Supplemental Guarantor Financial Information (Tables)

6 Months Ended

Jun. 30, 2018

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

ENPRO INDUSTRIES, INC.

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (UNAUDITED)

Quarter Ended June 30, 2018

(in millions)



				Guarantor			Non-guarantor
	Parent			Subsidiaries			Subsidiaries			Eliminations			Consolidated
Net sales	$	—		$	274.3		$	160.9		$	(41.6	)	$	393.6
Cost of sales	—			214.3			105.1			(41.6		)	277.8
Gross profit	—			60.0			55.8			—			115.8
Operating expenses:
Selling, general and administrative	11.3			46.4			31.7			—			89.4
Other	—			4.1			0.2			—			4.3
Total operating expenses	11.3			50.5			31.9			—			93.7
Operating income (loss)	(11.3		)	9.5			23.9			—			22.1
Interest expense, net	(5.5		)	(1.5		)	(0.1		)	—			(7.1		)
Other expense	—			(1.0		)	(0.2		)	—			(1.2		)
Income (loss) before income taxes	(16.8		)	7.0			23.6			—			13.8
Income tax benefit (expense)	1.2			1.7			(6.8		)	—			(3.9		)
Income (loss) before equity in earnings of subsidiaries	(15.6		)	8.7			16.8			—			9.9
Equity in earnings of subsidiaries, net of tax	25.5			16.8			—			(42.3		)	—
Net income	$	9.9		$	25.5		$	16.8		$	(42.3	)	$	9.9
Comprehensive income (loss)	$	—		$	7.3		$	(2.5	)	$	(4.8	)	$	—

ENPRO INDUSTRIES, INC.

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (UNAUDITED)

Quarter Ended June 30, 2017

(in millions)



				Guarantor			Non-guarantor
	Parent			Subsidiaries			Subsidiaries			Eliminations			Consolidated
Net sales	$	—		$	214.7		$	113.1		$	(20.2	)	$	307.6
Cost of sales	—			148.7			74.5			(20.2		)	203.0
Gross profit	—			66.0			38.6			—			104.6
Operating expenses:
Selling, general and administrative	6.9			41.0			26.1			—			74.0
Other	0.3			0.7			2.1			—			3.1
Total operating expenses	7.2			41.7			28.2			—			77.1
Operating income (loss)	(7.2		)	24.3			10.4			—			27.5
Interest expense, net	(6.9		)	(8.8		)	(0.4		)	—			(16.1		)
Other expense	—			(0.2		)	—			—			(0.2		)
Income (loss) before income taxes	(14.1		)	15.3			10.0			—			11.2
Income tax benefit (expense)	5.5			(5.9		)	(1.8		)	—			(2.2		)
Income (loss) before equity in earnings of subsidiaries	(8.6		)	9.4			8.2			—			9.0
Equity in earnings of subsidiaries, net of tax	17.6			8.2			—			(25.8		)	—
Net income	$	9.0		$	17.6		$	8.2		$	(25.8	)	$	9.0
Comprehensive income	$	19.7		$	28.3		$	17.9		$	(46.2	)	$	19.7

ENPRO INDUSTRIES, INC.

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (UNAUDITED)

Six Months Ended June 30, 2018

(in millions)



				Guarantor			Non-guarantor
	Parent			Subsidiaries			Subsidiaries			Eliminations			Consolidated
Net sales	$	—		$	531.6		$	311.8		$	(81.0	)	$	762.4
Cost of sales	—			399.8			202.7			(81.0		)	521.5
Gross profit	—			131.8			109.1			—			240.9
Operating expenses:
Selling, general and administrative	23.4			95.6			62.5			—			181.5
Other	0.1			4.7			0.5			—			5.3
Total operating expenses	23.5			100.3			63.0			—			186.8
Operating income (loss)	(23.5		)	31.5			46.1			—			54.1
Interest income (expense), net	(12.2		)	(3.1		)	0.4			—			(14.9		)
Other expense	—			(0.4		)	(0.2		)	—			(0.6		)
Income (loss) before income taxes	(35.7		)	28.0			46.3			—			38.6
Income tax benefit (expense)	7.6			(10.2		)	(13.5		)	—			(16.1		)
Income (loss) before equity in earnings of subsidiaries	(28.1		)	17.8			32.8			—			22.5
Equity in earnings of subsidiaries, net of tax	50.6			32.8			—			(83.4		)	—
Net income	$	22.5		$	50.6		$	32.8		$	(83.4	)	$	22.5
Comprehensive income	$	22.4		$	44.5		$	24.6		$	(69.1	)	$	22.4

ENPRO INDUSTRIES, INC.

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (UNAUDITED)

Six Months Ended June 30, 2017

(in millions)



				Guarantor			Non-guarantor
	Parent			Subsidiaries			Subsidiaries			Eliminations			Consolidated
Net sales	$	—		$	419.1		$	225.2		$	(40.9	)	$	603.4
Cost of sales	—			292.2			145.8			(40.9		)	397.1
Gross profit	—			126.9			79.4			—			206.3
Operating expenses:
Selling, general and administrative	14.0			80.9			51.8			—			146.7
Other	0.7			1.0			2.7			—			4.4
Total operating expenses	14.7			81.9			54.5			—			151.1
Operating income (loss)	(14.7		)	45.0			24.9			—			55.2
Interest expense, net	(11.7		)	(18.5		)	(0.7		)	—			(30.9		)
Other expense	—			(3.6		)	(0.1		)	—			(3.7		)
Income (loss) before income taxes	(26.4		)	22.9			24.1			—			20.6
Income tax benefit (expense)	10.0			(9.4		)	(5.8		)	—			(5.2		)
Income (loss) before equity in earnings of subsidiaries	(16.4		)	13.5			18.3			—			15.4
Equity in earnings of subsidiaries, net of tax	31.8			18.3			—			(50.1		)	—
Net income	$	15.4		$	31.8		$	18.3		$	(50.1	)	$	15.4
Comprehensive income	$	30.8		$	47.2		$	31.6		$	(78.8	)	$	30.8

Condensed Cash Flow Statement

ENPRO INDUSTRIES, INC.

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (UNAUDITED)

Six Months Ended June 30, 2018

(in millions)



				Guarantor			Non-guarantor
	Parent			Subsidiaries			Subsidiaries			Eliminations			Consolidated
NET CASH PROVIDED BY OPERATING ACTIVITIES	$	64.6		$	131.4		$	27.6		$	(114.0	)	$	109.6
INVESTING ACTIVITIES
Purchases of property, plant and equipment	—			(22.9		)	(5.2		)	—			(28.1		)
Payments for capitalized internal-use software	—			(1.8		)	(0.2		)	—			(2.0		)
Proceeds from sale of property, plant, and equipment	—			25.9			0.4			—			26.3
Net cash provided by (used in) investing activities	—			1.2			(5.0		)	—			(3.8		)
FINANCING ACTIVITIES
Net payments on loans between subsidiaries	0.6			(0.3		)	(0.3		)	—			—
Intercompany dividends	—			—			(114.0		)	114.0			—
Proceeds from debt	—			358.6			—			—			358.6
Repayments of debt	—			(489.7		)	—			—			(489.7		)
Repurchase of common stock	(49.5		)	—			—			—			(49.5		)
Dividends paid	(10.3		)	—			—			—			(10.3		)
Other	(5.4		)	(1.2		)	—			—			(6.6		)
Net cash used in financing activities	(64.6		)	(132.6		)	(114.3		)	114.0			(197.5		)
Effect of exchange rate changes on cash and cash equivalents	—			—			(4.2		)	—			(4.2		)
Net decrease in cash and cash equivalents	—			—			(95.9		)	—			(95.9		)
Cash and cash equivalents at beginning of period	—			—			189.3			—			189.3
Cash and cash equivalents at end of period	$	—		$	—		$	93.4		$	—		$	93.4

ENPRO INDUSTRIES, INC.

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (UNAUDITED)

Six Months Ended June 30, 2017

(in millions)



				Guarantor			Non-guarantor
	Parent			Subsidiaries			Subsidiaries			Eliminations			Consolidated
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES	$	(12.0	)	$	18.7		$	21.4		$	(0.1	)	$	28.0
INVESTING ACTIVITIES
Purchases of property, plant and equipment	—			(11.2		)	(4.0		)	—			(15.2		)
Payments for capitalized internal-use software	—			(1.9		)	—			—			(1.9		)
Deconsolidation of OldCo	—			(4.8		)	—			—			(4.8		)
Acquisitions, net of cash acquired	—			(39.7		)	—			—			(39.7		)
Other	—			—			0.3			—			0.3
Net cash used in investing activities	—			(57.6		)	(3.7		)	—			(61.3		)
FINANCING ACTIVITIES
Net payments on loans between subsidiaries	(116.8		)	120.1			(3.3		)	—			—
Intercompany dividends	—			—			(0.1		)	0.1			—
Proceeds from debt	151.5			196.6			3.5			—			351.6
Repayments of debt	—			(278.6		)	(1.0		)	—			(279.6		)
Repurchase of common stock	(9.8		)	—			—			—			(9.8		)
Dividends paid	(9.6		)	—			—			—			(9.6		)
Other	(3.3		)	—			—			—			(3.3		)
Net cash provided by (used in) financing activities	12.0			38.1			(0.9		)	0.1			49.3
Effect of exchange rate changes on cash and cash equivalents	—			—			4.6			—			4.6
Net increase (decrease) in cash and cash equivalents	—			(0.8		)	21.4			—			20.6
Cash and cash equivalents at beginning of period	—			0.8			110.7			—			111.5
Cash and cash equivalents at end of period	$	—		$	—		$	132.1		$	—		$	132.1

Condensed Balance Sheet

ENPRO INDUSTRIES, INC.

CONDENSED CONSOLIDATING BALANCE SHEETS (UNAUDITED)

As of June 30, 2018

(in millions)



			Guarantor		Non-guarantor
	Parent		Subsidiaries		Subsidiaries		Eliminations			Consolidated
ASSETS
Current assets
Cash and cash equivalents	$	—	$	—	$	93.4	$	—		$	93.4
Accounts receivable, net	—		196.8		93.6		—			290.4
Intercompany receivables	—		23.1		10.0		(33.1		)	—
Inventories	—		148.4		72.7		—			221.1
Income tax receivable	43.7		1.0		—		(8.0		)	36.7
Prepaid expenses and other current assets	4.9		20.2		11.7		—			36.8
Total current assets	48.6		389.5		281.4		(41.1		)	678.4
Property, plant and equipment, net	—		206.8		86.7		—			293.5
Goodwill	—		261.0		73.2		—			334.2
Other intangible assets, net	—		253.2		58.4		—			311.6
Intercompany receivables	—		23.2		0.6		(23.8		)	—
Investment in subsidiaries	1,297.9		372.2		—		(1,670.1		)	—
Other assets	21.4		73.9		10.2		(4.0		)	101.5
Total assets	$	1,367.9	$	1,579.8	$	510.5	$	(1,739.0	)	$	1,719.2
LIABILITIES AND EQUITY
Current liabilities
Current maturities of long-term debt	$	—	$	0.2	$	—	$	—		$	0.2
Accounts payable	3.7		92.6		38.2		—			134.5
Intercompany payables	—		10.0		23.1		(33.1		)	—
Accrued expenses	15.1		72.0		43.0		(8.0		)	122.1
Total current liabilities	18.8		174.8		104.3		(41.1		)	256.8
Long-term debt	444.8		43.0		—		—			487.8
Intercompany payables	23.5		—		0.3		(23.8		)	—
Other liabilities	16.1		64.1		33.7		(4.0		)	109.9
Total liabilities	503.2		281.9		138.3		(68.9		)	854.5
Shareholders’ equity	864.7		1,297.9		372.2		(1,670.1		)	864.7
Total liabilities and equity	$	1,367.9	$	1,579.8	$	510.5	$	(1,739.0	)	$	1,719.2

ENPRO INDUSTRIES, INC.

CONDENSED CONSOLIDATING BALANCE SHEETS (UNAUDITED)

As of December 31, 2017

(in millions)



			Guarantor		Non-guarantor
	Parent		Subsidiaries		Subsidiaries		Eliminations			Consolidated
ASSETS
Current assets
Cash and cash equivalents	$	—	$	—	$	189.3	$	—		$	189.3
Accounts receivable, net	—		180.1		81.6		—			261.7
Intercompany receivables	—		24.0		6.7		(30.7		)	—
Inventories	—		135.4		68.7		—			204.1
Income tax receivable	132.3		1.3		2.0		(22.4		)	113.2
Prepaid expenses and other current assets	4.3		26.5		20.5		—			51.3
Total current assets	136.6		367.3		368.8		(53.1		)	819.6
Property, plant and equipment, net	—		206.8		90.1		—			296.9
Goodwill	—		261.0		75.1		—			336.1
Other intangible assets, net	—		284.2		62.8		—			347.0
Intercompany receivables	—		22.9		—		(22.9		)	—
Investment in subsidiaries	1,261.3		460.1		—		(1,721.4		)	—
Other assets	12.8		59.3		14.4		—			86.5
Total assets	$	1,410.7	$	1,661.6	$	611.2	$	(1,797.4	)	$	1,886.1
LIABILITIES AND EQUITY
Current liabilities
Current maturities of long-term debt	—		0.2		—		—			0.2
Accounts payable	2.3		82.5		45.9		—			130.7
Intercompany payables	—		6.7		24.0		(30.7		)	—
Accrued expenses	22.8		90.1		46.7		(22.4		)	137.2
Total current liabilities	25.1		179.5		116.6		(53.1		)	268.1
Long-term debt	444.2		174.1		—		—			618.3
Intercompany payables	22.9		—		—		(22.9		)	—
Other liabilities	15.7		46.7		34.5		—			96.9
Total liabilities	507.9		400.3		151.1		(76.0		)	983.3
Shareholders’ equity	902.8		1,261.3		460.1		(1,721.4		)	902.8
Total liabilities and equity	$	1,410.7	$	1,661.6	$	611.2	$	(1,797.4	)	$	1,886.1