Company Quick10K Filing
Quick10K
Enpro Industries
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$65.54 21 $1,360
10-Q 2019-06-30 Quarter: 2019-06-30
10-Q 2019-03-31 Quarter: 2019-03-31
10-K 2018-12-31 Annual: 2018-12-31
10-Q 2018-09-30 Quarter: 2018-09-30
10-Q 2018-06-30 Quarter: 2018-06-30
10-Q 2018-03-31 Quarter: 2018-03-31
10-K 2017-12-31 Annual: 2017-12-31
10-Q 2017-09-30 Quarter: 2017-09-30
10-Q 2017-06-30 Quarter: 2017-06-30
10-Q 2017-03-31 Quarter: 2017-03-31
10-K 2016-12-31 Annual: 2016-12-31
10-Q 2016-09-30 Quarter: 2016-09-30
10-Q 2016-06-30 Quarter: 2016-06-30
10-Q 2016-03-31 Quarter: 2016-03-31
10-K 2015-12-31 Annual: 2015-12-31
10-Q 2015-09-30 Quarter: 2015-09-30
10-Q 2015-06-30 Quarter: 2015-06-30
10-Q 2015-03-31 Quarter: 2015-03-31
10-K 2014-12-31 Annual: 2014-12-31
10-Q 2014-09-30 Quarter: 2014-09-30
10-Q 2014-06-30 Quarter: 2014-06-30
10-Q 2014-03-31 Quarter: 2014-03-31
10-K 2013-12-31 Annual: 2013-12-31
8-K 2019-07-29 Officers, Exhibits
8-K 2019-07-29 Earnings, Other Events, Exhibits
8-K 2019-07-19 Enter Agreement, Regulation FD, Exhibits
8-K 2019-05-02 Earnings, Exhibits
8-K 2019-04-30 Shareholder Vote
8-K 2019-04-11 Officers, Exhibits
8-K 2019-03-11 Officers, Exhibits
8-K 2019-02-14 Earnings, Exhibits
8-K 2019-01-11 Earnings, Exit Costs, Exhibits
8-K 2018-11-01 Earnings, Exhibits
8-K 2018-10-31 Officers, Exhibits
8-K 2018-10-17 Leave Agreement, Off-BS Arrangement, Other Events, Exhibits
8-K 2018-10-02 Other Events, Exhibits
8-K 2018-10-01 Regulation FD, Other Events, Exhibits
8-K 2018-08-02 Earnings, Exhibits
8-K 2018-06-28 Off-BS Arrangement, Exhibits
8-K 2018-02-21 Earnings, Exhibits
8-K 2018-02-14 Earnings, Exhibits
BABA Alibaba 464,100
ECA Encana 9,700
OLLI Ollie's Bargain Outlet 6,240
HLI Houlihan Lokey 3,220
HFWA Heritage Financial 1,130
LPTX Leap Therapeutics 39
COHN Cohen 7
SHPG Shire 0
DPL DPL 0
GCNL Griffin Capital Essential Asset REIT 0
NPO 2019-06-30
Part I
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II
Item 1. Legal Proceedings.
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
Item 6. Exhibits.
EX-31.1 npo-2019630xex311q2.htm
EX-31.2 npo-2019630xex312q2.htm
EX-32 npo-2019630xex32q2.htm

Enpro Industries Earnings 2019-06-30

NPO 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Document
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 _________________________________________
FORM 10-Q
 _________________________________________
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2019
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 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

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 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 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.
Large accelerated filer
Accelerated filer
Non-accelerated filer
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 7(a)(2)(B) of the Securities 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
As of July 29, 2019, there were 20,593,475 shares of common stock of the registrant outstanding, which does not include 187,245 shares of common stock held by a subsidiary of the registrant and accordingly are not entitled to be voted. There is only one class of common stock.
 





PART I
FINANCIAL INFORMATION
 Item 1.
Financial Statements
ENPRO INDUSTRIES, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
Quarters and Six Months Ended June 30, 2019 and 2018
(in millions, except per share amounts)

 
Quarters Ended June 30,
 
Six Months Ended June 30,
 
2019
 
2018
 
2019
 
2018
Net sales
$
387.0

 
$
393.6

 
$
747.3

 
$
762.4

Cost of sales
261.9

 
277.8

 
509.1

 
521.5

Gross profit
125.1

 
115.8

 
238.2

 
240.9

Operating expenses:
 
 
 
 
 
 
 
Selling, general and administrative
83.8

 
89.4

 
171.6

 
181.5

Other
1.0

 
4.3

 
2.4

 
5.3

Total operating expenses
84.8

 
93.7

 
174.0

 
186.8

Operating income
40.3

 
22.1

 
64.2

 
54.1

Interest expense
(4.5
)
 
(7.3
)
 
(9.7
)
 
(15.5
)
Interest income
0.3

 
0.2

 
1.0

 
0.6

Other expense
(1.2
)
 
(1.2
)
 
(2.7
)
 
(0.6
)
Income before income taxes
34.9

 
13.8

 
52.8

 
38.6

Income tax expense
(11.0
)
 
(3.9
)
 
(15.8
)
 
(16.1
)
Net income
$
23.9

 
$
9.9

 
$
37.0

 
$
22.5

Comprehensive income
$
21.3

 
$

 
$
41.2

 
$
22.4

 
 
 
 
 
 
 
 
Basic earnings per share
$
1.16

 
$
0.47

 
$
1.79

 
$
1.06

Diluted earnings per share
$
1.15

 
$
0.47

 
$
1.78

 
$
1.05

Cash dividends per share
$
0.25

 
$
0.24

 
$
0.50

 
$
0.48












See notes to consolidated financial statements (unaudited).

1



ENPRO INDUSTRIES, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
Six Months Ended June 30, 2019 and 2018
(in millions)
 
2019
 
2018
OPERATING ACTIVITIES
 
 
 
Net income
$
37.0

 
$
22.5

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
Depreciation
18.5

 
19.0

Amortization
17.1

 
17.7

Deferred income taxes
0.8

 
(7.5
)
Stock-based compensation
3.3

 
3.5

Other non-cash adjustments
1.6

 
3.4

Change in assets and liabilities:
 
 
 
Asbestos insurance receivables
1.3

 
12.3

Accounts receivable, net
8.4

 
(31.4
)
Inventories
(19.2
)
 
(21.4
)
Accounts payable
(16.4
)
 
7.1

Income taxes, net
14.6

 
109.2

Other current assets and liabilities
8.7

 
(8.6
)
Other non-current assets and liabilities
2.3

 
(16.2
)
Net cash provided by operating activities
78.0

 
109.6

INVESTING ACTIVITIES
 
 
 
Purchases of property, plant and equipment
(17.0
)
 
(28.1
)
Proceeds from sale of property, plant, and equipment
1.0

 
26.3

Other
(2.5
)
 
(2.0
)
Net cash used in investing activities
(18.5
)
 
(3.8
)
FINANCING ACTIVITIES
 
 
 
Proceeds from debt
217.7

 
358.6

Repayments of debt
(253.5
)
 
(489.7
)
Repurchase of common stock
(14.6
)
 
(49.5
)
Dividends paid
(10.6
)
 
(10.3
)
Other
(3.4
)
 
(6.6
)
Net cash used in financing activities
(64.4
)
 
(197.5
)
Effect of exchange rate changes on cash and cash equivalents
(0.4
)
 
(4.2
)
Net decrease in cash and cash equivalents
(5.3
)
 
(95.9
)
Cash and cash equivalents at beginning of period
129.6

 
189.3

Cash and cash equivalents at end of period
$
124.3

 
$
93.4

Supplemental disclosures of cash flow information:
 
 
 
Cash paid (received) during the period for:
 
 
 
Interest, net
$
9.9

 
$
17.0

Income taxes, net
$
(0.5
)
 
$
(86.1
)
Non-cash investing and financing activities:
 
 
 
Non-cash acquisitions of property, plant, and equipment
$
1.8

 
$
4.7





See notes to consolidated financial statements (unaudited).

2



ENPRO INDUSTRIES, INC.
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(in millions, except share amounts)
 
June 30,
2019
 
December 31,
2018
ASSETS
 
 
 
Current assets
 
 
 
Cash and cash equivalents
$
124.3

 
$
129.6

Accounts receivable, net
278.1

 
286.6

Inventories
252.3

 
233.1

Income tax receivable
36.5

 
49.6

Prepaid expenses and other current assets
40.2

 
33.2

Total current assets
731.4

 
732.1

Property, plant and equipment, net
289.6

 
301.2

Goodwill
334.7

 
333.7

Other intangible assets, net
285.9

 
297.3

Other assets
83.7

 
51.5

Total assets
$
1,725.3

 
$
1,715.8

LIABILITIES AND EQUITY
 
 
 
Current liabilities
 
 
 
Current maturities of long-term debt
$
0.3

 
$
2.4

Accounts payable
115.0

 
139.2

Accrued expenses
174.4

 
150.4

Total current liabilities
289.7

 
292.0

Long-term debt
427.9

 
462.5

Other liabilities
131.5

 
103.6

Total liabilities
849.1

 
858.1

Commitments and contingencies

 

Shareholders’ equity
 
 
 
Common stock – $.01 par value; 100,000,000 shares authorized; issued, 20,780,720 shares in 2019 and 20,929,218 shares in 2018
0.2

 
0.2

Additional paid-in capital
288.8

 
301.0

Retained earnings
641.3

 
603.3

Accumulated other comprehensive loss
(52.8
)
 
(45.5
)
Common stock held in treasury, at cost – 188,027 shares in 2019 and 189,514 shares in 2018
(1.3
)
 
(1.3
)
Total shareholders’ equity
876.2

 
857.7

Total liabilities and equity
$
1,725.3

 
$
1,715.8







See notes to consolidated financial statements (unaudited).

3



ENPRO INDUSTRIES, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
1.
Overview, Basis of Presentation and Recently Issued Authoritative 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; hoses and fittings for the hygienic process industries; bellows and bellow assemblies; pedestals for semiconductor manufacturing; PTFE products; and heavy-duty, medium-speed diesel, natural gas and dual fuel reciprocating engines, including parts and services.
Basis of Presentation
The accompanying interim consolidated financial statements are unaudited, and certain related information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been omitted in accordance with Rule 10-01 of Regulation S-X. They were prepared following the same policies and procedures used in the preparation of our annual financial statements except as disclosed below and reflect all adjustments (consisting of normal recurring adjustments) necessary for a fair statement of results for the periods presented. The Consolidated Balance Sheet as of December 31, 2018 was derived from the audited financial statements included in our annual report on Form 10-K/A for the year ended December 31, 2018. The results of operations for the interim periods are not necessarily indicative of the results for the fiscal year. These consolidated financial statements should be read in conjunction with our annual consolidated financial statements for the year ended December 31, 2018 included within our annual report on Form 10-K/A.
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amount 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 may differ from these estimates.
All intercompany accounts and transactions between our consolidated operations have been eliminated.
In the first quarter of 2019, we adopted a standard that establishes principles to report transparent and economically neutral information about the assets and liabilities that arise from leases. The standard requires 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 Consolidated Statements of Operations and the Consolidated 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. We adopted the new standard using the allowable option to apply the transition provisions of the new guidance at its adoption date without adjusting the comparative periods presented.

We evaluated the impact of applying practical expedients, and upon adoption we elected the package of practical expedients which permits us to not reassess prior conclusions related to contracts containing leases, lease classification, and initial direct costs. Additionally, we elected to not separate lease and non-lease components, we will 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 recognized a right-of-use asset and a corresponding lease liability of approximately $30 million for our operating leases. The adoption of the standard did not have a material impact to our Consolidated Statements of Operations or Consolidated Statements of Cash Flows.

Additionally, in the first quarter of 2019, we adopted a standard that allows for the reclassification of disproportionate income tax effects ("stranded tax effects") resulting from the Tax Cuts and Jobs Act ("the Tax Act") from accumulated other comprehensive loss to retained earnings. As a result of the Tax Act, we remeasured our deferred taxes related to pensions and other postretirement benefits using the new U.S. federal tax rate. Our adoption of the standard resulted in the reclassification of a net tax benefit of $11.5 million from accumulated other comprehensive loss to opening retained earnings in our Consolidated Balance Sheet. Adoption of the standard had no impact to our Consolidated Statements of Operations or Consolidated Statements of Cash Flows.

4




Recently Issued Authoritative Accounting Guidance
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.
2.
Revenue from Contracts with Customers

Information regarding long-term engine contracts where revenue is recognized over time using an input method is as follows:
 
June 30,
2019
 
December 31,
2018
 
(in millions)
Cumulative revenues recognized on uncompleted contracts
$
428.5

 
$
452.5

Cumulative billings on uncompleted contracts
398.3

 
393.9

 
$
30.2

 
$
58.6


These amounts were included in the accompanying Consolidated Balance Sheets under the following captions:
 
June 30,
2019
 
December 31,
2018
 
(in millions)
Accounts receivable, net (contract revenue recognized in excess of billings)
$
60.4

 
$
63.9

Accrued expenses (billings in excess of revenue recognized)
(30.2
)
 
(5.3
)
 
$
30.2

 
$
58.6


The changes in our contract deferred revenue (billings in excess of revenue recognized) for the six months ended June 30, 2019 are as follows:
 
2019
Balance at beginning of period
$
5.5

Additional billings in excess of revenue recognized
37.9

Revenue recognized
(13.2
)
Balance at end of period
$
30.2



We make deposits and progress payments to certain vendors for long-lead-time manufactured components associated with engine projects. At June 30, 2019 and December 31, 2018, deposits and progress payments for long-lead-time components in our Power Systems segment totaled $3.3 million and $1.0 million, respectively. These deposits and progress payments are

5



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 June 30, 2019 and December 31, 2018.
As of June 30, 2019, the aggregate amount of transaction price of remaining performance obligations, or backlog, for the full company was $406.7 million. Approximately 90% of these obligations are expected to be satisfied within one year. The amount expected to be satisfied beyond June 30, 2020 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.
3.
Income Taxes

Our income tax expense and resulting effective tax rate are based upon the estimated annual effective tax rates applicable for the respective periods adjusted for the effect of items required to be treated as discrete in the interim periods, including losses generated in countries where we are projecting annual losses for which a deferred tax asset is not anticipated to be recognized. This estimated annual effective tax rate is affected by the relative proportions of revenue and income before taxes in the jurisdictions in which we operate. Based on the current geographical mix of earnings and the reduction in the U.S. corporate income tax rate as a result of the Tax Act, our global annual effective tax rate typically approximates the blended domestic statutory rate and fluctuates based on the portion of our profits earned in each jurisdiction.

The effective tax rates for the quarters ended June 30, 2019 and 2018 were 31.4% and 28.6%, respectively. These effective tax rates reflect the impact of the reduction in the U.S. federal statutory income tax rate to 21.0%, partially offset by the minimum tax on certain non-U.S. earnings, and higher tax rates in most foreign jurisdictions.

The effective tax rates for the six months ended June 30, 2019 and 2018 were 29.8% and 41.8%, respectively. The effective tax rates for the six months ended June 30, 2019 and 2018 reflect the impact of the reduction in the U.S. federal statutory income tax rate to 21.0%, partially offset by the minimum tax on certain non-U.S. earnings, and higher tax rates in most foreign jurisdictions. The effective tax rate for the six months ended June 30, 2018 was also impacted by a $5.4 million discrete tax charge to prior benefits recognized for domestic production activities as a result of interpretive guidance issued by the IRS.

In June 2017, the 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.  Various foreign and state tax returns are also currently under examination and some of these exams may conclude within the next twelve months.  The final outcomes of these audits are not yet determinable; however, management believes that any assessments that may arise will not have a material effect on our financial results.

4.
Earnings Per Share
 
Quarters Ended   
 June 30,
 
Six months ended June 30,
 
2019
 
2018
 
2019
 
2018
 
(in millions, except per share amounts)
Numerator (basic and diluted):
 
 
 
 
 
 
 
Net income
$
23.9

 
$
9.9

 
$
37.0

 
$
22.5

Denominator:
 
 
 
 
 
 
 
Weighted-average shares – basic
20.7

 
20.9

 
20.7

 
21.1

Share-based awards
0.1

 
0.2

 
0.1

 
0.2

Weighted-average shares – diluted
20.8

 
21.1

 
20.8

 
21.3

Earnings per share:
 
 
 
 
 
 
 
Basic
$
1.16

 
$
0.47

 
$
1.79

 
$
1.06

Diluted
$
1.15

 
$
0.47

 
$
1.78

 
$
1.05







6






5.
Inventories
 
June 30,
2019
 
December 31,
2018
 
(in millions)
Finished products
$
158.4

 
$
142.9

Work in process
37.7

 
33.6

Raw materials and supplies
67.3

 
67.7

 
263.4

 
244.2

Reserve to reduce certain inventories to LIFO basis
(11.1
)
 
(11.1
)
Total inventories
$
252.3

 
$
233.1


We use the last-in, first-out (“LIFO”) method of valuing certain of our inventories. An actual valuation of inventory under the LIFO method can be made only at the end of each year based on the inventory levels and costs at that time. Accordingly, interim LIFO calculations are based on management’s estimates of expected year-end inventory levels and costs, which are subject to change until the final year-end LIFO inventory valuation.
6.
Goodwill and Other Intangible Assets
The changes in the net carrying value of goodwill by reportable segment for the six months ended June 30, 2019, are as follows:
 
Sealing
Products
 
Engineered
Products
 
Power Systems
 
Total
 
(in millions)
Goodwill as of December 31, 2018
$
311.3

 
$
10.8

 
$
11.6

 
$
333.7

Change due to foreign currency translation
0.7

 
0.1

 
0.2

 
1.0

Goodwill as of June 30, 2019
$
312.0

 
$
10.9

 
$
11.8

 
$
334.7



The goodwill balances reflected above are net of accumulated impairment losses of $27.8 million for the Sealing Products segment and $154.8 million for the Engineered Products segment as of June 30, 2019 and December 31, 2018.
Identifiable intangible assets are as follows:
 
 As of June 30, 2019
 
 As of December 31, 2018
 
Gross
Carrying
Amount
 
Accumulated
Amortization
 
Gross
Carrying
Amount
 
Accumulated
Amortization
 
(in millions)
Amortized:
 
 
 
 
 
 
 
Customer relationships
$
284.9

 
$
158.8

 
$
284.5

 
$
150.2

Existing technology
112.6

 
49.0

 
112.3

 
45.1

Trademarks
36.3

 
24.1

 
35.3

 
23.1

Other
30.1

 
24.1

 
28.3

 
23.8

 
463.9

 
256.0

 
460.4

 
242.2

Indefinite-Lived:
 
 
 
 
 
 
 
Trademarks
78.0

 

 
79.1

 

Total
$
541.9

 
$
256.0

 
$
539.5

 
$
242.2


Amortization for the quarters and six months ended June 30, 2019 and 2018 were $7.2 million, $7.4 million, $14.0 million and $14.9 million, respectively.





7



7.
Leases

We regularly enter into 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. Leases with an initial term of 12 months or less are not recorded on the balance sheet. We have elected an accounting policy to combine lease and non-lease components.

Our building leases have remaining terms up to twelve years, some of which contain options to renew up to five years, and some of which contain options to terminate. Some leases contain non-lease components, which may include items such as building common area maintenance, building parking, or general service and maintenance provided for leased assets by the lessor. Our vehicle, equipment, and other leases have remaining lease terms up to seven years, some of which contain options to renew or become evergreen leases, with automatic renewing one-month terms, and some of which have options to terminate.

Our right of use assets and liabilities related to operating leases as of June 30, 2019 are as follows:
 
Balance Sheet Classification
June 30,
2019
 
 
(in millions)
Right-of-use assets
Other assets
$
30.4

 
 
 
Current liability
Accrued expenses
$
9.7

Long-term liability
Other liabilities
21.2

Total liability
 
$
30.9



Approximately 80% of our operating lease assets and liabilities arise from real estate leases and approximately 20% arise from equipment and vehicle leases.

Most of our leases do not provide an implicit rate for calculating the right of use assets and corresponding lease liabilities. Accordingly, we determine the interest rate that we would have to pay to borrow on a collateralized basis over a similar term and amount equal to the lease payments in similar economic environments. We used the incremental borrowing rate at January 1, 2019 for all leases that commenced prior to that date.

In the quarter ended June 30, 2019, we had operating lease costs of $2.9 million and our operating cash flows from operating leases were $3.1 million. Our short-term and variable lease costs were $0.4 million. We entered into additional operating leases that resulted in new right-of-use assets totaling $3.2 million.

In the six months ended June 30, 2019, we had operating lease costs of $5.9 million and our operating cash flows from operating leases were $6.2 million. Our short-term and variable leases costs were $0.9 million. We entered into additional operating leases that resulted in new right-of-use assets totaling $5.8 million.

We have not entered into any significant leases that have yet to commence.

Our weighted-average remaining lease term and discount rate at June 30, 2019 were:

Weighted-average remaining lease term (years)
4.8
Weighted-average discount rate
4.3%


A maturity analysis of undiscounted operating lease liabilities is shown in the table below:
    

8



 
Operating Lease Payments
 
(in millions)
2019(1)
$
5.8

2020
9.1

2021
6.5

2022
4.1

2023
3.1

Thereafter
5.7

Total lease payments
34.3

Less: interest
(3.4
)
Present value of lease liabilities
$
30.9


(1) Excludes the six months ended June 30, 2019

The operating lease payments listed in the table above include all current leases and all known future leases that have yet to commence. The payments also include all renewal periods that we are reasonably certain to exercise.

We rarely enter into finance leases. Since finance lease amounts and related costs are not significant to our consolidated financial position or results of operations, additional disclosures regarding finance leases are not presented.

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 for the year ended December 31, 2018.


8.
Accrued Expenses
 
June 30,
2019
 
December 31,
2018
 
(in millions)
Salaries, wages and employee benefits
$
52.8

 
$
59.5

Interest
4.7

 
4.9

Customer advances
33.1

 
7.1

Environmental
16.3

 
16.4

Warranty
5.4

 
10.9

Income and other taxes
21.8

 
21.8

Operating lease liabilities
9.7

 

Other
30.6

 
29.8

 
$
174.4

 
$
150.4







9



9.
Long-Term Debt
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 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.  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 June 30, 2019.
The borrowing availability under our Revolving Credit Facility at June 30, 2019 was $250.4 million after giving consideration to $17.5 million of outstanding letters of credit and $82.1 million of outstanding revolver borrowings.    
Senior Notes
    
In October 2018, we completed the offering of $350.0 million aggregate principal amount of 5.75% Senior Notes due 2026 (the "Senior Notes").

The Senior Notes are unsecured, unsubordinated obligations of EnPro and mature on October 15, 2026. Interest on the Senior 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 on April 15, 2019. The Senior 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 Senior Notes) of EnPro or any of the guarantors.

On or after October 15, 2021, we may, on any one or more occasion, redeem all or part of the Senior Notes at specified redemption prices plus accrued and unpaid interest. In addition, we may redeem a portion of the aggregate principal amount of the Senior 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 price. We may also redeem some or all of the Senior Notes before October 15, 2021 at a redemption price of 100% of the principal amount, plus accrued and unpaid interest, if any, but not including, the redemption date, plus a "make whole" premium.

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

The indenture governing the Senior Notes included 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.




10



10.
Pensions and Postretirement Benefits
The components of net periodic benefit cost for our U.S. and foreign defined benefit pension and other postretirement plans for the quarters and six months ended June 30, 2019 and 2018, are as follows:
 
Quarters Ended June 30,
 
Six months ended June 30,
 
Pension Benefits
 
Other Benefits
 
Pension Benefits
 
Other Benefits
 
2019
 
2018
 
2019
 
2018
 
2019
 
2018
 
2019
 
2018
 
(in millions)
Service cost
$
1.2

 
$
1.3

 
$

 
$

 
$
2.3

 
$
2.5

 
$
0.1

 
$
0.1

Interest cost
3.1

 
3.4

 
0.1

 
0.1

 
6.1

 
6.8

 
0.1

 
0.1

Expected return on plan assets
(4.0
)
 
(5.3
)
 

 

 
(8.0
)
 
(10.7
)
 

 

Amortization of prior service cost
0.1

 
0.1

 

 

 
0.1

 
0.1

 

 

Amortization of net loss
1.7

 
1.5

 

 

 
3.3

 
2.9

 

 

Net periodic benefit cost
$
2.1

 
$
1.0

 
$
0.1

 
$
0.1

 
$
3.8

 
$
1.6

 
$
0.2

 
$
0.2


Contributions of $20.0 million were made in the six months ended June 30, 2018 to our U.S. defined benefit pension plans. We do not expect to make any contributions in 2019.
11.
Shareholders' Equity
Changes in shareholders' equity for the six months ended June 30, 2019 are as follows:
 
Common Stock
 
Additional Paid-in Capital
 
Retained Earnings
 
Accumulated Other Comprehensive Loss
 
Treasury Stock
 
Total Shareholders' Equity
(in millions)
Shares
 
Amount
 
 
 
 
 
Balance, December 31, 2018
20.7

 
$
0.2

 
$
301.0

 
$
603.3

 
$
(45.5
)
 
$
(1.3
)
 
$
857.7

Adoption of new accounting standard

 

 

 
11.5

 
(11.5
)
 

 

Net income

 

 

 
13.1

 

 

 
13.1

Other comprehensive income

 

 

 

 
6.8

 

 
6.8

Dividends

 

 

 
(5.3
)
 

 

 
(5.3
)
Share repurchases

 

 
(2.4
)
 

 

 

 
(2.4
)
Incentive plan activity
0.1

 

 
1.2

 

 

 

 
1.2

Balance, March 31, 2019
20.8

 
0.2

 
299.8

 
622.6

 
(50.2
)
 
(1.3
)
 
871.1

Net income

 

 

 
23.9

 

 

 
23.9

Other comprehensive loss

 

 

 

 
(2.6
)
 

 
(2.6
)
Dividends

 

 

 
(5.2
)
 

 

 
(5.2
)
Share repurchases
(0.2
)
 

 
(12.6
)
 

 

 

 
(12.6
)
Incentive plan activity

 

 
1.6

 

 

 

 
1.6

Balance, June 30, 2019
20.6

 
$
0.2

 
$
288.8

 
$
641.3

 
$
(52.8
)
 
$
(1.3
)
 
$
876.2

    





11





Changes in shareholders' equity for the six months ended June 30, 2018 are as follows:
 
Common Stock
 
Additional Paid-in Capital
 
Retained Earnings
 
Accumulated Other Comprehensive Loss
 
Treasury Stock
 
Total Shareholders' Equity
(in millions)
Shares
 
Amount
 
 
 
 
 
Balance, December 31, 2017
21.3

 
$
0.2

 
$
347.9

 
$
604.4

 
$
(48.4
)
 
$
(1.3
)
 
$
902.8

Adoption of new accounting standard

 

 

 
(0.3
)
 

 

 
(0.3
)
Net income

 

 

 
12.6

 

 

 
12.6

Other comprehensive income

 

 

 

 
9.8

 

 
9.8

Dividends

 

 

 
(5.2
)
 

 

 
(5.2
)
Share repurchases
(0.2
)
 

 
(16.9
)
 

 

 

 
(16.9
)
Incentive plan activity
0.1

 

 
(1.7
)
 

 

 

 
(1.7
)
Balance, March 31, 2018
21.2

 
0.2

 
329.3

 
611.5

 
(38.6
)
 
(1.3
)
 
901.1

Net income

 

 

 
9.9

 

 

 
9.9

Other comprehensive loss

 

 

 

 
(9.9
)
 

 
(9.9
)
Dividends

 

 

 
(5.1
)
 

 

 
(5.1
)
Share repurchases
(0.5
)
 

 
(33.0
)
 

 

 

 
(33.0
)
Incentive plan activity

 

 
1.7

 

 

 

 
1.7

Balance, June 30, 2018
20.7

 
$
0.2

 
$
298.0

 
$
616.3

 
$
(48.5
)
 
$
(1.3
)
 
$
864.7


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, debt covenants and other relevant matters. In accordance with this policy, total dividend payments of $10.6 million were made during the six months ended June 30, 2019.
In July 2019, our board of directors declared a dividend of $0.25 per share, payable on September 18, 2019 to all shareholders of record as of September 4, 2019.
In October 2018, our board of directors authorized the repurchase of up to $50.0 million of our outstanding common shares. During the six months ended June 30, 2019 we repurchased 0.2 million shares for $15.0 million. Total cash paid during the six months ended June 30, 2019 for the share repurchases was $