Company: NGVT
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001653477-25-000127
Chunk: 24

Company: Ingevity Corp
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 1
Chunk 24
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TO for the second half of 2024, which significantly exceeded our forecasted costs, resulting in a triggering event for our Performance Chemicals reporting unit. We performed an analysis of the reporting unit's goodwill, intangibles, and long-lived assets. Our analysis included significant assumptions such as: revenue growth rate, EBITDA margin, and discount rate, which are judgmental. Variations in any assumptions could result in materially different calculations of fair value. Our analysis reassessed the expected cash flows in light of current performance and expected lack of near term recovery in our industrial specialties product line, resulting in lower volume and profitability expectations. As a result, we concluded that the carrying value of the Performance Chemicals reporting unit exceeded its fair value, resulting in a non-cash goodwill impairment charge of $306.6 million, which represented all of the goodwill within the Performance Chemicals' reportable segment.  The charge was included within Goodwill impairment charge on the condensed consolidated statements of operations for the nine months ended September 30, 2024. Specific to our long-lived assets, we determined that the undiscounted cash flows were in excess of the carrying values and therefore concluded that no impairment existed. 

13

INGEVITY CORPORATIONNotes to the Condensed Consolidated Financial StatementsSeptember 30, 2025(Unaudited)

Other Intangible AssetsIn millionsCustomer contracts and relationshipsBrands (1)Developed TechnologyTotalGross Asset ValueDecember 31, 2024$264.9 $91.4 $88.7 $445.0 Retirements— — (1.8)(1.8)Foreign currency translation11.4 4.9 4.6 20.9 September 30, 2025$276.3 $96.3 $91.5 $464.1 Accumulated AmortizationDecember 31, 2024$(88.4)$(35.4)$(42.4)$(166.2)Amortization(11.6)(4.2)(7.2)(23.0)Retirements— — 0.9 0.9 Foreign currency translation(4.0)(1.7)(2.5)(8.2)September 30, 2025$(104.0)$(41.3)$(51.2)$(196.5)Other intangibles, net$172.3 $55.0