Company: NGVT
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0001653477-25-000015
Chunk: 1115

Company: Ingevity Corp
Filing Date: 2025-02-19
Form: 10-K
Item: Item 8
Chunk 1115
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 and curtailment (income) charges are related to the acceleration of prior service costs as a result of a reduction in the number of participants within the Union Hourly defined benefit pension plan during 2024 and 2022.  ContributionsWe made zero and $2.0 million voluntary cash contributions to our domestic hourly union defined benefit pension plan during the years ended December 31, 2024 and 2023, respectively. There were no voluntary cash contributions to our domestic hourly union defined benefit pension plan in the year ended December 31, 2022. The minimum required contribution to our domestic hourly union defined benefit plan for fiscal year 2025 is $1.4 million.Fair Value HierarchyFollowing is a description of the valuation methodologies used for the investment measure at fair value. See Note 5 for the definition of fair value and the descriptions of Level 1, 2, and 3 in the fair value hierarchy. •Cash and short-term funds — Cash and quoted short-term instruments are valued at the closing price or the amount held on deposit by the custodian bank. •Mutual Funds — Mutual funds are valued at the closing price reported on the major market on which the individual securities are traded. Substantially all mutual funds are classified within Level 1 of the valuation hierarchy.•Pooled Funds — These investment vehicles are valued using the Net Asset Value (NAV) provided by the fund administrator. The NAV is based on the value of the underlying assets owned by the fund, minus its liabilities, and then divided by the number of shares outstanding. •Other — Other assets are represented by investments in a series limited partnership. These assets are not actively traded and are classified as Level 2.

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IndexIngevity CorporationNotes to the Consolidated Financial StatementsDecember 31, 2024

The following table presents our fair value hierarchy for our major categories of pension plan assets by asset class. In millionsDecember 31, 2024Level 1Level 2Level 3Investments Measured at Net Asset ValueCash and short-term investments$0.1 $0.1 $— $— $— Mutual funds0.8 0.8 — — — Pooled funds23.1 — — — 23.1 Other2.0 — 2.0 — — Total assets$26.0 $0.9 $2.0 $— $23