Ingevity Corp
For the period ended Dec 31, 2024. Filed Feb 19, 2025.
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FY2024 · Filed Feb 19, 2025
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Inventories, net
Note 6: Inventories, net
| December 31, | ||
|---|---|---|
| In millions | 2024 | 2023 |
| Raw materials | $97.6 | $128.3 |
| Production materials, stores and supplies | 25.0 | 26.0 |
| Finished and in-process goods | 186.2 | 255.2 |
| Subtotal | $308.8 | $409.5 |
| Less: LIFO reserve | (82.0) | (100.7) |
| Inventories, net | $226.8 | $308.8 |
As of December 31, 2024, approximately 41 percent,11 percent, and 48 percent of our Inventories, net, were accounted for under the FIFO, average cost, and LIFO methods, respectively. As of December 31, 2023, approximately 27 percent,8 percent, and 65 percent of our Inventories, net, were accounted for under the FIFO, average cost, and LIFO methods, respectively. The repositioning actions taken to improve our Performance Chemicals reportable segment has reduced overall LIFO inventory (refer to Note 15 for more detail).
During the year ended December 31, 2024, inventory quantities carried on a LIFO basis, primarily in our Performance Chemicals reportable segment domestic inventory, were reduced which led to liquidations of LIFO inventory quantities. These reductions resulted in a pre-tax decrease of $6.9 million, recorded in Cost of sales on our consolidated statement of operations. No such reductions occurred during the year ended December 31, 2023.
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