Company: NPO
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0001164863-25-000009
Chunk: 470

Company: Enpro Inc.
Filing Date: 2025-02-21
Form: 10-K
Item: Item 7
Chunk 470
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 the seller. We determined the statute of limitations expired on some of the uncertain tax positions in 2022 and, accordingly, removed a portion of the liability and receivable. The release of the related liability was recorded as part of our tax expense for the year ended December 31, 2022 and the reversal of the related receivable was recorded as an expense in other non-operating income (expense) on our consolidated statement of operations. 

2In connection with the sale of GGB, accounted for as a discontinued operation, in the fourth quarter of 2022, we issued an intercompany note between  a domestic and foreign entity that is denominated in a foreign currency. As a result of this note, we have recorded losses due to the changes in the foreign exchange rate. The outstanding note is hedged in order to minimize related gains or losses.

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3We 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 the first quarter of 2024 we concluded a reserve was needed for expected future credit losses. We will continue to monitor the note regularly and make adjustments to the reserve as needed based on known facts and circumstances. 

4Adjusted diluted earnings per share.

The adjusted income tax expense presented above is calculated using a normalized company-wide effective tax rate excluding discrete items of 25.0% for 2024 and 2023, and 27.0% for 2022. Per share amounts were calculated by dividing by the weighted-average shares of diluted common stock outstanding during the periods.

Reconciliation of Income from Continuing Operations Attributable to Enpro Inc. to Adjusted EBITDA

Years Ended December 31,(In Millions)202420232022Income from continuing operations attributable to Enpro Inc. $72.9 $10.8 $6.7 Net loss attributable to redeemable non-controlling interests— (3.9)(2.8)Income from continuing operations72.9 6.9 3.9 Adjustments to arrive at earnings before interest, income taxes, depreciation, amortization, and other selected items (" Adjusted EBITDA"):Interest expense, net34.5 30.1 33.9 Income tax expense21.5 30.8 24.4 Depreciation and amortization expense100.3 94.5 103.1 Restructuring and impairment expense6.2 5.