Company: NGVT
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0001653477-25-000091
Chunk: 70

Company: Ingevity Corp
Filing Date: 2025-05-06
Form: 10-Q
Item: Part I, Item 8
Chunk 70
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, respectively. The fair value at March 31, 2025 and December 31, 2024 was $81.3 million and $80.3 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+TotalMarch 31, 2025$13.2 10.3 23.3 6.8 10.0 $63.6 December 31, 2024$13.2 10.3 23.3 6.8 10.0 $63.6 Debt and Finance Lease Obligations At March 31, 2025 and December 31, 2024, the carrying value of finance lease obligations was $99.7 million and $100.0 million, respectively, and the fair value was $102.0 million and $102.2 million, respectively. The fair value of our finance lease obligation associated with our Performance Materials' Wickliffe, Kentucky manufacturing site, is based on the 

10

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

period-end quoted market prices for the obligation, using Level 2 inputs. The fair value of all other finance lease obligations approximates their carrying values.The carrying value of our variable interest rate debt, excluding debt issuance fees and adjusted for our $200.0 million floating-to-fixed interest rate swap, was $547.3 million and $555.2 million as of March 31, 2025 and December 31, 2024, respectively. The carrying value of our variable rate debt is a reasonable estimate of the fair value.

At both March 31, 2025 and December 31, 2024, the carrying value of our fixed rate debt was $550.0 million, and the fair value was $513.2 million and $503.2 million, respectively, based on Level 2 inputs. 

Note 5: Inventories, netIn millionsMarch 31, 2025December 31, 2024Raw materials$78.5 $97