Company: NGVT
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0001653477-25-000091
Chunk: 21

Company: Ingevity Corp
Filing Date: 2025-05-06
Form: 10-Q
Item: Part I, Item 1
Chunk 21
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$310.6 $308.8 Less: LIFO reserve (65.2)(82.0)Inventories, net$245.4 $226.8 

During the quarter ended March 31, 2025, inventory quantities carried on a LIFO basis, primarily in our Performance Chemicals reportable segment domestic inventory, were reduced which led to liquidations of LIFO inventory quantities. These planned reductions in inventory are not expected to be replaced by the end of the year and resulted in a pre-tax decrease of $2.9 million, recorded in "Cost of sales" on our condensed consolidated statement of operations. 

Note 6: Property, Plant, and Equipment, netIn millionsMarch 31, 2025December 31, 2024Machinery and equipment$1,310.9 $1,296.4 Buildings and leasehold improvements229.1 224.3 Land and land improvements26.2 26.2 Construction in progress62.9 68.9 Total cost$1,629.1 $1,615.8 Less: accumulated depreciation (1)(973.3)(956.9)Property, plant, and equipment, net$655.8 $658.9 

_______________(1) As a result of the Performance Chemicals repositioning, as further described in Note 11, we accelerated the depreciation of certain property, plant and equipment assets. This resulted in zero and $31.6 million of additional expense for the three months ended March 31, 2025 and 2024, respectively, which is included in "Restructuring and other (income) charges, net" within the condensed consolidated statements of operations.

11

INGEVITY CORPORATIONNotes to the Condensed Consolidated Financial StatementsMarch 31, 2025(Unaudited)

Note 7: Goodwill and Other Intangible Assets, net

GoodwillReporting UnitsIn millionsPerformance MaterialsPerformance ChemicalsAdvanced Polymer TechnologiesTotalGoodwill $4.3 $349.1 $170.9 $524.3 Accumulated impairment losses— (349.1)— (349.1)Balance as of December 31, 2024$4.3 $— $170.9 $175.2 Foreign currency translation— — 5.5 5.5 Balance as of March 31, 2025$4