10-K/A

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_____________________________________________________

FORM 10-K/A

(Amendment No. 1)

_____________________________________________________

(Mark One)

ý ANNUALREPORTPURSUANTTO SECTION 13 OR 15(D) OFTHESECURITIESEXCHANGEACTOF 1934

For the fiscal year ended December 31, 2018

¨ TRANSITIONREPORTPURSUANTTOSECTION 13 OR 15(D) OFTHESECURITIESEXCHANGEACTOF 1934

Commission File Number 001-31225

_____________________________________________________

ENPRO INDUSTRIES, INC.

(Exact name of registrant, as specified in its charter)

_____________________________________________________

North Carolina	01-0573945
(State or other jurisdiction of incorporation)	(I.R.S. employer identification no.)
5605 Carnegie Boulevard, Suite 500 Charlotte, North Carolina	28209
(Address of principal executive offices)	(Zip code)

(704) 731-1500

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common stock, $0.01 par value	NPO	New York Stock Exchange

Securities registered pursuant to Section 12(g) of the Act: None

 _____________________________________________________

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.    Yes  ý    No  ¨

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.    Yes  ¨    No  ý

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ý    No  ¨

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes  ý    No  ¨

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of the registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.    ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer	ý	Accelerated filer	¨
Non-accelerated filer	o	Smaller reporting company	¨
		Emerging growth company	¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ¨    No  ý

The aggregate market value of voting and nonvoting common stock of the registrant held by non-affiliates of the registrant as of June 30, 2018 was $1,428,943,636. As of February 20, 2019, there were 20,783,049 shares of common stock of the registrant outstanding, which includes 188,761 shares of common stock held by a subsidiary of the registrant and accordingly are not entitled to be voted.

DOCUMENTS INCORPORATED BY REFERENCE

Portions of the registrant’s definitive proxy statement for the 2019 annual meeting of shareholders are incorporated by reference into Part III.

EXPLANATORY NOTE

EnPro Industries, Inc. is filing this Amendment No. 1 on Form 10-K/A (this “Form 10-K/A”) to its Annual Report on Form 10-K for the year ended December 31, 2018, originally filed with the Securities and Exchange Commission on February 25, 2019 (the “Original Filing”), to make certain changes as described below. As used in this report, the terms “we,” “us,” “our,” “EnPro” and “Company” mean EnPro Industries, Inc. and its subsidiaries (unless the context indicates another meaning).

The Company has identified certain errors related to items affecting the provision for income tax expense reported for the year ended December 31, 2018, which errors had the effect of understating income tax expense for the year and the three months ended December 31, 2018 by approximately $5.0 million. Pursuant to the guidance of SEC Staff Accounting Bulletin No. 99, “Materiality,” the Company has evaluated the materiality of the errors quantitatively and qualitatively and has concluded that they did not, individually or in the aggregate, result in a material misstatement of the Company’s previously issued consolidated financial statements and that such financial statements may continue to be relied upon.

In evaluating these errors, the Company identified deficiencies in its internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) with respect to the design and maintenance of controls over the accounting for income taxes. Specifically, we did not design and maintain effective controls to (i) sufficiently review and validate information received from foreign subsidiaries in their quarterly tax packages, including adjustments made to the packages in consolidation, which are used in the determination of the completeness and accuracy of our consolidated provision for income taxes and (ii) sufficiently review the completeness and accuracy of input data used in the calculation of a new annual federal tax which became effective in 2018 under the 2017 Jobs and Tax Act and certain recurring tax credits.

These deficiencies constituted a material weakness in the Company’s internal control over financial reporting at December 31, 2018 and at March 31, 2019. As a result, the Company is filing this Form 10-K/A to amend the Original Filing to reflect that its internal control over financial reporting and disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) were not effective as of December 31, 2018.

This Form 10-K/A includes a revised report of our independent registered public accounting firm with respect to the effectiveness of our internal control over financial reporting at December 31, 2018.

This Form 10-K/A also includes revised financial statements for the year ended December 31, 2018 which reflect the correction of the income tax errors described above. Note 25 of Notes to Consolidated Financial Statements included in Item 8 of this Form 10-K/A describes in more detail the revisions to correct these errors. Revisions to the Original Filing have been made to the following items solely as a result of and to reflect these revisions:

• Item 6 - Selected Financial Data

• Item 7 - Management’s Discussion and Analysis of Financial Condition and Results of Operations

• Item 8 - Financial Statements and Supplementary Data

• Item 9A - Controls and Procedures

• Item 15 - Exhibits, Financial Statement Schedules

As required by Rule 12b-15 under the Exchange Act, the Company’s current principal executive officer and principal financial officer are providing currently dated certifications, which are filed as exhibits hereto. In addition, the Company is filing as an exhibit hereto a new consent from PricewaterhouseCoopers LLP. Accordingly, this Form 10-K/A amends Part IV - Item 15 in the Original Filing to reflect the filing of the new certifications and consent, as well as XBRL tagging exhibits, and to reflect that the other exhibits filed with the Original Filing are incorporated by reference in this Form 10-K/A to such exhibits as filed with the Original Filing.

Except as described above, this Form 10-K/A does not amend, update or change any other items or disclosures in the Original Filing and does not purport to reflect any information or events subsequent to the filing thereof. As such, this Form 10-K/A speaks only as of the date the Original Filing was filed, and the Company has not undertaken herein to amend, supplement or update any information contained in the Original Filing to give effect to any subsequent events. Accordingly,

this Form 10-K/A should be read in conjunction with the Company’s filings made with the Securities and Exchange Commission subsequent to the filing of the Original Filing, including any amendment to those filings.

The Company is concurrently filing an amendment (the “Form 10-Q/A”) to its Form 10-Q for the quarter ended March 31, 2019 filed on May 2, 2019 (the “Original Form 10-Q Filing”) to reflect that its disclosure controls and procedures were not effective as of March 31, 2019. The Form 10-Q/A being filed concurrently with this Form 10-K/A corrects certain line items of the December 31, 2018 consolidated balance sheet included in the Original Form 10-Q Filing to conform to the consolidated balance sheet at that date included in this Form 10-K/A, with corresponding revisions to the line items in the March 31, 2019 consolidated balance sheet included in the Original Form 10-Q Filing. The Form 10-Q/A does not contain any revision to the Company’s consolidated statement of operations for the quarter ended March 31, 2019 as included in the Original Form 10-Q Filing.

TABLE OF CONTENTS

		Page
PART II
Item 6	Selected Financial Data	6
Item 7	Management’s Discussion and Analysis of Financial Condition and Results of Operations	7
Item 8	Financial Statements and Supplementary Data	28
Item 9A	Controls and Procedures	29
PART IV
Item 15	Exhibits and Financial Statement Schedules	30
	Exhibit Index	31
	Signatures	34
	Report of Independent Registered Public Accounting Firm	35
	Consolidated Statements of Operations	37
	Consolidated Statements of Comprehensive Income	38
	Consolidated Statements of Cash Flows	39
	Consolidated Balance Sheets	40
	Consolidated Statements of Changes in Shareholders’ Equity	41
	Notes to Consolidated Financial Statements	42
	Schedule II – Valuation and Qualifying Accounts	93

PART II

ITEM 6. SELECTED FINANCIAL DATA

The following historical consolidated financial information as of and for each of the years ended December 31, 2018, 2017, 2016, 2015, and 2014 has been derived from, and should be read together with, our Consolidated Financial Statements and the related notes, for each of those years. The audited Consolidated Financial Statements and related notes as of December 31, 2018 and 2017, and for the years ended December 31, 2018, 2017 and 2016, are included elsewhere in this annual report. The information presented below with respect to the last three completed fiscal years should also be read together with Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations.”

	Year Ended December 31,
	2018 (2) (3)		2017 (1) (2)		2016 (1)			2015 (1)			2014 (1)
	(as adjusted, in millions, except per share data)
Statement of Operations Data:
Net sales	$	1,532.0	$	1,309.6	$	1,187.7		$	1,204.4		$	1,219.3
Net income (loss)	19.6		$	539.8	$	(40.1	)	$	(20.9	)	$	22.0
Balance Sheet Data:
Total assets	$	1,715.8	$	1,886.1	$	1,546.4		$	1,498.8		$	1,597.5
Long-term debt (including current portion)	$	464.9	$	618.5	$	425.0		$	356.3		$	315.9
Notes payable to GST	$	—	$	—	$	295.9		$	283.2		$	271.0
Per Common Share Data – Basic:
Net income (loss)	$	0.94	$	25.28	$	(1.86	)	$	(0.93	)	$	0.95
Per Common Share Data – Diluted:
Net income (loss)	$	0.93	$	24.76	$	(1.86	)	$	(0.93	)	$	0.85
Cash dividends declared per share	$	0.96	$	0.88	$	0.84		$	0.80		$	—

(1) For a discussion regarding the reconsolidation of GST and OldCo effective July 31, 2017, see Item 1, "Business-Background." For a discussion of acquisitions and divestitures in the fiscal years ended December 31, 2018, 2017, 2016, 2015, and 2014, see Item 1, "Business-Acquisitions and Dispositions."

(2) On December 22, 2017, the Tax Cuts and Jobs Act (the "Tax Act") was enacted and contains several key tax provisions that impacted us. In 2017, we recognized a provisional estimate of the impact of these tax law changes, including the remeasurement of our year-end deferred tax assets and liabilities and the mandatory one-time transition tax in our year-end income tax provision. In the third and fourth quarters of 2018, we made refinements to our calculations, as provided by SEC guidance, and in the fourth quarter of 2018, we completed our accounting for the impact.

(3) Net income, total assets, per common share data - basic, and per common share data - diluted for the year ended December 31, 2018 have been revised to reflect revisions to correct immaterial errors related to certain items affecting the provision for income taxes for the year ended December 31, 2018. See Note 25, "Revision" included in our Notes to Consolidated Financial Statements under Item 8, "Financial Statement and Supplementary Data."

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ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following is management’s discussion and analysis of certain significant factors that have affected our consolidated financial condition and operating results during the periods included in the accompanying audited Consolidated Financial Statements and the related notes. You should read the following discussion in conjunction with our audited Consolidated Financial Statements and the related notes, included elsewhere in this annual report.

Forward-Looking Statements

This report contains certain statements that are “forward-looking statements” as that term is defined under the Private Securities Litigation Reform Act of 1995 (the “Act”) and releases issued by the SEC. The words “may,” “hope,” “will,” “should,” “could,” “expect,” “plan,” “anticipate,” “intend,” “believe,” “estimate,” “predict,” “potential,” “continue,” and other expressions which are predictions of or indicate future events and trends and which do not relate to historical matters identify forward-looking statements. We believe that it is important to communicate our future expectations to our shareholders, and we therefore make forward-looking statements in reliance upon the safe harbor provisions of the Act. However, there may be events in the future that we are not able to accurately predict or control, and our actual results may differ materially from the expectations we describe in our forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause our actual results, performance or achievements to differ materially from anticipated future results, performance or achievements expressed or implied by such forward-looking statements. We advise you to read further about certain of these and other risk factors set forth in Item 1A of this annual report, entitled “Risk Factors.” We undertake no obligation to publicly update or revise any forward-looking statement, either as a result of new information, future events or otherwise. Whenever you read or hear any subsequent written or oral forward-looking statements attributed to us or any person acting on our behalf, you should keep in mind the cautionary statements contained or referred to in this section.

Overview and Outlook

Overview. We design, develop, manufacture, service and market proprietary engineered industrial products. We have 50 primary manufacturing facilities located in 12 countries, including the United States.

We manage our business as three segments: a Sealing Products segment, an Engineered Products segment, and a Power Systems segment.

Our Sealing Products segment designs, manufactures and sells sealing products, including: metallic, non-metallic and composite material gaskets, dynamic seals, compression packing, resilient metal seals, elastomeric seals, hydraulic components, expansion joints, flange sealing and isolation products, pipeline casing spacers/isolators, casing end seals, modular sealing systems for sealing pipeline penetrations, sanitary gaskets, hoses and fittings for the hygienic process industries, hole forming products, manhole infiltration sealing systems, bellows and bellows assemblies, pedestals for semiconductor manufacturing, custom-engineered mechanical seals for applications in the aerospace industry and other markets, PTFE products, and heavy-duty commercial vehicle parts used in the wheel-end, braking, suspension, and tire and mileage optimization systems. These products are used in a variety of industries, including chemical and petrochemical processing, petroleum extraction and refining, pulp and paper processing, power generation, food and pharmaceutical processing, primary metal manufacturing, mining, water and waste treatment, heavy-duty trucking, aerospace, medical, filtration and semiconductor fabrication. In many of these industries, performance and durability are vital for safety and environmental protection. Many of our products are used in highly demanding applications, e.g., where extreme temperatures, extreme pressures, corrosive environments, strict tolerances, and/or worn equipment make product performance difficult.

Our Engineered Products segment includes operations that design, manufacture and sell self-lubricating, non-rolling, metal-polymer, solid polymer and filament wound bearing products, aluminum blocks for hydraulic applications and precision engineered components and lubrication systems for reciprocating compressors. These products are used in a wide range of applications, including the automotive, pharmaceutical, pulp and paper, natural gas, health, power generation, machine tools, air treatment, refining, petrochemical and general industrial markets.

Our Power Systems segment designs, manufactures, sells and services heavy-duty, medium-speed diesel, natural gas and dual fuel reciprocating engines. The United States government and the general markets for marine propulsion, power generation, and pump and compressor applications use these products and services.

The historical business operations of our subsidiaries, Garlock Sealing Technologies LLC (“GST LLC”) and The Anchor Packing Company (“Anchor”), resulted in a substantial volume of asbestos litigation in which plaintiffs alleged personal injury or death as a result of exposure to asbestos fibers. Those subsidiaries manufactured and/or sold industrial sealing products,

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predominately gaskets and packing, that contained encapsulated asbestos fibers. Anchor was an inactive and insolvent indirect subsidiary of EnPro's then-direct subsidiary, Coltec Industries Inc ("Coltec"). Our subsidiaries’ exposure to asbestos litigation and their relationships with insurance carriers had been managed through another subsidiary, Garrison Litigation Management Group, Ltd. (“Garrison”). GST LLC, Anchor and Garrison are collectively referred to as “GST.”

On June 5, 2010 (the “GST Petition Date”), GST filed voluntary petitions for reorganization under Chapter 11 of the United States Bankruptcy Code (the “GST Chapter 11 Case") in the Bankruptcy Court. GST LLC is one of the businesses in our broader Garlock group and it and its subsidiaries operate five manufacturing facilities, including operations in Palmyra, New York and Houston, Texas. The filings on the GST Petition Date did not include EnPro Industries, Inc. or any other EnPro Industries, Inc. operating subsidiary.

The filings were the initial step in a claims resolution process for an efficient and permanent resolution of pending and future asbestos claims through court approval of a plan of reorganization to establish a facility to resolve and pay all GST asbestos claims. On March 17, 2016, we announced that we had reached a comprehensive consensual settlement (the “Consensual Settlement”) to resolve current and future asbestos claims which contemplated the joint plan of reorganization (the "Joint Plan") which was filed with the Bankruptcy Court. The Joint Plan and Consensual Settlement contemplated that, as an appropriate and necessary step to facilitate the implementation of the Consensual Settlement and not to delay or hinder creditors or the resolution of claims, Coltec would, subject to the receipt of necessary consents, undergo a restructuring (the “Coltec Restructuring”) in which all of its significant operating assets and subsidiaries, which included each of our major business units, would be distributed to a new direct EnPro subsidiary, EnPro Holdings, Inc. (“EnPro Holdings”). EnPro Holdings would also assume all of Coltec’s non-asbestos liabilities. The Coltec Restructuring was completed on December 31, 2016, and included the merger of Coltec with and into OldCo, LLC (“OldCo”), which was a direct subsidiary of EnPro Holdings. OldCo, as the restructured entity, retained responsibility for all asbestos claims and rights to certain insurance assets of Coltec, as well as the business operated by our EnPro Learning System, LLC subsidiary (“EnPro Learning System”), which provides occupational safety training and consulting services to third parties. EnPro Learning System was also merged into OldCo.

As contemplated by the Joint Plan, on January 30, 2017 (the “OldCo Petition Date”), OldCo, as the successor by merger to Coltec, filed the OldCo Chapter 11 Case. On February 3, 2017, the Bankruptcy Court issued an order for the joint administration of the OldCo Chapter 11 Case with the GST Chapter 11 Case.

During the pendency of the GST Chapter 11 Case and the OldCo Chapter 11 Case, certain actions proposed to be taken by GST or OldCo not in the ordinary course of business were subject to approval by the Bankruptcy Court. As a result, during the pendency of the GST Chapter 11 Case and the OldCo Chapter 11 Case, we did not have exclusive control over these companies. Accordingly, as required by GAAP, GST was deconsolidated beginning on the GST Petition Date and OldCo was deconsolidated beginning on the OldCo Petition Date. Accordingly the financial results of GST and its subsidiaries were included in our consolidated results through June 4, 2010, the day prior to the GST Petition Date, and the financial results of OldCo and its subsidiaries were included in our consolidated results through January 29, 2017, the day prior to the OldCo Petition Date. GST and OldCo were reconsolidated effective upon the effective date of the consummation of the Joint Plan, which effective date was 12:01 a.m. on July 31, 2017 (the “Joint Plan Effective Date”).

Pursuant to the Joint Plan, a claims resolution trust (the “Trust”) was established prior to the Joint Plan Effective Date. As contemplated by the Joint Plan, the Trust was funded with cash contributions by GST LLC and Garrison and by OldCo and by the contribution of an option (the “Option”), exercisable one year after the Joint Plan Effective Date, permitting the Trust to purchase for $1 shares of EnPro common stock having a value of $20 million (which included the right of OldCo to call the Option for payment of $20 million), and by the obligations under the Joint Plan of OldCo and of GST LLC and Garrison to make specified deferred contribution in cash no later than one year after the Joint Plan Effective Date.

On November 29, 2017, GST LLC, EnPro Holdings and EnPro entered into an agreement with the Trust to provide for the early settlement of the deferred contributions to the Trust under the Joint Plan and for the call of the Option by EnPro Holdings, as the successor by merger to OldCo. Under that agreement, in full satisfaction of the deferred cash contribution obligations under the Joint Plan and payment of the $20 million call payment under the Option, on December 1, 2017 GST LLC, EnPro Holdings and EnPro paid $78.8 million (the “Early Cash Settlement Amount”) to the Trust and agreed to make a further payment to the Trust to the extent that total interest earned through July 31, 2018, with respect to a fixed income account in which the Early Cash Settlement Amount was invested by the Trust is less than $1.2 million. In a final settlement of amounts owed to the Trust, a further payment of approximately $0.5 million was made in August 2018.

The Consensual Settlement included as a condition to our obligations to proceed with the settlement that EnPro, Coltec, GST and Garlock of Canada Ltd (an indirect subsidiary of GST LLC) enter into a written agreement, to be consummated concurrently with the consummation of the Joint Plan on the Joint Plan Effective Date, with the Canadian provincial workers’

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compensation boards (the “Provincial Boards”) resolving remedies the Provincial Boards may possess against Garlock of Canada Ltd, GST, Coltec or any of their affiliates, including releases and covenants not to sue, for any present or future asbestos-related claim, and that the agreement is either approved by the Bankruptcy Court following notice to interested parties or the Bankruptcy Court concludes that its approval is not required. On November 11, 2016, we entered into such an agreement (the “Canadian Settlement”) with the Provincial Boards to resolve current and future claims against EnPro, GST, Garrison, Coltec, and Garlock of Canada Ltd for recovery of a portion of amounts the Provincial Boards have paid and will pay in the future under asbestos-injury recovery statutes in Canada for claims relating to asbestos-containing products. The Canadian Settlement provided for a cash settlement payment to the Provincial Boards on the fourth anniversary of the effective date of the Joint Plan, with the provincial Boards having the option of accelerating the payment discounted rate of 4.5% per annum. Prior to the Joint Plan Effective Date, the Provincial Boards provided notice of their election to accelerate the payment. After application of the discount resulting from such acceleration of payment, the settlement payment of approximately $16.7 million (U.S.) was made to the Provincial Boards on August 11, 2017.

In light of the Consensual Settlement and the Canadian Settlement, in 2016 GST revised its estimate of the ultimate costs to resolve all asbestos claims against it to reflect the amounts to be paid by it under these settlements. Because GST was not a consolidated subsidiary at that time, the accrual to reflect GST’s increased costs to resolve such claims was not included in our consolidated financial results for 2016. OldCo (then still a consolidated subsidiary) had accrued a liability at December 31, 2016 equal to its contributions to be made pursuant to the Joint Plan, with the accrual of an $80.0 million increase in its estimated liability over the amount estimated at December 31, 2015 being reflected in our consolidated financial results for 2016.

The Joint Plan permanently resolves current and future asbestos claims against GST LLC, Garrison and OldCo, as the successor by merger to Coltec, and injunctions issued under the Joint Plan protect all of EnPro and its subsidiaries from those claims, which claims are enjoined under Section 524(g) of the U.S. Bankruptcy Code. Under the Joint Plan, the Trust has assumed responsibility for all present and future asbestos claims arising from the operations or products of GST LLC, Garrison or Coltec/OldCo. Under the Joint Plan, EnPro, through its subsidiaries, retained ownership of OldCo, GST LLC and Garrison. Anchor, which had not conducted business operations for many years and had nominal assets, has been dissolved.

The reconsolidation of GST and OldCo was treated as a business acquisition in accordance with applicable accounting rules. The purchase price for the acquisition was equal to the fair value of our investment in GST and OldCo on the reconsolidation date. Associated with the reconsolidation of GST and OldCo, we recorded a pretax gain of $534.4 million in the quarter ended September 30, 2017. The gain on revaluation of our investment in GST and OldCo is the difference between the above-noted fair value of the investment and its book value of $236.9 million as of the date of reconsolidation as well as the elimination of the net amounts payable to GST and OldCo at the reconsolidation date. The assets and liabilities of both GST and OldCo were reconsolidated into the EnPro balance sheet at their estimated fair value in accordance with authoritative guidance on business acquisitions. As a result of the reconsolidation, EnPro’s consolidated financial statements include the sales, income, expenses and cash flows of both GST and OldCo beginning on July 31, 2017. Periods prior to that date are not restated to include GST and OldCo’s results.

The primary businesses comprising GST are managed as part of the Garlock division within our Sealing Products segment. Smaller businesses also reconsolidated with GST are managed by the Technetics and Stemco divisions within this segment, by the Compressor Products International division within our Engineered Products segment, and by the Fairbanks Morse division, which comprises our Power Systems segment.

In the fourth quarter of 2018, we implemented a restructuring plan under which our Stemco heavy-duty truck business in the Sealing Products segment will discontinue the manufacturing of brake drum friction. The restructuring plan involved the shutdown of production lines that occupied a portion of Stemco’s owned manufacturing facility in Rome, Georgia. Stemco has elected to concentrate its drum friction resources specifically on formulating and sourcing and will continue to offer a full range of high-quality brake shoes using friction manufactured by approved suppliers to Stemco’s stringent quality standards.

We recorded total restructuring expenses related to the exit of approximately $15.4 million in the fourth quarter of 2018, composed primarily of non-cash charges due to the impairment of inventory, equipment and other tangible assets. Additionally, restructuring costs related to the exit expected to be incurred in the first half of 2019 include severance and other costs of approximately $0.4 million.

In the second quarter of 2018, we commenced the exit from our industrial gas turbine business in the Sealing Products segment located in Oxford, Massachusetts. We sold the land and building at this location in June 2018, resulting in a realized gain of $21.7 million.  We incurred severance expenses of $3.8 million, net tangible asset write downs of $1.8 million, the write-off of customer relationship intangible assets associated with the business of $19.1 million, and other costs related to the

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restructuring of $0.5 million.  These transactions resulted in total net restructuring costs related to the exit of $3.5 million. We have incurred substantially all expected costs related to the exit and disposal of the assets as of December 31, 2018.

On October 17, 2018, we issued $350.0 million of aggregate principal amount of 5.75% Senior Notes due 2026 (the "New Notes"). We applied the net proceeds of that offering, together with borrowings under our revolving credit facility, to redeem the outstanding $450 million of aggregate principal amount of our 5.875% Senior Notes due 2022 (the "Senior Notes"). The Senior Notes were redeemed at a price equal to 102.938% of the aggregate principal amount thereof plus accrued and unpaid interest to, but not including, the redemption date. We recorded a loss on the redemption of the Senior Notes of approximately $18.1 million in the fourth quarter of 2018.

On June 26, 2018, we entered into an agreement to purchase a group annuity contract to transfer approximately $68 million of our outstanding pension projected benefit obligations related to certain U.S. retirees or beneficiaries. The transaction closed on July 3, 2018 and was funded with pension plan assets with a value of $70.9 million. As a result of this transaction a pre-tax pension settlement charge of approximately $12.8 million was recognized in the third quarter of 2018.

We review the carrying amounts of long-lived assets when certain events or changes in circumstances indicate that the carrying amounts may not be recoverable.  In consideration of the poor financial performance of the ATDynamics business, an asset group in the Stemco division of our Sealing Products segment, for the quarter ended September 30, 2017 and significantly lowered expectations for the fourth quarter forecast and the budget for fiscal year 2018, we determined that a test of ATDynamics' recoverability was required.

As a result of this test, certain of ATDynamics' definite-lived intangible assets were determined to be impaired, and were valued in total at $1.7 million, resulting in an impairment loss of $10.1 million, which equaled the excess of these assets' net book value at September 30, 2017 over their fair value.

In May 2014, our Fairbanks Morse division and a consortium partner entered into a multi-year, Euro-denominated contractual arrangement with Electricite de France (“EDF”) to supply 23 3.5 MWe opposed-piston, diesel engine-generator sets to EDF for emergency backup power at 20 of EDF’s nuclear power plants in France. From the date the contract was signed until the end of the first quarter of 2015, the U.S. Dollar strengthened significantly against the Euro, resulting in total U.S. Dollar equivalent revenues, calculated at the exchange rate in effect at the end of the first quarter of 2015, falling below total projected U.S. Dollar costs for the EDF contract, and for the first quarter of 2015 we recorded a loss provision on the contract as a result of the effect of foreign exchange rates. This evaluation was based upon the 2015 first-quarter-end U.S. Dollar to Euro exchange rate of $1.10 compared to an exchange rate of $1.36 when the contract was signed. We have not entered into any transactions to hedge the impact of future foreign exchange rate changes on this contract. The evaluation of the impact of exchange rates on the contract is updated on a quarterly basis for the duration of the contract, with the amount of any change in a quarter in the impact of exchange rates on the loss provision affecting segment profit of the Power Systems segment for the quarter by the amount of such change.

For the year ended December 31, 2018, we recognized a $4.2 million increase to the loss provision. During 2018 we experienced $2.6 million of unfavorability related to the weakening of the Euro versus the U.S. Dollar during the year, and a $3.5 million increase in total projected costs, partially offset by $1.9 million increase in total contract revenues resulting from a favorable adjustment to future billing amounts as a result of a contractual cost indices adjustment. For the year ended December 31, 2017, we recognized a decrease in the cumulative loss provision of $3.9 million, which included $8.4 million of favorability related to the strengthening of the Euro versus the U.S. Dollar, and a $5.2 million increase in total projected costs, partially offset by $0.7 million increase in total contract revenues resulting from a favorable adjustment to future billing amounts as a result of a contractual cost indices adjustment. At December 31, 2018 and 2017, the cumulative program loss recognized was $16.8 million and $12.6 million, respectively. The total projected loss on the EDF contract at December 31, 2018 and December 31, 2017 reflects cumulative foreign exchange losses due to the strengthening of the U.S. Dollar of $14.8 million and $12.2 million, respectively.

The EDF contract also includes contractual penalties for late delivery and our profitability under the contract could be adversely affected to the extent any penalties apply to any late deliveries. In addition, our profitability could be adversely affected if we do not realize certain internal efficiency gains that we anticipate achieving while performing under the contract.

During 2017 and 2016, we completed a number of acquisitions and a significant disposition of a business. Please refer to “Acquisitions and Dispositions” in Item 1, "Business" for additional discussion regarding these transactions.

Please refer to Item 1, "Business-Background" for information with respect to our sales by geographic region in 2018, 2017 and 2016.

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Outlook

We experienced favorable conditions in many of the markets that we serve in 2018. Nearly all of our businesses generated year-over-year sales growth, driven by continued favorable demand in many of the markets that we serve. Sales to the aerospace, food and pharmaceuticals, heavy-duty tractor and trailer, metals and mining, refining and processing, oil and gas markets, and naval engine and aftermarket grew year-over-year. This positive momentum was partially offset by challenges in Stemco’s Brake Products Group in the Sealing Products segment.

Given current macroeconomic forecasts, uncertainty regarding the impact of tariffs and trade tensions on end market demand, planned improvements in Stemco’s Brake Products Group, and anticipated weakness in semiconductor, automotive and heavy-duty truck original equipment demand we expect modest growth over the course of 2019.

We made accelerated contributions of $20 million to our U.S. defined benefit pension plan in 2018. We do not expect to be required to make any further U.S. pension contributions for at least four years. Future contribution requirements, if any, depend on pension asset returns, pension valuation assumptions, plan design, and legislative actions.

We estimate annual pension expense for the full year of 2019 will be approximately $6.7 million, of which $4.3 million is related to service costs. The annual pension expense for the full year of 2018 was $3.8 million, excluding the settlement charge discussed above, of which $4.8 million was related to service costs. The increase in total pension expense is due mainly from the impact of a lower than expected return on plan assets in 2018, causing an increase in non-service costs.

We remain committed to our strategy to create shareholder value through earnings growth and balanced capital allocation. We remain focused on disciplined investments for organic growth and innovation, strategic acquisitions, and returning capital to shareholders through dividends and share repurchases. In October 2018, our board of directors authorized a new two-year program for the repurchase of up to $50.0 million of our outstanding common shares. No shares were repurchased during the fourth quarter of 2018. In February 2019, our board of directors approved an increase in the quarterly dividend from $0.24 to $0.25 per share.

In connection with our growth strategy, we will continue to evaluate acquisitions in 2019; however, the effect of such acquisitions cannot be predicted and therefore is not reflected in this outlook.

Results of Operations

The following table does not include results for GST and its subsidiaries for January 1 through July 31, 2017 and for the full year ended December 31, 2016. See Note 2 to our Consolidated Financial Statements in this Form 10-K for sales and income before taxes of GST and its subsidiaries for the post-reconsolidation period of July 31, 2017 through December 31, 2017, and for selected pro forma information of the Company as if the reconsolidation occurred effective January 1, 2016.

Additionally, segment profit, corporate expenses and other expense, net for the years ended December 31, 2017 and 2016 were recast to reflect the retrospective application of a standard adopted in the first quarter of 2018 that affects the classification of the components of pension and other postretirement benefits expense other than service cost.

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	Years Ended December 31,
	2018			2017			2016
	(in millions)
Sales
Sealing Products	$	954.4		$	804.3		$	705.6
Engineered Products	323.9			301.1			277.1
Power Systems	257.9			208.2			208.3
	1,536.2			1,313.6			1,191.0
Intersegment sales	(4.2		)	(4.0		)	(3.3		)
Total sales	$	1,532.0		$	1,309.6		$	1,187.7
Segment Profit
Sealing Products	$	85.2		$	90.4		$	82.3
Engineered Products	40.1			30.1			12.8
Power Systems	29.3			29.4			17.7
Total segment profit	154.6			149.9			112.8
Corporate expenses	(32.7		)	(34.2		)	(29.8		)
Asbestos settlement	—			—			(80.0		)
Interest expense, net	(27.3		)	(49.4		)	(55.1		)
Gain on reconsolidation of GST and OldCo	—			534.4			—
Other expense, net	(48.0		)	(23.2		)	(16.6		)
Income (loss) before income taxes	$	46.6		$	577.5		$	(68.7	)

Segment profit is total segment revenue reduced by operating, restructuring and other expenses identifiable with the segment. Corporate expenses include general corporate administrative costs. Expenses not directly attributable to the segments, corporate expenses, net interest expense, asbestos-related expenses, asset impairments, gains/losses related to the sale of assets, and income taxes are not included in the computation of segment profit. The accounting policies of the reportable segments are the same as those for EnPro.

Other expense, net in the table above contains all items included in other (operating) expense and other expense, net on our Consolidated Statements of Operations for the years ending December 31,2018, 2017, and 2016 with the exception of $19.3 million, $5.1 million and $13.4 million, respectively, of restructuring costs. As noted previously, restructuring costs are considered to be a part of segment profit. Additionally, other expense, net in the table above for the years ending December 31,2018, 2017, and 2016 also includes $2.6 million, $2.2 million, and $3.7 million, respectively, of miscellaneous expenses that are either not associated with a particular segment or not considered part of administering the corporate headquarters. These expenses are included in selling, general and administrative expense on our Consolidated Statements of Operations.

2018 Compared to 2017

Sales of $1,532.0 million in 2018 increased 17.0% from $1,309.6 million in 2017. The following table summarizes the impact of acquisitions, including the reconsolidation of GST and OldCo, and foreign currency on sales by segment:

Sales	Percent Change 2018 vs. 2017
increase/(decrease)	Acquisitions		Reconsolidation of GST and OldCo		Foreign Currency		Organic		Total
EnPro Industries, Inc.	0.4	%	8.3	%	1.1	%	7.2	%	17.0	%
Sealing Products	0.7	%	13.7	%	0.7	%	3.6	%	18.7	%
Engineered Products	—	%	0.3	%	2.8	%	4.5	%	7.6	%
Power Systems	—	%	(0.3	)%	—	%	24.2	%	23.9	%

Following are the key effects of acquisitions (aside from the reconsolidation of GST and OldCo) on sales for 2018 compared to 2017:

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• Acquisition of Qualiseal Technology in the second quarter of 2017 in the Sealing Products segment; and

• Acquisition of Commercial Vehicle Components Co., Ltd. in the fourth quarter of 2017 in the Sealing Products segment

Following is a discussion of operating results for each segment during 2018 compared to 2017:

Sealing Products. Sales of $954.4 million in 2018 reflect a 18.7%increase compared to the $804.3 million reported in 2017. Sales to third parties from the reconsolidated GST businesses were $190.0 million in 2018 and $75.7 million in 2017. Excluding these sales, the benefit of acquisitions ($5.7 million) and favorable foreign exchange translation ($5.0 million), sales were up 3.6% or $25.1 million. We experienced continued strength in the aerospace, food and pharmaceutical, heavy-duty tractor and trailer builds, and metals and mining markets. This positive momentum was partially offset by softness in nuclear demand and our exit of the industrial gas turbine market earlier in the year.

Segment profit of $85.2 million in 2018 decreased 5.8% from $90.4 million reported in 2017. Operating margins for the segment decreased from 11.2% in 2017 to 8.9% in 2018. Segment profit from the reconsolidated GST businesses was $5.1 million in 2017 compared to $29.9 million in 2018. Excluding this impact, a year-over-year increase in restructuring costs ($17.5 million), the favorable year-over-year impact of acquisitions and acquisition-related costs ($3.2 million), and favorable foreign exchange translation ($0.7 million), segment profit decreased $16.0 million, or 17.0% compared to the prior year. Segment profit was negatively impacted by unfavorable mix impact ($6.7 million) driven mainly by a lower mix of aftermarket sales to total sales in the heavy-duty trucking market, increased material procurement costs due to higher metals prices ($7.8 million) in our heavy-duty trucking business, and by increased manufacturing costs ($15.5 million) driven by higher freight expenses and increased costs in brake drum friction manufacturing. Segment profit was also impacted by higher warranty charges ($7.6 million) associated with two products sold by our heavy-duty trucking business. These impacts were partially offset by increased pricing ($3.9 million) and reduced selling, general, and administrative costs ($1.9 million) as well as the aforementioned impact of increased sales volume and a favorable legal settlement in the heavy-duty truck business ($3.6 million).

Engineered Products. Sales in 2018 increased 7.6% to $323.9 million from $301.1 million reported in 2017. Sales to third parties from the reconsolidated GST businesses were $1.3 million in 2018 and $0.4 million in 2017. Excluding these sales and the impact of favorable foreign exchange translation ($8.4 million), sales were up 4.5% or $13.5 million primarily due to strength in the general industrial and European oil and gas markets, while sales in North American automotive were down relative to the prior year.

Segment profit in 2018 was $40.1 million compared to $30.1 million in 2017, an increase of $10.0 million, or 33.2%. Operating margins for the segment were 12.4%, which was up from the 10.0% reported for 2017. Segment profit from the reconsolidated GST businesses increased from $0.1 million in 2017 to $0.4 million in 2018. Excluding this impact, the impact of favorable foreign exchange translation ($2.2 million), decreased restructuring costs ($0.8 million), segment profit increased $6.8 million, or 21.5%, driven mainly by the aforementioned sales volume increase partially offset by a change in the product mix and decreased pricing.

Power Systems. Sales of $257.9 million in 2018 increased $49.7 million, or 23.9%, from $208.2 million in 2017. Sales to third parties from the reconsolidated GST businesses were $5.7 million in 2018 and $5.1 million in 2017. Excluding these sales, sales increased by $49.2 million, or 24.2%. The increase was driven by record aftermarket parts and services sales, as well as a modest increase in engine revenue.

The segment reported a profit of $29.3 million in 2018 compared to $29.4 million in 2017, a decrease of 0.3%. Operating margins for the segment were 11.4% in 2018 compared with 14.1% in 2017. Segment profit from the reconsolidated GST businesses increased from $1.3 million in 2017 to $1.4 million in 2018. Excluding the profit from reconsolidated GST businesses, the year over year unfavorable impact of foreign exchange on the EDF contract ($11.8 million), and restructuring costs incurred in 2018 ($0.2 million), segment profit increased $11.8 million, or 62.3%. This was mainly due to higher-margin aftermarket parts and service sales driving a more favorable product mix ($11.5 million), an increase in gross margin from engine contracts ($3.9 million), and increases in pricing of products sold ($3.2 million), partially offset by higher warranty expenses ($0.9 million), higher depreciation of fixed assets ($2.4 million), and higher incentive compensation levels ($1.4 million).

Corporate expenses for 2018 decreased $1.5 million as compared to 2017. The decrease was driven primarily by lower incentive compensation costs ($3.0 million), decreased share-based compensation costs for awards recognized at fair value due to the year-to-date decrease in our common stock share price ($2.5 million), partially offset by increased salary, medical, and

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other insurance costs ($1.9 million), increased information technology costs ($1.5 million), and increased tax consulting and related costs ($0.7 million).

Interest expense, net in 2018 decreased by $22.1 million as compared to 2017, primarily due to the elimination of interest expense on our notes payable to GST upon reconsolidation on July 31, 2017, offset partially by higher average outstanding indebtedness to unrelated parties in 2018.

Other expense, net in 2018 increased by $24.8 million as compared to 2017, due mainly to a $12.8 million expense in 2018 due to a pension settlement, an $18.1 million expense in 2018 for extinguishment of debt upon the redemption of the Senior Notes, and a $4.7 million increase in year-over-year expenses related to environmental and other ongoing obligations of previously owned businesses, partially offset by a $10.1 million expense in 2017 related to the ATD intangible impairment.

Income tax expense in 2018 and 2017 were $27.0 million and $37.7 million, respectively, and the effective tax rates for 2018 and 2017 were 57.9% and 6.5%, respectively.

The effective tax rate for 2018 was higher than the U.S. federal statutory income tax rate of 21.0% because of the effects of the 2017 Tax Cuts and Jobs Act, enacted on December 22, 2017 (“Tax Act”), including the tax on global intangible low-taxed income (“GILTI”) and refinement of the provisional estimate of our transition tax, as well as the tax charge associated with the benefit previously recognized for domestic production activities as a result of interpretive guidance from IRS and tax charges arising from earnings in higher rate foreign jurisdictions.

The effective tax rate for 2017 was lower than the U.S. federal statutory income tax rate of 35.0% primarily due to the significant non-taxable gain associated with the reconsolidation of GST and OldCo. This reduction in the rate was partially offset by a $51.5 million tax charge associated with the step-up of GST and OldCo’s net assets to fair value upon reconsolidation. In addition, the Tax Act resulted in a $30.9 million provisional net benefit recorded to income tax expense in the fourth quarter. This provisional amount was comprised of a $35.0 million provisional tax benefit related to the remeasurement of deferred tax assets and liabilities, a $53.9 million provisional tax charge for the mandatory one-time transition tax on accumulated earnings of our foreign subsidiaries, and a $43.5 million provisional tax benefit for foreign tax credits related to the transition tax that will be utilized to offset our future tax liability due to the current year tax loss generated by the funding of the Trust. As a result of the Tax Act, we also implemented tax planning strategies in the fourth quarter of 2017 resulting in an additional provisional tax benefit of $6.3 million.

Net income was $19.6 million, or $0.93 per share, in 2018 compared to net income of $539.8 million, or $24.76 per share, in 2017.

2017 Compared to 2016

Sales of $1,309.6 million in 2017 increased 10.3% from $1,187.7 million in 2016. The following table summarizes the impact of acquisitions and divestitures, the reconsolidation of GST and OldCo, foreign currency, and organic growth by segment:

Sales	Percent Change 2017 vs. 2016
increase/(decrease)	Acquisitions/Divestiture		Reconsolidation of GST and OldCo		Foreign Currency		Organic		Total
EnPro Industries, Inc.	0.5	%	6.8	%	0.3	%	2.7	%	10.3	%
Sealing Products	0.8	%	10.7	%	0.1	%	2.4	%	14.0	%
Engineered Products	(0.1	)%	0.2	%	0.8	%	7.8	%	8.7	%
Power Systems	—	%	2.4	%	—	%	(2.5	)%	(0.1	)%

Following are the key effects of acquisitions and divestitures (aside from the reconsolidation of GST and OldCo) on sales for 2017 compared to 2016:

• Acquisition of Qualiseal in the second quarter of 2017 included in the Sealing Products segment;

• Acquisition of CVC in the fourth quarter of 2017 included in the Sealing Products segment;

• Acquisition of Rubber Fab in the second quarter of 2016 included in the Sealing Products segment;

• Divestiture of our Franken Plastik business unit previously included in the Sealing Products segment at the end of 2016; and

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• Divestiture of our CPI Thailand business unit previously included in the Engineered Products segment in the second quarter of 2016.

Segment profit, management’s primary measure of how our operations perform, increased 32.9% to $149.9 million in 2017 from $112.8 million in 2016. See below for a discussion of the factors driving the change in segment profit for each of our reportable segments.

Sealing Products. Sales of $804.3 million in 2017 increased 14.0% from $705.6 million in 2016. Sales to third parties from the reconsolidated GST businesses for the post-reconsolidation period in 2017 accounted for $75.7 million of this increase. Excluding these sales, the benefit of acquisitions net of the divestiture of Franken Plastik ($5.8 million) and favorable foreign exchange ($0.7 million), sales were up 2.4% or $16.5 million due to volume increases associated with strength in the semiconductor, food and pharmaceutical, and aerospace markets along with volume improvement in the oil and gas market. This strength was offset partially by softness in heavy-duty trucking, industrial gas turbines and nuclear demand.

Segment profit increased 9.8% to $90.4 million in 2017 from $82.3 million in 2016. Segment profit from the reconsolidated GST businesses was $5.8 million. Excluding this impact, the unfavorable year-over-year impact of acquisitions net of divestitures ($1.1 million, inclusive of the $2.5 million impact of a reduction of an earnout accrual in the prior year associated with the segment's previous acquisition of Fabrico), unfavorable foreign exchange ($0.3 million) and increased restructuring costs ($0.2 million), segment profit increased $3.7 million or 4.4%. The increase was driven primarily by the contribution from higher sales (approximately $11 million) and lower general and administrative costs ($4.2 million) partially attributable to cost savings initiatives in the second half of 2016, offset in part by increased manufacturing costs ($4.6 million), a litigation reserve of $0.7 million established in the fourth quarter of 2017 and increased incentive compensation cost ($8.2 million) due to higher incentive plan attainment levels in 2017. Operating margins for the segment decreased to 11.2% in 2017 from 11.7% in 2016.

Engineered Products. Sales increased 8.7% to $301.1 million in 2017 from $277.1 million in 2016. Sales to third parties from the reconsolidated GST businesses were $0.4 million. Excluding these sales, favorable foreign exchange effects ($2.3 million), and the effect of the 2016 disposition of CPI's Thailand location ($0.3 million), sales were up 7.8% or $21.5 million primarily due to strength in the North American and European automotive market, North American oil and gas market, general industrial market, and general demand in Asia. Price decreases for certain bearings partially offset these volume gains by approximately $2 million.

Segment profit increased 135.2% to $30.1 million in 2017 from $12.8 million in 2016. Segment profit from the reconsolidated GST businesses was $0.1 million. Excluding this impact, the year-over-year impact of restructuring costs incurred in both years ($5.3 million lower in 2017) associated with actions initiated across the company in 2016, along with the favorable effect of foreign exchange ($0.2 million), segment profit increased $11.7 million or 59.4%. The increased sales volume in 2017 contributed approximately $15 million to segment profit, along with cost savings of $4.6 million attributable to the above-mentioned restructuring actions. These impacts were partially offset by increased incentive compensation expense associated with higher 2017 attainment levels under incentive plans ($3.8 million), the above-mentioned price decreases ($2 million), and increased medical and dental expenses ($1.1 million). Operating margins for the segment increased to 10.0% in 2017 from 4.6% in 2016.

Power Systems. Sales decreased slightly to $208.2 million in 2017 from $208.3 million in 2016. Sales to third parties from the reconsolidated GST businesses were $5.1 million. Excluding these sales, engine and aftermarket parts and services volume were both slightly down from 2016. Pricing increases for 2017 mitigated the effect of lower volume by approximately $6 million.

Segment profit increased 66.1% to $29.4 million in 2017 from $17.7 million in 2016. Segment profit from the reconsolidated GST businesses was $1.3 million. Segment profit also benefited from $3.9 million in net decreases to the loss reserve on the EDF contract in 2017, compared to $7.6 million in increases to the reserve in the prior year. The 2017 benefit consisted of $9.1 million of favorability due to the strengthening of the Euro relative to the U.S. Dollar, offset by a $5.2 million increase in total projected costs. The 2016 year loss consisted of $3.5 million due to the strengthening of the U.S. Dollar versus the Euro in 2016 and $4.1 million associated with increased total projected costs. The year 2016 also included $3.0 million of charges associated with the resolution of a legal matter and $0.4 million of restructuring costs. Aside from these impacts, segment profit decreased from 2016 due to lower margins on engine contracts ($7.9 million), unfavorable sales mix ($4.9 million) due to the lower proportion of aftermarket parts sales to total sales in the current year, increased medical and dental expenses ($0.8 million), and the overall sales volume decrease, offset by the impact of the above-mentioned price increases. The decrease in engine margins was due to higher production of zero margin engines under the EDF contract in 2017 and another contract where the costs to complete exceeded total revenues, and to higher manufacturing costs in comparison to 2016.

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Operating margins for the segment increased to 14.1% in 2017 from 8.5% in 2016.

Corporate expenses for 2017 increased by $4.4 million compared to 2016. The increase was primarily driven by increased incentive compensation costs ($7.2 million) attributable to higher annual and long-term incentive plan attainment levels in 2017, offset by decreased employment costs resulting from restructuring activities initiated in 2016 ($1.3 million) and the year-over-year impact of the restructuring charges taken in 2016 ($2.8 million) associated with these initiatives.

Net interest expense in 2017 was $49.4 million compared to $55.1 million in 2016. The overall decrease of $5.7 million was due mainly to the resolution of our notes payable to GST as a result of the reconsolidation of GST in July 2017, offset by slightly higher average outstanding indebtedness to non-related parties in 2017 as compared to 2016.

Other expense, net in 2017 was $23.2 million compared to $16.6 million in 2016. The increased expense was due to the ATDynamics' intangible asset impairment of $10.1 million in 2017 partially offset by lower management fees to GST as a result of its reconsolidation in July 2017 and by lower costs associated with previously divested businesses.

Income tax expense in 2017 was $37.7 million, resulting in an annual effective tax rate of 6.5%. This is compared to $28.6 million of tax benefit in 2016, which resulted in an annual effective tax rate of 41.7%. The significant reduction in the 2017 tax rate was primarily due to the $534.4 million non-taxable gain on the reconsolidation of GST and OldCo. This reduction was partially offset by a $51.5 million tax charge associated with the step-up of GST and OldCo’s net assets to fair value upon reconsolidation. In addition, the Tax Act resulted in a $30.9 million provisional net benefit recorded to income tax expense in the fourth quarter. This provisional amount represented a reasonable estimate of the impact and was comprised of a $35.0 million provisional tax benefit related to the remeasurement of deferred tax assets and liabilities, a $53.9 million provisional tax charge for the mandatory one-time transition tax on accumulated earnings of our foreign subsidiaries, and a $43.5 million provisional tax benefit for foreign tax credits related to the transition tax that will be utilized to offset our future tax liability due to the current year tax loss generated by the funding of the Trust. As a result of the Tax Act, we also implemented tax planning strategies in the fourth quarter of 2017 resulting in an additional provisional tax benefit of $6.3 million.

The effective tax rates in 2017 (without the unusual items discussed above) and 2016 were impacted by earnings in lower rate foreign jurisdictions where a significant portion of our income was taxed. In addition, we have historically recognized a benefit for income tax incentives such as the U.S. deduction for domestic production activities ($1.2 million in 2016) and credits for research and development ($1.1 million in 2017 and $2.2 million in 2016). In 2017, we did not recognize a benefit from the U.S. deduction for domestic production activities due to the tax loss generated by the funding of the Trust.

Net income was $539.8 million, or $24.76 per share, in 2017 compared to a net loss of $40.1 million, or $1.86 per share, in 2016. Earnings/loss per share is expressed on a diluted basis.

Restructuring and Other Costs

We incurred $22.4 million, $5.1 million and $13.4 million of restructuring costs during the years ended December 31, 2018, 2017 and 2016, respectively.

In 2018,we commenced and completed the exit from our industrial gas turbine business in the Sealing Products segment located in Oxford, Massachusetts and we implemented a restructuring plan under which our Stemco heavy-duty truck business in the Sealing Products segment discontinued the manufacturing of brake drum friction. Substantially all costs associated with these initiatives were incurred in 2018, with the exception of severance costs related to our exit of the manufacturing of brake drum friction occurring in January 2019. Workforce reductions in 2018 associated with our exit from the industrial gas turbine business and other smaller targeted restructuring activities totaled 107 administrative and manufacturing positions. In January 2019, workforce reductions related to the exit from brake drum friction manufacturing was 15 manufacturing positions.

During 2017, we conducted a number of targeted restructuring activities throughout our operations, which included the exit of some smaller locations and targeted workforce reductions. All costs associated with such initiatives were incurred in 2017. Workforce reductions in 2017 associated with our restructuring activities totaled 117 administrative and manufacturing positions.

During 2016, we conducted a number of restructuring activities throughout our operations, the most significant of which was a company-wide cost reduction initiative that began in the second quarter. Workforce reductions in 2016 totaled 192 administrative and manufacturing positions.

Please see the "Overview and Outlook" section of Management's Discussion and Analysis and Note 6 to our consolidated financial statements for further information.

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Liquidity and Capital Resources

Cash requirements for, but not limited to, working capital, capital expenditures, acquisitions, and debt repayments have been funded from cash balances on hand, revolver borrowings and cash generated from operations. We are proactively pursuing acquisition opportunities. It is possible our cash requirements for one or more acquisition opportunities could exceed our cash balance at the time of closing. Should we need additional capital, we have resources available, which are discussed in this section under the heading “Capital Resources.”

As of December 31, 2018, we held $2.3 million of cash and cash equivalents in the United States and $127.3 million of cash and cash equivalents outside of the United States. If the funds held outside the United States were needed for our operations in the U.S., we have several methods to repatriate without significant tax effects, including repayment of intercompany loans, distributions subject to a 100% dividends-received deduction for income tax purposes, or distributions of previously-taxed earnings. In addition, as of December 31, 2018, we had a net current income tax receivable totaling $36.6 million, which includes $36.4 million arising from the carryback of our 2017 tax loss (driven by aggregate Trust funding of $495.8 million) to prior years and the resulting amendment of those tax returns.

Because of the transition tax and GILTI provisions, undistributed earnings of our foreign subsidiaries totaling $221.6 million at year-end have been subjected to U.S. income tax. Whether through the application of the 100 percent dividends-received deduction provided in the Tax Act, or the distribution of these previously-taxed earnings, we do not intend to distribute foreign earnings that will be subject to any significant incremental U.S. or foreign tax. During 2018, we repatriated $125.4 million of earnings from our foreign subsidiaries, resulting in no incremental U.S. or foreign tax.

In February 2017, we received a private letter ruling from the Internal Revenue Service, in satisfaction of a condition of the Joint Plan, that the Trust established under the Joint Plan would be recognized as a “qualified settlement fund” under section 468B of the Internal Revenue Code and any related regulations, and that amounts contributed to the Trust as contemplated by the Joint Plan would be deductible for federal income tax purposes in the year in which the contribution is made. Based on this ruling and section 162(a), we deducted the total Trust funding of $495.8 million on our 2017 federal income tax return.

The net operating loss (“NOL”) resulting from the 2017 deduction was carried back to offset federal taxable income reported in the preceding ten years. We filed an initial carryback claim in May 2018 and received federal refunds totaling $96.9 million ($95.8 million in June 2018 and $1.1 million in July 2018). We filed our final carryback claim in November 2018, and expect an additional federal refund of $17.1 million. In addition, amended income tax returns for the preceding ten years were filed in December 2018 to capture foreign tax credits freed up during the carryback period, and we expect federal refunds from those returns totaling $19.3 million. The carryback claim and the amended returns have also freed up an additional $26.6 million in foreign tax credits, of which approximately half will be utilized to offset our 2018 federal tax liability with the balance utilized to reduce taxes in future periods.

Cash Flows

Operating activities provided cash in the amount of $226.4 million, $46.6 million and $64.5 million in 2018, 2017 and 2016, respectively. The increase in operating cash flows in 2018 versus 2017 was primarily attributable to a decrease in asbestos payments in 2018 ($95.0 million) and an increase in income tax refunds relating to the asbestos settlement payments ($84.3 million). The decrease in operating cash flows in 2017 versus 2016 was primarily attributable to asbestos payments, net of insurance receipts ($68.9 million) associated with the payment to the Provincial Boards in the third quarter and the funding of the Trust in the fourth quarter of 2017. This effect was offset by contributions from higher segment profit in ($38.5 million) 2017 compared to the prior year, including $7.2 million of segment profit from the reconsolidated GST entities, and lower cash paid for interest and taxes ($7.4 million).

We used $26.0 million, $97.7 million, and $61.4 million of cash in 2018, 2017 and 2016, respectively, for investing activities. In 2018, we increased our capital expenditures to $62.6 million compared to $41.0 million in 2017. These were offset in 2018 by $30.7 million in proceeds from sales of fixed assets, mostly from the sale of the land and building at Oxford, Massachusetts as we exited our industrial gas turbine business of our Technetics division in the Sealing Products segment and $9.3 million received as the result of settling derivative contracts. Additionally, the comparable prior year included cash paid for acquisitions $44.6 million and the net $8.9 million negative impact of the various deconsolidation and reconsolidation activities of GST and OldCo in 2017. In 2017, we used $44.6 million, net of cash acquired, to fund acquisitions as opposed to $28.5 million, net of cash acquired, in 2016. Refer to “Acquisitions and Dispositions” in Part I, Item 1 – “Business” for additional discussion regarding these transactions. Additionally, we made a $45.2 million capital contribution to OldCo during the time in which it was deconsolidated from EnPro in order to fund OldCo's initial $50 million payment in July 2017 to the Trust. This funding was partially offset by $36.3 million in net cash increases associated with the deconsolidation of OldCo in the first quarter of 2017 and the reconsolidation of GST and OldCo in the third quarter of 2017. We sold two non-strategic

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businesses, Franken Plastic in our Sealing Products segment and CPI Thailand in our Engineered Products segment in 2016, receiving a combined $3.7 million, and also received $2.9 million previously in escrow as part of our sale of GRT in 2014. Capital expenditures in 2017 were $5.2 million higher than in 2016, mainly due to facility upgrades and investments to support development of a new opposed-piston engine design in our Power Systems segment.

Financing activities used $252.4 million in cash in 2018, primarily from $118.4 million in redemption of the Senior Notes, net of the net proceeds from the issuance of the New Notes, $56.8 million in net repayments on our revolving credit facility, $50.0 million in cash used to repurchase stock, and $20.3 million in dividends paid. Funding for this activity was mainly derived from the previously discussed tax refunds and repatriation of previously taxed earnings from our foreign subsidiaries. Financing activities provided $118.5 million in 2017, primarily from the net proceeds from the issuance of follow-on tranche of the Senior Notes in March ($149.2 million), offset by a payment on the GST notes during the time in which GST was deconsolidated from EnPro ($45.2 million) that contributed to GST's initial funding of the Trust, net borrowings on our revolving credit facility ($43.5 million), and by cash paid to repurchase shares ($11.5 million) and for dividends ($19.0 million). Financing activities provided $22.0 million in 2016 primarily from net borrowings on our revolving credit facility of $67.7 million, offset by cash used for share repurchases of $30.4 million, and dividends paid ($18.1 million).

Capital Resources

Senior Secured Revolving Credit Facility. On June 28, 2018, we entered into a Second Amended and Restated Credit Agreement (the “Amended Credit Agreement”) among EnPro Industries, Inc. and EnPro Holdings, Inc., a wholly owned subsidiary of the Company (“EnPro Holdings”), as borrowers, the guarantors party thereto, the lenders party thereto and Bank of America, N.A., as Administrative Agent, Swing Line Lender and Letter of Credit Issuer.  The Amended Credit Agreement provides for a five-year, senior secured revolving credit facility of $350.0 million (the “Revolving Credit Facility”). The Amended Credit Agreement also provides that the borrowers may seek incremental term loans and/or additional revolving credit commitments in an amount equal to the greater of $225.0 million and 100% of consolidated EBITDA (as defined) for the most recently ended four-quarter period for which we have reported financial results, plus additional amounts based on a consolidated senior secured leverage ratio.

Borrowing availability under the Revolving Credit Facility is not limited by reference to a borrowing base.  Initially, borrowings under the Revolving Credit Facility bear interest at an annual rate of LIBOR plus 1.75% or base rate plus 0.75%, although the interest rates under the Revolving Credit Facility are subject to incremental increases based on a consolidated total net leverage ratio.  In addition, a commitment fee of 0.20% accrues with respect to the unused amount of the Revolving Credit Facility.

The Company and EnPro Holdings are the permitted borrowers under the Revolving Credit Facility.  The Company has the ability to add foreign subsidiaries as borrowers under the Revolving Credit Facility for up to $100.0 million (or its foreign currency equivalent) in aggregate borrowings, subject to certain conditions.  Each of the Company’s domestic, consolidated subsidiaries are required to guarantee the obligations of the borrowers under the Revolving Credit Facility, and each of the Company’s existing domestic, consolidated subsidiaries has entered into the Amended Credit Agreement to provide such a guarantee.

Borrowings under the Revolving Credit Facility are secured by a first priority pledge of the following assets:

• 100% of the capital stock of each domestic, consolidated subsidiary of the Company;

• 65% of the capital stock of any first tier foreign subsidiary of the Company and its domestic, consolidated subsidiaries; and

• substantially all of the assets (including, without limitation, machinery and equipment, inventory and other goods, accounts receivable, certain owned real estate and related fixtures, bank accounts, general intangibles, financial assets, investment property, license rights, patents, trademarks, trade names, copyrights, chattel paper, insurance proceeds, contract rights, hedge agreements, documents, instruments, indemnification rights, tax refunds and cash) of the Company and its domestic, consolidated subsidiaries.

The Amended Credit Agreement contains certain financial covenants and required financial ratios, including:

• a maximum consolidated total net leverage ratio of not more than 4.0 to 1.0 (with total debt, for the purposes of such ratio, to be net of up to $100 million of unrestricted cash of EnPro Industries, Inc. and its domestic, consolidated subsidiaries), which ratio may be increased at the borrowers’ option to not more than 4.25 to 1.0 for the four-quarter period following a significant acquisition; and

• a minimum consolidated interest coverage ratio of at least 2.5 to 1.0.

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The Amended Credit Agreement contains affirmative and negative covenants (subject, in each case, to customary exceptions and qualifications), including covenants that limit our ability to, among other things:

• grant liens on our assets;

• incur additional indebtedness (including guarantees and other contingent obligations);

• make certain investments (including loans and advances);

• merge or make other fundamental changes;

• sell or otherwise dispose of property or assets;

• pay dividends and other distributions and prepay certain indebtedness;

• make changes in the nature of our business;

• enter into transactions with our affiliates;

• enter into burdensome contracts; and

• modify or terminate documents related to certain indebtedness.

We were in compliance with all covenants of the Revolving Credit Facility as of December 31, 2018.

The borrowing availability under our Revolving Credit Facility at December 31, 2018 was $217.4 million after giving consideration to $15.9 million of outstanding letters of credit and $116.7 million of outstanding borrowings.

Senior Notes. In September 2014, we completed an offering of $300 million aggregate principal amount of our 5.875% Senior Notes due 2022 (the “Initial Senior Notes”). We issued the Initial Senior Notes net of an original issue discount of $2.4 million.

The Initial Senior Notes were unsecured, unsubordinated obligations of EnPro and were scheduled to mature on September 15, 2022. Interest on the Initial Senior Notes accrued at a rate of 5.875% per annum and was payable semi-annually in cash in arrears on March 15 and September 15 of each year. The debt discount was being amortized through interest expense until the scheduled maturity date resulting in an effective interest rate of 6.00%.

In March 2017, we completed an add-on offering of $150.0 million of our 5.875% Senior Notes due 2022 (the “Additional Notes"). We issued the Additional Notes inclusive of an original issue premium of $1.5 million. The indenture for the Additional Notes contained the same provisions as the Initial Senior Notes. The debt premium was being amortized through interest expense until the scheduled maturity date resulting in an effective interest rate of 5.66%.

On October 17, 2018, we completed the offering of $350 million aggregate principal amount of 5.75% Senior Notes due 2026 (the "New Notes") and applied the net proceeds of that offering, together with borrowings under the Revolving Credit Facility, to redeem on October 31, 2018 the full $450 million aggregate principal amount of the outstanding Initial Senior Notes and the Additional Notes. The Initial Senior Notes and Additional Notes were redeemed at a price equal to 102.938% of the aggregate principal amount thereof plus accrued and unpaid interest to, but not including, the redemption date. We recorded a loss on the redemption of the Initial Senior Notes and Additional Notes of approximately $18.1 million in the fourth quarter of 2018.

The New Notes were issued to investors at 100% of the principal amount thereof. The New Notes are unsecured, unsubordinated obligations of EnPro and mature on October 15, 2026. Interest on the New Notes accrues at a rate of 5.75% per annum and is payable semi-annually in cash in arrears on April 15 and October 15 of each year, commencing April 15, 2019. The New Notes are required to be guaranteed on a senior unsecured basis by each of EnPro’s existing and future direct and indirect domestic subsidiaries that is a borrower under, or guarantees, our indebtedness under the Revolving Credit Facility or guarantees any other Capital Markets Indebtedness (as defined in the indenture governing the New Notes) of EnPro or any of the guarantors.

On or after October 15, 2021, we may, on any one or more occasions, redeem all or a part of the New Notes at specified redemption prices plus accrued and unpaid interest. In addition, we may redeem a portion of the aggregate principal amount of the New Notes before October 15, 2021 with the net cash proceeds from certain equity offerings at a specified redemption price plus accrued and unpaid interest, if any, to, but not including, the redemption date. We may also redeem some or all of the New Notes before October 15, 2021 at a redemption price of 100% of the principal amount, plus accrued and unpaid interest, if any, to, but not including, the redemption date, plus a “make whole” premium.

Each holder of the New Notes may require us to repurchase some or all of the New Notes held by such holder for cash upon the occurrence of a defined “change of control” event. Our ability to redeem the New Notes prior to maturity is subject to certain conditions, including in certain cases the payment of make-whole amounts.

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The indenture governing the New Notes includes covenants that restrict our ability to engage in certain activities, including incurring additional indebtedness, paying dividends and repurchasing shares of our common stock, subject in each case to specified exceptions and qualifications set forth in the indenture.

Share Repurchase Program

In October 2015, our board of directors authorized the repurchase of up to $50.0 million of our outstanding common shares. Through the program's expiration in October 2017 we purchased $47.2 million of the $50.0 million authorized, including purchases in 2015 and 2016.

In October 2017, our board of directors authorized a new program for the repurchase of up to $50.0 million of our outstanding common shares. During 2018, we repurchased 0.7 million shares for $50.0 million under this program.

In October 2018, our board of directors authorized a new two-year program for the repurchase of up to $50.0 million of our outstanding common shares. No shares were repurchased during the fourth quarter of 2018.

Dividends

On January 13, 2015, our Board of Directors adopted a policy under which it intends to declare regular quarterly cash dividends on EnPro’s common stock, with the determination of whether to declare a dividend and the amount being considered each quarter, after taking into account our cash flow, earnings, cash position, financial position and other relevant matters. In 2018, the Board declared a dividend of $0.24 per share in each quarter, and on February 13, 2019 we announced that the Board had increased the quarterly dividend to $0.25 per share, commencing with the dividend to be paid on March 20, 2019 to all shareholders of record as of March 6, 2019. Each of the agreements governing the Revolving Credit Facility and the indenture governing the New Notes includes covenants restricting the payment of dividends, but includes a basket permitting the payment of cash dividends of up to $50.0 million per year under the Revolving Credit Facility and $60.0 million per year under the indenture governing the New Notes. Other baskets may be available under that the agreement governing the Revolving Credit Facility and the indenture governing the New Notes to permit the payment of dividends in excess of the respective basket amount.

Critical Accounting Policies and Estimates

The preparation of our Consolidated Financial Statements, in accordance with accounting principles generally accepted in the United States, requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosures pertaining to contingent assets and liabilities. Note 1, “Overview, Basis of Presentation, Significant Accounting Policies and Recently Issued Accounting Guidance,” to the Consolidated Financial Statements describes the significant accounting policies used to prepare the Consolidated Financial Statements and recently issued accounting guidance. On an ongoing basis we evaluate our estimates, including, but not limited to, those related to bad debts, inventories, intangible assets, income taxes, warranty obligations, restructuring, pensions and other postretirement benefits, and contingencies and litigation. We base our estimates on historical experience and on various other assumptions we believe to be reasonable under the circumstances. Actual results may differ from our estimates.

We believe the following accounting policies and estimates are the most critical. Some of them involve significant judgments and uncertainties and could potentially result in materially different results under different assumptions and conditions.

Revenue Recognition

For the Sealing Products and Engineered Products segments, by far the largest stream of revenue is product revenue for shipments of the various products discussed further in Note 20, "Business Segment Information", to our consolidated financial statements, along with a smaller amount of revenue from services that typically pertain to the products sold and take place over a short period of time. We recognize revenue at a point in time following the transfer of control, which typically occurs when a product is shipped or delivered, depending on the terms of the sale agreement, or when services are rendered. Shipping costs billed to customers are recognized as revenue and expensed in cost of goods sold as a fulfillment cost when control of the product transfers to the customer. Payment from customers is typically due within 30 days of the sale for sales in the U.S. For sales outside of the U.S., payment terms may be longer based upon local business customs, but are typically due no later than 90 days after the sale.

Our Power Systems segment engages in long-term contracts with various customers to design and manufacture heavy-duty, medium-speed diesel, natural gas and dual fuel reciprocating engines, including parts and services. Additionally, the segment has certain longer term service contracts that typically involve engine repair, maintenance, and testing services. Certain engine contracts provide for multiple deliverables to be provided to the customer, such as multiple engines. We

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determine whether such deliverables are distinct and separate performance obligations within a contract by evaluating the relationship between the deliverables to the customer. If the deliverables are highly integrated by us into a combined output or are highly interdependent or interrelated, they are accounted for as a single performance obligation.

In general, the assets being created for the customer are specific enough to the customers’ specifications to not have an alternative use for our own business or for sale to a different customer without significant modification, and we have an enforceable right to payment for performance completed as it takes place throughout the life of the engine builds. These characteristics indicate a continuous transfer of control to the customer during the contract. As a result, revenue related to these contracts is recognized over time.

Revenue is recognized over time for these contracts based on the extent of progress towards completion of the long-term contract. We generally use an input method for our long-term contracts unless we believe another method more clearly measures progress towards completion of the contract. Under this input method, the extent of progress towards completion is measured based on the ratio of costs incurred to date to the total estimated costs at completion of the contract. Contract costs include labor, material and subcontracting costs, as well as an allocation of indirect costs. Revenues, including estimated fees or profits, are recorded as costs are incurred.

Billings for work completed take place either at milestones in the contract negotiated with the customer or at a monthly interval (progress billings) as costs to complete are incurred. Payments are generally due 30 days after the invoice date. Certain contracts contain retainage provisions that apply to a portion of the contract consideration. The balances billed but not paid by customers pursuant to retainage provisions in long-term contracts and programs are normally due upon completion of the contracts and/or acceptance by the owner of specified deliverables. As these provisions are designed to protect the customer from our failing to adequately comply with our obligations under the contract, we do not believe they represent a significant financing component.

Due to the nature of the work required to be performed on many of our contracts, the estimation of total revenue and cost at completion is complex and subject to many variables. Management must make assumptions and estimates regarding labor productivity, including the benefits of learning and investments in new technologies, the complexity of the work to be performed, the availability and future prices of materials, the length of time to complete the contract (to estimate increases in wages and prices for materials and related support cost allocations), performance by our subcontractors and overhead cost rates, among other variables. Based on our analysis, any quarterly adjustments to net sales, cost of sales, and the related impact to operating income are recognized in the period they become known. These adjustments would result in an increase or a decrease in gross profit. Changes in estimates of net sales, cost of sales, and the related impact to gross profit are recognized quarterly on a cumulative catch-up basis, which recognizes in the current period the cumulative effect of the changes on current and prior periods based on a contract's percentage of completion. A significant change in one or more of these estimates could affect the profitability of one or more of our contracts. When estimates of total costs to be incurred on a contract exceed total estimates of revenue to be earned, a provision for the entire loss on the contract is recorded in the period the loss is determined. We believe that this method is a faithful depiction of the transfer of goods pursuant to the standard because it results in the recognition of revenue on the basis of our to-date efforts in the satisfaction of a performance obligation relative to total expected efforts in satisfaction of the performance obligation.

Pensions and Postretirement Benefits

We and certain of our subsidiaries sponsor domestic and foreign defined benefit pension and other postretirement plans. Major assumptions used in the accounting for these employee benefit plans include the discount rate, expected return on plan assets, rate of increase in employee compensation levels and assumed health care cost trend rates. Assumptions are determined based on data available to us and appropriate market indicators, and are evaluated each year as of the plans’ measurement date. A change in any of these assumptions could have a material effect on net periodic pension and postretirement benefit costs reported in the Consolidated Statements of Operations, as well as amounts recognized in the Consolidated Balance Sheets. See Note 16, "Pensions and Post-Retirement Benefits," to the consolidated financial statements for a discussion of pension and postretirement benefits.

Income Taxes

We use the asset and liability method of accounting for income taxes. Temporary differences arising between the tax basis of an asset or liability and its carrying amount on the Consolidated Balance Sheet are used to calculate future income tax assets or liabilities. This method also requires the recognition of deferred tax benefits, such as net operating loss carryforwards. Valuation allowances are recorded as appropriate to reduce deferred tax assets to the amount considered likely to be realized. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to the taxable income (losses) in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the date of enactment of the change. A tax

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benefit from an uncertain tax position is recognized only if we believe it is more likely than not that the position will be sustained on its technical merits. If the recognition threshold for the tax position is met, only the portion of the tax benefit that we believe is greater than 50 percent likely to be realized is recorded.

Goodwill and Other Intangible Assets

We do not amortize goodwill, but instead it is subject to annual impairment testing. The goodwill asset impairment test involves comparing the fair value of a reporting unit to its carrying amount. If the carrying amount of a reporting unit exceeds its fair value, a second step of comparing the implied fair value of the reporting unit’s goodwill to the carrying amount of that goodwill is required to measure the potential goodwill impairment loss.

To estimate the fair value of our reporting units, we use both discounted cash flow and market valuation approaches. The discounted cash flow approach uses cash flow projections to calculate the fair value of each reporting unit while the market approach relies on market multiples of similar companies. There are inherent assumptions and estimates used in developing future cash flows which require management to apply judgment to the analysis of intangible asset impairment, including projecting revenues, interest rates, our weighted average cost of capital, royalty rates and tax rates. For the market approach, we chose a group of 20 companies we believe are representative of our diversified industrial peers. We used a 70% weighting for the discounted cash flow valuation approach and a 30% weighting for the market valuation approach, reflecting our belief that the discounted cash flow valuation approach provides a better indicator of value since it reflects the specific cash flows anticipated to be generated in the future by the business.

Many of the factors used in assessing fair value are outside the control of management, and it is reasonably likely that assumptions and estimates will change in future periods. These changes could result in future impairments. For additional information, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Overview and Outlook” as well as Notes 1 and 11 to the Consolidated Financial Statements.

Impact of Pending Accounting Pronouncements

See Note 1, "Overview, Basis of Presentation, Significant Accounting Policies and Recently Issued Accounting Guidance," to our consolidated financial statements for a discussion of recently issued accounting guidance that we have not yet adopted.

Contingencies

General

A description of certain environmental and other legal matters relating to certain of our subsidiaries is included in this section. In addition to the matters noted herein, we are from time to time subject to, and are presently involved in, other litigation and legal proceedings arising in the ordinary course of business. We believe the outcome of such other litigation and legal proceedings will not have a material adverse effect on our financial condition, results of operations and cash flows. Expenses for administrative and legal proceedings are recorded when incurred.

Environmental

Our facilities and operations are subject to federal, state and local environmental and occupational health and safety requirements of the U.S. and foreign countries. We take a proactive approach in our efforts to comply with environmental, health and safety laws as they relate to our manufacturing operations and in proposing and implementing any remedial plans that may be necessary. We also regularly conduct comprehensive environmental, health and safety audits at our facilities to maintain compliance and improve operational efficiency.

Although we believe past operations were in substantial compliance with the then applicable regulations, we or one or more of our subsidiaries are involved with various remediation activities at 19 sites where the future cost per site for us or our subsidiary is expected to exceed $100,000. Of these 19 sites, 15 are sites where we or one or more of our subsidiaries formerly conducted business operations but no longer do, and 4 are sites where we conduct manufacturing operations. Investigations have been completed for 16 sites and are in progress at the other 3 sites. Our costs at a majority of these sites relate to remediation projects for soil and groundwater contamination at former operating facilities that were sold or closed.

Except as described below, we believe that our accruals for specific environmental liabilities are adequate for those liabilities based on currently available information. Actual costs to be incurred in future periods may vary from estimates because of the inherent uncertainties in evaluating environmental exposures due to unknown and changing conditions, changing government regulations and legal standards regarding liability.

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Based on our prior ownership of Crucible Steel Corporation a/k/a Crucible, Inc. (“Crucible”), we may have additional contingent liabilities in one or more significant environmental matters. One such matter, which is included in the 19 sites referred to above, is the Lower Passaic River Study Area of the Diamond Alkali Superfund Site in New Jersey. Crucible operated a steel mill abutting the Passaic River in Harrison, New Jersey from the 1930s until 1974, which was one of many industrial operations on the river dating back to the 1800s. Certain contingent environmental liabilities related to this site were retained by Coltec when Coltec sold a majority interest in Crucible Materials Corporation (the successor of Crucible) in 1985, which liabilities and other legacy non-asbestos liabilities were assumed by our subsidiary, EnPro Holdings, as part of the Coltec Restructuring. The United States Environmental Protection Agency (the “EPA”) notified Coltec in September 2003 that it is a potentially responsible party (“PRP”) for Superfund response actions in the lower 17-mile stretch of the Passaic River known as the Lower Passaic River Study Area. Coltec and approximately 70 of the numerous other PRPs, known as the Cooperating Parties Group, are parties to a May 2007 Administrative Order on Consent with the EPA to perform a Remedial Investigation/Feasibility Study (“RI/FS”) of the contaminants in the Lower Passaic River Study Area. In September 2018, we withdrew from the Cooperating Parties Group but remain a party to the May 2007 Administrative Order on Consent. The RI/FS was completed and submitted to the EPA at the end of April 2015. The RI/FS recommends a targeted dredge and cap remedy with monitored natural recovery and adaptive management for the Lower Passaic River Study Area. The cost of such remedy is estimated to be $726 million. Previously, on April 11, 2014, the EPA released its Focused Feasibility Study (the “FFS”) with its proposed plan for remediating the lower eight miles of the Lower Passaic River Study Area. The FFS calls for bank-to-bank dredging and capping of the riverbed of that portion of the river and estimates a range of the present value of aggregate remediation costs of approximately $953 million to approximately $1.73 billion, although estimates of the costs and the timing of costs are inherently imprecise. On March 3, 2016, the EPA issued the final Record of Decision (ROD) as to the remedy for the lower eight miles of the Lower Passaic River Study Area, with the maximum estimated cost being reduced by the EPA from $1.73 billion to $1.38 billion, primarily due to a reduction in the amount of cubic yards of material that will be dredged. In October 2016, Occidental Chemical Corporation, the successor to the entity that operated the Diamond Alkali chemical manufacturing facility, reached an agreement with the EPA to develop the design for this proposed remedy at an estimated cost of $165 million. The EPA has estimated that it will take approximately four years to develop this design.

No final allocations of responsibility have been made among the numerous PRPs that have received notices from the EPA, there are numerous identified PRPs that have not yet received PRP notices from the EPA, and there are likely many PRPs that have not yet been identified. In September 2017, EPA hired a third-party allocator to develop an allocation of costs among a large number of the parties identified by EPA as having potential responsibility, including the Company. On June 30, 2018, Occidental Chemical Corporation sued over 120 parties, including the Company, in the United States District Court for New Jersey seeking recovery of response costs under the Federal Comprehensive Environmental Response, Compensation and Liability Act ("CERCLA"). In a proposed pre-trial order, Occidental Chemical Corporation has proposed that any alternative dispute resolution process, including mediation, shall begin no later than September 16, 2019.

Based on our evaluation of the site, during 2014 we accrued a liability of $3.5 million related to environmental remediation costs associated with the lower eight miles of the Lower Passaic River Study Area, which is our estimate of the low end of a range of reasonably possible total costs, with no estimate within the range being a better estimate than the minimum. During 2017 and 2018, we incurred $0.1 million and $0.4 million, respectively, related to this matter. Our future remediation costs could be significantly greater than the $3.0 million we have accrued at December 31,2018. With respect to the upper nine miles of the Lower Passaic River Study Area, we are unable to estimate a range of reasonably possible costs.

Another such matter involves the Onondaga Lake Superfund Site (the “Onondaga Site”) located near Syracuse, New York. Crucible operated a steel mill facility adjacent to Onondaga Lake from 1911 to 1983. The New York State Department of Environmental Conservation (“NYSDEC”) has contacted us and Coltec, as well as other parties, demanding reimbursement of unquantified environmental response costs incurred by NYSDEC and the EPA at the Onondaga Site. NYSDEC and EPA have alleged that contamination from the Crucible facility contributed to the need for environmental response actions at the Onondaga Site. We have also received notice from the Natural Resource Trustees for the Onondaga Lake Superfund Site (which are the U.S. Department of Interior, NYSDEC, and the Onondaga Nation) alleging that Coltec is considered to be a potentially responsible party for natural resource damages at the Onondaga Site. In addition, Honeywell International Inc. (“Honeywell”), which has undertaken certain remediation activities at the Onondaga Site under the supervision of NYSDEC and the EPA, has informed us that it has claims against Coltec related to investigation and remediation at the Onondaga Site. We have entered into tolling agreements with NYSDEC, the EPA and Honeywell. On May 4, 2016, we received from Honeywell a summary of its claims, including for a portion of its costs for the remediation of the Onondaga Site in accordance with its settlement with NYSDEC and EPA. Based on limited information available with respect to estimated remediation costs and the respective allocation of responsibility for remediation among potentially responsible parties, we previously were unable to estimate a reasonably possible range of loss associated with Crucible’s activities that may have affected the Onondaga Site. During 2016, we reserved $1.5 million for reimbursement of EPA response costs and certain costs associated with the remedial investigation.

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We have engaged and are continuing to engage in discussions with Honeywell with respect to these issues and possible resolution of Honeywell's claim. In light of information made available during the course of those discussions and our continued evaluation of this matter, we determined that we have sufficient information as of the end of the fourth quarter of 2018 to estimate the low end of a reasonably possible range of loss associated with this matter, although we continue to be unable to estimate the upper end of such a range. Accordingly, for the fourth quarter of 2018, we increased our reserve for this matter by $5.0 million, to reflect an aggregate reserve of $6.5 million, which is our estimate of the low end of the reasonably possible range of loss. In light of the uncertainties described above, the costs to resolve this matter may significantly exceed the amount of this reserve.

Except with respect to specific Crucible environmental matters for which we have accrued a portion of the liability set forth above, including the Lower Passaic River Study Area, we are unable to estimate a reasonably possible range of loss related to any other contingent environmental liability based on our prior ownership of Crucible.

In addition to the Crucible environmental matters discussed above, Coltec received a notice from the EPA dated February 19, 2014 asserting that Coltec is a potentially responsible party under the Comprehensive Environmental Response, Compensation, and Liability Act ("CERCLA") as the successor to a former operator in 1954 and 1955 of two uranium mines in Arizona. On October 15, 2015, Coltec received another notice from the EPA asserting that Coltec is a potentially responsible party as the successor to the former operator of six additional uranium mines in Arizona. In 2015, we reserved $1.1 million for the minimum amount of probable loss associated with the first two mines identified by the EPA, including the cost of the investigative work to be conducted at such mines. During 2016, we reserved an additional $1.1 million for the minimum amount of probable loss associated with the six additional mines, which includes estimated costs of investigative work to be conducted at the eight mines. We entered into an Administrative Settlement Agreement and Order on Consent for Interim Removal Action with the EPA effective November 7, 2017 for the performance of this work. In the third quarter of 2017, we increased the reserve by $1.9 million to perform investigations required by the Settlement Agreement to determine the nature and extent of contamination at each site with the investigations to be completed by the end of 2019. In the fourth quarter of 2018, we increased the reserve by $1.0 million for the estimated reimbursement of the EPA's costs to oversee these investigations. The balance in the reserve as of December 31, 2018 is $2.8 million. We cannot at this time estimate a reasonably possible range of loss associated with remediation or other incremental costs related to these mines.

In connection with the former operation of a division of Colt Industries Inc, located in Water Valley, Mississippi, which Coltec divested to BorgWarner, Inc. ("BorgWarner") in 1996, Coltec and its corporate successors have been managing trichloroethylene soil and groundwater contamination at the site. In February 2016, the Mississippi Department of Environmental Quality (MDEQ) issued an order against EnPro requiring evaluation of potential vapor intrusion into residential properties and commercial facilities located over the groundwater plume as well as requiring additional groundwater investigation and remediation. MDEQ performed the initial vapor intrusion investigations at certain residential and commercial sites, with the findings all being below the applicable screening level. In April 2016, the parties entered into a new order including negotiated time frames for groundwater remediation. Pursuant to that order, MDEQ performed a second round of vapor intrusion sampling beginning in August 2016. Results from sampling outside of three residences were above screening levels. Follow-up sampling directly underneath those residences (either sub-slab or in crawl spaces) were all below applicable screening levels. Two separate sampling events at another residence were also below applicable screening levels. Due to an increasing trend in vapor concentrations, MDEQ requested that we develop and implement initial corrective action measures to address vapor intrusion resulting from groundwater contamination in this residential area. These measures were developed and approved by MDEQ. Due to an inability to obtain access to private properties where the corrective action system was to be located, we developed an alternate remedial approach which has been approved by MDEQ. In addition, vapor intrusion sampling at the manufacturing facility owned by BorgWarner was conducted during the first quarter of 2017. The results showed exceedances of screening levels at various areas in the plant and exceedances of levels requiring responsive actions in a limited area of the plant.

Implementation of the immediate responsive actions has been completed and corrective action consisting of a permanent vapor intrusion remediation system became operational in May 2017 with further improvements made to the system in December 2017 and January 2018. Indoor air sampling is conducted at four locations biweekly and has been below levels requiring responsive action at three sampling locations since June 2017 and at all four locations since February 2018. We are also continuing soil and groundwater investigation work in the area inside the plant where the vapor intrusion remediation system is located and around the outside of the plant and implementing corrective action plans for both the contamination remaining at the plant as well as contamination that has migrated off-site. All of the work to be performed at the residential area, the plant and off-site is set forth in an agreed Order that we and MDEQ entered into on September 11, 2017.

During 2016, we established an additional $1.3 million reserve with respect to this matter. During the year ended December 31, 2017, we reserved an additional $5.7 million for further investigation, additional remediation, long-term monitoring costs, and legal fees to support regulatory compliance for the above noted actions. In the fourth quarter of 2018, we

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reserved an additional $3.5 million for additional remediation, long-term monitoring costs and legal fees to support regulatory compliance for the above noted activities. The remaining reserve at December 31, 2018 is $4.5 million. As the corrective actions are implemented and their performance monitored, further modifications to the remediation system at the site may be required which may result in additional costs beyond the current reserve.

On April 7, 2017, the State of Mississippi through its Attorney General filed suit against EnPro, OldCo and Goodrich Corporation in Mississippi Circuit Court in Yalobusha County seeking recovery of all costs and expenses to be incurred by the State in remediating the groundwater contamination, punitive damages and attorney’s fees. We plan to aggressively defend this case. The additional reserve established in the quarter ended December 31, 2017, noted above, did not include any estimate of contingent loss associated with this lawsuit other than due to remediation and other actions with respect to this site based on the MDEQ orders described above. On January 31, 2019, some of these property owners (representing ownership of 34 residential or commercial properties), Yalobusha County, and the Board of Trustees of the Yalobusha General Hospital filed suit against EnPro and Goodrich in Mississippi Circuit Court and Yalobusha County seeking recovery for alleged damage to their properties, including diminution in value, from groundwater contamination that has come onto their properties. In addition, it is our understanding that other area homeowners, owners of commercial facilities and possibly other private parties and individuals may be separately evaluating possible legal action relating to potential vapor intrusion and groundwater contamination.

We cannot estimate a reasonably possible range of loss from these lawsuits or any potential additional legal actions at this time. Based upon limited information regarding any incremental remediation or other actions that may be required at the site, we cannot estimate a minimum loss estimate or a reasonably possible range of loss related to this matter.

In 2018, in addition to the accruals described above, we accrued $1.1 million in liabilities to reflect our estimated costs to reflect our most current estimate of costs for continued remediation at two sites based upon a reassessment of the expected duration of remedial activities at each of those sites. As of December 31, 2018 and 2017, we had accrued liabilities of $31.1 million and $27.3 million, respectively, for estimated future expenditures relating to environmental contingencies.

Given the uncertainties regarding the status of laws, regulations, enforcement policies, the impact of other parties potentially being liable, technology and information related to individual sites, we do not believe it is possible to develop an estimate of the range of reasonably possible environmental loss in excess of our recorded liabilities. In addition, based on our prior ownership of Crucible, we may have additional contingent liabilities in one or more significant environmental matters, which are included in the 19 sites referred to above. Except with respect to specific Crucible environmental matters for which we have accrued a portion of the liability set forth above, we are unable to estimate a reasonably possible range of loss related to these contingent liabilities. See Note 22 to the Consolidated Financial Statements for additional information regarding our environmental contingencies and see the following section titled “Crucible Steel Corporation a/k/a Crucible, Inc.”

Crucible Steel Corporation a/k/a Crucible, Inc.

Crucible, which was engaged primarily in the manufacture and distribution of high technology specialty metal products, was a wholly owned subsidiary of Coltec until 1983 when its assets and liabilities were distributed to a new Coltec subsidiary, Crucible Materials Corporation. Coltec sold a majority of the outstanding shares of Crucible Materials Corporation in 1985 and divested its remaining minority interest in 2004. Crucible Materials Corporation filed for Chapter 11 bankruptcy protection in May 2009 and is no longer conducting operations. We have certain ongoing obligations, which are included in other liabilities in our Consolidated Balance Sheets, including workers’ compensation, retiree medical and other retiree benefit matters, related to Coltec’s period of ownership of Crucible. Based on Coltec’s prior ownership of Crucible, we may have certain other contingent liabilities, including liabilities in one or more significant environmental matters included in the matters discussed in “Environmental” above. We are investigating these matters. Except with respect to those matters for which we have an accrued liability as discussed in “Environmental” above, we are unable to estimate a reasonably possible range of loss related to these contingent liabilities. See Note 22 to the Consolidated Financial Statements for information about certain liabilities relating to Coltec’s ownership of Crucible.

Warranties

We provide warranties on many of our products. The specific terms and conditions of these warranties vary depending on the product and the market in which the product is sold. We record a liability based upon estimates of the costs we may incur under our warranties after a review of historical warranty experience and information about specific warranty claims. Adjustments are made to the liability as claims data and historical experience necessitate.

Changes in the carrying amount of the product warranty liability for the years ended December 31, 2018, 2017 and 2016 are as follows:

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	2018			2017			2016
	(in millions)
Balance at beginning of year	$	5.3		$	5.0		$	4.8
Charges to expense	10.8			2.6			4.4
Settlements made	(4.4		)	(2.3		)	(4.2		)
Balance at end of year	$	11.7		$	5.3		$	5.0

BorgWarner

A subsidiary of BorgWarner has asserted claims against our subsidiary, GGB France E.U.R.L. (“GGB France”), regarding certain bearings supplied by GGB France to BorgWarner and used by BorgWarner in manufacturing hydraulic control units included in motor vehicle automatic transmission units, mainly that the bearings caused performance problems with and/or damage to the transmission units, leading to associated repairs and replacements. BorgWarner and GGB France participated in a technical review before a panel of experts to determine, among other things, whether there were any defects in such bearings that were a cause of the damages claimed by BorgWarner, including whether GGB France was required to notify BorgWarner of a change in the source of a raw material used in the manufacture of such bearings. This technical review was a required predicate to the commencement of a legal proceeding for damages. The expert panel issued a final report on technical and financial matters on April 6, 2017. In the final report, the expert panel concluded that GGB France had a duty to notify BorgWarner regarding the change of source of raw material used in the bearings, but that the failure of the hydraulic control units was attributable to both the raw material supplier change and the insufficient design of the units by BorgWarner. The expert panel provided detail on a possible allocation of damages alleged to have been incurred by BorgWarner and its customer. Although the language of the report is not clear, the report appears to note a potential allocation of recoverable damages 65% to GGB and 35% to BorgWarner. It also indicates that, though it is for a court to ultimately determine, the aggregate damages to BorgWarner and its customer was in the range of 7.9 million EUR to 10.2 million EUR, with 1.8 million EUR to 2.1 million EUR of this range being for damages to BorgWarner and the remainder being for damages to its customer. The experts noted the lower end of the range as being more likely and noted a lack of sufficient evidence provided substantiating the customer's damages. Applying a 65% liability allocation to GGB to the total aggregate range yields a range of 5.1 million EUR to 6.6 million EUR. In the final report, the expert panel deferred to a court the determination of whether GGB France had breached its contractual obligations to BorgWarner. On October 25, 2017, BorgWarner initiated a legal proceeding against GGB with respect to this matter by filing a writ of claim with the Commercial Court of Brive, France. The parties have begun briefing their legal positions, and we expect court hearings to begin in the first half of 2019.

We continue to believe that GGB France has valid factual and legal defenses to these claims and we are vigorously defending these claims. Among GGB France’s legal defenses are a contractual disclaimer of consequential damages, which, if controlling, would limit liability for consequential damages and provide for the replacement of the bearings at issue, at an aggregate replacement value we estimate to be approximately 0.4 million EUR; that the determination of any duty to notify of the change in the source of the raw material is a legal matter to be determined by the presiding court; and the insufficiency of evidence of damage to BorgWarner's customer provided to the expert panel. Based on the final report from the expert panel and GGB France's legal defenses described above, we estimate GGB France’s reasonably possible range of loss associated with this matter to be approximately 0.4 million EUR to 6.6 million EUR plus a potential undetermined amount of apportioned proceeding expenses, with no amount within the range being a better estimate than the minimum of the range. Accordingly, GGB France has retained the accrual of 0.4 million EUR associated with this matter, which was established in the second quarter of 2016.

Asbestos Insurance Matters

Under the Consensual Settlement and Joint Plan described above in "Overview and Outlook," GST and OldCo retained their rights to seek reimbursement under insurance policies for any amounts they have paid in the past to resolve asbestos claims, including contributions made to the Trust under the Joint Plan. These policies include a number of primary and excess general liability insurance policies that were purchased by Coltec and were in effect prior to January 1, 1976 (the “Pre-Garlock Coverage Block”). The policies provide coverage for “occurrences” happening during the policy periods and cover losses associated with product liability claims against Coltec and certain of its subsidiaries. Asbestos claims against GST are not covered under these policies because GST was not a Coltec subsidiary prior to 1976. The Joint Plan provides that OldCo may retain the first $25 million of any settlements and judgments related to insurance policies in the Pre-Garlock Coverage Block and OldCo and the Trust will share equally in any settlements and judgments OldCo may collect in excess of $25 million.

At December 31, 2018, approximately $12.6 million of available products hazard limits or insurance receivables existed under primary and excess general liability insurance policies other than the Pre-Garlock Coverage Block (the "Garlock

26

Coverage Block") from solvent carriers with investment grade ratings, which we believe is available to cover GST asbestos claims payments and certain expense payments, including contributions to the Trust. We consider such amount of available insurance coverage under the Garlock Coverage Block to be of high quality because the insurance policies are written or guaranteed by U.S.-based carriers whose credit rating by S&P is investment grade (BBB-) or better, and whose AM Best rating is excellent (A-) or better. The remaining $12.6 million of solvent insurance coverage is available to pending and estimated future claims. There are specific agreements in place with carriers regarding the remaining available coverage. Based on those agreements and the terms of the policies in place and prior decisions concerning coverage, we believe that all of the $12.6 million of insurance proceeds will ultimately be collected, although there can be no assurance that the insurance companies will make the payments as and when due. Assuming the insurers pay according to the agreements and policies, we anticipate that the following amounts should be collected in the years set out below:

2019 – $10.1 million

2020 – $2.5 million

GST LLC has received $8.8 million of insurance recoveries from insolvent carriers since 2007, and may receive additional payments from insolvent carriers in the future. No anticipated insolvent carrier collections are included in the $12.6 million million of anticipated collections. The insurance available to cover current and future asbestos claims is from comprehensive general liability policies that cover OldCo, as the successor to Coltec, and certain of its other subsidiaries in addition to GST LLC for periods prior to 1985 and therefore could be subject to potential competing claims of other covered subsidiaries and their assignees.

Off Balance Sheet Arrangements

Lease Agreements

We have a number of operating leases primarily for real estate, equipment and vehicles. Operating lease arrangements are generally utilized to secure the use of assets from time to time if the terms and conditions of the lease or the nature of the asset makes the lease arrangement more favorable than a purchase. As of December 31, 2018, approximately $37.2 million of future minimum lease payments were outstanding under these agreements. See Note 22, “Commitments and Contingencies – Other Commitments,” to the Consolidated Financial Statements for additional disclosure.

Contractual Obligations

A summary of our contractual obligations and commitments at December 31, 2018, is as follows:

	Payments Due by Period (in millions)
Contractual Obligations	Total		Less than 1 Year		1-3 Years		3-5 Years		More than 5 Years
Long-term debt	$	470.0	$	2.4	$	0.6	$	116.9	$	350.1
Interest on long-term debt	163.6		22.6		40.3		40.3		60.4
Operating leases	37.2		11.5		15.2		7.8		2.7
Other liabilities	35.7		16.9		7.0		5.0		6.8
Total	$	706.5	$	53.4	$	63.1	$	170.0	$	420.0

The payments for long-term debt shown in the table above reflect the contractual principal amount for the senior notes. In our Consolidated Balance Sheet, this amount is shown net of a debt discount of $5.1 million. Additional discussion regarding the senior notes is included in this Management’s Discussion and Analysis of Financial Condition and Results of Operations in “Liquidity and Capital Resources – Capital Resources,” and in Note 13, "Long-Term Debt," to the consolidated financial statements. The interest on long-term debt represents the contractual interest coupon. It does not include the debt discount accretion, which also is a component of interest expense.

Payments for other liabilities are estimates of amounts to be paid for environmental and other retained liabilities of previously owned businesses included in the Consolidated Balance Sheets at December 31, 2018. These estimated payments are based on information currently known to us. However, it is possible that these estimates will vary from actual results and it is possible that these estimates may be updated if new information becomes available in the future or if there are changes in the facts and circumstances related to these liabilities. Additional discussion regarding these liabilities is included earlier in this Management’s Discussion and Analysis of Financial Condition and Results of Operations in “Contingencies – Environmental" and "Contingencies – Crucible Steel Corporation a/k/a Crucible, Inc.,” and in Note 22, "Commitments and Contingencies," to the consolidated financial statements.

27

The table does not include obligations under our pension and postretirement benefit plans, which are included in Note 16, "Pension and Post-Retirement Benefits," to the consolidated financial statements.

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

ENPRO INDUSTRIES, INC.

Index to Consolidated Financial Statements

	Page
Report of Independent Registered Public Accounting Firm	35
Consolidated Statements of Operations for the years ended December 31, 2018, 2017 and 2016	37
Consolidated Statements of Comprehensive Income (loss) for the years ended December 31, 2018, 2017 and 2016	38
Consolidated Statements of Cash Flows for the years ended December 31, 2018, 2017 and 2016	39
Consolidated Balance Sheets as of December 31, 2018 and 2017	40
Consolidated Statements of Changes in Shareholders’ Equity for the years ended December  31, 2018, 2017 and 2016	41
Notes to Consolidated Financial Statements	42
Schedule II – Valuation and Qualifying Accounts for the years ended December  31, 2018, 2017 and 2016	93

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ITEM 9A. CONTROLS AND PROCEDURES

Disclosure Controls and Procedures

As of the end of the period covered by this report, we carried out an evaluation, under the supervision and with the participation of our chief executive officer and chief financial officer, of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934 (the “Exchange Act”)). The purpose of our disclosure controls and procedures is to provide reasonable assurance that information required to be disclosed in our reports filed under the Exchange Act, including this report, is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms, and that such information is accumulated and communicated to our management, including our chief executive officer and chief financial officer, as appropriate, to allow timely decisions regarding required disclosure. At the time the Original Filing was filed on February 25, 2019, our chief executive officer and chief financial officer concluded that our disclosure controls and procedures were effective as of December 31, 2018.

Subsequent to that evaluation, our chief executive officer and chief financial officer concluded that our disclosure controls and procedures were not effective as of December 31, 2018 because of the material weakness in our internal control over financial reporting discussed below.

Management’s Report on Internal Control over Financial Reporting (Restated)

Our management is responsible for establishing and maintaining adequate internal control over financial reporting. Our internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with policies and procedures may deteriorate.

In connection with the Original Filing, we carried out an evaluation, under the supervision and with the participation of our chief executive officer and our chief financial officer, of the effectiveness of our internal control over financial reporting as of December 31, 2018. In making this assessment, we used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in the Internal Control-Integrated Framework (2013 version).

A material weakness (as defined in Rule 12b-2 under the Exchange Act) is a deficiency, or combination of deficiencies, in internal control over financial reporting such that there is a reasonable possibility that a material misstatement in our annual or interim financial statements will not be prevented or detected on a timely basis.

Subsequent to June 30, 2019, we identified deficiencies that constituted a material weakness in the Company’s internal control over financial reporting with respect to the design and maintenance of controls over the accounting for income taxes. Specifically, we did not design and maintain effective controls to (1) sufficiently review and validate information received from foreign subsidiaries in their quarterly tax packages, including adjustments made to the packages in consolidation, which are used in the determination of the completeness and accuracy of our consolidated provision for income taxes and (2) sufficiently review the completeness and accuracy of input data used in calculation of a new annual federal tax which became effective in 2018 under the 2017 Jobs and Tax Act and certain recurring tax credits. These deficiencies resulted in a revision related to items affecting the provision for income tax expense and related accounts reported for the year ended December 31, 2018, which had the effect of understating income tax expense for the year by approximately $5.0 million. Additionally, these deficiencies could result in a misstatement of the aforementioned account balances or disclosures that would result in a material misstatement to the annual or interim consolidated statements that would not be prevented or detected.

In Management's Report on Internal Control over Financial Reporting included in our original Annual Report on From 10-K for the year ended December 31, 2018, our management, including our chief executive officer and chief financial officer, concluded that we maintained effective internal control over financial reporting as of December 31, 2018. We have subsequently concluded that the material weakness described above existed as of December 31, 2018. As a result, we have concluded that we did not maintain effective internal control over financial reporting as of December 31, 2018 based on the criteria in Internal Control-Integrated Framework (2013 version) issued by COSO. Accordingly, management has restated its report on internal control over financial reporting.

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The effectiveness of our internal control over financial reporting as of December 31, 2018 has been audited by PricewaterhouseCoopers LLP, an independent registered public accounting firm, and stated in their report which appears in this Annual Report on Form 10-K/A.

Remediation Plan

As part of our commitment to strengthening our internal control over financial reporting, we are implementing remedial actions under the oversight of the Audit Committee of our Board of Directors to address these deficiencies, including:

• enhancement of the Company’s quarterly tax package to require additional tax package preparer explanations, responses, representations, and formal documentation of local review and approval;

• implementation of additional tax package data validation steps;

• expansion of the Company’s key control regarding the review of quarterly tax packages to provide additional specific actions to be performed by corporate tax personnel in the review process, definition of specific content to be documented as part of the tax package review process and local formal concurrence to all significant corporate adjustments;

• formal confirmation that special taxes and credits are based upon input factors that are reviewed and approved; and

• enhancement of the quarterly review of the Effective Tax Rate (“ETR”) for each significant country and the reasons for any significant deviations from statutory or prior year ETRs by appropriate personnel.

We will continue to monitor the design and effectiveness of these and other processes, procedures and controls and make any further changes management determines appropriate.

Changes in Internal Control Over Financial Reporting

No change in our internal control over financial reporting has occurred during the quarter ended December 31, 2018 that has materially affected, or is reasonably like to materially affect, our internal control over financial reporting.

PART IV

ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES

(a) The following documents are filed as part of this report:

1. Financial Statements

The financial statements filed as part of this report are listed in Part II, Item 8 of this report on the Index to Consolidated Financial Statements.

2. Financial Statement Schedule

Schedule II – Valuation and Qualifying Accounts for the years ended December 31, 2018, 2017 and 2016 appears on page 93.

Other schedules are omitted because of the absence of conditions under which they are required or because the required information is provided in the Consolidated Financial Statements or notes thereto.

3. Exhibits

The exhibits to this report on Form 10-K are listed in the Exhibit Index appearing on pages 31 to 33.

30

EXHIBIT INDEX

2.1	Modified Joint Plan of Reorganization of Garlock Sealing Technologies LLC, et al. and OldCo, LLC, Successor by Merger to Coltec Industries Inc dated May 20, 2016, as modified on June 21, 2016, July 29, 2016, December 2, 2016, April 3, 2017, May 14, 2017, May 19, 2017, June 8, 2017, and June 9, 2017, filed in the United States Bankruptcy Court for the Western District of North Carolina (Charlotte Division) (incorporated by reference to Exhibit 2.1 to the Form 8-K filed on July 31, 2017 by EnPro Industries, Inc. (File No. 001-31225))
3.1	Restated Articles of Incorporation of EnPro Industries, Inc., as amended (incorporated by reference to Exhibit 3.1 to the Form 10-Q for the period ended June 30, 2008 filed by EnPro Industries, Inc. (File No. 001-31225))
3.2	Amended Bylaws of EnPro Industries, Inc. (incorporated by reference to Exhibit 3.1 to the Form 8-K dated October 31, 2014 filed by EnPro Industries, Inc. (File No. 001-31225))
4.1	Form of certificate representing shares of common stock, par value $0.01 per share, of EnPro Industries, Inc. (incorporated by reference to Amendment No. 4 of the Registration Statement on Form 10 of EnPro Industries, Inc. (File No. 001-31225))
4.2	Indenture dated as of October 17, 2018 among EnPro Industries, Inc., the Guarantors party thereto and U.S. Bank National Association, as trustee (incorporated by reference to Exhibit 4.1 to the Form 8-K filed on October 17, 2018 by EnPro Industries, Inc. (File No. 001-31225))
10.1	Amended and Restated Credit Agreement dated as of June 28, 2018 among EnPro Industries, Inc., EnPro Holdings, Inc., the Guarantors party thereto, the Lenders party thereto and Bank of America, N.A., as Administrative Agent, Swing Line Lender and L/C Issuer (incorporated by reference to Exhibit 10.1 to the Form 8-K filed on July 2, 2018 by EnPro Industries, Inc. (File No. 001-31225))
10.2	Registration Rights Agreement dated as of October 17, 2018 between EnPro Industries, Inc., Applied Surface Technology, Inc., Belfab, Inc., Coltec International Services Co., Compressor Products International LLC, EnPro Associates, LLC, EnPro Holdings, Inc., EnPro Learning Systems, LLC, Fairbanks Morse, LLC, Garlock Hygienic Technologies, LLC, Garlock International, Inc., Garlock Overseas Corporation, Garlock Pipeline Technologies, Inc., Garlock Sealing Technologies, LLC, Garrison Litigation Management Group, Ltd., GGB, Inc., GGB LLC, Qualiseal Technology, LLC, Stemco Products, Inc., Technetics Group Daytona, Inc., Technetics Group LLC, Technetics Group Oxford, Inc., and Merrill Lynch, Pierce, Fenner & Smith Incorporated, as representative of the Initial Purchasers (incorporated by reference to Exhibit 10.1 to the Form 8-K filed on October 17, 2018 by EnPro Industries, Inc. (File No. 001-31225))
10.3	Form of Indemnification Agreement for directors and officers (incorporated by reference to Exhibit 10.5 to Amendment No. 3 of the Registration Statement on Form 10 of EnPro Industries, Inc. (File No. 001-31225))
10.4+	EnPro Industries, Inc. Amended and Restated 2002 Equity Compensation Plan (2016 Amendment and Restatement) (incorporated by reference to Annex A to the Proxy Statement on Schedule 14A filed by EnPro Industries, Inc. on March 31, 2016 (File No. 001-31225))
10.5+	EnPro Industries, Inc. Senior Executive Annual Performance Plan (2012 Amendment and Restatement) (incorporated by reference to Appendix A to the Proxy Statement on Schedule 14A dated March 23, 2017 filed by EnPro Industries, Inc. (File No. 001-31225))
10.6+	EnPro Industries, Inc. Long-Term Incentive Plan (2016 Amendment and Restatement) (incorporated by reference to Appendix B to the Proxy Statement on Schedule 14A dated March 23, 2017 filed by EnPro Industries, Inc. (File No. 001-31225))
10.7+	EnPro Industries, Inc. Management Stock Purchase Deferral Plan (incorporated by reference to Exhibit 10.1 to the Form 8-K dated November 2, 2012 filed by EnPro Industries, Inc. (File No. 001-31225))
10.8+	Amendment to EnPro Industries, Inc. Management Stock Purchase Deferral Plan (incorporated by reference to Exhibit 10.8 to the Form 10-K for the year ended December 31, 2018 filed by EnPro Industries, Inc. (File No. 001-31225))
10.9+	Form of EnPro Industries, Inc. Phantom Shares Award Grant for Outside Directors (2009 Amendment and Restatement) (incorporated by reference to Exhibit 10.7 to the Form 10-K for the year ended December 31, 2012 filed by EnPro Industries, Inc. (File No. 001-31225))
10.10+	Form of EnPro Industries, Inc. Restricted Share Award Agreement (incorporated by reference to Exhibit 10.1 to the Form 8-K dated February 14, 2008 filed with EnPro Industries, Inc. (File No. 001-31225))
10.11+	Form of EnPro Industries, Inc. Restricted Share Units Award Agreement (incorporated by reference to Exhibit No. 10.10 to the Form 10-K for the year ended December 31, 2015 filed by EnPro Industries, Inc. (File No. 001-31225))

31

10.12+	Form of EnPro Industries, Inc. Long-Term Incentive Plan Award Agreement (Performance Shares) (incorporated by reference to Exhibit 10.12 to the Form 10-K for the year ended December 31, 2015 filed by EnPro Industries, Inc. (File No. 001-31225))
10.13+	Form of EnPro Industries, Inc. Long-Term Incentive Plan Award Agreement (Cash) (incorporated by reference to Exhibit 10.13 to the Form 10-K for the year ended December 31, 2015 filed by EnPro Industries, Inc. (File No. 001-31225))
10.14+	Form of EnPro Industries, Inc. Long-Term Incentive Plan Award Agreement (Performance Shares) (incorporated by reference to Exhibit 10.11 to the Form 10-K for the year ended December 31, 2012 filed by EnPro Industries, Inc. (File No. 001-31225))
10.15+	Form of EnPro Industries, Inc. Long-Term Incentive Plan Award Agreement (Cash) (incorporated by reference to Exhibit 10.12 to the Form 10-K for the year ended December 31, 2012 filed by EnPro Industries, Inc. (File No. 001-31225))
10.16+	EnPro Industries, Inc. Defined Benefit Restoration Plan (amended and restated effective as of January 1, 2007) (incorporated by reference to Exhibit 10.25 to the Form 10-K for the year ended December 31, 2006 filed by EnPro Industries, Inc. (File No. 001-31225))
10.17+	EnPro Industries, Inc. Deferred Compensation Plan (as amended and restated effective January 1, 2010) (incorporated by reference to Exhibit 10.16 to the Form 10-K for the year ended December 31, 2013 filed by EnPro Industries, Inc. (File No. 001-31225))
10.18+	Amendment dated December 12, 2014 to EnPro Industries, Inc. Deferred Compensation Plan (as amended and restated effective January 1, 2010) (incorporated by reference to Exhibit 10.17 to the Form 10-K for the year ended December 31, 2014 filed by EnPro Industries, Inc. (File No. 001-31225))
10.19+	EnPro Industries, Inc. Deferred Compensation Plan for Non-Employee Directors (as amended and restated effective January 1, 2016) (incorporated by reference to Exhibit 10.19 to the Form 10-K for the year ended December 31, 2015 filed by EnPro Industries, Inc. (File No. 001-31225))
10.20+	EnPro Industries, Inc. Outside Directors’ Phantom Share Plan (incorporated by reference to Exhibit 10.14 to the Form 10-K for the year ended December 31, 2002 filed by EnPro Industries, Inc. (File No. 001-31225))
10.21+	Executive Employment Agreement dated March 10, 2008 between EnPro Industries, Inc. and Stephen E. Macadam (incorporated by reference to Exhibit 10.1 to the Form 8-K dated March 10, 2008 filed by EnPro Industries, Inc., (File No. 001-31225))
10.22+	Amendment to Executive Employment Agreement dated as of August 4, 2010 between EnPro Industries, Inc. and Stephen E. Macadam incorporated by reference to Exhibit 10.1 to the Form 10-Q for the period ended September 30, 2010 filed by EnPro Industries, Inc., (File No. 001-31225))
10.23+	Management Continuity Agreement dated as of April 14, 2008 between EnPro Industries, Inc. and Stephen E. Macadam (incorporated by reference to Exhibit 10.13 to the Form 10-K for the year ended December 31, 2008 filed by EnPro Industries, Inc. (File No. 001-31225))
10.24+	Management Continuity Agreement dated as of January 30, 2006 between EnPro Industries, Inc. and J. Milton Childress II (incorporated by reference to Exhibit 10.28 to the Form 10-K for the year ended December 31, 2005 filed by EnPro Industries, Inc. (File No. 001-31225))
10.25+	Management Continuity Agreement dated as of May 5, 2010 between EnPro Industries, Inc. and Robert S. McLean (incorporated by reference to Exhibit 10.1 to the Form 10-Q for the period ended June 30, 2010 filed by EnPro Industries, Inc. (File No. 001-31225))
10.26+	Management Continuity Agreement dated as of December 15, 2011 between EnPro Industries, Inc. and Marvin A. Riley (incorporated by reference to Exhibit 10.28 to the Form 10-K for the year ended December 31, 2011 filed by EnPro Industries, Inc. (File No. 001-31225))
10.27+	Management Continuity Agreement dated as of March 31, 2015 between EnPro Industries, Inc. and Steven R. Bower (incorporated by reference to Exhibit 10.2 to the Form 10-Q for the quarter ended March 31, 2015 filed by EnPro Industries, Inc. (File No. 001-31225)) ((this exhibit is substantially identical to the Management Continuity Agreement between EnPro Industries, Inc. and William C. O'Neal entered into on July 28, 2015)
10.28+	Management Continuity Agreement dated as of April 5, 2017 between EnPro Industries, Inc. and Jon D. Rickers (incorporated by reference to Exhibit 10.1 to the Form 10-Q for the period ended June 30, 2017 filed by EnPro Industries, Inc. (File No. 001-31225))
10.29+	EnPro Industries, Inc. Senior Officer Severance Plan (effective as of June 5, 2017) incorporated by reference to Exhibit 10.31 to the Form 10-K for the year ended December 31, 2017 filed by EnPro Industries, Inc. (File No. 001-31225))

32

10.30+	Summary of Executive and Director Compensation Arrangements (incorporated by reference to Exhibit 10.30 to the Form 10-K for the year ended December 31, 2018 filed by EnPro Industries, Inc. (File No. 001-31225))
21	List of Subsidiaries (incorporated by reference to Exhibit 21 to the Form 10-K for the year ended December 31, 2018 filed by EnPro Industries, Inc. (File No. 001-31225))
23.1*	Consent of PricewaterhouseCoopers LLP
24.1	Power of Attorney from Thomas M. Botts (incorporated by reference to Exhibit 24.1 to the Form 10-K for the year ended December 31, 2018 filed by EnPro Industries, Inc. (File No. 001-31225))
24.2	Power of Attorney from Felix M. Brueck (incorporated by reference to Exhibit 24.2 to the Form 10-K for the year ended December 31, 2018 filed by EnPro Industries, Inc. (File No. 001-31225))
24.3	Power of Attorney from B. Bernard Burns, Jr. (incorporated by reference to Exhibit 24.3 to the Form 10-K for the year ended December 31, 2018 filed by EnPro Industries, Inc. (File No. 001-31225))
24.4	Power of Attorney from Diane C. Creel (incorporated by reference to Exhibit 24.4 to the Form 10-K for the year ended December 31, 2018 filed by EnPro Industries, Inc. (File No. 001-31225))
24.5	Power of Attorney from Adele M. Gulfo (incorporated by reference to Exhibit 24.5 to the Form 10-K for the year ended December 31, 2018 filed by EnPro Industries, Inc. (File No. 001-31225))
24.6	Power of Attorney for Kees van der Graaf (incorporated by reference to Exhibit 24.6 to the Form 10-K for the year ended December 31, 2018 filed by EnPro Industries, Inc. (File No. 001-31225))
24.7	Power of Attorney from David L. Hauser (incorporated by reference to Exhibit 24.7 to the Form 10-K for the year ended December 31, 2018 filed by EnPro Industries, Inc. (File No. 001-31225))
24.8	Power of Attorney from John Humphrey (incorporated by reference to Exhibit 24.8 to the Form 10-K for the year ended December 31, 2018 filed by EnPro Industries, Inc. (File No. 001-31225))
31.1*	Certification of Chief Executive Officer pursuant to Rule 13a – 14(a)/15d – 14(a)
31.2*	Certification of Chief Financial Officer pursuant to Rule 13a – 14(a)/15d – 14(a)
32*	Certification pursuant to Section 1350
101.INS*	XBRL Instance Document
101.SCH*	XBRL Taxonomy Extension Schema Document
101.CAL*	XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF*	XBRL Taxonomy Extension Definitions Linkbase Document
101.LAB*	XBRL Taxonomy Extension Label Linkbase Document
101.PRE*	XBRL Taxonomy Extension Presentation Linkbase Document

* Items marked with an asterisk are filed herewith.

+ Management contract or compensatory plan required to be filed under Item 15(c) of this report and Item 601 of Regulation S-K of the Securities and Exchange Commission.

33

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Charlotte, North Carolina on this 2nd day of August, 2019.

ENPRO INDUSTRIES, INC.
By:	/s/ Robert S. McLean
	Robert S. McLean
	Executive Vice President, General Counsel and Secretary
By:	/s/ Steven R. Bower
	Steven R. Bower
	Senior Vice President, Controller and Chief Accounting Officer
	(Principal Accounting Officer)

34

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors and Shareholders of EnPro Industries, Inc.

Opinions on the Financial Statements and Internal Control over Financial Reporting

We have audited the accompanying consolidated balance sheets of EnPro Industries, Inc. and its subsidiaries(the “Company”) as of December 31, 2018 and 2017, and the related consolidated statements of operations, comprehensive income (loss), changes in shareholders’ equity, and cash flows for each of the three years in the period ended December 31, 2018, including the related notes and financial statement schedule listed in the index appearing under Item 8 (collectively referred to as the “consolidatedfinancial statements”).We also have audited the Company's internal control over financial reporting as of December 31, 2018, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, 2018 and 2017, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2018in conformity with accounting principles generally accepted in the United States of America. Also, in our opinion, the Company did not maintain, in all material respects, effective internal control over financial reporting as of December 31, 2018, based on criteria established in Internal Control - Integrated Framework (2013) issued by the COSO becausea material weakness in internal control over financial reporting existed as of that date related to the accounting for income taxes.

A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the annual or interim financial statements will not be prevented or detected on a timely basis. The material weakness referred to above is described in Management's Report on Internal Control over Financial Reporting appearing under Item 9A. We considered this material weakness in determining the nature, timing, and extent of audit tests applied in our audit of the 2018 consolidatedfinancial statements, and our opinion regarding the effectiveness of the Company’s internal control over financial reporting does not affect our opinion on those consolidatedfinancial statements.

Restatement of Management’s Conclusion Regarding Internal Control over Financial Reporting

Management and we previously concluded that the Company maintained effective internal control over financial reporting as of December 31, 2018. However, management has subsequently determined that a material weakness in internal control over financial reporting related to certain aspects of its controls over the accounting for income taxes existed as of that date. Accordingly, management’s report has been restated and our present opinion on internal control over financial reporting, as presented herein, is different from that expressed in our previous report.

Basis for Opinions

The Company's management is responsible for these consolidated financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting included in management's report referred to above. Our responsibility is to express opinions on the Company’s consolidated financial statements and on the Company's internal control over financial reporting based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was maintained in all material respects.

Our audits of the consolidated financial statements included performing procedures to assess the risks of material misstatement of the consolidatedfinancial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidatedfinancial statements. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the

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risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions.

Definition and Limitations of Internal Control over Financial Reporting

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

/s/ PricewaterhouseCoopers LLP

Charlotte, North Carolina

February 25, 2019, except for the effects of the revision discussed in Note 25 to the consolidated financial statements and Note 3 to the financial statement schedule and the matter discussed in the penultimate paragraph of Management's Report on Internal Control over Financial Reporting, as to which the date is August 2, 2019.

We have served as the Company’s auditor since 2004.

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FINANCIAL INFORMATION

ENPRO INDUSTRIES, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

Years Ended December 31, 2018, 2017 and 2016

(in millions, except per share data)

	2018			2017			2016
Net sales	$	1,532.0		$	1,309.6		$	1,187.7
Cost of sales	1,053.0			865.3			791.9
Gross profit	479.0			444.3			395.8
Operating expenses:
Selling, general and administrative	340.4			325.7			302.7
Asbestos settlement	—			—			80.0
Other	21.3			16.9			15.6
Total operating expenses	361.7			342.6			398.3
Operating income (loss)	117.3			101.7			(2.5		)
Interest expense	(28.5		)	(50.9		)	(55.9		)
Interest income	1.2			1.5			0.8
Gain on reconsolidation of GST and OldCo	—			534.4			—
Other expense	(43.4		)	(9.2		)	(11.1		)
Income (loss) before income taxes	46.6			577.5			(68.7		)
Income tax benefit (expense)	(27.0		)	(37.7		)	28.6
Net income (loss)	$	19.6		$	539.8		$	(40.1	)
Basic earnings (loss) per share	$	0.94		$	25.28		$	(1.86	)
Diluted earnings (loss) per share	$	0.93		$	24.76		$	(1.86	)
Cash dividends per share	$	0.96		$	0.88		$	0.84

See notes to Consolidated Financial Statements.

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ENPRO INDUSTRIES, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

Years Ended December 31, 2018, 2017 and 2016

(in millions)

	2018			2017			2016
Net income (loss)	$	19.6		$	539.8		$	(40.1	)
Other comprehensive income (loss):
Foreign currency translation adjustments	(0.3		)	14.4			(16.3		)
Pension and post-retirement benefits adjustment (excluding amortization)	(12.7		)	5.2			(7.8		)
Pension settlement loss	12.7			—			—
Amortization of pension and post-retirement benefits included in net income (loss)	5.5			7.7			6.9
Other comprehensive income (loss), before tax	5.2			27.3			(17.2		)
Income tax benefit (expense) related to items of other comprehensive income (loss)	(2.3		)	(4.8		)	0.4
Other comprehensive income (loss), net of tax	2.9			22.5			(16.8		)
Comprehensive income (loss)	$	22.5		$	562.3		$	(56.9	)

See notes to Consolidated Financial Statements.

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ENPRO INDUSTRIES, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

Years Ended December 31, 2018, 2017 and 2016

(in millions)

	2018			2017			2016
OPERATING ACTIVITIES
Net income (loss)	$	19.6		$	539.8		$	(40.1	)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation	39.1			32.7			30.4
Amortization	34.6			31.1			26.7
Gain on reconsolidation of GST and OldCo	—			(534.4		)	—
Asbestos settlement	—			—			80.0
Loss on extinguishment of debt	18.1			—			—
Deferred income taxes	5.4			35.9			(30.0		)
Stock-based compensation	6.5			9.5			5.1
Other non-cash adjustments	16.1			15.0			1.1
Change in assets and liabilities, net of effects of acquisitions, deconsolidation, and reconsolidation of businesses:
Asbestos liabilities	(0.5		)	(95.5		)	—
Asbestos insurance receivables	29.9			26.6			—
Accounts receivable, net	(29.6		)	(35.7		)	3.0
Inventories	(35.5		)	7.9			2.4
Accounts payable	7.5			20.5			(2.9		)
Income taxes, net	98.4			(9.9		)	(16.4		)
Other current assets and liabilities	9.4			8.8			6.4
Other non-current assets and liabilities	7.4			(5.7		)	(1.2		)
Net cash provided by operating activities	226.4			46.6			64.5
INVESTING ACTIVITIES
Purchases of property, plant and equipment	(62.6		)	(41.0		)	(35.8		)
Payments for capitalized internal-use software	(3.4		)	(3.7		)	(4.1		)
Proceeds from sale of business	—			—			6.6
Payments for acquisitions, net of cash acquired	—			(44.6		)	(28.5		)
Reconsolidation of GST and OldCo	—			41.1			—
Deconsolidation of OldCo	—			(4.8		)	—
Capital contribution to OldCo	—			(45.2		)	—
Receipts from settlements of derivative contracts	9.3			—			—
Proceeds from sale of property, plant and equipment	30.7			0.5			0.4
Net cash used in investing activities	(26.0		)	(97.7		)	(61.4		)
FINANCING ACTIVITIES
Proceeds from debt	1,014.7			635.7			350.8
Repayments of debt, including premiums to par value	(1,184.9		)	(484.3		)	(278.1		)
Repurchase of common stock	(50.0		)	(11.5		)	(30.4		)
Dividends paid	(20.3		)	(19.0		)	(18.1		)
Other	(11.9		)	(2.4		)	(2.2		)
Net cash provided by (used in) financing activities	(252.4		)	118.5			22.0
Effect of exchange rate changes on cash and cash equivalents	(7.7		)	10.4			(17.0		)
Net increase (decrease) in cash and cash equivalents	(59.7		)	77.8			8.1
Cash and cash equivalents at beginning of year	189.3			111.5			103.4
Cash and cash equivalents at end of year	$	129.6		$	189.3		$	111.5
Supplemental disclosures of cash flow information:
Cash paid (refunded) during the year for:
Interest	$	33.3		$	46.4		$	41.0
Income taxes, net of refunds received	$	(77.5	)	$	6.8		$	19.6
Non-cash investing and financing activities
Non-cash acquisitions of property, plant and equipment	$	10.8		$	7.2		$	5.4

See notes to Consolidated Financial Statements.

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ENPRO INDUSTRIES, INC.

CONSOLIDATED BALANCE SHEETS

As of December 31, 2018 and 2017

(in millions, except share amounts)

	2018			2017
ASSETS
Current assets
Cash and cash equivalents	$	129.6		$	189.3
Accounts receivable, less allowance for doubtful accounts of $4.1 in 2018 and of $4.7 in 2017	286.6			261.7
Inventories	233.1			204.1
Income tax receivable	49.6			113.2
Prepaid expenses and other current assets	33.2			51.3
Total current assets	732.1			819.6
Property, plant and equipment, net	301.2			296.9
Goodwill	333.7			336.1
Other intangible assets, net	297.3			347.0
Other assets	51.5			86.5
Total assets	$	1,715.8		$	1,886.1
LIABILITIES AND EQUITY
Current liabilities
Current maturities of long-term debt	$	2.4		$	0.2
Accounts payable	139.2			130.7
Accrued expenses	150.4			137.2
Total current liabilities	292.0			268.1
Long-term debt	462.5			618.3
Other liabilities	103.6			96.9
Total liabilities	858.1			983.3
Commitments and contingent liabilities
Shareholders’ equity
Common stock – $.01 par value; 100,000,000 shares authorized; issued 20,929,218 shares at December 31, 2018 and 21,517,554 shares at December 31, 2017	0.2			0.2
Additional paid-in capital	301.0			347.9
Retained earnings	603.3			604.4
Accumulated other comprehensive loss	(45.5		)	(48.4		)
Common stock held in treasury, at cost – 189,514 shares at December 31, 2018 and 191,838 shares at December 31, 2017	(1.3		)	(1.3		)
Total shareholders’ equity	857.7			902.8
Total liabilities and equity	$	1,715.8		$	1,886.1

See notes to Consolidated Financial Statements.

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ENPRO INDUSTRIES, INC.

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

Years Ended December 31, 2018, 2017 and 2016

(dollars and shares in millions)

	Common Stock					Additional Paid-in Capital			Retained Earnings			Accumulated Other Comprehensive Loss			Treasury Stock			Total Shareholders’ Equity
	Shares			Amount
Balance, December 31, 2015	21.9			$	0.2	$	372.5		$	142.5		$	(54.1	)	$	(1.3	)	$	459.8
Net loss	—			—		—			(40.1		)	—			—			(40.1		)
Other comprehensive loss	—			—		—			—			(16.8		)	—			(16.8		)
Dividends	—			—		—			(18.1		)	—			—			(18.1		)
Share repurchases	(0.6		)	—		(29.7		)	—			—			—			(29.7		)
Incentive plan activity	0.1			—		3.7			(0.3		)	—			—			3.4
Balance, December 31, 2016	21.4			0.2		346.5			84.0			(70.9		)	(1.3		)	358.5
Adoption of share-based payment accounting standard	—			—		0.5			(0.3		)	—			—			0.2
Net income	—			—		—			539.8			—			—			539.8
Other comprehensive income	—			—		—			—			22.5			—			22.5
Dividends	—			—		—			(19.1		)	—			—			(19.1		)
Share repurchases	(0.2		)	—		(11.5		)	—			—			—			(11.5		)
Incentive plan activity	0.1			—		10.4			—			—			—			10.4
Other	—			—		2.0			—			—			—			2.0
Balance, December 31, 2017	21.3			0.2		347.9			604.4			(48.4		)	(1.3		)	902.8
Adoption of new accounting standards	—			—		—			(0.3		)	—			—			(0.3		)
Net income	—			—		—			19.6			—			—			19.6
Other comprehensive income	—			—		—			—			2.9			—			2.9
Dividends	—			—		—			(20.4		)	—			—			(20.4		)
Share repurchases	(0.7		)	—		(50.0		)	—			—			—			(50.0		)
Incentive plan activity	0.1			—		3.1			—			—			—			3.1
Balance, December 31, 2018	$	20.7		$	0.2	$	301.0		$	603.3		$	(45.5	)	$	(1.3	)	$	857.7

See notes to Consolidated Financial Statements.

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ENPRO INDUSTRIES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

1. Overview, Basis of Presentation, Significant Accounting Policies and Recently Issued Accounting Guidance

Overview

EnPro Industries, Inc. (“we,” “us,” “our,” “EnPro” or the “Company”) is a leader in the design, development, manufacture and marketing of proprietary engineered industrial products that primarily include: sealing products; heavy-duty truck wheel-end component systems; self-lubricating, non-rolling bearing products; precision engineered components and lubrication systems for reciprocating compressors; and heavy-duty, medium-speed diesel, natural gas and dual fuel reciprocating engines, including parts and services. The term "Coltec" refers to our subsidiary Coltec Industries Inc prior to its merger with and into our OldCo, LLC subsidiary on December 31, 2016 and to its assigns and successor after such date.

Basis of Presentation

The Consolidated Financial Statements reflect the accounts of the Company and our majority-owned and controlled subsidiaries. All intercompany accounts and transactions between our consolidated operations have been eliminated.

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the amounts of assets and liabilities and the disclosures regarding contingent assets and liabilities at period end and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.

On June 5, 2010 (the “GST Petition Date”), our subsidiaries, Garlock Sealing Technologies LLC (“GST LLC”), The Anchor Packing Company (“Anchor”) and Garrison Litigation Management Group, Ltd. (“Garrison,” and, together with GST LLC and Anchor, "GST") filed voluntary petitions for reorganization under Chapter 11 of the United States Bankruptcy Code (the "GST Chapter 11 Case") in the U.S. Bankruptcy Court for the Western District of North Carolina in Charlotte (the “Bankruptcy Court”). The filings were the initial step in a claims resolution process for an efficient and permanent resolution of all pending and future asbestos claims through court approval of a plan of reorganization to establish a facility to resolve and pay all GST asbestos claims. On March 17, 2016, we announced that we had reached a comprehensive consensual settlement to resolve current and future asbestos claims which contemplated the joint plan of reorganization (the "Joint Plan") which was filed with the Bankruptcy Court. This settlement contemplated that Coltec would, subject to the receipt of necessary consents, undergo a corporate restructuring (the “Coltec Restructuring”) in which all of its significant operating assets and subsidiaries, which included each of our major business units, would be distributed to a new direct subsidiary of EnPro, which would also assume all of Coltec’s non-asbestos liabilities. The Coltec Restructuring was completed on December 31, 2016, and included the merger of Coltec with and into OldCo, LLC (“OldCo”), an indirect subsidiary of EnPro. As further contemplated by the settlement, on January 30, 2017 (the "OldCo Petition Date"), OldCo filed a Chapter 11 bankruptcy petition with the Bankruptcy Court (the "OldCo Chapter 11 Case"). On February 3, 2017, the Bankruptcy Court issued an order for the joint administration of the OldCo Chapter 11 Case with the GST Chapter 11 Case. The Joint Plan was consummated on July 31, 2017. For more detail on the terms of the Joint Plan, see Note 21, "Subsidiary Asbestos Bankruptcies."

During the pendency of the GST Chapter 11 Case and the related OldCo Chapter 11 Case, which are described further in Note 21, "Subsidiary Asbestos Bankruptcies," certain actions proposed to be taken by GST or OldCo not in the ordinary course of business were subject to approval by the Bankruptcy Court. As a result, during the pendency of the GST Chapter 11 Case and the OldCo Chapter 11 Case, we did not have exclusive control over these companies. Accordingly, as required by GAAP, GST was deconsolidated beginning on the GST Petition Date and OldCo was deconsolidated beginning on the OldCo Petition Date.

GST and OldCo were reconsolidated upon the effective date of the consummation of the Joint Plan, which effective date was 12:01 a.m. on July 31, 2017. Accordingly, the results of operations and cash flows from GST are included in the Consolidated Statement of Operations and Consolidated Statement of Cash Flows for the year ended December 31, 2017 only from and after July 31, 2017. The results of operations and cash flows from OldCo are included in the Consolidated Statement of Operations and Consolidated Statement of Cash Flows for the year ended December 31, 2017 only for the periods prior to the OldCo Petition Date and from and after July 31, 2017.

In the first quarter of 2018, we adopted a comprehensive new revenue recognition standard that replaces numerous requirements formerly in GAAP, including industry-specific requirements, and provides companies with a single revenue recognition model for recognizing revenue from contracts with customers. The core principle of the new standard is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services.

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The new standard provides certain practical expedients that we elected in adopting and following the new guidance. We have utilized a practical expedient that permits us to expense the costs to obtain a contract as incurred when the expected amortization period is one year or less. Another expedient that we have elected is to not adjust the promised amount of consideration in contracts for the effects of a significant financing component if we expect, at contract inception, that the period between when we transfer a promised good or service to the customer and when the customer pays for that good or service will be one year or less. We currently do not have any contracts that would require the use of this expedient, but we do consider potential new arrangements from time to time that could be affected by this aspect of the guidance.

We adopted the standard using a modified retrospective transition approach. Under this approach, we made an adjustment to beginning retained earnings for 2018 for the cumulative impact of the new guidance on contracts open prior to the transition date that remain open after adoption. As a result of this transition, a $0.4 million increase was recorded to 2018 opening retained earnings. The increase pertained mainly to capitalization of certain contract acquisition costs that were expensed under the previous guidance, and to certain service contracts where revenue was previously recognized using a milestone method. Under the new guidance, revenue on such contracts is recognized more frequently throughout the contract using an input measure.

As a result of the adoption of this standard, the impact to our Consolidated Statement of Operations for the year ended December 31, 2018 and our Consolidated Balance Sheet as of December 31, 2018 in comparison to application of the guidance in effect prior to 2018 was as follows:

(in millions)	Increase (Decrease)
Net sales	$	2.1
Cost of sales	$	1.4
Accounts receivable	$	2.1
Inventories	$	(1.4	)

Additionally, in the first quarter of 2018, we adopted a new standard that requires entities to recognize the income tax consequences of an intra-entity transfer of assets other than inventory at the time the transfer occurs. As a result of adopting this standard, on a modified retrospective basis, we were required to reverse the unamortized deferred tax asset of $0.7 million associated with a 2013 intra-entity transfer of intellectual property by charging a corresponding amount to opening retained earnings.

Also in the first quarter of 2018, we adopted a standard that requires an employer to report the service cost component of pension and other postretirement benefits expense in the same line item or items as other compensation costs arising from services rendered by the pertinent employees during the period. The other components of net benefit cost are required to be presented in the income statement separately from the service cost component and outside a subtotal of income from operations. For the years ended December 31, 2017 and 2016, we recast our Consolidated Statements of Operations to reflect the retrospective application of this guidance, which resulted in a decrease in operating expenses of approximately $0.5 million and $2.2 million, respectively, with corresponding increases in other (non-operating) expense.

In the first quarter of 2018 we elected to early adopt a standard that was issued in 2017 to introduce targeted improvements to accounting for hedging activities. Among the changes the standard introduced were the elimination of recognizing periodic hedge ineffectiveness for cash flow and net investment hedges, and the permission to exclude the change in the fair value of cross-currency basis spreads in currency swaps from the assessment of hedge effectiveness. Under the standard’s amortization approach, we recognize the initial value of the component that was excluded from the assessment of hedge effectiveness as an adjustment to earnings over the life of the hedging instrument by using a systematic and rational method.

In the fourth quarter of 2018 we elected to early adopt a standard that was issued earlier in 2018 to simplify disclosure requirements related to defined benefit plans. This narrow-scoped guidance removed several disclosures that are no longer considered cost beneficial, clarified the specific requirements of certain disclosures and added new disclosure requirements identified as relevant. Other than the change in disclosure, there was no effect on our consolidated financial statements from the adoption of this guidance.

Also in the fourth quarter of 2018 we elected to early adopt a standard that was issued earlier in 2018 to reduce the accounting complexity of implementing a cloud computing service arrangement. The standard aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The amendments do not affect the

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accounting for the service element of a hosting arrangement that is a service contract.  There was no current year impact to our consolidated financial statements from the adoption of this guidance, however, it will change our accounting for these types of arrangements in the future.

Subsequent to June 30, 2019 we determined that our income tax expense for the three months and year ended December 31, 2018, as previously reported, was understated. The errors related primarily to the computation of the tax provision for certain of our legal entities located in two foreign countries and incorrect input data used in the calculation of a new annual federal tax which became effective in 2018 under the 2017 Jobs and Tax Act and certain recurring credits. We evaluated the impact of these items on prior periods under the guidance of the SEC Staff Accounting Bulletin No. 99, "Materiality," and determined the amounts were not material to previously issued financial statements. As a result, we have revised the consolidated financial statements to correct these errors. See Note 25, "Revision" for a further discussion of the revised items.

Summary of Significant Accounting Policies

Revenue Recognition – For the Sealing Products and Engineered Products segments, by far the largest stream of revenue is product revenue for shipments of the various products discussed further in Note 20, "Business Segment Information," along with a smaller amount of revenue from services that typically pertain to the products sold and take place over a short period of time. We recognize revenue at a point in time following the transfer of control, which typically occurs when a product is shipped or delivered, depending on the terms of the sale agreement, or when services are rendered. Shipping costs billed to customers are recognized as revenue and expensed in cost of goods sold as a fulfillment cost when control of the product transfers to the customer. Payment from customers is typically due within 30 days of the sale for sales in the U.S. For sales outside of the U.S., payment terms may be longer based upon local business customs, but are typically due no later than 90 days after the sale.

Our Power Systems segment engages in long-term contracts with various customers to design and manufacture heavy-duty, medium-speed diesel, natural gas and dual fuel reciprocating engines, including parts and services. Additionally, the segment has certain longer term service contracts that typically involve engine repair, maintenance, and testing services. Certain engine contracts provide for multiple deliverables to be provided to the customer, such as multiple engines. We determine whether such deliverables are distinct and separate performance obligations within a contract by evaluating the relationship between the deliverables to the customer. If the deliverables are highly integrated by us into a combined output or are highly interdependent or interrelated, they are accounted for as a single performance obligation.

In general, the assets being created for the customer are specific enough to the customers’ specifications to not have an alternative use for our own business or for sale to a different customer without significant modification, and we have an enforceable right to payment for performance completed as it takes place throughout the life of the engine builds. These characteristics indicate a continuous transfer of control to the customer during the contract. As a result, revenue related to these contracts is recognized over time.

Revenue is recognized over time for these contracts based on the extent of progress towards completion of the long-term contract. We generally use an input method for our long-term contracts unless we believe another method more clearly measures progress towards completion of the contract. Under this input method, the extent of progress towards completion is measured based on the ratio of costs incurred to date to the total estimated costs at completion of the contract. Contract costs include labor, material and subcontracting costs, as well as an allocation of indirect costs. Revenues, including estimated fees or profits, are recorded as costs are incurred.

Billings for work completed take place either at milestones in the contract negotiated with the customer or at a monthly interval (progress billings) as costs to complete are incurred. Payments are generally due 30 days after the invoice date. Certain contracts contain retainage provisions that apply to a portion of the contract consideration. The balances billed but not paid by customers pursuant to retainage provisions in long-term contracts and programs are normally due upon completion of the contracts and/or acceptance by the owner of specified deliverables. As these provisions are designed to protect the customer from our failing to adequately comply with our obligations under the contract, we do not believe they represent a significant financing component.

Due to the nature of the work required to be performed on many of our contracts, the estimation of total revenue and cost at completion is complex and subject to many variables. Management must make assumptions and estimates regarding labor productivity, including the benefits of learning and investments in new technologies, the complexity of the work to be performed, the availability and future prices of materials, the length of time to complete the contract (to estimate increases in wages and prices for materials and related support cost allocations), performance by our subcontractors and overhead cost rates, among other variables. Based on our analysis, any quarterly adjustments to net sales, cost of sales, and the related impact to operating income are recognized in the period they become known. These adjustments would result in an increase or a decrease in gross profit. Changes in estimates of net sales, cost of sales, and the related impact to gross profit are recognized quarterly on a cumulative catch-up basis, which recognizes in the current period the cumulative effect of the changes on current

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and prior periods based on a contract's percentage of completion. A significant change in one or more of these estimates could affect the profitability of one or more of our contracts. When estimates of total costs to be incurred on a contract exceed total estimates of revenue to be earned, a provision for the entire loss on the contract is recorded in the period the loss is determined. We believe that this method is a faithful depiction of the transfer of goods pursuant to the standard because it results in the recognition of revenue on the basis of our to-date efforts in the satisfaction of a performance obligation relative to total expected efforts in satisfaction of the performance obligation.

Foreign Currency Translation – The financial statements of those operations whose functional currency is a foreign currency are translated into U.S. dollars using the current rate method. Under this method, all assets and liabilities are translated into U.S. dollars using current exchange rates, and income statement activities are translated using average exchange rates. The foreign currency translation adjustment is included in accumulated other comprehensive loss in the Consolidated Balance Sheets. Gains and losses on foreign currency transactions are included in operating income. Foreign currency transaction losses/(gains) totaled $1.8 million, $(1.2) million, and $(1.5) million respectively, in 2018 and 2017, and 2016.

Research and Development Expense – Costs related to research and development activities are expensed as incurred. We perform research and development primarily under Company-funded programs for commercial products. Research and development expenditures in 2018, 2017, and 2016 were $30.2 million, $32.7 million, and $28.9 million, respectively, and are included in selling, general and administrative expenses in the Consolidated Statements of Operations.

Income Taxes – We use the asset and liability method of accounting for income taxes. Temporary differences arising between the tax basis of an asset or liability and its carrying amount on the Consolidated Balance Sheet are used to calculate future income tax assets or liabilities. This method also requires the recognition of deferred tax benefits, such as net operating loss carryforwards. Valuation allowances are recorded as appropriate to reduce deferred tax assets to the amount considered likely to be realized. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to the taxable income (losses) in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the date of enactment of the change. A tax benefit from an uncertain tax position is recognized only if we believe it is more likely than not that the position will be sustained on its technical merits. If the recognition threshold for the tax position is met, only the portion of the tax benefit that we believe is greater than 50 percent likely to be realized is recorded.

On December 22, 2017, the Tax Cuts and Jobs Act (the "Tax Act") was enacted and contains several key tax provisions that impacted us, including the reduction of the corporate income tax rate from 35.0% to 21.0%, the transition to a territorial tax system and a mandatory one-time transition tax on accumulated earnings of foreign subsidiaries. We recognized the provisional impact of these tax law changes, including the remeasurement of our deferred tax assets and liabilities based on the tax rates in effect at the time the deferred balances are expected to reverse, the reassessment of the net realizability of the deferred tax balances, and the transition tax, in our income tax provision in the fourth quarter 2017, the period of enactment.

While the Tax Act provides for a territorial tax system, it includes the global intangible low-taxed income (“GILTI”) provision beginning in 2018. The GILTI provisions require us to include in our U.S. income tax return certain current foreign subsidiary earnings net of foreign tax credits, subject to limitation. We elected to account for the GILTI tax in the period in which it is incurred.

In December 2017, U.S. Securities and Exchange Commission ("SEC") issued guidance to address the application of authoritative tax accounting guidance in situations where companies do not have the necessary information available, prepared, or analyzed in reasonable detail to complete the accounting for certain income tax effects of the Tax Act for the reporting period in which it was enacted. In these instances, the SEC's guidance allowed the recording of provisional amounts during a measurement period not to extend beyond one year of the enactment date. As the Tax Act was enacted at the end of 2017, and ongoing guidance and interpretation has been issued over the ensuing twelve months, we considered the impact of the transition tax, remeasurement of deferred tax assets and liabilities, and other items recorded in our year-end income tax provision for the fourth quarter 2017 to be a provisional estimate and have further analyzed the year-end data and refined our calculations. The refinements to our provisional estimate were made in the third and fourth quarters of 2018 and we completed our accounting for the impact in the fourth quarter of 2018. Please see Note 7, "Income Taxes," for further information.

Cash and Cash Equivalents – Cash and cash equivalents include cash on hand, demand deposits and highly liquid investments with a maturity of three months or less at the time of purchase.

Receivables – Accounts receivable are stated at the historical carrying amount net of write-offs and allowance for doubtful accounts. We establish an allowance for doubtful accounts receivable based on historical experience and any specific customer collection issues we have identified. Doubtful accounts receivable are written off when a settlement is reached for an amount less than the outstanding historical balance or when we have determined the balance will not be collected.

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Accounts receivable includes revenue recognized in excess of billings on long-term contracts where revenue is recognized over time. The revenue in excess of billings included in accounts receivable was $61.1 million and $51.8 million at December 31, 2018 and 2017, respectively.

The balances billed but not paid by customers pursuant to retainage provisions in long-term contracts and programs are normally due upon completion of the contracts and/or acceptance by the owner of specified deliverables. At December 31, 2018, we had $0.7 million of retentions expected to be collected in 2019 recorded in accounts receivable and $0.7 million of retentions expected to be collected beyond 2019 recorded in other long-term assets in the Consolidated Balance Sheet. At December 31, 2017, we had $0.3 million of current retentions and $0.9 million of long-term retentions recorded in the Consolidated Balance Sheet.

Inventories – Certain domestic inventories are valued by the last-in, first-out (“LIFO”) cost method. Inventories not valued by the LIFO method, other than inventoried costs relating to long-term contracts and programs, are valued using the first-in, first-out (“FIFO”) cost method, and are recorded at the lower of cost or net realizable value. Approximately 36% and 34% of inventories were valued by the LIFO method in 2018 and 2017, respectively.

Property, Plant and Equipment – Property, plant and equipment are recorded at cost. Depreciation of plant and equipment is determined on the straight-line method over the following estimated useful lives of the assets: buildings and improvements, 5 to 25 years; machinery and equipment, 3 to 10 years.

Goodwill and Other Intangible Assets – Goodwill represents the excess of the purchase price over the estimated fair value of the net assets of acquired businesses. Goodwill is not amortized, but instead is subject to annual impairment testing conducted each year as of October 1. The goodwill asset impairment test involves comparing the fair value of a reporting unit to its carrying amount. If the carrying amount of a reporting unit exceeds its fair value, a second step of comparing the implied fair value of the reporting unit’s goodwill to the carrying amount of that goodwill is required to measure the potential goodwill impairment loss. Interim tests may be required if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount.

We completed our required annual impairment tests of goodwill as of October 1, 2018, 2017 and 2016. These assessments did not indicate any impairment of the goodwill, and the fair values of each of our reporting units significantly exceeded their carrying values.

Other intangible assets are recorded at cost, or when acquired as a part of a business combination, at estimated fair value. These assets include customer relationships, patents and other technology agreements, trademarks, licenses and non-compete agreements. Intangible assets that have definite lives are amortized using a method that reflects the pattern in which the economic benefits of the assets are consumed or the straight-line method over estimated useful lives of 2 to 21 years. Intangible assets with indefinite lives are subject to at least annual impairment testing, which compares the fair value of the intangible asset with its carrying amount using the relief from royalty method. The results of our assessments did not indicate any impairment to our indefinite-lived intangible assets for the years presented.

Debt – Debt issuance costs associated with our senior secured revolving credit facility are presented as an asset and subsequently amortized into interest expense ratably over the term of the revolving debt arrangement. Debt issuance costs associated with any of our other debt instruments that are incremental third party costs of issuing the debt are recognized as a reduction in the carrying value of the debt and amortized into interest expense over the time period to maturity using the interest method.

Derivative Instruments – We use derivative financial instruments to manage our exposure to various risks. The use of these financial instruments modifies the exposure with the intent of reducing our risk. We do not use financial instruments for trading purposes, nor do we use leveraged financial instruments. The counterparties to these contractual arrangements are major financial institutions. We use multiple financial institutions for derivative contracts to minimize the concentration of credit risk. The current accounting rules require derivative instruments, excluding certain contracts that are issued and held by a reporting entity that are both indexed to its own stock and classified in shareholders’ equity, be reported in the Consolidated Balance Sheets at fair value and that changes in a derivative’s fair value be recognized currently in earnings unless specific hedge accounting criteria are met.

Fair Value Measurements – Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date.

We utilize a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The following is a brief description of those three levels:

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• Level 1: Observable inputs such as quoted prices in active markets for identical assets or liabilities.

• Level 2: Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active.

• Level 3: Unobservable inputs that reflect our own assumptions.

The fair value of intangible assets associated with acquisitions is determined using a discounted cash flow analysis. Projecting discounted future cash flows requires us to make significant estimates regarding future revenues and expenses, projected capital expenditures, changes in working capital and the appropriate discount rate. This non-recurring fair value measurement would be classified as Level 3 due to the absence of quoted market prices or observable inputs for assets of a similar nature.

We review the carrying amounts of long-lived assets when certain events or changes in circumstances indicate that the carrying amounts may not be recoverable.  An impairment loss is recognized when the carrying amount of the asset group is not recoverable and exceeds its fair value.  We estimate the fair values of assets subject to long-lived asset impairment based on our own judgments about the assumptions that market participants would use in pricing the assets. In doing so, we use an income approach based upon discounted cash flows. The key assumptions used for the discounted cash flow approach include expected cash flows based on internal business plans, projected growth rates, discount rates, and royalty rates for certain intangible assets.  We classify these fair value measurements as Level 3.

Similarly, the fair value computations for the recurring impairment analyses of goodwill and indefinite-lived intangible assets would be classified as Level 3 due to the absence of quoted market prices or observable inputs. The key assumptions used for the discounted cash flow approach include expected cash flows based on internal business plans, projected growth rates and discount rates. Significant changes in any of those inputs could result in a significantly different fair value measurement.

Pensions and Post-retirement Benefits - Amortization of the net gain or loss resulting from experience different from that assumed and from changes in assumptions is included as a component of benefit cost. If, as of the beginning of the year, that net gain or loss exceeds 10% of the greater of the projected benefit obligation or the market-related value of plan assets, the amortization is that excess divided by the average remaining service period of participating employees expected to receive benefits under the plan. We amortize prior service cost using the straight-line basis over the average future service life of active participants.

For segment reporting purposes, we allocate service cost to each location generating those costs. All other components of net periodic pension cost are reported in other (non-operating) expense.

Recently Issued Accounting Guidance

In February 2018, a standard was issued that helps organizations address certain stranded income tax effects in accumulated other comprehensive income resulting from the Tax Act. The standard provides financial statement preparers with an option to reclassify stranded tax effects within accumulated other comprehensive income to retained earnings in each period in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Act is recorded. The amendments in this guidance are effective for financial statements issued for interim and annual periods beginning after December 15, 2018, with early adoption permitted. We are currently evaluating the alternatives presented by the standard.

In January 2017, a standard was issued to simplify annual and interim goodwill impairment testing for public business entities. Under the standard, an entity should perform its annual or interim goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. An entity still has the option to perform the qualitative assessment for a reporting unit to determine if the quantitative impairment test is necessary. The standard is effective for any interim goodwill impairment tests in fiscal years beginning after December 15, 2019, and is to be applied prospectively. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The standard is not currently expected to have a significant impact on our consolidated financial statements or disclosures.

In June 2016, a standard was issued that significantly changes how entities will measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income, including trade receivables. The standard requires an entity to estimate its lifetime “expected credit loss” for such assets at inception, and record an allowance that, when deducted from the amortized cost basis of the financial asset, presents the net amount expected to be collected on the

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financial asset. The standard is effective for annual periods beginning after December 15, 2019, and interim periods therein. Early adoption is permitted for annual periods beginning after December 15, 2018, and interim periods therein. We are currently evaluating the new guidance to determine the impact it will have on our consolidated financial statements. Based upon our current population of receivables and associated historical credit loss experience, we do not expect that this standard will have a significant impact on our consolidated financial statements. This conclusion could be impacted by any significant future financing arrangements that we may choose to enter with customers.

In February 2016, a standard was issued to establish principles to report transparent and economically neutral information about the assets and liabilities that arise from leases. The standard will require lessees to recognize the lease assets and lease liabilities that arise from all leases in the statement of financial position and to disclose qualitative and quantitative information about lease transactions, such as information about variable lease payments and options to renew and terminate leases. The standard retains a distinction between finance leases and operating leases. As a result, the effect of leases in the statement of operations and the statement of cash flows is largely unchanged. Additionally, the guidance provides clarification on the definition of a lease, including alignment of the concept of control of an asset with principles in other authoritative guidance around revenue recognition and consolidation. The amendments in this guidance are effective for financial statements issued for interim and annual periods beginning after December 15, 2018, with early adoption permitted. We plan to adopt the new standard effective January 1, 2019 using the allowable option to apply the transition provisions of the new guidance at its adoption date instead of at the earliest comparative period presented in our financial statements. This will require us to disclose lease information relating to earlier periods using the currently existing guidance.

We have evaluated the impact of applying practical expedients, and upon adoption we plan to elect the package of practical expedients to not reassess prior conclusions related to contracts containing leases, lease classification, and initial direct costs. We will adopt new accounting policies to not separate lease and non-lease components, not recognize an asset for leases with a term of twelve months or less, and we will apply a portfolio approach in determining discount rates.

Upon adoption of this standard, we expect to recognize a right-of-use asset and a lease liability for substantially all operating lease arrangements. We do not currently expect that adoption of the standard will have a material impact to our Consolidated Statements of Operations, Comprehensive Income, or Cash Flows, but we believe the Consolidated Balance Sheet will be materially impacted by the addition of leases currently accounted for as operating leases. While we are still finalizing our adoption procedures, we estimate that the primary impact to our Consolidated Balance Sheet upon adoption will be the recognition, on a discounted basis, of our future minimum payments under noncancelable operating leases resulting in the recording of a right-of-use asset and lease liability of at least $25 million. We will initially report the right-of-use asset and lease liability as of March 31, 2019 based on our lease portfolio as of that date.

2. Garlock Sealing Technologies LLC, Garrison Litigation Management Group, Ltd., and OldCo, LLC

The reconsolidation of GST and OldCo was treated as a business acquisition in accordance with applicable accounting rules. In accordance with GAAP, the purchase price for the acquisition was equal to the fair value of our investment in GST and OldCo on the reconsolidation date. In the reconsolidation, the investment in GST and OldCo was deemed to be exchanged for our exclusive control of these businesses. No cash was transferred in the reconsolidation transaction, other than the reconsolidation of GST's and OldCo's cash and cash equivalents at that date. The primary businesses comprising GST are managed as part of the Garlock division within our Sealing Products segment. Smaller businesses also reconsolidated with GST are managed by the Technetics and Stemco divisions within this segment, by the CPI division within our Engineered Products segment, and by the Fairbanks Morse division, which comprises our Power Systems segment.

Post-reconsolidation sales of $81.3 million and income before taxes of $6.5 million attributable to GST and OldCo are included in our Consolidated Statement of Operations for the year ended December 31, 2017. The following unaudited supplemental pro forma condensed consolidated financial results of operations for the Company for the years ended December 31, 2017 and 2016, are presented as if the reconsolidation had been completed on January 1, 2016:

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	Years Ended December 31,
	2017		2016
	($ in millions)
Pro forma net sales	$	1,402.5	$	1,337.7
Pro forma net income	$	53.7	$	520.0
Pro forma earnings per share - basic	$	2.52	$	24.07
Pro forma earnings per share - diluted	$	2.46	$	23.85

The 2017 supplemental pro forma net income was adjusted to exclude $4.1 million of pre-tax nonrecurring expenses related to the fair value adjustment to acquisition date inventory. The 2016 supplemental pro forma net income was adjusted to include these charges. Pro forma net income for the year ended December 31, 2016 also includes the gain on reconsolidation discussed further below, as well as the tax impact of the reconsolidation discussed in Note 7, "Income Taxes."

The supplemental pro forma net income for the years ended December 31, 2017 and 2016 was also adjusted to exclude a combined $(16.7) million and $148.2 million, respectively, of non-recurring expenses (credits) associated with the aforementioned asbestos claims resolution process recorded at EnPro and at GST and OldCo, as the process is assumed to have concluded in order for the reconsolidation to occur. The amount adjusted for the year ended December 31, 2017 is inclusive of $24.7 million of credits for insurance reimbursements that became realizable for GST and OldCo in the current year. The amount adjusted for the year ended December 31, 2016 is inclusive of charges of $80.0 million and $49.5 million recorded by EnPro and GST, respectively, in that year in association with the Joint Plan to resolve current and future asbestos claims and the agreement with the Canadian provincial workers' compensation boards (the "Provincial Boards") resolving remedies the Provincial Boards may possess against Garlock of Canada Ltd, GST, Coltec or any of their affiliates. See Note 21, "Subsidiary Asbestos Bankruptcies." The remaining amount adjusted for each year consists of charges for Chapter 11 case-related fees and expenses including attorneys' and experts' fees and fees associated with the administration of Garrison.

These unaudited supplemental pro forma financial results have been prepared for comparative purposes only. The pro forma information does not purport to be indicative of the results of operations that actually would have resulted had the reconsolidation occurred on January 1, 2016, or of future results of the consolidated entities.

Associated with the reconsolidation of GST and OldCo, we recorded a pretax gain of $534.4 million. The amounts comprising the gain include:

	(in millions)
Gain on revaluation of investment in GST and OldCo	$	248.3
Elimination of net amounts payable to GST and OldCo at reconsolidation date	286.1
Total	$	534.4

The gain on revaluation of our investment in GST and OldCo is the difference between the fair value of the investment and its book value as of the date of reconsolidation. The portion of the gain attributable to elimination of net amounts payable to GST and OldCo is based upon the balances in EnPro's amounts due to and from GST and OldCo as of that date, including the notes payable to GST and related accrued interest, income tax receivable from GST, and other payables to and receivables from GST that arose in the normal course of business.

3. Related Party Transactions

On the GST Petition Date, GST commenced an asbestos claims resolution process under Chapter 11 of the United States Bankruptcy Code. The resulting deconsolidation of GST from our financial results, discussed more fully in Note 2, "Garlock Sealing Technologies LLC, Garrison Litigation Management Group, Ltd., and OldCo, LLC", required the interest expense related to certain intercompany indebtedness to be reflected on our Consolidated Statements of Operations. Additionally, we regularly transacted business with GST through the purchase and sale of products while it was not consolidated in EnPro's financial statements.

Amounts included in our consolidated financial statements arising from transactions with GST during the periods which they were not consolidated in our results include the following:

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	Consolidated Statements of Operations Caption	Seven Months Ended July 30, 2017		Year Ended December 31, 2016
Description
		(in millions)
Sales to GST	Net sales	$	20.8	$	28.0
Purchases from GST	Cost of sales	$	12.2	$	17.7
Interest expense to GST	Interest expense	$	20.6	$	33.5

4. Acquisitions

In October 2017, we acquired 100% of the stock of Commercial Vehicle Components Co., Ltd. ("CVC"), a manufacturer of air disc brake and medium duty hydraulic disc brake pads for the heavy-duty and medium-duty commercial vehicle aftermarket. CVC is managed as part of our Stemco division within the Sealing Products segment.

In June 2017, we acquired certain assets and assumed certain liabilities of Qualiseal Technology (“Qualiseal”), a

privately-held company offering custom-engineered mechanical face and circumferential seals for demanding aerospace and industrial applications. Qualiseal is managed as part of our Technetics division within the Sealing Products segment.

We paid $44.6 million, net of cash acquired, in 2017 for the businesses acquired during that year.

In April 2016, we acquired certain assets and assumed certain liabilities of Rubber Fab Gasket & Molding, Inc. ("Rubber Fab"), a privately-held company offering a full range of high performance sanitary gaskets, hoses and fittings for the hygienic process industries. Rubber Fab is managed as part of our Garlock division within the Sealing Products segment. We paid $22.6 million, net of cash acquired for this acquisition.

In the second quarter of 2016, we finalized and agreed with the seller on the acquisition date balance sheet of a business acquired in 2015 and made an additional cash payment of $5.9 million for the agreed-upon acquisition date working capital balance.

Because the assets, liabilities and results of operations for these acquisitions are not significant to our consolidated financial position or results of operations, pro forma financial information and additional disclosures are not presented.

5. Revenue from Contracts with Customers

See Note 1, "Overview, Basis of Presentation, Significant Accounting Policies and Recently Issued Accounting Guidance - Summary of Significant Accounting Policies - Revenue Recognition," for information regarding long-term engine and service contracts.

Additional information regarding long-term engine contracts where revenue is recognized over time using an input method is as follows:

	As of December 31,
	2018		2017
	(in millions)
Cumulative revenues recognized on uncompleted contracts	$	452.5	$	350.3
Cumulative billings on uncompleted contracts	393.9		304.2
	$	58.6	$	46.1

These amounts were included in the accompanying Consolidated Balance Sheets under the following captions:

	As of December 31,
	2018			2017
	(in millions)
Accounts receivable, net (contract revenue recognized in excess of billings)	$	63.9		$	51.8
Accrued expenses (billings in excess of revenue recognized)	(5.3		)	(5.7		)
	$	58.6		$	46.1

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The changes in our contract deferred revenue (billings in excess of revenue recognized) for the year ended December 31, 2018 are as follows:

(in millions)
Balance at beginning of period	$	5.7
Additional billings in excess of revenue recognized	27.8
Revenue recognized	(28.0		)
Balance at end of period	$	5.5

We make deposits and progress payments to certain vendors for long lead time manufactured components associated with engine projects. At December 31, 2018 and 2017, deposits and progress payments for long lead time components totaled $1.0 million and $2.9 million. These deposits and progress payments are classified in prepaid expenses and other current assets in the accompanying Consolidated Balance Sheets. Assets and liabilities for long-term service contracts recognized over time were immaterial as of December 31, 2018 and 2017.

As of December 31, 2018, our aggregate amount of transaction price of remaining performance obligations, or backlog, was $380.9 million. Approximately 76% of these obligations are expected to be satisfied within one year. The amount expected to be satisfied beyond December 31, 2019 is mainly attributable to our Power Systems segment and pertains to the contracts discussed above. Remaining performance obligations include those related to the contracts discussed above as well as orders across all of our businesses that we believe to be firm. However, there is no certainty these orders will result in actual sales at the times or in the amounts ordered. In addition, for most of our business, this total is not particularly predictive of future performance because of our short lead times and some seasonality.

6. Other Expense

Operating

We incurred $22.4 million, $5.1 million and $13.4 million of restructuring costs during the years ended December 31, 2018, 2017 and 2016, respectively.

In the fourth quarter of 2018, we implemented a restructuring plan under which our Stemco heavy-duty truck business in the Sealing Products segment discontinued the manufacturing of brake drum friction. The restructuring plan involved the shutdown of production lines that occupied a portion of Stemco’s owned manufacturing facility in Rome, Georgia. Stemco has elected to concentrate its drum friction resources specifically on formulating and sourcing and will continue to offer a full range of high-quality brake shoes using friction manufactured by approved suppliers to Stemco’s stringent quality standards.

We recorded total restructuring expenses related to the exit of approximately $15.4 million in the fourth quarter of 2018, composed primarily of non-cash charges due to the impairment of inventory, equipment and other tangible assets. Additionally, restructuring costs related to the exit include severance and other costs of approximately $0.4 million expected to be incurred in the first half of 2019. The net restructuring costs recorded in 2018 are reflected in our other (operating) expense in our Consolidated Statement of Operations other than inventory related costs of $1.1 million, which are reflected in costs of sales.

In the second quarter of 2018, we commenced the exit from our industrial gas turbine business in the Sealing Products segment located in Oxford, Massachusetts. We sold the land and building at this location in June 2018, resulting in a realized gain of $21.7 million.  We incurred severance expenses of $3.8 million, net tangible asset write downs of $1.8 million, the write-off of customer relationship intangible assets associated with the business of $19.1 million, and other costs related to the restructuring of $0.5 million.  These transactions resulted in total net restructuring costs related to the exit of $3.5 million.  These net costs are reflected within other (operating) expense in our Consolidated Statement of Operations other than inventory-related costs of $2.0 million, which were reflected in costs of sales.  We have incurred substantially all expected costs related to the exit and disposal of the assets as of December 31, 2018.

Workforce reductions in 2018 associated with our exit from the industrial gas turbine business and other smaller targeted restructuring activities totaled 107 administrative and manufacturing positions.

During 2017, we conducted a number of targeted restructuring activities throughout our operations, which included the exit of some smaller locations and targeted workforce reductions. All costs associated with such initiatives were incurred in 2017. Workforce reductions in 2017 associated with our restructuring activities totaled 117 administrative and manufacturing positions.

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During 2016, a company-wide initiative to reduce cost across all operating segments and the corporate office was initiated, which accounted for a substantial portion of the costs incurred for 2016. All costs associated with this initiative were incurred in 2016. Workforce reductions in 2016 associated with our restructuring activities, including the above plan and other smaller targeted activities, totaled 192 administrative and manufacturing positions.

Restructuring reserves at December 31, 2018, as well as activity during the year, consisted of:

	Balance    December 31,   2017		Provision		Payments			Balance    December 31,   2018
	(in millions)
Personnel-related costs	$	0.7	$	6.9	$	(7.6	)	$	—
Facility relocation and closure costs	1.2		1.3		(1.5		)	1.0
	$	1.9	$	8.2	$	(9.1	)	$	1.0

Also included in restructuring costs for 2018 were asset write-downs, net of gains, of approximately $14.2 million that did not affect the restructuring reserve liability.

Restructuring reserves at December 31, 2017, as well as activity during the year, consisted of:

	Balance    December 31,   2016		Provision		Payments			Balance    December 31,   2017
	(in millions)
Personnel-related costs	$	3.5	$	2.5	$	(5.3	)	$	0.7
Facility relocation and closure costs	1.6		0.6		(1.0		)	1.2
	$	5.1	$	3.1	$	(6.3	)	$	1.9

Also included in restructuring costs for 2017 were asset write-downs of approximately $2.0 million that did not affect the restructuring reserve liability.

Restructuring reserves at December 31, 2016, as well as activity during the year, consisted of:

	Balance, December 31, 2015		Provision		Payments			Balance    December 31,   2016
	(in millions)
Personnel-related costs	$	0.3	$	8.3	$	(5.1	)	$	3.5
Facility relocation and closure costs	—		4.3		(2.7		)	1.6
	$	0.3	$	12.6	$	(7.8	)	$	5.1

Also included in restructuring costs for 2016 were asset write-downs of approximately $0.8 million that did not affect the restructuring reserve liability.

Restructuring costs by reportable segment are as follows:

	Years Ended December 31,
	2018		2017		2016
	(in millions)
Sealing Products	$	21.4	$	3.6	$	3.3
Engineered Products	0.7		1.5		6.8
Power Systems	0.3		—		0.4
Corporate	—		—		2.9
	$	22.4	$	5.1	$	13.4

In consideration of the poor financial performance of the ATDynamics business, an asset group in the Stemco division of our Sealing Products segment, for the quarter ended September 30, 2017 and significantly lowered expectations for the fourth quarter forecast and the budget for fiscal year 2018, we performed a recoverability test, determining that the full value of

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certain definite-lived intangible assets was not recoverable. This assessment resulted in an impairment loss of $10.1 million in 2017. Additionally, during the year ended December 31, 2017, we determined that approximately $1.8 million of amortized customer relationship intangibles associated with certain smaller locations that we exited in 2017 would no longer provide continuing value to us as a result of the exits. Therefore, these assets were written off.

Also included in other operating expense for the years ended December 31, 2018, 2017 and 2016 was $2.0 million, $1.7 million and $2.2 million, respectively, primarily consisting of legal and other fees related to the bankruptcy of certain subsidiaries discussed further in Note 2, "Garlock Sealing Technologies LLC, Garrison Litigation Management Group, Ltd., and OldCo, LLC".

Non-Operating

During 2018, 2017 and 2016, we recorded expense of $13.4 million, $8.7 million and $8.6 million, respectively, due to environmental reserve increases based on additional information at several specific sites and other ongoing obligations of previously owned businesses. Refer to Note 22, "Commitments and Contingencies - Environmental," for additional information about our environmental liabilities.

We recorded a loss of approximately $18.1 million on the redemption of certain of our debt instruments in the fourth quarter of 2018. Refer to Note 13, "Long-term Debt - Senior Notes," for additional information regarding this transaction.

We report the service cost component of pension and other postretirement benefits expense in operating income in the same line item or items as other compensation costs arising from services rendered by the pertinent employees during the period. The other components of net benefit cost are presented in other (non-operating) expense. For the years ended December 31, 2018, 2017 and 2016, we reported approximately $12.0 million, $0.5 million and $2.2 million, respectively, in other (non-operating) expense on the Consolidated Statements of Operations related to the components of net benefit cost other than service cost. Refer to Note 16, "Pensions and Post-retirement Benefits," for additional information regarding net benefit costs.

In 2016, we recorded a combined pre-tax loss of $0.4 million on the sale of all shares of our Franken Plastik business unit in the Sealing Products segment and our CPI Thailand business unit in the Engineered Products segment. We received $3.7 million for the sale of these businesses. The combined sales reported by the businesses were $7.3 million for the year ended December 31, 2016. Additional disclosures are not presented since the assets, liabilities and results of operations for these companies are not significant to our consolidated financial position or results of operations.

7. Income Taxes

Income (loss) before income taxes as shown in the Consolidated Statements of Operations consists of the following:

	Years Ended December 31,
	2018			2017		2016
	(in millions)
Domestic	$	(45.3	)	$	524.1	$	(96.4	)
Foreign	91.9			53.4		27.7
Total	$	46.6		$	577.5	$	(68.7	)

A summary of income tax benefit (expense) in the Consolidated Statements of Operations is as follows:

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	Years Ended December 31,
	2018			2017			2016
	(in millions)
Current:
Federal	$	(2.1	)	$	(15.6	)	$	(8.7	)
Foreign	23.1			17.6			10.6
State	0.6			(0.2		)	(0.5		)
	21.6			1.8			1.4
Deferred:
Federal	(1.7		)	14.4			(25.5		)
Foreign	1.4			17.0			0.2
State	5.7			4.5			(4.7		)
	5.4			35.9			(30.0		)
Total	$	27.0		$	37.7		$	(28.6	)

The Tax Act contains several key tax provisions impacting us including the reduction of the corporate income tax rate from 35.0% to 21.0%, the transition to a territorial tax system and a mandatory one-time transition tax on accumulated earnings of foreign subsidiaries. We recognized the impact of these tax law changes, including the remeasurement of our deferred tax assets and liabilities based on the tax rates in effect at the time the deferred balances are expected to reverse in our income tax provision in the fourth quarter 2017, the period of enactment.

We elected to account for GILTI tax in the period in which it is incurred. The GILTI provisions, introduced in 2018, require us to include in our U.S. income tax return certain current foreign subsidiary earnings net of foreign tax credits, subject to limitation. As a result of the GILTI provisions, our effective tax rate increased by 6.2% in 2018.

In December 2017, the SEC issued guidance to address the application of authoritative tax accounting guidance in situations where companies do not have the necessary information available, prepared, or analyzed in reasonable detail to complete the accounting for certain income tax effects of the Tax Act for the reporting period in which it was enacted. In these instances, the SEC's guidance allowed the recording of provisional amounts during a measurement period not to extend beyond one year of the enactment date. As the Tax Act was enacted at the end of 2017, and ongoing guidance and interpretation has been issued over the ensuing twelve months, we considered the impact of the transition tax, remeasurement of deferred tax assets and liabilities, and other items recorded in our year-end income tax provision for the fourth quarter 2017 to be a provisional estimate, and have further analyzed the year-end data and refined our calculations. These refinements were made in the third and fourth quarters of 2018, and we completed our accounting for the net impact in the fourth quarter of 2018.

The effect of the Tax Act resulted in a $30.9 million provisional net tax benefit recognized in the year ended December 31, 2017. The net benefit was comprised of a $35.0 million tax benefit related to the remeasurement of deferred tax assets and liabilities, and a $53.9 million tax charge for the transition tax, net of a $43.5 million tax benefit for related foreign tax credits. Additionally, a $6.3 million tax benefit was recorded for additional tax planning strategies implemented in 2017.

In the third and fourth quarters of 2018, refinements were made to our provisional amounts to incorporate the impact of additional IRS guidance regarding modifications to the transition tax and further analysis of our year-end data. These refinements resulted in a $2.3 million net tax charge comprised of a $7.3 million tax charge associated with the remeasurement of deferred tax assets and liabilities, and a $5.0 million tax benefit related to the reduction of the transition tax, net of foreign tax credits. In addition, GILTI and other provisions of the Tax Act, beginning in 2018, resulted in an additional tax charge of $5.6 million.

Significant components of deferred income tax assets and liabilities at December 31, 2018 and 2017 are as follows:

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	2018			2017
	(in millions)
Deferred income tax assets:
Net operating losses and tax credits	$	43.4		$	89.6
Post-retirement benefits other than pensions	2.1			2.2
Environmental reserves	7.5			6.5
Retained liabilities of previously owned businesses	1.1			1.2
Accruals and reserves	9.1			6.2
Pension obligations	0.9			—
Inventories	4.2			2.5
Interest	11.4			12.0
Compensation and benefits	7.7			7.1
Gross deferred income tax assets	87.4			127.3
Valuation allowance	(23.9		)	(25.7		)
Total deferred income tax assets	63.5			101.6
Deferred income tax liabilities:
Depreciation and amortization	(85.9		)	(86.6		)
Cross currency swap	(1.2		)	—
Joint ventures	(0.3		)	(0.3		)
Asbestos settlement	—			(6.3		)
Pension obligations	—			(1.7		)
Total deferred income tax liabilities	(87.4		)	(94.9		)
Net deferred tax assets and liabilities	$	(23.9	)	$	6.7

At December 31, 2017, in accordance with the Tax Act, we remeasured our U.S. deferred tax assets and liabilities from the tax rate of 35.0% to 21.0%. This remeasurement resulted in a $35.0 million net reduction in deferred tax assets and liabilities.

The net deferred tax assets (liabilities) are reflected on a jurisdictional basis on the December 31, 2018 and 2017 Consolidated Balance Sheets as follows:

	2018			2017
	(in millions)
Other assets (non-current)	$	11.0		$	24.8
Other liabilities (non-current)	(34.9		)	(18.1		)
Net deferred tax assets and liabilities	$	(23.9	)	$	6.7

At December 31, 2018, we had $41.0 million of foreign net operating loss carryforwards, of which $16.1 million expire at various dates between 2020 and 2032, and $24.9 million have an indefinite carryforward period. We also had state net operating loss carryforwards with a tax effect of $8.4 million which expire at various dates between 2019 through 2038. These net operating loss carryforwards may be used to offset a portion of future taxable income and, thereby, reduce or eliminate our U.S. federal, state or foreign income taxes otherwise payable.

The ten-year carryback of our 2017 net operating tax loss generated by the funding of the Trust, as described in Note 21, "Subsidiary Asbestos Bankruptcies," freed up $26.6 million in foreign tax credits, of which approximately half will be utilized to offset our 2018 federal tax liability with the balance utilized to reduce our future tax liability through 2027.

We determined, based on the available evidence, that it is uncertain whether certain of our foreign subsidiaries will generate sufficient future taxable income to recognize certain of these deferred tax assets. As a result, valuation allowances of $23.9 million and $25.7 million have been recorded as of December 31, 2018 and 2017, respectively. Valuation allowances primarily relate to certain state and foreign net operating losses and other net deferred tax assets in jurisdictions where future taxable income is uncertain. Valuation allowances may arise associated with deferred tax assets recorded in purchase

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accounting. In accordance with applicable accounting guidelines, any reversal of a valuation allowance that was recorded in purchase accounting reduces income tax expense.

The effective income tax rate from operations varied from the statutory federal income tax rate as follows:

	Percent of Pretax Income Years Ended December 31,
	2018		2017		2016
Statutory federal income tax rate	21.0	%	35.0	%	35.0	%
U.S. taxation of foreign profits, net of foreign tax credits	0.3		0.1		1.1
Research and employment tax credits	(2.1	)	(0.4	)	3.2
State and local taxes	10.4		0.2		4.9
Domestic production activities	4.9		(0.4	)	1.8
Foreign tax rate differences	9.4		(1.0	)	4.3
Statutory changes in tax rates	0.6		0.3		0.2
Valuation allowance	(2.3	)	0.2		(6.7	)
Nondeductible expenses	3.0		0.3		(1.1	)
Gain on reconsolidation of GST and OldCo	—		(32.4	)	—
Reconsolidation step-up of net assets of GST and OldCo to fair value	—		9.0		—
GILTI	6.2		—		—
Other Tax Act items	4.6		(5.3	)	—
Other items, net	1.9		0.9		(1.0	)
Effective income tax rate	57.9	%	6.5	%	41.7	%

Because of the transition tax and GILTI provisions, undistributed earnings of our foreign subsidiaries totaling $221.6 million at year-end have been subjected to U.S. income tax. Whether through the application of the 100 percent dividends received deduction provided in the Tax Act, or distribution of these previously-taxed earnings, we do not intend to distribute foreign earnings that will be subject to any significant incremental U.S. or foreign tax. During 2018, we repatriated $125.4 million of earnings from our foreign subsidiaries, resulting in no incremental U.S. or foreign tax. As a result, we have not recognized a deferred tax liability on our investment in foreign subsidiaries.

As of December 31, 2018 and 2017, we had $2.9 million and $3.8 million, respectively, of gross unrecognized tax benefits. Of the gross unrecognized tax benefit balances as of December 31, 2018 and 2017, $2.9 million and $3.8 million, respectively, would have an impact on our effective tax rate if ultimately recognized.

We record interest and penalties related to unrecognized tax benefits in income tax expense. In addition to the gross unrecognized tax benefits above, we had $0.3 million and $0.2 million accrued for interest and penalties at December 31, 2018 and 2017, respectively. Income tax expense for the year ended December 31, 2018 and 2017 was not affected by interest and penalties related to unrecognized tax benefits. Income tax expense for the years ended December 31, 2016 includes $0.1 million for interest and penalties related to unrecognized tax benefits. The amounts listed above for accrued interest do not reflect the benefit of any tax deduction, which might be available if the interest were ultimately paid.

A reconciliation of the beginning and ending amount of the gross unrecognized tax benefits (excluding interest) is as follows:

(in millions)	2018			2017			2016
Balance at beginning of year	$	3.8		$	2.8		$	1.5
Reconsolidation of GST and OldCo	—			0.2			—
Additions based on tax positions related to the current year	0.2			0.3			0.4
Additions for tax positions of prior years	—			1.1			1.1
Reductions as a result of a lapse in the statute of limitations	(0.1		)	(0.3		)	(0.2		)
Reductions as a result of audit settlements	(1.0		)	(0.3		)	—
Balance at end of year	$	2.9		$	3.8		$	2.8

U.S. federal income tax returns after 2013 remain open to examination. In June 2017, the U.S. Internal Revenue Service (“IRS”) began an examination of our 2014 U.S. federal income tax return. Although this examination is part of a routine and recurring cycle, we cannot predict the final outcome or expected conclusion date of the audit. We and our subsidiaries are also

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subject to income tax in multiple state and foreign jurisdictions. Various foreign and state tax returns are also currently under examination. The most significant of these include France and Germany. Substantially all significant state, local and foreign income tax returns for the years 2014 and forward are open to examination. We expect that some of these examinations may conclude within the next twelve months, however, the final outcomes are not yet determinable. If these examinations are concluded or effectively settled within the next twelve months, it could reduce the associated gross unrecognized tax benefits by approximately $1.5 million. In addition, another $0.5 million in gross unrecognized tax benefits may be recognized within the next twelve months as the applicable statute of limitations expires.

8. Earnings (Loss) Per Share

Basic earnings (loss) per share is computed by dividing the net income (loss) by the applicable weighted-average number of common shares outstanding for the period. Diluted earnings (loss) per share is calculated using the weighted-average number of shares of common stock as adjusted for any potentially dilutive shares as of the balance sheet date. The computation of basic and diluted earnings per share is as follows (in millions, except per share data):

	2018		2017		2016
Numerator (basic and diluted):
Net income (loss)	$	19.6	$	539.8	$	(40.1	)
Denominator:
Weighted-average shares – basic	20.9		21.3		21.6
Share-based awards	0.2		0.5		—
Weighted-average shares – diluted	21.1		21.8		21.6
Earnings (loss) per share:
Basic	$	0.94	$	25.28	$	(1.86	)
Diluted	$	0.93	$	24.76	$	(1.86	)

In the year ended December 31, 2016 there was a loss attributable to common shares. There were 0.2 million potentially dilutive shares excluded from the calculation of diluted earnings per share during those periods since they were antidilutive.

9. Inventories

	As of December 31,
	2018			2017
	(in millions)
Finished products	$	142.9		$	121.4
Work in process	33.6			33.0
Raw materials and supplies	67.7			59.2
	244.2			213.6
Reserve to reduce certain inventories to LIFO basis	(11.1		)	(10.2		)
Manufacturing inventories	233.1			203.4
Incurred costs related to long-term contracts	—			0.7
Total inventories	$	233.1		$	204.1

Incurred costs related to long-term contracts in the table above as of December 31, 2017 represented inventoried work in process and finished products related to an engine contract accounted for under the completed-contract method, where costs incurred exceeded customer billings.

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10. Property, Plant and Equipment

	As of December 31,
	2018			2017
	(in millions)
Land	$	13.3		$	13.9
Buildings and improvements	147.2			141.5
Machinery and equipment	464.8			448.7
Construction in progress	36.7			31.9
	662.0			636.0
Less accumulated depreciation	(360.8		)	(339.1		)
Total	$	301.2		$	296.9

11. Goodwill and Other Intangible Assets

The changes in the net carrying value of goodwill by reportable segment for the years ended December 31, 2018 and 2017 are as follows:

	Sealing Products			Engineered Products			Power Systems			Total
	(in millions)
Goodwill as of December 31, 2016	$	185.3		$	9.1		$	7.1		$	201.5
Foreign currency translation	(0.7		)	—			—			(0.7		)
Acquisitions	9.8			—			—			9.8
Reconsolidation of GST and OldCo	118.8			1.8			4.9			125.5
Goodwill as of December 31, 2017	313.2			10.9			12.0			336.1
Foreign currency translation	(1.9		)	(0.1		)	(0.4		)	(2.4		)
Goodwill as of December 31, 2018	$	311.3		$	10.8		$	11.6		$	333.7

The goodwill balances reflected above are net of accumulated impairment losses of $27.8 million for the Sealing Products segment as of December 31, 2018, 2017 and 2016 and $154.8 million for the Engineered Products segment as of December 31, 2018 and 2017, and 2016.

Identifiable intangible assets are as follows:

	As of December 31, 2018				As of December 31, 2017
	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
	(in millions)
Amortized:
Customer relationships	$	284.5	$	150.2	$	311.2	$	138.0
Existing technology	112.3		45.1		113.0		37.5
Trademarks	35.3		23.1		35.8		22.3
Other	28.3		23.8		28.7		23.2
	460.4		242.2		488.7		221.0
Indefinite-Lived:
Trademarks	79.1		—		79.3		—
Total	$	539.5	$	242.2	$	568.0	$	221.0

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Amortization expense for the years ended December 31, 2018, 2017 and 2016 was $28.9 million, $24.7 million and $21.0 million, respectively.

The estimated amortization expense for definite-lived (amortized) intangible assets for the next five years is as follows (in millions):

2019	$	27.1
2020	$	27.0
2021	$	24.6
2022	$	19.8
2023	$	15.5

12. Accrued Expenses

	As of December 31,
	2018		2017
	(in millions)
Salaries, wages and employee benefits	$	59.5	$	63.7
Interest	4.9		8.6
Customer advances	7.1		7.1
Environmental	16.4		9.2
Warranty	10.9		4.6
Income and other taxes	21.8		14.3
Other	29.8		29.7
	$	150.4	$	137.2

13. Long-term Debt

	As of December 31,
	2018		2017
	(in millions)
Senior notes	344.9		444.2
Revolving debt	116.7		173.5
Other notes payable	3.3		0.8
	464.9		618.5
Less current maturities of long-term debt	2.4		0.2
	$	462.5	$	618.3

Revolving Credit Facility

On June 28, 2018, we entered into a Second Amended and Restated Credit Agreement (the “Amended Credit Agreement”) among EnPro Industries, Inc. and EnPro Holdings, Inc., a wholly owned subsidiary of the Company (“EnPro Holdings”), as borrowers, the guarantors party thereto, the lenders party thereto and Bank of America, N.A., as Administrative Agent, Swing Line Lender and Letter of Credit Issuer. The Amended Credit Agreement provides for a five-year, senior secured revolving credit facility of $350.0 million (the “Revolving Credit Facility”). The Amended Credit Agreement also provides that the borrowers may seek incremental term loans and/or additional revolving credit commitments in an amount equal to the greater of $225.0 million or 100% of consolidated EBITDA (as defined) for the most recently ended four-quarter period for which we have reported financial results, plus additional amounts based on a consolidated senior secured leverage ratio.

Borrowing availability under the Revolving Credit Facility is not limited by reference to a borrowing base.  Initially, borrowings under the Revolving Credit Facility bear interest at an annual rate of LIBOR plus 1.75% or base rate plus 0.75%, although the interest rates under the Revolving Credit Facility are subject to incremental increases based on a consolidated total net leverage ratio.  In addition, a commitment fee accrues with respect to the unused amount of the Revolving Credit Facility.

EnPro and EnPro Holdings are the permitted borrowers under the Revolving Credit Facility.  We have the ability to add foreign subsidiaries as borrowers under the Revolving Credit Facility for up to $100.0 million (or its foreign currency

59

equivalent) in aggregate borrowings, subject to certain conditions.  Each of our domestic, consolidated subsidiaries are required to guarantee the obligations of the borrowers under the Revolving Credit Facility, and each of our existing domestic, consolidated subsidiaries has entered into the Amended Credit Agreement to provide such a guarantee.

Borrowings under the Revolving Credit Facility are secured by a first priority pledge of certain assets. The Amended Credit Agreement contains certain financial covenants and required financial ratios including a maximum consolidated total net leverage and a minimum consolidated interest coverage as defined in the Amended Credit Agreement. We were in compliance with all covenants of the Revolving Credit Facility as of December 31, 2018.

The borrowing availability under our Revolving Credit Facility at December 31, 2018 was $217.4 million after giving consideration to $15.9 million of outstanding letters of credit and $116.7 million of outstanding borrowings.

Senior Notes

In September 2014, we issued $300.0 million aggregate principal amount of our 5.875% Senior Notes due 2022 (the "Initial Senior Notes"). We issued the notes net of an original issue discount of $2.4 million.

The Initial Senior Notes were unsecured, unsubordinated obligations of EnPro and were scheduled to mature on September 15, 2022. Interest on the Initial Senior Notes accrued at a rate of 5.875% per annum. The debt discount was being amortized through interest expense until the scheduled maturity date resulting in an effective interest rate of 6.0%.

In March 2017, we completed an add-on offering of $150.0 million of our 5.875% Senior Notes due 2022 (the “Additional Notes"). We issued the Additional Notes inclusive of an original issue premium of $1.5 million. The indenture for the Additional Notes contained the same provisions as the Initial Senior Notes. The debt premium was being amortized through interest expense until the scheduled maturity date resulting in an effective interest rate of 5.66%.

On October 17, 2018, we completed the offering of $350.0 million aggregate principal amount of 5.75% Senior Notes due 2026 (the "New Notes") and applied the net proceeds of that offering, together with borrowings under the Revolving Credit Facility, to redeem on October 31, 2018 the full $450.0 million aggregate principal amount of the outstanding Initial Senior Notes and the Additional Notes. The Initial Senior Notes and Additional Notes were redeemed at a price equal to 102.938% of the aggregate principal amount thereof plus accrued and unpaid interest to, but not including, the redemption date. We recorded a loss on the redemption of the Initial Senior Notes and Additional Notes of approximately $18.1 million in the fourth quarter of 2018 which is included in other (non-operating) expense in the accompanying Consolidated Statement of Operations for the year ended December 31, 2018.

The New Notes were issued to investors at 100% of the principal amount thereof. The New Notes are unsecured, unsubordinated obligations of EnPro and mature on October 15, 2026. Interest on the New Notes accrues at a rate of 5.75% per annum and is payable semi-annually in cash in arrears on April 15 and October 15 of each year, commencing April 15, 2019. The New Notes are required to be guaranteed on a senior unsecured basis by each of EnPro’s existing and future direct and indirect domestic subsidiaries that is a borrower under, or guarantees, our indebtedness under the Revolving Credit Facility or guarantees any other Capital Markets Indebtedness (as defined in the indenture governing the New Notes) of EnPro or any of the guarantors.

On or after October 15, 2021, we may, on any one or more occasions, redeem all or a part of the New Notes at specified redemption prices plus accrued and unpaid interest. In addition, we may redeem a portion of the aggregate principal amount of the New Notes before October 15, 2021 with the net cash proceeds from certain equity offerings at a specified redemption price plus accrued and unpaid interest, if any, to, but not including, the redemption date. We may also redeem some or all of the New Notes before October 15, 2021 at a redemption price of 100% of the principal amount, plus accrued and unpaid interest, if any, to, but not including, the redemption date, plus a “make whole” premium.

Each holder of the New Notes may require us to repurchase some or all of the New Notes held by such holder for cash upon the occurrence of a defined “change of control” event. Our ability to redeem the New Notes prior to maturity is subject to certain conditions, including in certain cases the payment of make-whole amounts.

The indenture governing the New Notes includes covenants that restrict our ability to engage in certain activities, including incurring additional indebtedness, paying dividends and repurchasing shares of our common stock, subject in each case to specified exceptions and qualifications set forth in the indenture.

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Scheduled Principal Payments

Future principal payments on long-term debt are as follows:

	(in millions)
2019	$	2.4
2020	0.3
2021	0.3
2022	0.1
2023	116.8
Thereafter	350.1
	$	470.0

The payments for long-term debt shown in the table above reflect the contractual principal amount for the New Notes. In the Consolidated Balance Sheets, these amounts are shown net of unamortized debt discounts aggregating $5.1 million pursuant to applicable accounting rules.

Debt Issuance Costs

During 2018, we capitalized $6.6 million of debt issuance costs in connection with the issuance of the New Notes and the amendment of the Revolving Credit Facility. The capitalized debt issuance costs are amortized to interest expense over the life of the debt instruments.

14. Derivatives and Hedging

We are exposed to foreign currency risks that arise from normal business operations. These risks include the translation of local currency balances on our foreign subsidiaries’ balance sheets, intercompany loans with foreign subsidiaries and transactions denominated in foreign currencies. We strive to control our exposure to these risks through our normal operating activities and, where appropriate, through derivative instruments. We periodically enter into contracts to hedge forecasted transactions that are denominated in foreign currencies. The notional amount of foreign exchange contracts was $7.7 million and $0.5 million at December 31, 2018 and 2017, respectively. All foreign exchange contracts outstanding at December 31, 2018 expired in January of 2019.

The notional amounts of all of our foreign exchange contracts were recorded at their fair market value as of December 31, 2018 with changes in market value recorded in income. The earnings impact of any foreign exchange contract that is specifically related to the purchase of inventory is recorded in cost of sales and the changes in market value of all other contracts are recorded in selling, general and administrative expense in the Consolidated Statements of Operations. The balances of foreign exchange derivative assets are recorded in other current assets and the balances of foreign exchange derivative liabilities are recorded in accrued expenses in the Consolidated Balance Sheets.

In March 2018, we entered into cross currency swap agreements with a notional amount of $200.0 million to manage foreign currency risk by effectively converting a portion of the interest payments related to our fixed-rate U.S. Dollar (“USD”)-denominated Initial Senior Notes, including the semi-annual interest payments thereunder, to interest payments on fixed-rate Euro-denominated debt of 161.8 million EUR with a weighted average interest rate of 3.29% with the same interest payment dates and maturity date as the Initial Senior Notes maturing in 2022. We terminated and settled these agreements on September 7, 2018. As a result of this termination, we received $11.9 million, of which $9.3 million represented the fair value of the contracts as of the settlement date and $2.6 million represented interest receivable. Unrealized gains totaling $7.0 million, net of tax, as of the termination date will remain in accumulated other comprehensive loss until the complete or substantially complete liquidation of our investment in the underlying foreign operations.

On September 7, 2018, we entered into new cross currency swap agreements with a notional amount of $200.0 million to manage foreign currency risk by effectively converting a portion of the interest payments related to our fixed-rate USD-denominated Initial Senior Notes, including the semi-annual interest payments thereunder, to interest payments on fixed-rate Euro-denominated debt of 172.8 million EUR with a weighted average interest rate of 2.8%, with the same interest payment dates and maturity date as the Initial Senior Notes maturing in 2022. During the term of the swap agreement, we will receive semi-annual payments from the counterparties due to the difference between the interest rate on the Initial Senior Notes and the interest rate on the Euro debt underlying the swap. There was no principal exchange at the inception of the arrangement, and there will be no exchange at maturity. At maturity (or earlier at our option), we and the counterparties will

61

settle the swap agreements at their fair value in cash based on the $200.0 million aggregate notional amount and the then-applicable currency exchange rate compared to the exchange rate at the time the swap agreements were entered into.

We have designated the cross currency swaps as qualifying hedging instruments and are accounting for them as a net investment hedge. At December 31, 2018, the fair value of these derivatives was $4.5 million, and was recorded as an asset within other assets on the Consolidated Balance Sheet. The gains and losses resulting from fair value adjustments to the cross currency swap agreement, excluding interest accruals related to the above receipts, are recorded in accumulated other comprehensive loss within our cumulative foreign currency translation adjustment, as the swap is effective in hedging the designated risk. Cash flows related to the cross currency swaps will be included in operating activities in the Consolidated Statements of Cash Flows, aside from the ultimate settlement at maturity with the counterparties, which will be included in investing activities.

15. Fair Value Measurements

Assets and liabilities measured at fair value on a recurring basis are summarized as follows:

	Fair Value Measurements as of
	December 31, 2018		December 31, 2017
	(in millions)
Assets
Time deposits	$	33.4	$	—
Foreign currency derivatives	4.5		—
Deferred compensation assets	8.6		7.8
	$	46.5	$	7.8
Liabilities
Deferred compensation liabilities	$	8.9	$	8.9

Our time deposits and deferred compensation assets and liabilities are classified within Level 1 of the fair value hierarchy because they are valued using quoted market prices. Our foreign currency derivatives are classified as Level 2 as their value is calculated based upon observable inputs including market USD/Euro exchange rates and market interest rates.

The carrying values of our significant financial instruments reflected in the Consolidated Balance Sheets approximate their respective fair values, except for the following:

	December 31, 2018				December 31, 2017
	Carrying Value		Fair Value		Carrying Value		Fair Value
	(in millions)
Long-term debt	$	464.9	$	462.1	$	618.5	$	645.6

The fair values for long-term debt are based on quoted market prices for identical liabilities, but this would be considered a Level 2 computation because the market is not active.

16. Pensions and Post-retirement Benefits

We have non-contributory defined benefit pension plans covering eligible employees in the United States, Mexico and several European countries. Salaried employees’ benefit payments are generally determined using a formula that is based on an employee’s compensation and length of service. We closed our defined benefit pension plan for new salaried employees in the United States who joined the Company after January 1, 2006, and, effective January 1, 2007, benefits were frozen for all salaried employees who were not age 40 or older as of December 31, 2006. Hourly employees’ benefit payments are generally determined using stated amounts for each year of service.

Our employees also participate in voluntary contributory retirement savings plans for salaried and hourly employees maintained by us. Under these plans, eligible employees can receive matching contributions up to the first 6% of their eligible earnings. Effective January 1, 2007, those employees whose defined benefit pension plan benefits were frozen receive an

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additional 2% company contribution each year. Beginning on August 1, 2016, this additional contribution ceased being provided to future hires at the company, but was retained for those employees already receiving it. We recorded $13.3 million, $11.5 million and $9.6 million in expenses in 2018, 2017 and 2016, respectively, for matching contributions under these plans.

Our general funding policy for qualified defined benefit pension plans historically has been to contribute amounts that are at least sufficient to satisfy regulatory funding standards. During 2018, 2017 and 2016, we contributed $20.0 million, $8.8 million and $14.8 million, respectively, in cash to our U.S. pension plans. The contributions were made in these years in order to meet a funding level sufficient to avoid variable fees from the PBGC on the underfunded portion of our pension liability. We do not anticipate making any contributions in 2019 to our U.S. defined benefit pension plans, but we expect to make total contributions of approximately $1.0 million in 2019 to the foreign pension plans.

On June 26, 2018, we entered into an agreement to purchase a group annuity contract to transfer approximately $68 million of our outstanding pension projected benefit obligations related to certain U.S. retirees or beneficiaries. The transaction closed on July 3, 2018 and was funded with pension plan assets with a value of $70.9 million. As a result of this transaction a pre-tax pension settlement charge of $12.8 million was recognized in the third quarter of 2018. This charge was recorded in other (non-operating) expense on the Consolidated Statement of Operations for the year ended December 31, 2018.

The projected benefit obligation and fair value of plan assets for the defined benefit pension plans with projected benefit obligations in excess of plan assets were $53.0 million and $41.1 million at December 31, 2018, and $311.3 million and $291.9 million at December 31, 2017, respectively. The accumulated benefit obligation and fair value of plan assets for the defined benefit pension plans with accumulated benefit obligations in excess of plan assets were $47.6 million and $38.7 million at December 31, 2018, and $302.6 million and $289.7 million at December 31, 2017, respectively.

We provide, through non-qualified plans, supplemental pension benefits to a limited number of employees. Certain of our subsidiaries also sponsor unfunded postretirement plans that provide certain health-care and life insurance benefits to eligible employees. The health-care plans are contributory, with retiree contributions adjusted periodically, and contain other cost-sharing features, such as deductibles and coinsurance. The life insurance plans are generally noncontributory. The amounts included in “Other Benefits” in the following tables include the non-qualified plans and the other postretirement plans discussed above.

The following table sets forth the changes in projected benefit obligations and plan assets of our defined benefit pension and other non-qualified and postretirement plans as of and for the years ended December 31, 2018 and 2017.

	Pension Benefits						Other Benefits
	2018			2017			2018			2017
	(in millions)
Change in Projected Benefit Obligations
Projected benefit obligations at beginning of year	$	369.2		$	289.7		$	4.7		$	3.2
Service cost	4.8			4.5			0.1			0.1
Interest cost	12.8			12.9			0.1			0.1
Actuarial loss (gain)	(23.5		)	16.1			(0.6		)	—
Amendments	—			0.2			—			—
Settlements	(71.1		)	(0.6		)	—			—
Benefits paid	(14.0		)	(13.0		)	(0.7		)	(0.9		)
Reconsolidation of GST and OldCo	—			58.8			—			2.1
Other	(1.4		)	0.6			0.5			0.1
Projected benefit obligations at end of year	276.8			369.2			4.1			4.7

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Change in Plan Assets
Fair value of plan assets at beginning of year	350.7		256.9
Actual return on plan assets	(17.9	)	42.3
Administrative expenses	(0.9	)	(0.8	)
Benefits paid	(14.0	)	(13.0	)
Settlements	(71.1	)	(0.6	)
Company contributions	20.8		9.4
Reconsolidation of GST and OldCo	—		56.5
Fair value of plan assets at end of year	267.6		350.7

Underfunded Status at End of Year $ (9.2 ) $ (18.5 ) $ (4.1 ) $ (4.7 )

Amounts Recognized in the Consolidated Balance Sheets
Long-term assets	$	2.7		$	0.8		$	—		$	—
Current liabilities	(0.8		)	(0.5		)	(0.3		)	(0.3		)
Long-term liabilities	(11.1		)	(18.8		)	(3.8		)	(4.4		)
	$	(9.2	)	$	(18.5	)	$	(4.1	)	$	(4.7	)

Pre-tax charges recognized in accumulated other comprehensive loss as of December 31, 2018 and 2017 consist of:

	Pension Benefits				Other Benefits
	2018		2017		2018			2017
	(in millions)
Net actuarial (gain) loss	$	60.8	$	65.3	$	(0.9	)	$	(0.3	)
Prior service cost	1.1		1.4		0.2			0.3
	$	61.9	$	66.7	$	(0.7	)	$	—

The accumulated benefit obligation for all defined benefit pension plans was $269.0 million and $361.7 million at December 31, 2018 and 2017, respectively. The accumulated postretirement benefit obligation for all other postretirement benefit plans was $3.8 million and $4.5 million at December 31, 2018 and 2017, respectively.

The following table sets forth the components of net periodic benefit cost and other changes in plan assets and benefit obligations recognized in other comprehensive income for our defined benefit pension and other non-qualified and postretirement plans for the years ended December 31, 2018, 2017 and 2016.

	Pension Benefits									Other Benefits
	2018			2017			2016			2018		2017		2016
	(in millions)
Net Periodic Benefit Cost
Service cost	$	4.8		$	4.5		$	4.3		$	0.1	$	0.1	$	0.1
Interest cost	12.8			12.9			12.7			0.1		0.1		0.2
Expected return on plan assets	(19.0		)	(20.1		)	(17.2		)	—		—		—
Amortization of prior service cost	0.3			0.3			0.2			0.1		0.1		0.1
Amortization of net loss	5.1			7.3			6.9			—		—		—
Settlements	12.7			—			—			—		—		—
Curtailments	—			(0.1		)	(0.1		)	—		—		(0.3		)
Deconsolidation of GST	—			(0.3		)	(0.9		)	—		—		—
Net periodic benefit cost	16.7			4.5			5.9			0.3		0.3		0.1

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Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income
Net loss (gain)	13.3			(5.8		)	8.2			(0.6		)	0.1			(0.4		)
Prior service cost	—			0.5			—			—			—			—
Amortization of net loss	(5.1		)	(7.3		)	(6.9		)	—			—			—
Amortization of prior service cost	(0.3		)	(0.3		)	(0.2		)	(0.1		)	(0.1		)	(0.1		)
Settlements	(12.7		)	—			—			—			—			—
Other adjustment	—			—			—			—			—			0.3
Total recognized in other comprehensive income	(4.8		)	(12.9		)	1.1			(0.7		)	—			(0.2		)
Total Recognized in Net Periodic Benefit Cost and Other Comprehensive Income	$	11.9		$	(8.4	)	$	7.0		$	(0.4	)	$	0.3		$	(0.1	)

	Pension Benefits						Other Benefits
	2018		2017		2016		2018		2017		2016
Weighted-Average Assumptions Used to Determine Benefit Obligations at December 31
Discount rate	4.375	%	3.75	%	4.25	%	4.375	%	3.75	%	4.25	%
Rate of compensation increase	3.0	%	3.0	%	3.0	%	4.0	%	4.0	%	4.0	%
Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost for Years Ended December 31
Discount rate	4.0	%	4.25	%	4.63	%	3.75	%	4.25	%	4.63	%
Expected long-term return on plan assets	6.0	%	7.25	%	7.25	%	—		—		—
Rate of compensation increase	3.0	%	3.0	%	3.0	%	4.0	%	4.0	%	4.0	%

The discount rate reflects the current rate at which the pension liabilities could be effectively settled at the end of the year. The discount rate was determined with a model which uses a theoretical portfolio of high quality corporate bonds specifically selected to produce cash flows closely related to how we would settle our retirement obligations. This produced a discount rate of 4.375% at December 31, 2018. As of the date of these financial statements, there are no known or anticipated changes in our discount rate assumption that will impact our pension expense in 2019. A 25 basis point decrease (increase) in our discount rate, holding constant our expected long-term return on plan assets and other assumptions, would increase (decrease) pension expense by approximately $0.9 million per year.

The overall expected long-term rate of return on assets was determined based upon weighted-average historical returns over an extended period of time for the asset classes in which the plans invest according to our current investment policy.

We use the RP-2014 mortality table with the MP-2018 projection scale to value our domestic pension liabilities.

Assumed Health Care Cost Trend Rates at December 31	2018		2017
Health care cost trend rate assumed for next year	8.0	%	8.0	%
Rate to which the cost trend rate is assumed to decline (the ultimate rate)	4.5	%	4.5	%
Year that the rate reaches the ultimate trend rate	2026		2025

Plan Assets

The asset allocation for pension plans at the end of 2018 and 2017, and the target allocation for 2019, by asset category are as follows:

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	Target Allocation		Plan Assets at December 31,
	2019		2018		2017
Asset Category
Equity securities	30	%	27	%	30	%
Fixed income	70	%	73	%	70	%
	100	%	100	%	100	%

Our investment goal is to maximize the return on assets, over the long term, by investing in equities and fixed income investments while diversifying investments within each asset class to reduce the impact of losses in individual securities. Equity investments include a mix of U.S. large capitalization equities, U.S. small capitalization equities and non-U.S. equities. Fixed income investments include a mix of treasury obligations and high-quality money market instruments. The asset allocation policy is reviewed and any significant variation from the target asset allocation mix is rebalanced periodically. The plans have no direct investments in EnPro common stock.

The plans invest exclusively in mutual funds whose holdings are marketable securities traded on recognized markets and, as a result, would be considered Level 1 assets. The investment portfolios of the various funds at December 31, 2018 and 2017 are summarized as follows:

	2018		2017
	(in millions)
Mutual funds – U.S. equity	$	42.7	$	61.6
Mutual funds - fixed income treasury and money market	194.6		244.6
Mutual funds – international equity	29.5		43.3
Cash equivalents	0.8		1.2
	$	267.6	$	350.7

Estimated Future Benefit Payments

The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid:

	Pension Benefits		Other Benefits
	(in millions)
2019	$	11.8	$	0.4
2020	12.1		1.5
2021	13.4		0.4
2022	14.5		0.5
2023	15.8		0.3
Years 2024 – 2028	93.6		1.1

17. Shareholders' Equity

We have a policy under which we intend to declare regular quarterly cash dividends on our common stock, as determined by our board of directors, after taking into account our cash flows, earnings, financial position and other relevant matters. In accordance with this policy, total dividend payments of $20.3 million, $19.0 million, and $18.1 million were made during the years ended December 31, 2018, 2017, and 2016, respectively.

In February 2019, our board of directors declared a cash dividend of $0.25 per share payable on March 20, 2019 to shareholders of record at the close of business on March 6, 2019.

In October 2018, our board of directors authorized a new two-year program for the repurchase of up to $50.0 million of our outstanding common shares. No shares were repurchased during the fourth quarter of 2018.

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In October 2017, our board of directors authorized a program for the repurchase of up to $50.0 million of our outstanding common shares. During 2018, we repurchased 0.7 million shares for $50.0 million under this program.

In October 2015, our board of directors authorized the purchase of up to $50.0 million of our outstanding common shares from time to time, which expired in October 2017. During 2017, we repurchased 0.2 million shares for $11.5 million, all of which settled during the year. During 2016, we repurchased 0.6 million shares for $29.7 million under this authorization. Cash payments for purchases under this authorization that settled during 2016 were $30.4 million.

The shares for all repurchase plans are retired upon purchase.

18. Accumulated Other Comprehensive Loss

Changes in accumulated other comprehensive loss by component (after tax) are as follows:

(in millions)	Unrealized Translation Adjustments			Pension and Other Postretirement Plans			Total
Balance at December 31, 2015	$	(4.9	)	$	(49.2	)	$	(54.1	)
Other comprehensive loss before reclassifications	(16.1		)	(5.0		)	(21.1		)
Amounts reclassified from accumulated other comprehensive loss	(0.2		)	4.5			4.3
Net current-period other comprehensive loss	(16.3		)	(0.5		)	(16.8		)
Balance at December 31, 2016	(21.2		)	(49.7		)	(70.9		)
Other comprehensive income before reclassifications	14.4			3.2			17.6
Amounts reclassified from accumulated other comprehensive loss	—			4.9			4.9
Net current-period other comprehensive income	14.4			8.1			22.5
Balance at December 31, 2017	(6.8		)	(41.6		)	(48.4		)
Other comprehensive loss before reclassifications	(3.8		)	(7.1		)	(10.9		)
Amounts reclassified from accumulated other comprehensive loss	—			13.8			13.8
Net current-period other comprehensive income	(3.8		)	6.7			2.9
Balance at December 31, 2018	$	(10.6	)	$	(34.9	)	$	(45.5	)

Reclassifications out of accumulated other comprehensive loss are as follows:

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Details about Accumulated Other Comprehensive Loss Components	Amount Reclassified from Accumulated Other Comprehensive Loss									Affected Statement of Operations Caption
	Years Ended December 31,
	2018			2017			2016
	(in millions)
Pension and other postretirement plans adjustments:
Amortization of actuarial losses	$	5.1		$	7.3		$	6.6		(1)
Amortization of prior service costs	0.4			0.4			0.3			(1)
Settlement loss	12.7			—			—			(1)
Total before tax	18.2			7.7			6.9			Income (loss) before income taxes
Tax benefit	(4.4		)	(2.8		)	(2.4		)	Income tax benefit (expense)
Net of tax	$	13.8		$	4.9		$	4.5		Net income (loss)
Release of unrealized currency translation adjustment upon sale of investment in foreign entity, net of tax	$	—		$	—		$	(0.2	)	Other (non-operating) expense

(1) These accumulated other comprehensive loss components are included in the computation of net periodic pension cost. Since these are components of net periodic pension cost other than service cost, the affected Consolidated Statement of Operations caption is other (non-operating) expense. (See Note 16, "Pensions and Postretirement Benefits" for additional details).

19. Equity Compensation Plan

We have an equity compensation plan (the “Plan”) that provides for the delivery of up to 6.2 million shares pursuant to various market and performance-based incentive awards. As of December 31, 2018, there are 0.9 million shares available for future awards. Our policy is to issue new shares to satisfy share delivery obligations for awards made under the Plan.

The Plan allows awards of restricted share units to be granted to executives and other key employees. Generally, all share units will vest in three years. Compensation expense related to the restricted share units is based upon the market price of the underlying common stock as of the date of the grant and is amortized over the applicable vesting period using the straight-line method. As of December 31, 2018, there was $5.9 million of unrecognized compensation cost related to restricted share units expected to be recognized over a weighted-average vesting period of 1.3 years.

Under the terms of the Plan, performance share awards were granted to executives and other key employees during 2018, 2017 and 2016. Each grant will vest if EnPro achieves specific financial objectives at the end of each three-year performance period. Additional shares may be awarded if objectives are exceeded, but some or all shares may be forfeited if objectives are not met.

Performance shares earned at the end of a performance period, if any, will be paid in actual shares of our common stock, less the number of shares equal in value to applicable withholding taxes if the employee chooses. During the performance period, a grantee receives dividend equivalents accrued in cash, and shares are forfeited if a grantee terminates employment.

Compensation expense related to the performance shares granted is computed using the fair value of the awards at the date of grant. Potential shares to be issued for performance share awards granted in 2018, 2017 and 2016 are subject to a market condition based on the performance of our stock, measured based upon a calculation of total shareholder return, compared to a group of peer companies. The fair value of these awards was determined using a Monte Carlo simulation methodology. Compensation expense for these awards is computed based upon this grant date fair value using the straight-line method over the applicable performance period.

The Monte Carlo simulation model utilizes multiple input variables that determine the probability of satisfying the market condition stipulated in the award and calculates the fair value of each award. We issued performance share awards to eligible participants on February 12, 2018, February 13, 2017 and February 23, 2016. We used the following assumptions in determining the fair value of these awards:

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	Expected stock price volatility		Annual expected dividend yield		Risk free interest ate		Correlation between Total Shareholder Return for EnPro and the applicable S&P index
Shares granted February 12, 2018
EnPro Industries, Inc.	32.41	%	1.15	%	1.92	%	0.6413
S&P 600 Capital Goods Index	34.90	%	n/a		1.92	%
Shares granted February 13, 2017
EnPro Industries, Inc.	31.23	%	1.23	%	1.45	%	0.6259
S&P 600 Capital Goods Index	34.86	%	n/a		1.45	%
Shares granted February 23, 2016
EnPro Industries, Inc.	27.36	%	1.82	%	0.88	%	0.5895
S&P 600 Capital Goods Index	32.80	%	n/a		0.88	%

The expected volatility assumption for us and each member of the peer group is based on each entity’s historical stock price volatility over a period equal to the length from the valuation date to the end of the performance cycle. The annual expected dividend yield is based on annual expected dividend payments and the stock price on the date of grant. The risk free rate equals the yield, as of the valuation date, on zero-coupon U.S. Treasury STRIPS that have a remaining term equal to the length of the remaining performance cycle.

As of December 31, 2018, there was $3.2 million of unrecognized compensation cost related to nonvested performance share awards that is expected to be recognized over a weighted-average vesting period of 1.3 years.

Restricted shares, with three year restriction periods from the initial grant date were issued in 2013 to executives and other key employees. Compensation expense related to the restricted shares was based upon the market price of the underlying common stock as of the date of the grant and was amortized over the applicable restriction period using the straight-line method. As of December 31, 2018, there was no unrecognized compensation cost related to restricted shares.

A summary of award activity under these plans is as follows:

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	Restricted Share Units				Performance Shares				Restricted Stock
	Shares		Weighted- Average Grant Date Fair Value		Shares		Weighted- Average Grant Date Fair  Value		Shares		Weighted- Average Grant Date Fair  Value
Nonvested at December 31, 2015	264,031		$	61.74	198,402		$	67.22	11,330		$	55.09
Granted	111,320		44.29		199,965		49.68		—		—
Vested	(59,104	)	45.20		—		—		(11,330	)	55.09
Forfeited	(42,090	)	58.48		(37,542	)	54.66		—		—
Achievement level adjustment	—		—		(77,310	)	71.83		—		—
Shares settled for cash	(12,135	)	44.63		—		—		—		—
Nonvested at December 31, 2016	262,022		59.43		283,515		54.84		—		—
Granted	77,120		68.55		84,534		76.93		—		—
Vested	(79,417	)	64.16		(76,487	)	63.81		—		—
Forfeited	(17,607	)	56.32		(8,823	)	61.43		—		—
Achievement level adjustment	—		—		(12,140	)	63.81		—		—
Shares settled for cash	(6,561	)	54.29		—		—		—		—
Nonvested at December 31, 2017	235,557		57.87		270,599		61.92		—		—
Granted	73,817		82.03		77,076		93.61		—		—
Vested	(58,188	)	63.64		(51,207	)	63.81		—		—
Forfeited	(19,853	)	65.17		(25,142	)	65.14		—		—
Achievement level adjustment	—		—		(71,671	)	63.81		—		—
Shares settled for cash	(12,403	)	64.19		—		—		—		—
Nonvested at December 31, 2018	218,930		$	63.46	199,655		$	75.87	—		$	—

The number of nonvested performance share awards shown in the table above represents the maximum potential shares to be issued. We account for forfeitures when they occur as opposed to estimating the number of awards that are expected to vest as of the grant date.

Non-qualified and incentive stock options were granted in 2011. No stock option has a term exceeding 10 years from the date of grant. All stock options were granted at not less than 100% of fair market value (as defined) on the date of grant. As of December 31, 2018, there was no unrecognized compensation cost related to stock options. As of December 31, 2018 and 2017 there were 18,187 share options outstanding. The outstanding options are all exercisable, with an exercise price of $42.24 and a remaining contractual life of 2.12 years.

The year-end intrinsic value related to stock options is presented below:

	As of and for the Years Ended December 31,
(in millions)	2018		2017		2016
Options outstanding	$	0.3	$	0.9	$	2.5
Options exercisable	$	0.3	$	0.9	$	2.5
Options exercised	$	—	$	2.2	$	0.7

We recognized the following equity-based employee compensation expenses and benefits related to our Plan activity:

	Years Ended December 31,
(in millions)	2018		2017		2016
Compensation expense	$	6.5	$	9.5	$	5.1
Related income tax benefit	$	1.9	$	3.6	$	1.9

Each non-employee director received an annual grant of phantom shares equal in value to $95,000 in the years ended December 31, 2018 and 2017 and $90,000 in the year ended December 31, 2016. With respect to certain phantom shares awarded in prior years, we will pay each non-employee director in cash the fair market value of the director's phantom shares

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upon termination of service as a member of the board of directors. The remaining phantom shares granted will be paid out in the form of one share of our common stock for each phantom share, with the value of any fractional phantom shares paid in cash. Expense recognized in the years ended December 31, 2018, 2017 and 2016 related to these phantom share grants was $0.7 million, $0.7 million and $1.2 million, respectively. Cash payments of $0.7 million and $1.4 million were used to settle phantom shares in 2018 and 2017, respectively. No cash payments were used to settle phantom shares in 2016.

20. Business Segment Information

We aggregate our operating businesses into three reportable segments. The factors considered in determining our reportable segments are the economic similarity of the businesses, the nature of products sold or services provided, the production processes and the types of customers and distribution methods. Our reportable segments are managed separately based on these differences.

Our Sealing Products segment designs, manufactures and sells sealing products, including: metallic, non-metallic and composite material gaskets, dynamic seals, compression packing, resilient metal seals, elastomeric seals, custom-engineered mechanical seals for applications in the aerospace industry and other markets, hydraulic components, expansion joints, flange sealing and isolation products, pipeline casing spacers/isolators, casing end seals, modular sealing systems for sealing pipeline penetrations, sanitary gaskets, hoses and fittings for the hygienic process industries, hole forming products, manhole infiltration sealing systems, bellows and bellows assemblies, pedestals for semiconductor manufacturing, PTFE products, and heavy-duty commercial vehicle parts used in the wheel-end, braking, suspension, and tire and mileage optimization systems.

Our Engineered Products segment includes operations that design, manufacture and sell self-lubricating, non-rolling metal-polymer, solid polymer and filament wound bearing products, aluminum blocks for hydraulic applications, and precision engineered components and lubrication systems for reciprocating compressors.

Our Power Systems segment designs, manufactures, sells and services heavy-duty, medium-speed diesel, natural gas and dual fuel reciprocating engines.

Segment profit is total segment revenue reduced by operating expenses, restructuring and other costs identifiable with the segment. Corporate expenses include general corporate administrative costs. Expenses not directly attributable to the segments, corporate expenses, net interest expense, asset impairments, gains and losses related to the sale of assets, and income taxes are not included in the computation of segment profit. The accounting policies of the reportable segments are the same as those for EnPro.

Segment operating results and other financial data for the years ended December 31, 2018, 2017, and 2016 were as follows:

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	Years Ended December 31,
	2018			2017			2016
	(in millions)
Sales
Sealing Products	$	954.4		$	804.3		$	705.6
Engineered Products	323.9			301.1			277.1
Power Systems	257.9			208.2			208.3
	1,536.2			1,313.6			1,191.0
Intersegment sales	(4.2		)	(4.0		)	(3.3		)
Total sales	$	1,532.0		$	1,309.6		$	1,187.7
Segment Profit
Sealing Products	$	85.2		$	90.4		$	82.3
Engineered Products	40.1			30.1			12.8
Power Systems	29.3			29.4			17.7
Total segment profit	154.6			149.9			112.8
Corporate expenses	(32.7		)	(34.2		)	(29.8		)
Asbestos settlement	—			—			(80.0		)
Interest expense, net	(27.3		)	(49.4		)	(55.1		)
Gain on reconsolidation of GST and OldCo	—			534.4			—
Other expense, net	(48.0		)	(23.2		)	(16.6		)
Income (loss) before income taxes	$	46.6		$	577.5		$	(68.7	)

Note that segment profit, corporate expenses and other expense, net for the years ended December 31, 2017 and 2016 were recast to reflect the retrospective application of a standard adopted in the first quarter of 2018 that affects the classification of the components of pension and other postretirement benefits expense other than service cost. See Note 1, "Basis of Presentation" for further information on this standard.

	Years Ended December 31,
	2018		2017		2016
	(in millions)
Net Sales by Geographic Area
United States	$	955.5	$	750.6	$	682.4
Europe	292.9		292.6		289.9
Other foreign	283.6		266.4		215.4
Total	$	1,532.0	$	1,309.6	$	1,187.7

Net sales are attributed to countries based on location of the customer.

Due to the diversified nature of our business and the wide array of products that we offer, we sell into a number of end markets. Underlying economic conditions within these markets are a major driver of our segments' sales performance. Below is a summary of our third party sales by major end market with which we did business for the year ended December 31, 2018:

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(in millions)	Sealing Products		Engineered Products		Power Systems		Total
Aerospace	$	54.1	$	8.4	$	—	$	62.5
Automotive	5.3		97.3		—		102.6
Chemical and material processing	54.5		49.5		—		104.0
Food and pharmaceutical	37.1		1.0		—		38.1
General industrial	174.2		99.3		—		273.5
Medium-duty/heavy-duty truck	387.3		1.1		—		388.4
Navy and marine	1.0		—		197.4		198.4
Oil and gas	53.9		46.8		8.9		109.6
Power generation	57.8		11.2		49.9		118.9
Semiconductors	113.7		—		—		113.7
Other	12.0		8.6		1.7		22.3
Total third party sales	$	950.9	$	323.2	$	257.9	$	1,532.0

No customer accounted for 10% or more of net sales in 2018, 2017 or 2016.

	Years Ended December 31,
	2018		2017		2016
	(in millions)
Capital Expenditures
Sealing Products	$	26.0	$	20.4	$	22.9
Engineered Products	10.1		9.9		7.2
Power Systems	26.5		10.7		5.7
Total capital expenditures	$	62.6	$	41.0	$	35.8
Depreciation and Amortization Expense
Sealing Products	$	50.7	$	41.8	$	35.1
Engineered Products	15.4		16.8		17.5
Power Systems	7.6		5.2		4.4
Corporate	—		—		0.1
Total depreciation and amortization	$	73.7	$	63.8	$	57.1

	As of December 31,
	2018		2017
	(in millions)
Assets
Sealing Products	$	1,009.3	$	1,078.0
Engineered Products	220.5		229.2
Power Systems	266.1		210.8
Corporate	219.9		368.1
	$	1,715.8	$	1,886.1

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Long-Lived Assets
United States	$	211.9	$	206.9
France	26.0		26.5
Other Europe	21.9		23.4
Other foreign	41.4		40.1
Total	$	301.2	$	296.9

Corporate assets include all of our cash and cash equivalents and long-term deferred income taxes. Long-lived assets consist of property, plant and equipment.

21. Subsidiary Asbestos Bankruptcies

The historical business operations of certain of our subsidiaries, principally GST LLC and Anchor, had resulted in a substantial volume of asbestos litigation in which plaintiffs alleged personal injury or death as a result of exposure to asbestos fibers. On the GST Petition Date, GST filed voluntary petitions for reorganization under Chapter 11 of the United States Bankruptcy Code. These filings were the initial step in a claims resolution process for an efficient and permanent resolution of pending and future asbestos claims through court approval of a plan of reorganization to establish a facility to resolve and pay all GST asbestos claims. The filings on the GST Petition Date did not include EnPro Industries, Inc. or any other EnPro Industries, Inc. operating subsidiary. GST LLC is one of the businesses in our broader Garlock group and, prior to the GST Petition Date, was included in our Sealing Products segment. GST LLC and its subsidiaries operate five manufacturing facilities, including operations in Palmyra, New York and Houston, Texas.

The financial results of GST and subsidiaries were included in our consolidated results through June 4, 2010, the day prior to the GST Petition Date. However, GAAP requires an entity that files for protection under the U.S. Bankruptcy Code, whether solvent or insolvent, whose financial statements were previously consolidated with those of its parent, as GST’s and its subsidiaries’ were with ours, generally must be prospectively deconsolidated from the parent and the investment accounted for using the cost method. At deconsolidation, our investment was recorded at its estimated fair value as of June 4, 2010, resulting in a gain for reporting purposes. The cost method required us to present our ownership interests in the net assets of GST at the GST Petition Date as an investment and we did not recognize any income or loss from GST and subsidiaries in our results of operations until the reconsolidation of these subsidiaries upon consummation of a plan of reorganization under these proceedings.

On March 17, 2016, we announced that we had reached a comprehensive consensual settlement (the “Consensual Settlement”) to resolve current and future asbestos claims which contemplated the Joint Plan which was filed with the Bankruptcy Court. The Joint Plan and Consensual Settlement contemplated that, as an appropriate and necessary step to facilitate the implementation of the Consensual Settlement and not to delay or hinder creditors or the resolution of claims, Coltec would, subject to the receipt of necessary consents, undergo a restructuring in which all of its significant operating assets and subsidiaries, which included each of our major business units, would be distributed to a new direct EnPro subsidiary, EnPro Holdings. EnPro Holdings would also assume all of Coltec’s non-asbestos liabilities. The Coltec Restructuring was completed on December 31, 2016, and included the merger of Coltec with and into OldCo, which was a direct subsidiary of EnPro Holdings. OldCo, as the restructured entity, retained responsibility for all asbestos claims and rights to certain insurance assets of Coltec, as well as the business operated by our EnPro Learning System, LLC subsidiary (“EnPro Learning System”), which provides occupational safety training and consulting services to third parties. EnPro Learning System was also merged into OldCo.

As contemplated by the Joint Plan, on January 30, 2017 (the “OldCo Petition Date”), OldCo, as the successor by merger to Coltec, filed a Chapter 11 bankruptcy petition with the Bankruptcy Court (the “OldCo Chapter 11 Case”). On February 3, 2017, the Bankruptcy Court issued an order for the joint administration of the OldCo Chapter 11 Case with the GST Chapter 11 Case.

As discussed in Note 1, “Overview, Basis of Presentation, Significant Accounting Policies and Recently Issued Accounting Guidance-Basis of Presentation,” GST was deconsolidated beginning on the GST Petition Date and OldCo was deconsolidated beginning on the OldCo Petition Date. Accordingly the financial results of GST and its subsidiaries were included in our consolidated results through June 4, 2010, the day prior to the GST Petition Date, and the financial results of OldCo and its subsidiaries were included in our consolidated results through January 29, 2017, the day prior to the OldCo Petition Date. GST and OldCo were reconsolidated effective upon the effective date of the consummation of the Joint Plan, which effective date was 12:01 a.m. on July 31, 2017 (the “Joint Plan Effective Date”).

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Pursuant to the Joint Plan, a claims resolution trust (the “Trust”) was established prior to the Joint Plan Effective Date. As contemplated by the Joint Plan, the Trust was funded with cash contributions by GST LLC and Garrison and by OldCo and by the contribution OldCo of and an option (the “Option”), exercisable one year after the Joint Plan Effective Date, permitting the Trust to purchase for $1 shares of EnPro common stock having a value of $20 million (which included the right of OldCo to call the Option for payment of $20 million), and by the obligations under the Joint Plan of OldCo and of GST LLC and Garrison to make specified deferred contribution in cash no later than one year after the Joint Plan Effective Date.

On November 29, 2017, GST LLC, EnPro Holdings and EnPro entered into an agreement with the Trust to provide for the early settlement of the deferred contributions to the Trust under the Joint Plan and for the call of the Option by EnPro Holdings, as the successor by merger to OldCo. Under that agreement, in full satisfaction of the deferred cash contribution obligations under the Joint Plan and payment of the $20 million call payment under the Option, on December 1, 2017 GST LLC, EnPro Holdings and EnPro paid $78.8 million (the “Early Cash Settlement Amount”) to the Trust and agreed to make a further payment to the Trust to the extent that total interest earned through July 31, 2018, with respect to a fixed income account in which the Early Cash Settlement Amount was invested by the Trust is less than $1.2 million. In a final settlement of amounts owed to the Trust, a further payment of approximately $0.5 million was made in August 2018.

The Consensual Settlement included as a condition to our obligations to proceed with the settlement that EnPro, Coltec, GST and Garlock of Canada Ltd (an indirect subsidiary of GST LLC) enter into a written agreement, to be consummated concurrently with the consummation of the Joint Plan on the Joint Plan Effective Date, with the Provincial Boards resolving remedies the Provincial Boards may possess against Garlock of Canada Ltd, GST, Coltec or any of their affiliates, including releases and covenants not to sue, for any present or future asbestos-related claim, and that the agreement is either approved by the Bankruptcy Court following notice to interested parties or the Bankruptcy Court concludes that its approval is not required. On November 11, 2016, we entered into such an agreement (the “Canadian Settlement”) with the Provincial Boards to resolve current and future claims against EnPro, GST, Garrison, Coltec, and Garlock of Canada Ltd for recovery of a portion of amounts the Provincial Boards have paid and will pay in the future under asbestos-injury recovery statutes in Canada for claims relating to asbestos-containing products. The Canadian Settlement provided for a cash settlement payment to the Provincial Boards on the fourth anniversary of the effective date of the Joint Plan, with the provincial Boards having the option of accelerating the payment discounted rate of 4.5% per annum. Prior to the Joint Plan Effective Date, the Provincial Boards provided notice of their election to accelerate the payment. After application of the discount resulting from such acceleration of payment, the settlement payment of approximately $16.7 million (U.S.) was made to the Provincial Boards on August 11, 2017.

In light of the Consensual Settlement and the Canadian Settlement, in 2016 GST revised its estimate of the ultimate costs to resolve all asbestos claims against it to reflect the amounts to be paid by it under these settlements. Because GST was not a consolidated subsidiary at that time, the accrual to reflect GST’s increased costs to resolve such claims is not included in our consolidated financial results for 2016. OldCo (then still a consolidated subsidiary) had accrued a liability at December 31, 2016 equal to its contributions to be made pursuant to the Joint Plan, with the accrual of an $80.0 million increase in its estimated liability over the amount estimated at December 31, 2015 being reflected in our consolidated financial results for 2016.

The Joint Plan permanently resolves current and future asbestos claims against GST LLC, Garrison and OldCo, as the successor by merger to Coltec, and injunctions issued under the Joint Plan protect all of EnPro and its subsidiaries from those claims, which claims are enjoined under Section 524(g) of the U.S. Bankruptcy Code. Under the Joint Plan, the Trust has assumed responsibility for all present and future asbestos claims arising from the operations or products of GST LLC, Garrison or Coltec/OldCo. Under the Joint Plan, EnPro, through its subsidiaries, retained ownership of OldCo, GST LLC and Garrison. Anchor, which had not conducted business operations for many years and had nominal assets, has been dissolved.

22. Commitments and Contingencies

General

A description of certain environmental and other legal matters relating to certain of our subsidiaries is included in this section. In addition to the matters noted herein, we are from time to time subject to, and are presently involved in, other litigation and legal proceedings arising in the ordinary course of business. We believe the outcome of such other litigation and legal proceedings will not have a material adverse effect on our financial condition, results of operations and cash flows. Expenses for administrative and legal proceedings are recorded when incurred.

Environmental

Our facilities and operations are subject to federal, state and local environmental and occupational health and safety requirements of the U.S. and foreign countries. We take a proactive approach in our efforts to comply with environmental, health and safety laws as they relate to our manufacturing operations and in proposing and implementing any remedial plans that may be necessary. We also regularly conduct comprehensive environmental, health and safety audits at our facilities to maintain compliance and improve operational efficiency.

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Although we believe past operations were in substantial compliance with the then applicable regulations, we or one or more of our subsidiaries are involved with various remediation activities at 19 sites where the future cost per site for us or our subsidiary is expected to exceed $0.1 million. Of these 19 sites, 15 are sites where we or one or more of our subsidiaries formerly conducted business operations but no longer do, and 4 are sites where we conduct manufacturing operations. Investigations have been completed for 16 sites and are in progress at the other 3 sites. Our costs at 14 of the 19 sites relate to remediation projects for soil and/or groundwater contamination at or near former operating facilities that were sold or closed.

Our policy is to accrue environmental investigation and remediation costs when it is probable that a liability has been incurred and the amount can be reasonably estimated. The measurement of the liability is based on an evaluation of currently available facts with respect to each individual situation and takes into consideration factors such as existing technology, presently enacted laws and regulations and prior experience in remediation of contaminated sites. Liabilities are established for all sites based on these factors. As assessments and remediation progress at individual sites, these liabilities are reviewed periodically and adjusted to reflect additional technical data and legal information. As of December 31, 2018 and 2017, we had accrued liabilities of $31.1 million and $27.3 million, respectively, for estimated future expenditures relating to environmental contingencies. In 2018, in addition to the accruals described below, we accrued $1.1 million in liabilities to reflect our most current estimate of costs for continued remediation at two sites based upon a reassessment of the expected duration of remedial activities at each of those sites. These amounts have been recorded on an undiscounted basis in the Consolidated Balance Sheets. Given the uncertainties regarding the status of laws, regulations, enforcement policies, the impact of other parties potentially being liable, technology and information related to individual sites, we do not believe it is possible to develop an estimate of the range of reasonably possible environmental loss in excess of our recorded liabilities.

Except as described below, we believe that our accruals for specific environmental liabilities are adequate for those liabilities based on currently available information. Actual costs to be incurred in future periods may vary from estimates because of the inherent uncertainties in evaluating environmental exposures due to unknown and changing conditions, changing government regulations and legal standards regarding liability.

Based on our prior ownership of Crucible Steel Corporation a/k/a Crucible, Inc. (“Crucible”), we may have additional contingent liabilities in one or more significant environmental matters. One such matter, which is included in the 19 sites referred to above, is the Lower Passaic River Study Area of the Diamond Alkali Superfund Site in New Jersey. Crucible operated a steel mill abutting the Passaic River in Harrison, New Jersey from the 1930s until 1974, which was one of many industrial operations on the river dating back to the 1800s. Certain contingent environmental liabilities related to this site were retained by Coltec when Coltec sold a majority interest in Crucible Materials Corporation (the successor of Crucible) in 1985, which liabilities and other legacy non-asbestos liabilities were assumed by our subsidiary, EnPro Holdings, as part of the Coltec Restructuring The United States Environmental Protection Agency (the “EPA”) notified Coltec in September 2003 that it is a potentially responsible party (“PRP”) for Superfund response actions in the lower 17-mile stretch of the Passaic River known as the Lower Passaic River Study Area. Coltec and approximately 70 of the numerous other PRPs, known as the Cooperating Parties Group, are parties to a May 2007 Administrative Order on Consent with the EPA to perform a Remedial Investigation/Feasibility Study (“RI/FS”) of the contaminants in the Lower Passaic River Study Area. In September 2018, we withdrew from the Cooperating Parties Group but remain a party to the May 2007 Administrative Order on Consent. The RI/FS was completed and submitted to the EPA at the end of April 2015. The RI/FS recommends a targeted dredge and cap remedy with monitored natural recovery and adaptive management for the Lower Passaic River Study Area. The cost of such remedy is estimated to be $726 million. Previously, on April 11, 2014, the EPA released its Focused Feasibility Study (the “FFS”) with its proposed plan for remediating the lower eight miles of the Lower Passaic River Study Area. The FFS calls for bank-to-bank dredging and capping of the riverbed of that portion of the river and estimates a range of the present value of aggregate remediation costs of approximately $953 million to approximately $1.73 billion, although estimates of the costs and the timing of costs are inherently imprecise. On March 3, 2016, the EPA issued the final Record of Decision (ROD) as to the remedy for the lower eight miles of the Lower Passaic River Study Area, with the maximum estimated cost being reduced by the EPA from $1.73 billion to $1.38 billion, primarily due to a reduction in the amount of cubic yards of material that will be dredged. In October 2016, Occidental Chemical Corporation, the successor to the entity that operated the Diamond Alkali chemical manufacturing facility, reached an agreement with the EPA to develop the design for this proposed remedy at an estimated cost of $165 million. The EPA has estimated that it will take approximately four years to develop this design.

No final allocations of responsibility have been made among the numerous PRPs that have received notices from the EPA, there are numerous identified PRPs that have not yet received PRP notices from the EPA, and there are likely many PRPs that have not yet been identified. In September 2017, EPA hired a third-party allocator to develop an allocation of costs among a large number of the parties identified by EPA as having potential responsibility, including the Company. On June 30, 2018, Occidental Chemical Corporation sued over 120 parties, including the Company, in the United States District Court for New Jersey seeking recovery of response costs under the Federal Comprehensive Environmental Response, Compensation and Liability Act ("CERCLA"). In a proposed pre-trial order, Occidental Chemical Corporation has proposed that any alternative dispute resolution process, including mediation, shall begin no later than September 16, 2019.

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Based on our evaluation of the site, during 2014 we accrued a liability of $3.5 million related to environmental remediation costs associated with the lower eight miles of the Lower Passaic River Study Area, which is our estimate of the low end of a range of reasonably possible total costs, with no estimate within the range being a better estimate than the minimum. During 2017 and 2018, we incurred $0.1 million and $0.4 million, respectively, related to this matter. Our future remediation costs could be significantly greater than the $3.0 million we have accrued at December 31, 2018. With respect to the upper nine miles of the Lower Passaic River Study Area, we are unable to estimate a range of reasonably possible costs.

Another such matter involves the Onondaga Lake Superfund Site (the “Onondaga Site”) located near Syracuse, New York. Crucible operated a steel mill facility adjacent to Onondaga Lake from 1911 to 1983. The New York State Department of Environmental Conservation (“NYSDEC”) has contacted us and Coltec, as well as other parties, demanding reimbursement of unquantified environmental response costs incurred by NYSDEC and the EPA at the Onondaga Site. NYSDEC and EPA have alleged that contamination from the Crucible facility contributed to the need for environmental response actions at the Onondaga Site. We have also received notice from the Natural Resource Trustees for the Onondaga Lake Superfund Site (which are the U.S. Department of Interior, NYSDEC, and the Onondaga Nation) alleging that Coltec is considered to be a potentially responsible party for natural resource damages at the Onondaga Site. In addition, Honeywell International Inc. (“Honeywell”), which has undertaken certain remediation activities at the Onondaga Site under the supervision of NYSDEC and the EPA, has informed us that it has claims against Coltec related to investigation and remediation at the Onondaga Site. We have entered into tolling agreements with NYSDEC, the EPA and Honeywell. On May 4, 2016, we received from Honeywell a summary of its claims, including for a portion of its costs for the remediation of the Onondaga Site in accordance with its settlement with NYSDEC and EPA. Based on limited information available with respect to estimated remediation costs and the respective allocation of responsibility for remediation among potentially responsible parties, we previously were unable to estimate a reasonably possible range of loss associated with Crucible’s activities that may have affected the Onondaga Site. During 2016, we reserved $1.5 million for reimbursement of EPA response costs and certain costs associated with the remedial investigation.

We have engaged and are continuing to engage in discussions with Honeywell with respect to these issues and possible resolution of Honeywell's claim. In light of information made available during the course of those discussions and our continued evaluation of this matter, we determined that we have sufficient information as of the end of the fourth quarter of 2018 to estimate the low end of a reasonably possible range of loss associated with this matter, although we continue to be unable to estimate the upper end of such a range. Accordingly, for the fourth quarter of 2018, we increased our reserve for this matter by $5.0 million, to reflect an aggregate reserve of $6.5 million, which is our estimate of the low end of the reasonably possible range of loss. In light of the uncertainties described above, the costs to resolve this matter may significantly exceed the amount of this reserve.

Except with respect to specific Crucible environmental matters for which we have accrued a portion of the liability set forth above, including the Lower Passaic River Study Area, we are unable to estimate a reasonably possible range of loss related to any other contingent environmental liability based on our prior ownership of Crucible.

See the section entitled “Crucible Steel Corporation a/k/a Crucible, Inc.” in this footnote for additional information.

In addition to the Crucible environmental matters discussed above, Coltec received a notice from the EPA dated February 19, 2014 asserting that Coltec is a potentially responsible party under the Comprehensive Environmental Response, Compensation, and Liability Act ("CERCLA") as the successor to a former operator in 1954 and 1955 of two uranium mines in Arizona. On October 15, 2015, Coltec received another notice from the EPA asserting that Coltec is a potentially responsible party as the successor to the former operator of six additional uranium mines in Arizona. In 2015, we reserved $1.1 million for the minimum amount of probable loss associated with the first two mines identified by the EPA, including the cost of the investigative work to be conducted at such mines. During 2016, we reserved an additional $1.1 million for the minimum amount of probable loss associated with the six additional mines, which includes estimated costs of investigative work to be conducted at the eight mines. We entered into an Administrative Settlement Agreement and Order on Consent for Interim Removal Action with the EPA effective November 7, 2017 for the performance of this work. In the third quarter of 2017, we increased the reserve by $1.9 million to perform investigations required by the Settlement Agreement to determine the nature and extent of contamination at each site with the investigations to be completed by the end of 2019. In the fourth quarter of 2018, we increased the reserve by $1.0 million for the estimated reimbursement of the EPA's costs to oversee these investigations. The balance in the reserve as of December 31, 2018 is $2.8 million. We cannot at this time estimate a reasonably possible range of loss associated with remediation or other incremental costs related to these mines.

In connection with the former operation of a division of Colt Industries Inc, located in Water Valley, Mississippi, which Coltec divested to BorgWarner, Inc. ("BorgWarner") in 1996, Coltec and its corporate successors have been managing trichloroethylene soil and groundwater contamination at the site. In February 2016, the Mississippi Department of Environmental Quality (MDEQ) issued an order against EnPro requiring evaluation of potential vapor intrusion into residential

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properties and commercial facilities located over the groundwater plume as well as requiring additional groundwater investigation and remediation. MDEQ performed the initial vapor intrusion investigations at certain residential and commercial sites, with the findings all being below the applicable screening level. In April 2016, the parties entered into a new order including negotiated time frames for groundwater remediation. Pursuant to that order, MDEQ performed a second round of vapor intrusion sampling beginning in August 2016. Results from sampling outside of three residences were above screening levels. Follow-up sampling directly underneath those residences (either sub-slab or in crawl spaces) were all below applicable screening levels. Two separate sampling events at another residence were also below applicable screening levels. Due to an increasing trend in vapor concentrations, MDEQ requested that we develop and implement initial corrective action measures to address vapor intrusion resulting from groundwater contamination in this residential area. These measures were developed and approved by MDEQ. Due to an inability to obtain access to private properties where the corrective action system was to be located, we developed an alternate remedial approach which has been approved by MDEQ. In addition, vapor intrusion sampling at the manufacturing facility owned by BorgWarner was conducted during the first quarter of 2017. The results showed exceedances of screening levels at various areas in the plant and exceedances of levels requiring responsive actions in a limited area of the plant.

Implementation of the immediate responsive actions has been completed and corrective action consisting of a permanent vapor intrusion remediation system became operational in May 2017 with further improvements made to the system in December 2017 and January 2018. Indoor air sampling is conducted at four locations biweekly and has been below levels requiring responsive action at three sampling locations since June 2017 and at all four locations since February 2018. We are also continuing soil and groundwater investigation work in the area inside the plant where the vapor intrusion remediation system is located and around the outside of the plant and implementing corrective action plans for both the contamination remaining at the plant as well as contamination that has migrated off-site. All of the work to be performed at the residential area, the plant and off-site is set forth in an agreed Order that we and MDEQ entered into on September 11, 2017.

During 2016, we established an additional $1.3 million reserve with respect to this matter. During the year ended December 31, 2017, we reserved an additional $5.7 million for further investigation, additional remediation, long-term monitoring costs, and legal fees to support regulatory compliance for the above noted actions. In the fourth quarter of 2018, we reserved an additional $3.5 million for additional remediation, long-term monitoring costs and legal fees to support regulatory compliance for the above noted activities. The remaining reserve at December 31, 2018 is $4.5 million. As the corrective actions are implemented and their performance monitored, further modifications to the remediation system at the site may be required which may result in additional costs beyond the current reserve.

On April 7, 2017, the State of Mississippi through its Attorney General filed suit against EnPro, OldCo and Goodrich Corporation in Mississippi Circuit Court in Yalobusha County seeking recovery of all costs and expenses to be incurred by the State in remediating the groundwater contamination, punitive damages and attorney’s fees. We plan to aggressively defend this case. The additional reserve established in the quarter ended December 31, 2017, noted above, did not include any estimate of contingent loss associated with this lawsuit other than due to remediation and other actions with respect to this site based on the MDEQ orders described above. On January 31, 2019, some of these property owners (representing ownership of 34 residential or commercial properties), Yalobusha County, and the Board of Trustees of the Yalobusha General Hospital filed suit against EnPro and Goodrich in Mississippi Circuit Court and Yalobusha County seeking recovery for alleged damage to their properties, including diminution in value, from groundwater contamination that has come onto their properties. In addition, it is our understanding that other area homeowners, owners of commercial facilities and possibly other private parties and individuals may be separately evaluating possible legal action relating to potential vapor intrusion and groundwater contamination.

We cannot estimate a reasonably possible range of loss from these lawsuits or any potential additional legal actions at this time. Based upon limited information regarding any incremental remediation or other actions that may be required at the site, we cannot estimate a minimum loss estimate or a reasonably possible range of loss related to this matter.

Crucible Steel Corporation a/k/a Crucible, Inc.

Crucible, which was engaged primarily in the manufacture and distribution of high technology specialty metal products, was a wholly owned subsidiary of Coltec until 1983 when its assets and liabilities were distributed to a new Coltec subsidiary, Crucible Materials Corporation. Coltec sold a majority of the outstanding shares of Crucible Materials Corporation in 1985 and divested its remaining minority interest in 2004. Crucible Materials Corporation filed for Chapter 11 bankruptcy protection in May 2009 and is no longer conducting operations.

We have certain ongoing obligations, which are included in other liabilities in our Consolidated Balance Sheets, including workers’ compensation, retiree medical and other retiree benefit matters, in addition to those mentioned previously related to Coltec’s period of ownership of Crucible. Based on Coltec’s prior ownership of Crucible, we may have certain additional

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contingent liabilities, including liabilities in one or more significant environmental matters included in the matters discussed in “Environmental” above. We are investigating these matters. Except with respect to those matters for which we have an accrued liability as discussed in "Environmental" above, we are unable to estimate a reasonably possible range of loss related to these contingent liabilities.

Warranties

We provide warranties on many of our products. The specific terms and conditions of these warranties vary depending on the product and the market in which the product is sold. We record a liability based upon estimates of the costs we may incur under our warranties after a review of historical warranty experience and information about specific warranty claims. Adjustments are made to the liability as claims data and historical experience necessitate.

Changes in the carrying amount of the product warranty liability for the years ended December 31, 2018, 2017 and 2016 are as follows:

	2018			2017			2016
	(in millions)
Balance at beginning of year	$	5.3		$	5.0		$	4.8
Charges to expense	10.8			2.6			4.4
Settlements made	(4.4		)	(2.3		)	(4.2		)
Balance at end of year	$	11.7		$	5.3		$	5.0

BorgWarner

A subsidiary of BorgWarner has asserted claims against our subsidiary, GGB France E.U.R.L. (“GGB France”), regarding certain bearings supplied by GGB France to BorgWarner and used by BorgWarner in manufacturing hydraulic control units included in motor vehicle automatic transmission units, mainly that the bearings caused performance problems with and/or damage to the transmission units, leading to associated repairs and replacements. BorgWarner and GGB France participated in a technical review before a panel of experts to determine, among other things, whether there were any defects in such bearings that were a cause of the damages claimed by BorgWarner, including whether GGB France was required to notify BorgWarner of a change in the source of a raw material used in the manufacture of such bearings. This technical review was a required predicate to the commencement of a legal proceeding for damages. The expert panel issued a final report on technical and financial matters on April 6, 2017. In the final report, the expert panel concluded that GGB France had a duty to notify BorgWarner regarding the change of source of raw material used in the bearings, but that the failure of the hydraulic control units was attributable to both the raw material supplier change and the insufficient design of the units by BorgWarner. The expert panel provided detail on a possible allocation of damages alleged to have been incurred by BorgWarner and its customer. Although the language of the report is not clear, the report appears to note a potential allocation of recoverable damages 65% to GGB and 35% to BorgWarner. It also indicates that, though it is for a court to ultimately determine, the aggregate damages to BorgWarner and its customer was in the range of 7.9 million EUR to 10.2 million EUR, with 1.8 million EUR to 2.1 million EUR of this range being for damages to BorgWarner and the remainder being for damages to its customer. The experts noted the lower end of the range as being more likely and noted a lack of sufficient evidence provided substantiating the customer's damages. Applying a 65% liability allocation to GGB to the total aggregate range yields a range of 5.1 million EUR to 6.6 million EUR. In the final report, the expert panel deferred to a court the determination of whether GGB France had breached its contractual obligations to BorgWarner. On October 25, 2017, BorgWarner initiated a legal proceeding against GGB with respect to this matter by filing a writ of claim with the Commercial Court of Brive, France. The parties have begun briefing their legal positions, and we expect court hearings to begin in the first half of 2019.

We continue to believe that GGB France has valid factual and legal defenses to these claims and we are vigorously defending these claims. Among GGB France’s legal defenses are a contractual disclaimer of consequential damages, which, if controlling, would limit liability for consequential damages and provide for the replacement of the bearings at issue, at an aggregate replacement value we estimate to be approximately 0.4 million EUR; that the determination of any duty to notify of the change in the source of the raw material is a legal matter to be determined by the presiding court; and the insufficiency of evidence of damage to BorgWarner's customer provided to the expert panel. Based on the final report from the expert panel and GGB France's legal defenses described above, we estimate GGB France’s reasonably possible range of loss associated with this matter to be approximately 0.4 million EUR to 6.6 million EUR plus a potential undetermined amount of apportioned proceeding expenses, with no amount within the range being a better estimate than the minimum of the range. Accordingly, GGB France has retained the accrual of 0.4 million EUR associated with this matter, which was established in 2016.

79

Asbestos Insurance Matters

Under the Consensual Settlement and Joint Plan described above in Note 21, “Subsidiary Asbestos Bankruptcies,” GST and OldCo retained their rights to seek reimbursement under insurance policies for any amounts they have paid in the past to resolve asbestos claims, including contributions made to the Trust under the Joint Plan. These policies include a number of primary and excess general liability insurance policies that were purchased by Coltec and were in effect prior to January 1, 1976 (the “Pre-Garlock Coverage Block”). The policies provide coverage for “occurrences” happening during the policy periods and cover losses associated with product liability claims against Coltec and certain of its subsidiaries. Asbestos claims against GST are not covered under these policies because GST was not a Coltec subsidiary prior to 1976. The Joint Plan provides that OldCo may retain the first $25 million of any settlements and judgments related to insurance policies in the Pre-Garlock Coverage Block and OldCo and the Trust will share equally in any settlements and judgments OldCo may collect in excess of $25 million.

At December 31, 2018, approximately $12.6 million of available products hazard limits or insurance receivables existed under primary and excess general liability insurance policies other than the Pre-Garlock Coverage Block (the "Garlock Coverage Block") from solvent carriers with investment grade ratings, which we believe is available to cover GST asbestos claims payments and certain expense payments, including contributions to the Trust. We consider such amount of available insurance coverage under the Garlock Coverage Block to be of high quality because the insurance policies are written or guaranteed by U.S.-based carriers whose credit rating by S&P is investment grade (BBB-) or better, and whose AM Best rating is excellent (A-) or better. The remaining $12.6 million of solvent insurance coverage is available to pending and estimated future claims. There are specific agreements in place with carriers regarding the remaining available coverage. Based on those agreements and the terms of the policies in place and prior decisions concerning coverage, we believe that all of the $12.6 million of insurance proceeds will ultimately be collected, although there can be no assurance that the insurance companies will make the payments as and when due. Assuming the insurers pay according to the agreements and policies, we anticipate that the following amounts should be collected in the years set out below:

2019 – $10.1 million

2020 – $2.5 million

GST LLC has received $8.8 million of insurance recoveries from insolvent carriers since 2007, and may receive additional payments from insolvent carriers in the future. No anticipated insolvent carrier collections are included in the $12.6 million of anticipated collections. The insurance available to cover current and future asbestos claims is from comprehensive general liability policies that cover OldCo, as the successor to Coltec, and certain of its other subsidiaries in addition to GST LLC for periods prior to 1985 and therefore could be subject to potential competing claims of other covered subsidiaries and their assignees.

Other Commitments

We have a number of operating leases primarily for real estate, equipment and vehicles. Operating lease arrangements are generally utilized to secure the use of assets if the terms and conditions of the lease or the nature of the asset makes the lease arrangement more favorable than a purchase. Future minimum lease payments by year and in the aggregate, under noncancelable operating leases with initial or remaining noncancelable lease terms in excess of one year, consisted of the following at December 31, 2018 (in millions):

2019	$	11.5
2020	9.0
2021	6.2
2022	4.4
2023	3.4
Thereafter	2.7
Total minimum payments	$	37.2

Net rent expense was $13.5 million, $12.2 million and $12.6 million for the years ended December 31, 2018, 2017 and 2016, respectively.

80

23. Supplemental Guarantor Financial Information

On October 17, 2018, we completed the offering of the New Notes and applied the net proceeds of that offering, together with borrowings under the Revolving Credit Facility, to redeem all of the Initial Senior Notes and the Additional Notes on October 31, 2018. The New Notes are fully and unconditionally guaranteed on an unsecured, unsubordinated, joint and several basis by our existing and future wholly owned direct and indirect domestic subsidiaries, that are each guarantors of our Revolving Credit Facility (collectively, the “Guarantor Subsidiaries”).  Our subsidiaries organized outside of the United States, (collectively, the “Non-Guarantor Subsidiaries”) did not guarantee the Initial Senior Notes or the Additional Notes and do not guarantee the New Notes. A Guarantor Subsidiary's guarantee of the New Notes is subject to release in certain circumstances, including (i) the sale, disposition, exchange or other transfer (including through merger, consolidation, amalgamation or otherwise) of the capital stock of the subsidiary made in a manner not in violation of the indenture governing the New Notes; (ii) the designation of the subsidiary as an “Unrestricted Subsidiary” under the indenture governing the New Notes; (iii) the legal defeasance or covenant defeasance of the New Notes in accordance with the terms of the indenture; or (iv) the subsidiary ceasing to be our subsidiary as a result of any foreclosure of any pledge or security interest securing our Revolving Credit Facility or other exercise of remedies in respect thereof.

The following tables present condensed consolidating financial information for EnPro Industries, Inc. (the "Parent"), the Guarantor Subsidiaries on a combined basis, the Non-Guarantor Subsidiaries on a combined basis and the eliminations necessary to arrive at our consolidated results. The consolidating financial information reflects our investments in subsidiaries using the equity method of accounting. These tables are not intended to present our results of operations, cash flows or financial condition for any purpose other than to comply with the specific requirements for subsidiary guarantor reporting.

We have revised our December 31, 2018 Condensed Consolidating Statement of Operations, Condensed Consolidating Statement of Comprehensive Income, and Condensed Consolidated Balance Sheet presented in our supplemental guarantor financial information to reflect the revision discussed in Note 25, "Revision."

81

ENPRO INDUSTRIES, INC.

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS

Year Ended December 31, 2018

(in millions)

				Guarantor			Non-guarantor
	Parent			Subsidiaries			Subsidiaries			Eliminations			Consolidated
Net sales	$	—		$	1,091.2		$	602.7		$	(161.9	)	$	1,532.0
Cost of sales	—			812.9			402.0			(161.9		)	1,053.0
Gross profit	—			278.3			200.7			—			479.0
Operating expenses:
Selling, general and administrative	31.0			201.4			108.0			—			340.4
Other	—			20.3			1.0			—			21.3
Total operating expenses	31.0			221.7			109.0			—			361.7
Operating income (loss)	(31.0		)	56.6			91.7			—			117.3
Interest income (expense), net	(22.7		)	(5.1		)	0.5			—			(27.3		)
Other expense, net	(18.1		)	(25.0		)	(0.3		)	—			(43.4		)
Income (loss) before income taxes	(71.8		)	26.5			91.9			—			46.6
Income tax benefit (expense)	(42.9		)	40.3			(24.4		)	—			(27.0		)
Income (loss) before equity in earnings of subsidiaries	(114.7		)	66.8			67.5			—			19.6
Equity in earnings of subsidiaries, net of tax	134.3			67.5			—			(201.8		)	—
Net income	$	19.6		$	134.3		$	67.5		$	(201.8	)	$	19.6

ENPRO INDUSTRIES, INC.

CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME

Year Ended December 31, 2018

(in millions)

				Guarantor			Non-guarantor
	Parent			Subsidiaries			Subsidiaries			Eliminations			Consolidated
Net income	$	19.6		$	134.3		$	67.5		$	(201.8	)	$	19.6
Other comprehensive income:
Foreign currency translation adjustments	(0.3		)	(13.0		)	(13.0		)	26.0			(0.3		)
Pension and post-retirement benefits adjustment (excluding amortization)	(12.7		)	(12.7		)	0.4			12.3			(12.7		)
Pension settlement loss	12.7			12.7			(0.1		)	(12.6		)	12.7
Amortization of pension and post-retirement benefits included in net income	5.5			5.5			—			(5.5		)	5.5
Other comprehensive income (loss), before tax	5.2			(7.5		)	(12.7		)	20.2			5.2
Income tax expense related to items of other comprehensive income	(2.3		)	(2.3		)	(0.1		)	2.4			(2.3		)
Other comprehensive income (loss), net of tax	2.9			(9.8		)	(12.8		)	22.6			2.9
Comprehensive income	$	22.5		$	124.5		$	54.7		$	(179.2	)	$	22.5

82

ENPRO INDUSTRIES, INC.

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS

Year Ended December 31, 2017

(in millions)

				Guarantor			Non-guarantor
	Parent			Subsidiaries			Subsidiaries			Eliminations			Consolidated
Net sales	$	—		$	921.9		$	497.3		$	(109.6	)	$	1,309.6
Cost of sales	—			644.7			330.2			(109.6		)	865.3
Gross profit	—			277.2			167.1			—			444.3
Operating expenses:
Selling, general and administrative	33.0			182.6			110.1			—			325.7
Other	1.1			12.1			3.7			—			16.9
Total operating expenses	34.1			194.7			113.8			—			342.6
Operating income (loss)	(34.1		)	82.5			53.3			—			101.7
Interest income (expense), net	(25.4		)	(24.1		)	0.1			—			(49.4		)
Gain on reconsolidation of GST and OldCo	—			534.4			—			—			534.4
Other expense, net	(0.1		)	(9.0		)	(0.1		)	—			(9.2		)
Income (loss) before income taxes	(59.6		)	583.8			53.3			—			577.5
Income tax benefit (expense)	17.6			(20.7		)	(34.6		)	—			(37.7		)
Income (loss) before equity in earnings of subsidiaries	(42.0		)	563.1			18.7			—			539.8
Equity in earnings of subsidiaries, net of tax	581.8			18.7			—			(600.5		)	—
Net income	$	539.8		$	581.8		$	18.7		$	(600.5	)	$	539.8

ENPRO INDUSTRIES, INC.

CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME

Year Ended December 31, 2017

(in millions)

				Guarantor			Non-guarantor
	Parent			Subsidiaries			Subsidiaries			Eliminations			Consolidated
Net income	$	539.8		$	581.8		$	18.7		$	(600.5	)	$	539.8
Other comprehensive income:
Foreign currency translation adjustments	14.4			14.4			14.4			(28.8		)	14.4
Pension and post-retirement benefits adjustment (excluding amortization)	5.2			5.2			1.3			(6.5		)	5.2
Amortization of pension and post-retirement benefits included in net income	7.7			7.7			0.1			(7.8		)	7.7
Other comprehensive income, before tax	27.3			27.3			15.8			(43.1		)	27.3
Income tax expense related to items of other comprehensive income	(4.8		)	(4.8		)	(0.4		)	5.2			(4.8		)
Other comprehensive income, net of tax	22.5			22.5			15.4			(37.9		)	22.5
Comprehensive income	$	562.3		$	604.3		$	34.1		$	(638.4	)	$	562.3

83

ENPRO INDUSTRIES, INC.

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS

Year Ended December 31, 2016

(in millions)

				Guarantor			Non-guarantor
	Parent			Subsidiaries			Subsidiaries			Eliminations			Consolidated
Net sales	$	—		$	829.0		$	439.7		$	(81.0	)	$	1,187.7
Cost of sales	—			581.5			291.4			(81.0		)	791.9
Gross profit	—			247.5			148.3			—			395.8
Operating expenses:
Selling, general and administrative	27.4			163.3			112.0			—			302.7
Asbestos settlement	—			80.0			—			—			80.0
Other	4.8			3.3			7.5			—			15.6
Total operating expenses	32.2			246.6			119.5			—			398.3
Operating income (loss)	(32.2		)	0.9			28.8			—			(2.5		)
Interest expense, net	(18.5		)	(36.2		)	(0.4		)	—			(55.1		)
Other expense, net	(0.3		)	(10.0		)	(0.8		)	—			(11.1		)
Income (loss) before income taxes	(51.0		)	(45.3		)	27.6			—			(68.7		)
Income tax benefit (expense)	17.6			21.7			(10.7		)	—			28.6
Income (loss) before equity in earnings of subsidiaries	(33.4		)	(23.6		)	16.9			—			(40.1		)
Equity in earnings of subsidiaries, net of tax	(6.7		)	16.9			—			(10.2		)	—
Net income (loss)	$	(40.1	)	$	(6.7	)	$	16.9		$	(10.2	)	$	(40.1	)

ENPRO INDUSTRIES, INC.

CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME

Year Ended December 31, 2016

(in millions)

				Guarantor			Non-guarantor
	Parent			Subsidiaries			Subsidiaries			Eliminations			Consolidated
Net income	$	(40.1	)	$	(6.7	)	$	16.9		$	(10.2	)	$	(40.1	)
Other comprehensive income (loss):
Foreign currency translation adjustments	(16.3		)	(16.3		)	(16.3		)	32.6			(16.3		)
Pension and post-retirement benefits adjustment (excluding amortization)	(7.8		)	(8.3		)	0.6			7.7			(7.8		)
Amortization of pension and post-retirement benefits included in net income (loss)	6.9			6.6			0.2			(6.8		)	6.9
Other comprehensive loss, before tax	(17.2		)	(18.0		)	(15.5		)	33.5			(17.2		)
Income tax benefit (expense) related to items of other comprehensive loss	0.4			0.5			(0.2		)	(0.3		)	0.4
Other comprehensive loss, net of tax	(16.8		)	(17.5		)	(15.7		)	33.2			(16.8		)
Comprehensive income (loss)	$	(56.9	)	$	(24.2	)	$	1.2		$	23.0		$	(56.9	)

84

ENPRO INDUSTRIES, INC.

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

Year Ended December 31, 2018

(in millions)

				Guarantor			Non-guarantor
	Parent			Subsidiaries			Subsidiaries			Eliminations			Consolidated
NET CASH PROVIDED BY OPERATING ACTIVITIES	$	156.6		$	114.2		$	81.3		$	(125.7	)	$	226.4
INVESTING ACTIVITIES
Purchases of property, plant and equipment	—			(49.8		)	(12.8		)	—			(62.6		)
Payments for capitalized internal-use software	—			(2.9		)	(0.5		)	—			(3.4		)
Receipts from settlements of derivative contracts	9.3			—			—			—			9.3
Proceeds from sale of property, plant and equipment	—			30.1			0.6			—			30.7
Net cash provided by (used in) investing activities	9.3			(22.6		)	(12.7		)	—			(26.0		)
FINANCING ACTIVITIES
Net payments between subsidiaries	28.2			(31.0		)	2.8			—			—
Intercompany dividends	—			—			(125.7		)	125.7			—
Proceeds from debt	350.0			664.7			—			—			1,014.7
Repayments of debt	(463.2		)	(721.7		)	—			—			(1,184.9		)
Repurchase of common stock	(50.0		)	—			—			—			(50.0		)
Dividends paid	(20.3		)	—			—			—			(20.3		)
Other	(10.6		)	(1.3		)	—			—			(11.9		)
Net cash used in financing activities	(165.9		)	(89.3		)	(122.9		)	125.7			(252.4		)
Effect of exchange rate changes on cash and cash equivalents	—			—			(7.7		)	—			(7.7		)
Net increase (decrease) in cash and cash equivalents	—			2.3			(62.0		)	—			(59.7		)
Cash and cash equivalents at beginning of year	—			—			189.3			—			189.3
Cash and cash equivalents at end of year	$	—		$	2.3		$	127.3		$	—		$	129.6

85

ENPRO INDUSTRIES, INC.

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

Year Ended December 31, 2017

(in millions)

				Guarantor			Non-guarantor
	Parent			Subsidiaries			Subsidiaries			Eliminations			Consolidated
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES	$	(106.5	)	$	61.9		$	91.3		$	(0.1	)	$	46.6
INVESTING ACTIVITIES
Purchases of property, plant and equipment	—			(28.2		)	(12.8		)	—			(41.0		)
Payments for capitalized internal-use software	—			(3.6		)	(0.1		)	—			(3.7		)
Payments for acquisitions	—			(39.5		)	(5.1		)	—			(44.6		)
Reconsolidation of GST and OldCo	—			41.1			—			—			41.1
Deconsolidation of OldCo	—			(4.8		)	—			—			(4.8		)
Capital contribution to OldCo	—			(45.2		)	—			—			(45.2		)
Proceeds from sale of property, plant and equipment	—			—			0.5			—			0.5
Net cash used in investing activities	—			(80.2		)	(17.5		)	—			(97.7		)
FINANCING ACTIVITIES
Net payments between subsidiaries	(12.1		)	19.3			(7.2		)	—			—
Intercompany dividends	—			—			(0.1		)	0.1			—
Proceeds from debt	151.5			480.7			3.5			—			635.7
Repayments of debt	—			(482.5		)	(1.8		)	—			(484.3		)
Repurchase of common stock	(11.5		)	—			—			—			(11.5		)
Dividends paid	(19.0		)	—			—			—			(19.0		)
Other	(2.4		)	—			—			—			(2.4		)
Net cash provided by (used in) financing activities	106.5			17.5			(5.6		)	0.1			118.5
Effect of exchange rate changes on cash and cash equivalents	—			—			10.4			—			10.4
Net increase (decrease) in cash and cash equivalents	—			(0.8		)	78.6			—			77.8
Cash and cash equivalents at beginning of year	—			0.8			110.7			—			111.5
Cash and cash equivalents at end of year	$	—		$	—		$	189.3		$	—		$	189.3

86

ENPRO INDUSTRIES, INC.

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

Year Ended December 31, 2016

(in millions)

				Guarantor			Non-guarantor
	Parent			Subsidiaries			Subsidiaries			Eliminations			Consolidated
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES	$	(45.9	)	$	82.9		$	39.7		$	(12.2	)	$	64.5
INVESTING ACTIVITIES
Purchases of property, plant and equipment	—			(28.4		)	(7.4		)	—			(35.8		)
Payments for capitalized internal-use software	—			(3.8		)	(0.3		)	—			(4.1		)
Proceeds from sale of business	—			2.9			3.7			—			6.6
Payments for acquisitions	—			(25.5		)	(3.0		)	—			(28.5		)
Proceeds from sale of property, plant and equipment	—			—			0.4			—			0.4
Net cash used in investing activities	—			(54.8		)	(6.6		)	—			(61.4		)
FINANCING ACTIVITIES
Net payments between subsidiaries	96.6			(95.6		)	(1.0		)	—			—
Intercompany dividends	—			—			(12.2		)	12.2			—
Proceeds from debt	—			344.7			6.1			—			350.8
Repayments of debt	—			(277.1		)	(1.0		)	—			(278.1		)
Repurchase of common stock	(30.4		)	—			—			—			(30.4		)
Dividends paid	(18.1		)	—			—			—			(18.1		)
Other	(2.2		)	—			—			—			(2.2		)
Net cash provided by (used in) financing activities	45.9			(28.0		)	(8.1		)	12.2			22.0
Effect of exchange rate changes on cash and cash equivalents	—			—			(17.0		)	—			(17.0		)
Net increase in cash and cash equivalents	—			0.1			8.0			—			8.1
Cash and cash equivalents at beginning of year	—			0.7			102.7			—			103.4
Cash and cash equivalents at end of year	$	—		$	0.8		$	110.7		$	—		$	111.5

87

ENPRO INDUSTRIES, INC.

CONDENSED CONSOLIDATING BALANCE SHEETS

December 31, 2018

(in millions)

			Guarantor		Non-guarantor
	Parent		Subsidiaries		Subsidiaries		Eliminations			Consolidated
ASSETS
Current assets
Cash and cash equivalents	$	—	$	2.3	$	127.3	$	—		$	129.6
Accounts receivable, net	—		210.3		76.3		—			286.6
Intercompany receivables	—		19.0		8.9		(27.9		)	—
Inventories	—		155.3		77.8		—			233.1
Income tax receivable	42.9		0.3		6.4		—			49.6
Prepaid expenses and other current assets	4.9		20.3		8.0		—			33.2
Total current assets	47.8		407.5		304.7		(27.9		)	732.1
Property, plant and equipment, net	2.2		209.7		89.3		—			301.2
Goodwill	—		261.0		72.7		—			333.7
Other intangible assets, net	—		242.2		55.1		—			297.3
Intercompany receivables	—		53.9		—		(53.9		)	—
Investment in subsidiaries	1,246.4		387.7		—		(1,634.1		)	—
Other assets	13.6		25.3		12.6		—			51.5
Total assets	$	1,310.0	$	1,587.3	$	534.4	$	(1,715.9	)	$	1,715.8
LIABILITIES AND EQUITY
Current liabilities
Current maturities of long-term debt	$	2.1	$	0.3	$	—	$	—		$	2.4
Accounts payable	2.1		99.0		38.1		—			139.2
Intercompany payables	—		8.9		19.0		(27.9		)	—
Accrued expenses	13.9		82.8		53.7		—			150.4
Total current liabilities	18.1		191.0		110.8		(27.9		)	292.0
Long-term debt	345.0		117.5		—		—			462.5
Intercompany payables	51.1		—		2.8		(53.9		)	—
Other liabilities	38.1		32.4		33.1		—			103.6
Total liabilities	452.3		340.9		146.7		(81.8		)	858.1
Shareholders’ equity	857.7		1,246.4		387.7		(1,634.1		)	857.7
Total liabilities and equity	$	1,310.0	$	1,587.3	$	534.4	$	(1,715.9	)	$	1,715.8

88

ENPRO INDUSTRIES, INC.

CONDENSED CONSOLIDATING BALANCE SHEETS

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

89

24. Selected Quarterly Financial Data (Unaudited)

	First Quarter (1)				Second Quarter (1)				Third Quarter (1)				Fourth Quarter (1)
(in millions, except per share data)	2018		2017		2018		2017		2018		2017		2018			2017
Net sales	$	368.8	$	295.8	$	393.6	$	307.6	$	388.2	$	343.7	$	381.4		$	362.5
Gross profit	$	125.1	$	101.7	$	115.8	$	104.6	$	124.1	$	115.1	$	114.0		$	122.9
Net income (loss)	$	12.6	$	6.4	$	9.9	$	9.0	$	24.2	$	490.2	$	(27.1	)	$	34.2
Basic earnings (loss) per share	$	0.59	$	0.30	$	0.47	$	0.42	$	1.17	$	22.98	$	(1.31	)	$	1.60
Diluted earnings (loss) per share	$	0.58	$	0.30	$	0.47	$	0.41	$	1.16	$	22.49	$	(1.31	)	$	1.57

(1) Items impacting comparability of net income and earnings (loss) per share in these quarters included:

• The reconsolidation of GST and OldCo including the $534.4 million gain recorded on the reconsolidation in the third quarter of 2017 (See Note 2, "Garlock Sealing Technologies LLC, Garrison Litigation Management Group, Ltd., and OldCo, LLC"), and the tax impacts of the reconsolidation recorded in that quarter (See Note 7, "Income Taxes")

• The impacts of the Tax Act recorded in the fourth quarter of 2017 (See Note 7, "Income Taxes")

The following table presents the impact a revision to our consolidated financial statements for the quarter ended December 31, 2018:

	Selected Quarterly Financial Data (Unaudited)
	Fourth Quarter 2018
	(in millions, except earnings per share data)
	As previously reported			Adjustment			As revised
Net loss	$	(22.1	)	$	(5.0	)	$	(27.1	)
Basic loss per share	$	(1.07	)	$	(0.24	)	$	(1.31	)
Diluted loss per share	$	(1.07	)	$	(0.24	)	$	(1.31	)

Refer to Note 25, "Revision" for a further discussion on the related changes.

90

25. Revision

Subsequent to June 30, 2019 we determined that our income tax expense for the three months and year ended December 31, 2018, as previously reported, was understated. The errors related primarily to the computation of the tax provision for certain of our legal entities located in two foreign countries and incorrect input data used in the calculation of a new annual federal tax which became effective in 2018 under the 2017 Jobs and Tax Act and certain recurring credits. We evaluated the impact of these items on prior periods under the guidance of the SEC Staff Accounting Bulletin No. 99, "Materiality," and determined the amounts were not material to previously issued financial statements. As a result, we have revised the consolidated financial statements to correct these errors.

The following tables present the impact of this revision on our consolidated financial statements as of and for the year ended December 31, 2018:

	Consolidated Statement of Operations for the year ended December 31, 2018
	(in millions, except earnings per share data)
	As previously reported			Adjustment			As revised
Income before income taxes	$	46.6		$	—		$	46.6
Income tax expense	(22.0		)	(5.0		)	(27.0		)
Net Income	$	24.6		$	(5.0	)	$	19.6
Basic earnings per share	$	1.17		$	(0.23	)	$	0.94
Diluted earnings per share	$	1.16		$	(0.23	)	$	0.93

	Consolidated Statement of Comprehensive Income for the year ended December 31, 2018
	(in millions)
	As previously reported		Adjustment			As revised
Net income	$	24.6	$	(5.0	)	$	19.6
Other comprehensive income, net of tax	2.9		—			2.9
Comprehensive income	$	27.5	$	(5.0	)	$	22.5

	Consolidated Statement of Cash Flows for the year ended December 31, 2018
	(in millions)
	As previously reported		Adjustment			As revised
Net Income	$	24.6	$	(5.0	)	$	19.6
Adjustments to reconcile net income to net cash provided by operating activities:
Deferred income taxes	4.9		0.5			5.4
Income taxes, net	93.9		4.5			98.4
Net cash provided by operating activities	$	226.4	$	—		$	226.4

91

	Consolidated Balance Sheet as of December 31, 2018
	(in millions)
	As previously reported		Adjustment			As revised
Income tax receivable	$	49.5	$	0.1		$	49.6
Total current assets	732.0		0.1			732.1
Other assets	54.9		(3.4		)	51.5
Total assets	$	1,719.1	$	(3.3	)	$	1,715.8
Accrued expenses	$	145.5	$	4.9		$	150.4
Total current liabilities	287.1		4.9			292.0
Other liabilities	106.8		(3.2		)	103.6
Total liabilities	856.4		1.7			858.1
Retained earnings	608.3		(5.0		)	603.3
Total shareholders' equity	862.7		(5.0		)	857.7
Total liabilities and equity	$	1,719.1	$	(3.3	)	$	1,715.8

In addition, we have revised our December 31, 2018 Condensed Consolidated Statement of Operations, Condensed Consolidated Statement of Comprehensive Income, and Condensed Consolidated Balance Sheet that are presented in our supplemental guarantor financial information as well as unaudited selected quarterly financial data. Refer to Note 23, "Supplemental Guarantor Financial Information" and Note 24, "Selected Quarterly Financial Data (Unaudited)" to correct the disclosed errors related to the income tax provision.

92

SCHEDULE II

Valuation and Qualifying Accounts

For the Years Ended December 31, 2018, 2017 and 2016

(in millions)

Allowance for Doubtful Accounts

	Balance, Beginning of Year		Charge (credit) to Expense			Write-off of Receivables			Other (1)		Balance, End of Year
2018	$	4.7	$	(0.3	)	$	(0.4	)	$	0.1	$	4.1
2017	$	4.9	$	1.2		$	(1.6	)	$	0.2	$	4.7
2016	$	5.4	$	1.1		$	(1.6	)	$	—	$	4.9

(1) Consists primarily of the effect of changes in currency rates.

Deferred Income Tax Valuation Allowance

	Balance, Beginning of Year		Charge (credit) to Expense			Expiration of Net Operating Losses			Other (2) (3)			Balance, End of Year (3)
2018	$	25.7	$	(1.4	)	$	—		$	(0.4	)	$	23.9
2017	$	20.2	$	1.2		$	(0.1	)	$	4.4		$	25.7
2016	$	17.6	$	4.6		$	(0.1	)	$	(1.9	)	$	20.2

(2) Consists primarily of the effects of changes in currency rates and statutory changes in tax rates.

(3) Revised to reflect the revision discussed in Note 25, "Revision."

93

EX-23.1

Exhibit 23.1

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We hereby consent to the incorporation by reference in the Registration Statements on Form S-8 (Nos. 333-89576, 333-89580, 333-107775, 333-113284, 333-159099, 333-178668, 333-181282, 333-195661 and 333-211194) of EnPro Industries, Inc. of our report dated February 25, 2019, except for the effects of the revision discussed in Note 25 to the consolidated financial statements and Note 3 to the financial statement schedule and the matter discussed in the penultimate paragraph of Management's Report on Internal Control Over Financial Reporting, as to which the date is August 2, 2019, relating to the financial statements, financial statement schedule and the effectiveness of internal control over financial reporting, which appears in this Form 10-K/A.

/s/ PricewaterhouseCoopers LLP

Charlotte, North Carolina

August 2, 2019

EX-31.1

Exhibit 31.1

CERTIFICATION

I, Marvin A. Riley, President and Chief Executive Officer of EnPro Industries, Inc. (the “registrant”), certify that:

1. I have reviewed this report on Form 10-K/A of the registrant;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:	August 2, 2019	/s/ Marvin A. Riley
		Marvin A. Riley
		President and Chief Executive Officer

EX-31.2

Exhibit 31.2

CERTIFICATION

I, J. Milton Childress, Executive Vice President and Chief Financial Officer of EnPro Industries, Inc. (the “registrant”), certify that:

1. I have reviewed this report on Form 10-K/A of the registrant;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:	August 2, 2019	/s/ J. Milton Childress
		J. Milton Childress
		Executive Vice President and Chief Financial Officer

EX-32

Exhibit 32

CERTIFICATION

The undersigned chief executive officer and chief financial officer of the registrant each certifies pursuant to 18 U.S.C. § 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to his knowledge, this report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, and that to his knowledge, the information contained in this report fairly presents, in all material respects, the financial condition and results of operations of the registrant.

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to EnPro Industries, Inc. and will be retained by EnPro Industries, Inc. and furnished to the Securities and Exchange Commission or its staff upon request.

Date:	August 2, 2019	/s/ Marvin A. Riley
		Marvin A. Riley
		President and Chief Executive Officer
Date:	August 2, 2019	/s/ J. Milton Childress
		J. Milton Childress
		Executive Vice President and Chief Financial Officer

XML

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2018	Feb. 20, 2019	Jun. 30, 2018
Document Document And Entity Information [Abstract]
Document Type	10-K/A
Amendment Flag	true
Amendment Description	EXPLANATORY NOTE EnPro Industries, Inc. is filing this Amendment No. 1 on Form 10-K/A (this “Form 10-K/A”) to its Annual Report on Form 10-K for the year ended December 31, 2018, originally filed with the Securities and Exchange Commission on February 25, 2019 (the “Original Filing”), to make certain changes as described below. As used in this report, the terms “we,” “us,” “our,” “EnPro” and “Company” mean EnPro Industries, Inc. and its subsidiaries (unless the context indicates another meaning). The Company has identified certain errors related to items affecting the provision for income tax expense reported for the year ended December 31, 2018, which errors had the effect of understating income tax expense for the year and the three months ended December 31, 2018 by approximately $5.0 million. Pursuant to the guidance of SEC Staff Accounting Bulletin No. 99, “Materiality,” the Company has evaluated the materiality of the errors quantitatively and qualitatively and has concluded that they did not, individually or in the aggregate, result in a material misstatement of the Company’s previously issued consolidated financial statements and that such financial statements may continue to be relied upon. In evaluating these errors, the Company identified deficiencies in its internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) with respect to the design and maintenance of controls over the accounting for income taxes. Specifically, we did not design and maintain effective controls to (i) sufficiently review and validate information received from foreign subsidiaries in their quarterly tax packages, including adjustments made to the packages in consolidation, which are used in the determination of the completeness and accuracy of our consolidated provision for income taxes and (ii) sufficiently review the completeness and accuracy of input data used in the calculation of a new annual federal tax which became effective in 2018 under the 2017 Jobs and Tax Act and certain recurring tax credits. These deficiencies constituted a material weakness in the Company’s internal control over financial reporting at December 31, 2018 and at March 31, 2019. As a result, the Company is filing this Form 10-K/A to amend the Original Filing to reflect that its internal control over financial reporting and disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) were not effective as of December 31, 2018. This Form 10-K/A includes a revised report of our independent registered public accounting firm with respect to the effectiveness of our internal control over financial reporting at December 31, 2018. This Form 10-K/A also includes revised financial statements for the year ended December 31, 2018 which reflect the correction of the income tax errors described above. Note 25 of Notes to Consolidated Financial Statements included in Item 8 of this Form 10-K/A describes in more detail the revisions to correct these errors. Revisions to the Original Filing have been made to the following items solely as a result of and to reflect these revisions: Item 6 - Selected Financial Data Item 7 - Management’s Discussion and Analysis of Financial Condition and Results of Operations Item 8 - Financial Statements and Supplementary Data Item 9A - Controls and Procedures Item 15 - Exhibits, Financial Statement Schedules As required by Rule 12b-15 under the Exchange Act, the Company’s current principal executive officer and principal financial officer are providing currently dated certifications, which are filed as exhibits hereto. In addition, the Company is filing as an exhibit hereto a new consent from PricewaterhouseCoopers LLP. Accordingly, this Form 10-K/A amends Part IV - Item 15 in the Original Filing to reflect the filing of the new certifications and consent, as well as XBRL tagging exhibits, and to reflect that the other exhibits filed with the Original Filing are incorporated by reference in this Form 10-K/A to such exhibits as filed with the Original Filing. Except as described above, this Form 10-K/A does not amend, update or change any other items or disclosures in the Original Filing and does not purport to reflect any information or events subsequent to the filing thereof. As such, this Form 10-K/A speaks only as of the date the Original Filing was filed, and the Company has not undertaken herein to amend, supplement or update any information contained in the Original Filing to give effect to any subsequent events. Accordingly, this Form 10-K/A should be read in conjunction with the Company’s filings made with the Securities and Exchange Commission subsequent to the filing of the Original Filing, including any amendment to those filings. The Company is concurrently filing an amendment (the “Form 10-Q/A”) to its Form 10-Q for the quarter ended March 31, 2019 filed on May 2, 2019 (the “Original Form 10-Q Filing”) to reflect that its disclosure controls and procedures were not effective as of March 31, 2019. The Form 10-Q/A being filed concurrently with this Form 10-K/A corrects certain line items of the December 31, 2018 consolidated balance sheet included in the Original Form 10-Q Filing to conform to the consolidated balance sheet at that date included in this Form 10-K/A, with corresponding revisions to the line items in the March 31, 2019 consolidated balance sheet included in the Original Form 10-Q Filing. The Form 10-Q/A does not contain any revision to the Company’s consolidated statement of operations for the quarter ended March 31, 2019 as included in the Original Form 10-Q Filing.
Document Period End Date	Dec. 31, 2018
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	FY
Entity Registrant Name	ENPRO INDUSTRIES, INC
Entity Central Index Key	0001164863
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		20,783,049
Entity Public Float			$ 1,428,943,636

XML

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Income Statement [Abstract]
Net sales	$ 1,532.0	$ 1,309.6	$ 1,187.7
Cost of sales	1,053.0	865.3	791.9
Gross profit	479.0	444.3	395.8
Operating expenses:
Selling, general and administrative	340.4	325.7	302.7
Asbestos settlement	0.0	0.0	80.0
Other	21.3	16.9	15.6
Total operating expenses	361.7	342.6	398.3
Operating income (loss)	117.3	101.7	(2.5)
Interest expense	(28.5)	(50.9)	(55.9)
Interest income	1.2	1.5	0.8
Gain on reconsolidation of GST and OldCo	0.0	534.4	0.0
Other expense	(43.4)	(9.2)	(11.1)
Income (loss) before income taxes	46.6	577.5	(68.7)
Income tax benefit (expense)	(27.0)	(37.7)	28.6
Net income (loss)	$ 19.6	$ 539.8	$ (40.1)
Basic earnings per share:
Basic earnings (loss) per share (in dollars per share)	$ 0.94	$ 25.28	$ (1.86)
Diluted earnings per share:
Diluted earnings (loss) per share (in dollars per share)	0.93	24.76	(1.86)
Cash dividends per share (in dollars per share)	$ 0.96	$ 0.88	$ 0.84

XML

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 19.6	$ 539.8	$ (40.1)
Other comprehensive income (loss):
Foreign currency translation adjustments	(0.3)	14.4	(16.3)
Pension and post-retirement benefits adjustment (excluding amortization)	(12.7)	5.2	(7.8)
Pension settlement loss	12.7	0.0	0.0
Amortization of pension and post-retirement benefits included in net income (loss)	5.5	7.7	6.9
Other comprehensive income (loss), before tax	5.2	27.3	(17.2)
Income tax benefit (expense) related to items of other comprehensive income (loss)	(2.3)	(4.8)	0.4
Other comprehensive income (loss), net of tax	2.9	22.5	(16.8)
Comprehensive income (loss)	$ 22.5	$ 562.3	$ (56.9)

XML

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
OPERATING ACTIVITIES
Net income (loss)	$ 19.6	$ 539.8	$ (40.1)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation	39.1	32.7	30.4
Amortization	34.6	31.1	26.7
Gain on reconsolidation of GST and OldCo	0.0	(534.4)	0.0
Asbestos settlement	0.0	0.0	80.0
Loss on extinguishment of debt	18.1	0.0	0.0
Deferred income taxes	5.4	35.9	(30.0)
Stock-based compensation	6.5	9.5	5.1
Other non-cash adjustments	16.1	15.0	1.1
Change in assets and liabilities, net of effects of acquisitions, deconsolidation, and reconsolidation of businesses:
Asbestos liabilities	(0.5)	(95.5)	0.0
Asbestos insurance receivables	29.9	26.6	0.0
Accounts receivable, net	(29.6)	(35.7)	3.0
Inventories	(35.5)	7.9	2.4
Accounts payable	7.5	20.5	(2.9)
Income taxes, net	98.4	(9.9)	(16.4)
Other current assets and liabilities	9.4	8.8	6.4
Other non-current assets and liabilities	7.4	(5.7)	(1.2)
Net cash provided by operating activities	226.4	46.6	64.5
INVESTING ACTIVITIES
Purchases of property, plant and equipment	(62.6)	(41.0)	(35.8)
Payments for capitalized internal-use software	(3.4)	(3.7)	(4.1)
Proceeds from sale of business	0.0	0.0	6.6
Payments for acquisitions, net of cash acquired	0.0	(44.6)	(28.5)
Reconsolidation of GST and OldCo	0.0	41.1	0.0
Deconsolidation of OldCo	0.0	(4.8)	0.0
Capital contribution to OldCo	0.0	(45.2)	0.0
Receipts from settlements of derivative contracts	9.3	0.0	0.0
Proceeds from sale of property, plant and equipment	30.7	0.5	0.4
Net cash used in investing activities	(26.0)	(97.7)	(61.4)
FINANCING ACTIVITIES
Proceeds from debt	1,014.7	635.7	350.8
Repayments of debt, including premiums to par value	(1,184.9)	(484.3)	(278.1)
Repurchase of common stock	(50.0)	(11.5)	(30.4)
Dividends paid	(20.3)	(19.0)	(18.1)
Other	(11.9)	(2.4)	(2.2)
Net cash provided by (used in) financing activities	(252.4)	118.5	22.0
Effect of exchange rate changes on cash and cash equivalents	(7.7)	10.4	(17.0)
Net increase (decrease) in cash and cash equivalents	(59.7)	77.8	8.1
Cash and cash equivalents at beginning of year	189.3	111.5	103.4
Cash and cash equivalents at end of year	129.6	189.3	111.5
Cash paid during the year for:
Interest	33.3	46.4	41.0
Income taxes	(77.5)	6.8	19.6
Non-cash investing and financing activities
Non-cash acquisitions of property, plant and equipment	$ 10.8	$ 7.2	$ 5.4

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CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Current assets
Cash and cash equivalents	$ 129.6	$ 189.3
Accounts receivable, less allowance for doubtful accounts of $4.1 in 2018 and of $4.7 in 2017	286.6	261.7
Inventories	233.1	204.1
Income tax receivable	49.6	113.2
Prepaid expenses and other current assets	33.2	51.3
Total current assets	732.1	819.6
Property, plant and equipment, net	301.2	296.9
Goodwill	333.7	336.1
Other intangible assets, net	297.3	347.0
Other assets	51.5	86.5
Total assets	1,715.8	1,886.1
Current liabilities
Current maturities of long-term debt	2.4	0.2
Accounts payable	139.2	130.7
Accrued expenses	150.4	137.2
Total current liabilities	292.0	268.1
Long-term debt	462.5	618.3
Other liabilities	103.6	96.9
Total liabilities	858.1	983.3
Commitments and contingent liabilities
Shareholders’ equity
Common stock – $.01 par value; 100,000,000 shares authorized; issued 20,929,218 shares at December 31, 2018 and 21,517,554 shares at December 31, 2017	0.2	0.2
Additional paid-in capital	301.0	347.9
Retained earnings	603.3	604.4
Accumulated other comprehensive loss	(45.5)	(48.4)
Common stock held in treasury, at cost – 189,514 shares at December 31, 2018 and 191,838 shares at December 31, 2017	(1.3)	(1.3)
Total shareholders’ equity	857.7	902.8
Total liabilities and equity	$ 1,715.8	$ 1,886.1

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CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Statement of Financial Position [Abstract]
Accounts and notes receivable, allowance for doubtful accounts	$ 4.1	$ 4.7
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares, issued	20,929,218	21,517,554
Treasury stock, shares	189,514	191,838

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CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) shares in Millions, $ in Millions	Total	Common Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Loss	Treasury Stock
Balance (in shares) at Dec. 31, 2015		21.9
Balance at Dec. 31, 2016	$ 358.5	$ 0.2	$ 346.5	$ 84.0	$ (70.9)	$ (1.3)
Net income (loss)	(40.1)			(40.1)
Other comprehensive income (loss)	(16.8)				(16.8)
Dividends	(18.1)			(18.1)
Shares repurchases (in shares)		(0.6)
Shares repurchases	(29.7)		(29.7)
Incentive plan activity (in shares)		0.1
Incentive plan activity	3.4		3.7	(0.3)
Balance (in shares) at Dec. 31, 2016		21.4
Balance at Dec. 31, 2015	459.8	$ 0.2	372.5	142.5	(54.1)	(1.3)
Balance at Dec. 31, 2017	902.8	$ 0.2	347.9	604.4	(48.4)	(1.3)
Net income (loss)	539.8			539.8
Other comprehensive income (loss)	22.5				22.5
Dividends	(19.1)			(19.1)
Shares repurchases (in shares)		(0.2)
Shares repurchases	(11.5)		(11.5)
Incentive plan activity (in shares)		0.1
Incentive plan activity	10.4		10.4
Adoption of accounting standard	0.2		0.5	(0.3)
Other	2.0		2.0
Balance (in shares) at Dec. 31, 2017		21.3
Balance at Dec. 31, 2016	358.5	$ 0.2	346.5	84.0	(70.9)	(1.3)
Balance at Dec. 31, 2018	857.7	$ 0.2	301.0	603.3	(45.5)	(1.3)
Net income (loss)	19.6			19.6
Other comprehensive income (loss)	2.9				2.9
Dividends	(20.4)			(20.4)
Shares repurchases (in shares)		(0.7)
Shares repurchases	(50.0)		(50.0)
Incentive plan activity (in shares)		0.1
Incentive plan activity	3.1		3.1
Adoption of accounting standard	(0.3)		0.0	(0.3)
Balance (in shares) at Dec. 31, 2018		20.7
Balance at Dec. 31, 2017	$ 902.8	$ 0.2	$ 347.9	$ 604.4	$ (48.4)	$ (1.3)

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Overview, Basis of presentation, Significant Accounting Policies and Recently Issued Accounting Guidance

12 Months Ended

Dec. 31, 2018

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Overview, Basis of Presentation, Significant Accounting Policies and Recently Issued Accounting Guidance

1. Overview, Basis of Presentation, Significant Accounting Policies and Recently Issued Accounting Guidance

Overview

EnPro Industries, Inc. (“we,” “us,” “our,” “EnPro” or the “Company”) is a leader in the design, development, manufacture and marketing of proprietary engineered industrial products that primarily include: sealing products; heavy-duty truck wheel-end component systems; self-lubricating, non-rolling bearing products; precision engineered components and lubrication systems for reciprocating compressors; and heavy-duty, medium-speed diesel, natural gas and dual fuel reciprocating engines, including parts and services. The term "Coltec" refers to our subsidiary Coltec Industries Inc prior to its merger with and into our OldCo, LLC subsidiary on December 31, 2016 and to its assigns and successor after such date.

Basis of Presentation

The Consolidated Financial Statements reflect the accounts of the Company and our majority-owned and controlled subsidiaries. All intercompany accounts and transactions between our consolidated operations have been eliminated.

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the amounts of assets and liabilities and the disclosures regarding contingent assets and liabilities at period end and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.

On June 5, 2010 (the “GST Petition Date”), our subsidiaries, Garlock Sealing Technologies LLC (“GST LLC”), The Anchor Packing Company (“Anchor”) and Garrison Litigation Management Group, Ltd. (“Garrison,” and, together with GST LLC and Anchor, "GST") filed voluntary petitions for reorganization under Chapter 11 of the United States Bankruptcy Code (the "GST Chapter 11 Case") in the U.S. Bankruptcy Court for the Western District of North Carolina in Charlotte (the “Bankruptcy Court”). The filings were the initial step in a claims resolution process for an efficient and permanent resolution of all pending and future asbestos claims through court approval of a plan of reorganization to establish a facility to resolve and pay all GST asbestos claims. On March 17, 2016, we announced that we had reached a comprehensive consensual settlement to resolve current and future asbestos claims which contemplated the joint plan of reorganization (the "Joint Plan") which was filed with the Bankruptcy Court. This settlement contemplated that Coltec would, subject to the receipt of necessary consents, undergo a corporate restructuring (the “Coltec Restructuring”) in which all of its significant operating assets and subsidiaries, which included each of our major business units, would be distributed to a new direct subsidiary of EnPro, which would also assume all of Coltec’s non-asbestos liabilities. The Coltec Restructuring was completed on December 31, 2016, and included the merger of Coltec with and into OldCo, LLC (“OldCo”), an indirect subsidiary of EnPro. As further contemplated by the settlement, on January 30, 2017 (the "OldCo Petition Date"), OldCo filed a Chapter 11 bankruptcy petition with the Bankruptcy Court (the "OldCo Chapter 11 Case"). On February 3, 2017, the Bankruptcy Court issued an order for the joint administration of the OldCo Chapter 11 Case with the GST Chapter 11 Case. The Joint Plan was consummated on July 31, 2017. For more detail on the terms of the Joint Plan, see Note 21, "Subsidiary Asbestos Bankruptcies."

During the pendency of the GST Chapter 11 Case and the related OldCo Chapter 11 Case, which are described further in Note 21, "Subsidiary Asbestos Bankruptcies," certain actions proposed to be taken by GST or OldCo not in the ordinary course of business were subject to approval by the Bankruptcy Court. As a result, during the pendency of the GST Chapter 11 Case and the OldCo Chapter 11 Case, we did not have exclusive control over these companies. Accordingly, as required by GAAP, GST was deconsolidated beginning on the GST Petition Date and OldCo was deconsolidated beginning on the OldCo Petition Date.

GST and OldCo were reconsolidated upon the effective date of the consummation of the Joint Plan, which effective date was 12:01 a.m. on July 31, 2017. Accordingly, the results of operations and cash flows from GST are included in the Consolidated Statement of Operations and Consolidated Statement of Cash Flows for the year ended December 31, 2017 only from and after July 31, 2017. The results of operations and cash flows from OldCo are included in the Consolidated Statement of Operations and Consolidated Statement of Cash Flows for the year ended December 31, 2017 only for the periods prior to the OldCo Petition Date and from and after July 31, 2017.

In the first quarter of 2018, we adopted a comprehensive new revenue recognition standard that replaces numerous requirements formerly in GAAP, including industry-specific requirements, and provides companies with a single revenue recognition model for recognizing revenue from contracts with customers. The core principle of the new standard is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services.

The new standard provides certain practical expedients that we elected in adopting and following the new guidance. We have utilized a practical expedient that permits us to expense the costs to obtain a contract as incurred when the expected amortization period is one year or less. Another expedient that we have elected is to not adjust the promised amount of consideration in contracts for the effects of a significant financing component if we expect, at contract inception, that the period between when we transfer a promised good or service to the customer and when the customer pays for that good or service will be one year or less. We currently do not have any contracts that would require the use of this expedient, but we do consider potential new arrangements from time to time that could be affected by this aspect of the guidance.

We adopted the standard using a modified retrospective transition approach. Under this approach, we made an adjustment to beginning retained earnings for 2018 for the cumulative impact of the new guidance on contracts open prior to the transition date that remain open after adoption. As a result of this transition, a $0.4 million increase was recorded to 2018 opening retained earnings. The increase pertained mainly to capitalization of certain contract acquisition costs that were expensed under the previous guidance, and to certain service contracts where revenue was previously recognized using a milestone method. Under the new guidance, revenue on such contracts is recognized more frequently throughout the contract using an input measure.

As a result of the adoption of this standard, the impact to our Consolidated Statement of Operations for the year ended December 31, 2018 and our Consolidated Balance Sheet as of December 31, 2018 in comparison to application of the guidance in effect prior to 2018 was as follows:

(in millions)	Increase (Decrease)
Net sales	$	2.1
Cost of sales	$	1.4
Accounts receivable	$	2.1
Inventories	$	(1.4	)

Additionally, in the first quarter of 2018, we adopted a new standard that requires entities to recognize the income tax consequences of an intra-entity transfer of assets other than inventory at the time the transfer occurs. As a result of adopting this standard, on a modified retrospective basis, we were required to reverse the unamortized deferred tax asset of $0.7 million associated with a 2013 intra-entity transfer of intellectual property by charging a corresponding amount to opening retained earnings.

Also in the first quarter of 2018, we adopted a standard that requires an employer to report the service cost component of pension and other postretirement benefits expense in the same line item or items as other compensation costs arising from services rendered by the pertinent employees during the period. The other components of net benefit cost are required to be presented in the income statement separately from the service cost component and outside a subtotal of income from operations. For the years ended December 31, 2017 and 2016, we recast our Consolidated Statements of Operations to reflect the retrospective application of this guidance, which resulted in a decrease in operating expenses of approximately $0.5 million and $2.2 million, respectively, with corresponding increases in other (non-operating) expense.

In the first quarter of 2018 we elected to early adopt a standard that was issued in 2017 to introduce targeted improvements to accounting for hedging activities. Among the changes the standard introduced were the elimination of recognizing periodic hedge ineffectiveness for cash flow and net investment hedges, and the permission to exclude the change in the fair value of cross-currency basis spreads in currency swaps from the assessment of hedge effectiveness. Under the standard’s amortization approach, we recognize the initial value of the component that was excluded from the assessment of hedge effectiveness as an adjustment to earnings over the life of the hedging instrument by using a systematic and rational method.

In the fourth quarter of 2018 we elected to early adopt a standard that was issued earlier in 2018 to simplify disclosure requirements related to defined benefit plans. This narrow-scoped guidance removed several disclosures that are no longer considered cost beneficial, clarified the specific requirements of certain disclosures and added new disclosure requirements identified as relevant. Other than the change in disclosure, there was no effect on our consolidated financial statements from the adoption of this guidance.

Also in the fourth quarter of 2018 we elected to early adopt a standard that was issued earlier in 2018 to reduce the accounting complexity of implementing a cloud computing service arrangement. The standard aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The amendments do not affect the accounting for the service element of a hosting arrangement that is a service contract.  There was no current year impact to our consolidated financial statements from the adoption of this guidance, however, it will change our accounting for these types of arrangements in the future.

Subsequent to June 30, 2019 we determined that our income tax expense for the three months and year ended December 31, 2018, as previously reported, was understated. The errors related primarily to the computation of the tax provision for certain of our legal entities located in two foreign countries and incorrect input data used in the calculation of a new annual federal tax which became effective in 2018 under the 2017 Jobs and Tax Act and certain recurring credits. We evaluated the impact of these items on prior periods under the guidance of the SEC Staff Accounting Bulletin No. 99, "Materiality," and determined the amounts were not material to previously issued financial statements. As a result, we have revised the consolidated financial statements to correct these errors. See Note 25, "Revision" for a further discussion of the revised items.

Summary of Significant Accounting Policies

Revenue Recognition – For the Sealing Products and Engineered Products segments, by far the largest stream of revenue is product revenue for shipments of the various products discussed further in Note 20, "Business Segment Information," along with a smaller amount of revenue from services that typically pertain to the products sold and take place over a short period of time. We recognize revenue at a point in time following the transfer of control, which typically occurs when a product is shipped or delivered, depending on the terms of the sale agreement, or when services are rendered. Shipping costs billed to customers are recognized as revenue and expensed in cost of goods sold as a fulfillment cost when control of the product transfers to the customer. Payment from customers is typically due within 30 days of the sale for sales in the U.S. For sales outside of the U.S., payment terms may be longer based upon local business customs, but are typically due no later than 90 days after the sale.

Our Power Systems segment engages in long-term contracts with various customers to design and manufacture heavy-duty, medium-speed diesel, natural gas and dual fuel reciprocating engines, including parts and services. Additionally, the segment has certain longer term service contracts that typically involve engine repair, maintenance, and testing services. Certain engine contracts provide for multiple deliverables to be provided to the customer, such as multiple engines. We determine whether such deliverables are distinct and separate performance obligations within a contract by evaluating the relationship between the deliverables to the customer. If the deliverables are highly integrated by us into a combined output or are highly interdependent or interrelated, they are accounted for as a single performance obligation.

In general, the assets being created for the customer are specific enough to the customers’ specifications to not have an alternative use for our own business or for sale to a different customer without significant modification, and we have an enforceable right to payment for performance completed as it takes place throughout the life of the engine builds. These characteristics indicate a continuous transfer of control to the customer during the contract. As a result, revenue related to these contracts is recognized over time.

Revenue is recognized over time for these contracts based on the extent of progress towards completion of the long-term contract. We generally use an input method for our long-term contracts unless we believe another method more clearly measures progress towards completion of the contract. Under this input method, the extent of progress towards completion is measured based on the ratio of costs incurred to date to the total estimated costs at completion of the contract. Contract costs include labor, material and subcontracting costs, as well as an allocation of indirect costs. Revenues, including estimated fees or profits, are recorded as costs are incurred.

Billings for work completed take place either at milestones in the contract negotiated with the customer or at a monthly interval (progress billings) as costs to complete are incurred. Payments are generally due 30 days after the invoice date. Certain contracts contain retainage provisions that apply to a portion of the contract consideration. The balances billed but not paid by customers pursuant to retainage provisions in long-term contracts and programs are normally due upon completion of the contracts and/or acceptance by the owner of specified deliverables. As these provisions are designed to protect the customer from our failing to adequately comply with our obligations under the contract, we do not believe they represent a significant financing component.

Due to the nature of the work required to be performed on many of our contracts, the estimation of total revenue and cost at completion is complex and subject to many variables. Management must make assumptions and estimates regarding labor productivity, including the benefits of learning and investments in new technologies, the complexity of the work to be performed, the availability and future prices of materials, the length of time to complete the contract (to estimate increases in wages and prices for materials and related support cost allocations), performance by our subcontractors and overhead cost rates, among other variables. Based on our analysis, any quarterly adjustments to net sales, cost of sales, and the related impact to operating income are recognized in the period they become known. These adjustments would result in an increase or a decrease in gross profit. Changes in estimates of net sales, cost of sales, and the related impact to gross profit are recognized quarterly on a cumulative catch-up basis, which recognizes in the current period the cumulative effect of the changes on current and prior periods based on a contract's percentage of completion. A significant change in one or more of these estimates could affect the profitability of one or more of our contracts. When estimates of total costs to be incurred on a contract exceed total estimates of revenue to be earned, a provision for the entire loss on the contract is recorded in the period the loss is determined. We believe that this method is a faithful depiction of the transfer of goods pursuant to the standard because it results in the recognition of revenue on the basis of our to-date efforts in the satisfaction of a performance obligation relative to total expected efforts in satisfaction of the performance obligation.

Foreign Currency Translation – The financial statements of those operations whose functional currency is a foreign currency are translated into U.S. dollars using the current rate method. Under this method, all assets and liabilities are translated into U.S. dollars using current exchange rates, and income statement activities are translated using average exchange rates. The foreign currency translation adjustment is included in accumulated other comprehensive loss in the Consolidated Balance Sheets. Gains and losses on foreign currency transactions are included in operating income. Foreign currency transaction losses/(gains) totaled $1.8 million, $(1.2) million, and $(1.5) million respectively, in 2018 and 2017, and 2016.

Research and Development Expense – Costs related to research and development activities are expensed as incurred. We perform research and development primarily under Company-funded programs for commercial products. Research and development expenditures in 2018, 2017, and 2016 were $30.2 million, $32.7 million, and $28.9 million, respectively, and are included in selling, general and administrative expenses in the Consolidated Statements of Operations.

Income Taxes – We use the asset and liability method of accounting for income taxes. Temporary differences arising between the tax basis of an asset or liability and its carrying amount on the Consolidated Balance Sheet are used to calculate future income tax assets or liabilities. This method also requires the recognition of deferred tax benefits, such as net operating loss carryforwards. Valuation allowances are recorded as appropriate to reduce deferred tax assets to the amount considered likely to be realized. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to the taxable income (losses) in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the date of enactment of the change. A tax benefit from an uncertain tax position is recognized only if we believe it is more likely than not that the position will be sustained on its technical merits. If the recognition threshold for the tax position is met, only the portion of the tax benefit that we believe is greater than 50 percent likely to be realized is recorded.

On December 22, 2017, the Tax Cuts and Jobs Act (the "Tax Act") was enacted and contains several key tax provisions that impacted us, including the reduction of the corporate income tax rate from 35.0% to 21.0%, the transition to a territorial tax system and a mandatory one-time transition tax on accumulated earnings of foreign subsidiaries. We recognized the provisional impact of these tax law changes, including the remeasurement of our deferred tax assets and liabilities based on the tax rates in effect at the time the deferred balances are expected to reverse, the reassessment of the net realizability of the deferred tax balances, and the transition tax, in our income tax provision in the fourth quarter 2017, the period of enactment.

While the Tax Act provides for a territorial tax system, it includes the global intangible low-taxed income (“GILTI”) provision beginning in 2018. The GILTI provisions require us to include in our U.S. income tax return certain current foreign subsidiary earnings net of foreign tax credits, subject to limitation. We elected to account for the GILTI tax in the period in which it is incurred.

In December 2017, U.S. Securities and Exchange Commission ("SEC") issued guidance to address the application of authoritative tax accounting guidance in situations where companies do not have the necessary information available, prepared, or analyzed in reasonable detail to complete the accounting for certain income tax effects of the Tax Act for the reporting period in which it was enacted. In these instances, the SEC's guidance allowed the recording of provisional amounts during a measurement period not to extend beyond one year of the enactment date. As the Tax Act was enacted at the end of 2017, and ongoing guidance and interpretation has been issued over the ensuing twelve months, we considered the impact of the transition tax, remeasurement of deferred tax assets and liabilities, and other items recorded in our year-end income tax provision for the fourth quarter 2017 to be a provisional estimate and have further analyzed the year-end data and refined our calculations. The refinements to our provisional estimate were made in the third and fourth quarters of 2018 and we completed our accounting for the impact in the fourth quarter of 2018. Please see Note 7, "Income Taxes," for further information.

Cash and Cash Equivalents – Cash and cash equivalents include cash on hand, demand deposits and highly liquid investments with a maturity of three months or less at the time of purchase.

Receivables – Accounts receivable are stated at the historical carrying amount net of write-offs and allowance for doubtful accounts. We establish an allowance for doubtful accounts receivable based on historical experience and any specific customer collection issues we have identified. Doubtful accounts receivable are written off when a settlement is reached for an amount less than the outstanding historical balance or when we have determined the balance will not be collected.

Accounts receivable includes revenue recognized in excess of billings on long-term contracts where revenue is recognized over time. The revenue in excess of billings included in accounts receivable was $61.1 million and $51.8 million at December 31, 2018 and 2017, respectively.

The balances billed but not paid by customers pursuant to retainage provisions in long-term contracts and programs are normally due upon completion of the contracts and/or acceptance by the owner of specified deliverables. At December 31, 2018, we had $0.7 million of retentions expected to be collected in 2019 recorded in accounts receivable and $0.7 million of retentions expected to be collected beyond 2019 recorded in other long-term assets in the Consolidated Balance Sheet. At December 31, 2017, we had $0.3 million of current retentions and $0.9 million of long-term retentions recorded in the Consolidated Balance Sheet.

Inventories – Certain domestic inventories are valued by the last-in, first-out (“LIFO”) cost method. Inventories not valued by the LIFO method, other than inventoried costs relating to long-term contracts and programs, are valued using the first-in, first-out (“FIFO”) cost method, and are recorded at the lower of cost or net realizable value. Approximately 36% and 34% of inventories were valued by the LIFO method in 2018 and 2017, respectively.

Property, Plant and Equipment – Property, plant and equipment are recorded at cost. Depreciation of plant and equipment is determined on the straight-line method over the following estimated useful lives of the assets: buildings and improvements, 5 to 25 years; machinery and equipment, 3 to 10 years.

Goodwill and Other Intangible Assets – Goodwill represents the excess of the purchase price over the estimated fair value of the net assets of acquired businesses. Goodwill is not amortized, but instead is subject to annual impairment testing conducted each year as of October 1. The goodwill asset impairment test involves comparing the fair value of a reporting unit to its carrying amount. If the carrying amount of a reporting unit exceeds its fair value, a second step of comparing the implied fair value of the reporting unit’s goodwill to the carrying amount of that goodwill is required to measure the potential goodwill impairment loss. Interim tests may be required if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount.

We completed our required annual impairment tests of goodwill as of October 1, 2018, 2017 and 2016. These assessments did not indicate any impairment of the goodwill, and the fair values of each of our reporting units significantly exceeded their carrying values.

Other intangible assets are recorded at cost, or when acquired as a part of a business combination, at estimated fair value. These assets include customer relationships, patents and other technology agreements, trademarks, licenses and non-compete agreements. Intangible assets that have definite lives are amortized using a method that reflects the pattern in which the economic benefits of the assets are consumed or the straight-line method over estimated useful lives of 2 to 21 years. Intangible assets with indefinite lives are subject to at least annual impairment testing, which compares the fair value of the intangible asset with its carrying amount using the relief from royalty method. The results of our assessments did not indicate any impairment to our indefinite-lived intangible assets for the years presented.

Debt – Debt issuance costs associated with our senior secured revolving credit facility are presented as an asset and subsequently amortized into interest expense ratably over the term of the revolving debt arrangement. Debt issuance costs associated with any of our other debt instruments that are incremental third party costs of issuing the debt are recognized as a reduction in the carrying value of the debt and amortized into interest expense over the time period to maturity using the interest method.

Derivative Instruments – We use derivative financial instruments to manage our exposure to various risks. The use of these financial instruments modifies the exposure with the intent of reducing our risk. We do not use financial instruments for trading purposes, nor do we use leveraged financial instruments. The counterparties to these contractual arrangements are major financial institutions. We use multiple financial institutions for derivative contracts to minimize the concentration of credit risk. The current accounting rules require derivative instruments, excluding certain contracts that are issued and held by a reporting entity that are both indexed to its own stock and classified in shareholders’ equity, be reported in the Consolidated Balance Sheets at fair value and that changes in a derivative’s fair value be recognized currently in earnings unless specific hedge accounting criteria are met.

Fair Value Measurements – Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date.

We utilize a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The following is a brief description of those three levels:

• Level 1: Observable inputs such as quoted prices in active markets for identical assets or liabilities.

• Level 2: Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active.

• Level 3: Unobservable inputs that reflect our own assumptions.

The fair value of intangible assets associated with acquisitions is determined using a discounted cash flow analysis. Projecting discounted future cash flows requires us to make significant estimates regarding future revenues and expenses, projected capital expenditures, changes in working capital and the appropriate discount rate. This non-recurring fair value measurement would be classified as Level 3 due to the absence of quoted market prices or observable inputs for assets of a similar nature.

We review the carrying amounts of long-lived assets when certain events or changes in circumstances indicate that the carrying amounts may not be recoverable.  An impairment loss is recognized when the carrying amount of the asset group is not recoverable and exceeds its fair value.  We estimate the fair values of assets subject to long-lived asset impairment based on our own judgments about the assumptions that market participants would use in pricing the assets. In doing so, we use an income approach based upon discounted cash flows. The key assumptions used for the discounted cash flow approach include expected cash flows based on internal business plans, projected growth rates, discount rates, and royalty rates for certain intangible assets.  We classify these fair value measurements as Level 3.

Similarly, the fair value computations for the recurring impairment analyses of goodwill and indefinite-lived intangible assets would be classified as Level 3 due to the absence of quoted market prices or observable inputs. The key assumptions used for the discounted cash flow approach include expected cash flows based on internal business plans, projected growth rates and discount rates. Significant changes in any of those inputs could result in a significantly different fair value measurement.

Pensions and Post-retirement Benefits - Amortization of the net gain or loss resulting from experience different from that assumed and from changes in assumptions is included as a component of benefit cost. If, as of the beginning of the year, that net gain or loss exceeds 10% of the greater of the projected benefit obligation or the market-related value of plan assets, the amortization is that excess divided by the average remaining service period of participating employees expected to receive benefits under the plan. We amortize prior service cost using the straight-line basis over the average future service life of active participants.

For segment reporting purposes, we allocate service cost to each location generating those costs. All other components of net periodic pension cost are reported in other (non-operating) expense.

Recently Issued Accounting Guidance

In February 2018, a standard was issued that helps organizations address certain stranded income tax effects in accumulated other comprehensive income resulting from the Tax Act. The standard provides financial statement preparers with an option to reclassify stranded tax effects within accumulated other comprehensive income to retained earnings in each period in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Act is recorded. The amendments in this guidance are effective for financial statements issued for interim and annual periods beginning after December 15, 2018, with early adoption permitted. We are currently evaluating the alternatives presented by the standard.

In January 2017, a standard was issued to simplify annual and interim goodwill impairment testing for public business entities. Under the standard, an entity should perform its annual or interim goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. An entity still has the option to perform the qualitative assessment for a reporting unit to determine if the quantitative impairment test is necessary. The standard is effective for any interim goodwill impairment tests in fiscal years beginning after December 15, 2019, and is to be applied prospectively. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The standard is not currently expected to have a significant impact on our consolidated financial statements or disclosures.

In June 2016, a standard was issued that significantly changes how entities will measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income, including trade receivables. The standard requires an entity to estimate its lifetime “expected credit loss” for such assets at inception, and record an allowance that, when deducted from the amortized cost basis of the financial asset, presents the net amount expected to be collected on the financial asset. The standard is effective for annual periods beginning after December 15, 2019, and interim periods therein. Early adoption is permitted for annual periods beginning after December 15, 2018, and interim periods therein. We are currently evaluating the new guidance to determine the impact it will have on our consolidated financial statements. Based upon our current population of receivables and associated historical credit loss experience, we do not expect that this standard will have a significant impact on our consolidated financial statements. This conclusion could be impacted by any significant future financing arrangements that we may choose to enter with customers.

In February 2016, a standard was issued to establish principles to report transparent and economically neutral information about the assets and liabilities that arise from leases. The standard will require lessees to recognize the lease assets and lease liabilities that arise from all leases in the statement of financial position and to disclose qualitative and quantitative information about lease transactions, such as information about variable lease payments and options to renew and terminate leases. The standard retains a distinction between finance leases and operating leases. As a result, the effect of leases in the statement of operations and the statement of cash flows is largely unchanged. Additionally, the guidance provides clarification on the definition of a lease, including alignment of the concept of control of an asset with principles in other authoritative guidance around revenue recognition and consolidation. The amendments in this guidance are effective for financial statements issued for interim and annual periods beginning after December 15, 2018, with early adoption permitted. We plan to adopt the new standard effective January 1, 2019 using the allowable option to apply the transition provisions of the new guidance at its adoption date instead of at the earliest comparative period presented in our financial statements. This will require us to disclose lease information relating to earlier periods using the currently existing guidance.

We have evaluated the impact of applying practical expedients, and upon adoption we plan to elect the package of practical expedients to not reassess prior conclusions related to contracts containing leases, lease classification, and initial direct costs. We will adopt new accounting policies to not separate lease and non-lease components, not recognize an asset for leases with a term of twelve months or less, and we will apply a portfolio approach in determining discount rates.

Upon adoption of this standard, we expect to recognize a right-of-use asset and a lease liability for substantially all operating lease arrangements. We do not currently expect that adoption of the standard will have a material impact to our Consolidated Statements of Operations, Comprehensive Income, or Cash Flows, but we believe the Consolidated Balance Sheet will be materially impacted by the addition of leases currently accounted for as operating leases. While we are still finalizing our adoption procedures, we estimate that the primary impact to our Consolidated Balance Sheet upon adoption will be the recognition, on a discounted basis, of our future minimum payments under noncancelable operating leases resulting in the recording of a right-of-use asset and lease liability of at least $25 million. We will initially report the right-of-use asset and lease liability as of March 31, 2019 based on our lease portfolio as of that date.

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Garlock Sealing Technologies LLC, Garrison Litigation Management Group, Ltd., and OldCo, LLC

12 Months Ended

Dec. 31, 2018

Reorganizations [Abstract]

Garlock Sealing Technologies LLC, Garrison Litigation Management Group, Ltd., and OldCo, LLC

2. Garlock Sealing Technologies LLC, Garrison Litigation Management Group, Ltd., and OldCo, LLC

The reconsolidation of GST and OldCo was treated as a business acquisition in accordance with applicable accounting rules. In accordance with GAAP, the purchase price for the acquisition was equal to the fair value of our investment in GST and OldCo on the reconsolidation date. In the reconsolidation, the investment in GST and OldCo was deemed to be exchanged for our exclusive control of these businesses. No cash was transferred in the reconsolidation transaction, other than the reconsolidation of GST's and OldCo's cash and cash equivalents at that date. The primary businesses comprising GST are managed as part of the Garlock division within our Sealing Products segment. Smaller businesses also reconsolidated with GST are managed by the Technetics and Stemco divisions within this segment, by the CPI division within our Engineered Products segment, and by the Fairbanks Morse division, which comprises our Power Systems segment.

Post-reconsolidation sales of $81.3 million and income before taxes of $6.5 million attributable to GST and OldCo are included in our Consolidated Statement of Operations for the year ended December 31, 2017. The following unaudited supplemental pro forma condensed consolidated financial results of operations for the Company for the years ended December 31, 2017 and 2016, are presented as if the reconsolidation had been completed on January 1, 2016:

	Years Ended December 31,
	2017		2016
	($ in millions)
Pro forma net sales	$	1,402.5	$	1,337.7
Pro forma net income	$	53.7	$	520.0
Pro forma earnings per share - basic	$	2.52	$	24.07
Pro forma earnings per share - diluted	$	2.46	$	23.85

The 2017 supplemental pro forma net income was adjusted to exclude $4.1 million of pre-tax nonrecurring expenses related to the fair value adjustment to acquisition date inventory. The 2016 supplemental pro forma net income was adjusted to include these charges. Pro forma net income for the year ended December 31, 2016 also includes the gain on reconsolidation discussed further below, as well as the tax impact of the reconsolidation discussed in Note 7, "Income Taxes."

The supplemental pro forma net income for the years ended December 31, 2017 and 2016 was also adjusted to exclude a combined $(16.7) million and $148.2 million, respectively, of non-recurring expenses (credits) associated with the aforementioned asbestos claims resolution process recorded at EnPro and at GST and OldCo, as the process is assumed to have concluded in order for the reconsolidation to occur. The amount adjusted for the year ended December 31, 2017 is inclusive of $24.7 million of credits for insurance reimbursements that became realizable for GST and OldCo in the current year. The amount adjusted for the year ended December 31, 2016 is inclusive of charges of $80.0 million and $49.5 million recorded by EnPro and GST, respectively, in that year in association with the Joint Plan to resolve current and future asbestos claims and the agreement with the Canadian provincial workers' compensation boards (the "Provincial Boards") resolving remedies the Provincial Boards may possess against Garlock of Canada Ltd, GST, Coltec or any of their affiliates. See Note 21, "Subsidiary Asbestos Bankruptcies." The remaining amount adjusted for each year consists of charges for Chapter 11 case-related fees and expenses including attorneys' and experts' fees and fees associated with the administration of Garrison.

These unaudited supplemental pro forma financial results have been prepared for comparative purposes only. The pro forma information does not purport to be indicative of the results of operations that actually would have resulted had the reconsolidation occurred on January 1, 2016, or of future results of the consolidated entities.

Associated with the reconsolidation of GST and OldCo, we recorded a pretax gain of $534.4 million. The amounts comprising the gain include:

	(in millions)
Gain on revaluation of investment in GST and OldCo	$	248.3
Elimination of net amounts payable to GST and OldCo at reconsolidation date	286.1
Total	$	534.4

The gain on revaluation of our investment in GST and OldCo is the difference between the fair value of the investment and its book value as of the date of reconsolidation. The portion of the gain attributable to elimination of net amounts payable to GST and OldCo is based upon the balances in EnPro's amounts due to and from GST and OldCo as of that date, including the notes payable to GST and related accrued interest, income tax receivable from GST, and other payables to and receivables from GST that arose in the normal course of business.

21. Subsidiary Asbestos Bankruptcies

The historical business operations of certain of our subsidiaries, principally GST LLC and Anchor, had resulted in a substantial volume of asbestos litigation in which plaintiffs alleged personal injury or death as a result of exposure to asbestos fibers. On the GST Petition Date, GST filed voluntary petitions for reorganization under Chapter 11 of the United States Bankruptcy Code. These filings were the initial step in a claims resolution process for an efficient and permanent resolution of pending and future asbestos claims through court approval of a plan of reorganization to establish a facility to resolve and pay all GST asbestos claims. The filings on the GST Petition Date did not include EnPro Industries, Inc. or any other EnPro Industries, Inc. operating subsidiary. GST LLC is one of the businesses in our broader Garlock group and, prior to the GST Petition Date, was included in our Sealing Products segment. GST LLC and its subsidiaries operate five manufacturing facilities, including operations in Palmyra, New York and Houston, Texas.

The financial results of GST and subsidiaries were included in our consolidated results through June 4, 2010, the day prior to the GST Petition Date. However, GAAP requires an entity that files for protection under the U.S. Bankruptcy Code, whether solvent or insolvent, whose financial statements were previously consolidated with those of its parent, as GST’s and its subsidiaries’ were with ours, generally must be prospectively deconsolidated from the parent and the investment accounted for using the cost method. At deconsolidation, our investment was recorded at its estimated fair value as of June 4, 2010, resulting in a gain for reporting purposes. The cost method required us to present our ownership interests in the net assets of GST at the GST Petition Date as an investment and we did not recognize any income or loss from GST and subsidiaries in our results of operations until the reconsolidation of these subsidiaries upon consummation of a plan of reorganization under these proceedings.

On March 17, 2016, we announced that we had reached a comprehensive consensual settlement (the “Consensual Settlement”) to resolve current and future asbestos claims which contemplated the Joint Plan which was filed with the Bankruptcy Court. The Joint Plan and Consensual Settlement contemplated that, as an appropriate and necessary step to facilitate the implementation of the Consensual Settlement and not to delay or hinder creditors or the resolution of claims, Coltec would, subject to the receipt of necessary consents, undergo a restructuring in which all of its significant operating assets and subsidiaries, which included each of our major business units, would be distributed to a new direct EnPro subsidiary, EnPro Holdings. EnPro Holdings would also assume all of Coltec’s non-asbestos liabilities. The Coltec Restructuring was completed on December 31, 2016, and included the merger of Coltec with and into OldCo, which was a direct subsidiary of EnPro Holdings. OldCo, as the restructured entity, retained responsibility for all asbestos claims and rights to certain insurance assets of Coltec, as well as the business operated by our EnPro Learning System, LLC subsidiary (“EnPro Learning System”), which provides occupational safety training and consulting services to third parties. EnPro Learning System was also merged into OldCo.

As contemplated by the Joint Plan, on January 30, 2017 (the “OldCo Petition Date”), OldCo, as the successor by merger to Coltec, filed a Chapter 11 bankruptcy petition with the Bankruptcy Court (the “OldCo Chapter 11 Case”). On February 3, 2017, the Bankruptcy Court issued an order for the joint administration of the OldCo Chapter 11 Case with the GST Chapter 11 Case.

As discussed in Note 1, “Overview, Basis of Presentation, Significant Accounting Policies and Recently Issued Accounting Guidance-Basis of Presentation,” GST was deconsolidated beginning on the GST Petition Date and OldCo was deconsolidated beginning on the OldCo Petition Date. Accordingly the financial results of GST and its subsidiaries were included in our consolidated results through June 4, 2010, the day prior to the GST Petition Date, and the financial results of OldCo and its subsidiaries were included in our consolidated results through January 29, 2017, the day prior to the OldCo Petition Date. GST and OldCo were reconsolidated effective upon the effective date of the consummation of the Joint Plan, which effective date was 12:01 a.m. on July 31, 2017 (the “Joint Plan Effective Date”).

Pursuant to the Joint Plan, a claims resolution trust (the “Trust”) was established prior to the Joint Plan Effective Date. As contemplated by the Joint Plan, the Trust was funded with cash contributions by GST LLC and Garrison and by OldCo and by the contribution OldCo of and an option (the “Option”), exercisable one year after the Joint Plan Effective Date, permitting the Trust to purchase for $1 shares of EnPro common stock having a value of $20 million (which included the right of OldCo to call the Option for payment of $20 million), and by the obligations under the Joint Plan of OldCo and of GST LLC and Garrison to make specified deferred contribution in cash no later than one year after the Joint Plan Effective Date.

On November 29, 2017, GST LLC, EnPro Holdings and EnPro entered into an agreement with the Trust to provide for the early settlement of the deferred contributions to the Trust under the Joint Plan and for the call of the Option by EnPro Holdings, as the successor by merger to OldCo. Under that agreement, in full satisfaction of the deferred cash contribution obligations under the Joint Plan and payment of the $20 million call payment under the Option, on December 1, 2017 GST LLC, EnPro Holdings and EnPro paid $78.8 million (the “Early Cash Settlement Amount”) to the Trust and agreed to make a further payment to the Trust to the extent that total interest earned through July 31, 2018, with respect to a fixed income account in which the Early Cash Settlement Amount was invested by the Trust is less than $1.2 million. In a final settlement of amounts owed to the Trust, a further payment of approximately $0.5 million was made in August 2018.

The Consensual Settlement included as a condition to our obligations to proceed with the settlement that EnPro, Coltec, GST and Garlock of Canada Ltd (an indirect subsidiary of GST LLC) enter into a written agreement, to be consummated concurrently with the consummation of the Joint Plan on the Joint Plan Effective Date, with the Provincial Boards resolving remedies the Provincial Boards may possess against Garlock of Canada Ltd, GST, Coltec or any of their affiliates, including releases and covenants not to sue, for any present or future asbestos-related claim, and that the agreement is either approved by the Bankruptcy Court following notice to interested parties or the Bankruptcy Court concludes that its approval is not required. On November 11, 2016, we entered into such an agreement (the “Canadian Settlement”) with the Provincial Boards to resolve current and future claims against EnPro, GST, Garrison, Coltec, and Garlock of Canada Ltd for recovery of a portion of amounts the Provincial Boards have paid and will pay in the future under asbestos-injury recovery statutes in Canada for claims relating to asbestos-containing products. The Canadian Settlement provided for a cash settlement payment to the Provincial Boards on the fourth anniversary of the effective date of the Joint Plan, with the provincial Boards having the option of accelerating the payment discounted rate of 4.5% per annum. Prior to the Joint Plan Effective Date, the Provincial Boards provided notice of their election to accelerate the payment. After application of the discount resulting from such acceleration of payment, the settlement payment of approximately $16.7 million (U.S.) was made to the Provincial Boards on August 11, 2017.

In light of the Consensual Settlement and the Canadian Settlement, in 2016 GST revised its estimate of the ultimate costs to resolve all asbestos claims against it to reflect the amounts to be paid by it under these settlements. Because GST was not a consolidated subsidiary at that time, the accrual to reflect GST’s increased costs to resolve such claims is not included in our consolidated financial results for 2016. OldCo (then still a consolidated subsidiary) had accrued a liability at December 31, 2016 equal to its contributions to be made pursuant to the Joint Plan, with the accrual of an $80.0 million increase in its estimated liability over the amount estimated at December 31, 2015 being reflected in our consolidated financial results for 2016.

The Joint Plan permanently resolves current and future asbestos claims against GST LLC, Garrison and OldCo, as the successor by merger to Coltec, and injunctions issued under the Joint Plan protect all of EnPro and its subsidiaries from those claims, which claims are enjoined under Section 524(g) of the U.S. Bankruptcy Code. Under the Joint Plan, the Trust has assumed responsibility for all present and future asbestos claims arising from the operations or products of GST LLC, Garrison or Coltec/OldCo. Under the Joint Plan, EnPro, through its subsidiaries, retained ownership of OldCo, GST LLC and Garrison. Anchor, which had not conducted business operations for many years and had nominal assets, has been dissolved.

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Related Party Transactions

12 Months Ended

Dec. 31, 2018

Related Party Transactions [Abstract]

Related Party Transactions

3. Related Party Transactions

On the GST Petition Date, GST commenced an asbestos claims resolution process under Chapter 11 of the United States Bankruptcy Code. The resulting deconsolidation of GST from our financial results, discussed more fully in Note 2, "Garlock Sealing Technologies LLC, Garrison Litigation Management Group, Ltd., and OldCo, LLC", required the interest expense related to certain intercompany indebtedness to be reflected on our Consolidated Statements of Operations. Additionally, we regularly transacted business with GST through the purchase and sale of products while it was not consolidated in EnPro's financial statements.

Amounts included in our consolidated financial statements arising from transactions with GST during the periods which they were not consolidated in our results include the following:

	Consolidated Statements of Operations Caption	Seven Months Ended July 30, 2017		Year Ended December 31, 2016
Description
		(in millions)
Sales to GST	Net sales	$	20.8	$	28.0
Purchases from GST	Cost of sales	$	12.2	$	17.7
Interest expense to GST	Interest expense	$	20.6	$	33.5

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Acquisitions

12 Months Ended

Dec. 31, 2018

Business Combinations [Abstract]

Acquisitions

4. Acquisitions

In October 2017, we acquired 100% of the stock of Commercial Vehicle Components Co., Ltd. ("CVC"), a manufacturer of air disc brake and medium duty hydraulic disc brake pads for the heavy-duty and medium-duty commercial vehicle aftermarket. CVC is managed as part of our Stemco division within the Sealing Products segment.

In June 2017, we acquired certain assets and assumed certain liabilities of Qualiseal Technology (“Qualiseal”), a

privately-held company offering custom-engineered mechanical face and circumferential seals for demanding aerospace and industrial applications. Qualiseal is managed as part of our Technetics division within the Sealing Products segment.

We paid $44.6 million, net of cash acquired, in 2017 for the businesses acquired during that year.

In April 2016, we acquired certain assets and assumed certain liabilities of Rubber Fab Gasket & Molding, Inc. ("Rubber Fab"), a privately-held company offering a full range of high performance sanitary gaskets, hoses and fittings for the hygienic process industries. Rubber Fab is managed as part of our Garlock division within the Sealing Products segment. We paid $22.6 million, net of cash acquired for this acquisition.

In the second quarter of 2016, we finalized and agreed with the seller on the acquisition date balance sheet of a business acquired in 2015 and made an additional cash payment of $5.9 million for the agreed-upon acquisition date working capital balance.

Because the assets, liabilities and results of operations for these acquisitions are not significant to our consolidated financial position or results of operations, pro forma financial information and additional disclosures are not presented.

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Revenue from Contracts with Customers

12 Months Ended

Dec. 31, 2018

Revenue from Contract with Customer [Abstract]

Revenue from Contracts with Customers

5. Revenue from Contracts with Customers

See Note 1, "Overview, Basis of Presentation, Significant Accounting Policies and Recently Issued Accounting Guidance - Summary of Significant Accounting Policies - Revenue Recognition," for information regarding long-term engine and service contracts.

Additional information regarding long-term engine contracts where revenue is recognized over time using an input method is as follows:

	As of December 31,
	2018		2017
	(in millions)
Cumulative revenues recognized on uncompleted contracts	$	452.5	$	350.3
Cumulative billings on uncompleted contracts	393.9		304.2
	$	58.6	$	46.1

These amounts were included in the accompanying Consolidated Balance Sheets under the following captions:

	As of December 31,
	2018			2017
	(in millions)
Accounts receivable, net (contract revenue recognized in excess of billings)	$	63.9		$	51.8
Accrued expenses (billings in excess of revenue recognized)	(5.3		)	(5.7		)
	$	58.6		$	46.1

The changes in our contract deferred revenue (billings in excess of revenue recognized) for the year ended December 31, 2018 are as follows:

(in millions)
Balance at beginning of period	$	5.7
Additional billings in excess of revenue recognized	27.8
Revenue recognized	(28.0		)
Balance at end of period	$	5.5

We make deposits and progress payments to certain vendors for long lead time manufactured components associated with engine projects. At December 31, 2018 and 2017, deposits and progress payments for long lead time components totaled $1.0 million and $2.9 million. These deposits and progress payments are classified in prepaid expenses and other current assets in the accompanying Consolidated Balance Sheets. Assets and liabilities for long-term service contracts recognized over time were immaterial as of December 31, 2018 and 2017.

As of December 31, 2018, our aggregate amount of transaction price of remaining performance obligations, or backlog, was $380.9 million. Approximately 76% of these obligations are expected to be satisfied within one year. The amount expected to be satisfied beyond December 31, 2019 is mainly attributable to our Power Systems segment and pertains to the contracts discussed above. Remaining performance obligations include those related to the contracts discussed above as well as orders across all of our businesses that we believe to be firm. However, there is no certainty these orders will result in actual sales at the times or in the amounts ordered. In addition, for most of our business, this total is not particularly predictive of future performance because of our short lead times and some seasonality.

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Other Expense

12 Months Ended

Dec. 31, 2018

Restructuring and Related Activities [Abstract]

Other Expense

6. Other Expense

Operating

We incurred $22.4 million, $5.1 million and $13.4 million of restructuring costs during the years ended December 31, 2018, 2017 and 2016, respectively.

In the fourth quarter of 2018, we implemented a restructuring plan under which our Stemco heavy-duty truck business in the Sealing Products segment discontinued the manufacturing of brake drum friction. The restructuring plan involved the shutdown of production lines that occupied a portion of Stemco’s owned manufacturing facility in Rome, Georgia. Stemco has elected to concentrate its drum friction resources specifically on formulating and sourcing and will continue to offer a full range of high-quality brake shoes using friction manufactured by approved suppliers to Stemco’s stringent quality standards.

We recorded total restructuring expenses related to the exit of approximately $15.4 million in the fourth quarter of 2018, composed primarily of non-cash charges due to the impairment of inventory, equipment and other tangible assets. Additionally, restructuring costs related to the exit include severance and other costs of approximately $0.4 million expected to be incurred in the first half of 2019. The net restructuring costs recorded in 2018 are reflected in our other (operating) expense in our Consolidated Statement of Operations other than inventory related costs of $1.1 million, which are reflected in costs of sales.

In the second quarter of 2018, we commenced the exit from our industrial gas turbine business in the Sealing Products segment located in Oxford, Massachusetts. We sold the land and building at this location in June 2018, resulting in a realized gain of $21.7 million.  We incurred severance expenses of $3.8 million, net tangible asset write downs of $1.8 million, the write-off of customer relationship intangible assets associated with the business of $19.1 million, and other costs related to the restructuring of $0.5 million.  These transactions resulted in total net restructuring costs related to the exit of $3.5 million.  These net costs are reflected within other (operating) expense in our Consolidated Statement of Operations other than inventory-related costs of $2.0 million, which were reflected in costs of sales.  We have incurred substantially all expected costs related to the exit and disposal of the assets as of December 31, 2018.

Workforce reductions in 2018 associated with our exit from the industrial gas turbine business and other smaller targeted restructuring activities totaled 107 administrative and manufacturing positions.

During 2017, we conducted a number of targeted restructuring activities throughout our operations, which included the exit of some smaller locations and targeted workforce reductions. All costs associated with such initiatives were incurred in 2017. Workforce reductions in 2017 associated with our restructuring activities totaled 117 administrative and manufacturing positions.

During 2016, a company-wide initiative to reduce cost across all operating segments and the corporate office was initiated, which accounted for a substantial portion of the costs incurred for 2016. All costs associated with this initiative were incurred in 2016. Workforce reductions in 2016 associated with our restructuring activities, including the above plan and other smaller targeted activities, totaled 192 administrative and manufacturing positions.

Restructuring reserves at December 31, 2018, as well as activity during the year, consisted of:

	Balance    December 31,   2017		Provision		Payments			Balance    December 31,   2018
	(in millions)
Personnel-related costs	$	0.7	$	6.9	$	(7.6	)	$	—
Facility relocation and closure costs	1.2		1.3		(1.5		)	1.0
	$	1.9	$	8.2	$	(9.1	)	$	1.0

Also included in restructuring costs for 2018 were asset write-downs, net of gains, of approximately $14.2 million that did not affect the restructuring reserve liability.

Restructuring reserves at December 31, 2017, as well as activity during the year, consisted of:

	Balance    December 31,   2016		Provision		Payments			Balance    December 31,   2017
	(in millions)
Personnel-related costs	$	3.5	$	2.5	$	(5.3	)	$	0.7
Facility relocation and closure costs	1.6		0.6		(1.0		)	1.2
	$	5.1	$	3.1	$	(6.3	)	$	1.9

Also included in restructuring costs for 2017 were asset write-downs of approximately $2.0 million that did not affect the restructuring reserve liability.

Restructuring reserves at December 31, 2016, as well as activity during the year, consisted of:

	Balance, December 31, 2015		Provision		Payments			Balance    December 31,   2016
	(in millions)
Personnel-related costs	$	0.3	$	8.3	$	(5.1	)	$	3.5
Facility relocation and closure costs	—		4.3		(2.7		)	1.6
	$	0.3	$	12.6	$	(7.8	)	$	5.1

Also included in restructuring costs for 2016 were asset write-downs of approximately $0.8 million that did not affect the restructuring reserve liability.

Restructuring costs by reportable segment are as follows:

	Years Ended December 31,
	2018		2017		2016
	(in millions)
Sealing Products	$	21.4	$	3.6	$	3.3
Engineered Products	0.7		1.5		6.8
Power Systems	0.3		—		0.4
Corporate	—		—		2.9
	$	22.4	$	5.1	$	13.4

In consideration of the poor financial performance of the ATDynamics business, an asset group in the Stemco division of our Sealing Products segment, for the quarter ended September 30, 2017 and significantly lowered expectations for the fourth quarter forecast and the budget for fiscal year 2018, we performed a recoverability test, determining that the full value of certain definite-lived intangible assets was not recoverable. This assessment resulted in an impairment loss of $10.1 million in 2017. Additionally, during the year ended December 31, 2017, we determined that approximately $1.8 million of amortized customer relationship intangibles associated with certain smaller locations that we exited in 2017 would no longer provide continuing value to us as a result of the exits. Therefore, these assets were written off.

Also included in other operating expense for the years ended December 31, 2018, 2017 and 2016 was $2.0 million, $1.7 million and $2.2 million, respectively, primarily consisting of legal and other fees related to the bankruptcy of certain subsidiaries discussed further in Note 2, "Garlock Sealing Technologies LLC, Garrison Litigation Management Group, Ltd., and OldCo, LLC".

Non-Operating

During 2018, 2017 and 2016, we recorded expense of $13.4 million, $8.7 million and $8.6 million, respectively, due to environmental reserve increases based on additional information at several specific sites and other ongoing obligations of previously owned businesses. Refer to Note 22, "Commitments and Contingencies - Environmental," for additional information about our environmental liabilities.

We recorded a loss of approximately $18.1 million on the redemption of certain of our debt instruments in the fourth quarter of 2018. Refer to Note 13, "Long-term Debt - Senior Notes," for additional information regarding this transaction.

We report the service cost component of pension and other postretirement benefits expense in operating income in the same line item or items as other compensation costs arising from services rendered by the pertinent employees during the period. The other components of net benefit cost are presented in other (non-operating) expense. For the years ended December 31, 2018, 2017 and 2016, we reported approximately $12.0 million, $0.5 million and $2.2 million, respectively, in other (non-operating) expense on the Consolidated Statements of Operations related to the components of net benefit cost other than service cost. Refer to Note 16, "Pensions and Post-retirement Benefits," for additional information regarding net benefit costs.

In 2016, we recorded a combined pre-tax loss of $0.4 million on the sale of all shares of our Franken Plastik business unit in the Sealing Products segment and our CPI Thailand business unit in the Engineered Products segment. We received $3.7 million for the sale of these businesses. The combined sales reported by the businesses were $7.3 million for the year ended December 31, 2016. Additional disclosures are not presented since the assets, liabilities and results of operations for these companies are not significant to our consolidated financial position or results of operations.

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Income Taxes

12 Months Ended

Dec. 31, 2018

Income Tax Disclosure [Abstract]

Income Taxes

7. Income Taxes

Income (loss) before income taxes as shown in the Consolidated Statements of Operations consists of the following:

	Years Ended December 31,
	2018			2017		2016
	(in millions)
Domestic	$	(45.3	)	$	524.1	$	(96.4	)
Foreign	91.9			53.4		27.7
Total	$	46.6		$	577.5	$	(68.7	)

A summary of income tax benefit (expense) in the Consolidated Statements of Operations is as follows:

	Years Ended December 31,
	2018			2017			2016
	(in millions)
Current:
Federal	$	(2.1	)	$	(15.6	)	$	(8.7	)
Foreign	23.1			17.6			10.6
State	0.6			(0.2		)	(0.5		)
	21.6			1.8			1.4
Deferred:
Federal	(1.7		)	14.4			(25.5		)
Foreign	1.4			17.0			0.2
State	5.7			4.5			(4.7		)
	5.4			35.9			(30.0		)
Total	$	27.0		$	37.7		$	(28.6	)

The Tax Act contains several key tax provisions impacting us including the reduction of the corporate income tax rate from 35.0% to 21.0%, the transition to a territorial tax system and a mandatory one-time transition tax on accumulated earnings of foreign subsidiaries. We recognized the impact of these tax law changes, including the remeasurement of our deferred tax assets and liabilities based on the tax rates in effect at the time the deferred balances are expected to reverse in our income tax provision in the fourth quarter 2017, the period of enactment.

We elected to account for GILTI tax in the period in which it is incurred. The GILTI provisions, introduced in 2018, require us to include in our U.S. income tax return certain current foreign subsidiary earnings net of foreign tax credits, subject to limitation. As a result of the GILTI provisions, our effective tax rate increased by 6.2% in 2018.

In December 2017, the SEC issued guidance to address the application of authoritative tax accounting guidance in situations where companies do not have the necessary information available, prepared, or analyzed in reasonable detail to complete the accounting for certain income tax effects of the Tax Act for the reporting period in which it was enacted. In these instances, the SEC's guidance allowed the recording of provisional amounts during a measurement period not to extend beyond one year of the enactment date. As the Tax Act was enacted at the end of 2017, and ongoing guidance and interpretation has been issued over the ensuing twelve months, we considered the impact of the transition tax, remeasurement of deferred tax assets and liabilities, and other items recorded in our year-end income tax provision for the fourth quarter 2017 to be a provisional estimate, and have further analyzed the year-end data and refined our calculations. These refinements were made in the third and fourth quarters of 2018, and we completed our accounting for the net impact in the fourth quarter of 2018.

The effect of the Tax Act resulted in a $30.9 million provisional net tax benefit recognized in the year ended December 31, 2017. The net benefit was comprised of a $35.0 million tax benefit related to the remeasurement of deferred tax assets and liabilities, and a $53.9 million tax charge for the transition tax, net of a $43.5 million tax benefit for related foreign tax credits. Additionally, a $6.3 million tax benefit was recorded for additional tax planning strategies implemented in 2017.

In the third and fourth quarters of 2018, refinements were made to our provisional amounts to incorporate the impact of additional IRS guidance regarding modifications to the transition tax and further analysis of our year-end data. These refinements resulted in a $2.3 million net tax charge comprised of a $7.3 million tax charge associated with the remeasurement of deferred tax assets and liabilities, and a $5.0 million tax benefit related to the reduction of the transition tax, net of foreign tax credits. In addition, GILTI and other provisions of the Tax Act, beginning in 2018, resulted in an additional tax charge of $5.6 million.

Significant components of deferred income tax assets and liabilities at December 31, 2018 and 2017 are as follows:

	2018			2017
	(in millions)
Deferred income tax assets:
Net operating losses and tax credits	$	43.4		$	89.6
Post-retirement benefits other than pensions	2.1			2.2
Environmental reserves	7.5			6.5
Retained liabilities of previously owned businesses	1.1			1.2
Accruals and reserves	9.1			6.2
Pension obligations	0.9			—
Inventories	4.2			2.5
Interest	11.4			12.0
Compensation and benefits	7.7			7.1
Gross deferred income tax assets	87.4			127.3
Valuation allowance	(23.9		)	(25.7		)
Total deferred income tax assets	63.5			101.6
Deferred income tax liabilities:
Depreciation and amortization	(85.9		)	(86.6		)
Cross currency swap	(1.2		)	—
Joint ventures	(0.3		)	(0.3		)
Asbestos settlement	—			(6.3		)
Pension obligations	—			(1.7		)
Total deferred income tax liabilities	(87.4		)	(94.9		)
Net deferred tax assets and liabilities	$	(23.9	)	$	6.7

At December 31, 2017, in accordance with the Tax Act, we remeasured our U.S. deferred tax assets and liabilities from the tax rate of 35.0% to 21.0%. This remeasurement resulted in a $35.0 million net reduction in deferred tax assets and liabilities.

The net deferred tax assets (liabilities) are reflected on a jurisdictional basis on the December 31, 2018 and 2017 Consolidated Balance Sheets as follows:

	2018			2017
	(in millions)
Other assets (non-current)	$	11.0		$	24.8
Other liabilities (non-current)	(34.9		)	(18.1		)
Net deferred tax assets and liabilities	$	(23.9	)	$	6.7

At December 31, 2018, we had $41.0 million of foreign net operating loss carryforwards, of which $16.1 million expire at various dates between 2020 and 2032, and $24.9 million have an indefinite carryforward period. We also had state net operating loss carryforwards with a tax effect of $8.4 million which expire at various dates between 2019 through 2038. These net operating loss carryforwards may be used to offset a portion of future taxable income and, thereby, reduce or eliminate our U.S. federal, state or foreign income taxes otherwise payable.

The ten-year carryback of our 2017 net operating tax loss generated by the funding of the Trust, as described in Note 21, "Subsidiary Asbestos Bankruptcies," freed up $26.6 million in foreign tax credits, of which approximately half will be utilized to offset our 2018 federal tax liability with the balance utilized to reduce our future tax liability through 2027.

We determined, based on the available evidence, that it is uncertain whether certain of our foreign subsidiaries will generate sufficient future taxable income to recognize certain of these deferred tax assets. As a result, valuation allowances of $23.9 million and $25.7 million have been recorded as of December 31, 2018 and 2017, respectively. Valuation allowances primarily relate to certain state and foreign net operating losses and other net deferred tax assets in jurisdictions where future taxable income is uncertain. Valuation allowances may arise associated with deferred tax assets recorded in purchase accounting. In accordance with applicable accounting guidelines, any reversal of a valuation allowance that was recorded in purchase accounting reduces income tax expense.

The effective income tax rate from operations varied from the statutory federal income tax rate as follows:

	Percent of Pretax Income Years Ended December 31,
	2018		2017		2016
Statutory federal income tax rate	21.0	%	35.0	%	35.0	%
U.S. taxation of foreign profits, net of foreign tax credits	0.3		0.1		1.1
Research and employment tax credits	(2.1	)	(0.4	)	3.2
State and local taxes	10.4		0.2		4.9
Domestic production activities	4.9		(0.4	)	1.8
Foreign tax rate differences	9.4		(1.0	)	4.3
Statutory changes in tax rates	0.6		0.3		0.2
Valuation allowance	(2.3	)	0.2		(6.7	)
Nondeductible expenses	3.0		0.3		(1.1	)
Gain on reconsolidation of GST and OldCo	—		(32.4	)	—
Reconsolidation step-up of net assets of GST and OldCo to fair value	—		9.0		—
GILTI	6.2		—		—
Other Tax Act items	4.6		(5.3	)	—
Other items, net	1.9		0.9		(1.0	)
Effective income tax rate	57.9	%	6.5	%	41.7	%

Because of the transition tax and GILTI provisions, undistributed earnings of our foreign subsidiaries totaling $221.6 million at year-end have been subjected to U.S. income tax. Whether through the application of the 100 percent dividends received deduction provided in the Tax Act, or distribution of these previously-taxed earnings, we do not intend to distribute foreign earnings that will be subject to any significant incremental U.S. or foreign tax. During 2018, we repatriated $125.4 million of earnings from our foreign subsidiaries, resulting in no incremental U.S. or foreign tax. As a result, we have not recognized a deferred tax liability on our investment in foreign subsidiaries.

As of December 31, 2018 and 2017, we had $2.9 million and $3.8 million, respectively, of gross unrecognized tax benefits. Of the gross unrecognized tax benefit balances as of December 31, 2018 and 2017, $2.9 million and $3.8 million, respectively, would have an impact on our effective tax rate if ultimately recognized.

We record interest and penalties related to unrecognized tax benefits in income tax expense. In addition to the gross unrecognized tax benefits above, we had $0.3 million and $0.2 million accrued for interest and penalties at December 31, 2018 and 2017, respectively. Income tax expense for the year ended December 31, 2018 and 2017 was not affected by interest and penalties related to unrecognized tax benefits. Income tax expense for the years ended December 31, 2016 includes $0.1 million for interest and penalties related to unrecognized tax benefits. The amounts listed above for accrued interest do not reflect the benefit of any tax deduction, which might be available if the interest were ultimately paid.

A reconciliation of the beginning and ending amount of the gross unrecognized tax benefits (excluding interest) is as follows:

(in millions)	2018			2017			2016
Balance at beginning of year	$	3.8		$	2.8		$	1.5
Reconsolidation of GST and OldCo	—			0.2			—
Additions based on tax positions related to the current year	0.2			0.3			0.4
Additions for tax positions of prior years	—			1.1			1.1
Reductions as a result of a lapse in the statute of limitations	(0.1		)	(0.3		)	(0.2		)
Reductions as a result of audit settlements	(1.0		)	(0.3		)	—
Balance at end of year	$	2.9		$	3.8		$	2.8

U.S. federal income tax returns after 2013 remain open to examination. In June 2017, the U.S. Internal Revenue Service (“IRS”) began an examination of our 2014 U.S. federal income tax return. Although this examination is part of a routine and recurring cycle, we cannot predict the final outcome or expected conclusion date of the audit. We and our subsidiaries are also subject to income tax in multiple state and foreign jurisdictions. Various foreign and state tax returns are also currently under examination. The most significant of these include France and Germany. Substantially all significant state, local and foreign income tax returns for the years 2014 and forward are open to examination. We expect that some of these examinations may conclude within the next twelve months, however, the final outcomes are not yet determinable. If these examinations are concluded or effectively settled within the next twelve months, it could reduce the associated gross unrecognized tax benefits by approximately $1.5 million. In addition, another $0.5 million in gross unrecognized tax benefits may be recognized within the next twelve months as the applicable statute of limitations expires.

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Earnings (Loss) Per Share

12 Months Ended

Dec. 31, 2018

Earnings Per Share [Abstract]

Earnings (Loss) Per Share

8. Earnings (Loss) Per Share

Basic earnings (loss) per share is computed by dividing the net income (loss) by the applicable weighted-average number of common shares outstanding for the period. Diluted earnings (loss) per share is calculated using the weighted-average number of shares of common stock as adjusted for any potentially dilutive shares as of the balance sheet date. The computation of basic and diluted earnings per share is as follows (in millions, except per share data):

	2018		2017		2016
Numerator (basic and diluted):
Net income (loss)	$	19.6	$	539.8	$	(40.1	)
Denominator:
Weighted-average shares – basic	20.9		21.3		21.6
Share-based awards	0.2		0.5		—
Weighted-average shares – diluted	21.1		21.8		21.6
Earnings (loss) per share:
Basic	$	0.94	$	25.28	$	(1.86	)
Diluted	$	0.93	$	24.76	$	(1.86	)

In the year ended December 31, 2016 there was a loss attributable to common shares. There were 0.2 million potentially dilutive shares excluded from the calculation of diluted earnings per share during those periods since they were antidilutive.

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Inventories

12 Months Ended

Dec. 31, 2018

Inventory Disclosure [Abstract]

Inventories

9. Inventories

	As of December 31,
	2018			2017
	(in millions)
Finished products	$	142.9		$	121.4
Work in process	33.6			33.0
Raw materials and supplies	67.7			59.2
	244.2			213.6
Reserve to reduce certain inventories to LIFO basis	(11.1		)	(10.2		)
Manufacturing inventories	233.1			203.4
Incurred costs related to long-term contracts	—			0.7
Total inventories	$	233.1		$	204.1

Incurred costs related to long-term contracts in the table above as of December 31, 2017 represented inventoried work in process and finished products related to an engine contract accounted for under the completed-contract method, where costs incurred exceeded customer billings.

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Property, Plant and Equipment

12 Months Ended

Dec. 31, 2018

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

10. Property, Plant and Equipment

	As of December 31,
	2018			2017
	(in millions)
Land	$	13.3		$	13.9
Buildings and improvements	147.2			141.5
Machinery and equipment	464.8			448.7
Construction in progress	36.7			31.9
	662.0			636.0
Less accumulated depreciation	(360.8		)	(339.1		)
Total	$	301.2		$	296.9

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Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2018

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

11. Goodwill and Other Intangible Assets

The changes in the net carrying value of goodwill by reportable segment for the years ended December 31, 2018 and 2017 are as follows:

	Sealing Products			Engineered Products			Power Systems			Total
	(in millions)
Goodwill as of December 31, 2016	$	185.3		$	9.1		$	7.1		$	201.5
Foreign currency translation	(0.7		)	—			—			(0.7		)
Acquisitions	9.8			—			—			9.8
Reconsolidation of GST and OldCo	118.8			1.8			4.9			125.5
Goodwill as of December 31, 2017	313.2			10.9			12.0			336.1
Foreign currency translation	(1.9		)	(0.1		)	(0.4		)	(2.4		)
Goodwill as of December 31, 2018	$	311.3		$	10.8		$	11.6		$	333.7

The goodwill balances reflected above are net of accumulated impairment losses of $27.8 million for the Sealing Products segment as of December 31, 2018, 2017 and 2016 and $154.8 million for the Engineered Products segment as of December 31, 2018 and 2017, and 2016.

Identifiable intangible assets are as follows:

	As of December 31, 2018				As of December 31, 2017
	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
	(in millions)
Amortized:
Customer relationships	$	284.5	$	150.2	$	311.2	$	138.0
Existing technology	112.3		45.1		113.0		37.5
Trademarks	35.3		23.1		35.8		22.3
Other	28.3		23.8		28.7		23.2
	460.4		242.2		488.7		221.0
Indefinite-Lived:
Trademarks	79.1		—		79.3		—
Total	$	539.5	$	242.2	$	568.0	$	221.0

Amortization expense for the years ended December 31, 2018, 2017 and 2016 was $28.9 million, $24.7 million and $21.0 million, respectively.

The estimated amortization expense for definite-lived (amortized) intangible assets for the next five years is as follows (in millions):

2019	$	27.1
2020	$	27.0
2021	$	24.6
2022	$	19.8
2023	$	15.5

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Accrued Expenses

12 Months Ended

Dec. 31, 2018

Payables and Accruals [Abstract]

Accrued Expenses

12. Accrued Expenses

	As of December 31,
	2018		2017
	(in millions)
Salaries, wages and employee benefits	$	59.5	$	63.7
Interest	4.9		8.6
Customer advances	7.1		7.1
Environmental	16.4		9.2
Warranty	10.9		4.6
Income and other taxes	21.8		14.3
Other	29.8		29.7
	$	150.4	$	137.2

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Long-term Debt

12 Months Ended

Dec. 31, 2018

Debt Disclosure [Abstract]

Long-term Debt

13. Long-term Debt

	As of December 31,
	2018		2017
	(in millions)
Senior notes	344.9		444.2
Revolving debt	116.7		173.5
Other notes payable	3.3		0.8
	464.9		618.5
Less current maturities of long-term debt	2.4		0.2
	$	462.5	$	618.3

Revolving Credit Facility

On June 28, 2018, we entered into a Second Amended and Restated Credit Agreement (the “Amended Credit Agreement”) among EnPro Industries, Inc. and EnPro Holdings, Inc., a wholly owned subsidiary of the Company (“EnPro Holdings”), as borrowers, the guarantors party thereto, the lenders party thereto and Bank of America, N.A., as Administrative Agent, Swing Line Lender and Letter of Credit Issuer. The Amended Credit Agreement provides for a five-year, senior secured revolving credit facility of $350.0 million (the “Revolving Credit Facility”). The Amended Credit Agreement also provides that the borrowers may seek incremental term loans and/or additional revolving credit commitments in an amount equal to the greater of $225.0 million or 100% of consolidated EBITDA (as defined) for the most recently ended four-quarter period for which we have reported financial results, plus additional amounts based on a consolidated senior secured leverage ratio.

Borrowing availability under the Revolving Credit Facility is not limited by reference to a borrowing base.  Initially, borrowings under the Revolving Credit Facility bear interest at an annual rate of LIBOR plus 1.75% or base rate plus 0.75%, although the interest rates under the Revolving Credit Facility are subject to incremental increases based on a consolidated total net leverage ratio.  In addition, a commitment fee accrues with respect to the unused amount of the Revolving Credit Facility.

EnPro and EnPro Holdings are the permitted borrowers under the Revolving Credit Facility.  We have the ability to add foreign subsidiaries as borrowers under the Revolving Credit Facility for up to $100.0 million (or its foreign currency equivalent) in aggregate borrowings, subject to certain conditions.  Each of our domestic, consolidated subsidiaries are required to guarantee the obligations of the borrowers under the Revolving Credit Facility, and each of our existing domestic, consolidated subsidiaries has entered into the Amended Credit Agreement to provide such a guarantee.

Borrowings under the Revolving Credit Facility are secured by a first priority pledge of certain assets. The Amended Credit Agreement contains certain financial covenants and required financial ratios including a maximum consolidated total net leverage and a minimum consolidated interest coverage as defined in the Amended Credit Agreement. We were in compliance with all covenants of the Revolving Credit Facility as of December 31, 2018.

The borrowing availability under our Revolving Credit Facility at December 31, 2018 was $217.4 million after giving consideration to $15.9 million of outstanding letters of credit and $116.7 million of outstanding borrowings.

Senior Notes

In September 2014, we issued $300.0 million aggregate principal amount of our 5.875% Senior Notes due 2022 (the "Initial Senior Notes"). We issued the notes net of an original issue discount of $2.4 million.

The Initial Senior Notes were unsecured, unsubordinated obligations of EnPro and were scheduled to mature on September 15, 2022. Interest on the Initial Senior Notes accrued at a rate of 5.875% per annum. The debt discount was being amortized through interest expense until the scheduled maturity date resulting in an effective interest rate of 6.0%.

In March 2017, we completed an add-on offering of $150.0 million of our 5.875% Senior Notes due 2022 (the “Additional Notes"). We issued the Additional Notes inclusive of an original issue premium of $1.5 million. The indenture for the Additional Notes contained the same provisions as the Initial Senior Notes. The debt premium was being amortized through interest expense until the scheduled maturity date resulting in an effective interest rate of 5.66%.

On October 17, 2018, we completed the offering of $350.0 million aggregate principal amount of 5.75% Senior Notes due 2026 (the "New Notes") and applied the net proceeds of that offering, together with borrowings under the Revolving Credit Facility, to redeem on October 31, 2018 the full $450.0 million aggregate principal amount of the outstanding Initial Senior Notes and the Additional Notes. The Initial Senior Notes and Additional Notes were redeemed at a price equal to 102.938% of the aggregate principal amount thereof plus accrued and unpaid interest to, but not including, the redemption date. We recorded a loss on the redemption of the Initial Senior Notes and Additional Notes of approximately $18.1 million in the fourth quarter of 2018 which is included in other (non-operating) expense in the accompanying Consolidated Statement of Operations for the year ended December 31, 2018.

The New Notes were issued to investors at 100% of the principal amount thereof. The New Notes are unsecured, unsubordinated obligations of EnPro and mature on October 15, 2026. Interest on the New Notes accrues at a rate of 5.75% per annum and is payable semi-annually in cash in arrears on April 15 and October 15 of each year, commencing April 15, 2019. The New Notes are required to be guaranteed on a senior unsecured basis by each of EnPro’s existing and future direct and indirect domestic subsidiaries that is a borrower under, or guarantees, our indebtedness under the Revolving Credit Facility or guarantees any other Capital Markets Indebtedness (as defined in the indenture governing the New Notes) of EnPro or any of the guarantors.

On or after October 15, 2021, we may, on any one or more occasions, redeem all or a part of the New Notes at specified redemption prices plus accrued and unpaid interest. In addition, we may redeem a portion of the aggregate principal amount of the New Notes before October 15, 2021 with the net cash proceeds from certain equity offerings at a specified redemption price plus accrued and unpaid interest, if any, to, but not including, the redemption date. We may also redeem some or all of the New Notes before October 15, 2021 at a redemption price of 100% of the principal amount, plus accrued and unpaid interest, if any, to, but not including, the redemption date, plus a “make whole” premium.

Each holder of the New Notes may require us to repurchase some or all of the New Notes held by such holder for cash upon the occurrence of a defined “change of control” event. Our ability to redeem the New Notes prior to maturity is subject to certain conditions, including in certain cases the payment of make-whole amounts.

The indenture governing the New Notes includes covenants that restrict our ability to engage in certain activities, including incurring additional indebtedness, paying dividends and repurchasing shares of our common stock, subject in each case to specified exceptions and qualifications set forth in the indenture.

Scheduled Principal Payments

Future principal payments on long-term debt are as follows:

	(in millions)
2019	$	2.4
2020	0.3
2021	0.3
2022	0.1
2023	116.8
Thereafter	350.1
	$	470.0

The payments for long-term debt shown in the table above reflect the contractual principal amount for the New Notes. In the Consolidated Balance Sheets, these amounts are shown net of unamortized debt discounts aggregating $5.1 million pursuant to applicable accounting rules.

Debt Issuance Costs

During 2018, we capitalized $6.6 million of debt issuance costs in connection with the issuance of the New Notes and the amendment of the Revolving Credit Facility. The capitalized debt issuance costs are amortized to interest expense over the life of the debt instruments.

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Derivatives and Hedging

12 Months Ended

Dec. 31, 2018

Summary of Credit Derivatives [Abstract]

Derivatives and Hedging

14. Derivatives and Hedging

We are exposed to foreign currency risks that arise from normal business operations. These risks include the translation of local currency balances on our foreign subsidiaries’ balance sheets, intercompany loans with foreign subsidiaries and transactions denominated in foreign currencies. We strive to control our exposure to these risks through our normal operating activities and, where appropriate, through derivative instruments. We periodically enter into contracts to hedge forecasted transactions that are denominated in foreign currencies. The notional amount of foreign exchange contracts was $7.7 million and $0.5 million at December 31, 2018 and 2017, respectively. All foreign exchange contracts outstanding at December 31, 2018 expired in January of 2019.

The notional amounts of all of our foreign exchange contracts were recorded at their fair market value as of December 31, 2018 with changes in market value recorded in income. The earnings impact of any foreign exchange contract that is specifically related to the purchase of inventory is recorded in cost of sales and the changes in market value of all other contracts are recorded in selling, general and administrative expense in the Consolidated Statements of Operations. The balances of foreign exchange derivative assets are recorded in other current assets and the balances of foreign exchange derivative liabilities are recorded in accrued expenses in the Consolidated Balance Sheets.

In March 2018, we entered into cross currency swap agreements with a notional amount of $200.0 million to manage foreign currency risk by effectively converting a portion of the interest payments related to our fixed-rate U.S. Dollar (“USD”)-denominated Initial Senior Notes, including the semi-annual interest payments thereunder, to interest payments on fixed-rate Euro-denominated debt of 161.8 million EUR with a weighted average interest rate of 3.29% with the same interest payment dates and maturity date as the Initial Senior Notes maturing in 2022. We terminated and settled these agreements on September 7, 2018. As a result of this termination, we received $11.9 million, of which $9.3 million represented the fair value of the contracts as of the settlement date and $2.6 million represented interest receivable. Unrealized gains totaling $7.0 million, net of tax, as of the termination date will remain in accumulated other comprehensive loss until the complete or substantially complete liquidation of our investment in the underlying foreign operations.

On September 7, 2018, we entered into new cross currency swap agreements with a notional amount of $200.0 million to manage foreign currency risk by effectively converting a portion of the interest payments related to our fixed-rate USD-denominated Initial Senior Notes, including the semi-annual interest payments thereunder, to interest payments on fixed-rate Euro-denominated debt of 172.8 million EUR with a weighted average interest rate of 2.8%, with the same interest payment dates and maturity date as the Initial Senior Notes maturing in 2022. During the term of the swap agreement, we will receive semi-annual payments from the counterparties due to the difference between the interest rate on the Initial Senior Notes and the interest rate on the Euro debt underlying the swap. There was no principal exchange at the inception of the arrangement, and there will be no exchange at maturity. At maturity (or earlier at our option), we and the counterparties will settle the swap agreements at their fair value in cash based on the $200.0 million aggregate notional amount and the then-applicable currency exchange rate compared to the exchange rate at the time the swap agreements were entered into.

We have designated the cross currency swaps as qualifying hedging instruments and are accounting for them as a net investment hedge. At December 31, 2018, the fair value of these derivatives was $4.5 million, and was recorded as an asset within other assets on the Consolidated Balance Sheet. The gains and losses resulting from fair value adjustments to the cross currency swap agreement, excluding interest accruals related to the above receipts, are recorded in accumulated other comprehensive loss within our cumulative foreign currency translation adjustment, as the swap is effective in hedging the designated risk. Cash flows related to the cross currency swaps will be included in operating activities in the Consolidated Statements of Cash Flows, aside from the ultimate settlement at maturity with the counterparties, which will be included in investing activities.

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Fair Value Measurements

12 Months Ended

Dec. 31, 2018

Fair Value Disclosures [Abstract]

Fair Value Measurements

15. Fair Value Measurements

Assets and liabilities measured at fair value on a recurring basis are summarized as follows:

	Fair Value Measurements as of
	December 31, 2018		December 31, 2017
	(in millions)
Assets
Time deposits	$	33.4	$	—
Foreign currency derivatives	4.5		—
Deferred compensation assets	8.6		7.8
	$	46.5	$	7.8
Liabilities
Deferred compensation liabilities	$	8.9	$	8.9

Our time deposits and deferred compensation assets and liabilities are classified within Level 1 of the fair value hierarchy because they are valued using quoted market prices. Our foreign currency derivatives are classified as Level 2 as their value is calculated based upon observable inputs including market USD/Euro exchange rates and market interest rates.

The carrying values of our significant financial instruments reflected in the Consolidated Balance Sheets approximate their respective fair values, except for the following:

	December 31, 2018				December 31, 2017
	Carrying Value		Fair Value		Carrying Value		Fair Value
	(in millions)
Long-term debt	$	464.9	$	462.1	$	618.5	$	645.6

The fair values for long-term debt are based on quoted market prices for identical liabilities, but this would be considered a Level 2 computation because the market is not active.

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Pensions and Postretirement Benefits

12 Months Ended

Dec. 31, 2018

Retirement Benefits [Abstract]

Pensions and Postretirement Benefits

16. Pensions and Post-retirement Benefits

We have non-contributory defined benefit pension plans covering eligible employees in the United States, Mexico and several European countries. Salaried employees’ benefit payments are generally determined using a formula that is based on an employee’s compensation and length of service. We closed our defined benefit pension plan for new salaried employees in the United States who joined the Company after January 1, 2006, and, effective January 1, 2007, benefits were frozen for all salaried employees who were not age 40 or older as of December 31, 2006. Hourly employees’ benefit payments are generally determined using stated amounts for each year of service.

Our employees also participate in voluntary contributory retirement savings plans for salaried and hourly employees maintained by us. Under these plans, eligible employees can receive matching contributions up to the first 6% of their eligible earnings. Effective January 1, 2007, those employees whose defined benefit pension plan benefits were frozen receive an additional 2% company contribution each year. Beginning on August 1, 2016, this additional contribution ceased being provided to future hires at the company, but was retained for those employees already receiving it. We recorded $13.3 million, $11.5 million and $9.6 million in expenses in 2018, 2017 and 2016, respectively, for matching contributions under these plans.

Our general funding policy for qualified defined benefit pension plans historically has been to contribute amounts that are at least sufficient to satisfy regulatory funding standards. During 2018, 2017 and 2016, we contributed $20.0 million, $8.8 million and $14.8 million, respectively, in cash to our U.S. pension plans. The contributions were made in these years in order to meet a funding level sufficient to avoid variable fees from the PBGC on the underfunded portion of our pension liability. We do not anticipate making any contributions in 2019 to our U.S. defined benefit pension plans, but we expect to make total contributions of approximately $1.0 million in 2019 to the foreign pension plans.

On June 26, 2018, we entered into an agreement to purchase a group annuity contract to transfer approximately $68 million of our outstanding pension projected benefit obligations related to certain U.S. retirees or beneficiaries. The transaction closed on July 3, 2018 and was funded with pension plan assets with a value of $70.9 million. As a result of this transaction a pre-tax pension settlement charge of $12.8 million was recognized in the third quarter of 2018. This charge was recorded in other (non-operating) expense on the Consolidated Statement of Operations for the year ended December 31, 2018.

The projected benefit obligation and fair value of plan assets for the defined benefit pension plans with projected benefit obligations in excess of plan assets were $53.0 million and $41.1 million at December 31, 2018, and $311.3 million and $291.9 million at December 31, 2017, respectively. The accumulated benefit obligation and fair value of plan assets for the defined benefit pension plans with accumulated benefit obligations in excess of plan assets were $47.6 million and $38.7 million at December 31, 2018, and $302.6 million and $289.7 million at December 31, 2017, respectively.

We provide, through non-qualified plans, supplemental pension benefits to a limited number of employees. Certain of our subsidiaries also sponsor unfunded postretirement plans that provide certain health-care and life insurance benefits to eligible employees. The health-care plans are contributory, with retiree contributions adjusted periodically, and contain other cost-sharing features, such as deductibles and coinsurance. The life insurance plans are generally noncontributory. The amounts included in “Other Benefits” in the following tables include the non-qualified plans and the other postretirement plans discussed above.

The following table sets forth the changes in projected benefit obligations and plan assets of our defined benefit pension and other non-qualified and postretirement plans as of and for the years ended December 31, 2018 and 2017.

	Pension Benefits						Other Benefits
	2018			2017			2018			2017
	(in millions)
Change in Projected Benefit Obligations
Projected benefit obligations at beginning of year	$	369.2		$	289.7		$	4.7		$	3.2
Service cost	4.8			4.5			0.1			0.1
Interest cost	12.8			12.9			0.1			0.1
Actuarial loss (gain)	(23.5		)	16.1			(0.6		)	—
Amendments	—			0.2			—			—
Settlements	(71.1		)	(0.6		)	—			—
Benefits paid	(14.0		)	(13.0		)	(0.7		)	(0.9		)
Reconsolidation of GST and OldCo	—			58.8			—			2.1
Other	(1.4		)	0.6			0.5			0.1
Projected benefit obligations at end of year	276.8			369.2			4.1			4.7

Change in Plan Assets
Fair value of plan assets at beginning of year	350.7		256.9
Actual return on plan assets	(17.9	)	42.3
Administrative expenses	(0.9	)	(0.8	)
Benefits paid	(14.0	)	(13.0	)
Settlements	(71.1	)	(0.6	)
Company contributions	20.8		9.4
Reconsolidation of GST and OldCo	—		56.5
Fair value of plan assets at end of year	267.6		350.7

Underfunded Status at End of Year $ (9.2 ) $ (18.5 ) $ (4.1 ) $ (4.7 )

Amounts Recognized in the Consolidated Balance Sheets
Long-term assets	$	2.7		$	0.8		$	—		$	—
Current liabilities	(0.8		)	(0.5		)	(0.3		)	(0.3		)
Long-term liabilities	(11.1		)	(18.8		)	(3.8		)	(4.4		)
	$	(9.2	)	$	(18.5	)	$	(4.1	)	$	(4.7	)

Pre-tax charges recognized in accumulated other comprehensive loss as of December 31, 2018 and 2017 consist of:

	Pension Benefits				Other Benefits
	2018		2017		2018			2017
	(in millions)
Net actuarial (gain) loss	$	60.8	$	65.3	$	(0.9	)	$	(0.3	)
Prior service cost	1.1		1.4		0.2			0.3
	$	61.9	$	66.7	$	(0.7	)	$	—

The accumulated benefit obligation for all defined benefit pension plans was $269.0 million and $361.7 million at December 31, 2018 and 2017, respectively. The accumulated postretirement benefit obligation for all other postretirement benefit plans was $3.8 million and $4.5 million at December 31, 2018 and 2017, respectively.

The following table sets forth the components of net periodic benefit cost and other changes in plan assets and benefit obligations recognized in other comprehensive income for our defined benefit pension and other non-qualified and postretirement plans for the years ended December 31, 2018, 2017 and 2016.

	Pension Benefits									Other Benefits
	2018			2017			2016			2018		2017		2016
	(in millions)
Net Periodic Benefit Cost
Service cost	$	4.8		$	4.5		$	4.3		$	0.1	$	0.1	$	0.1
Interest cost	12.8			12.9			12.7			0.1		0.1		0.2
Expected return on plan assets	(19.0		)	(20.1		)	(17.2		)	—		—		—
Amortization of prior service cost	0.3			0.3			0.2			0.1		0.1		0.1
Amortization of net loss	5.1			7.3			6.9			—		—		—
Settlements	12.7			—			—			—		—		—
Curtailments	—			(0.1		)	(0.1		)	—		—		(0.3		)
Deconsolidation of GST	—			(0.3		)	(0.9		)	—		—		—
Net periodic benefit cost	16.7			4.5			5.9			0.3		0.3		0.1

Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income
Net loss (gain)	13.3			(5.8		)	8.2			(0.6		)	0.1			(0.4		)
Prior service cost	—			0.5			—			—			—			—
Amortization of net loss	(5.1		)	(7.3		)	(6.9		)	—			—			—
Amortization of prior service cost	(0.3		)	(0.3		)	(0.2		)	(0.1		)	(0.1		)	(0.1		)
Settlements	(12.7		)	—			—			—			—			—
Other adjustment	—			—			—			—			—			0.3
Total recognized in other comprehensive income	(4.8		)	(12.9		)	1.1			(0.7		)	—			(0.2		)
Total Recognized in Net Periodic Benefit Cost and Other Comprehensive Income	$	11.9		$	(8.4	)	$	7.0		$	(0.4	)	$	0.3		$	(0.1	)

	Pension Benefits						Other Benefits
	2018		2017		2016		2018		2017		2016
Weighted-Average Assumptions Used to Determine Benefit Obligations at December 31
Discount rate	4.375	%	3.75	%	4.25	%	4.375	%	3.75	%	4.25	%
Rate of compensation increase	3.0	%	3.0	%	3.0	%	4.0	%	4.0	%	4.0	%
Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost for Years Ended December 31
Discount rate	4.0	%	4.25	%	4.63	%	3.75	%	4.25	%	4.63	%
Expected long-term return on plan assets	6.0	%	7.25	%	7.25	%	—		—		—
Rate of compensation increase	3.0	%	3.0	%	3.0	%	4.0	%	4.0	%	4.0	%

The discount rate reflects the current rate at which the pension liabilities could be effectively settled at the end of the year. The discount rate was determined with a model which uses a theoretical portfolio of high quality corporate bonds specifically selected to produce cash flows closely related to how we would settle our retirement obligations. This produced a discount rate of 4.375% at December 31, 2018. As of the date of these financial statements, there are no known or anticipated changes in our discount rate assumption that will impact our pension expense in 2019. A 25 basis point decrease (increase) in our discount rate, holding constant our expected long-term return on plan assets and other assumptions, would increase (decrease) pension expense by approximately $0.9 million per year.

The overall expected long-term rate of return on assets was determined based upon weighted-average historical returns over an extended period of time for the asset classes in which the plans invest according to our current investment policy.

We use the RP-2014 mortality table with the MP-2018 projection scale to value our domestic pension liabilities.

Assumed Health Care Cost Trend Rates at December 31	2018		2017
Health care cost trend rate assumed for next year	8.0	%	8.0	%
Rate to which the cost trend rate is assumed to decline (the ultimate rate)	4.5	%	4.5	%
Year that the rate reaches the ultimate trend rate	2026		2025

Plan Assets

The asset allocation for pension plans at the end of 2018 and 2017, and the target allocation for 2019, by asset category are as follows:

	Target Allocation		Plan Assets at December 31,
	2019		2018		2017
Asset Category
Equity securities	30	%	27	%	30	%
Fixed income	70	%	73	%	70	%
	100	%	100	%	100	%

Our investment goal is to maximize the return on assets, over the long term, by investing in equities and fixed income investments while diversifying investments within each asset class to reduce the impact of losses in individual securities. Equity investments include a mix of U.S. large capitalization equities, U.S. small capitalization equities and non-U.S. equities. Fixed income investments include a mix of treasury obligations and high-quality money market instruments. The asset allocation policy is reviewed and any significant variation from the target asset allocation mix is rebalanced periodically. The plans have no direct investments in EnPro common stock.

The plans invest exclusively in mutual funds whose holdings are marketable securities traded on recognized markets and, as a result, would be considered Level 1 assets. The investment portfolios of the various funds at December 31, 2018 and 2017 are summarized as follows:

	2018		2017
	(in millions)
Mutual funds – U.S. equity	$	42.7	$	61.6
Mutual funds - fixed income treasury and money market	194.6		244.6
Mutual funds – international equity	29.5		43.3
Cash equivalents	0.8		1.2
	$	267.6	$	350.7

Estimated Future Benefit Payments

The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid:

	Pension Benefits		Other Benefits
	(in millions)
2019	$	11.8	$	0.4
2020	12.1		1.5
2021	13.4		0.4
2022	14.5		0.5
2023	15.8		0.3
Years 2024 – 2028	93.6		1.1

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Shareholders' Equity

12 Months Ended

Dec. 31, 2018

Equity [Abstract]

Stockholders' Equity

17. Shareholders' Equity

We have a policy under which we intend to declare regular quarterly cash dividends on our common stock, as determined by our board of directors, after taking into account our cash flows, earnings, financial position and other relevant matters. In accordance with this policy, total dividend payments of $20.3 million, $19.0 million, and $18.1 million were made during the years ended December 31, 2018, 2017, and 2016, respectively.

In February 2019, our board of directors declared a cash dividend of $0.25 per share payable on March 20, 2019 to shareholders of record at the close of business on March 6, 2019.

In October 2018, our board of directors authorized a new two-year program for the repurchase of up to $50.0 million of our outstanding common shares. No shares were repurchased during the fourth quarter of 2018.

In October 2017, our board of directors authorized a program for the repurchase of up to $50.0 million of our outstanding common shares. During 2018, we repurchased 0.7 million shares for $50.0 million under this program.

In October 2015, our board of directors authorized the purchase of up to $50.0 million of our outstanding common shares from time to time, which expired in October 2017. During 2017, we repurchased 0.2 million shares for $11.5 million, all of which settled during the year. During 2016, we repurchased 0.6 million shares for $29.7 million under this authorization. Cash payments for purchases under this authorization that settled during 2016 were $30.4 million.

The shares for all repurchase plans are retired upon purchase.

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Accumulated Other Comprehensive Loss

12 Months Ended

Dec. 31, 2018

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Accumulated Other Comprehensive Loss

18. Accumulated Other Comprehensive Loss

Changes in accumulated other comprehensive loss by component (after tax) are as follows:

(in millions)	Unrealized Translation Adjustments			Pension and Other Postretirement Plans			Total
Balance at December 31, 2015	$	(4.9	)	$	(49.2	)	$	(54.1	)
Other comprehensive loss before reclassifications	(16.1		)	(5.0		)	(21.1		)
Amounts reclassified from accumulated other comprehensive loss	(0.2		)	4.5			4.3
Net current-period other comprehensive loss	(16.3		)	(0.5		)	(16.8		)
Balance at December 31, 2016	(21.2		)	(49.7		)	(70.9		)
Other comprehensive income before reclassifications	14.4			3.2			17.6
Amounts reclassified from accumulated other comprehensive loss	—			4.9			4.9
Net current-period other comprehensive income	14.4			8.1			22.5
Balance at December 31, 2017	(6.8		)	(41.6		)	(48.4		)
Other comprehensive loss before reclassifications	(3.8		)	(7.1		)	(10.9		)
Amounts reclassified from accumulated other comprehensive loss	—			13.8			13.8
Net current-period other comprehensive income	(3.8		)	6.7			2.9
Balance at December 31, 2018	$	(10.6	)	$	(34.9	)	$	(45.5	)

Reclassifications out of accumulated other comprehensive loss are as follows:

Details about Accumulated Other Comprehensive Loss Components	Amount Reclassified from Accumulated Other Comprehensive Loss									Affected Statement of Operations Caption
	Years Ended December 31,
	2018			2017			2016
	(in millions)
Pension and other postretirement plans adjustments:
Amortization of actuarial losses	$	5.1		$	7.3		$	6.6		(1)
Amortization of prior service costs	0.4			0.4			0.3			(1)
Settlement loss	12.7			—			—			(1)
Total before tax	18.2			7.7			6.9			Income (loss) before income taxes
Tax benefit	(4.4		)	(2.8		)	(2.4		)	Income tax benefit (expense)
Net of tax	$	13.8		$	4.9		$	4.5		Net income (loss)
Release of unrealized currency translation adjustment upon sale of investment in foreign entity, net of tax	$	—		$	—		$	(0.2	)	Other (non-operating) expense

(1) These accumulated other comprehensive loss components are included in the computation of net periodic pension cost. Since these are components of net periodic pension cost other than service cost, the affected Consolidated Statement of Operations caption is other (non-operating) expense. (See Note 16, "Pensions and Postretirement Benefits" for additional details).

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Equity Compensation Plan

12 Months Ended

Dec. 31, 2018

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Equity Compensation Plan

19. Equity Compensation Plan

We have an equity compensation plan (the “Plan”) that provides for the delivery of up to 6.2 million shares pursuant to various market and performance-based incentive awards. As of December 31, 2018, there are 0.9 million shares available for future awards. Our policy is to issue new shares to satisfy share delivery obligations for awards made under the Plan.

The Plan allows awards of restricted share units to be granted to executives and other key employees. Generally, all share units will vest in three years. Compensation expense related to the restricted share units is based upon the market price of the underlying common stock as of the date of the grant and is amortized over the applicable vesting period using the straight-line method. As of December 31, 2018, there was $5.9 million of unrecognized compensation cost related to restricted share units expected to be recognized over a weighted-average vesting period of 1.3 years.

Under the terms of the Plan, performance share awards were granted to executives and other key employees during 2018, 2017 and 2016. Each grant will vest if EnPro achieves specific financial objectives at the end of each three-year performance period. Additional shares may be awarded if objectives are exceeded, but some or all shares may be forfeited if objectives are not met.

Performance shares earned at the end of a performance period, if any, will be paid in actual shares of our common stock, less the number of shares equal in value to applicable withholding taxes if the employee chooses. During the performance period, a grantee receives dividend equivalents accrued in cash, and shares are forfeited if a grantee terminates employment.

Compensation expense related to the performance shares granted is computed using the fair value of the awards at the date of grant. Potential shares to be issued for performance share awards granted in 2018, 2017 and 2016 are subject to a market condition based on the performance of our stock, measured based upon a calculation of total shareholder return, compared to a group of peer companies. The fair value of these awards was determined using a Monte Carlo simulation methodology. Compensation expense for these awards is computed based upon this grant date fair value using the straight-line method over the applicable performance period.

The Monte Carlo simulation model utilizes multiple input variables that determine the probability of satisfying the market condition stipulated in the award and calculates the fair value of each award. We issued performance share awards to eligible participants on February 12, 2018, February 13, 2017 and February 23, 2016. We used the following assumptions in determining the fair value of these awards:

	Expected stock price volatility		Annual expected dividend yield		Risk free interest ate		Correlation between Total Shareholder Return for EnPro and the applicable S&P index
Shares granted February 12, 2018
EnPro Industries, Inc.	32.41	%	1.15	%	1.92	%	0.6413
S&P 600 Capital Goods Index	34.90	%	n/a		1.92	%
Shares granted February 13, 2017
EnPro Industries, Inc.	31.23	%	1.23	%	1.45	%	0.6259
S&P 600 Capital Goods Index	34.86	%	n/a		1.45	%
Shares granted February 23, 2016
EnPro Industries, Inc.	27.36	%	1.82	%	0.88	%	0.5895
S&P 600 Capital Goods Index	32.80	%	n/a		0.88	%

The expected volatility assumption for us and each member of the peer group is based on each entity’s historical stock price volatility over a period equal to the length from the valuation date to the end of the performance cycle. The annual expected dividend yield is based on annual expected dividend payments and the stock price on the date of grant. The risk free rate equals the yield, as of the valuation date, on zero-coupon U.S. Treasury STRIPS that have a remaining term equal to the length of the remaining performance cycle.

As of December 31, 2018, there was $3.2 million of unrecognized compensation cost related to nonvested performance share awards that is expected to be recognized over a weighted-average vesting period of 1.3 years.

Restricted shares, with three year restriction periods from the initial grant date were issued in 2013 to executives and other key employees. Compensation expense related to the restricted shares was based upon the market price of the underlying common stock as of the date of the grant and was amortized over the applicable restriction period using the straight-line method. As of December 31, 2018, there was no unrecognized compensation cost related to restricted shares.

A summary of award activity under these plans is as follows:

	Restricted Share Units				Performance Shares				Restricted Stock
	Shares		Weighted- Average Grant Date Fair Value		Shares		Weighted- Average Grant Date Fair  Value		Shares		Weighted- Average Grant Date Fair  Value
Nonvested at December 31, 2015	264,031		$	61.74	198,402		$	67.22	11,330		$	55.09
Granted	111,320		44.29		199,965		49.68		—		—
Vested	(59,104	)	45.20		—		—		(11,330	)	55.09
Forfeited	(42,090	)	58.48		(37,542	)	54.66		—		—
Achievement level adjustment	—		—		(77,310	)	71.83		—		—
Shares settled for cash	(12,135	)	44.63		—		—		—		—
Nonvested at December 31, 2016	262,022		59.43		283,515		54.84		—		—
Granted	77,120		68.55		84,534		76.93		—		—
Vested	(79,417	)	64.16		(76,487	)	63.81		—		—
Forfeited	(17,607	)	56.32		(8,823	)	61.43		—		—
Achievement level adjustment	—		—		(12,140	)	63.81		—		—
Shares settled for cash	(6,561	)	54.29		—		—		—		—
Nonvested at December 31, 2017	235,557		57.87		270,599		61.92		—		—
Granted	73,817		82.03		77,076		93.61		—		—
Vested	(58,188	)	63.64		(51,207	)	63.81		—		—
Forfeited	(19,853	)	65.17		(25,142	)	65.14		—		—
Achievement level adjustment	—		—		(71,671	)	63.81		—		—
Shares settled for cash	(12,403	)	64.19		—		—		—		—
Nonvested at December 31, 2018	218,930		$	63.46	199,655		$	75.87	—		$	—

The number of nonvested performance share awards shown in the table above represents the maximum potential shares to be issued. We account for forfeitures when they occur as opposed to estimating the number of awards that are expected to vest as of the grant date.

Non-qualified and incentive stock options were granted in 2011. No stock option has a term exceeding 10 years from the date of grant. All stock options were granted at not less than 100% of fair market value (as defined) on the date of grant. As of December 31, 2018, there was no unrecognized compensation cost related to stock options. As of December 31, 2018 and 2017 there were 18,187 share options outstanding. The outstanding options are all exercisable, with an exercise price of $42.24 and a remaining contractual life of 2.12 years.

The year-end intrinsic value related to stock options is presented below:

	As of and for the Years Ended December 31,
(in millions)	2018		2017		2016
Options outstanding	$	0.3	$	0.9	$	2.5
Options exercisable	$	0.3	$	0.9	$	2.5
Options exercised	$	—	$	2.2	$	0.7

We recognized the following equity-based employee compensation expenses and benefits related to our Plan activity:

	Years Ended December 31,
(in millions)	2018		2017		2016
Compensation expense	$	6.5	$	9.5	$	5.1
Related income tax benefit	$	1.9	$	3.6	$	1.9

Each non-employee director received an annual grant of phantom shares equal in value to $95,000 in the years ended December 31, 2018 and 2017 and $90,000 in the year ended December 31, 2016. With respect to certain phantom shares awarded in prior years, we will pay each non-employee director in cash the fair market value of the director's phantom shares upon termination of service as a member of the board of directors. The remaining phantom shares granted will be paid out in the form of one share of our common stock for each phantom share, with the value of any fractional phantom shares paid in cash. Expense recognized in the years ended December 31, 2018, 2017 and 2016 related to these phantom share grants was $0.7 million, $0.7 million and $1.2 million, respectively. Cash payments of $0.7 million and $1.4 million were used to settle phantom shares in 2018 and 2017, respectively. No cash payments were used to settle phantom shares in 2016.

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Business Segment Information

12 Months Ended

Dec. 31, 2018

Segment Reporting [Abstract]

Business Segment Information

20. Business Segment Information

We aggregate our operating businesses into three reportable segments. The factors considered in determining our reportable segments are the economic similarity of the businesses, the nature of products sold or services provided, the production processes and the types of customers and distribution methods. Our reportable segments are managed separately based on these differences.

Our Sealing Products segment designs, manufactures and sells sealing products, including: metallic, non-metallic and composite material gaskets, dynamic seals, compression packing, resilient metal seals, elastomeric seals, custom-engineered mechanical seals for applications in the aerospace industry and other markets, hydraulic components, expansion joints, flange sealing and isolation products, pipeline casing spacers/isolators, casing end seals, modular sealing systems for sealing pipeline penetrations, sanitary gaskets, hoses and fittings for the hygienic process industries, hole forming products, manhole infiltration sealing systems, bellows and bellows assemblies, pedestals for semiconductor manufacturing, PTFE products, and heavy-duty commercial vehicle parts used in the wheel-end, braking, suspension, and tire and mileage optimization systems.

Our Engineered Products segment includes operations that design, manufacture and sell self-lubricating, non-rolling metal-polymer, solid polymer and filament wound bearing products, aluminum blocks for hydraulic applications, and precision engineered components and lubrication systems for reciprocating compressors.

Our Power Systems segment designs, manufactures, sells and services heavy-duty, medium-speed diesel, natural gas and dual fuel reciprocating engines.

Segment profit is total segment revenue reduced by operating expenses, restructuring and other costs identifiable with the segment. Corporate expenses include general corporate administrative costs. Expenses not directly attributable to the segments, corporate expenses, net interest expense, asset impairments, gains and losses related to the sale of assets, and income taxes are not included in the computation of segment profit. The accounting policies of the reportable segments are the same as those for EnPro.

Segment operating results and other financial data for the years ended December 31, 2018, 2017, and 2016 were as follows:

	Years Ended December 31,
	2018			2017			2016
	(in millions)
Sales
Sealing Products	$	954.4		$	804.3		$	705.6
Engineered Products	323.9			301.1			277.1
Power Systems	257.9			208.2			208.3
	1,536.2			1,313.6			1,191.0
Intersegment sales	(4.2		)	(4.0		)	(3.3		)
Total sales	$	1,532.0		$	1,309.6		$	1,187.7
Segment Profit
Sealing Products	$	85.2		$	90.4		$	82.3
Engineered Products	40.1			30.1			12.8
Power Systems	29.3			29.4			17.7
Total segment profit	154.6			149.9			112.8
Corporate expenses	(32.7		)	(34.2		)	(29.8		)
Asbestos settlement	—			—			(80.0		)
Interest expense, net	(27.3		)	(49.4		)	(55.1		)
Gain on reconsolidation of GST and OldCo	—			534.4			—
Other expense, net	(48.0		)	(23.2		)	(16.6		)
Income (loss) before income taxes	$	46.6		$	577.5		$	(68.7	)

Note that segment profit, corporate expenses and other expense, net for the years ended December 31, 2017 and 2016 were recast to reflect the retrospective application of a standard adopted in the first quarter of 2018 that affects the classification of the components of pension and other postretirement benefits expense other than service cost. See Note 1, "Basis of Presentation" for further information on this standard.

	Years Ended December 31,
	2018		2017		2016
	(in millions)
Net Sales by Geographic Area
United States	$	955.5	$	750.6	$	682.4
Europe	292.9		292.6		289.9
Other foreign	283.6		266.4		215.4
Total	$	1,532.0	$	1,309.6	$	1,187.7

Net sales are attributed to countries based on location of the customer.

Due to the diversified nature of our business and the wide array of products that we offer, we sell into a number of end markets. Underlying economic conditions within these markets are a major driver of our segments' sales performance. Below is a summary of our third party sales by major end market with which we did business for the year ended December 31, 2018:

(in millions)	Sealing Products		Engineered Products		Power Systems		Total
Aerospace	$	54.1	$	8.4	$	—	$	62.5
Automotive	5.3		97.3		—		102.6
Chemical and material processing	54.5		49.5		—		104.0
Food and pharmaceutical	37.1		1.0		—		38.1
General industrial	174.2		99.3		—		273.5
Medium-duty/heavy-duty truck	387.3		1.1		—		388.4
Navy and marine	1.0		—		197.4		198.4
Oil and gas	53.9		46.8		8.9		109.6
Power generation	57.8		11.2		49.9		118.9
Semiconductors	113.7		—		—		113.7
Other	12.0		8.6		1.7		22.3
Total third party sales	$	950.9	$	323.2	$	257.9	$	1,532.0

No customer accounted for 10% or more of net sales in 2018, 2017 or 2016.

	Years Ended December 31,
	2018		2017		2016
	(in millions)
Capital Expenditures
Sealing Products	$	26.0	$	20.4	$	22.9
Engineered Products	10.1		9.9		7.2
Power Systems	26.5		10.7		5.7
Total capital expenditures	$	62.6	$	41.0	$	35.8
Depreciation and Amortization Expense
Sealing Products	$	50.7	$	41.8	$	35.1
Engineered Products	15.4		16.8		17.5
Power Systems	7.6		5.2		4.4
Corporate	—		—		0.1
Total depreciation and amortization	$	73.7	$	63.8	$	57.1

	As of December 31,
	2018		2017
	(in millions)
Assets
Sealing Products	$	1,009.3	$	1,078.0
Engineered Products	220.5		229.2
Power Systems	266.1		210.8
Corporate	219.9		368.1
	$	1,715.8	$	1,886.1

Long-Lived Assets
United States	$	211.9	$	206.9
France	26.0		26.5
Other Europe	21.9		23.4
Other foreign	41.4		40.1
Total	$	301.2	$	296.9

Corporate assets include all of our cash and cash equivalents and long-term deferred income taxes. Long-lived assets consist of property, plant and equipment.

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Subsidiary Asbestos Bankruptcies

12 Months Ended

Dec. 31, 2018

Reorganization Items [Abstract]

Subsidiary Asbestos Bankruptcies

2. Garlock Sealing Technologies LLC, Garrison Litigation Management Group, Ltd., and OldCo, LLC

The reconsolidation of GST and OldCo was treated as a business acquisition in accordance with applicable accounting rules. In accordance with GAAP, the purchase price for the acquisition was equal to the fair value of our investment in GST and OldCo on the reconsolidation date. In the reconsolidation, the investment in GST and OldCo was deemed to be exchanged for our exclusive control of these businesses. No cash was transferred in the reconsolidation transaction, other than the reconsolidation of GST's and OldCo's cash and cash equivalents at that date. The primary businesses comprising GST are managed as part of the Garlock division within our Sealing Products segment. Smaller businesses also reconsolidated with GST are managed by the Technetics and Stemco divisions within this segment, by the CPI division within our Engineered Products segment, and by the Fairbanks Morse division, which comprises our Power Systems segment.

Post-reconsolidation sales of $81.3 million and income before taxes of $6.5 million attributable to GST and OldCo are included in our Consolidated Statement of Operations for the year ended December 31, 2017. The following unaudited supplemental pro forma condensed consolidated financial results of operations for the Company for the years ended December 31, 2017 and 2016, are presented as if the reconsolidation had been completed on January 1, 2016:

	Years Ended December 31,
	2017		2016
	($ in millions)
Pro forma net sales	$	1,402.5	$	1,337.7
Pro forma net income	$	53.7	$	520.0
Pro forma earnings per share - basic	$	2.52	$	24.07
Pro forma earnings per share - diluted	$	2.46	$	23.85

The 2017 supplemental pro forma net income was adjusted to exclude $4.1 million of pre-tax nonrecurring expenses related to the fair value adjustment to acquisition date inventory. The 2016 supplemental pro forma net income was adjusted to include these charges. Pro forma net income for the year ended December 31, 2016 also includes the gain on reconsolidation discussed further below, as well as the tax impact of the reconsolidation discussed in Note 7, "Income Taxes."

The supplemental pro forma net income for the years ended December 31, 2017 and 2016 was also adjusted to exclude a combined $(16.7) million and $148.2 million, respectively, of non-recurring expenses (credits) associated with the aforementioned asbestos claims resolution process recorded at EnPro and at GST and OldCo, as the process is assumed to have concluded in order for the reconsolidation to occur. The amount adjusted for the year ended December 31, 2017 is inclusive of $24.7 million of credits for insurance reimbursements that became realizable for GST and OldCo in the current year. The amount adjusted for the year ended December 31, 2016 is inclusive of charges of $80.0 million and $49.5 million recorded by EnPro and GST, respectively, in that year in association with the Joint Plan to resolve current and future asbestos claims and the agreement with the Canadian provincial workers' compensation boards (the "Provincial Boards") resolving remedies the Provincial Boards may possess against Garlock of Canada Ltd, GST, Coltec or any of their affiliates. See Note 21, "Subsidiary Asbestos Bankruptcies." The remaining amount adjusted for each year consists of charges for Chapter 11 case-related fees and expenses including attorneys' and experts' fees and fees associated with the administration of Garrison.

These unaudited supplemental pro forma financial results have been prepared for comparative purposes only. The pro forma information does not purport to be indicative of the results of operations that actually would have resulted had the reconsolidation occurred on January 1, 2016, or of future results of the consolidated entities.

Associated with the reconsolidation of GST and OldCo, we recorded a pretax gain of $534.4 million. The amounts comprising the gain include:

	(in millions)
Gain on revaluation of investment in GST and OldCo	$	248.3
Elimination of net amounts payable to GST and OldCo at reconsolidation date	286.1
Total	$	534.4

The gain on revaluation of our investment in GST and OldCo is the difference between the fair value of the investment and its book value as of the date of reconsolidation. The portion of the gain attributable to elimination of net amounts payable to GST and OldCo is based upon the balances in EnPro's amounts due to and from GST and OldCo as of that date, including the notes payable to GST and related accrued interest, income tax receivable from GST, and other payables to and receivables from GST that arose in the normal course of business.

21. Subsidiary Asbestos Bankruptcies

The historical business operations of certain of our subsidiaries, principally GST LLC and Anchor, had resulted in a substantial volume of asbestos litigation in which plaintiffs alleged personal injury or death as a result of exposure to asbestos fibers. On the GST Petition Date, GST filed voluntary petitions for reorganization under Chapter 11 of the United States Bankruptcy Code. These filings were the initial step in a claims resolution process for an efficient and permanent resolution of pending and future asbestos claims through court approval of a plan of reorganization to establish a facility to resolve and pay all GST asbestos claims. The filings on the GST Petition Date did not include EnPro Industries, Inc. or any other EnPro Industries, Inc. operating subsidiary. GST LLC is one of the businesses in our broader Garlock group and, prior to the GST Petition Date, was included in our Sealing Products segment. GST LLC and its subsidiaries operate five manufacturing facilities, including operations in Palmyra, New York and Houston, Texas.

The financial results of GST and subsidiaries were included in our consolidated results through June 4, 2010, the day prior to the GST Petition Date. However, GAAP requires an entity that files for protection under the U.S. Bankruptcy Code, whether solvent or insolvent, whose financial statements were previously consolidated with those of its parent, as GST’s and its subsidiaries’ were with ours, generally must be prospectively deconsolidated from the parent and the investment accounted for using the cost method. At deconsolidation, our investment was recorded at its estimated fair value as of June 4, 2010, resulting in a gain for reporting purposes. The cost method required us to present our ownership interests in the net assets of GST at the GST Petition Date as an investment and we did not recognize any income or loss from GST and subsidiaries in our results of operations until the reconsolidation of these subsidiaries upon consummation of a plan of reorganization under these proceedings.

On March 17, 2016, we announced that we had reached a comprehensive consensual settlement (the “Consensual Settlement”) to resolve current and future asbestos claims which contemplated the Joint Plan which was filed with the Bankruptcy Court. The Joint Plan and Consensual Settlement contemplated that, as an appropriate and necessary step to facilitate the implementation of the Consensual Settlement and not to delay or hinder creditors or the resolution of claims, Coltec would, subject to the receipt of necessary consents, undergo a restructuring in which all of its significant operating assets and subsidiaries, which included each of our major business units, would be distributed to a new direct EnPro subsidiary, EnPro Holdings. EnPro Holdings would also assume all of Coltec’s non-asbestos liabilities. The Coltec Restructuring was completed on December 31, 2016, and included the merger of Coltec with and into OldCo, which was a direct subsidiary of EnPro Holdings. OldCo, as the restructured entity, retained responsibility for all asbestos claims and rights to certain insurance assets of Coltec, as well as the business operated by our EnPro Learning System, LLC subsidiary (“EnPro Learning System”), which provides occupational safety training and consulting services to third parties. EnPro Learning System was also merged into OldCo.

As contemplated by the Joint Plan, on January 30, 2017 (the “OldCo Petition Date”), OldCo, as the successor by merger to Coltec, filed a Chapter 11 bankruptcy petition with the Bankruptcy Court (the “OldCo Chapter 11 Case”). On February 3, 2017, the Bankruptcy Court issued an order for the joint administration of the OldCo Chapter 11 Case with the GST Chapter 11 Case.

As discussed in Note 1, “Overview, Basis of Presentation, Significant Accounting Policies and Recently Issued Accounting Guidance-Basis of Presentation,” GST was deconsolidated beginning on the GST Petition Date and OldCo was deconsolidated beginning on the OldCo Petition Date. Accordingly the financial results of GST and its subsidiaries were included in our consolidated results through June 4, 2010, the day prior to the GST Petition Date, and the financial results of OldCo and its subsidiaries were included in our consolidated results through January 29, 2017, the day prior to the OldCo Petition Date. GST and OldCo were reconsolidated effective upon the effective date of the consummation of the Joint Plan, which effective date was 12:01 a.m. on July 31, 2017 (the “Joint Plan Effective Date”).

Pursuant to the Joint Plan, a claims resolution trust (the “Trust”) was established prior to the Joint Plan Effective Date. As contemplated by the Joint Plan, the Trust was funded with cash contributions by GST LLC and Garrison and by OldCo and by the contribution OldCo of and an option (the “Option”), exercisable one year after the Joint Plan Effective Date, permitting the Trust to purchase for $1 shares of EnPro common stock having a value of $20 million (which included the right of OldCo to call the Option for payment of $20 million), and by the obligations under the Joint Plan of OldCo and of GST LLC and Garrison to make specified deferred contribution in cash no later than one year after the Joint Plan Effective Date.

On November 29, 2017, GST LLC, EnPro Holdings and EnPro entered into an agreement with the Trust to provide for the early settlement of the deferred contributions to the Trust under the Joint Plan and for the call of the Option by EnPro Holdings, as the successor by merger to OldCo. Under that agreement, in full satisfaction of the deferred cash contribution obligations under the Joint Plan and payment of the $20 million call payment under the Option, on December 1, 2017 GST LLC, EnPro Holdings and EnPro paid $78.8 million (the “Early Cash Settlement Amount”) to the Trust and agreed to make a further payment to the Trust to the extent that total interest earned through July 31, 2018, with respect to a fixed income account in which the Early Cash Settlement Amount was invested by the Trust is less than $1.2 million. In a final settlement of amounts owed to the Trust, a further payment of approximately $0.5 million was made in August 2018.

The Consensual Settlement included as a condition to our obligations to proceed with the settlement that EnPro, Coltec, GST and Garlock of Canada Ltd (an indirect subsidiary of GST LLC) enter into a written agreement, to be consummated concurrently with the consummation of the Joint Plan on the Joint Plan Effective Date, with the Provincial Boards resolving remedies the Provincial Boards may possess against Garlock of Canada Ltd, GST, Coltec or any of their affiliates, including releases and covenants not to sue, for any present or future asbestos-related claim, and that the agreement is either approved by the Bankruptcy Court following notice to interested parties or the Bankruptcy Court concludes that its approval is not required. On November 11, 2016, we entered into such an agreement (the “Canadian Settlement”) with the Provincial Boards to resolve current and future claims against EnPro, GST, Garrison, Coltec, and Garlock of Canada Ltd for recovery of a portion of amounts the Provincial Boards have paid and will pay in the future under asbestos-injury recovery statutes in Canada for claims relating to asbestos-containing products. The Canadian Settlement provided for a cash settlement payment to the Provincial Boards on the fourth anniversary of the effective date of the Joint Plan, with the provincial Boards having the option of accelerating the payment discounted rate of 4.5% per annum. Prior to the Joint Plan Effective Date, the Provincial Boards provided notice of their election to accelerate the payment. After application of the discount resulting from such acceleration of payment, the settlement payment of approximately $16.7 million (U.S.) was made to the Provincial Boards on August 11, 2017.

In light of the Consensual Settlement and the Canadian Settlement, in 2016 GST revised its estimate of the ultimate costs to resolve all asbestos claims against it to reflect the amounts to be paid by it under these settlements. Because GST was not a consolidated subsidiary at that time, the accrual to reflect GST’s increased costs to resolve such claims is not included in our consolidated financial results for 2016. OldCo (then still a consolidated subsidiary) had accrued a liability at December 31, 2016 equal to its contributions to be made pursuant to the Joint Plan, with the accrual of an $80.0 million increase in its estimated liability over the amount estimated at December 31, 2015 being reflected in our consolidated financial results for 2016.

The Joint Plan permanently resolves current and future asbestos claims against GST LLC, Garrison and OldCo, as the successor by merger to Coltec, and injunctions issued under the Joint Plan protect all of EnPro and its subsidiaries from those claims, which claims are enjoined under Section 524(g) of the U.S. Bankruptcy Code. Under the Joint Plan, the Trust has assumed responsibility for all present and future asbestos claims arising from the operations or products of GST LLC, Garrison or Coltec/OldCo. Under the Joint Plan, EnPro, through its subsidiaries, retained ownership of OldCo, GST LLC and Garrison. Anchor, which had not conducted business operations for many years and had nominal assets, has been dissolved.

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Commitments and Contingencies

12 Months Ended

Dec. 31, 2018

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

22. Commitments and Contingencies

General

A description of certain environmental and other legal matters relating to certain of our subsidiaries is included in this section. In addition to the matters noted herein, we are from time to time subject to, and are presently involved in, other litigation and legal proceedings arising in the ordinary course of business. We believe the outcome of such other litigation and legal proceedings will not have a material adverse effect on our financial condition, results of operations and cash flows. Expenses for administrative and legal proceedings are recorded when incurred.

Environmental

Our facilities and operations are subject to federal, state and local environmental and occupational health and safety requirements of the U.S. and foreign countries. We take a proactive approach in our efforts to comply with environmental, health and safety laws as they relate to our manufacturing operations and in proposing and implementing any remedial plans that may be necessary. We also regularly conduct comprehensive environmental, health and safety audits at our facilities to maintain compliance and improve operational efficiency.

Although we believe past operations were in substantial compliance with the then applicable regulations, we or one or more of our subsidiaries are involved with various remediation activities at 19 sites where the future cost per site for us or our subsidiary is expected to exceed $0.1 million. Of these 19 sites, 15 are sites where we or one or more of our subsidiaries formerly conducted business operations but no longer do, and 4 are sites where we conduct manufacturing operations. Investigations have been completed for 16 sites and are in progress at the other 3 sites. Our costs at 14 of the 19 sites relate to remediation projects for soil and/or groundwater contamination at or near former operating facilities that were sold or closed.

Our policy is to accrue environmental investigation and remediation costs when it is probable that a liability has been incurred and the amount can be reasonably estimated. The measurement of the liability is based on an evaluation of currently available facts with respect to each individual situation and takes into consideration factors such as existing technology, presently enacted laws and regulations and prior experience in remediation of contaminated sites. Liabilities are established for all sites based on these factors. As assessments and remediation progress at individual sites, these liabilities are reviewed periodically and adjusted to reflect additional technical data and legal information. As of December 31, 2018 and 2017, we had accrued liabilities of $31.1 million and $27.3 million, respectively, for estimated future expenditures relating to environmental contingencies. In 2018, in addition to the accruals described below, we accrued $1.1 million in liabilities to reflect our most current estimate of costs for continued remediation at two sites based upon a reassessment of the expected duration of remedial activities at each of those sites. These amounts have been recorded on an undiscounted basis in the Consolidated Balance Sheets. Given the uncertainties regarding the status of laws, regulations, enforcement policies, the impact of other parties potentially being liable, technology and information related to individual sites, we do not believe it is possible to develop an estimate of the range of reasonably possible environmental loss in excess of our recorded liabilities.

Except as described below, we believe that our accruals for specific environmental liabilities are adequate for those liabilities based on currently available information. Actual costs to be incurred in future periods may vary from estimates because of the inherent uncertainties in evaluating environmental exposures due to unknown and changing conditions, changing government regulations and legal standards regarding liability.

Based on our prior ownership of Crucible Steel Corporation a/k/a Crucible, Inc. (“Crucible”), we may have additional contingent liabilities in one or more significant environmental matters. One such matter, which is included in the 19 sites referred to above, is the Lower Passaic River Study Area of the Diamond Alkali Superfund Site in New Jersey. Crucible operated a steel mill abutting the Passaic River in Harrison, New Jersey from the 1930s until 1974, which was one of many industrial operations on the river dating back to the 1800s. Certain contingent environmental liabilities related to this site were retained by Coltec when Coltec sold a majority interest in Crucible Materials Corporation (the successor of Crucible) in 1985, which liabilities and other legacy non-asbestos liabilities were assumed by our subsidiary, EnPro Holdings, as part of the Coltec Restructuring The United States Environmental Protection Agency (the “EPA”) notified Coltec in September 2003 that it is a potentially responsible party (“PRP”) for Superfund response actions in the lower 17-mile stretch of the Passaic River known as the Lower Passaic River Study Area. Coltec and approximately 70 of the numerous other PRPs, known as the Cooperating Parties Group, are parties to a May 2007 Administrative Order on Consent with the EPA to perform a Remedial Investigation/Feasibility Study (“RI/FS”) of the contaminants in the Lower Passaic River Study Area. In September 2018, we withdrew from the Cooperating Parties Group but remain a party to the May 2007 Administrative Order on Consent. The RI/FS was completed and submitted to the EPA at the end of April 2015. The RI/FS recommends a targeted dredge and cap remedy with monitored natural recovery and adaptive management for the Lower Passaic River Study Area. The cost of such remedy is estimated to be $726 million. Previously, on April 11, 2014, the EPA released its Focused Feasibility Study (the “FFS”) with its proposed plan for remediating the lower eight miles of the Lower Passaic River Study Area. The FFS calls for bank-to-bank dredging and capping of the riverbed of that portion of the river and estimates a range of the present value of aggregate remediation costs of approximately $953 million to approximately $1.73 billion, although estimates of the costs and the timing of costs are inherently imprecise. On March 3, 2016, the EPA issued the final Record of Decision (ROD) as to the remedy for the lower eight miles of the Lower Passaic River Study Area, with the maximum estimated cost being reduced by the EPA from $1.73 billion to $1.38 billion, primarily due to a reduction in the amount of cubic yards of material that will be dredged. In October 2016, Occidental Chemical Corporation, the successor to the entity that operated the Diamond Alkali chemical manufacturing facility, reached an agreement with the EPA to develop the design for this proposed remedy at an estimated cost of $165 million. The EPA has estimated that it will take approximately four years to develop this design.

No final allocations of responsibility have been made among the numerous PRPs that have received notices from the EPA, there are numerous identified PRPs that have not yet received PRP notices from the EPA, and there are likely many PRPs that have not yet been identified. In September 2017, EPA hired a third-party allocator to develop an allocation of costs among a large number of the parties identified by EPA as having potential responsibility, including the Company. On June 30, 2018, Occidental Chemical Corporation sued over 120 parties, including the Company, in the United States District Court for New Jersey seeking recovery of response costs under the Federal Comprehensive Environmental Response, Compensation and Liability Act ("CERCLA"). In a proposed pre-trial order, Occidental Chemical Corporation has proposed that any alternative dispute resolution process, including mediation, shall begin no later than September 16, 2019.

Based on our evaluation of the site, during 2014 we accrued a liability of $3.5 million related to environmental remediation costs associated with the lower eight miles of the Lower Passaic River Study Area, which is our estimate of the low end of a range of reasonably possible total costs, with no estimate within the range being a better estimate than the minimum. During 2017 and 2018, we incurred $0.1 million and $0.4 million, respectively, related to this matter. Our future remediation costs could be significantly greater than the $3.0 million we have accrued at December 31, 2018. With respect to the upper nine miles of the Lower Passaic River Study Area, we are unable to estimate a range of reasonably possible costs.

Another such matter involves the Onondaga Lake Superfund Site (the “Onondaga Site”) located near Syracuse, New York. Crucible operated a steel mill facility adjacent to Onondaga Lake from 1911 to 1983. The New York State Department of Environmental Conservation (“NYSDEC”) has contacted us and Coltec, as well as other parties, demanding reimbursement of unquantified environmental response costs incurred by NYSDEC and the EPA at the Onondaga Site. NYSDEC and EPA have alleged that contamination from the Crucible facility contributed to the need for environmental response actions at the Onondaga Site. We have also received notice from the Natural Resource Trustees for the Onondaga Lake Superfund Site (which are the U.S. Department of Interior, NYSDEC, and the Onondaga Nation) alleging that Coltec is considered to be a potentially responsible party for natural resource damages at the Onondaga Site. In addition, Honeywell International Inc. (“Honeywell”), which has undertaken certain remediation activities at the Onondaga Site under the supervision of NYSDEC and the EPA, has informed us that it has claims against Coltec related to investigation and remediation at the Onondaga Site. We have entered into tolling agreements with NYSDEC, the EPA and Honeywell. On May 4, 2016, we received from Honeywell a summary of its claims, including for a portion of its costs for the remediation of the Onondaga Site in accordance with its settlement with NYSDEC and EPA. Based on limited information available with respect to estimated remediation costs and the respective allocation of responsibility for remediation among potentially responsible parties, we previously were unable to estimate a reasonably possible range of loss associated with Crucible’s activities that may have affected the Onondaga Site. During 2016, we reserved $1.5 million for reimbursement of EPA response costs and certain costs associated with the remedial investigation.

We have engaged and are continuing to engage in discussions with Honeywell with respect to these issues and possible resolution of Honeywell's claim. In light of information made available during the course of those discussions and our continued evaluation of this matter, we determined that we have sufficient information as of the end of the fourth quarter of 2018 to estimate the low end of a reasonably possible range of loss associated with this matter, although we continue to be unable to estimate the upper end of such a range. Accordingly, for the fourth quarter of 2018, we increased our reserve for this matter by $5.0 million, to reflect an aggregate reserve of $6.5 million, which is our estimate of the low end of the reasonably possible range of loss. In light of the uncertainties described above, the costs to resolve this matter may significantly exceed the amount of this reserve.

Except with respect to specific Crucible environmental matters for which we have accrued a portion of the liability set forth above, including the Lower Passaic River Study Area, we are unable to estimate a reasonably possible range of loss related to any other contingent environmental liability based on our prior ownership of Crucible.

See the section entitled “Crucible Steel Corporation a/k/a Crucible, Inc.” in this footnote for additional information.

In addition to the Crucible environmental matters discussed above, Coltec received a notice from the EPA dated February 19, 2014 asserting that Coltec is a potentially responsible party under the Comprehensive Environmental Response, Compensation, and Liability Act ("CERCLA") as the successor to a former operator in 1954 and 1955 of two uranium mines in Arizona. On October 15, 2015, Coltec received another notice from the EPA asserting that Coltec is a potentially responsible party as the successor to the former operator of six additional uranium mines in Arizona. In 2015, we reserved $1.1 million for the minimum amount of probable loss associated with the first two mines identified by the EPA, including the cost of the investigative work to be conducted at such mines. During 2016, we reserved an additional $1.1 million for the minimum amount of probable loss associated with the six additional mines, which includes estimated costs of investigative work to be conducted at the eight mines. We entered into an Administrative Settlement Agreement and Order on Consent for Interim Removal Action with the EPA effective November 7, 2017 for the performance of this work. In the third quarter of 2017, we increased the reserve by $1.9 million to perform investigations required by the Settlement Agreement to determine the nature and extent of contamination at each site with the investigations to be completed by the end of 2019. In the fourth quarter of 2018, we increased the reserve by $1.0 million for the estimated reimbursement of the EPA's costs to oversee these investigations. The balance in the reserve as of December 31, 2018 is $2.8 million. We cannot at this time estimate a reasonably possible range of loss associated with remediation or other incremental costs related to these mines.

In connection with the former operation of a division of Colt Industries Inc, located in Water Valley, Mississippi, which Coltec divested to BorgWarner, Inc. ("BorgWarner") in 1996, Coltec and its corporate successors have been managing trichloroethylene soil and groundwater contamination at the site. In February 2016, the Mississippi Department of Environmental Quality (MDEQ) issued an order against EnPro requiring evaluation of potential vapor intrusion into residential properties and commercial facilities located over the groundwater plume as well as requiring additional groundwater investigation and remediation. MDEQ performed the initial vapor intrusion investigations at certain residential and commercial sites, with the findings all being below the applicable screening level. In April 2016, the parties entered into a new order including negotiated time frames for groundwater remediation. Pursuant to that order, MDEQ performed a second round of vapor intrusion sampling beginning in August 2016. Results from sampling outside of three residences were above screening levels. Follow-up sampling directly underneath those residences (either sub-slab or in crawl spaces) were all below applicable screening levels. Two separate sampling events at another residence were also below applicable screening levels. Due to an increasing trend in vapor concentrations, MDEQ requested that we develop and implement initial corrective action measures to address vapor intrusion resulting from groundwater contamination in this residential area. These measures were developed and approved by MDEQ. Due to an inability to obtain access to private properties where the corrective action system was to be located, we developed an alternate remedial approach which has been approved by MDEQ. In addition, vapor intrusion sampling at the manufacturing facility owned by BorgWarner was conducted during the first quarter of 2017. The results showed exceedances of screening levels at various areas in the plant and exceedances of levels requiring responsive actions in a limited area of the plant.

Implementation of the immediate responsive actions has been completed and corrective action consisting of a permanent vapor intrusion remediation system became operational in May 2017 with further improvements made to the system in December 2017 and January 2018. Indoor air sampling is conducted at four locations biweekly and has been below levels requiring responsive action at three sampling locations since June 2017 and at all four locations since February 2018. We are also continuing soil and groundwater investigation work in the area inside the plant where the vapor intrusion remediation system is located and around the outside of the plant and implementing corrective action plans for both the contamination remaining at the plant as well as contamination that has migrated off-site. All of the work to be performed at the residential area, the plant and off-site is set forth in an agreed Order that we and MDEQ entered into on September 11, 2017.

During 2016, we established an additional $1.3 million reserve with respect to this matter. During the year ended December 31, 2017, we reserved an additional $5.7 million for further investigation, additional remediation, long-term monitoring costs, and legal fees to support regulatory compliance for the above noted actions. In the fourth quarter of 2018, we reserved an additional $3.5 million for additional remediation, long-term monitoring costs and legal fees to support regulatory compliance for the above noted activities. The remaining reserve at December 31, 2018 is $4.5 million. As the corrective actions are implemented and their performance monitored, further modifications to the remediation system at the site may be required which may result in additional costs beyond the current reserve.

On April 7, 2017, the State of Mississippi through its Attorney General filed suit against EnPro, OldCo and Goodrich Corporation in Mississippi Circuit Court in Yalobusha County seeking recovery of all costs and expenses to be incurred by the State in remediating the groundwater contamination, punitive damages and attorney’s fees. We plan to aggressively defend this case. The additional reserve established in the quarter ended December 31, 2017, noted above, did not include any estimate of contingent loss associated with this lawsuit other than due to remediation and other actions with respect to this site based on the MDEQ orders described above. On January 31, 2019, some of these property owners (representing ownership of 34 residential or commercial properties), Yalobusha County, and the Board of Trustees of the Yalobusha General Hospital filed suit against EnPro and Goodrich in Mississippi Circuit Court and Yalobusha County seeking recovery for alleged damage to their properties, including diminution in value, from groundwater contamination that has come onto their properties. In addition, it is our understanding that other area homeowners, owners of commercial facilities and possibly other private parties and individuals may be separately evaluating possible legal action relating to potential vapor intrusion and groundwater contamination.

We cannot estimate a reasonably possible range of loss from these lawsuits or any potential additional legal actions at this time. Based upon limited information regarding any incremental remediation or other actions that may be required at the site, we cannot estimate a minimum loss estimate or a reasonably possible range of loss related to this matter.

Crucible Steel Corporation a/k/a Crucible, Inc.

Crucible, which was engaged primarily in the manufacture and distribution of high technology specialty metal products, was a wholly owned subsidiary of Coltec until 1983 when its assets and liabilities were distributed to a new Coltec subsidiary, Crucible Materials Corporation. Coltec sold a majority of the outstanding shares of Crucible Materials Corporation in 1985 and divested its remaining minority interest in 2004. Crucible Materials Corporation filed for Chapter 11 bankruptcy protection in May 2009 and is no longer conducting operations.

We have certain ongoing obligations, which are included in other liabilities in our Consolidated Balance Sheets, including workers’ compensation, retiree medical and other retiree benefit matters, in addition to those mentioned previously related to Coltec’s period of ownership of Crucible. Based on Coltec’s prior ownership of Crucible, we may have certain additional contingent liabilities, including liabilities in one or more significant environmental matters included in the matters discussed in “Environmental” above. We are investigating these matters. Except with respect to those matters for which we have an accrued liability as discussed in "Environmental" above, we are unable to estimate a reasonably possible range of loss related to these contingent liabilities.

Warranties

We provide warranties on many of our products. The specific terms and conditions of these warranties vary depending on the product and the market in which the product is sold. We record a liability based upon estimates of the costs we may incur under our warranties after a review of historical warranty experience and information about specific warranty claims. Adjustments are made to the liability as claims data and historical experience necessitate.

Changes in the carrying amount of the product warranty liability for the years ended December 31, 2018, 2017 and 2016 are as follows:

	2018			2017			2016
	(in millions)
Balance at beginning of year	$	5.3		$	5.0		$	4.8
Charges to expense	10.8			2.6			4.4
Settlements made	(4.4		)	(2.3		)	(4.2		)
Balance at end of year	$	11.7		$	5.3		$	5.0

BorgWarner

A subsidiary of BorgWarner has asserted claims against our subsidiary, GGB France E.U.R.L. (“GGB France”), regarding certain bearings supplied by GGB France to BorgWarner and used by BorgWarner in manufacturing hydraulic control units included in motor vehicle automatic transmission units, mainly that the bearings caused performance problems with and/or damage to the transmission units, leading to associated repairs and replacements. BorgWarner and GGB France participated in a technical review before a panel of experts to determine, among other things, whether there were any defects in such bearings that were a cause of the damages claimed by BorgWarner, including whether GGB France was required to notify BorgWarner of a change in the source of a raw material used in the manufacture of such bearings. This technical review was a required predicate to the commencement of a legal proceeding for damages. The expert panel issued a final report on technical and financial matters on April 6, 2017. In the final report, the expert panel concluded that GGB France had a duty to notify BorgWarner regarding the change of source of raw material used in the bearings, but that the failure of the hydraulic control units was attributable to both the raw material supplier change and the insufficient design of the units by BorgWarner. The expert panel provided detail on a possible allocation of damages alleged to have been incurred by BorgWarner and its customer. Although the language of the report is not clear, the report appears to note a potential allocation of recoverable damages 65% to GGB and 35% to BorgWarner. It also indicates that, though it is for a court to ultimately determine, the aggregate damages to BorgWarner and its customer was in the range of 7.9 million EUR to 10.2 million EUR, with 1.8 million EUR to 2.1 million EUR of this range being for damages to BorgWarner and the remainder being for damages to its customer. The experts noted the lower end of the range as being more likely and noted a lack of sufficient evidence provided substantiating the customer's damages. Applying a 65% liability allocation to GGB to the total aggregate range yields a range of 5.1 million EUR to 6.6 million EUR. In the final report, the expert panel deferred to a court the determination of whether GGB France had breached its contractual obligations to BorgWarner. On October 25, 2017, BorgWarner initiated a legal proceeding against GGB with respect to this matter by filing a writ of claim with the Commercial Court of Brive, France. The parties have begun briefing their legal positions, and we expect court hearings to begin in the first half of 2019.

We continue to believe that GGB France has valid factual and legal defenses to these claims and we are vigorously defending these claims. Among GGB France’s legal defenses are a contractual disclaimer of consequential damages, which, if controlling, would limit liability for consequential damages and provide for the replacement of the bearings at issue, at an aggregate replacement value we estimate to be approximately 0.4 million EUR; that the determination of any duty to notify of the change in the source of the raw material is a legal matter to be determined by the presiding court; and the insufficiency of evidence of damage to BorgWarner's customer provided to the expert panel. Based on the final report from the expert panel and GGB France's legal defenses described above, we estimate GGB France’s reasonably possible range of loss associated with this matter to be approximately 0.4 million EUR to 6.6 million EUR plus a potential undetermined amount of apportioned proceeding expenses, with no amount within the range being a better estimate than the minimum of the range. Accordingly, GGB France has retained the accrual of 0.4 million EUR associated with this matter, which was established in 2016.

Asbestos Insurance Matters

Under the Consensual Settlement and Joint Plan described above in Note 21, “Subsidiary Asbestos Bankruptcies,” GST and OldCo retained their rights to seek reimbursement under insurance policies for any amounts they have paid in the past to resolve asbestos claims, including contributions made to the Trust under the Joint Plan. These policies include a number of primary and excess general liability insurance policies that were purchased by Coltec and were in effect prior to January 1, 1976 (the “Pre-Garlock Coverage Block”). The policies provide coverage for “occurrences” happening during the policy periods and cover losses associated with product liability claims against Coltec and certain of its subsidiaries. Asbestos claims against GST are not covered under these policies because GST was not a Coltec subsidiary prior to 1976. The Joint Plan provides that OldCo may retain the first $25 million of any settlements and judgments related to insurance policies in the Pre-Garlock Coverage Block and OldCo and the Trust will share equally in any settlements and judgments OldCo may collect in excess of $25 million.

At December 31, 2018, approximately $12.6 million of available products hazard limits or insurance receivables existed under primary and excess general liability insurance policies other than the Pre-Garlock Coverage Block (the "Garlock Coverage Block") from solvent carriers with investment grade ratings, which we believe is available to cover GST asbestos claims payments and certain expense payments, including contributions to the Trust. We consider such amount of available insurance coverage under the Garlock Coverage Block to be of high quality because the insurance policies are written or guaranteed by U.S.-based carriers whose credit rating by S&P is investment grade (BBB-) or better, and whose AM Best rating is excellent (A-) or better. The remaining $12.6 million of solvent insurance coverage is available to pending and estimated future claims. There are specific agreements in place with carriers regarding the remaining available coverage. Based on those agreements and the terms of the policies in place and prior decisions concerning coverage, we believe that all of the $12.6 million of insurance proceeds will ultimately be collected, although there can be no assurance that the insurance companies will make the payments as and when due. Assuming the insurers pay according to the agreements and policies, we anticipate that the following amounts should be collected in the years set out below:

2019 – $10.1 million

2020 – $2.5 million

GST LLC has received $8.8 million of insurance recoveries from insolvent carriers since 2007, and may receive additional payments from insolvent carriers in the future. No anticipated insolvent carrier collections are included in the $12.6 million of anticipated collections. The insurance available to cover current and future asbestos claims is from comprehensive general liability policies that cover OldCo, as the successor to Coltec, and certain of its other subsidiaries in addition to GST LLC for periods prior to 1985 and therefore could be subject to potential competing claims of other covered subsidiaries and their assignees.

Other Commitments

We have a number of operating leases primarily for real estate, equipment and vehicles. Operating lease arrangements are generally utilized to secure the use of assets if the terms and conditions of the lease or the nature of the asset makes the lease arrangement more favorable than a purchase. Future minimum lease payments by year and in the aggregate, under noncancelable operating leases with initial or remaining noncancelable lease terms in excess of one year, consisted of the following at December 31, 2018 (in millions):

2019	$	11.5
2020	9.0
2021	6.2
2022	4.4
2023	3.4
Thereafter	2.7
Total minimum payments	$	37.2

Net rent expense was $13.5 million, $12.2 million and $12.6 million for the years ended December 31, 2018, 2017 and 2016, respectively.

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Supplemental Guarantor Financial Information

12 Months Ended

Dec. 31, 2018

Condensed Financial Information Disclosure [Abstract]

Supplemental Guarantor Financial Information

23. Supplemental Guarantor Financial Information

On October 17, 2018, we completed the offering of the New Notes and applied the net proceeds of that offering, together with borrowings under the Revolving Credit Facility, to redeem all of the Initial Senior Notes and the Additional Notes on October 31, 2018. The New Notes are fully and unconditionally guaranteed on an unsecured, unsubordinated, joint and several basis by our existing and future wholly owned direct and indirect domestic subsidiaries, that are each guarantors of our Revolving Credit Facility (collectively, the “Guarantor Subsidiaries”).  Our subsidiaries organized outside of the United States, (collectively, the “Non-Guarantor Subsidiaries”) did not guarantee the Initial Senior Notes or the Additional Notes and do not guarantee the New Notes. A Guarantor Subsidiary's guarantee of the New Notes is subject to release in certain circumstances, including (i) the sale, disposition, exchange or other transfer (including through merger, consolidation, amalgamation or otherwise) of the capital stock of the subsidiary made in a manner not in violation of the indenture governing the New Notes; (ii) the designation of the subsidiary as an “Unrestricted Subsidiary” under the indenture governing the New Notes; (iii) the legal defeasance or covenant defeasance of the New Notes in accordance with the terms of the indenture; or (iv) the subsidiary ceasing to be our subsidiary as a result of any foreclosure of any pledge or security interest securing our Revolving Credit Facility or other exercise of remedies in respect thereof.

The following tables present condensed consolidating financial information for EnPro Industries, Inc. (the "Parent"), the Guarantor Subsidiaries on a combined basis, the Non-Guarantor Subsidiaries on a combined basis and the eliminations necessary to arrive at our consolidated results. The consolidating financial information reflects our investments in subsidiaries using the equity method of accounting. These tables are not intended to present our results of operations, cash flows or financial condition for any purpose other than to comply with the specific requirements for subsidiary guarantor reporting.

We have revised our December 31, 2018 Condensed Consolidating Statement of Operations, Condensed Consolidating Statement of Comprehensive Income, and Condensed Consolidated Balance Sheet presented in our supplemental guarantor financial information to reflect the revision discussed in Note 25, "Revision."

ENPRO INDUSTRIES, INC.

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS

Year Ended December 31, 2018

(in millions)

				Guarantor			Non-guarantor
	Parent			Subsidiaries			Subsidiaries			Eliminations			Consolidated
Net sales	$	—		$	1,091.2		$	602.7		$	(161.9	)	$	1,532.0
Cost of sales	—			812.9			402.0			(161.9		)	1,053.0
Gross profit	—			278.3			200.7			—			479.0
Operating expenses:
Selling, general and administrative	31.0			201.4			108.0			—			340.4
Other	—			20.3			1.0			—			21.3
Total operating expenses	31.0			221.7			109.0			—			361.7
Operating income (loss)	(31.0		)	56.6			91.7			—			117.3
Interest income (expense), net	(22.7		)	(5.1		)	0.5			—			(27.3		)
Other expense, net	(18.1		)	(25.0		)	(0.3		)	—			(43.4		)
Income (loss) before income taxes	(71.8		)	26.5			91.9			—			46.6
Income tax benefit (expense)	(42.9		)	40.3			(24.4		)	—			(27.0		)
Income (loss) before equity in earnings of subsidiaries	(114.7		)	66.8			67.5			—			19.6
Equity in earnings of subsidiaries, net of tax	134.3			67.5			—			(201.8		)	—
Net income	$	19.6		$	134.3		$	67.5		$	(201.8	)	$	19.6

ENPRO INDUSTRIES, INC.

CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME

Year Ended December 31, 2018

(in millions)

				Guarantor			Non-guarantor
	Parent			Subsidiaries			Subsidiaries			Eliminations			Consolidated
Net income	$	19.6		$	134.3		$	67.5		$	(201.8	)	$	19.6
Other comprehensive income:
Foreign currency translation adjustments	(0.3		)	(13.0		)	(13.0		)	26.0			(0.3		)
Pension and post-retirement benefits adjustment (excluding amortization)	(12.7		)	(12.7		)	0.4			12.3			(12.7		)
Pension settlement loss	12.7			12.7			(0.1		)	(12.6		)	12.7
Amortization of pension and post-retirement benefits included in net income	5.5			5.5			—			(5.5		)	5.5
Other comprehensive income (loss), before tax	5.2			(7.5		)	(12.7		)	20.2			5.2
Income tax expense related to items of other comprehensive income	(2.3		)	(2.3		)	(0.1		)	2.4			(2.3		)
Other comprehensive income (loss), net of tax	2.9			(9.8		)	(12.8		)	22.6			2.9
Comprehensive income	$	22.5		$	124.5		$	54.7		$	(179.2	)	$	22.5

ENPRO INDUSTRIES, INC.

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS

Year Ended December 31, 2017

(in millions)

				Guarantor			Non-guarantor
	Parent			Subsidiaries			Subsidiaries			Eliminations			Consolidated
Net sales	$	—		$	921.9		$	497.3		$	(109.6	)	$	1,309.6
Cost of sales	—			644.7			330.2			(109.6		)	865.3
Gross profit	—			277.2			167.1			—			444.3
Operating expenses:
Selling, general and administrative	33.0			182.6			110.1			—			325.7
Other	1.1			12.1			3.7			—			16.9
Total operating expenses	34.1			194.7			113.8			—			342.6
Operating income (loss)	(34.1		)	82.5			53.3			—			101.7
Interest income (expense), net	(25.4		)	(24.1		)	0.1			—			(49.4		)
Gain on reconsolidation of GST and OldCo	—			534.4			—			—			534.4
Other expense, net	(0.1		)	(9.0		)	(0.1		)	—			(9.2		)
Income (loss) before income taxes	(59.6		)	583.8			53.3			—			577.5
Income tax benefit (expense)	17.6			(20.7		)	(34.6		)	—			(37.7		)
Income (loss) before equity in earnings of subsidiaries	(42.0		)	563.1			18.7			—			539.8
Equity in earnings of subsidiaries, net of tax	581.8			18.7			—			(600.5		)	—
Net income	$	539.8		$	581.8		$	18.7		$	(600.5	)	$	539.8

ENPRO INDUSTRIES, INC.

CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME

Year Ended December 31, 2017

(in millions)

				Guarantor			Non-guarantor
	Parent			Subsidiaries			Subsidiaries			Eliminations			Consolidated
Net income	$	539.8		$	581.8		$	18.7		$	(600.5	)	$	539.8
Other comprehensive income:
Foreign currency translation adjustments	14.4			14.4			14.4			(28.8		)	14.4
Pension and post-retirement benefits adjustment (excluding amortization)	5.2			5.2			1.3			(6.5		)	5.2
Amortization of pension and post-retirement benefits included in net income	7.7			7.7			0.1			(7.8		)	7.7
Other comprehensive income, before tax	27.3			27.3			15.8			(43.1		)	27.3
Income tax expense related to items of other comprehensive income	(4.8		)	(4.8		)	(0.4		)	5.2			(4.8		)
Other comprehensive income, net of tax	22.5			22.5			15.4			(37.9		)	22.5
Comprehensive income	$	562.3		$	604.3		$	34.1		$	(638.4	)	$	562.3

ENPRO INDUSTRIES, INC.

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS

Year Ended December 31, 2016

(in millions)

				Guarantor			Non-guarantor
	Parent			Subsidiaries			Subsidiaries			Eliminations			Consolidated
Net sales	$	—		$	829.0		$	439.7		$	(81.0	)	$	1,187.7
Cost of sales	—			581.5			291.4			(81.0		)	791.9
Gross profit	—			247.5			148.3			—			395.8
Operating expenses:
Selling, general and administrative	27.4			163.3			112.0			—			302.7
Asbestos settlement	—			80.0			—			—			80.0
Other	4.8			3.3			7.5			—			15.6
Total operating expenses	32.2			246.6			119.5			—			398.3
Operating income (loss)	(32.2		)	0.9			28.8			—			(2.5		)
Interest expense, net	(18.5		)	(36.2		)	(0.4		)	—			(55.1		)
Other expense, net	(0.3		)	(10.0		)	(0.8		)	—			(11.1		)
Income (loss) before income taxes	(51.0		)	(45.3		)	27.6			—			(68.7		)
Income tax benefit (expense)	17.6			21.7			(10.7		)	—			28.6
Income (loss) before equity in earnings of subsidiaries	(33.4		)	(23.6		)	16.9			—			(40.1		)
Equity in earnings of subsidiaries, net of tax	(6.7		)	16.9			—			(10.2		)	—
Net income (loss)	$	(40.1	)	$	(6.7	)	$	16.9		$	(10.2	)	$	(40.1	)

ENPRO INDUSTRIES, INC.

CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME

Year Ended December 31, 2016

(in millions)

				Guarantor			Non-guarantor
	Parent			Subsidiaries			Subsidiaries			Eliminations			Consolidated
Net income	$	(40.1	)	$	(6.7	)	$	16.9		$	(10.2	)	$	(40.1	)
Other comprehensive income (loss):
Foreign currency translation adjustments	(16.3		)	(16.3		)	(16.3		)	32.6			(16.3		)
Pension and post-retirement benefits adjustment (excluding amortization)	(7.8		)	(8.3		)	0.6			7.7			(7.8		)
Amortization of pension and post-retirement benefits included in net income (loss)	6.9			6.6			0.2			(6.8		)	6.9
Other comprehensive loss, before tax	(17.2		)	(18.0		)	(15.5		)	33.5			(17.2		)
Income tax benefit (expense) related to items of other comprehensive loss	0.4			0.5			(0.2		)	(0.3		)	0.4
Other comprehensive loss, net of tax	(16.8		)	(17.5		)	(15.7		)	33.2			(16.8		)
Comprehensive income (loss)	$	(56.9	)	$	(24.2	)	$	1.2		$	23.0		$	(56.9	)

ENPRO INDUSTRIES, INC.

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

Year Ended December 31, 2018

(in millions)

				Guarantor			Non-guarantor
	Parent			Subsidiaries			Subsidiaries			Eliminations			Consolidated
NET CASH PROVIDED BY OPERATING ACTIVITIES	$	156.6		$	114.2		$	81.3		$	(125.7	)	$	226.4
INVESTING ACTIVITIES
Purchases of property, plant and equipment	—			(49.8		)	(12.8		)	—			(62.6		)
Payments for capitalized internal-use software	—			(2.9		)	(0.5		)	—			(3.4		)
Receipts from settlements of derivative contracts	9.3			—			—			—			9.3
Proceeds from sale of property, plant and equipment	—			30.1			0.6			—			30.7
Net cash provided by (used in) investing activities	9.3			(22.6		)	(12.7		)	—			(26.0		)
FINANCING ACTIVITIES
Net payments between subsidiaries	28.2			(31.0		)	2.8			—			—
Intercompany dividends	—			—			(125.7		)	125.7			—
Proceeds from debt	350.0			664.7			—			—			1,014.7
Repayments of debt	(463.2		)	(721.7		)	—			—			(1,184.9		)
Repurchase of common stock	(50.0		)	—			—			—			(50.0		)
Dividends paid	(20.3		)	—			—			—			(20.3		)
Other	(10.6		)	(1.3		)	—			—			(11.9		)
Net cash used in financing activities	(165.9		)	(89.3		)	(122.9		)	125.7			(252.4		)
Effect of exchange rate changes on cash and cash equivalents	—			—			(7.7		)	—			(7.7		)
Net increase (decrease) in cash and cash equivalents	—			2.3			(62.0		)	—			(59.7		)
Cash and cash equivalents at beginning of year	—			—			189.3			—			189.3
Cash and cash equivalents at end of year	$	—		$	2.3		$	127.3		$	—		$	129.6

ENPRO INDUSTRIES, INC.

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

Year Ended December 31, 2017

(in millions)

				Guarantor			Non-guarantor
	Parent			Subsidiaries			Subsidiaries			Eliminations			Consolidated
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES	$	(106.5	)	$	61.9		$	91.3		$	(0.1	)	$	46.6
INVESTING ACTIVITIES
Purchases of property, plant and equipment	—			(28.2		)	(12.8		)	—			(41.0		)
Payments for capitalized internal-use software	—			(3.6		)	(0.1		)	—			(3.7		)
Payments for acquisitions	—			(39.5		)	(5.1		)	—			(44.6		)
Reconsolidation of GST and OldCo	—			41.1			—			—			41.1
Deconsolidation of OldCo	—			(4.8		)	—			—			(4.8		)
Capital contribution to OldCo	—			(45.2		)	—			—			(45.2		)
Proceeds from sale of property, plant and equipment	—			—			0.5			—			0.5
Net cash used in investing activities	—			(80.2		)	(17.5		)	—			(97.7		)
FINANCING ACTIVITIES
Net payments between subsidiaries	(12.1		)	19.3			(7.2		)	—			—
Intercompany dividends	—			—			(0.1		)	0.1			—
Proceeds from debt	151.5			480.7			3.5			—			635.7
Repayments of debt	—			(482.5		)	(1.8		)	—			(484.3		)
Repurchase of common stock	(11.5		)	—			—			—			(11.5		)
Dividends paid	(19.0		)	—			—			—			(19.0		)
Other	(2.4		)	—			—			—			(2.4		)
Net cash provided by (used in) financing activities	106.5			17.5			(5.6		)	0.1			118.5
Effect of exchange rate changes on cash and cash equivalents	—			—			10.4			—			10.4
Net increase (decrease) in cash and cash equivalents	—			(0.8		)	78.6			—			77.8
Cash and cash equivalents at beginning of year	—			0.8			110.7			—			111.5
Cash and cash equivalents at end of year	$	—		$	—		$	189.3		$	—		$	189.3

ENPRO INDUSTRIES, INC.

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

Year Ended December 31, 2016

(in millions)

				Guarantor			Non-guarantor
	Parent			Subsidiaries			Subsidiaries			Eliminations			Consolidated
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES	$	(45.9	)	$	82.9		$	39.7		$	(12.2	)	$	64.5
INVESTING ACTIVITIES
Purchases of property, plant and equipment	—			(28.4		)	(7.4		)	—			(35.8		)
Payments for capitalized internal-use software	—			(3.8		)	(0.3		)	—			(4.1		)
Proceeds from sale of business	—			2.9			3.7			—			6.6
Payments for acquisitions	—			(25.5		)	(3.0		)	—			(28.5		)
Proceeds from sale of property, plant and equipment	—			—			0.4			—			0.4
Net cash used in investing activities	—			(54.8		)	(6.6		)	—			(61.4		)
FINANCING ACTIVITIES
Net payments between subsidiaries	96.6			(95.6		)	(1.0		)	—			—
Intercompany dividends	—			—			(12.2		)	12.2			—
Proceeds from debt	—			344.7			6.1			—			350.8
Repayments of debt	—			(277.1		)	(1.0		)	—			(278.1		)
Repurchase of common stock	(30.4		)	—			—			—			(30.4		)
Dividends paid	(18.1		)	—			—			—			(18.1		)
Other	(2.2		)	—			—			—			(2.2		)
Net cash provided by (used in) financing activities	45.9			(28.0		)	(8.1		)	12.2			22.0
Effect of exchange rate changes on cash and cash equivalents	—			—			(17.0		)	—			(17.0		)
Net increase in cash and cash equivalents	—			0.1			8.0			—			8.1
Cash and cash equivalents at beginning of year	—			0.7			102.7			—			103.4
Cash and cash equivalents at end of year	$	—		$	0.8		$	110.7		$	—		$	111.5

ENPRO INDUSTRIES, INC.

CONDENSED CONSOLIDATING BALANCE SHEETS

December 31, 2018

(in millions)

			Guarantor		Non-guarantor
	Parent		Subsidiaries		Subsidiaries		Eliminations			Consolidated
ASSETS
Current assets
Cash and cash equivalents	$	—	$	2.3	$	127.3	$	—		$	129.6
Accounts receivable, net	—		210.3		76.3		—			286.6
Intercompany receivables	—		19.0		8.9		(27.9		)	—
Inventories	—		155.3		77.8		—			233.1
Income tax receivable	42.9		0.3		6.4		—			49.6
Prepaid expenses and other current assets	4.9		20.3		8.0		—			33.2
Total current assets	47.8		407.5		304.7		(27.9		)	732.1
Property, plant and equipment, net	2.2		209.7		89.3		—			301.2
Goodwill	—		261.0		72.7		—			333.7
Other intangible assets, net	—		242.2		55.1		—			297.3
Intercompany receivables	—		53.9		—		(53.9		)	—
Investment in subsidiaries	1,246.4		387.7		—		(1,634.1		)	—
Other assets	13.6		25.3		12.6		—			51.5
Total assets	$	1,310.0	$	1,587.3	$	534.4	$	(1,715.9	)	$	1,715.8
LIABILITIES AND EQUITY
Current liabilities
Current maturities of long-term debt	$	2.1	$	0.3	$	—	$	—		$	2.4
Accounts payable	2.1		99.0		38.1		—			139.2
Intercompany payables	—		8.9		19.0		(27.9		)	—
Accrued expenses	13.9		82.8		53.7		—			150.4
Total current liabilities	18.1		191.0		110.8		(27.9		)	292.0
Long-term debt	345.0		117.5		—		—			462.5
Intercompany payables	51.1		—		2.8		(53.9		)	—
Other liabilities	38.1		32.4		33.1		—			103.6
Total liabilities	452.3		340.9		146.7		(81.8		)	858.1
Shareholders’ equity	857.7		1,246.4		387.7		(1,634.1		)	857.7
Total liabilities and equity	$	1,310.0	$	1,587.3	$	534.4	$	(1,715.9	)	$	1,715.8

ENPRO INDUSTRIES, INC.

CONDENSED CONSOLIDATING BALANCE SHEETS

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

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Selected Quarterly Financial Data (Unaudited)

12 Months Ended

Dec. 31, 2018

Quarterly Financial Information Disclosure [Abstract]

Selected Quarterly Financial Data (Unaudited)

24. Selected Quarterly Financial Data (Unaudited)

	First Quarter (1)				Second Quarter (1)				Third Quarter (1)				Fourth Quarter (1)
(in millions, except per share data)	2018		2017		2018		2017		2018		2017		2018			2017
Net sales	$	368.8	$	295.8	$	393.6	$	307.6	$	388.2	$	343.7	$	381.4		$	362.5
Gross profit	$	125.1	$	101.7	$	115.8	$	104.6	$	124.1	$	115.1	$	114.0		$	122.9
Net income (loss)	$	12.6	$	6.4	$	9.9	$	9.0	$	24.2	$	490.2	$	(27.1	)	$	34.2
Basic earnings (loss) per share	$	0.59	$	0.30	$	0.47	$	0.42	$	1.17	$	22.98	$	(1.31	)	$	1.60
Diluted earnings (loss) per share	$	0.58	$	0.30	$	0.47	$	0.41	$	1.16	$	22.49	$	(1.31	)	$	1.57

(1) Items impacting comparability of net income and earnings (loss) per share in these quarters included:

• The reconsolidation of GST and OldCo including the $534.4 million gain recorded on the reconsolidation in the third quarter of 2017 (See Note 2, "Garlock Sealing Technologies LLC, Garrison Litigation Management Group, Ltd., and OldCo, LLC"), and the tax impacts of the reconsolidation recorded in that quarter (See Note 7, "Income Taxes")

• The impacts of the Tax Act recorded in the fourth quarter of 2017 (See Note 7, "Income Taxes")

The following table presents the impact a revision to our consolidated financial statements for the quarter ended December 31, 2018:

	Selected Quarterly Financial Data (Unaudited)
	Fourth Quarter 2018
	(in millions, except earnings per share data)
	As previously reported			Adjustment			As revised
Net loss	$	(22.1	)	$	(5.0	)	$	(27.1	)
Basic loss per share	$	(1.07	)	$	(0.24	)	$	(1.31	)
Diluted loss per share	$	(1.07	)	$	(0.24	)	$	(1.31	)

Refer to Note 25, "Revision" for a further discussion on the related changes.

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Revision

12 Months Ended

Dec. 31, 2018

Accounting Changes and Error Corrections [Abstract]

Revision

25. Revision

Subsequent to June 30, 2019 we determined that our income tax expense for the three months and year ended December 31, 2018, as previously reported, was understated. The errors related primarily to the computation of the tax provision for certain of our legal entities located in two foreign countries and incorrect input data used in the calculation of a new annual federal tax which became effective in 2018 under the 2017 Jobs and Tax Act and certain recurring credits. We evaluated the impact of these items on prior periods under the guidance of the SEC Staff Accounting Bulletin No. 99, "Materiality," and determined the amounts were not material to previously issued financial statements. As a result, we have revised the consolidated financial statements to correct these errors.

The following tables present the impact of this revision on our consolidated financial statements as of and for the year ended December 31, 2018:

	Consolidated Statement of Operations for the year ended December 31, 2018
	(in millions, except earnings per share data)
	As previously reported			Adjustment			As revised
Income before income taxes	$	46.6		$	—		$	46.6
Income tax expense	(22.0		)	(5.0		)	(27.0		)
Net Income	$	24.6		$	(5.0	)	$	19.6
Basic earnings per share	$	1.17		$	(0.23	)	$	0.94
Diluted earnings per share	$	1.16		$	(0.23	)	$	0.93

	Consolidated Statement of Comprehensive Income for the year ended December 31, 2018
	(in millions)
	As previously reported		Adjustment			As revised
Net income	$	24.6	$	(5.0	)	$	19.6
Other comprehensive income, net of tax	2.9		—			2.9
Comprehensive income	$	27.5	$	(5.0	)	$	22.5

	Consolidated Statement of Cash Flows for the year ended December 31, 2018
	(in millions)
	As previously reported		Adjustment			As revised
Net Income	$	24.6	$	(5.0	)	$	19.6
Adjustments to reconcile net income to net cash provided by operating activities:
Deferred income taxes	4.9		0.5			5.4
Income taxes, net	93.9		4.5			98.4
Net cash provided by operating activities	$	226.4	$	—		$	226.4

	Consolidated Balance Sheet as of December 31, 2018
	(in millions)
	As previously reported		Adjustment			As revised
Income tax receivable	$	49.5	$	0.1		$	49.6
Total current assets	732.0		0.1			732.1
Other assets	54.9		(3.4		)	51.5
Total assets	$	1,719.1	$	(3.3	)	$	1,715.8
Accrued expenses	$	145.5	$	4.9		$	150.4
Total current liabilities	287.1		4.9			292.0
Other liabilities	106.8		(3.2		)	103.6
Total liabilities	856.4		1.7			858.1
Retained earnings	608.3		(5.0		)	603.3
Total shareholders' equity	862.7		(5.0		)	857.7
Total liabilities and equity	$	1,719.1	$	(3.3	)	$	1,715.8

In addition, we have revised our December 31, 2018 Condensed Consolidated Statement of Operations, Condensed Consolidated Statement of Comprehensive Income, and Condensed Consolidated Balance Sheet that are presented in our supplemental guarantor financial information as well as unaudited selected quarterly financial data. Refer to Note 23, "Supplemental Guarantor Financial Information" and Note 24, "Selected Quarterly Financial Data (Unaudited)" to correct the disclosed errors related to the income tax provision.

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SCHEDULE II - Valuation and Qualifying Accounts

12 Months Ended

Dec. 31, 2018

SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]

SCHEDULE II - Valuation and Qualifying Accounts

SCHEDULE II

Valuation and Qualifying Accounts

For the Years Ended December 31, 2018, 2017 and 2016

(in millions)

Allowance for Doubtful Accounts

	Balance, Beginning of Year		Charge (credit) to Expense			Write-off of Receivables			Other (1)		Balance, End of Year
2018	$	4.7	$	(0.3	)	$	(0.4	)	$	0.1	$	4.1
2017	$	4.9	$	1.2		$	(1.6	)	$	0.2	$	4.7
2016	$	5.4	$	1.1		$	(1.6	)	$	—	$	4.9

(1) Consists primarily of the effect of changes in currency rates.

Deferred Income Tax Valuation Allowance

	Balance, Beginning of Year		Charge (credit) to Expense			Expiration of Net Operating Losses			Other (2) (3)			Balance, End of Year (3)
2018	$	25.7	$	(1.4	)	$	—		$	(0.4	)	$	23.9
2017	$	20.2	$	1.2		$	(0.1	)	$	4.4		$	25.7
2016	$	17.6	$	4.6		$	(0.1	)	$	(1.9	)	$	20.2

(2) Consists primarily of the effects of changes in currency rates and statutory changes in tax rates.

(3) Revised to reflect the revision discussed in Note 25, "Revision."

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Overview, Basis of presentation, Significant Accounting Policies and Recently Issued Accounting Guidance (Policies)

12 Months Ended

Dec. 31, 2018

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Revenue Recognition

Revenue Recognition – For the Sealing Products and Engineered Products segments, by far the largest stream of revenue is product revenue for shipments of the various products discussed further in Note 20, "Business Segment Information," along with a smaller amount of revenue from services that typically pertain to the products sold and take place over a short period of time. We recognize revenue at a point in time following the transfer of control, which typically occurs when a product is shipped or delivered, depending on the terms of the sale agreement, or when services are rendered. Shipping costs billed to customers are recognized as revenue and expensed in cost of goods sold as a fulfillment cost when control of the product transfers to the customer. Payment from customers is typically due within 30 days of the sale for sales in the U.S. For sales outside of the U.S., payment terms may be longer based upon local business customs, but are typically due no later than 90 days after the sale.

Our Power Systems segment engages in long-term contracts with various customers to design and manufacture heavy-duty, medium-speed diesel, natural gas and dual fuel reciprocating engines, including parts and services. Additionally, the segment has certain longer term service contracts that typically involve engine repair, maintenance, and testing services. Certain engine contracts provide for multiple deliverables to be provided to the customer, such as multiple engines. We determine whether such deliverables are distinct and separate performance obligations within a contract by evaluating the relationship between the deliverables to the customer. If the deliverables are highly integrated by us into a combined output or are highly interdependent or interrelated, they are accounted for as a single performance obligation.

In general, the assets being created for the customer are specific enough to the customers’ specifications to not have an alternative use for our own business or for sale to a different customer without significant modification, and we have an enforceable right to payment for performance completed as it takes place throughout the life of the engine builds. These characteristics indicate a continuous transfer of control to the customer during the contract. As a result, revenue related to these contracts is recognized over time.

Revenue is recognized over time for these contracts based on the extent of progress towards completion of the long-term contract. We generally use an input method for our long-term contracts unless we believe another method more clearly measures progress towards completion of the contract. Under this input method, the extent of progress towards completion is measured based on the ratio of costs incurred to date to the total estimated costs at completion of the contract. Contract costs include labor, material and subcontracting costs, as well as an allocation of indirect costs. Revenues, including estimated fees or profits, are recorded as costs are incurred.

Billings for work completed take place either at milestones in the contract negotiated with the customer or at a monthly interval (progress billings) as costs to complete are incurred. Payments are generally due 30 days after the invoice date. Certain contracts contain retainage provisions that apply to a portion of the contract consideration. The balances billed but not paid by customers pursuant to retainage provisions in long-term contracts and programs are normally due upon completion of the contracts and/or acceptance by the owner of specified deliverables. As these provisions are designed to protect the customer from our failing to adequately comply with our obligations under the contract, we do not believe they represent a significant financing component.

Due to the nature of the work required to be performed on many of our contracts, the estimation of total revenue and cost at completion is complex and subject to many variables. Management must make assumptions and estimates regarding labor productivity, including the benefits of learning and investments in new technologies, the complexity of the work to be performed, the availability and future prices of materials, the length of time to complete the contract (to estimate increases in wages and prices for materials and related support cost allocations), performance by our subcontractors and overhead cost rates, among other variables. Based on our analysis, any quarterly adjustments to net sales, cost of sales, and the related impact to operating income are recognized in the period they become known. These adjustments would result in an increase or a decrease in gross profit. Changes in estimates of net sales, cost of sales, and the related impact to gross profit are recognized quarterly on a cumulative catch-up basis, which recognizes in the current period the cumulative effect of the changes on current and prior periods based on a contract's percentage of completion. A significant change in one or more of these estimates could affect the profitability of one or more of our contracts. When estimates of total costs to be incurred on a contract exceed total estimates of revenue to be earned, a provision for the entire loss on the contract is recorded in the period the loss is determined. We believe that this method is a faithful depiction of the transfer of goods pursuant to the standard because it results in the recognition of revenue on the basis of our to-date efforts in the satisfaction of a performance obligation relative to total expected efforts in satisfaction of the performance obligation.

Foreign Currency Translation

Foreign Currency Translation – The financial statements of those operations whose functional currency is a foreign currency are translated into U.S. dollars using the current rate method. Under this method, all assets and liabilities are translated into U.S. dollars using current exchange rates, and income statement activities are translated using average exchange rates. The foreign currency translation adjustment is included in accumulated other comprehensive loss in the Consolidated Balance Sheets. Gains and losses on foreign currency transactions are included in operating income. Foreign currency transaction losses/(gains) totaled $1.8 million, $(1.2) million, and $(1.5) million respectively, in 2018 and 2017, and 2016.

Research and Development Expense

Research and Development Expense – Costs related to research and development activities are expensed as incurred. We perform research and development primarily under Company-funded programs for commercial products. Research and development expenditures in 2018, 2017, and 2016 were $30.2 million, $32.7 million, and $28.9 million, respectively, and are included in selling, general and administrative expenses in the Consolidated Statements of Operations.

Income Taxes

Income Taxes – We use the asset and liability method of accounting for income taxes. Temporary differences arising between the tax basis of an asset or liability and its carrying amount on the Consolidated Balance Sheet are used to calculate future income tax assets or liabilities. This method also requires the recognition of deferred tax benefits, such as net operating loss carryforwards. Valuation allowances are recorded as appropriate to reduce deferred tax assets to the amount considered likely to be realized. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to the taxable income (losses) in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the date of enactment of the change. A tax benefit from an uncertain tax position is recognized only if we believe it is more likely than not that the position will be sustained on its technical merits. If the recognition threshold for the tax position is met, only the portion of the tax benefit that we believe is greater than 50 percent likely to be realized is recorded.

On December 22, 2017, the Tax Cuts and Jobs Act (the "Tax Act") was enacted and contains several key tax provisions that impacted us, including the reduction of the corporate income tax rate from 35.0% to 21.0%, the transition to a territorial tax system and a mandatory one-time transition tax on accumulated earnings of foreign subsidiaries. We recognized the provisional impact of these tax law changes, including the remeasurement of our deferred tax assets and liabilities based on the tax rates in effect at the time the deferred balances are expected to reverse, the reassessment of the net realizability of the deferred tax balances, and the transition tax, in our income tax provision in the fourth quarter 2017, the period of enactment.

While the Tax Act provides for a territorial tax system, it includes the global intangible low-taxed income (“GILTI”) provision beginning in 2018. The GILTI provisions require us to include in our U.S. income tax return certain current foreign subsidiary earnings net of foreign tax credits, subject to limitation. We elected to account for the GILTI tax in the period in which it is incurred.

In December 2017, U.S. Securities and Exchange Commission ("SEC") issued guidance to address the application of authoritative tax accounting guidance in situations where companies do not have the necessary information available, prepared, or analyzed in reasonable detail to complete the accounting for certain income tax effects of the Tax Act for the reporting period in which it was enacted. In these instances, the SEC's guidance allowed the recording of provisional amounts during a measurement period not to extend beyond one year of the enactment date. As the Tax Act was enacted at the end of 2017, and ongoing guidance and interpretation has been issued over the ensuing twelve months, we considered the impact of the transition tax, remeasurement of deferred tax assets and liabilities, and other items recorded in our year-end income tax provision for the fourth quarter 2017 to be a provisional estimate and have further analyzed the year-end data and refined our calculations. The refinements to our provisional estimate were made in the third and fourth quarters of 2018 and we completed our accounting for the impact in the fourth quarter of 2018. Please see Note 7, "Income Taxes," for further information.

Cash and Cash Equivalents

Cash and Cash Equivalents – Cash and cash equivalents include cash on hand, demand deposits and highly liquid investments with a maturity of three months or less at the time of purchase.

Receivables

Receivables – Accounts receivable are stated at the historical carrying amount net of write-offs and allowance for doubtful accounts. We establish an allowance for doubtful accounts receivable based on historical experience and any specific customer collection issues we have identified. Doubtful accounts receivable are written off when a settlement is reached for an amount less than the outstanding historical balance or when we have determined the balance will not be collected.

Accounts receivable includes revenue recognized in excess of billings on long-term contracts where revenue is recognized over time. The revenue in excess of billings included in accounts receivable was $61.1 million and $51.8 million at December 31, 2018 and 2017, respectively.

The balances billed but not paid by customers pursuant to retainage provisions in long-term contracts and programs are normally due upon completion of the contracts and/or acceptance by the owner of specified deliverables. At December 31, 2018, we had $0.7 million of retentions expected to be collected in 2019 recorded in accounts receivable and $0.7 million of retentions expected to be collected beyond 2019 recorded in other long-term assets in the Consolidated Balance Sheet. At December 31, 2017, we had $0.3 million of current retentions and $0.9 million of long-term retentions recorded in the Consolidated Balance Sheet.

Inventories

Inventories – Certain domestic inventories are valued by the last-in, first-out (“LIFO”) cost method. Inventories not valued by the LIFO method, other than inventoried costs relating to long-term contracts and programs, are valued using the first-in, first-out (“FIFO”) cost method, and are recorded at the lower of cost or net realizable value. Approximately 36% and 34% of inventories were valued by the LIFO method in 2018 and 2017, respectively.

Property, Plant and Equipment

Property, Plant and Equipment – Property, plant and equipment are recorded at cost. Depreciation of plant and equipment is determined on the straight-line method over the following estimated useful lives of the assets: buildings and improvements, 5 to 25 years; machinery and equipment, 3 to 10 years.

Goodwill and Other Intangible Assets

Goodwill and Other Intangible Assets – Goodwill represents the excess of the purchase price over the estimated fair value of the net assets of acquired businesses. Goodwill is not amortized, but instead is subject to annual impairment testing conducted each year as of October 1. The goodwill asset impairment test involves comparing the fair value of a reporting unit to its carrying amount. If the carrying amount of a reporting unit exceeds its fair value, a second step of comparing the implied fair value of the reporting unit’s goodwill to the carrying amount of that goodwill is required to measure the potential goodwill impairment loss. Interim tests may be required if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount.

We completed our required annual impairment tests of goodwill as of October 1, 2018, 2017 and 2016. These assessments did not indicate any impairment of the goodwill, and the fair values of each of our reporting units significantly exceeded their carrying values.

Other intangible assets are recorded at cost, or when acquired as a part of a business combination, at estimated fair value. These assets include customer relationships, patents and other technology agreements, trademarks, licenses and non-compete agreements. Intangible assets that have definite lives are amortized using a method that reflects the pattern in which the economic benefits of the assets are consumed or the straight-line method over estimated useful lives of 2 to 21 years. Intangible assets with indefinite lives are subject to at least annual impairment testing, which compares the fair value of the intangible asset with its carrying amount using the relief from royalty method. The results of our assessments did not indicate any impairment to our indefinite-lived intangible assets for the years presented.

Debt

Debt – Debt issuance costs associated with our senior secured revolving credit facility are presented as an asset and subsequently amortized into interest expense ratably over the term of the revolving debt arrangement. Debt issuance costs associated with any of our other debt instruments that are incremental third party costs of issuing the debt are recognized as a reduction in the carrying value of the debt and amortized into interest expense over the time period to maturity using the interest method.

Derivative Instruments

Derivative Instruments – We use derivative financial instruments to manage our exposure to various risks. The use of these financial instruments modifies the exposure with the intent of reducing our risk. We do not use financial instruments for trading purposes, nor do we use leveraged financial instruments. The counterparties to these contractual arrangements are major financial institutions. We use multiple financial institutions for derivative contracts to minimize the concentration of credit risk. The current accounting rules require derivative instruments, excluding certain contracts that are issued and held by a reporting entity that are both indexed to its own stock and classified in shareholders’ equity, be reported in the Consolidated Balance Sheets at fair value and that changes in a derivative’s fair value be recognized currently in earnings unless specific hedge accounting criteria are met.

Fair Value Measurements

Fair Value Measurements – Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date.

We utilize a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The following is a brief description of those three levels:

• Level 1: Observable inputs such as quoted prices in active markets for identical assets or liabilities.

• Level 2: Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active.

• Level 3: Unobservable inputs that reflect our own assumptions.

The fair value of intangible assets associated with acquisitions is determined using a discounted cash flow analysis. Projecting discounted future cash flows requires us to make significant estimates regarding future revenues and expenses, projected capital expenditures, changes in working capital and the appropriate discount rate. This non-recurring fair value measurement would be classified as Level 3 due to the absence of quoted market prices or observable inputs for assets of a similar nature.

We review the carrying amounts of long-lived assets when certain events or changes in circumstances indicate that the carrying amounts may not be recoverable.  An impairment loss is recognized when the carrying amount of the asset group is not recoverable and exceeds its fair value.  We estimate the fair values of assets subject to long-lived asset impairment based on our own judgments about the assumptions that market participants would use in pricing the assets. In doing so, we use an income approach based upon discounted cash flows. The key assumptions used for the discounted cash flow approach include expected cash flows based on internal business plans, projected growth rates, discount rates, and royalty rates for certain intangible assets.  We classify these fair value measurements as Level 3.

Similarly, the fair value computations for the recurring impairment analyses of goodwill and indefinite-lived intangible assets would be classified as Level 3 due to the absence of quoted market prices or observable inputs. The key assumptions used for the discounted cash flow approach include expected cash flows based on internal business plans, projected growth rates and discount rates. Significant changes in any of those inputs could result in a significantly different fair value measurement.

Pension and Post-retirement Benefits

Pensions and Post-retirement Benefits - Amortization of the net gain or loss resulting from experience different from that assumed and from changes in assumptions is included as a component of benefit cost. If, as of the beginning of the year, that net gain or loss exceeds 10% of the greater of the projected benefit obligation or the market-related value of plan assets, the amortization is that excess divided by the average remaining service period of participating employees expected to receive benefits under the plan. We amortize prior service cost using the straight-line basis over the average future service life of active participants.

For segment reporting purposes, we allocate service cost to each location generating those costs. All other components of net periodic pension cost are reported in other (non-operating) expense.

Recently Issued Accounting Guidance

Recently Issued Accounting Guidance

In February 2018, a standard was issued that helps organizations address certain stranded income tax effects in accumulated other comprehensive income resulting from the Tax Act. The standard provides financial statement preparers with an option to reclassify stranded tax effects within accumulated other comprehensive income to retained earnings in each period in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Act is recorded. The amendments in this guidance are effective for financial statements issued for interim and annual periods beginning after December 15, 2018, with early adoption permitted. We are currently evaluating the alternatives presented by the standard.

In January 2017, a standard was issued to simplify annual and interim goodwill impairment testing for public business entities. Under the standard, an entity should perform its annual or interim goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. An entity still has the option to perform the qualitative assessment for a reporting unit to determine if the quantitative impairment test is necessary. The standard is effective for any interim goodwill impairment tests in fiscal years beginning after December 15, 2019, and is to be applied prospectively. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The standard is not currently expected to have a significant impact on our consolidated financial statements or disclosures.

In June 2016, a standard was issued that significantly changes how entities will measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income, including trade receivables. The standard requires an entity to estimate its lifetime “expected credit loss” for such assets at inception, and record an allowance that, when deducted from the amortized cost basis of the financial asset, presents the net amount expected to be collected on the financial asset. The standard is effective for annual periods beginning after December 15, 2019, and interim periods therein. Early adoption is permitted for annual periods beginning after December 15, 2018, and interim periods therein. We are currently evaluating the new guidance to determine the impact it will have on our consolidated financial statements. Based upon our current population of receivables and associated historical credit loss experience, we do not expect that this standard will have a significant impact on our consolidated financial statements. This conclusion could be impacted by any significant future financing arrangements that we may choose to enter with customers.

In February 2016, a standard was issued to establish principles to report transparent and economically neutral information about the assets and liabilities that arise from leases. The standard will require lessees to recognize the lease assets and lease liabilities that arise from all leases in the statement of financial position and to disclose qualitative and quantitative information about lease transactions, such as information about variable lease payments and options to renew and terminate leases. The standard retains a distinction between finance leases and operating leases. As a result, the effect of leases in the statement of operations and the statement of cash flows is largely unchanged. Additionally, the guidance provides clarification on the definition of a lease, including alignment of the concept of control of an asset with principles in other authoritative guidance around revenue recognition and consolidation. The amendments in this guidance are effective for financial statements issued for interim and annual periods beginning after December 15, 2018, with early adoption permitted. We plan to adopt the new standard effective January 1, 2019 using the allowable option to apply the transition provisions of the new guidance at its adoption date instead of at the earliest comparative period presented in our financial statements. This will require us to disclose lease information relating to earlier periods using the currently existing guidance.

We have evaluated the impact of applying practical expedients, and upon adoption we plan to elect the package of practical expedients to not reassess prior conclusions related to contracts containing leases, lease classification, and initial direct costs. We will adopt new accounting policies to not separate lease and non-lease components, not recognize an asset for leases with a term of twelve months or less, and we will apply a portfolio approach in determining discount rates.

Upon adoption of this standard, we expect to recognize a right-of-use asset and a lease liability for substantially all operating lease arrangements. We do not currently expect that adoption of the standard will have a material impact to our Consolidated Statements of Operations, Comprehensive Income, or Cash Flows, but we believe the Consolidated Balance Sheet will be materially impacted by the addition of leases currently accounted for as operating leases. While we are still finalizing our adoption procedures, we estimate that the primary impact to our Consolidated Balance Sheet upon adoption will be the recognition, on a discounted basis, of our future minimum payments under noncancelable operating leases resulting in the recording of a right-of-use asset and lease liability of at least $25 million. We will initially report the right-of-use asset and lease liability as of March 31, 2019 based on our lease portfolio as of that date.

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Overview, Basis of presentation, Significant Accounting Policies and Recently Issued Accounting Guidance (Tables)

12 Months Ended

Dec. 31, 2018

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of New Accounting Pronouncements and Changes in Accounting Principles

As a result of the adoption of this standard, the impact to our Consolidated Statement of Operations for the year ended December 31, 2018 and our Consolidated Balance Sheet as of December 31, 2018 in comparison to application of the guidance in effect prior to 2018 was as follows:

(in millions)	Increase (Decrease)
Net sales	$	2.1
Cost of sales	$	1.4
Accounts receivable	$	2.1
Inventories	$	(1.4	)

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Garlock Sealing Technologies LLC, Garrison Litigation Management Group, Ltd., and OldCo, LLC (Tables)

12 Months Ended

Dec. 31, 2018

Reorganizations [Abstract]

Schedule of Reconsolidation

The following unaudited supplemental pro forma condensed consolidated financial results of operations for the Company for the years ended December 31, 2017 and 2016, are presented as if the reconsolidation had been completed on January 1, 2016:

	Years Ended December 31,
	2017		2016
	($ in millions)
Pro forma net sales	$	1,402.5	$	1,337.7
Pro forma net income	$	53.7	$	520.0
Pro forma earnings per share - basic	$	2.52	$	24.07
Pro forma earnings per share - diluted	$	2.46	$	23.85

Associated with the reconsolidation of GST and OldCo, we recorded a pretax gain of $534.4 million. The amounts comprising the gain include:

	(in millions)
Gain on revaluation of investment in GST and OldCo	$	248.3
Elimination of net amounts payable to GST and OldCo at reconsolidation date	286.1
Total	$	534.4

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Related Party Transactions (Tables)

12 Months Ended

Dec. 31, 2018

Related Party Transactions [Abstract]

Schedule of Amounts Included in Financial Statements Arising From Transactions with GST

Amounts included in our consolidated financial statements arising from transactions with GST during the periods which they were not consolidated in our results include the following:

	Consolidated Statements of Operations Caption	Seven Months Ended July 30, 2017		Year Ended December 31, 2016
Description
		(in millions)
Sales to GST	Net sales	$	20.8	$	28.0
Purchases from GST	Cost of sales	$	12.2	$	17.7
Interest expense to GST	Interest expense	$	20.6	$	33.5

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Revenue from Contracts with Customers Revenue from Contracts with Customers - Percentage-of-Completion Long-Term Contracts (Tables)

12 Months Ended

Dec. 31, 2018

Revenue from Contract with Customer [Abstract]

Schedule of Information Regarding Contracts Accounted for Under the Percentage-of-Completion Method

Additional information regarding long-term engine contracts where revenue is recognized over time using an input method is as follows:

	As of December 31,
	2018		2017
	(in millions)
Cumulative revenues recognized on uncompleted contracts	$	452.5	$	350.3
Cumulative billings on uncompleted contracts	393.9		304.2
	$	58.6	$	46.1

Contract with Customer, Asset and Liability

These amounts were included in the accompanying Consolidated Balance Sheets under the following captions:

	As of December 31,
	2018			2017
	(in millions)
Accounts receivable, net (contract revenue recognized in excess of billings)	$	63.9		$	51.8
Accrued expenses (billings in excess of revenue recognized)	(5.3		)	(5.7		)
	$	58.6		$	46.1

The changes in our contract deferred revenue (billings in excess of revenue recognized) for the year ended December 31, 2018 are as follows:

(in millions)
Balance at beginning of period	$	5.7
Additional billings in excess of revenue recognized	27.8
Revenue recognized	(28.0		)
Balance at end of period	$	5.5

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Other Expense (Tables)

12 Months Ended

Dec. 31, 2018

Restructuring and Related Activities [Abstract]

Schedule of Restructuring Reserves

Restructuring reserves at December 31, 2018, as well as activity during the year, consisted of:

	Balance    December 31,   2017		Provision		Payments			Balance    December 31,   2018
	(in millions)
Personnel-related costs	$	0.7	$	6.9	$	(7.6	)	$	—
Facility relocation and closure costs	1.2		1.3		(1.5		)	1.0
	$	1.9	$	8.2	$	(9.1	)	$	1.0

Also included in restructuring costs for 2018 were asset write-downs, net of gains, of approximately $14.2 million that did not affect the restructuring reserve liability.

Restructuring reserves at December 31, 2017, as well as activity during the year, consisted of:

	Balance    December 31,   2016		Provision		Payments			Balance    December 31,   2017
	(in millions)
Personnel-related costs	$	3.5	$	2.5	$	(5.3	)	$	0.7
Facility relocation and closure costs	1.6		0.6		(1.0		)	1.2
	$	5.1	$	3.1	$	(6.3	)	$	1.9

Also included in restructuring costs for 2017 were asset write-downs of approximately $2.0 million that did not affect the restructuring reserve liability.

Restructuring reserves at December 31, 2016, as well as activity during the year, consisted of:

	Balance, December 31, 2015		Provision		Payments			Balance    December 31,   2016
	(in millions)
Personnel-related costs	$	0.3	$	8.3	$	(5.1	)	$	3.5
Facility relocation and closure costs	—		4.3		(2.7		)	1.6
	$	0.3	$	12.6	$	(7.8	)	$	5.1

Schedule of Restructuring Costs By Reportable Segment

Restructuring costs by reportable segment are as follows:

	Years Ended December 31,
	2018		2017		2016
	(in millions)
Sealing Products	$	21.4	$	3.6	$	3.3
Engineered Products	0.7		1.5		6.8
Power Systems	0.3		—		0.4
Corporate	—		—		2.9
	$	22.4	$	5.1	$	13.4

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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2018

Income Tax Disclosure [Abstract]

Schedule of Income Before Income Tax Domestic and Foreign

Income (loss) before income taxes as shown in the Consolidated Statements of Operations consists of the following:

	Years Ended December 31,
	2018			2017		2016
	(in millions)
Domestic	$	(45.3	)	$	524.1	$	(96.4	)
Foreign	91.9			53.4		27.7
Total	$	46.6		$	577.5	$	(68.7	)

Summary of Income Tax Expense in Consolidated Statements of Operations From Continuing Operations

A summary of income tax benefit (expense) in the Consolidated Statements of Operations is as follows:

	Years Ended December 31,
	2018			2017			2016
	(in millions)
Current:
Federal	$	(2.1	)	$	(15.6	)	$	(8.7	)
Foreign	23.1			17.6			10.6
State	0.6			(0.2		)	(0.5		)
	21.6			1.8			1.4
Deferred:
Federal	(1.7		)	14.4			(25.5		)
Foreign	1.4			17.0			0.2
State	5.7			4.5			(4.7		)
	5.4			35.9			(30.0		)
Total	$	27.0		$	37.7		$	(28.6	)

Schedule of Deferred Income Tax Assets and Liabilities

Significant components of deferred income tax assets and liabilities at December 31, 2018 and 2017 are as follows:

	2018			2017
	(in millions)
Deferred income tax assets:
Net operating losses and tax credits	$	43.4		$	89.6
Post-retirement benefits other than pensions	2.1			2.2
Environmental reserves	7.5			6.5
Retained liabilities of previously owned businesses	1.1			1.2
Accruals and reserves	9.1			6.2
Pension obligations	0.9			—
Inventories	4.2			2.5
Interest	11.4			12.0
Compensation and benefits	7.7			7.1
Gross deferred income tax assets	87.4			127.3
Valuation allowance	(23.9		)	(25.7		)
Total deferred income tax assets	63.5			101.6
Deferred income tax liabilities:
Depreciation and amortization	(85.9		)	(86.6		)
Cross currency swap	(1.2		)	—
Joint ventures	(0.3		)	(0.3		)
Asbestos settlement	—			(6.3		)
Pension obligations	—			(1.7		)
Total deferred income tax liabilities	(87.4		)	(94.9		)
Net deferred tax assets and liabilities	$	(23.9	)	$	6.7

The net deferred tax assets (liabilities) are reflected on a jurisdictional basis on the December 31, 2018 and 2017 Consolidated Balance Sheets as follows:

	2018			2017
	(in millions)
Other assets (non-current)	$	11.0		$	24.8
Other liabilities (non-current)	(34.9		)	(18.1		)
Net deferred tax assets and liabilities	$	(23.9	)	$	6.7

Reconciliation of Effective Tax Rate

The effective income tax rate from operations varied from the statutory federal income tax rate as follows:

	Percent of Pretax Income Years Ended December 31,
	2018		2017		2016
Statutory federal income tax rate	21.0	%	35.0	%	35.0	%
U.S. taxation of foreign profits, net of foreign tax credits	0.3		0.1		1.1
Research and employment tax credits	(2.1	)	(0.4	)	3.2
State and local taxes	10.4		0.2		4.9
Domestic production activities	4.9		(0.4	)	1.8
Foreign tax rate differences	9.4		(1.0	)	4.3
Statutory changes in tax rates	0.6		0.3		0.2
Valuation allowance	(2.3	)	0.2		(6.7	)
Nondeductible expenses	3.0		0.3		(1.1	)
Gain on reconsolidation of GST and OldCo	—		(32.4	)	—
Reconsolidation step-up of net assets of GST and OldCo to fair value	—		9.0		—
GILTI	6.2		—		—
Other Tax Act items	4.6		(5.3	)	—
Other items, net	1.9		0.9		(1.0	)
Effective income tax rate	57.9	%	6.5	%	41.7	%

Schedule of Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of the gross unrecognized tax benefits (excluding interest) is as follows:

(in millions)	2018			2017			2016
Balance at beginning of year	$	3.8		$	2.8		$	1.5
Reconsolidation of GST and OldCo	—			0.2			—
Additions based on tax positions related to the current year	0.2			0.3			0.4
Additions for tax positions of prior years	—			1.1			1.1
Reductions as a result of a lapse in the statute of limitations	(0.1		)	(0.3		)	(0.2		)
Reductions as a result of audit settlements	(1.0		)	(0.3		)	—
Balance at end of year	$	2.9		$	3.8		$	2.8

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Earnings (Loss) Per Share (Tables)

12 Months Ended

Dec. 31, 2018

Earnings Per Share [Abstract]

Schedule of Computation of Basic and Diluted Earnings Per Share

The computation of basic and diluted earnings per share is as follows (in millions, except per share data):

	2018		2017		2016
Numerator (basic and diluted):
Net income (loss)	$	19.6	$	539.8	$	(40.1	)
Denominator:
Weighted-average shares – basic	20.9		21.3		21.6
Share-based awards	0.2		0.5		—
Weighted-average shares – diluted	21.1		21.8		21.6
Earnings (loss) per share:
Basic	$	0.94	$	25.28	$	(1.86	)
Diluted	$	0.93	$	24.76	$	(1.86	)

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Inventories (Tables)

12 Months Ended

Dec. 31, 2018

Inventory Disclosure [Abstract]

Schedule of Inventories

	As of December 31,
	2018			2017
	(in millions)
Finished products	$	142.9		$	121.4
Work in process	33.6			33.0
Raw materials and supplies	67.7			59.2
	244.2			213.6
Reserve to reduce certain inventories to LIFO basis	(11.1		)	(10.2		)
Manufacturing inventories	233.1			203.4
Incurred costs related to long-term contracts	—			0.7
Total inventories	$	233.1		$	204.1

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Property, Plant and Equipment (Tables)

12 Months Ended

Dec. 31, 2018

Property, Plant and Equipment [Abstract]

Schedule of Property Plant and Equipment

	As of December 31,
	2018			2017
	(in millions)
Land	$	13.3		$	13.9
Buildings and improvements	147.2			141.5
Machinery and equipment	464.8			448.7
Construction in progress	36.7			31.9
	662.0			636.0
Less accumulated depreciation	(360.8		)	(339.1		)
Total	$	301.2		$	296.9

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Goodwill and Other Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2018

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Changes in Net Carrying Value of Goodwill by Reportable Segment

The changes in the net carrying value of goodwill by reportable segment for the years ended December 31, 2018 and 2017 are as follows:

	Sealing Products			Engineered Products			Power Systems			Total
	(in millions)
Goodwill as of December 31, 2016	$	185.3		$	9.1		$	7.1		$	201.5
Foreign currency translation	(0.7		)	—			—			(0.7		)
Acquisitions	9.8			—			—			9.8
Reconsolidation of GST and OldCo	118.8			1.8			4.9			125.5
Goodwill as of December 31, 2017	313.2			10.9			12.0			336.1
Foreign currency translation	(1.9		)	(0.1		)	(0.4		)	(2.4		)
Goodwill as of December 31, 2018	$	311.3		$	10.8		$	11.6		$	333.7

Schedule of Identifiable Intangible Assets

Identifiable intangible assets are as follows:

	As of December 31, 2018				As of December 31, 2017
	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
	(in millions)
Amortized:
Customer relationships	$	284.5	$	150.2	$	311.2	$	138.0
Existing technology	112.3		45.1		113.0		37.5
Trademarks	35.3		23.1		35.8		22.3
Other	28.3		23.8		28.7		23.2
	460.4		242.2		488.7		221.0
Indefinite-Lived:
Trademarks	79.1		—		79.3		—
Total	$	539.5	$	242.2	$	568.0	$	221.0

Schedule of Estimated Amortization Expense of Intangible Assets

The estimated amortization expense for definite-lived (amortized) intangible assets for the next five years is as follows (in millions):

2019	$	27.1
2020	$	27.0
2021	$	24.6
2022	$	19.8
2023	$	15.5

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Accrued Expenses (Tables)

12 Months Ended

Dec. 31, 2018

Payables and Accruals [Abstract]

Schedule of Accrued Expenses

	As of December 31,
	2018		2017
	(in millions)
Salaries, wages and employee benefits	$	59.5	$	63.7
Interest	4.9		8.6
Customer advances	7.1		7.1
Environmental	16.4		9.2
Warranty	10.9		4.6
Income and other taxes	21.8		14.3
Other	29.8		29.7
	$	150.4	$	137.2

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Long-term Debt (Tables)

12 Months Ended

Dec. 31, 2018

Debt Disclosure [Abstract]

Schedule of Long Term Debt

	As of December 31,
	2018		2017
	(in millions)
Senior notes	344.9		444.2
Revolving debt	116.7		173.5
Other notes payable	3.3		0.8
	464.9		618.5
Less current maturities of long-term debt	2.4		0.2
	$	462.5	$	618.3

Schedule of Future Principal Payments on Long Term Debt

Future principal payments on long-term debt are as follows:

	(in millions)
2019	$	2.4
2020	0.3
2021	0.3
2022	0.1
2023	116.8
Thereafter	350.1
	$	470.0

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Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2018

Fair Value Disclosures [Abstract]

Assets and Liabilities Measured at Fair Value on Recurring Basis

Assets and liabilities measured at fair value on a recurring basis are summarized as follows:

	Fair Value Measurements as of
	December 31, 2018		December 31, 2017
	(in millions)
Assets
Time deposits	$	33.4	$	—
Foreign currency derivatives	4.5		—
Deferred compensation assets	8.6		7.8
	$	46.5	$	7.8
Liabilities
Deferred compensation liabilities	$	8.9	$	8.9

Schedule of Carrying Value of Financial Instruments

The carrying values of our significant financial instruments reflected in the Consolidated Balance Sheets approximate their respective fair values, except for the following:

	December 31, 2018				December 31, 2017
	Carrying Value		Fair Value		Carrying Value		Fair Value
	(in millions)
Long-term debt	$	464.9	$	462.1	$	618.5	$	645.6

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Pensions and Postretirement Benefits (Tables)

12 Months Ended

Dec. 31, 2018

Retirement Benefits [Abstract]

Schedule of Change in Projected Benefit Obligations

The following table sets forth the changes in projected benefit obligations and plan assets of our defined benefit pension and other non-qualified and postretirement plans as of and for the years ended December 31, 2018 and 2017.

	Pension Benefits						Other Benefits
	2018			2017			2018			2017
	(in millions)
Change in Projected Benefit Obligations
Projected benefit obligations at beginning of year	$	369.2		$	289.7		$	4.7		$	3.2
Service cost	4.8			4.5			0.1			0.1
Interest cost	12.8			12.9			0.1			0.1
Actuarial loss (gain)	(23.5		)	16.1			(0.6		)	—
Amendments	—			0.2			—			—
Settlements	(71.1		)	(0.6		)	—			—
Benefits paid	(14.0		)	(13.0		)	(0.7		)	(0.9		)
Reconsolidation of GST and OldCo	—			58.8			—			2.1
Other	(1.4		)	0.6			0.5			0.1
Projected benefit obligations at end of year	276.8			369.2			4.1			4.7

Schedule of Change in Plan Assets

Change in Plan Assets
Fair value of plan assets at beginning of year	350.7		256.9
Actual return on plan assets	(17.9	)	42.3
Administrative expenses	(0.9	)	(0.8	)
Benefits paid	(14.0	)	(13.0	)
Settlements	(71.1	)	(0.6	)
Company contributions	20.8		9.4
Reconsolidation of GST and OldCo	—		56.5
Fair value of plan assets at end of year	267.6		350.7

Schedule of Change in Plan Assets Underfunded Status at End of Year

Underfunded Status at End of Year $ (9.2 ) $ (18.5 ) $ (4.1 ) $ (4.7 )

Schedule Of Projected Benefit Obligations Amounts Recognized In Consolidated Balance Sheets

Amounts Recognized in the Consolidated Balance Sheets
Long-term assets	$	2.7		$	0.8		$	—		$	—
Current liabilities	(0.8		)	(0.5		)	(0.3		)	(0.3		)
Long-term liabilities	(11.1		)	(18.8		)	(3.8		)	(4.4		)
	$	(9.2	)	$	(18.5	)	$	(4.1	)	$	(4.7	)

Schedule of Pre Tax Charges Recognized in Accumulated Other Comprehensive Income (Loss)

Pre-tax charges recognized in accumulated other comprehensive loss as of December 31, 2018 and 2017 consist of:

	Pension Benefits				Other Benefits
	2018		2017		2018			2017
	(in millions)
Net actuarial (gain) loss	$	60.8	$	65.3	$	(0.9	)	$	(0.3	)
Prior service cost	1.1		1.4		0.2			0.3
	$	61.9	$	66.7	$	(0.7	)	$	—

Schedule Of Net Periodic Benefit Cost

The following table sets forth the components of net periodic benefit cost and other changes in plan assets and benefit obligations recognized in other comprehensive income for our defined benefit pension and other non-qualified and postretirement plans for the years ended December 31, 2018, 2017 and 2016.

	Pension Benefits									Other Benefits
	2018			2017			2016			2018		2017		2016
	(in millions)
Net Periodic Benefit Cost
Service cost	$	4.8		$	4.5		$	4.3		$	0.1	$	0.1	$	0.1
Interest cost	12.8			12.9			12.7			0.1		0.1		0.2
Expected return on plan assets	(19.0		)	(20.1		)	(17.2		)	—		—		—
Amortization of prior service cost	0.3			0.3			0.2			0.1		0.1		0.1
Amortization of net loss	5.1			7.3			6.9			—		—		—
Settlements	12.7			—			—			—		—		—
Curtailments	—			(0.1		)	(0.1		)	—		—		(0.3		)
Deconsolidation of GST	—			(0.3		)	(0.9		)	—		—		—
Net periodic benefit cost	16.7			4.5			5.9			0.3		0.3		0.1

Schedule of Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income

Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income
Net loss (gain)	13.3			(5.8		)	8.2			(0.6		)	0.1			(0.4		)
Prior service cost	—			0.5			—			—			—			—
Amortization of net loss	(5.1		)	(7.3		)	(6.9		)	—			—			—
Amortization of prior service cost	(0.3		)	(0.3		)	(0.2		)	(0.1		)	(0.1		)	(0.1		)
Settlements	(12.7		)	—			—			—			—			—
Other adjustment	—			—			—			—			—			0.3
Total recognized in other comprehensive income	(4.8		)	(12.9		)	1.1			(0.7		)	—			(0.2		)
Total Recognized in Net Periodic Benefit Cost and Other Comprehensive Income	$	11.9		$	(8.4	)	$	7.0		$	(0.4	)	$	0.3		$	(0.1	)

Schedule of Weighted Average Assumptions Used to Determine Benefit Obligations and Net Periodic Benefit Cost

	Pension Benefits						Other Benefits
	2018		2017		2016		2018		2017		2016
Weighted-Average Assumptions Used to Determine Benefit Obligations at December 31
Discount rate	4.375	%	3.75	%	4.25	%	4.375	%	3.75	%	4.25	%
Rate of compensation increase	3.0	%	3.0	%	3.0	%	4.0	%	4.0	%	4.0	%
Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost for Years Ended December 31
Discount rate	4.0	%	4.25	%	4.63	%	3.75	%	4.25	%	4.63	%
Expected long-term return on plan assets	6.0	%	7.25	%	7.25	%	—		—		—
Rate of compensation increase	3.0	%	3.0	%	3.0	%	4.0	%	4.0	%	4.0	%

Schedule of Assumed Health Care Cost Trend Rates

We use the RP-2014 mortality table with the MP-2018 projection scale to value our domestic pension liabilities.

Assumed Health Care Cost Trend Rates at December 31	2018		2017
Health care cost trend rate assumed for next year	8.0	%	8.0	%
Rate to which the cost trend rate is assumed to decline (the ultimate rate)	4.5	%	4.5	%
Year that the rate reaches the ultimate trend rate	2026		2025

Schedule of Asset Allocation for Pension Plans and Target Allocation By Asset Category

The asset allocation for pension plans at the end of 2018 and 2017, and the target allocation for 2019, by asset category are as follows:

	Target Allocation		Plan Assets at December 31,
	2019		2018		2017
Asset Category
Equity securities	30	%	27	%	30	%
Fixed income	70	%	73	%	70	%
	100	%	100	%	100	%

Schedule of Fair Value of Plan Assets

The investment portfolios of the various funds at December 31, 2018 and 2017 are summarized as follows:

	2018		2017
	(in millions)
Mutual funds – U.S. equity	$	42.7	$	61.6
Mutual funds - fixed income treasury and money market	194.6		244.6
Mutual funds – international equity	29.5		43.3
Cash equivalents	0.8		1.2
	$	267.6	$	350.7

Schedule of Benefit Payments Reflecting Expected Future Service as Appropriate Expected to Be Paid

The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid:

	Pension Benefits		Other Benefits
	(in millions)
2019	$	11.8	$	0.4
2020	12.1		1.5
2021	13.4		0.4
2022	14.5		0.5
2023	15.8		0.3
Years 2024 – 2028	93.6		1.1

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Accumulated Other Comprehensive Loss (Tables)

12 Months Ended

Dec. 31, 2018

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Schedule of Accumulated Other Comprehensive Income (Loss)

Changes in accumulated other comprehensive loss by component (after tax) are as follows:

(in millions)	Unrealized Translation Adjustments			Pension and Other Postretirement Plans			Total
Balance at December 31, 2015	$	(4.9	)	$	(49.2	)	$	(54.1	)
Other comprehensive loss before reclassifications	(16.1		)	(5.0		)	(21.1		)
Amounts reclassified from accumulated other comprehensive loss	(0.2		)	4.5			4.3
Net current-period other comprehensive loss	(16.3		)	(0.5		)	(16.8		)
Balance at December 31, 2016	(21.2		)	(49.7		)	(70.9		)
Other comprehensive income before reclassifications	14.4			3.2			17.6
Amounts reclassified from accumulated other comprehensive loss	—			4.9			4.9
Net current-period other comprehensive income	14.4			8.1			22.5
Balance at December 31, 2017	(6.8		)	(41.6		)	(48.4		)
Other comprehensive loss before reclassifications	(3.8		)	(7.1		)	(10.9		)
Amounts reclassified from accumulated other comprehensive loss	—			13.8			13.8
Net current-period other comprehensive income	(3.8		)	6.7			2.9
Balance at December 31, 2018	$	(10.6	)	$	(34.9	)	$	(45.5	)

Components Of Accumulated Other Comprehensive Income Loss

Reclassifications out of accumulated other comprehensive loss are as follows:

Details about Accumulated Other Comprehensive Loss Components	Amount Reclassified from Accumulated Other Comprehensive Loss									Affected Statement of Operations Caption
	Years Ended December 31,
	2018			2017			2016
	(in millions)
Pension and other postretirement plans adjustments:
Amortization of actuarial losses	$	5.1		$	7.3		$	6.6		(1)
Amortization of prior service costs	0.4			0.4			0.3			(1)
Settlement loss	12.7			—			—			(1)
Total before tax	18.2			7.7			6.9			Income (loss) before income taxes
Tax benefit	(4.4		)	(2.8		)	(2.4		)	Income tax benefit (expense)
Net of tax	$	13.8		$	4.9		$	4.5		Net income (loss)
Release of unrealized currency translation adjustment upon sale of investment in foreign entity, net of tax	$	—		$	—		$	(0.2	)	Other (non-operating) expense

(1) These accumulated other comprehensive loss components are included in the computation of net periodic pension cost. Since these are components of net periodic pension cost other than service cost, the affected Consolidated Statement of Operations caption is other (non-operating) expense. (See Note 16, "Pensions and Postretirement Benefits" for additional details).

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Equity Compensation Plan (Tables)

12 Months Ended

Dec. 31, 2018

Disclosure of Compensation Related Costs, Share-based Payments [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 ate		Correlation between Total Shareholder Return for EnPro and the applicable S&P index
Shares granted February 12, 2018
EnPro Industries, Inc.	32.41	%	1.15	%	1.92	%	0.6413
S&P 600 Capital Goods Index	34.90	%	n/a		1.92	%
Shares granted February 13, 2017
EnPro Industries, Inc.	31.23	%	1.23	%	1.45	%	0.6259
S&P 600 Capital Goods Index	34.86	%	n/a		1.45	%
Shares granted February 23, 2016
EnPro Industries, Inc.	27.36	%	1.82	%	0.88	%	0.5895
S&P 600 Capital Goods Index	32.80	%	n/a		0.88	%

Summary of Restricted Share Units Activity, Performance Share Activity and Restricted Stock Activity

A summary of award activity under these plans is as follows:

	Restricted Share Units				Performance Shares				Restricted Stock
	Shares		Weighted- Average Grant Date Fair Value		Shares		Weighted- Average Grant Date Fair  Value		Shares		Weighted- Average Grant Date Fair  Value
Nonvested at December 31, 2015	264,031		$	61.74	198,402		$	67.22	11,330		$	55.09
Granted	111,320		44.29		199,965		49.68		—		—
Vested	(59,104	)	45.20		—		—		(11,330	)	55.09
Forfeited	(42,090	)	58.48		(37,542	)	54.66		—		—
Achievement level adjustment	—		—		(77,310	)	71.83		—		—
Shares settled for cash	(12,135	)	44.63		—		—		—		—
Nonvested at December 31, 2016	262,022		59.43		283,515		54.84		—		—
Granted	77,120		68.55		84,534		76.93		—		—
Vested	(79,417	)	64.16		(76,487	)	63.81		—		—
Forfeited	(17,607	)	56.32		(8,823	)	61.43		—		—
Achievement level adjustment	—		—		(12,140	)	63.81		—		—
Shares settled for cash	(6,561	)	54.29		—		—		—		—
Nonvested at December 31, 2017	235,557		57.87		270,599		61.92		—		—
Granted	73,817		82.03		77,076		93.61		—		—
Vested	(58,188	)	63.64		(51,207	)	63.81		—		—
Forfeited	(19,853	)	65.17		(25,142	)	65.14		—		—
Achievement level adjustment	—		—		(71,671	)	63.81		—		—
Shares settled for cash	(12,403	)	64.19		—		—		—		—
Nonvested at December 31, 2018	218,930		$	63.46	199,655		$	75.87	—		$	—

Schedule Of Intrinsic Value Related to stock Options

The year-end intrinsic value related to stock options is presented below:

	As of and for the Years Ended December 31,
(in millions)	2018		2017		2016
Options outstanding	$	0.3	$	0.9	$	2.5
Options exercisable	$	0.3	$	0.9	$	2.5
Options exercised	$	—	$	2.2	$	0.7

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)	2018		2017		2016
Compensation expense	$	6.5	$	9.5	$	5.1
Related income tax benefit	$	1.9	$	3.6	$	1.9

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Business Segment Information (Tables)

12 Months Ended

Dec. 31, 2018

Segment Reporting [Abstract]

Schedule of Segment Operating Results and Other Financial Data

Segment operating results and other financial data for the years ended December 31, 2018, 2017, and 2016 were as follows:

	Years Ended December 31,
	2018			2017			2016
	(in millions)
Sales
Sealing Products	$	954.4		$	804.3		$	705.6
Engineered Products	323.9			301.1			277.1
Power Systems	257.9			208.2			208.3
	1,536.2			1,313.6			1,191.0
Intersegment sales	(4.2		)	(4.0		)	(3.3		)
Total sales	$	1,532.0		$	1,309.6		$	1,187.7
Segment Profit
Sealing Products	$	85.2		$	90.4		$	82.3
Engineered Products	40.1			30.1			12.8
Power Systems	29.3			29.4			17.7
Total segment profit	154.6			149.9			112.8
Corporate expenses	(32.7		)	(34.2		)	(29.8		)
Asbestos settlement	—			—			(80.0		)
Interest expense, net	(27.3		)	(49.4		)	(55.1		)
Gain on reconsolidation of GST and OldCo	—			534.4			—
Other expense, net	(48.0		)	(23.2		)	(16.6		)
Income (loss) before income taxes	$	46.6		$	577.5		$	(68.7	)

Schedule of Net Sales by Geographical Area

	Years Ended December 31,
	2018		2017		2016
	(in millions)
Net Sales by Geographic Area
United States	$	955.5	$	750.6	$	682.4
Europe	292.9		292.6		289.9
Other foreign	283.6		266.4		215.4
Total	$	1,532.0	$	1,309.6	$	1,187.7

Disaggregation of Revenue

Below is a summary of our third party sales by major end market with which we did business for the year ended December 31, 2018:

(in millions)	Sealing Products		Engineered Products		Power Systems		Total
Aerospace	$	54.1	$	8.4	$	—	$	62.5
Automotive	5.3		97.3		—		102.6
Chemical and material processing	54.5		49.5		—		104.0
Food and pharmaceutical	37.1		1.0		—		38.1
General industrial	174.2		99.3		—		273.5
Medium-duty/heavy-duty truck	387.3		1.1		—		388.4
Navy and marine	1.0		—		197.4		198.4
Oil and gas	53.9		46.8		8.9		109.6
Power generation	57.8		11.2		49.9		118.9
Semiconductors	113.7		—		—		113.7
Other	12.0		8.6		1.7		22.3
Total third party sales	$	950.9	$	323.2	$	257.9	$	1,532.0

Schedule of Segment Related Capital Expenditure, Depreciation and Amortization on those Expenditures

	Years Ended December 31,
	2018		2017		2016
	(in millions)
Capital Expenditures
Sealing Products	$	26.0	$	20.4	$	22.9
Engineered Products	10.1		9.9		7.2
Power Systems	26.5		10.7		5.7
Total capital expenditures	$	62.6	$	41.0	$	35.8
Depreciation and Amortization Expense
Sealing Products	$	50.7	$	41.8	$	35.1
Engineered Products	15.4		16.8		17.5
Power Systems	7.6		5.2		4.4
Corporate	—		—		0.1
Total depreciation and amortization	$	73.7	$	63.8	$	57.1

Schedule of Total Assets Segment

	As of December 31,
	2018		2017
	(in millions)
Assets
Sealing Products	$	1,009.3	$	1,078.0
Engineered Products	220.5		229.2
Power Systems	266.1		210.8
Corporate	219.9		368.1
	$	1,715.8	$	1,886.1

Schedule of Long Lived Assets Segment

Long-Lived Assets
United States	$	211.9	$	206.9
France	26.0		26.5
Other Europe	21.9		23.4
Other foreign	41.4		40.1
Total	$	301.2	$	296.9

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Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2018

Commitments and Contingencies Disclosure [Abstract]

Schedule Of Changes In Carrying Amount Of Product Warranty Liability

Changes in the carrying amount of the product warranty liability for the years ended December 31, 2018, 2017 and 2016 are as follows:

	2018			2017			2016
	(in millions)
Balance at beginning of year	$	5.3		$	5.0		$	4.8
Charges to expense	10.8			2.6			4.4
Settlements made	(4.4		)	(2.3		)	(4.2		)
Balance at end of year	$	11.7		$	5.3		$	5.0

Schedule Of Future Minimum Lease Payments

Future minimum lease payments by year and in the aggregate, under noncancelable operating leases with initial or remaining noncancelable lease terms in excess of one year, consisted of the following at December 31, 2018 (in millions):

2019	$	11.5
2020	9.0
2021	6.2
2022	4.4
2023	3.4
Thereafter	2.7
Total minimum payments	$	37.2

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Supplemental Guarantor Financial Information (Tables)

12 Months Ended

Dec. 31, 2018

Condensed Financial Information Disclosure [Abstract]

Condensed Income Statement

ENPRO INDUSTRIES, INC.

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS

Year Ended December 31, 2018

(in millions)

				Guarantor			Non-guarantor
	Parent			Subsidiaries			Subsidiaries			Eliminations			Consolidated
Net sales	$	—		$	1,091.2		$	602.7		$	(161.9	)	$	1,532.0
Cost of sales	—			812.9			402.0			(161.9		)	1,053.0
Gross profit	—			278.3			200.7			—			479.0
Operating expenses:
Selling, general and administrative	31.0			201.4			108.0			—			340.4
Other	—			20.3			1.0			—			21.3
Total operating expenses	31.0			221.7			109.0			—			361.7
Operating income (loss)	(31.0		)	56.6			91.7			—			117.3
Interest income (expense), net	(22.7		)	(5.1		)	0.5			—			(27.3		)
Other expense, net	(18.1		)	(25.0		)	(0.3		)	—			(43.4		)
Income (loss) before income taxes	(71.8		)	26.5			91.9			—			46.6
Income tax benefit (expense)	(42.9		)	40.3			(24.4		)	—			(27.0		)
Income (loss) before equity in earnings of subsidiaries	(114.7		)	66.8			67.5			—			19.6
Equity in earnings of subsidiaries, net of tax	134.3			67.5			—			(201.8		)	—
Net income	$	19.6		$	134.3		$	67.5		$	(201.8	)	$	19.6

ENPRO INDUSTRIES, INC.

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS

Year Ended December 31, 2016

(in millions)

				Guarantor			Non-guarantor
	Parent			Subsidiaries			Subsidiaries			Eliminations			Consolidated
Net sales	$	—		$	829.0		$	439.7		$	(81.0	)	$	1,187.7
Cost of sales	—			581.5			291.4			(81.0		)	791.9
Gross profit	—			247.5			148.3			—			395.8
Operating expenses:
Selling, general and administrative	27.4			163.3			112.0			—			302.7
Asbestos settlement	—			80.0			—			—			80.0
Other	4.8			3.3			7.5			—			15.6
Total operating expenses	32.2			246.6			119.5			—			398.3
Operating income (loss)	(32.2		)	0.9			28.8			—			(2.5		)
Interest expense, net	(18.5		)	(36.2		)	(0.4		)	—			(55.1		)
Other expense, net	(0.3		)	(10.0		)	(0.8		)	—			(11.1		)
Income (loss) before income taxes	(51.0		)	(45.3		)	27.6			—			(68.7		)
Income tax benefit (expense)	17.6			21.7			(10.7		)	—			28.6
Income (loss) before equity in earnings of subsidiaries	(33.4		)	(23.6		)	16.9			—			(40.1		)
Equity in earnings of subsidiaries, net of tax	(6.7		)	16.9			—			(10.2		)	—
Net income (loss)	$	(40.1	)	$	(6.7	)	$	16.9		$	(10.2	)	$	(40.1	)

ENPRO INDUSTRIES, INC.

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS

Year Ended December 31, 2017

(in millions)

				Guarantor			Non-guarantor
	Parent			Subsidiaries			Subsidiaries			Eliminations			Consolidated
Net sales	$	—		$	921.9		$	497.3		$	(109.6	)	$	1,309.6
Cost of sales	—			644.7			330.2			(109.6		)	865.3
Gross profit	—			277.2			167.1			—			444.3
Operating expenses:
Selling, general and administrative	33.0			182.6			110.1			—			325.7
Other	1.1			12.1			3.7			—			16.9
Total operating expenses	34.1			194.7			113.8			—			342.6
Operating income (loss)	(34.1		)	82.5			53.3			—			101.7
Interest income (expense), net	(25.4		)	(24.1		)	0.1			—			(49.4		)
Gain on reconsolidation of GST and OldCo	—			534.4			—			—			534.4
Other expense, net	(0.1		)	(9.0		)	(0.1		)	—			(9.2		)
Income (loss) before income taxes	(59.6		)	583.8			53.3			—			577.5
Income tax benefit (expense)	17.6			(20.7		)	(34.6		)	—			(37.7		)
Income (loss) before equity in earnings of subsidiaries	(42.0		)	563.1			18.7			—			539.8
Equity in earnings of subsidiaries, net of tax	581.8			18.7			—			(600.5		)	—
Net income	$	539.8		$	581.8		$	18.7		$	(600.5	)	$	539.8

Condensed Statement of Comprehensive Income

ENPRO INDUSTRIES, INC.

CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME

Year Ended December 31, 2017

(in millions)

				Guarantor			Non-guarantor
	Parent			Subsidiaries			Subsidiaries			Eliminations			Consolidated
Net income	$	539.8		$	581.8		$	18.7		$	(600.5	)	$	539.8
Other comprehensive income:
Foreign currency translation adjustments	14.4			14.4			14.4			(28.8		)	14.4
Pension and post-retirement benefits adjustment (excluding amortization)	5.2			5.2			1.3			(6.5		)	5.2
Amortization of pension and post-retirement benefits included in net income	7.7			7.7			0.1			(7.8		)	7.7
Other comprehensive income, before tax	27.3			27.3			15.8			(43.1		)	27.3
Income tax expense related to items of other comprehensive income	(4.8		)	(4.8		)	(0.4		)	5.2			(4.8		)
Other comprehensive income, net of tax	22.5			22.5			15.4			(37.9		)	22.5
Comprehensive income	$	562.3		$	604.3		$	34.1		$	(638.4	)	$	562.3

ENPRO INDUSTRIES, INC.

CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME

Year Ended December 31, 2018

(in millions)

				Guarantor			Non-guarantor
	Parent			Subsidiaries			Subsidiaries			Eliminations			Consolidated
Net income	$	19.6		$	134.3		$	67.5		$	(201.8	)	$	19.6
Other comprehensive income:
Foreign currency translation adjustments	(0.3		)	(13.0		)	(13.0		)	26.0			(0.3		)
Pension and post-retirement benefits adjustment (excluding amortization)	(12.7		)	(12.7		)	0.4			12.3			(12.7		)
Pension settlement loss	12.7			12.7			(0.1		)	(12.6		)	12.7
Amortization of pension and post-retirement benefits included in net income	5.5			5.5			—			(5.5		)	5.5
Other comprehensive income (loss), before tax	5.2			(7.5		)	(12.7		)	20.2			5.2
Income tax expense related to items of other comprehensive income	(2.3		)	(2.3		)	(0.1		)	2.4			(2.3		)
Other comprehensive income (loss), net of tax	2.9			(9.8		)	(12.8		)	22.6			2.9
Comprehensive income	$	22.5		$	124.5		$	54.7		$	(179.2	)	$	22.5

ENPRO INDUSTRIES, INC.

CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME

Year Ended December 31, 2016

(in millions)

				Guarantor			Non-guarantor
	Parent			Subsidiaries			Subsidiaries			Eliminations			Consolidated
Net income	$	(40.1	)	$	(6.7	)	$	16.9		$	(10.2	)	$	(40.1	)
Other comprehensive income (loss):
Foreign currency translation adjustments	(16.3		)	(16.3		)	(16.3		)	32.6			(16.3		)
Pension and post-retirement benefits adjustment (excluding amortization)	(7.8		)	(8.3		)	0.6			7.7			(7.8		)
Amortization of pension and post-retirement benefits included in net income (loss)	6.9			6.6			0.2			(6.8		)	6.9
Other comprehensive loss, before tax	(17.2		)	(18.0		)	(15.5		)	33.5			(17.2		)
Income tax benefit (expense) related to items of other comprehensive loss	0.4			0.5			(0.2		)	(0.3		)	0.4
Other comprehensive loss, net of tax	(16.8		)	(17.5		)	(15.7		)	33.2			(16.8		)
Comprehensive income (loss)	$	(56.9	)	$	(24.2	)	$	1.2		$	23.0		$	(56.9	)

Condensed Cash Flow Statement

ENPRO INDUSTRIES, INC.

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

Year Ended December 31, 2018

(in millions)

				Guarantor			Non-guarantor
	Parent			Subsidiaries			Subsidiaries			Eliminations			Consolidated
NET CASH PROVIDED BY OPERATING ACTIVITIES	$	156.6		$	114.2		$	81.3		$	(125.7	)	$	226.4
INVESTING ACTIVITIES
Purchases of property, plant and equipment	—			(49.8		)	(12.8		)	—			(62.6		)
Payments for capitalized internal-use software	—			(2.9		)	(0.5		)	—			(3.4		)
Receipts from settlements of derivative contracts	9.3			—			—			—			9.3
Proceeds from sale of property, plant and equipment	—			30.1			0.6			—			30.7
Net cash provided by (used in) investing activities	9.3			(22.6		)	(12.7		)	—			(26.0		)
FINANCING ACTIVITIES
Net payments between subsidiaries	28.2			(31.0		)	2.8			—			—
Intercompany dividends	—			—			(125.7		)	125.7			—
Proceeds from debt	350.0			664.7			—			—			1,014.7
Repayments of debt	(463.2		)	(721.7		)	—			—			(1,184.9		)
Repurchase of common stock	(50.0		)	—			—			—			(50.0		)
Dividends paid	(20.3		)	—			—			—			(20.3		)
Other	(10.6		)	(1.3		)	—			—			(11.9		)
Net cash used in financing activities	(165.9		)	(89.3		)	(122.9		)	125.7			(252.4		)
Effect of exchange rate changes on cash and cash equivalents	—			—			(7.7		)	—			(7.7		)
Net increase (decrease) in cash and cash equivalents	—			2.3			(62.0		)	—			(59.7		)
Cash and cash equivalents at beginning of year	—			—			189.3			—			189.3
Cash and cash equivalents at end of year	$	—		$	2.3		$	127.3		$	—		$	129.6

ENPRO INDUSTRIES, INC.

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

Year Ended December 31, 2017

(in millions)

				Guarantor			Non-guarantor
	Parent			Subsidiaries			Subsidiaries			Eliminations			Consolidated
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES	$	(106.5	)	$	61.9		$	91.3		$	(0.1	)	$	46.6
INVESTING ACTIVITIES
Purchases of property, plant and equipment	—			(28.2		)	(12.8		)	—			(41.0		)
Payments for capitalized internal-use software	—			(3.6		)	(0.1		)	—			(3.7		)
Payments for acquisitions	—			(39.5		)	(5.1		)	—			(44.6		)
Reconsolidation of GST and OldCo	—			41.1			—			—			41.1
Deconsolidation of OldCo	—			(4.8		)	—			—			(4.8		)
Capital contribution to OldCo	—			(45.2		)	—			—			(45.2		)
Proceeds from sale of property, plant and equipment	—			—			0.5			—			0.5
Net cash used in investing activities	—			(80.2		)	(17.5		)	—			(97.7		)
FINANCING ACTIVITIES
Net payments between subsidiaries	(12.1		)	19.3			(7.2		)	—			—
Intercompany dividends	—			—			(0.1		)	0.1			—
Proceeds from debt	151.5			480.7			3.5			—			635.7
Repayments of debt	—			(482.5		)	(1.8		)	—			(484.3		)
Repurchase of common stock	(11.5		)	—			—			—			(11.5		)
Dividends paid	(19.0		)	—			—			—			(19.0		)
Other	(2.4		)	—			—			—			(2.4		)
Net cash provided by (used in) financing activities	106.5			17.5			(5.6		)	0.1			118.5
Effect of exchange rate changes on cash and cash equivalents	—			—			10.4			—			10.4
Net increase (decrease) in cash and cash equivalents	—			(0.8		)	78.6			—			77.8
Cash and cash equivalents at beginning of year	—			0.8			110.7			—			111.5
Cash and cash equivalents at end of year	$	—		$	—		$	189.3		$	—		$	189.3

ENPRO INDUSTRIES, INC.

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

Year Ended December 31, 2016

(in millions)

				Guarantor			Non-guarantor
	Parent			Subsidiaries			Subsidiaries			Eliminations			Consolidated
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES	$	(45.9	)	$	82.9		$	39.7		$	(12.2	)	$	64.5
INVESTING ACTIVITIES
Purchases of property, plant and equipment	—			(28.4		)	(7.4		)	—			(35.8		)
Payments for capitalized internal-use software	—			(3.8		)	(0.3		)	—			(4.1		)
Proceeds from sale of business	—			2.9			3.7			—			6.6
Payments for acquisitions	—			(25.5		)	(3.0		)	—			(28.5		)
Proceeds from sale of property, plant and equipment	—			—			0.4			—			0.4
Net cash used in investing activities	—			(54.8		)	(6.6		)	—			(61.4		)
FINANCING ACTIVITIES
Net payments between subsidiaries	96.6			(95.6		)	(1.0		)	—			—
Intercompany dividends	—			—			(12.2		)	12.2			—
Proceeds from debt	—			344.7			6.1			—			350.8
Repayments of debt	—			(277.1		)	(1.0		)	—			(278.1		)
Repurchase of common stock	(30.4		)	—			—			—			(30.4		)
Dividends paid	(18.1		)	—			—			—			(18.1		)
Other	(2.2		)	—			—			—			(2.2		)
Net cash provided by (used in) financing activities	45.9			(28.0		)	(8.1		)	12.2			22.0
Effect of exchange rate changes on cash and cash equivalents	—			—			(17.0		)	—			(17.0		)
Net increase in cash and cash equivalents	—			0.1			8.0			—			8.1
Cash and cash equivalents at beginning of year	—			0.7			102.7			—			103.4
Cash and cash equivalents at end of year	$	—		$	0.8		$	110.7		$	—		$	111.5

Condensed Balance Sheet

ENPRO INDUSTRIES, INC.

CONDENSED CONSOLIDATING BALANCE SHEETS

December 31, 2018

(in millions)

			Guarantor		Non-guarantor
	Parent		Subsidiaries		Subsidiaries		Eliminations			Consolidated
ASSETS
Current assets
Cash and cash equivalents	$	—	$	2.3	$	127.3	$	—		$	129.6
Accounts receivable, net	—		210.3		76.3		—			286.6
Intercompany receivables	—		19.0		8.9		(27.9		)	—
Inventories	—		155.3		77.8		—			233.1
Income tax receivable	42.9		0.3		6.4		—			49.6
Prepaid expenses and other current assets	4.9		20.3		8.0		—			33.2
Total current assets	47.8		407.5		304.7		(27.9		)	732.1
Property, plant and equipment, net	2.2		209.7		89.3		—			301.2
Goodwill	—		261.0		72.7		—			333.7
Other intangible assets, net	—		242.2		55.1		—			297.3
Intercompany receivables	—		53.9		—		(53.9		)	—
Investment in subsidiaries	1,246.4		387.7		—		(1,634.1		)	—
Other assets	13.6		25.3		12.6		—			51.5
Total assets	$	1,310.0	$	1,587.3	$	534.4	$	(1,715.9	)	$	1,715.8
LIABILITIES AND EQUITY
Current liabilities
Current maturities of long-term debt	$	2.1	$	0.3	$	—	$	—		$	2.4
Accounts payable	2.1		99.0		38.1		—			139.2
Intercompany payables	—		8.9		19.0		(27.9		)	—
Accrued expenses	13.9		82.8		53.7		—			150.4
Total current liabilities	18.1		191.0		110.8		(27.9		)	292.0
Long-term debt	345.0		117.5		—		—			462.5
Intercompany payables	51.1		—		2.8		(53.9		)	—
Other liabilities	38.1		32.4		33.1		—			103.6
Total liabilities	452.3		340.9		146.7		(81.8		)	858.1
Shareholders’ equity	857.7		1,246.4		387.7		(1,634.1		)	857.7
Total liabilities and equity	$	1,310.0	$	1,587.3	$	534.4	$	(1,715.9	)	$	1,715.8

ENPRO INDUSTRIES, INC.

CONDENSED CONSOLIDATING BALANCE SHEETS

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

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Selected Quarterly Financial Data (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2018

Quarterly Financial Information Disclosure [Abstract]

Schedule of Selected Quarterly Financial Data

	First Quarter (1)				Second Quarter (1)				Third Quarter (1)				Fourth Quarter (1)
(in millions, except per share data)	2018		2017		2018		2017		2018		2017		2018			2017
Net sales	$	368.8	$	295.8	$	393.6	$	307.6	$	388.2	$	343.7	$	381.4		$	362.5
Gross profit	$	125.1	$	101.7	$	115.8	$	104.6	$	124.1	$	115.1	$	114.0		$	122.9
Net income (loss)	$	12.6	$	6.4	$	9.9	$	9.0	$	24.2	$	490.2	$	(27.1	)	$	34.2
Basic earnings (loss) per share	$	0.59	$	0.30	$	0.47	$	0.42	$	1.17	$	22.98	$	(1.31	)	$	1.60
Diluted earnings (loss) per share	$	0.58	$	0.30	$	0.47	$	0.41	$	1.16	$	22.49	$	(1.31	)	$	1.57

(1) Items impacting comparability of net income and earnings (loss) per share in these quarters included:

• The reconsolidation of GST and OldCo including the $534.4 million gain recorded on the reconsolidation in the third quarter of 2017 (See Note 2, "Garlock Sealing Technologies LLC, Garrison Litigation Management Group, Ltd., and OldCo, LLC"), and the tax impacts of the reconsolidation recorded in that quarter (See Note 7, "Income Taxes")

• The impacts of the Tax Act recorded in the fourth quarter of 2017 (See Note 7, "Income Taxes")

The following table presents the impact a revision to our consolidated financial statements for the quarter ended December 31, 2018:

	Selected Quarterly Financial Data (Unaudited)
	Fourth Quarter 2018
	(in millions, except earnings per share data)
	As previously reported			Adjustment			As revised
Net loss	$	(22.1	)	$	(5.0	)	$	(27.1	)
Basic loss per share	$	(1.07	)	$	(0.24	)	$	(1.31	)
Diluted loss per share	$	(1.07	)	$	(0.24	)	$	(1.31	)

Refer to Note 25, "Revision" for a further discussion on the related changes.

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Revision (Tables)

12 Months Ended

Dec. 31, 2018

Accounting Changes and Error Corrections [Abstract]

Schedule of Error Corrections and Prior Period Adjustments

The following tables present the impact of this revision on our consolidated financial statements as of and for the year ended December 31, 2018:

	Consolidated Statement of Operations for the year ended December 31, 2018
	(in millions, except earnings per share data)
	As previously reported			Adjustment			As revised
Income before income taxes	$	46.6		$	—		$	46.6
Income tax expense	(22.0		)	(5.0		)	(27.0		)
Net Income	$	24.6		$	(5.0	)	$	19.6
Basic earnings per share	$	1.17		$	(0.23	)	$	0.94
Diluted earnings per share	$	1.16		$	(0.23	)	$	0.93

	Consolidated Statement of Comprehensive Income for the year ended December 31, 2018
	(in millions)
	As previously reported		Adjustment			As revised
Net income	$	24.6	$	(5.0	)	$	19.6
Other comprehensive income, net of tax	2.9		—			2.9
Comprehensive income	$	27.5	$	(5.0	)	$	22.5

	Consolidated Statement of Cash Flows for the year ended December 31, 2018
	(in millions)
	As previously reported		Adjustment			As revised
Net Income	$	24.6	$	(5.0	)	$	19.6
Adjustments to reconcile net income to net cash provided by operating activities:
Deferred income taxes	4.9		0.5			5.4
Income taxes, net	93.9		4.5			98.4
Net cash provided by operating activities	$	226.4	$	—		$	226.4

	Consolidated Balance Sheet as of December 31, 2018
	(in millions)
	As previously reported		Adjustment			As revised
Income tax receivable	$	49.5	$	0.1		$	49.6
Total current assets	732.0		0.1			732.1
Other assets	54.9		(3.4		)	51.5
Total assets	$	1,719.1	$	(3.3	)	$	1,715.8
Accrued expenses	$	145.5	$	4.9		$	150.4
Total current liabilities	287.1		4.9			292.0
Other liabilities	106.8		(3.2		)	103.6
Total liabilities	856.4		1.7			858.1
Retained earnings	608.3		(5.0		)	603.3
Total shareholders' equity	862.7		(5.0		)	857.7
Total liabilities and equity	$	1,719.1	$	(3.3	)	$	1,715.8

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Overview, Basis of presentation, Significant Accounting Policies and Recently Issued Accounting Guidance (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net sales	$ 381.4	$ 388.2	$ 393.6	$ 368.8	$ 362.5	$ 343.7	$ 307.6	$ 295.8	$ 1,532.0	$ 1,309.6	$ 1,187.7
Cost of sales									1,053.0	865.3	791.9
Accounts receivable, less allowance for doubtful accounts of $4.1 in 2018 and of $4.7 in 2017	286.6				261.7				286.6	261.7
Inventories	233.1				204.1				233.1	204.1
Adoption of accounting standard									(0.3)	0.2
Foreign currency transaction gains (losses)									1.8	(1.2)	(1.5)
Total research and development expenditures									30.2	32.7	$ 28.9
Accounts receivable, net (contract revenue recognized in excess of billings)	63.9				51.8				63.9	51.8
Retentions	0.7				0.3				0.7	0.3
Long-term retentions	$ 0.7				$ 0.9				$ 0.7	$ 0.9
Percentage of inventories were valued by the LIFO method	36.00%				34.00%				36.00%	34.00%
Net pension gain loss amortization threshold percent									10.00%
Right-of-use asset and lease liability	$ 25.0								$ 25.0
Statutory federal income tax rate									21.00%	35.00%	35.00%
Minimum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Minimum percentage of tax benefit, recognition threshold for the tax position	50.00%								50.00%
Building Improvements | Minimum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Property, plant and equipment, in years									5 years
Building Improvements | Maximum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Property, plant and equipment, in years									25 years
Machinery and Equipment | Minimum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Property, plant and equipment, in years									3 years
Machinery and Equipment | Maximum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Property, plant and equipment, in years									10 years
Accounts receivable, net (contract revenue recognized in excess of billings)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Accounts receivable, net (contract revenue recognized in excess of billings)	$ 61.1				$ 51.8				$ 61.1	$ 51.8
Finite-Lived Intangible Assets | Minimum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Intangible assets estimated useful lives, minimum, in years									2 years
Finite-Lived Intangible Assets | Maximum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Intangible assets estimated useful lives, minimum, in years									21 years
Accounting Standards Update 2014-09
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
New accounting pronouncement, effect of change	0.4								$ 0.4
Net sales									2.1
Cost of sales									1.4
Accounts receivable, less allowance for doubtful accounts of $4.1 in 2018 and of $4.7 in 2017	2.1								2.1
Inventories	$ (1.4)								(1.4)
Accounting Standards Update 2016-16
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
New accounting pronouncement, effect of change				$ 0.7
Accounting Standards Update 2017-07
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Adoption of accounting standard									$ 12.0	$ 0.5	$ 2.2

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Garlock Sealing Technologies LLC, Garrison Litigation Management Group, Ltd., and OldCo, LLC Garlock Sealing Technologies LLC and Garrison Litigation Management Group, Ltd., and OldCo, LLC - Reconsolidation (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Reorganizations [Abstract]
Post-reconsolidation sales		$ 81.3
Post-reconsolidation income		6.5
Pro forma net sales		1,402.5	$ 1,337.7
Pro forma net income		$ 53.7	$ 520.0
Pro forma earnings per share - basic (in dollars per share)		$ 2.52	$ 24.07
Pro forma earnings per share - diluted (in dollars per share)		$ 2.46	$ 23.85
Pre-tax nonrecurring expenses		$ 4.1
Pro forma asbestos expenses (credits)		(16.7)	$ 148.2
Credit for insurance reimbursements		24.7
Asbestos settlement	$ 0.0	0.0	80.0
Pro forma asbestos charges credits			49.5
Gain on revaluation of investment in GST and OldCo		248.3
Elimination of net amounts payable to GST and OldCo at reconsolidation date		286.1
Total	$ 0.0	$ 534.4	$ 0.0

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Related Party Transactions - Schedule of Amounts Included in Financial Statements Arising from Transactions with GST (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Net sales
Related Party Transaction [Line Items]
Sales to GST	$ 20.8	$ 28.0
Cost of sales
Related Party Transaction [Line Items]
Purchases from GST	12.2	17.7
Interest expense
Related Party Transaction [Line Items]
Interest expense to GST	$ 20.6	$ 33.5

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Acquisitions - Additional Information (Detail) - USD ($) $ in Millions		3 Months Ended	12 Months Ended
	Apr. 30, 2016	Jun. 30, 2016	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Oct. 12, 2017
Business Combinations [Abstract]
Voting interest acquired						100.00%
Total purchase price	$ 22.6		$ 0.0	$ 44.6	$ 28.5
Additional cash payment		$ 5.9

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Revenue from Contracts with Customers Revenue from Contracts with Customers - Costs and Billings on Uncompleted Contracts - Schedule of Information Regarding Contracts Accounted for Under Percentage-of-Completion Method (Detail) - Accrued expenses (billings in excess of revenue recognized) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Accounts, Notes, Loans and Financing Receivable [Line Items]
Cumulative revenues recognized on uncompleted contracts	$ 452.5	$ 350.3
Cumulative billings on uncompleted contracts	393.9	304.2
Revenues Billings On Uncompleted Contracts	$ 58.6	$ 46.1

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Revenue from Contracts with Customers Revenue from Contracts with Customers - Cost and Billings on Uncompleted Contracts - Schedule of Uncompleted Contracts Reflected in Consolidated Balance Sheets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2018	Dec. 31, 2017
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, net (contract revenue recognized in excess of billings)		$ 63.9	$ 51.8
Accrued expenses (billings in excess of revenue recognized)	$ (5.7)	(5.5)	(5.7)
Change in contract deferred revenue
Balance at beginning of period	5.7
Additional billings in excess of revenue recognized	27.8
Revenue recognized	(28.0)
Balance at end of period	5.5
Retainage deposit		1.0	2.9
Accounts receivable, net (contract revenue recognized in excess of billings)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, net (contract revenue recognized in excess of billings)		61.1	51.8
Accrued expenses (billings in excess of revenue recognized)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accrued expenses (billings in excess of revenue recognized)	(5.7)	(5.3)	(5.7)
Change in contract deferred revenue
Balance at beginning of period	5.7
Balance at end of period	$ 5.3
Accrued expenses (billings in excess of revenue recognized)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Revenues Billings On Uncompleted Contracts		$ 58.6	$ 46.1

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Revenue from Contracts with Customers - Performance Obligations (Details) $ in Millions	Dec. 31, 2018 USD ($)
Revenue from Contract with Customer [Abstract]
Remaining performance obligations	$ 380.9
Remaining performance obligations, percent	76.00%
Remaining performance obligations, expected timing	1 year

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Other Expense - Additional Information (Detail) $ in Millions	3 Months Ended		12 Months Ended
	Dec. 31, 2018 USD ($)	Jun. 30, 2018 USD ($)	Dec. 31, 2018 USD ($) position	Dec. 31, 2017 USD ($) position	Dec. 31, 2016 USD ($) position
Restructuring and Related Activities [Abstract]
Restructuring costs incurred			$ 22.4	$ 5.1	$ 13.4
Other restructuring costs		$ 0.5
Expected restructuring costs in next fiscal year	$ 0.4		$ 0.4
Gain on disposition of property		(21.7)
Severance costs		3.8
Net tangible asset write downs		1.8
Total net restructuring costs		3.5
Inventory-related costs		2.0
Total workforce reductions | position			107	117	192
Asset write-downs			$ 14.2	$ 2.0	$ 0.8
Legal fees primarily related to the bankruptcy of certain subsidiaries			2.0	1.7	2.2
Environmental remediation expense			13.4	8.7	8.6
Loss on extinguishment of debt	18.1		18.1	0.0	0.0
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Adoption of accounting standard			(0.3)	0.2
Impairment of finite-lived intangible assets		$ 19.1		10.1
Restructuring charges	$ 15.4		8.2	3.1	12.6
Loss on sale of businesses					0.4
Proceeds from sale of businesses					3.7
Net sales					7.3
Accounting Standards Update 2017-07
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Adoption of accounting standard			12.0	0.5	$ 2.2
Customer relationships
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Impairment of finite-lived intangible assets				$ 1.8
Cost of sales
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Restructuring charges			$ 1.1

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Other Expense - Schedule of Restructuring Reserves (Detail) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Restructuring Cost and Reserve [Line Items]
Beginning balance		$ 1.9	$ 5.1	$ 0.3
Provision	$ 15.4	8.2	3.1	12.6
Payments		(9.1)	(6.3)	(7.8)
Ending balance	1.0	1.0	1.9	5.1
Personnel-related costs
Restructuring Cost and Reserve [Line Items]
Beginning balance		0.7	3.5	0.3
Provision		6.9	2.5	8.3
Payments		(7.6)	(5.3)	(5.1)
Ending balance	0.0	0.0	0.7	3.5
Facility relocation and closure costs
Restructuring Cost and Reserve [Line Items]
Beginning balance		1.2	1.6	0.0
Provision		1.3	0.6	4.3
Payments		(1.5)	(1.0)	(2.7)
Ending balance	$ 1.0	$ 1.0	$ 1.2	$ 1.6

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Other Expense - Schedule of Restructuring Costs by Reportable Segment (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Restructuring Cost and Reserve [Line Items]
Restructuring costs incurred	$ 22.4	$ 5.1	$ 13.4
Sealing Products
Restructuring Cost and Reserve [Line Items]
Restructuring costs incurred	21.4	3.6	3.3
Engineered Products
Restructuring Cost and Reserve [Line Items]
Restructuring costs incurred	0.7	1.5	6.8
Power Systems
Restructuring Cost and Reserve [Line Items]
Restructuring costs incurred	0.3	0.0	0.4
Corporate
Restructuring Cost and Reserve [Line Items]
Restructuring costs incurred	$ 0.0	$ 0.0	$ 2.9

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Income Taxes - Schedule of Income Before Income Tax Domestic and Foreign (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Income Tax Disclosure [Abstract]
Domestic	$ (45.3)	$ 524.1	$ (96.4)
Foreign	91.9	53.4	27.7
Income (loss) before income taxes	$ 46.6	$ 577.5	$ (68.7)

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Income Taxes - Summary of Income Tax Expense in Consolidated Statements of Operations from Continuing Operations (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Current:
Federal	$ (2.1)	$ (15.6)	$ (8.7)
Foreign	23.1	17.6	10.6
State	0.6	(0.2)	(0.5)
Current income tax expense	21.6	1.8	1.4
Deferred:
Federal	(1.7)	14.4	(25.5)
Foreign	1.4	17.0	0.2
State	5.7	4.5	(4.7)
Deferred income tax expense	5.4	35.9	(30.0)
Total	$ 27.0	$ 37.7	$ (28.6)

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Income Taxes - Schedule of Deferred Income Tax Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Deferred income tax assets:
Net operating losses and tax credits	$ 43.4	$ 89.6
Post-retirement benefits other than pensions	2.1	2.2
Environmental reserves	7.5	6.5
Retained liabilities of previously owned businesses	1.1	1.2
Accruals and reserves	9.1	6.2
Pension obligations	0.9	0.0
Inventories	4.2	2.5
Interest	11.4	12.0
Compensation and benefits	7.7	7.1
Gross deferred income tax assets	87.4	127.3
Valuation allowance	(23.9)	(25.7)
Total deferred income tax assets	63.5	101.6
Deferred income tax liabilities:
Depreciation and amortization	(85.9)	(86.6)
Cross currency swap	(1.2)	0.0
Joint ventures	(0.3)	(0.3)
Asbestos settlement	0.0	(6.3)
Pension obligations	0.0	(1.7)
Total deferred income tax liabilities	(87.4)	(94.9)
Net deferred tax assets and liabilities	$ (23.9)
Net deferred tax assets and liabilities		$ 6.7

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Income Taxes - Net Deferred Tax Assets (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Other assets (non-current)	$ 11.0	$ 24.8
Other liabilities (non-current)	(34.9)	(18.1)
Net deferred tax assets and liabilities	$ (23.9)
Net deferred tax assets and liabilities		$ 6.7

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Income Taxes - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Statutory federal income tax rate			21.00%	35.00%	35.00%
GILTI			6.20%	0.00%	0.00%
Provisional net reduction in deferred tax liabilities	$ 35.0		$ 7.3	$ 35.0
Net operating loss carryforwards during period	41.0		41.0
Foreign net operating loss carryforwards	16.1		16.1
Indefinite operating loss carryforwards			24.9
State tax net operating loss carryforwards	8.4		8.4
Deferred tax assets, tax credit carryforwards, foreign		$ 26.6		26.6
Transition tax foreign credits				43.5
Deferred tax assets, valuation allowance	23.9	25.7	23.9	25.7
Provisional net benefit recorded to income tax expense			2.3	30.9
Deferred Other Tax Expense (Benefit)			5.0	53.9
Additional provisional tax benefit		6.3	5.6
Foreign subsidiaries undistributed earnings	221.6		221.6
Foreign Earnings Repatriated			125.4
Gross unrecognized tax benefits	2.9	3.8	2.9	3.8	$ 2.8	$ 1.5
Effective tax rate impact if ultimately recognized	2.9	3.8	2.9	3.8
Amount accrued for interest and penalties	0.3	$ 0.2	0.3	$ 0.2
Interest and penalties related to unrecognized tax benefits					$ 0.1
Expected change in unrecognized tax benefits			1.5
Gross unrecognized tax benefits may be recognized within the next twelve months	$ 0.5		$ 0.5

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Income Taxes - Reconciliation of Effective Tax Rate (Detail)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Income Tax Disclosure [Abstract]
Statutory federal income tax rate	21.00%	35.00%	35.00%
U.S. taxation of foreign profits, net of foreign tax credits	0.30%	0.10%	1.10%
Research and employment tax credits	(2.10%)	(0.40%)	3.20%
State and local taxes	10.40%	0.20%	4.90%
Domestic production activities	4.90%	(0.40%)	1.80%
Foreign tax rate differences	9.40%	(1.00%)	4.30%
Statutory changes in tax rates	0.60%	0.30%	0.20%
Valuation allowance	(2.30%)	0.20%	(6.70%)
Nondeductible expenses	3.00%	0.30%	(1.10%)
Gain on reconsolidation of GST and OldCo	0.00%	(32.40%)	0.00%
Reconsolidation step-up of net assets of GST and OldCo to fair value	0.00%	9.00%	0.00%
GILTI	6.20%	0.00%	0.00%
Other Tax Act items	4.60%	(5.30%)	0.00%
Other items, net	1.90%	0.90%	(1.00%)
Effective income tax rate	57.90%	6.50%	41.70%

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Income Taxes - Schedule of Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Income Tax Disclosure [Abstract]
Balance at beginning of year	$ 3.8	$ 2.8	$ 1.5
Reconsolidation of GST and OldCo	0.0	0.2	0.0
Additions based on tax positions related to the current year	0.2	0.3	0.4
Additions for tax positions of prior years	0.0	1.1	1.1
Reductions as a result of a lapse in the statute of limitations	(0.1)	(0.3)	(0.2)
Reductions as a result of audit settlements	(1.0)	(0.3)	0.0
Balance at end of year	$ 2.9	$ 3.8	$ 2.8

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Earnings (Loss) Per Share - Schedule of Computation of Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Earnings Per Share [Abstract]
Net income (loss)	$ (27.1)	$ 24.2	$ 9.9	$ 12.6	$ 34.2	$ 490.2	$ 9.0	$ 6.4	$ 19.6	$ 539.8	$ (40.1)
Weighted-average shares – basic									20.9	21.3	21.6
Share-based awards									0.2	0.5	0.0
Weighted-average shares – diluted									21.1	21.8	21.6
Basic (in dollars per share)	$ (1.31)	$ 1.17	$ 0.47	$ 0.59	$ 1.60	$ 22.98	$ 0.42	$ 0.30	$ 0.94	$ 25.28	$ (1.86)
Diluted (in dollars per share)	$ (1.31)	$ 1.16	$ 0.47	$ 0.58	$ 1.57	$ 22.49	$ 0.41	$ 0.30	$ 0.93	$ 24.76	$ (1.86)
Antidilutive securities excluded (in shares)											0.2

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Inventories - Schedule of Inventories (Detail) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Inventory Disclosure [Abstract]
Finished products	$ 142.9	$ 121.4
Work in process	33.6	33.0
Raw materials and supplies	67.7	59.2
Gross inventory	244.2	213.6
Reserve to reduce certain inventories to LIFO basis	(11.1)	(10.2)
Manufacturing inventories	233.1	203.4
Incurred costs related to long-term contracts	0.0	0.7
Total inventories	$ 233.1	$ 204.1

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Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Detail) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Property, Plant and Equipment [Abstract]
Land	$ 13.3	$ 13.9
Buildings and improvements	147.2	141.5
Machinery and equipment	464.8	448.7
Construction in progress	36.7	31.9
Gross	662.0	636.0
Less accumulated depreciation	(360.8)	(339.1)
Total	$ 301.2	$ 296.9

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Goodwill and Other Intangible Assets - Schedule of Changes in Net Carrying Value of Goodwill by Reportable Segment (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 336.1	$ 201.5
Foreign currency translation	(2.4)	(0.7)
Acquisitions		9.8
Reconsolidation of GST and OldCo		125.5
Goodwill, ending balance	333.7	336.1
Sealing Products
Goodwill [Roll Forward]
Goodwill, beginning balance	313.2	185.3
Foreign currency translation	(1.9)	(0.7)
Acquisitions		9.8
Reconsolidation of GST and OldCo		118.8
Goodwill, ending balance	311.3	313.2
Engineered Products
Goodwill [Roll Forward]
Goodwill, beginning balance	10.9	9.1
Foreign currency translation	(0.1)	0.0
Acquisitions		0.0
Reconsolidation of GST and OldCo		1.8
Goodwill, ending balance	10.8	10.9
Power Systems
Goodwill [Roll Forward]
Goodwill, beginning balance	12.0	7.1
Foreign currency translation	(0.4)	0.0
Acquisitions		0.0
Reconsolidation of GST and OldCo		4.9
Goodwill, ending balance	$ 11.6	$ 12.0

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Goodwill and Other Intangible Assets - Schedule of Identifiable Intangible Assets (Detail) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 460.4	$ 488.7
Accumulated Amortization	242.2	221.0
Trademarks	79.1	79.3
Total	539.5	568.0
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	284.5	311.2
Accumulated Amortization	150.2	138.0
Existing technology
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	112.3	113.0
Accumulated Amortization	45.1	37.5
Trademarks
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	35.3	35.8
Accumulated Amortization	23.1	22.3
Other
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	28.3	28.7
Accumulated Amortization	$ 23.8	$ 23.2

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Goodwill and Other Intangible Assets - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Segment Reporting Information [Line Items]
Amortization expense	$ 28.9	$ 24.7	$ 21.0
Sealing Products
Segment Reporting Information [Line Items]
Accumulated impairment losses	27.8	27.8	27.8
Engineered Products
Segment Reporting Information [Line Items]
Accumulated impairment losses	$ 154.8	$ 154.8	$ 154.8

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Goodwill and Other Intangible Assets - Schedule of Estimated Amortization Expense of Intangible Assets (Detail) $ in Millions	Dec. 31, 2018 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2019	$ 27.1
2020	27.0
2021	24.6
2022	19.8
2023	$ 15.5

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Accrued Expenses - Schedule of Accrued Expenses (Detail) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Payables and Accruals [Abstract]
Salaries, wages and employee benefits	$ 59.5	$ 63.7
Interest	4.9	8.6
Customer advances	7.1	7.1
Environmental	16.4	9.2
Warranty	10.9	4.6
Income and other taxes	21.8	14.3
Other	29.8	29.7
Total accrued expenses	$ 150.4	$ 137.2

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Long-term Debt - Schedule of Long Term Debt (Detail) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Revolving debt	$ 116.7	$ 173.5
Long-term debt	464.9	618.5
Less current maturities of long-term debt	2.4	0.2
Long-term debt, net	462.5	618.3
Senior notes
Debt Instrument [Line Items]
Senior notes	344.9	444.2
Other notes payable
Debt Instrument [Line Items]
Long-term debt	$ 3.3	$ 0.8

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Long-term Debt - Additional Information (Detail) - USD ($)			1 Months Ended	3 Months Ended	12 Months Ended
	Oct. 17, 2018	Jun. 28, 2018	Sep. 30, 2014	Dec. 31, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Mar. 31, 2017
Line of Credit Facility [Line Items]
Credit facility borrowing capacity				$ 217,400,000	$ 217,400,000
Letter of credit outstanding				15,900,000	15,900,000
Revolving debt				116,700,000	116,700,000	$ 173,500,000
Loss on extinguishment of debt				18,100,000	18,100,000	$ 0	$ 0
Unamortized debt discount				5,100,000	5,100,000
Debt issuance costs capitalized				6,600,000	6,600,000
Revolving debt
Line of Credit Facility [Line Items]
Debt term		5 years
Credit facility maximum availability		$ 350,000,000
Maximum borrowing capacity expansion threshold		$ 225,000,000.0
Maximum borrowing capacity expansion threshold, percent		100.00%
Capacity available for specific purpose				$ 100,000,000	$ 100,000,000
Revolving debt | LIBOR
Line of Credit Facility [Line Items]
Adjusted LIBOR rate interest spread					1.75%
Revolving debt | Base Rate
Line of Credit Facility [Line Items]
Adjusted LIBOR rate interest spread					0.75%
Senior Notes [Member]
Line of Credit Facility [Line Items]
Senior notes	$ 350,000,000		$ 300,000,000					$ 150,000,000
Interest rate	5.75%		5.875%					5.875%
Debt issuance costs			$ 2,400,000
Effective rate			6.00%					5.66%
Unamortized premium								$ 1,500,000
Aggregate principal amount redeemed	$ 450,000,000
Redemption price	102.938%
Percent of principal amount	100.00%

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Long-term Debt - Schedule of Future Principal Payments on Long-Term Debt (Detail) $ in Millions	Dec. 31, 2018 USD ($)
Debt Disclosure [Abstract]
2019	$ 2.4
2020	0.3
2021	0.3
2022	0.1
2023	116.8
Thereafter	350.1
Total	$ 470.0

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Derivatives and Hedging Derivatives and Hedging (Details) € in Millions, $ in Millions	1 Months Ended
	Mar. 31, 2018 USD ($)	Dec. 31, 2018 USD ($)	Sep. 07, 2018 USD ($)	Sep. 07, 2018 EUR (€)	Mar. 31, 2018 EUR (€)	Dec. 31, 2017 USD ($)
Summary of Credit Derivatives [Abstract]
Notional amount		$ 7.7				$ 0.5
Amount of hedged item | €				€ 172.8	€ 161.8
Derivative liability, notional amount	$ 200.0		$ 200.0
Weighted average interest rate	3.29%		2.80%	2.80%	3.29%
Proceeds from settlement	$ 11.9
Receipts from settlements of derivative contracts	9.3
Proceeds from interest	2.6
Unrealized gains	$ 7.0
Derivative asset		$ 4.5

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Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets fair value	$ 46.5	$ 7.8
Level 1 | Time deposits
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Time deposits	33.4	0.0
Level 1 | Deferred compensation assets
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets fair value	8.6	7.8
Deferred compensation liabilities	8.9	8.9
Level 2 | Foreign currency derivatives
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets fair value	$ 4.5	$ 0.0

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Fair Value Measurements - Schedule of Carrying Value of Financial Instruments (Detail) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Fair Value Disclosures [Abstract]
Long-term debt, Carrying Value	$ 464.9	$ 618.5
Long-term debt, Fair Value	$ 462.1	$ 645.6

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Pensions and Postretirement Benefits - Additional Information (Detail) $ in Millions		3 Months Ended	12 Months Ended
	Jul. 03, 2018 USD ($)	Jun. 30, 2018 USD ($)	Dec. 31, 2018 USD ($) BasisPoint	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Dec. 31, 2006
Defined Benefit Plan Disclosure [Line Items]
Minimum age of salaried employees with defined pension plans, in years						40 years
Percentage of matching contributions for eligible employees of their eligible earnings			6.00%
Additional employer contribution for those employees whose defined pension plan benefits were frozen			2.00%
Matching contributions under plans			$ 13.3	$ 11.5	$ 9.6
Settlements	$ 68.0
Settlements		$ 70.9
Projected benefit obligation for the defined benefit pension plans with projected benefit obligations in excess of plan assets			53.0	311.3
Fair value of plan assets for the defined benefit pension plans with projected benefit obligations in excess of plan assets			41.1	291.9
Fair value of plan assets for the defined benefit pension plans with accumulated benefit obligations in excess of plan assets			47.6	302.6
Accumulated benefit obligation for the defined benefit pension plans with accumulated benefit obligations in excess of plan assets			38.7	289.7
Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Company contributions			20.8	9.4
Settlements			71.1	0.6
Settlements			71.1	0.6
Settlements	$ 12.8
Accumulated benefit obligation for all existing plans			$ 269.0	$ 361.7
Discount rate			4.375%	3.75%	4.25%
Basis point decrease (increase) in discount rate | BasisPoint			25
Pension expense per year			$ 0.9
Other Benefits
Defined Benefit Plan Disclosure [Line Items]
Settlements			0.0	$ 0.0
Accumulated benefit obligation for all existing plans			$ 3.8	$ 4.5
Discount rate			4.375%	3.75%	4.25%
Domestic Plan
Defined Benefit Plan Disclosure [Line Items]
Company contributions			$ 20.0	$ 8.8	$ 14.8
Foreign Plan
Defined Benefit Plan Disclosure [Line Items]
Company anticipates future contributions			$ 1.0

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Pensions and Postretirement Benefits - Schedule of Change in Projected Benefit Obligations (Detail) - USD ($) $ in Millions		12 Months Ended
	Jul. 03, 2018	Dec. 31, 2018	Dec. 31, 2017
Change in Projected Benefit Obligations
Settlements	$ (68.0)
Pension Plan
Change in Projected Benefit Obligations
Projected benefit obligations at beginning of year		$ 369.2	$ 289.7
Service cost		4.8	4.5
Interest cost		12.8	12.9
Actuarial loss (gain)		(23.5)	16.1
Amendments		0.0	0.2
Settlements		(71.1)	(0.6)
Benefits paid		(14.0)	(13.0)
Reconsolidation of GST and OldCo		0.0	58.8
Other		(1.4)	0.6
Projected benefit obligations at end of year		276.8	369.2
Other Benefits
Change in Projected Benefit Obligations
Projected benefit obligations at beginning of year		4.7	3.2
Service cost		0.1	0.1
Interest cost		0.1	0.1
Actuarial loss (gain)		(0.6)	0.0
Amendments		0.0	0.0
Settlements		0.0	0.0
Benefits paid		(0.7)	(0.9)
Reconsolidation of GST and OldCo		0.0	2.1
Other		0.5	0.1
Projected benefit obligations at end of year		$ 4.1	$ 4.7

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Pensions and Postretirement Benefits - Schedule of Change in Plan Assets and Underfunded Status at End of Year (Detail) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Jun. 30, 2018	Dec. 31, 2018	Dec. 31, 2017
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets at beginning of year		$ 267.6	$ 350.7
Settlements	$ (70.9)
Fair value of plan assets at end of year		350.7
Pension Plan
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets at beginning of year		267.6	350.7
Actual return on plan assets		(17.9)	42.3
Administrative expenses		(0.9)	(0.8)
Benefits paid		(14.0)	(13.0)
Settlements		(71.1)	(0.6)
Company contributions		20.8	9.4
Reconsolidation of GST and OldCo		0.0	56.5
Fair value of plan assets at end of year		$ 350.7	$ 256.9

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Pensions and Postretirement Benefits - Schedule of Projected Benefit Obligations Amounts Recognized in Consolidated Balance Sheets (Detail) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Long-term assets	$ 2.7	$ 0.8
Current liabilities	(0.8)	(0.5)
Long-term liabilities	(11.1)	(18.8)
Underfunded Status at End of Year	(9.2)	(18.5)
Other Benefits
Defined Benefit Plan Disclosure [Line Items]
Long-term assets	0.0	0.0
Current liabilities	(0.3)	(0.3)
Long-term liabilities	(3.8)	(4.4)
Underfunded Status at End of Year	$ (4.1)	$ (4.7)

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Pensions and Postretirement Benefits - Schedule of Pre-Tax Charges Recognized in Accumulated Other Comprehensive Income Loss (Detail) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Net actuarial (gain) loss	$ 60.8	$ 65.3
Prior service cost	1.1	1.4
Pre-tax charges recognized in accumulated other comprehensive income (loss)	61.9	66.7
Other Benefits
Defined Benefit Plan Disclosure [Line Items]
Net actuarial (gain) loss	(0.9)	(0.3)
Prior service cost	0.2	0.3
Pre-tax charges recognized in accumulated other comprehensive income (loss)	$ (0.7)	$ 0.0

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Pensions and Postretirement Benefits - Schedule of Net Periodic Benefit Cost (Detail) - USD ($) $ in Millions		12 Months Ended
	Jul. 03, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Service cost		$ 4.8	$ 4.5
Interest cost		12.8	12.9
Settlements	$ (12.8)
Pension Plan | Net Periodic Benefit Cost
Defined Benefit Plan Disclosure [Line Items]
Service cost		4.8	4.5	$ 4.3
Interest cost		12.8	12.9	12.7
Expected return on plan assets		(19.0)	(20.1)	(17.2)
Amortization of prior service cost		0.3	0.3	0.2
Amortization of net loss		5.1	7.3	6.9
Settlements		12.7	0.0	0.0
Curtailments		0.0	(0.1)	(0.1)
Deconsolidation of GST		0.0	(0.3)	(0.9)
Net periodic benefit cost		16.7	4.5	5.9
Other Benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost		0.1	0.1
Interest cost		0.1	0.1
Other Benefits | Net Periodic Benefit Cost
Defined Benefit Plan Disclosure [Line Items]
Service cost		0.1	0.1	0.1
Interest cost		0.1	0.1	0.2
Expected return on plan assets		0.0	0.0	0.0
Amortization of prior service cost		0.1	0.1	0.1
Amortization of net loss		0.0	0.0	0.0
Settlements		0.0	0.0	0.0
Curtailments		0.0	0.0	(0.3)
Deconsolidation of GST		0.0	0.0	0.0
Net periodic benefit cost		$ 0.3	$ 0.3	$ 0.1

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Pensions and Postretirement Benefits - Schedule of Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Defined Benefit Plan Disclosure [Line Items]
Other adjustment	$ 12.7	$ (5.2)	$ 7.8
Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Net loss (gain)	13.3	(5.8)	8.2
Prior service cost	0.0	0.5	0.0
Amortization of net loss	(5.1)	(7.3)	(6.9)
Amortization of prior service cost	(0.3)	(0.3)	(0.2)
Settlements	(12.7)	0.0	0.0
Other adjustment	0.0	0.0	0.0
Total recognized in other comprehensive income	(4.8)	(12.9)	1.1
Total Recognized in Net Periodic Benefit Cost and Other Comprehensive Income	11.9	(8.4)	7.0
Other Benefits
Defined Benefit Plan Disclosure [Line Items]
Net loss (gain)	(0.6)	0.1	(0.4)
Prior service cost	0.0	0.0	0.0
Amortization of net loss	0.0	0.0	0.0
Amortization of prior service cost	(0.1)	(0.1)	(0.1)
Settlements	0.0	0.0	0.0
Other adjustment	0.0	0.0	0.3
Total recognized in other comprehensive income	(0.7)	0.0	(0.2)
Total Recognized in Net Periodic Benefit Cost and Other Comprehensive Income	$ (0.4)	$ 0.3	$ (0.1)

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Pensions and Postretirement Benefits - Schedule of Weighted-Average Assumptions Used to Determine Benefit Obligations and Net Periodic Benefit Cost (Detail)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Discount rate	4.375%	3.75%	4.25%
Rate of compensation increase	3.00%	3.00%	3.00%
Discount rate	4.00%	4.25%	4.63%
Expected long-term return on plan assets	6.00%	7.25%	7.25%
Rate of compensation increase	3.00%	3.00%	3.00%
Other Benefits
Defined Benefit Plan Disclosure [Line Items]
Discount rate	4.375%	3.75%	4.25%
Rate of compensation increase	4.00%	4.00%	4.00%
Discount rate	3.75%	4.25%	4.63%
Expected long-term return on plan assets	0.00%	0.00%	0.00%
Rate of compensation increase	4.00%	4.00%	4.00%

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Pensions and Postretirement Benefits - Schedule of Assumed Health Care Cost Trend Rates (Detail)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Retirement Benefits [Abstract]
Health care cost trend rate assumed for next year	8.00%	8.00%
Rate to which the cost trend rate is assumed to decline (the ultimate rate)	4.50%	4.50%
Year that the rate reaches the ultimate trend rate	2026	2025

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Pensions and Postretirement Benefits - Schedule of Asset Allocation for Pension Plans and Target Allocation by Asset Category (Detail)	Dec. 31, 2018	Dec. 31, 2017
Defined Benefit Plan Disclosure [Line Items]
Target Allocation	100.00%
Plan Assets	100.00%	100.00%
Equity securities
Defined Benefit Plan Disclosure [Line Items]
Target Allocation	30.00%
Plan Assets	27.00%	30.00%
Fixed income
Defined Benefit Plan Disclosure [Line Items]
Target Allocation	70.00%
Plan Assets	73.00%	70.00%

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Pensions and Postretirement Benefits - Schedule of Fair Value of Plan Assets (Detail) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan investment	$ 267.6	$ 350.7
Mutual funds – U.S. equity
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan investment	42.7	61.6
Mutual funds - fixed income treasury and money market
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan investment	194.6	244.6
Mutual funds – international equity
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan investment	29.5	43.3
Cash equivalents
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan investment	$ 0.8	$ 1.2

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Pensions and Postretirement Benefits - Schedule of Benefit Payments Reflecting Expected Future Service as Appropriate Expected to be Paid (Detail) $ in Millions	Dec. 31, 2018 USD ($)
Pension Plan
Defined Benefit Plan Disclosure [Line Items]
2019	$ 11.8
2020	12.1
2021	13.4
2022	14.5
2023	15.8
Years 2024 – 2028	93.6
Other Benefits
Defined Benefit Plan Disclosure [Line Items]
2019	0.4
2020	1.5
2021	0.4
2022	0.5
2023	0.3
Years 2024 – 2028	$ 1.1

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Shareholders' Equity (Details) - USD ($)	1 Months Ended	3 Months Ended	12 Months Ended
	Feb. 26, 2019	Dec. 31, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Oct. 31, 2018	Oct. 31, 2017	Oct. 31, 2015
Share Repurchases [Line Items]
Dividends paid			$ 20,300,000	$ 19,000,000	$ 18,100,000
Repurchase of common stock			$ 50,000,000	$ 11,500,000	$ 30,400,000
Subsequent Event
Share Repurchases [Line Items]
Cash dividend declared (in dollars per share)	$ 0.25
Share Repurchase Plan [Member]
Share Repurchases [Line Items]
Authorized amount						$ 50,000,000	$ 50,000,000	$ 50,000,000
Shares repurchases (in shares)		0	700,000	200,000	600,000
Repurchase of common stock			$ 50,000,000	$ 11,500,000	$ 29,700,000
Cash payments for purchases					$ 30,400,000

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Accumulated Other Comprehensive Loss - Summary of Changes in Accumulated Other Comprehensive Loss by Components (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Accumulated Other Comprehinsive Income [Roll Forward]
Beginning balance	$ (48.4)	$ (70.9)	$ (54.1)
Other comprehensive income (loss) before reclassifications	(10.9)	17.6	(21.1)
Amounts reclassified from accumulated other comprehensive loss	13.8	4.9	4.3
Net current-period other comprehensive income (loss)	2.9	22.5	(16.8)
Ending balance	(45.5)	(48.4)	(70.9)
Unrealized Translation Adjustments
Accumulated Other Comprehinsive Income [Roll Forward]
Beginning balance	(6.8)	(21.2)	(4.9)
Other comprehensive income (loss) before reclassifications	(3.8)	14.4	(16.1)
Amounts reclassified from accumulated other comprehensive loss	0.0	0.0	(0.2)
Net current-period other comprehensive income (loss)	(3.8)	14.4	(16.3)
Ending balance	(10.6)	(6.8)	(21.2)
Pension and Other Postretirement Plans
Accumulated Other Comprehinsive Income [Roll Forward]
Beginning balance	(41.6)	(49.7)	(49.2)
Other comprehensive income (loss) before reclassifications	(7.1)	3.2	(5.0)
Amounts reclassified from accumulated other comprehensive loss	13.8	4.9	4.5
Net current-period other comprehensive income (loss)	6.7	8.1	(0.5)
Ending balance	$ (34.9)	$ (41.6)	$ (49.7)

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Accumulated Other Comprehensive Loss - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Settlement loss									$ 12.7	$ 0.0	$ 0.0
Income tax benefit (expense)									(27.0)	(37.7)	28.6
Net income (loss)	$ (27.1)	$ 24.2	$ 9.9	$ 12.6	$ 34.2	$ 490.2	$ 9.0	$ 6.4	19.6	539.8	(40.1)
Amount Reclassified from Accumulated Other Comprehensive Loss
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Release of unrealized currency translation adjustment upon sale of investment in foreign entity, net of tax									0.0	0.0	(0.2)
Amount Reclassified from Accumulated Other Comprehensive Loss | Pension and Other Postretirement Plans
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Amortization of actuarial losses									5.1	7.3	6.6
Amortization of prior service costs									0.4	0.4	0.3
Settlement loss									12.7	0.0	0.0
Total before tax									18.2	7.7	6.9
Income tax benefit (expense)									(4.4)	(2.8)	(2.4)
Net income (loss)									$ 13.8	$ 4.9	$ 4.5

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Equity Compensation Plan - Additional Information (Detail) - USD ($)				12 Months Ended
	Feb. 12, 2018	Feb. 13, 2017	Feb. 23, 2016	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares pursuant to various market and performance-based incentive awards				6,200,000.0
Shares available for future awards				900,000
Expected stock price volatility	34.90%	34.86%	32.80%
Risk free interest ate	1.92%	1.45%	0.88%
Correlation between Total Shareholder Return for EnPro and the applicable S&P index	64.13%	62.59%	58.95%
Percentage of fair market value on the date of grant				100.00%
Options exercisable (in dollars per share)				$ 42.24
Options outstanding remaining term				2 years 1 month 13 days
Annual amount of shares granted to non-employee directors, value				$ 95,000	$ 95,000	$ 90,000
Cash payments to settle phantom shares				$ 700,000	$ 1,400,000	0
Restricted Share Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share units awards vest period				3 years
Unrecognized compensation cost				$ 5,900,000
Unrecognized compensation cost expected to be recognized over a weighted average period, years				1 year 4 months 5 days
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost				$ 3,200,000
Unrecognized compensation cost expected to be recognized over a weighted average period, years				1 year 4 months 5 days
Expected stock price volatility	32.41%	31.23%	27.36%
Annual expected dividend yield	1.15%	1.23%	1.82%
Risk free interest ate	1.92%	1.45%	0.88%
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost				$ 0
Options outstanding (in shares)				18,187	18,187
Expiration period				10 years
Non-Employee Directors Compensation Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense				$ 700,000	$ 700,000	$ 1,200,000
2013 Grant | Restricted Share Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost				$ 0

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Equity Compensation Plan - Summary of Restricted Share Units Activity, Performance Share Activity and Restricted Stock Activity (Detail) - $ / shares	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Restricted Share Units
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares [Roll Forward]
Nonvested shares, Beginning Balance	235,557	262,022	264,031
Granted, Shares	73,817	77,120	111,320
Vested, Shares	(58,188)	(79,417)	(59,104)
Forfeited, Shares	(19,853)	(17,607)	(42,090)
Shares settled for cash, shares	(12,403)	(6,561)	(12,135)
Nonvested Shares, Ending Balance	218,930	235,557	262,022
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Nonvested, Weighted-Average Grant Date Fair Value, Beginning Balance (in dollars per share)	$ 57.87	$ 59.43	$ 61.74
Granted, Weighted-Average Grant Date Fair Value (in dollars per share)	82.03	68.55	44.29
Vested, Weighted-Average Grant Date Fair Value (in dollars per share)	63.64	64.16	45.20
Forfeited, Weighted-Average Grant Date Fair Value (in dollars per share)	65.17	56.32	58.48
Shares settled for cash, Weighted-Average Grant Date Fair Value (in dollars per share)	64.19	54.29	44.63
Nonvested, Weighted-Average Grant Date Fair Value, Ending Balance (in dollars per share)	$ 63.46	$ 57.87	$ 59.43
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares [Roll Forward]
Nonvested shares, Beginning Balance	270,599	283,515	198,402
Granted, Shares	77,076	84,534	199,965
Vested, Shares	(51,207)	(76,487)	0
Forfeited, Shares	(25,142)	(8,823)	(37,542)
Achievement level adjustment, shares	(71,671)	(12,140)	(77,310)
Nonvested Shares, Ending Balance	199,655	270,599	283,515
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Nonvested, Weighted-Average Grant Date Fair Value, Beginning Balance (in dollars per share)	$ 61.92	$ 54.84	$ 67.22
Granted, Weighted-Average Grant Date Fair Value (in dollars per share)	93.61	76.93	49.68
Vested, Weighted-Average Grant Date Fair Value (in dollars per share)	63.81	63.81	0.00
Forfeited, Weighted-Average Grant Date Fair Value (in dollars per share)	65.14	61.43	54.66
Achievement level adjustment, Weighted-Average Grant Date Fair Value (in dollars per share)	63.81	63.81	71.83
Nonvested, Weighted-Average Grant Date Fair Value, Ending Balance (in dollars per share)	$ 75.87	$ 61.92	$ 54.84
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares [Roll Forward]
Nonvested shares, Beginning Balance	0	0	11,330
Granted, Shares	0	0	0
Vested, Shares	0	0	(11,330)
Forfeited, Shares	0	0	0
Nonvested Shares, Ending Balance	0	0	0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Nonvested, Weighted-Average Grant Date Fair Value, Beginning Balance (in dollars per share)	$ 0.00	$ 0.00	$ 55.09
Granted, Weighted-Average Grant Date Fair Value (in dollars per share)	0.00	0.00	0.00
Vested, Weighted-Average Grant Date Fair Value (in dollars per share)	0.00	0.00	55.09
Forfeited, Weighted-Average Grant Date Fair Value (in dollars per share)	0.00	0.00	0.00
Nonvested, Weighted-Average Grant Date Fair Value, Ending Balance (in dollars per share)	$ 0.00	$ 0.00	$ 0.00

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Equity Compensation Plan - Schedule of Intrinsic Value Related to Stock Options (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Options outstanding	$ 0.3	$ 0.9	$ 2.5
Options exercisable	0.3	0.9	2.5
Options exercised	$ 0.0	$ 2.2	$ 0.7

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Equity Compensation Plan - Schedule of Equity Based Compensation (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Compensation expense	$ 6.5	$ 9.5	$ 5.1
Related income tax benefit	$ 1.9	$ 3.6	$ 1.9

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Business Segment Information - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2018 Segment
Segment Reporting [Abstract]
Number of operating segments	3

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Business Segment Information - Schedule of Segment Operating Results and Other Financial Data (Detail) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Segment Reporting Information [Line Items]
Net sales	$ 381.4	$ 388.2	$ 393.6	$ 368.8	$ 362.5	$ 343.7	$ 307.6	$ 295.8	$ 1,532.0	$ 1,309.6	$ 1,187.7
Segment profit									117.3	101.7	(2.5)
Asbestos settlement									0.0	0.0	(80.0)
Gain on reconsolidation of GST and OldCo									0.0	534.4	0.0
Other expense, net									(43.4)	(9.2)	(11.1)
Income from continuing operations before income taxes									46.6	577.5	(68.7)
Corporate
Segment Reporting Information [Line Items]
Segment profit									(32.7)	(34.2)	(29.8)
Asbestos settlement									0.0	0.0	(80.0)
Interest expense, net									(27.3)	(49.4)	(55.1)
Gain on reconsolidation of GST and OldCo									0.0	534.4	0.0
Other expense, net									(48.0)	(23.2)	(16.6)
Income from continuing operations before income taxes									46.6	577.5	(68.7)
Intersegment sales
Segment Reporting Information [Line Items]
Net sales									4.2	4.0	3.3
Operating Segments
Segment Reporting Information [Line Items]
Net sales									1,536.2	1,313.6	1,191.0
Segment profit									154.6	149.9	112.8
Operating Segments | Sealing Products
Segment Reporting Information [Line Items]
Net sales									954.4	804.3	705.6
Segment profit									85.2	90.4	82.3
Operating Segments | Engineered Products
Segment Reporting Information [Line Items]
Net sales									323.9	301.1	277.1
Segment profit									40.1	30.1	12.8
Operating Segments | Power Systems
Segment Reporting Information [Line Items]
Net sales									257.9	208.2	208.3
Segment profit									$ 29.3	$ 29.4	$ 17.7

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Business Segment Information - Schedule of Net Sales by Geographical Area (Detail) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Schedule Of Net Sales By Geographical Segment [Line Items]
Net sales	$ 381.4	$ 388.2	$ 393.6	$ 368.8	$ 362.5	$ 343.7	$ 307.6	$ 295.8	$ 1,532.0	$ 1,309.6	$ 1,187.7
United States
Schedule Of Net Sales By Geographical Segment [Line Items]
Net sales									955.5	750.6	682.4
Europe
Schedule Of Net Sales By Geographical Segment [Line Items]
Net sales									292.9	292.6	289.9
Other foreign
Schedule Of Net Sales By Geographical Segment [Line Items]
Net sales									$ 283.6	$ 266.4	$ 215.4

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Business Segment Information - Third Party Sales by Major End Market (Details) $ in Millions	12 Months Ended
	Dec. 31, 2018 USD ($)
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	$ 1,532.0
Aerospace
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	62.5
Automotive
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	102.6
Chemical and material processing
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	104.0
Food and pharmaceutical
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	38.1
General industrial
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	273.5
Medium-duty/heavy-duty truck
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	388.4
Navy and marine
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	198.4
Oil and gas
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	109.6
Power generation
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	118.9
Semiconductors
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	113.7
Other
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	22.3
Sealing Products
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	950.9
Sealing Products | Aerospace
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	54.1
Sealing Products | Automotive
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	5.3
Sealing Products | Chemical and material processing
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	54.5
Sealing Products | Food and pharmaceutical
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	37.1
Sealing Products | General industrial
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	174.2
Sealing Products | Medium-duty/heavy-duty truck
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	387.3
Sealing Products | Navy and marine
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	1.0
Sealing Products | Oil and gas
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	53.9
Sealing Products | Power generation
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	57.8
Sealing Products | Semiconductors
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	113.7
Sealing Products | Other
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	12.0
Engineered Products
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	323.2
Engineered Products | Aerospace
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	8.4
Engineered Products | Automotive
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	97.3
Engineered Products | Chemical and material processing
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	49.5
Engineered Products | Food and pharmaceutical
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	1.0
Engineered Products | General industrial
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	99.3
Engineered Products | Medium-duty/heavy-duty truck
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	1.1
Engineered Products | Navy and marine
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	0.0
Engineered Products | Oil and gas
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	46.8
Engineered Products | Power generation
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	11.2
Engineered Products | Semiconductors
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	0.0
Engineered Products | Other
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	8.6
Power Systems
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	257.9
Power Systems | Aerospace
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	0.0
Power Systems | Automotive
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	0.0
Power Systems | Chemical and material processing
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	0.0
Power Systems | Food and pharmaceutical
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	0.0
Power Systems | General industrial
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	0.0
Power Systems | Medium-duty/heavy-duty truck
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	0.0
Power Systems | Navy and marine
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	197.4
Power Systems | Oil and gas
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	8.9
Power Systems | Power generation
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	49.9
Power Systems | Semiconductors
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	0.0
Power Systems | Other
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	$ 1.7

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Business Segment Information - Schedule of Segment Related Capital Expenditure, Depreciation and Amortization on those Expenditures (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Segment Related Capital Expenditure And Depreciation And Amortization On Those Expenditures [Line Items]
Total capital expenditures	$ 62.6	$ 41.0	$ 35.8
Total depreciation and amortization	73.7	63.8	57.1
Corporate
Segment Related Capital Expenditure And Depreciation And Amortization On Those Expenditures [Line Items]
Total depreciation and amortization	0.0	0.0	0.1
Power Systems
Segment Related Capital Expenditure And Depreciation And Amortization On Those Expenditures [Line Items]
Total capital expenditures	26.5	10.7	5.7
Total depreciation and amortization	7.6	5.2	4.4
Engineered Products
Segment Related Capital Expenditure And Depreciation And Amortization On Those Expenditures [Line Items]
Total capital expenditures	10.1	9.9	7.2
Total depreciation and amortization	15.4	16.8	17.5
Sealing Products
Segment Related Capital Expenditure And Depreciation And Amortization On Those Expenditures [Line Items]
Total capital expenditures	26.0	20.4	22.9
Total depreciation and amortization	$ 50.7	$ 41.8	$ 35.1

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Business Segment Information - Schedule of Assets and Long Lived Assets Segment (Detail) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Schedule Of Assets By Segment [Line Items]
Assets	$ 1,715.8	$ 1,886.1
Property, Plant and Equipment, Net	301.2	296.9
United States
Schedule Of Assets By Segment [Line Items]
Property, Plant and Equipment, Net	211.9	206.9
France
Schedule Of Assets By Segment [Line Items]
Property, Plant and Equipment, Net	26.0	26.5
Other Europe
Schedule Of Assets By Segment [Line Items]
Property, Plant and Equipment, Net	21.9	23.4
Other foreign
Schedule Of Assets By Segment [Line Items]
Property, Plant and Equipment, Net	41.4	40.1
Operating Segments | Sealing Products
Schedule Of Assets By Segment [Line Items]
Assets	1,009.3	1,078.0
Operating Segments | Engineered Products
Schedule Of Assets By Segment [Line Items]
Assets	220.5	229.2
Operating Segments | Power Systems
Schedule Of Assets By Segment [Line Items]
Assets	266.1	210.8
Corporate
Schedule Of Assets By Segment [Line Items]
Assets	$ 219.9	$ 368.1

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Subsidiary Asbestos Bankruptcies Subsidiary Asbestos Bankruptcies - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions			1 Months Ended	12 Months Ended
	Dec. 01, 2017	Aug. 11, 2017	Aug. 31, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Nov. 11, 2016
ReorganizationItems [Line Items]
Strike price (in dollars per share)				$ 1
Accrual payments	$ 78.8		$ 0.5	$ 0.5	$ 95.5	$ 0.0
Payments, future interest requirements				1.2
Discount rate							4.50%
Asbestos settlement				0.0	$ 0.0	$ 80.0
GST, LLC
ReorganizationItems [Line Items]
Accrual payments		$ 16.7
New Coltec
ReorganizationItems [Line Items]
Equity settlement alternatives				$ 20.0

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Commitments and Contingencies - Narrative (Details) € in Millions	1 Months Ended	3 Months Ended					12 Months Ended
	Nov. 30, 2016 EUR (€)	Dec. 31, 2018 USD ($) Potentially_Responsible_Party site mi	Sep. 30, 2017 USD ($)	Jun. 30, 2016 USD ($) site	Mar. 31, 2016 USD ($)	Jun. 30, 2014 USD ($)	Dec. 31, 2018 USD ($) Potentially_Responsible_Party site mi	Dec. 31, 2017 USD ($)	Dec. 31, 2017 EUR (€)	Dec. 31, 2016 USD ($) mi	Dec. 31, 2018 EUR (€) Potentially_Responsible_Party site mi	Oct. 31, 2016 USD ($)	Dec. 31, 2015 site	Apr. 30, 2015 USD ($)	Dec. 31, 2014 USD ($)	Apr. 11, 2014 mi
Site Contingency [Line Items]
Number of sites subject to remediation | site		19					19				19
Cost per site minimis threshold							$ 100,000
Number of sites, investigation completed | site		16					16				16
Number of sites investigation in progress | site		3					3				3
Number of sites remediation for soil and groundwater contamination | site		14					14				14
Provision for new losses		$ 1,000,000	$ 1,900,000	$ 1,100,000			$ 1,100,000
Estimate of cost														$ 726,000,000
Estimate low end												$ 165,000,000
Investigate sites notice from EPA | site				6
Accrual component amount		$ 2,800,000					$ 2,800,000
Loss contingency percentage of damages allocated to company								65.00%	65.00%
Loss contingency percentage of damages allocated to counterparty								35.00%	35.00%
Lower Passaic River Study Area, Diamond Alkali Superfund Site, New Jersey
Site Contingency [Line Items]
Number of potentially responsible parties | Potentially_Responsible_Party		70					70				70
Lower Passaic River Study Area, Focused Feasibility Study, April 11, 2014
Site Contingency [Line Items]
Environmental		$ 3,000,000					$ 3,000,000								$ 3,500,000
Onondaga Site EPA Remedial Investigation
Site Contingency [Line Items]
Environmental		6,500,000					6,500,000
Provision for new losses		5,000,000								$ 1,500,000
Coltec Industries Inc.
Site Contingency [Line Items]
Environmental		4,500,000			$ 1,300,000		4,500,000
Provision for new losses		$ 3,500,000					$ 5,700,000
Minimum
Site Contingency [Line Items]
Loss exposure in excess of accrual | €	€ 7.9
Portion of site subject to remediation | mi										8						8
Estimate of loss exposure in excess of accrual | €	1.8								€ 5.1
Loss accrual | €											€ 0.4
Minimum | Lower Passaic River Study Area, Focused Feasibility Study, April 11, 2014
Site Contingency [Line Items]
Estimate of loss exposure in excess of accrual					$ 1,380,000,000	$ 953,000,000
Maximum
Site Contingency [Line Items]
Loss exposure in excess of accrual | €	10.2
Portion of site subject to remediation | mi		17					17			9	17
Estimate of loss exposure in excess of accrual	€ 2.1					$ 1,730,000,000			€ 6.6
Crucible Steel Corporation
Site Contingency [Line Items]
Environmental								$ 1,100,000
Arizona
Site Contingency [Line Items]
Investigate sites notice from EPA | site													2
OldCo
Site Contingency [Line Items]
Estimated insurance recoveries		$ 25,000,000					$ 25,000,000
Environmental Remediation
Site Contingency [Line Items]
Environmental		31,100,000					31,100,000	27,300,000
Loss in period							400,000	$ 100,000
Asbestos Issue [Member]
Site Contingency [Line Items]
Insurance coverage amount		12,600,000					12,600,000
Insurance available for future claims		12,600,000					12,600,000
Estimated insurance recoveries, year one		10,100,000					10,100,000
Estimated insurance recoveries, year two		2,500,000					2,500,000
Asbestos Issue [Member] | GST, LLC
Site Contingency [Line Items]
Amount recovered		$ 8,800,000					$ 8,800,000

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Commitments and Contingencies - Schedule of Changes in Carrying Amount of Product Warranty Liability (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Movement in Standard Product Warranty Accrual [Roll Forward]
Balance at beginning of year	$ 5.3	$ 5.0	$ 4.8
Charges to expense	10.8	2.6	4.4
Settlements made	(4.4)	(2.3)	(4.2)
Balance at end of year	$ 11.7	$ 5.3	$ 5.0

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Commitments and Contingencies - Schedule of Future Minimum Lease Payments (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
2019	$ 11.5
2020	9.0
2021	6.2
2022	4.4
2023	3.4
Thereafter	2.7
Total minimum payments	37.2
Net rent expense	$ 13.5	$ 12.2	$ 12.6

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Supplemental Guarantor Financial Information Condensed Consolidating Statement of Operations (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Condensed Financial Statements, Captions [Line Items]
Net sales	$ 381.4	$ 388.2	$ 393.6	$ 368.8	$ 362.5	$ 343.7	$ 307.6	$ 295.8	$ 1,532.0	$ 1,309.6	$ 1,187.7
Cost of sales									1,053.0	865.3	791.9
Gross profit	114.0	124.1	115.8	125.1	122.9	115.1	104.6	101.7	479.0	444.3	395.8
Operating expenses:
Selling, general and administrative									340.4	325.7	302.7
Asbestos settlement									0.0	0.0	80.0
Other									21.3	16.9	15.6
Total operating expenses									361.7	342.6	398.3
Operating income (loss)									117.3	101.7	(2.5)
Interest income (expense), net									(27.3)	(49.4)	(55.1)
Gain on reconsolidation of GST and OldCo									0.0	534.4	0.0
Other expense									(43.4)	(9.2)	(11.1)
Income (loss) before income taxes									46.6	577.5	(68.7)
Income tax benefit (expense)									(27.0)	(37.7)	28.6
Income (loss) before equity in earnings of subsidiaries									19.6	539.8	(40.1)
Equity in earnings of subsidiaries, net of tax									0.0	0.0	0.0
Net income (loss)	$ (27.1)	$ 24.2	$ 9.9	$ 12.6	$ 34.2	$ 490.2	$ 9.0	$ 6.4	19.6	539.8	(40.1)
Eliminations
Condensed Financial Statements, Captions [Line Items]
Net sales									(161.9)	(109.6)	(81.0)
Cost of sales									(161.9)	(109.6)	(81.0)
Gross profit									0.0	0.0	0.0
Operating expenses:
Selling, general and administrative									0.0	0.0	0.0
Asbestos settlement											0.0
Other									0.0	0.0	0.0
Total operating expenses									0.0	0.0	0.0
Operating income (loss)									0.0	0.0	0.0
Interest income (expense), net									0.0	0.0	0.0
Gain on reconsolidation of GST and OldCo										0.0
Other expense									0.0	0.0	0.0
Income (loss) before income taxes									0.0	0.0	0.0
Income tax benefit (expense)									0.0	0.0	0.0
Income (loss) before equity in earnings of subsidiaries									0.0	0.0	0.0
Equity in earnings of subsidiaries, net of tax									(201.8)	(600.5)	(10.2)
Net income (loss)									(201.8)	(600.5)	(10.2)
Parent
Condensed Financial Statements, Captions [Line Items]
Net sales									0.0	0.0	0.0
Cost of sales									0.0	0.0	0.0
Gross profit									0.0	0.0	0.0
Operating expenses:
Selling, general and administrative									31.0	33.0	27.4
Asbestos settlement											0.0
Other									0.0	1.1	4.8
Total operating expenses									31.0	34.1	32.2
Operating income (loss)									(31.0)	(34.1)	(32.2)
Interest income (expense), net									(22.7)	(25.4)	(18.5)
Gain on reconsolidation of GST and OldCo										0.0
Other expense									(18.1)	(0.1)	(0.3)
Income (loss) before income taxes									(71.8)	(59.6)	(51.0)
Income tax benefit (expense)									(42.9)	17.6	17.6
Income (loss) before equity in earnings of subsidiaries									(114.7)	(42.0)	(33.4)
Equity in earnings of subsidiaries, net of tax									134.3	581.8	(6.7)
Net income (loss)									19.6	539.8	(40.1)
Guarantor Subsidiaries
Condensed Financial Statements, Captions [Line Items]
Net sales									1,091.2	921.9	829.0
Cost of sales									812.9	644.7	581.5
Gross profit									278.3	277.2	247.5
Operating expenses:
Selling, general and administrative									201.4	182.6	163.3
Asbestos settlement											80.0
Other									20.3	12.1	3.3
Total operating expenses									221.7	194.7	246.6
Operating income (loss)									56.6	82.5	0.9
Interest income (expense), net									(5.1)	(24.1)	(36.2)
Gain on reconsolidation of GST and OldCo										534.4
Other expense									(25.0)	(9.0)	(10.0)
Income (loss) before income taxes									26.5	583.8	(45.3)
Income tax benefit (expense)									40.3	(20.7)	21.7
Income (loss) before equity in earnings of subsidiaries									66.8	563.1	(23.6)
Equity in earnings of subsidiaries, net of tax									67.5	18.7	16.9
Net income (loss)									134.3	581.8	(6.7)
Non-guarantor Subsidiaries
Condensed Financial Statements, Captions [Line Items]
Net sales									602.7	497.3	439.7
Cost of sales									402.0	330.2	291.4
Gross profit									200.7	167.1	148.3
Operating expenses:
Selling, general and administrative									108.0	110.1	112.0
Asbestos settlement											0.0
Other									1.0	3.7	7.5
Total operating expenses									109.0	113.8	119.5
Operating income (loss)									91.7	53.3	28.8
Interest income (expense), net									0.5	0.1	(0.4)
Gain on reconsolidation of GST and OldCo										0.0
Other expense									(0.3)	(0.1)	(0.8)
Income (loss) before income taxes									91.9	53.3	27.6
Income tax benefit (expense)									(24.4)	(34.6)	(10.7)
Income (loss) before equity in earnings of subsidiaries									67.5	18.7	16.9
Equity in earnings of subsidiaries, net of tax									0.0	0.0	0.0
Net income (loss)									$ 67.5	$ 18.7	$ 16.9

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Supplemental Guarantor Financial Information Condensed Consolidating Statements of Comprehensive Income (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Condensed Statement of Income Captions [Line Items]
Net income (loss)	$ (27.1)	$ 24.2	$ 9.9	$ 12.6	$ 34.2	$ 490.2	$ 9.0	$ 6.4	$ 19.6	$ 539.8	$ (40.1)
Other comprehensive income (loss):
Foreign currency translation adjustments									(0.3)	14.4	(16.3)
Pension and post-retirement benefits adjustment (excluding amortization)									(12.7)	5.2	(7.8)
Pension settlement loss									12.7	0.0	0.0
Amortization of pension and post-retirement benefits included in net income									5.5	7.7	6.9
Other comprehensive income (loss), before tax									5.2	27.3	(17.2)
Income tax benefit (expense) related to items of other comprehensive income (loss)									(2.3)	(4.8)	0.4
Other comprehensive income (loss), net of tax									2.9	22.5	(16.8)
Comprehensive income (loss)									22.5	562.3	(56.9)
Eliminations
Condensed Statement of Income Captions [Line Items]
Net income (loss)									(201.8)	(600.5)	(10.2)
Other comprehensive income (loss):
Foreign currency translation adjustments									26.0	(28.8)	32.6
Pension and post-retirement benefits adjustment (excluding amortization)									12.3	(6.5)	7.7
Pension settlement loss									(12.6)
Amortization of pension and post-retirement benefits included in net income									(5.5)	(7.8)	(6.8)
Other comprehensive income (loss), before tax									20.2	(43.1)	33.5
Income tax benefit (expense) related to items of other comprehensive income (loss)									2.4	5.2	(0.3)
Other comprehensive income (loss), net of tax									22.6	(37.9)	33.2
Comprehensive income (loss)									(179.2)	(638.4)	23.0
Parent
Condensed Statement of Income Captions [Line Items]
Net income (loss)									19.6	539.8	(40.1)
Other comprehensive income (loss):
Foreign currency translation adjustments									(0.3)	14.4	(16.3)
Pension and post-retirement benefits adjustment (excluding amortization)									(12.7)	5.2	(7.8)
Pension settlement loss									12.7
Amortization of pension and post-retirement benefits included in net income									5.5	7.7	6.9
Other comprehensive income (loss), before tax									5.2	27.3	(17.2)
Income tax benefit (expense) related to items of other comprehensive income (loss)									(2.3)	(4.8)	0.4
Other comprehensive income (loss), net of tax									2.9	22.5	(16.8)
Comprehensive income (loss)									22.5	562.3	(56.9)
Guarantor Subsidiaries
Condensed Statement of Income Captions [Line Items]
Net income (loss)									134.3	581.8	(6.7)
Other comprehensive income (loss):
Foreign currency translation adjustments									(13.0)	14.4	(16.3)
Pension and post-retirement benefits adjustment (excluding amortization)									(12.7)	5.2	(8.3)
Pension settlement loss									12.7
Amortization of pension and post-retirement benefits included in net income									5.5	7.7	6.6
Other comprehensive income (loss), before tax									(7.5)	27.3	(18.0)
Income tax benefit (expense) related to items of other comprehensive income (loss)									(2.3)	(4.8)	0.5
Other comprehensive income (loss), net of tax									(9.8)	22.5	(17.5)
Comprehensive income (loss)									124.5	604.3	(24.2)
Non-guarantor Subsidiaries
Condensed Statement of Income Captions [Line Items]
Net income (loss)									67.5	18.7	16.9
Other comprehensive income (loss):
Foreign currency translation adjustments									(13.0)	14.4	(16.3)
Pension and post-retirement benefits adjustment (excluding amortization)									0.4	1.3	0.6
Pension settlement loss									(0.1)
Amortization of pension and post-retirement benefits included in net income									0.0	0.1	0.2
Other comprehensive income (loss), before tax									(12.7)	15.8	(15.5)
Income tax benefit (expense) related to items of other comprehensive income (loss)									(0.1)	(0.4)	(0.2)
Other comprehensive income (loss), net of tax									(12.8)	15.4	(15.7)
Comprehensive income (loss)									$ 54.7	$ 34.1	$ 1.2

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Supplemental Guarantor Financial Information Condensed Consolidating Statement of Cash Flows (Details) - USD ($) $ in Millions		12 Months Ended
	Apr. 30, 2016	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Condensed Financial Statements, Captions [Line Items]
Net cash flows from operating activities		$ 226.4	$ 46.6	$ 64.5
INVESTING ACTIVITIES
Purchases of property, plant and equipment		(62.6)	(41.0)	(35.8)
Payments for capitalized internal-use software		(3.4)	(3.7)	(4.1)
Proceeds from sale of business		0.0	0.0	6.6
Payments for acquisitions, net of cash acquired	$ (22.6)	0.0	(44.6)	(28.5)
Proceeds from sale of property, plant and equipment		30.7	0.5	0.4
Reconsolidation of GST and OldCo		0.0	41.1	0.0
Payments to Acquire Interest in Subsidiaries and Affiliates		0.0	(4.8)	0.0
Payments to Acquire Other Investments		0.0	(45.2)	0.0
Receipts from settlements of derivative contracts		9.3	0.0	0.0
Net cash used in investing activities		(26.0)	(97.7)	(61.4)
FINANCING ACTIVITIES
Net payments between subsidiaries		0.0	0.0	0.0
Intercompany dividends		0.0	0.0	0.0
Proceeds from debt		1,014.7	635.7	350.8
Repayments of debt, including premiums to par value		(1,184.9)	(484.3)	(278.1)
Repurchase of common stock		(50.0)	(11.5)	(30.4)
Dividends paid		(20.3)	(19.0)	(18.1)
Other		(11.9)	(2.4)	(2.2)
Net cash provided by (used in) financing activities		(252.4)	118.5	22.0
Effect of Exchange Rate on Cash and Cash Equivalents		(7.7)	10.4	(17.0)
Net increase (decrease) in cash and cash equivalents		(59.7)	77.8	8.1
Cash and cash equivalents at beginning of year		189.3	111.5	103.4
Cash and cash equivalents at end of year		129.6	189.3	111.5
Eliminations
Condensed Financial Statements, Captions [Line Items]
Net cash flows from operating activities		(125.7)	(0.1)	(12.2)
INVESTING ACTIVITIES
Purchases of property, plant and equipment		0.0	0.0	0.0
Payments for capitalized internal-use software		0.0	0.0	0.0
Proceeds from sale of business				0.0
Payments for acquisitions, net of cash acquired			0.0	0.0
Proceeds from sale of property, plant and equipment		0.0	0.0	0.0
Reconsolidation of GST and OldCo			0.0
Payments to Acquire Interest in Subsidiaries and Affiliates			0.0
Payments to Acquire Other Investments			0.0
Receipts from settlements of derivative contracts		0.0
Net cash used in investing activities		0.0	0.0	0.0
FINANCING ACTIVITIES
Net payments between subsidiaries		0.0	0.0	0.0
Intercompany dividends		125.7	0.1	12.2
Proceeds from debt		0.0	0.0	0.0
Repayments of debt, including premiums to par value		0.0	0.0	0.0
Repurchase of common stock		0.0	0.0	0.0
Dividends paid		0.0	0.0	0.0
Other		0.0	0.0	0.0
Net cash provided by (used in) financing activities		125.7	0.1	12.2
Effect of Exchange Rate on Cash and Cash Equivalents		0.0	0.0	0.0
Net increase (decrease) in cash and cash equivalents		0.0	0.0	0.0
Cash and cash equivalents at beginning of year		0.0	0.0	0.0
Cash and cash equivalents at end of year		0.0	0.0	0.0
Parent
Condensed Financial Statements, Captions [Line Items]
Net cash flows from operating activities		156.6	(106.5)	(45.9)
INVESTING ACTIVITIES
Purchases of property, plant and equipment		0.0	0.0	0.0
Payments for capitalized internal-use software		0.0	0.0	0.0
Proceeds from sale of business				0.0
Payments for acquisitions, net of cash acquired			0.0	0.0
Proceeds from sale of property, plant and equipment		0.0	0.0	0.0
Reconsolidation of GST and OldCo			0.0
Payments to Acquire Interest in Subsidiaries and Affiliates			0.0
Payments to Acquire Other Investments			0.0
Receipts from settlements of derivative contracts		9.3
Net cash used in investing activities		9.3	0.0	0.0
FINANCING ACTIVITIES
Net payments between subsidiaries		28.2	(12.1)	96.6
Intercompany dividends		0.0	0.0	0.0
Proceeds from debt		350.0	151.5	0.0
Repayments of debt, including premiums to par value		(463.2)	0.0	0.0
Repurchase of common stock		(50.0)	(11.5)	(30.4)
Dividends paid		(20.3)	(19.0)	(18.1)
Other		(10.6)	(2.4)	(2.2)
Net cash provided by (used in) financing activities		(165.9)	106.5	45.9
Effect of Exchange Rate on Cash and Cash Equivalents		0.0	0.0	0.0
Net increase (decrease) in cash and cash equivalents		0.0	0.0	0.0
Cash and cash equivalents at beginning of year		0.0	0.0	0.0
Cash and cash equivalents at end of year		0.0	0.0	0.0
Guarantor Subsidiaries
Condensed Financial Statements, Captions [Line Items]
Net cash flows from operating activities		114.2	61.9	82.9
INVESTING ACTIVITIES
Purchases of property, plant and equipment		(49.8)	(28.2)	(28.4)
Payments for capitalized internal-use software		(2.9)	(3.6)	(3.8)
Proceeds from sale of business				2.9
Payments for acquisitions, net of cash acquired			(39.5)	(25.5)
Proceeds from sale of property, plant and equipment		30.1	0.0	0.0
Reconsolidation of GST and OldCo			41.1
Payments to Acquire Interest in Subsidiaries and Affiliates			(4.8)
Payments to Acquire Other Investments			(45.2)
Receipts from settlements of derivative contracts		0.0
Net cash used in investing activities		(22.6)	(80.2)	(54.8)
FINANCING ACTIVITIES
Net payments between subsidiaries		(31.0)	19.3	(95.6)
Intercompany dividends		0.0	0.0	0.0
Proceeds from debt		664.7	480.7	344.7
Repayments of debt, including premiums to par value		(721.7)	(482.5)	(277.1)
Repurchase of common stock		0.0	0.0	0.0
Dividends paid		0.0	0.0	0.0
Other		(1.3)	0.0	0.0
Net cash provided by (used in) financing activities		(89.3)	17.5	(28.0)
Effect of Exchange Rate on Cash and Cash Equivalents		0.0	0.0	0.0
Net increase (decrease) in cash and cash equivalents		2.3	(0.8)	0.1
Cash and cash equivalents at beginning of year		0.0	0.8	0.7
Cash and cash equivalents at end of year		2.3	0.0	0.8
Non-guarantor Subsidiaries
Condensed Financial Statements, Captions [Line Items]
Net cash flows from operating activities		81.3	91.3	39.7
INVESTING ACTIVITIES
Purchases of property, plant and equipment		(12.8)	(12.8)	(7.4)
Payments for capitalized internal-use software		(0.5)	(0.1)	(0.3)
Proceeds from sale of business				3.7
Payments for acquisitions, net of cash acquired			(5.1)	(3.0)
Proceeds from sale of property, plant and equipment		0.6	0.5	0.4
Reconsolidation of GST and OldCo			0.0
Payments to Acquire Interest in Subsidiaries and Affiliates			0.0
Payments to Acquire Other Investments			0.0
Receipts from settlements of derivative contracts		0.0
Net cash used in investing activities		(12.7)	(17.5)	(6.6)
FINANCING ACTIVITIES
Net payments between subsidiaries		2.8	(7.2)	(1.0)
Intercompany dividends		(125.7)	(0.1)	(12.2)
Proceeds from debt		0.0	3.5	6.1
Repayments of debt, including premiums to par value		0.0	(1.8)	(1.0)
Repurchase of common stock		0.0	0.0	0.0
Dividends paid		0.0	0.0	0.0
Other		0.0	0.0	0.0
Net cash provided by (used in) financing activities		(122.9)	(5.6)	(8.1)
Effect of Exchange Rate on Cash and Cash Equivalents		(7.7)	10.4	(17.0)
Net increase (decrease) in cash and cash equivalents		(62.0)	78.6	8.0
Cash and cash equivalents at beginning of year		189.3	110.7	102.7
Cash and cash equivalents at end of year		$ 127.3	$ 189.3	$ 110.7

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Supplemental Guarantor Financial Information Condensed Consolidating Balance Sheets (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Current assets
Cash and cash equivalents	$ 129.6	$ 189.3	$ 111.5	$ 103.4
Accounts receivable, net	286.6	261.7
Intercompany receivables	0.0	0.0
Inventories	233.1	204.1
Income tax receivable	49.6	113.2
Prepaid expenses and other current assets	33.2	51.3
Total current assets	732.1	819.6
Property, plant and equipment, net	301.2	296.9
Goodwill	333.7	336.1	201.5
Other intangible assets, net	297.3	347.0
Intercompany receivables	0.0	0.0
Investment in subsidiaries	0.0	0.0
Other assets	51.5	86.5
Total assets	1,715.8	1,886.1
Current liabilities
Current maturities of long-term debt	2.4	0.2
Accounts payable	139.2	130.7
Intercompany payables	0.0	0.0
Accrued expenses	150.4	137.2
Total current liabilities	292.0	268.1
Long-term debt	462.5	618.3
Intercompany payables	0.0	0.0
Other liabilities	103.6	96.9
Total liabilities	858.1	983.3
Total shareholders’ equity	857.7	902.8	358.5	459.8
Total liabilities and equity	1,715.8	1,886.1
Eliminations
Current assets
Cash and cash equivalents	0.0	0.0	0.0	0.0
Accounts receivable, net	0.0	0.0
Intercompany receivables	(27.9)	(30.7)
Inventories	0.0	0.0
Income tax receivable	0.0	(22.4)
Prepaid expenses and other current assets	0.0	0.0
Total current assets	(27.9)	(53.1)
Property, plant and equipment, net	0.0	0.0
Goodwill	0.0	0.0
Other intangible assets, net	0.0	0.0
Intercompany receivables	(53.9)	(22.9)
Investment in subsidiaries	(1,634.1)	(1,721.4)
Other assets	0.0	0.0
Total assets	(1,715.9)	(1,797.4)
Current liabilities
Current maturities of long-term debt	0.0	0.0
Accounts payable	0.0	0.0
Intercompany payables	(27.9)	(30.7)
Accrued expenses	0.0	(22.4)
Total current liabilities	(27.9)	(53.1)
Long-term debt	0.0	0.0
Intercompany payables	(53.9)	(22.9)
Other liabilities	0.0	0.0
Total liabilities	(81.8)	(76.0)
Total shareholders’ equity	(1,634.1)	(1,721.4)
Total liabilities and equity	(1,715.9)	(1,797.4)
Parent
Current assets
Cash and cash equivalents	0.0	0.0	0.0	0.0
Accounts receivable, net	0.0	0.0
Intercompany receivables	0.0	0.0
Inventories	0.0	0.0
Income tax receivable	42.9	132.3
Prepaid expenses and other current assets	4.9	4.3
Total current assets	47.8	136.6
Property, plant and equipment, net	2.2	0.0
Goodwill	0.0	0.0
Other intangible assets, net	0.0	0.0
Intercompany receivables	0.0	0.0
Investment in subsidiaries	1,246.4	1,261.3
Other assets	13.6	12.8
Total assets	1,310.0	1,410.7
Current liabilities
Current maturities of long-term debt	2.1	0.0
Accounts payable	2.1	2.3
Intercompany payables	0.0	0.0
Accrued expenses	13.9	22.8
Total current liabilities	18.1	25.1
Long-term debt	345.0	444.2
Intercompany payables	51.1	22.9
Other liabilities	38.1	15.7
Total liabilities	452.3	507.9
Total shareholders’ equity	857.7	902.8
Total liabilities and equity	1,310.0	1,410.7
Guarantor Subsidiaries
Current assets
Cash and cash equivalents	2.3	0.0	0.8	0.7
Accounts receivable, net	210.3	180.1
Intercompany receivables	19.0	24.0
Inventories	155.3	135.4
Income tax receivable	0.3	1.3
Prepaid expenses and other current assets	20.3	26.5
Total current assets	407.5	367.3
Property, plant and equipment, net	209.7	206.8
Goodwill	261.0	261.0
Other intangible assets, net	242.2	284.2
Intercompany receivables	53.9	22.9
Investment in subsidiaries	387.7	460.1
Other assets	25.3	59.3
Total assets	1,587.3	1,661.6
Current liabilities
Current maturities of long-term debt	0.3	0.2
Accounts payable	99.0	82.5
Intercompany payables	8.9	6.7
Accrued expenses	82.8	90.1
Total current liabilities	191.0	179.5
Long-term debt	117.5	174.1
Intercompany payables	0.0	0.0
Other liabilities	32.4	46.7
Total liabilities	340.9	400.3
Total shareholders’ equity	1,246.4	1,261.3
Total liabilities and equity	1,587.3	1,661.6
Non-guarantor Subsidiaries
Current assets
Cash and cash equivalents	127.3	189.3	$ 110.7	$ 102.7
Accounts receivable, net	76.3	81.6
Intercompany receivables	8.9	6.7
Inventories	77.8	68.7
Income tax receivable	6.4	2.0
Prepaid expenses and other current assets	8.0	20.5
Total current assets	304.7	368.8
Property, plant and equipment, net	89.3	90.1
Goodwill	72.7	75.1
Other intangible assets, net	55.1	62.8
Intercompany receivables	0.0	0.0
Investment in subsidiaries	0.0	0.0
Other assets	12.6	14.4
Total assets	534.4	611.2
Current liabilities
Current maturities of long-term debt	0.0	0.0
Accounts payable	38.1	45.9
Intercompany payables	19.0	24.0
Accrued expenses	53.7	46.7
Total current liabilities	110.8	116.6
Long-term debt	0.0	0.0
Intercompany payables	2.8	0.0
Other liabilities	33.1	34.5
Total liabilities	146.7	151.1
Total shareholders’ equity	387.7	460.1
Total liabilities and equity	$ 534.4	$ 611.2

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Selected Quarterly Financial Data - Schedule of Selected Quarterly Financial Data (Detail) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net sales	$ 381.4	$ 388.2	$ 393.6	$ 368.8	$ 362.5	$ 343.7	$ 307.6	$ 295.8	$ 1,532.0	$ 1,309.6	$ 1,187.7
Gross profit	114.0	124.1	115.8	125.1	122.9	115.1	104.6	101.7	479.0	444.3	395.8
Net income (loss)	$ (27.1)	$ 24.2	$ 9.9	$ 12.6	$ 34.2	$ 490.2	$ 9.0	$ 6.4	$ 19.6	$ 539.8	$ (40.1)
Basic earnings (loss) per share (in dollars per share)	$ (1.31)	$ 1.17	$ 0.47	$ 0.59	$ 1.60	$ 22.98	$ 0.42	$ 0.30	$ 0.94	$ 25.28	$ (1.86)
Diluted earnings (loss) per share (in dollars per share)	$ (1.31)	$ 1.16	$ 0.47	$ 0.58	$ 1.57	$ 22.49	$ 0.41	$ 0.30	$ 0.93	$ 24.76	$ (1.86)
Gain on reconsolidation of GST and OldCo									$ 0.0	$ 534.4	$ 0.0
As previously reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net income (loss)	$ (22.1)								$ 24.6
Basic earnings (loss) per share (in dollars per share)	$ (1.07)								$ 0
Diluted earnings (loss) per share (in dollars per share)	$ (1.07)								$ 0
Adjustment
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net income (loss)	$ (5.0)								$ (5.0)
Basic earnings (loss) per share (in dollars per share)	$ (0.24)								$ 0
Diluted earnings (loss) per share (in dollars per share)	$ (0.24)								$ 0

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Revision (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Income (loss) before income taxes									$ 46.6	$ 577.5	$ (68.7)
Income tax benefit (expense)									(27.0)	(37.7)	28.6
Net income (loss)	$ (27.1)	$ 24.2	$ 9.9	$ 12.6	$ 34.2	$ 490.2	$ 9.0	$ 6.4	$ 19.6	$ 539.8	$ (40.1)
Basic earnings (loss) per share (in dollars per share)	$ (1.31)	$ 1.17	$ 0.47	$ 0.59	$ 1.60	$ 22.98	$ 0.42	$ 0.30	$ 0.94	$ 25.28	$ (1.86)
Diluted earnings (loss) per share (in dollars per share)	$ (1.31)	$ 1.16	$ 0.47	$ 0.58	$ 1.57	$ 22.49	$ 0.41	$ 0.30	$ 0.93	$ 24.76	$ (1.86)
Other comprehensive income (loss), net of tax									$ 2.9	$ 22.5	$ (16.8)
Comprehensive income (loss)									22.5	562.3	(56.9)
Deferred income taxes									5.4	35.9	(30.0)
Income taxes, net									98.4	(9.9)	(16.4)
Net cash provided by operating activities									226.4	46.6	64.5
Income tax receivable	$ 49.6				$ 113.2				49.6	113.2
Total current assets	732.1				819.6				732.1	819.6
Other assets	51.5				86.5				51.5	86.5
Total assets	1,715.8				1,886.1				1,715.8	1,886.1
Accrued expenses	150.4				137.2				150.4	137.2
Total current liabilities	292.0				268.1				292.0	268.1
Other liabilities	103.6				96.9				103.6	96.9
Total liabilities	858.1				983.3				858.1	983.3
Retained earnings	603.3				604.4				603.3	604.4
Total shareholders’ equity	857.7				902.8				857.7	902.8	$ 358.5	$ 459.8
Total liabilities and equity	1,715.8				$ 1,886.1				1,715.8	$ 1,886.1
As previously reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Income (loss) before income taxes									46.6
Income tax benefit (expense)									(22.0)
Net income (loss)	$ (22.1)								$ 24.6
Basic earnings (loss) per share (in dollars per share)	$ (1.07)								$ 0
Diluted earnings (loss) per share (in dollars per share)	$ (1.07)								$ 0
Other comprehensive income (loss), net of tax									$ 2.9
Comprehensive income (loss)									27.5
Deferred income taxes									4.9
Income taxes, net									93.9
Net cash provided by operating activities									226.4
Income tax receivable	$ 49.5								49.5
Total current assets	732.0								732.0
Other assets	54.9								54.9
Total assets	1,719.1								1,719.1
Accrued expenses	145.5								145.5
Total current liabilities	287.1								287.1
Other liabilities	106.8								106.8
Total liabilities	856.4								856.4
Retained earnings	608.3								608.3
Total shareholders’ equity	862.7								862.7
Total liabilities and equity	1,719.1								1,719.1
Adjustment
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Income (loss) before income taxes									0.0
Income tax benefit (expense)									(5.0)
Net income (loss)	$ (5.0)								$ (5.0)
Basic earnings (loss) per share (in dollars per share)	$ (0.24)								$ 0
Diluted earnings (loss) per share (in dollars per share)	$ (0.24)								$ 0
Other comprehensive income (loss), net of tax									$ 0.0
Comprehensive income (loss)									(5.0)
Deferred income taxes									0.5
Income taxes, net									4.5
Net cash provided by operating activities									0.0
Income tax receivable	$ 0.1								0.1
Total current assets	0.1								0.1
Other assets	(3.4)								(3.4)
Total assets	(3.3)								(3.3)
Accrued expenses	4.9								4.9
Total current liabilities	4.9								4.9
Other liabilities	(3.2)								(3.2)
Total liabilities	1.7								1.7
Retained earnings	(5.0)								(5.0)
Total shareholders’ equity	(5.0)								(5.0)
Total liabilities and equity	$ (3.3)								$ (3.3)

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Schedule II - Valuation and Qualifying Accounts (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Allowance for Doubtful Accounts
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance, Beginning of Year	$ 4.7	$ 4.9	$ 5.4
Charge (credit) to Expense	(0.3)	1.2	1.1
Write-off of Receivables/Expiration of Net Operating Losses	(0.4)	(1.6)	(1.6)
Other	0.1	0.2	0.0
Balance, End of Year	4.1	4.7	4.9
Deferred Income Tax Valuation Allowance
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance, Beginning of Year	25.7	20.2	17.6
Charge (credit) to Expense	(1.4)	1.2	4.6
Write-off of Receivables/Expiration of Net Operating Losses	0.0	(0.1)	(0.1)
Other	(0.4)	4.4	(1.9)
Balance, End of Year	$ 23.9	$ 25.7	$ 20.2