Enpro Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Enpro Inc. has filed its 2023 annual report (10-K) detailing its financial performance and business operations.</b>

AI Summary

Enpro Inc. (NPO) filed a Annual Report (10-K) with the SEC on February 27, 2024. Enpro Inc. filed its 2023 Form 10-K on February 27, 2024. The company's fiscal year ends on December 31st. Enpro Inc. is incorporated in North Carolina. The company's principal business is in Gaskets, Packaging and Sealing Devices & Rubber & Plastic Hose. The filing covers the fiscal year 2023.

Why It Matters

For investors and stakeholders tracking Enpro Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Enpro's financial health and strategic direction for the fiscal year 2023, crucial for investors assessing its performance. Understanding the details within this report allows stakeholders to evaluate the company's market position, operational efficiency, and potential risks and opportunities moving forward.

Risk Assessment

Risk Level: — Enpro Inc. shows moderate risk based on this filing. The filing is a standard 10-K, which provides a broad overview of the company's financial health and operations, but lacks specific forward-looking guidance or significant recent events that would indicate immediate high risk or reward.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to understand Enpro Inc.'s performance and potential challenges in the Gaskets, Packaging and Sealing Devices & Rubber & Plastic Hose industry.

Key Numbers

• 2023-12-31 — Fiscal Year End (The end date of the reporting period.)
• 2024-02-27 — Filing Date (The date the 10-K was filed with the SEC.)

Key Players & Entities

• Enpro Inc. (company) — Filer of the 10-K report.
• 2023 (date) — Fiscal year covered by the report.
• February 27, 2024 (date) — Filing date of the 10-K.
• North Carolina (location) — State of incorporation.
• GASKETS, PACKAGING AND SEALING DEVICES & RUBBER & PLASTIC HOSE (industry) — Standard Industrial Classification code.

FAQ

Industry Context

Enpro Inc. operates within the Gaskets, Packaging and Sealing Devices & Rubber & Plastic Hose industry, a sector focused on manufacturing components for various industrial applications.

Regulatory Implications

As a publicly traded company in the United States, Enpro Inc. is subject to the reporting requirements of the Securities and Exchange Commission (SEC) under the 1934 Act.

What Investors Should Do

1. Analyze Enpro Inc.'s revenue streams and profitability metrics from the 10-K.
2. Assess the company's balance sheet and debt levels for financial stability.
3. Review the risk factors section for potential operational and market challenges.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-02-27: 10-K Filing Date — Date Enpro Inc. submitted its annual report to the SEC.

Year-Over-Year Comparison

This is the initial filing data extracted for the 2023 10-K. Comparative data from previous filings would be needed for a full analysis.

Key Financial Figures

• $0.01 — ange on which registered Common stock, $0.01 par value NPO New York Stock Exchange
• $210 million — ed Micro Instruments, Inc. ("AMI"), for $210 million in cash, subject to customary purchase
• $853.9 m — d Surface Technologies segment. We paid $853.9 million, net of cash acquired, for the bu
• $28.9 m — d the sale of GPT. In 2023, we received $28.9 million, net of transaction fees and cash
• $14.6 million — ash sold, resulting in a pretax gain of $14.6 million recognized in the first quarter of 2023
• $298.2 m — 2022 to The Timken Company. We received $298.2 million, net of transaction fees and cash
• $3.1 million — ansaction fees and cash sold, including $3.1 million of payments made in Q1 of 2023. We reco
• $189.1 million — of 2023. We recorded a pre-tax gain of $189.1 million as part of our discontinued operations
• $0.4 million — As a result of this sale, we recorded a $0.4 million loss in the fourth quarter of 2022 in o
• $117.6 million — , 2021 and we recorded a pretax gain of $117.6 million in the fourth quarter of 2021 as a resu
• $19.5 million — the sale, we recorded a pre-tax gain of $19.5 million in other income (expense) on our Consol

Filing Documents

• npo-20231231.htm (10-K) — 2515KB
• npo-10kx12312023ex29.htm (EX-2.9) — 974KB
• npo-10kx12312023ex31.htm (EX-3.1) — 111KB
• npo-10kx12312023ex41.htm (EX-4.1) — 1KB
• npo-10kx123123ex43.htm (EX-4.3) — 17KB
• npo-10kx12312023ex1013.htm (EX-10.13) — 116KB
• npo-10kx12312023ex1015.htm (EX-10.15) — 54KB
• npo-10kx12312023ex1016.htm (EX-10.16) — 55KB
• npo-10kx12312023ex1017.htm (EX-10.17) — 54KB
• npo-10kx12312023ex1018.htm (EX-10.18) — 59KB
• npo-10kx12312023ex21.htm (EX-21) — 59KB
• npo-10kx12312023ex221.htm (EX-22.1) — 17KB
• npo-10kx12312023ex231.htm (EX-23.1) — 3KB
• npo-10kx12312023ex241.htm (EX-24.1) — 3KB
• npo-10kx12312023ex242.htm (EX-24.2) — 3KB
• npo-10kx12312023ex243.htm (EX-24.3) — 3KB
• npo-10kx12312023ex244.htm (EX-24.4) — 3KB
• npo-10kx12312023ex245.htm (EX-24.5) — 3KB
• npo-10kx12312023ex246.htm (EX-24.6) — 3KB
• npo-10kx12312023ex247.htm (EX-24.7) — 3KB
• npo-10xkx12312023ex248.htm (EX-24.8) — 3KB
• npo-10xkx12312023ex249.htm (EX-24.9) — 3KB
• npo-10kx12312023ex311.htm (EX-31.1) — 8KB
• npo-10xkx12312023ex312.htm (EX-31.2) — 8KB
• npo-10kx12312023ex32.htm (EX-32) — 6KB
• npo-10kx12312023ex97.htm (EX-97) — 42KB
• image_0.jpg (GRAPHIC) — 2KB
• image_1.jpg (GRAPHIC) — 22KB
• image_11.jpg (GRAPHIC) — 1KB
• npo-10kx12312023ex41001.jpg (GRAPHIC) — 311KB
• npo-10kx12312023ex41002.jpg (GRAPHIC) — 110KB
• npo-20231231_g1.jpg (GRAPHIC) — 247KB
• 0001164863-24-000015.txt (&nbsp;) — 17771KB
• npo-20231231.xsd (EX-101.SCH) — 93KB
• npo-20231231_cal.xml (EX-101.CAL) — 165KB
• npo-20231231_def.xml (EX-101.DEF) — 499KB
• npo-20231231_lab.xml (EX-101.LAB) — 1310KB
• npo-20231231_pre.xml (EX-101.PRE) — 872KB
• npo-20231231_htm.xml (XML) — 2442KB

Risk Factors

Item 1A Risk Factors 8

Unresolved Staff Comments

Item 1B Unresolved Staff Comments 15

Cybersecurity

Item 1C Cybersecurity 15

Properties

Item 2 Properties 17

Legal Proceedings

Item 3 Legal Proceedings 17

Mine Safety Disclosures

Item 4 Mine Safety Disclosures 17 Executive Officers of the Registrant 18 PART II

Market for Registrant's Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities

Item 5 Market for Registrant's Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities 20

[Reserved]

Item 6 [Reserved] 21

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7 Management's Discussion and Analysis of Financial Condition and Results of Operations 22

Quantitative and Qualitative Disclosures About Market Risk

Item 7A Quantitative and Qualitative Disclosures About Market Risk 41

Financial Statements and Supplementary Data

Item 8 Financial Statements and Supplementary Data 42

Changes In and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9 Changes In and Disagreements with Accountants on Accounting and Financial Disclosure 42

Controls and Procedures

Item 9A Controls and Procedures 42

Other Information

Item 9B Other Information 43

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 43 PART III

Directors, Executive Officers and Corporate Governance

Item 10 Directors, Executive Officers and Corporate Governance 44

Executive Compensation

Item 11 Executive Compensation 44

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12 Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 44

Certain Relationships and Related Transactions, and Director Independence

Item 13 Certain Relationships and Related Transactions, and Director Independence 45

Principal Accountant Fees and Services

Item 14 Principal Accountant Fees and Services 45 PART IV

Exhibits and Financial Statement Schedules

Item 15 Exhibits and Financial Statement Schedules 45

Form 10-K Summary

Item 16 Form 10-K Summary 45 Exhibit Index 46

Signatures

Signatures 50 Report of Independent Registered Public Accounting Firm 51 Consolidated Statements of Operations 53 Consolidated Statements of Comprehensive Income 54 Consolidated Statements of Cash Flows 55 Consolidated Balance Sheets 57 Consolidated Statements of Changes in Shareholders' Equity 58

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 59 Schedule II – Valuation and Qualifying Accounts 95 ENPRO INC. PART I

BUSINESS

ITEM 1. BUSINESS As used in this report, the terms "we," "us," "our," "Enpro" and "Company" mean Enpro Inc. and its subsidiaries (unless the context indicates another meaning). The term "common stock" means the common stock of Enpro Inc., par value $0.01 per share. Background We were incorporated under the laws of the State of North Carolina on January 11, 2002, as a wholly owned subsidiary of Goodrich Corporation ("Goodrich"). The incorporation was in anticipation of Goodrich's announced spin-off of its Engineered Industrial Products segment by a distribution of the Company's common stock to existing Goodrich shareholders. The distribution took place on May 31, 2002. Today, we are a leading-edge industrial technology company focused on critical applications across a diverse group of growing end markets such as semiconductor, photonics, industrial process, aerospace, food, biopharmaceuticals and life sciences. Enpro is a leader in applied engineering and designs, develops, manufactures, and markets proprietary, value-added products and solutions that contribute key functionality or safeguard a variety of critical environments. Over the past several years, we have executed several strategic initiatives to create a portfolio of businesses that offers proprietary, industrial technology-related products and solutions with high barriers to entry, compelling margins, strong cash flow, and perpetual recurring/aftermarket revenue in markets with favorable secular tailwinds. These initiatives, described in "Acquisitions" and "Dispositions" below, have increased our ability to provide solutions to the semiconductor, life sciences, and other technology industries. As of December 31, 2023, our continuing operations had 13 primary manufacturing and service facilities (approximately 50,000 square feet or larger) located in 6 countries, including the United States. Our sales from continuing operations by geographic region in 2023, 2022 and 2021 were as follows: 2023 2022 2

View Full Filing

View this 10-K filing on SEC EDGAR