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Shareholders' Equity | 9 Months Ended
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Sep. 30, 2025
Equity [Abstract] |
Shareholders' Equity | Shareholders' Equity The quarterly changes in shareholders' equity during the nine months ended September 30, 2025 are as follows:
| Common Stock |  | Additional Paid-in Capital |  | Retained Earnings |  | Accumulated Other Comprehensive Income (loss) |  | Treasury Stock |  | Total Shareholders' Equity |  |
(in millions, except per share data) | Shares |  | Amount |  |  |  |  |  |
Balance, December 31, 2024 | 21.0 |  |  | $ | 0.2 |  |  | $ | 319.4 |  |  | $ | 1,175.6 |  |  | $ | (65.4) |  |  | $ | (1.2) |  |  | $ | 1,428.6 |  |  |
Net income | — |  |  | — |  |  | — |  |  | 24.5 |  |  | — |  |  | — |  |  | 24.5 |  |  |
Other comprehensive income | — |  |  | — |  |  | — |  |  | — |  |  | 13.5 |  |  | — |  |  | 13.5 |  |  |
Dividends ($0.31 per share) | — |  |  | — |  |  | — |  |  | (6.6) |  |  | — |  |  | — |  |  | (6.6) |  |  |
Incentive plan activity | — |  |  | — |  |  | 1.8 |  |  | — |  |  | — |  |  | — |  |  | 1.8 |  |  |
Balance, March 31, 2025 | 21.0 |  |  | $ | 0.2 |  |  | $ | 321.2 |  |  | $ | 1,193.5 |  |  | $ | (51.9) |  |  | $ | (1.2) |  |  | $ | 1,461.8 |  |  |
Net income | — |  |  | — |  |  | — |  |  | 26.4 |  |  | — |  |  | — |  |  | 26.4 |  |  |
Other comprehensive income | — |  |  | — |  |  | — |  |  | — |  |  | 10.4 |  |  | — |  |  | 10.4 |  |  |
Dividends ($0.31 per share) | — |  |  | — |  |  | — |  |  | (6.5) |  |  |  |  | — |  |  | (6.5) |  |  |
Incentive plan activity | — |  |  | — |  |  | 4.0 |  |  | — |  |  | — |  |  | — |  |  | 4.0 |  |  |
Balance, June 30, 2025 | 21.0 |  |  | $ | 0.2 |  |  | $ | 325.2 |  |  | $ | 1,213.4 |  |  | $ | (41.5) |  |  | $ | (1.2) |  |  | $ | 1,496.1 |  |  |
Net income | — |  |  | — |  |  | — |  |  | 21.6 |  |  | — |  |  | — |  |  | 21.6 |  |  |
Other comprehensive income | — |  |  | — |  |  | — |  |  | — |  |  | 4.7 |  |  | — |  |  | 4.7 |  |  |
Dividends ($0.31 per share) | — |  |  | — |  |  | — |  |  | (6.6) |  |  | — |  |  | — |  |  | (6.6) |  |  |
Incentive plan activity | — |  |  | — |  |  | 5.3 |  |  | — |  |  | — |  |  | — |  |  | 5.3 |  |  |
Balance, September 30, 2025 | 21.0 |  |  | $ | 0.2 |  |  | $ | 330.5 |  |  | $ | 1,228.4 |  |  | $ | (36.8) |  |  | $ | (1.2) |  |  | $ | 1,521.1 |  |  |
The quarterly changes in shareholders' equity during the nine months ended September 30, 2024 are as follows:
| Common Stock |  | Additional Paid-in Capital |  | Retained Earnings |  | Accumulated Other Comprehensive Loss |  | Treasury Stock |  | Total Shareholders' Equity |  | Redeemable Non-controlling Interests
(in millions, except per share data) | Shares |  | Amount |  |  |  |  |  |
Balance, December 31, 2023 | 21.0 |  |  | $ | 0.2 |  |  | $ | 304.9 |  |  | $ | 1,128.0 |  |  | $ | (22.2) |  |  | $ | (1.2) |  |  | $ | 1,409.7 |  |  | $ | 17.9 |
Net income | — |  |  | — |  |  | — |  |  | 12.5 |  |  | — |  |  | — |  |  | 12.5 |  |  | — |
Other comprehensive loss | — |  |  | — |  |  | — |  |  | — |  |  | (3.5) |  |  | — |  |  | (3.5) |  |  | — |
Dividends ($0.30 per share) | — |  |  | — |  |  | — |  |  | (6.3) |  |  | — |  |  | — |  |  | (6.3) |  |  | — |
Incentive plan activity | — |  |  | — |  |  | 1.5 |  |  | — |  |  | — |  |  | — |  |  | 1.5 |  |  | — |
Acquisition of Alluxa non-controlling interests | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (17.9) |
Balance, March 31, 2024 | 21.0 |  |  | $ | 0.2 |  |  | $ | 306.4 |  |  | $ | 1,134.2 |  |  | $ | (25.7) |  |  | $ | (1.2) |  |  | $ | 1,413.9 |  |  | $ | — |
Net income | — |  |  | — |  |  | — |  |  | 26.7 |  |  | — |  |  | — |  |  | 26.7 |  |  | — |
Other comprehensive loss | — |  |  | — |  |  | — |  |  | — |  |  | (8.1) |  |  | — |  |  | (8.1) |  |  | — |
Dividends ($0.30 per share) | — |  |  | — |  |  | — |  |  | (6.3) |  |  |  |  | — |  |  | (6.3) |  |  | — |
Incentive plan activity | — |  |  | — |  |  | 4.2 |  |  | — |  |  | — |  |  | — |  |  | 4.2 |  |  | — |
Balance, June 30, 2024 | 21.0 |  |  | $ | 0.2 |  |  | $ | 310.6 |  |  | $ | 1,154.6 |  |  | $ | (33.8) |  |  | $ | (1.2) |  |  | $ | 1,430.4 |  |  | $ | — |
Net income | — |  |  | — |  |  | — |  |  | 19.8 |  |  | — |  |  | — |  |  | 19.8 |  |  | — |
Other comprehensive income | — |  |  | — |  |  | — |  |  | — |  |  | 9.3 |  |  | — |  |  | 9.3 |  |  | — |
Dividends ($0.30 per share) | — |  |  | — |  |  | — |  |  | (6.4) |  |  | — |  |  | — |  |  | (6.4) |  |  | — |
Incentive plan activity | — |  |  | — |  |  | 4.8 |  |  | — |  |  | — |  |  | — |  |  | 4.8 |  |  | — |
Balance, September 30, 2024 | 21.0 |  |  | $ | 0.2 |  |  | $ | 315.4 |  |  | $ | 1,168.0 |  |  | $ | (24.5) |  |  | $ | (1.2) |  |  | $ | 1,457.9 |  |  | $ | — |
We intend to declare regular quarterly cash dividends on our common stock, as determined by our board of directors, after taking into account our current and projected cash flows, earnings, financial position, debt covenants and other relevant factors. Total dividend payments of $19.7 million were made during the nine months ended September 30, 2025. On October 29, 2025, our board of directors declared a dividend of $0.31 per share, payable on December 17, 2025, to shareholders of record as of December 3, 2025. Enpro’s board of directors approved a new share repurchase authorization in October 2024, replacing the previous $50.0 million authorization that had expired. No shares were purchased under the prior repurchase program. Under the replacement authorization, which is identical to the prior authorization, the Company may repurchase up to $50.0 million of shares in both open market and privately negotiated transactions. The Company’s management is authorized to determine the timing and amount of any such repurchases based on its evaluation of market conditions, capital alternatives, and other factors. Repurchases may also be made under Rule 10b5-1 plans, which could result in the repurchase of shares during periods when the Company otherwise would be precluded from doing so under insider trading laws. The renewed share repurchase authorization expires in October 2026. In February 2025, we issued stock options to certain key executives for approximately 32,000 common shares with an exercise price of $199.78 per share. The options vest pro-rata on the first, second and third anniversaries of the grant date, subject to continued employment. All options have a term of 10 years. We determine the fair value of stock options using the Black-Scholes option pricing formula as of the grant date. Key inputs into this formula include expected term, expected volatility, expected dividend yield, and the risk-free interest rate. This fair value is amortized on a straight-line basis over the vesting period and recorded in selling, general and administrative costs on our Consolidated Income Statement. The expected term represents the period that our stock options are expected to be outstanding and is determined based on historical experience of similar awards, given the contractual terms of the awards, vesting schedules, and expectations of future employee behavior. The fair value of stock options reflects a volatility factor calculated using historical market data for Enpro's common stock. The time frame used was approximated as a six-year period from the grant date for the awards. The dividend assumption is based on our expectations as of the grant date. We base the risk-free interest rate on the yield to maturity at the time of the stock option grant on zero-coupon U.S. government bonds having a remaining life equal to the option's expected life. The option awards issued in February 2025 had a fair value of $85.99 per share at their grant date. The following assumptions were used to estimate the fair value of the 2025 option awards:
Average expected term | 6 years
Expected volatility | 40.49 | %
Risk-free interest rate | 4.17 | %
Expected dividend yield | 0.62 | %

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