Company: NGVT
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0001653477-25-000015
Chunk: 1188

Company: Ingevity Corp
Filing Date: 2025-02-19
Form: 10-K
Item: Item 8
Chunk 1188
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 for credit losses of $0.2 million and $0.2 million, and included restricted cash of $18.2 million and $15.4 million, respectively. The fair value at December 31, 2024 and 2023 was $80.3 million and $76.7 million, respectively, based on Level 1 inputs. The following table shows the total amortized cost of our HTM debt securities by credit rating, excluding the allowance for credit losses and cash. The primary factor in our expected credit loss calculation is the composite bond rating. As the rating decreases, the risk present in holding the bond is inherently increased, leading to an increase in expected credit losses. HTM Debt SecuritiesIn millionsAA+AA-AA-BBB+TotalDecember 31, 2024$13.2 10.3 23.36.810.0$63.6 December 31, 2023$13.3 10.4 13.217.010.0$63.9 

69

IndexIngevity CorporationNotes to the Consolidated Financial StatementsDecember 31, 2024

Debt and Finance Lease ObligationsAt December 31, 2024 and 2023, the carrying value of finance lease obligations was $100.0 million and $101.1 million, respectively, and the fair value was $102.2 million and $105.7 million, respectively. The fair value of our finance lease obligation associated with our Performance Materials' Wickliffe, Kentucky manufacturing plant, is based on the period-end quoted market prices for the obligations, using Level 2 inputs. The fair value of all other finance lease obligations approximates their carrying values.The carrying value of our variable rate debt, excluding debt issuance fees and adjusted for our $200.0 million floating-to-fixed interest rate swap, was $555.2 million, and $821.4 million as of December 31, 2024 and 2023, respectively. The carrying value of our variable rate debt is a reasonable estimate of the fair value.At December 31, 2024 and 2023, the carrying value of our fixed rate debt was $550.0 million and $550.0 million, respectively, and the fair value was $503.2 million and $494.6 million, respectively, based on Level 2 inputs.

Note 6: Inventories, netDecember 31,In millions20242023Raw materials$97.