Company: NPO
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0001164863-25-000009
Chunk: 269

Company: Enpro Inc.
Filing Date: 2025-02-21
Form: 10-K
Item: Item 1A
Chunk 269
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 the right to buy from each LeanTeq Executive and each LeanTeq Executive with the right to sell to Enpro such LeanTeq Executive's rollover equity interest in Lunar.Based on the terms agreed to in the LeanTeq LLC Agreement, Enpro acquired all the equity securities of Lunar owned by the LeanTeq Executives in the fourth quarter of 2022 and became the sole owner of LeanTeq. As a result of this purchase transaction, $35.0 million of our Redeemable Non-Controlling Interests was reclassified as a liability. We entered into a subsequent agreement with the LeanTeq Executives where we agreed to pay the minimum purchase price for the equity securities and paid $41.9 million to the LeanTeq Executives in December 2022, of which $7.8 million eliminated our outstanding deferred compensation liability and $34.1 million reduced the liability attributable to the redeemable non-controlling interest acquisition. As a result of the financial performance of LeanTeq through November 2023, we made a final $0.6 million payment to the LeanTeq Executives in 2024.The fair value of the Alluxa Executives' equity interests and the LeanTeq Executives' Rollover Equity was estimated as of the closing date of those transactions.  Due to the presence of the put arrangements and thus that redemption is not solely within our control, the Alluxa Executives' equity interests and the LeanTeq Executives' Rollover Equity had been presented as redeemable non-controlling interests prior to our acquisition of those interests. We initially recognized the amount at fair value, inclusive of the put-call provisions. We adjusted the redeemable non-controlling interests when the redemption value exceeded the carrying value with changes recognized as an adjustment to equity.

3.Other ExpenseOperatingWe incurred $6.2 million, $5.0 million and $3.0 million of restructuring and impairment costs, excluding goodwill impairment, for the years ended December 31, 2024, 2023 and 2022, respectively. See Note 1, "Overview, Basis of Presentation, and Significant Accounting Policies" for information related to goodwill impairment charges incurred in 2023 and 2022. Of the restructuring and impairment costs incurred in 2024, 2023 and 2022, we incurred $2.8 million, $4.3 million and  $1.