Company: NGVT
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0001653477-25-000015
Chunk: 985

Company: Ingevity Corp
Filing Date: 2025-02-19
Form: 10-K
Item: Item 6
Chunk 985
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0 215.5 242.2 South America52.5 43.1 44.2 Net sales$1,406.4 $1,692.1 $1,668.3 _______________(1) Countries with Net sales in excess of 10 percent of consolidated Net sales for the years ended December 31, 2024, 2023, and 2022 are the U.S., which totaled $736.0 million, $972.1 million, and $897.1 million, respectively, and China, which totaled $184.3 million, $202.7 million, and $220.6 million, respectively. Contract BalancesThe contract assets primarily relate to our rights to consideration for products produced but not billed at the reporting date from contracts with certain customers. The contract assets are recognized as accounts receivables when we have an enforceable right to payment for performance completed to date and the customer has been billed. Contract liabilities represent obligations to transfer goods to a customer for which we have received consideration from our customer. For all periods presented, we had no contract liabilities.

67

IndexIngevity CorporationNotes to the Consolidated Financial StatementsDecember 31, 2024

The following table provides information about contract assets from contracts with certain customers. Year Ended December 31,  In millions20242023Contract asset at beginning of period$11.2 $6.4 Additions15.3 18.1 Reclassification to accounts receivable, billed to customers(20.0)(13.3)Contract asset at end of period (1)$6.5 $11.2 _______________(1) Included within "Prepaid and other current assets" on the consolidated balance sheets.

Note 5: Fair Value Measurements

Recurring Fair Value Measurements    The following information is presented for assets and liabilities that are recorded on the consolidated balance sheets at fair value measured on a recurring basis. There were no transfers of assets and liabilities that are recorded at fair value between the three-level fair value hierarchy during the periods reported.In millionsLevel 1 (1)Level 2 (2)Level 3 (3)TotalDecember 31, 2024Assets:Deferred compensation plan investments (4)$3.7 $— $— $3.7 Total assets$3.7 $— $— $3.7 Liabilities:Deferred compensation arrangement (4)$15.9