Company: NPO
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0001164863-25-000009
Chunk: 278

Company: Enpro Inc.
Filing Date: 2025-02-21
Form: 10-K
Item: Item 1A
Chunk 278
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6 2026$72.1 2027$70.9 2028$70.1 2029$69.2 

9.LeasesWe regularly enter into operating leases primarily for real estate, equipment, and vehicles. Operating lease arrangements are generally utilized to secure the use of assets if the terms and conditions of the lease or the nature of the asset makes the lease arrangement more favorable than a purchase. Leases with an initial term of 12 months or less are not recorded on the balance sheet. We have elected an accounting policy to combine lease and non-lease components. Our building leases have remaining terms up to nine years, some of which contain options to renew up to five years, and some of which contain options to terminate. Some leases contain non-lease components, which may include items such as building common area maintenance, building parking, or general service and maintenance provided for leased assets by the lessor. Our vehicle, equipment, and other leases have remaining lease terms up to five years, some of which contain options to renew or become evergreen leases, with automatic renewing one-month terms, and some of which have options to terminate. Our right of use assets and liabilities related to operating leases as of December 31, 2024 and December 31, 2023 are as follows:As of December 31, Balance Sheet Classification20242023 (in millions)Right-of-use assetsOther assets$52.5 $48.5 Current liabilityAccrued expenses$10.2 $10.0 Long-term liabilityOther liabilities44.4 40.6 Total liability$54.6 $50.6 Approximately 95% of the dollar value of our operating lease assets and liabilities arise from real estate leases and approximately 5% arise from equipment and vehicle leases as of December 31, 2024. As of December 31, 2023, approximately 96% of the dollar value of our operating lease assets and liabilities arise from real estate leases and approximately 4% arise from equipment and vehicle leases.We entered into additional operating leases, including leases acquired through business acquisitions, and renewed existing leases that resulted in new right-of-use assets totaling $14.5 million, $12.3 million, and $5.7 million for the years ended December 31, 2024, December 31, 2023, and December 31, 2022, respectively. Most of our leases do not provide an implicit rate for