Company: NPO
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0001164863-25-000009
Chunk: 396

Company: Enpro Inc.
Filing Date: 2025-02-21
Form: 10-K
Item: Item 7
Chunk 396
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 Due to the change in the exchange rate, we recorded a $3.8 million loss in December 2022. In January 2023, we hedged the outstanding intercompany note to minimize future gains and losses. We recorded losses of $1.8 million and $2.2 million due to changes in exchange rate in 2024 and 2023, respectively.We received a long-term promissory note in connection to the sale of a divested business. As part of our regular review of the note, in 2024 we concluded a reserve was needed for expected future credit losses and recorded a loss of $4.5 million. We will continue to monitor the note regularly and make adjustments to the reserve as needed. In 2022, we evaluated our outstanding long-term receivable related to anticipated receipts from legacy asbestos insurance claims and adjusted the receivable down by $2.8 million.In connection with the acquisition of Aseptic in 2019, we recognized a liability for uncertain tax positions and a related indemnification asset for the portion of that liability recoverable from the seller. The statute of limitations expired on some of the uncertain tax positions in 2022 and, accordingly, we removed a portion of the liability and receivable. For the year ended December 31, 2022 the release of the related liability was recorded as a reduction to our tax expense and we recorded a $0.9 million expense related to the reversal of the receivable in other non-operating income (expense) in our consolidated statement of operations. For a further discussion on businesses disposed of, see Note 20, "Discontinued Operations and Dispositions."Additional costs included in other non-operating primarily are attributable to costs associated with previously divested businesses.

   4.Income Taxes

Income (loss) from continuing operations before income taxes as shown in the Consolidated Statements of Operations consists of the following:

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 Years Ended December 31, 202420232022 (in millions)Domestic$(16.6)$(63.9)$(77.2)Foreign111.0 101.6 105.5 Total$94.4 $37.7 $28.3 A summary of income tax expense (benefit)  from continuing operations in the Consolidated Statements of Operations is as follows: Years Ended December 31, 202420232022 (in millions)Current:Federal$7.9 $12.1 $15.0