Company: NGVT
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0001653477-25-000015
Chunk: 1189

Company: Ingevity Corp
Filing Date: 2025-02-19
Form: 10-K
Item: Item 8
Chunk 1189
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6 $128.3 Production materials, stores and supplies25.0 26.0 Finished and in-process goods186.2 255.2   Subtotal$308.8 $409.5 Less: LIFO reserve(82.0)(100.7)  Inventories, net$226.8 $308.8 

As of December 31, 2024, approximately 41 percent, 11 percent, and 48 percent of our Inventories, net, were accounted for under the FIFO, average cost, and LIFO methods, respectively. As of December 31, 2023, approximately 27 percent, 8 percent, and 65 percent of our Inventories, net, were accounted for under the FIFO, average cost, and LIFO methods, respectively. The repositioning actions taken to improve our Performance Chemicals reportable segment has reduced overall LIFO inventory (refer to Note 15 for more detail). During the year ended December 31, 2024, 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 reductions resulted in a pre-tax decrease of $6.9 million, recorded in Cost of sales on our consolidated statement of operations. No such reductions occurred during the year ended December 31, 2023.

Note 7: Property, Plant, and Equipment, net

December 31,In millions20242023Machinery and equipment$1,296.4 $1,244.6 Buildings and leasehold improvements224.3 217.4 Land and land improvements26.2 26.3 Construction in progress 68.9 92.8   Total cost$1,615.8 $1,581.1 Less: accumulated depreciation (1)(956.9)(818.9)  Property, plant, and equipment, net (2)$658.9 $762.2 _______________(1) As a result of the Performance Chemicals repositioning, as further described in Note 15, we accelerated the depreciation of certain property, plant, and equipment assets in 2024 and 2023. This resulted in $92.6 million and $46.3 million of additional expense for the years ended December 31, 2024 and 2023, respectively, which is included in Restr