Company: NGVT
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0001653477-25-000091
Chunk: 17

Company: Ingevity Corp
Filing Date: 2025-05-06
Form: 10-Q
Item: Part I, Item 1
Chunk 17
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 information. The following table presents our Net sales disaggregated by geography, based on the delivery address of our customer.Three Months Ended March 31,In millions20252024North America (1)$158.2 $202.7 Asia Pacific (1)72.3 78.4 Europe, Middle East, and Africa43.6 48.3 South America9.9 10.7 Net sales$284.0 $340.1 _______________(1) Countries with Net sales in excess of 10 percent of consolidated Net sales for the three months ended March 31, 2025, and 2024 are the U.S., which totaled $140.3 million and $183.8 million, respectively, and China, which totaled $35.3 million and $42.2 million, respectively. Contract BalancesThe contract assets primarily relate to our rights to consideration for products produced but not billed at the reporting date. 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.

8

INGEVITY CORPORATIONNotes to the Condensed Consolidated Financial StatementsMarch 31, 2025(Unaudited)

The following table provides information about contract assets from contracts with certain customers. Contract AssetMarch 31,In millions20252024Beginning balance$6.5 $11.2 Contract asset additions1.9 8.8 Reclassification to accounts receivable, billed to customers(1.1)(4.1)Ending balance (1)$7.3 $15.9 ______________(1) Included within "Prepaid and other current assets" on the condensed consolidated balance sheets.

Note 4: Fair Value Measurements

Recurring Fair Value MeasurementsThe following information is presented for assets and liabilities that are recorded on the condensed consolidated balance sheets at fair value measured on a recurring basis. There were no transfers of assets and liabilities that were 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)TotalMarch 31, 2025Assets:Deferred compensation plan investments (4)$3.8 $— $— $3.8 Total assets$3.8