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Equity Compensation Plans (Tables) | 12 Months Ended
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Dec. 31, 2023
Share-Based Payment Arrangement [Abstract] |
Schedule of Information With Respect to Stock Options | We used the following assumptions in determining the fair value of these awards:
|  | Expected stock price volatility |  | Annual expected dividend yield |  | Risk free interest rate
Shares granted February 16, 2023 |  |  |  |  |  |
Enpro Inc. |  | 36.78 | % |  | — | % |  | 4.34 | %
S&P 600 Capital Goods Index |  | 44.65 | % |  | n/a |  | 4.34 | %
Shares granted February 15, 2022 |  |  |  |  |  |
Enpro Inc. |  | 33.1 | % |  | 1.00 | % |  | 4.26 | %
S&P 600 Capital Goods Index |  | 39.43 | % |  | n/a |  | 4.26 | %
Shares granted February 16, 2021 |  |  |  |  |  |
EnPro Industries, Inc. |  | 47.32 | % |  | 1.4 | % |  | 0.22 | %
S&P 600 Capital Goods Index |  | 50.86 | % |  | n/a |  | 0.22 | %
The following table provides certain information with respect to stock options as of December 31, 2023:
Range of Exercise Price | Stock Options Outstanding |  | Stock Options Exercisable |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Life
Under $80.00 | 42,091 |  |  | 42,091 |  |  | $ | 53.78 |  |  | 6.16
Over $80.00 and under $95.00 | 63,231 |  |  | 39,280 |  |  | $ | 80.57 |  |  | 7.18
Over $95.00 and under $110.00 | 64,234 |  |  | 24,932 |  |  | $ | 106.47 |  |  | 8.11
Over $110.00 | 51,871 |  |  | — |  |  | $ | 111.29 |  |  | 9.21
Total | 221,427 |  |  | 106,303 |  |  | $ | 90.19 |  |  | 7.73
Schedule of Restricted Share Units Activity, Performance Share Activity and Restricted Stock Activity | A summary of award activity under the Plans is as follows:
| Restricted Share Units |  | Performance Shares - Equity
| Shares |  | Weighted- Average Grant Date Fair Value |  | Shares |  | Weighted- Average Grant Date Fair Value
Nonvested at December 31, 2022 | 124,597 |  |  | 88.52 |  |  | — |  |  | — |
Granted | 62,209 |  |  | 116.89 |  |  | 60,998 |  |  | 148.97 |
Vested | (42,450) |  |  | 79.61 |  |  | — |  |  | — |
Forfeited | (12,947) |  |  | 96.14 |  |  | (878) |  |  | 148.97 |
Shares settled for cash | (17,850) |  |  | 87.90 |  |  | — |  |  | — |
Nonvested at December 31, 2023 | 113,559 |  |  | $ | 107.07 |  |  | 60,120 |  |  | $ | 148.97 |
Schedule of Share-based Compensation Arrangement by Share-based Payment Award, Valuation Assumptions | The following assumptions were used to estimate the indicated fair value of the 2023 option awards:
| Grant Date
| February 16, 2023 |  | March 2, 2023 |  | October 30, 2023
Fair-value at grant date (per share) | $ | 47.27 |  |  | $ | 45.13 |  |  | $ | 48.88 |
Assumptions: |  |  |  |  |
Average expected term | 6 years |  | 6 years |  | 6 years
Expected volatility | 39.59 | % |  | 39.75 | % |  | 40.38 | %
Risk-free interest rate | 4.02 | % |  | 4.22 | % |  | 4.84 | %
Expected dividend yield | 0.99 | % |  | 1.05 | % |  | 1.01 | %
The following assumptions were used to estimate the indicated fair value of the 2022 option awards:
| Grant Date
| February 15, 2022 |  | February 24, 2022
Fair-value at grant date (per share) | $ | 38.86 |  |  | $ | 39.07 |
Assumptions: |  |  |
Average expected term | 6 years |  | 6 years
Expected volatility | 39.85 | % |  | 39.88 | %
Risk-free interest rate | 1.99 | % |  | 1.89 | %
Expected dividend yield | 1.06 | % |  | 1.05 | %
The following assumptions were used to estimate the indicated fair value of the 2021 option awards:
| Grant Date
| February 25, 2021 |  | May 4, 2021 |  | May 17, 2021 |  | August 5, 2021 |  | November 26, 2021
Fair-value at grant date (per share) | $ | 27.46 |  |  | $ | 30.32 |  |  | $ | 33.53 |  |  | $ | 29.78 |  |  | $ | 36.53 |
Assumptions: |  |  |  |  |  |  |  |  |
Average expected term | 6 years |  | 6 years |  | 6 years |  | 6 years |  | 5.6 years
Expected volatility | 40.29 | % |  | 40.37 | % |  | 40.46 | % |  | 40.65 | % |  | 39.51 | %
Risk-free interest rate | 1.02 | % |  | 1.05 | % |  | 1.07 | % |  | 0.87 | % |  | 0.42 | %
Expected dividend yield | 1.35 | % |  | 1.24 | % |  | 1.14 | % |  | 1.26 | % |  | 1.74 | %
Schedule of Share-based Payment Arrangement, Option, Activity | A summary of option activity under the Plans as of December 31, 2023, and changes during the year then ended, is presented below:
| Stock Options Outstanding |  | Weighted Average Exercise Price
Balance at December 31, 2022 | 184,930 |  |  | $ | 82.32 |
Granted | 51,871 |  |  | 111.29 |
Exercised | (14,975) |  |  | 65.73 |
Forfeited | (399) |  |  | 106.54 |
Balance at December 31, 2023 | 221,427 |  |  | $ | 90.19 |
Schedule Of Intrinsic Value Related to stock Options | The year-end intrinsic value related to stock options is presented below:
| December 31,
(in millions) | 2023 |  | 2022 |  | 2021
Options outstanding | $ | 14.7 |  |  | $ | 4.9 |  |  | $ | 6.1 |
Options exercisable | $ | 8.6 |  |  | $ | 2.4 |  |  | $ | 1.3 |
Schedule of Equity Based Compensation | We recognized the following equity-based employee compensation expenses and benefits related to our Plan activity:
| Years Ended December 31,
(in millions) | 2023 |  | 2022 |  | 2021
Compensation expense | $ | 8.8 |  |  | $ | 6.0 |  |  | $ | 5.0 |
Related income tax benefit | $ | 2.4 |  |  | $ | 1.6 |  |  | $ | 1.4 |

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