Company: NGVT
Filing Date: 2025-08-05
Form Type: 10-Q
Source: 0001653477-25-000108
Chunk: 23

Company: Ingevity Corp
Filing Date: 2025-08-05
Form: 10-Q
Item: Part I, Item 1
Chunk 23
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 million finance lease obligation associated with our Performance Materials' Wickliffe, Kentucky manufacturing site was $82.1 million and $82.2 million, respectively, based on Level 2 inputs. The fair value of all other finance lease obligations approximates their carrying values.

Note 5: Inventories, netIn millionsJune 30, 2025December 31, 2024Raw materials$61.5 $97.6 Production materials, stores, and supplies26.3 25.0 Finished and in-process goods178.0 186.2 Subtotal$265.8 $308.8 Less: LIFO reserve (45.5)(82.0)Inventories, net$220.3 $226.8 

During the six months ended June 30, 2025, lower raw material prices, primarily Crude Tall Oil ("CTO") within our Performance Chemicals reportable segment domestic inventory, resulted in a reduction to our LIFO reserve. Additionally, LIFO inventory quantities, primarily in our Performance Chemicals reportable segment domestic inventory, were reduced, which led to liquidations of LIFO inventory quantities. These planned reductions in inventory are not expected to be replaced by the end of the year and have resulted in a pre-tax decrease to the LIFO reserve of $6.5 million, recorded in "Cost of sales" on our condensed consolidated statement of operations. 

Note 6: Property, Plant, and Equipment, netIn millionsJune 30, 2025December 31, 2024Machinery and equipment$1,325.4 $1,296.4 Buildings and leasehold improvements231.1 224.3 Land and land improvements26.4 26.2 Construction in progress65.1 68.9 Total cost$1,648.0 $1,615.8 Less: accumulated depreciation(993.4)(956.9)Property, plant, and equipment, net$654.6 $658.9 

11

INGEVITY CORPORATIONNotes to the Condensed Consolidated Financial StatementsJune 30, 2025(Unaudited)

Note 7: Goodwill and Other Intangible Assets, net

GoodwillReporting UnitsIn millionsPerformance MaterialsPerformance ChemicalsAdvanced Polymer TechnologiesTotalBalance as of December 31, 2024 (1)$4.3 $— $170.9 $175.2 Foreign currency