Company: NGVT
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0001653477-25-000091
Chunk: 19

Company: Ingevity Corp
Filing Date: 2025-05-06
Form: 10-Q
Item: Part I, Item 1
Chunk 19
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 investments for impairment for the periods ended March 31, 2025 and December 31, 2024, respectively. Measurement Alternative InvestmentsThe aggregate carrying value of all measurement alternative investments where fair value is not readily determinable totaled $71.9 million at both March 31, 2025 and December 31, 2024. During the first quarter of 2024, the company identified a triggering event indicating that an investment being accounted for under the measurement alternative may be impaired. For the three months ended March 31, 2024, the company recognized an impairment of $4.8 million recorded in "Other (income) expense, net" on the condensed consolidated statements of operations. There were no adjustments to the carrying value of the measurement alternative method investments for impairment or observable price changes for the period ended March 31, 2025.Restricted Investment Our restricted investment is a trust managed in order to secure repayment of the finance lease obligation associated with our Performance Materials' Wickliffe, Kentucky manufacturing site at maturity. The trust, presented as Restricted investment on our condensed consolidated balance sheets, originally purchased long-term bonds that mature through 2026. The principal received at maturity of the bonds, along with interest income that is reinvested in the trust, is expected to be equal to or more than the $80.0 million finance lease obligation that is due in 2027. Because the provisions of the trust provide us the ability, and it is our intent, to hold the investments to maturity, the investments held by the trust are accounted for as held to maturity ("HTM"); therefore, they are held at their amortized cost. The investments held by the trust earn interest at the stated coupon rate of the invested bonds. Interest earned on the investments held by the trust is recognized and presented as interest income on our condensed consolidated statements of operations. As interest from the bonds is received and as bonds mature, any proceeds not reinvested are held in highly liquid securities and treated as restricted cash.At March 31, 2025 and December 31, 2024, the carrying value of our restricted investment was $82.4 million and $81.6 million, net of an allowance for credit losses of $0.1 million and $0.2 million, and included restricted cash of $18.9 million and $18.2 million, respectively. The fair value at March 31, 2025 and December 31, 2024 was $81.3 million and $80.3