Total assets 2,334.5 2,141.7 1,315.2 929.6 832.8
Long-term debt including finance lease obligations 1,267.4 1,228.4 741.2 444.0 481.3
Total equity 642.1 530.8 338.7 277.9 134.6
Other Data:
Capital expenditures $ 82.1 $ 114.8 $ 93.9 $ 52.6 $ 56.7
Depreciation and amortization expense 100.2 85.0 57.0 40.4 38.8
Weighted average common stock outstanding (in thousands) (1) :
Basic shares 41,330 41,801 42,037 42,130 42,108
Diluted shares 41,547 42,200 42,601 42,529 42,271
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(1) Basic and diluted earnings (loss) per share for the year ended December 31, 2016 is calculated using the weighted average number of common shares outstanding for the period beginning after May 15, 2016, the date of Separation.
(2) Defined as current assets less current liabilities.
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