EnPro Industries, Inc. | ||||||||||||||||||||
Reconciliation of Income (Loss) from Continuing Operations Attributable to EnPro Industries, Inc. to Adjusted Income from Continuing Operations Attributable to EnPro Industries, Inc. and Adjusted Diluted Earnings Per Share (Unaudited) | ||||||||||||||||||||
For the Quarters and Years Ended December 31, 2022 and 2021 | ||||||||||||||||||||
(In Millions, Except Per Share Data) | ||||||||||||||||||||
Quarter Ended December 31, 2022 | ||||||||||||||||||||
As presented in February 21, 2023 announcement | Adjustments attributable to redeemable non-controlling interest | As refined | Average common shares outstanding, diluted | Per Share | ||||||||||||||||
Loss from continuing operations attributable to EnPro Industries, Inc. | $ | (57.5) | $ | — | $ | (57.5) | 20.9 | $ | (2.76) | |||||||||||
Net loss from redeemable non-controlling interests | (3.6) | — | (3.6) | |||||||||||||||||
Income tax expense | 4.6 | — | 4.6 | |||||||||||||||||
Loss from continuing operations before income taxes | (56.5) | — | (56.5) | |||||||||||||||||
Adjustments from selling, general, and administrative: | ||||||||||||||||||||
Acquisition and divestiture expenses | 0.1 | — | 0.1 | |||||||||||||||||
Non-controlling interest compensation allocations1 | (0.5) | — | (0.5) | |||||||||||||||||
Amortization of acquisition-related intangible assets | 18.9 | 0.4 | 18.5 | |||||||||||||||||
Adjustments from other operating expense and cost of sales: | ||||||||||||||||||||
Restructuring and impairment expense | 0.7 | — | 0.7 | |||||||||||||||||
Amortization of the fair value adjustment to acquisition date inventory | 1.0 | — | 1.0 | |||||||||||||||||
Adjustments from other non-operating expense (income): | ||||||||||||||||||||
Environmental reserve adjustment | 5.3 | — | 5.3 | |||||||||||||||||
Costs associated with previously disposed businesses | (0.6) | — | (0.6) | |||||||||||||||||
Net loss on sale of businesses | 0.4 | — | 0.4 | |||||||||||||||||
Pension income (non-service cost) | (1.5) | — | (1.5) | |||||||||||||||||
Tax indemnification asset 2 | 0.9 | — | 0.9 | |||||||||||||||||
Alluxa goodwill impairment | 65.2 | 4.6 | 60.6 | |||||||||||||||||
Foreign exchange losses related to the divestiture of GGB4 | 3.8 | — | 3.8 | |||||||||||||||||
Adjusted income from continuing operations before income taxes | 37.2 | 5.0 | 32.2 | |||||||||||||||||
Adjusted income tax expense | (10.0) | (8.7) | ||||||||||||||||||
Net loss from redeemable non-controlling interests | 3.6 | 3.6 | ||||||||||||||||||
Adjusted income from continuing operations attributable to EnPro Industries, Inc. | $ | 30.8 | $ | 27.1 | 20.9 | $ | 1.30 | 3 |
Quarter Ended December 31, 2021 | ||||||||||||||||||||
As presented in February 21, 2023 announcement | Adjustments attributable to redeemable non-controlling interest | As refined | Average common shares outstanding, diluted | Per Share | ||||||||||||||||
Loss from continuing operations attributable to EnPro Industries, Inc. | $ | (1.6) | $ | — | $ | (1.6) | 20.8 | $ | (0.08) | |||||||||||
Net gain from redeemable non-controlling interests | 0.3 | — | 0.3 | |||||||||||||||||
Income tax benefit | (6.1) | — | (6.1) | |||||||||||||||||
Loss from continuing operations before income taxes | (7.4) | — | (7.4) | |||||||||||||||||
Adjustments from selling, general, and administrative: | ||||||||||||||||||||
Acquisition and divestiture expenses | 14.9 | — | 14.9 | |||||||||||||||||
Non-controlling interest compensation allocations1 | 1.2 | 0.1 | 1.1 | |||||||||||||||||
Amortization of acquisition-related intangible assets | 12.1 | 0.5 | 11.6 | |||||||||||||||||
Adjustments from other operating expense and cost of sales: | ||||||||||||||||||||
Restructuring and impairment expense | 0.5 | — | 0.5 | |||||||||||||||||
Amortization of the fair value adjustment to acquisition date inventory | 4.1 | 0.1 | 4.0 | |||||||||||||||||
Adjustments from other non-operating expense (income): | ||||||||||||||||||||
Environmental reserve adjustment | 3.8 | — | 3.8 | |||||||||||||||||
Costs associated with previously disposed businesses | (0.3) | — | (0.3) | |||||||||||||||||
Pension income (non-service cost) | (2.2) | — | (2.2) | |||||||||||||||||
Tax indemnification asset 2 | 3.0 | — | 3.0 | |||||||||||||||||
Other adjustments: | ||||||||||||||||||||
Other | 0.1 | — | 0.1 | |||||||||||||||||
Adjusted income from continuing operations before income taxes | 29.8 | 0.7 | 29.1 | |||||||||||||||||
Adjusted income tax expense | (8.9) | (8.7) | ||||||||||||||||||
Net loss from redeemable non-controlling interests | (0.3) | (0.3) | ||||||||||||||||||
Adjusted income from continuing operations attributable to EnPro Industries, Inc. | $ | 20.6 | $ | 20.1 | 20.8 | $ | 0.97 | 3 |
Year Ended December 31, 2022 | ||||||||||||||||||||
As presented in February 21, 2023 announcement | Adjustments attributable to redeemable non-controlling interest | As refined | Average common shares outstanding, diluted | Per Share | ||||||||||||||||
Income from continuing operations attributable to EnPro Industries, Inc. | $ | 6.7 | $ | — | $ | 6.7 | 20.9 | $ | 0.32 | |||||||||||
Net loss from redeemable non-controlling interests | (2.8) | — | (2.8) | |||||||||||||||||
Income tax expense | 24.4 | — | 24.4 | |||||||||||||||||
Income from continuing operations before income taxes | 28.3 | — | 28.3 | |||||||||||||||||
Adjustments from selling, general, and administrative: | ||||||||||||||||||||
Acquisition and divestiture expenses | 1.2 | — | 1.2 | |||||||||||||||||
Non-controlling interest compensation allocations1 | (0.6) | 0.1 | (0.7) | |||||||||||||||||
Amortization of acquisition-related intangible assets | 76.8 | 2.0 | 74.8 | |||||||||||||||||
Adjustments from other operating expense and cost of sales: | ||||||||||||||||||||
Restructuring and impairment expense | 2.9 | — | 2.9 | |||||||||||||||||
Amortization of the fair value adjustment to acquisition date inventory | 13.3 | 0.2 | 13.1 | |||||||||||||||||
Adjustments from other non-operating expense (income): | ||||||||||||||||||||
Asbestos receivable adjustment | 2.8 | — | 2.8 | |||||||||||||||||
Environmental reserve adjustment | 5.1 | — | 5.1 | |||||||||||||||||
Costs associated with previously disposed businesses | 0.3 | — | 0.3 | |||||||||||||||||
Net loss on sale of businesses | 0.6 | — | 0.6 | |||||||||||||||||
Pension income (non-service cost) | (3.6) | — | (3.6) | |||||||||||||||||
Tax indemnification asset 2 | 0.9 | — | 0.9 | |||||||||||||||||
Alluxa goodwill impairment | 65.2 | 4.6 | 60.6 | |||||||||||||||||
Foreign exchange losses related to the divestiture of GGB4 | 3.8 | — | 3.8 | |||||||||||||||||
Other adjustments: | ||||||||||||||||||||
Other | 0.2 | — | 0.2 | |||||||||||||||||
Adjusted income from continuing operations before income taxes | 197.2 | 6.9 | 190.3 | |||||||||||||||||
Adjusted income tax expense | (53.2) | (51.3) | ||||||||||||||||||
Net loss from redeemable non-controlling interests | 2.8 | 2.8 | ||||||||||||||||||
Adjusted income from continuing operations attributable to EnPro Industries, Inc. | $ | 146.8 | $ | 141.8 | 20.9 | $ | 6.79 | 3 |
Year Ended December 31, 2021 | ||||||||||||||||||||
As presented in February 21, 2023 announcement | Adjustments attributable to redeemable non-controlling interest | As refined | Average common shares outstanding, diluted | Per Share | ||||||||||||||||
Income from continuing operations attributable to EnPro Industries, Inc. | $ | 56.9 | $ | — | $ | 56.9 | 20.8 | $ | 2.74 | |||||||||||
Net income from redeemable non-controlling interests | 0.4 | — | 0.4 | |||||||||||||||||
Income tax expense | 8.7 | — | 8.7 | |||||||||||||||||
Income from continuing operations before income taxes | 66.0 | — | 66.0 | |||||||||||||||||
Adjustments from selling, general, and administrative: | ||||||||||||||||||||
Acquisition and divestiture expenses | 15.6 | — | 15.6 | |||||||||||||||||
Non-controlling interest compensation allocations1 | 5.3 | 0.4 | 4.9 | |||||||||||||||||
Amortization of acquisition-related intangible assets | 44.4 | 2.3 | 42.1 | |||||||||||||||||
Adjustments from other operating expense and cost of sales: | ||||||||||||||||||||
Restructuring and impairment expense | 2.5 | — | 2.5 | |||||||||||||||||
Amortization of the fair value adjustment to acquisition date inventory | 9.9 | 0.5 | 9.4 | |||||||||||||||||
Adjustments from other non-operating expense (income): | ||||||||||||||||||||
Environmental reserve adjustment | 8.3 | — | 8.3 | |||||||||||||||||
Costs associated with previously disposed businesses | 0.4 | — | 0.4 | |||||||||||||||||
Net gain on sale of businesses | (17.5) | — | (17.5) | |||||||||||||||||
Pension income (non-service cost) | (8.4) | — | (8.4) | |||||||||||||||||
Tax indemnification asset 2 | 3.0 | — | 3.0 | |||||||||||||||||
Other adjustments: | ||||||||||||||||||||
Other | (0.2) | — | (0.2) | |||||||||||||||||
Adjusted income from continuing operations before income taxes | 129.3 | 3.2 | 126.1 | |||||||||||||||||
Adjusted income tax expense | (38.8) | (37.8) | ||||||||||||||||||
Net loss from redeemable non-controlling interests | (0.4) | (0.4) | ||||||||||||||||||
Adjusted income from continuing operations attributable to EnPro Industries, Inc. | $ | 90.1 | $ | 87.9 | 20.8 | $ | 4.23 | 3 |