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Enpro Industries, Inc (NPO) SEC Filing 10-K Annual report for the fiscal year ending Sunday, December 31, 2017

Enpro Industries, Inc

CIK: 1164863 Ticker: NPO


Exhibit 99.1
image0a15.jpg

News Release

Investor Contact:
Chris O'Neal
EnPro Industries
 
Senior Vice President, Strategy, Corporate
5605 Carnegie Boulevard
 
Development and Investor Relations
Charlotte, North Carolina 28209-4674
Phone:
704-731-1527
Phone: 704-731-1500
Email:
investor.relations@enproindustries.com
Fax: 704-731-1511
 
 
www.enproindustries.com


EnPro Industries Adjusts Fourth Quarter 2017 Income Tax Provision
Fourth quarter income tax benefit and net income increase by $10.8 million

CHARLOTTE, N.C., February 21, 2018 -- EnPro Industries, Inc. (NYSE: NPO) announced calendar and fourth quarter 2017 financial results on February 13, 2018. In accordance with Securities and Exchange Commission Staff Accounting Bulletin No. 118 “Income Tax Accounting Implications of the Tax Cuts and Jobs Act” (“SAB 118”), the 2017 income tax expense reflected in the February 13 announced results was provisional and subject to adjustment for, among other things, guidance that may be issued under the Tax Cuts and Jobs Act enacted in December 2017 (the “Tax Reform Act”).

On February 13, 2018, the Internal Revenue Service (the “IRS”) issued guidance, Revenue Procedure 2018-17, under the Tax Reform Act that, due to the timing of the release of the guidance, was not reflected in EnPro’s financial results announced that same day. This new guidance has been considered by EnPro in determining the tax provision and related items for 2017 as it finalizes its financial statements for inclusion in its Form 10-K for the year ended December 31, 2017, which is to be filed on or about February 27, 2018. In addition, since February 13, 2018, EnPro has further refined its calculation of the provisional tax impact under the Tax Reform Act and (in light of the Tax Reform Act) determined to accelerate funding of its U.S. pension plans and implement other tax planning strategies which also affect the income tax benefit for 2017. Accordingly, EnPro has recalculated its fourth quarter 2017 income tax provision and is revising affected items included in its previously announced fourth quarter and calendar year 2017 financial results and December 31, 2017 consolidated balance sheet.

As a result of the new IRS guidance, additional tax planning strategies, and further refinement of the provisional impact of the Tax Reform Act, the income tax benefit and net income for the fourth quarter of 2017 both increased by $10.8 million. Net income for the fourth quarter increased from $23.4 million to $34.2 million. Diluted earnings per share for the fourth quarter of 2017 increased from $1.07 to $1.57 per share.

The following table reflects these adjustments to the income tax benefit and other items from the amounts reflected in the consolidated statements of operations data for the fourth quarter and year ended December 31, 2017, the consolidated balance sheet data as of December 31, 2017 and the consolidated statement of cash flows data for the year ended December 31, 2017 as included in the February 13, 2018 announcement.


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The following information was filed by Enpro Industries, Inc (NPO) on Wednesday, February 21, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Enpro Industries, Inc's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Changes In Shareholders' Equity
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Operations
Accrued Expenses
Accrued Expenses (tables)
Accrued Expenses - Schedule Of Accrued Expenses (detail)
Accumulated Other Comprehensive Income (loss)
Accumulated Other Comprehensive Income (loss) (tables)
Accumulated Other Comprehensive Income (loss) - Summary Of Changes In Accumulated Other Comprehensive Loss By Components (detail)
Accumulated Other Comprehensive Loss - Additional Information (detail)
Acquisitions
Acquisitions (tables)
Acquisitions - Additional Information (detail)
Business Segment Information
Business Segment Information (tables)
Business Segment Information - Additional Information (detail)
Business Segment Information - Schedule Of Assets And Long Lived Assets Segment (detail)
Business Segment Information - Schedule Of Net Sales By Geographical Area (detail)
Business Segment Information - Schedule Of Segment Operating Results And Other Financial Data (detail)
Business Segment Information - Schedule Of Segment Related Capital Expenditure, Depreciation And Amortization On Those Expenditures (detail)
Commitments And Contingencies
Commitments And Contingencies (tables)
Commitments And Contingencies - Additional Information (detail)
Commitments And Contingencies - Narrative (details)
Commitments And Contingencies - Schedule Of Changes In Carrying Amount Of Product Warranty Liability (detail)
Commitments And Contingencies - Schedule Of Future Insurance Proceeds (detail)
Commitments And Contingencies - Schedule Of Future Minimum Lease Payments (detail)
Earnings (loss) Per Share
Earnings (loss) Per Share (tables)
Earnings (loss) Per Share - Schedule Of Computation Of Basic And Diluted Earnings Per Share (detail)
Equity Compensation Plan
Equity Compensation Plan (tables)
Equity Compensation Plan - Additional Information (detail)
Equity Compensation Plan - Schedule Of Equity Based Compensation (detail)
Equity Compensation Plan - Schedule Of Intrinsic Value Related To Stock Options (detail)
Equity Compensation Plan - Summary Of Option Activity Under Plan (detail)
Equity Compensation Plan - Summary Of Restricted Share Units Activity, Performance Share Activity And Restricted Stock Activity (detail)
Fair Value Measurements
Fair Value Measurements (tables)
Fair Value Measurements - Assets And Liabilities Measured At Fair Value On Recurring Basis (detail)
Fair Value Measurements - Schedule Of Carrying Value Of Financial Instruments (detail)
Fair Value Measurements Fair Value Measurements - Assets Measured On A Nonrecurring Basis (details)
Garlock Sealing Technologies Llc, Garrison Litigation Management Group, Ltd., And Oldco, Llc
Garlock Sealing Technologies Llc, Garrison Litigation Management Group, Ltd., And Oldco, Llc - Additional Information (detail)
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)
Goodwill And Other Intangible Assets
Goodwill And Other Intangible Assets (tables)
Goodwill And Other Intangible Assets - Additional Information (detail)
Goodwill And Other Intangible Assets - Schedule Of Changes In Net Carrying Value Of Goodwill By Reportable Segment (detail)
Goodwill And Other Intangible Assets - Schedule Of Estimated Amortization Expense Of Intangible Assets (detail)
Goodwill And Other Intangible Assets - Schedule Of Identifiable Intangible Assets (detail)
Goodwill And Other Intangible Assets Us-gaap_scheduleofindefinitelivedintangibleassetstable (details)
Income Taxes
Income Taxes (tables)
Income Taxes - Additional Information (detail)
Income Taxes - Net Deferred Tax Assets (details)
Income Taxes - Reconciliation Of Effective Tax Rate (detail)
Income Taxes - Schedule Of Deferred Income Tax Assets And Liabilities (details)
Income Taxes - Schedule Of Income Before Income Tax Domestic And Foreign (detail)
Income Taxes - Schedule Of Reconciliation Of Beginning And Ending Amount Of Unrecognized Tax Benefits (detail)
Income Taxes - Summary Of Income Tax Expense In Consolidated Statements Of Operations From Continuing Operations (detail)
Income Taxes - Tax Benefits Recorded To Additional Paid In Capital (details)
Inventories
Inventories (tables)
Inventories - Schedule Of Inventories (detail)
Long Term Debt - Schedule Of Future Principal Payments On Long-term Debt (detail)
Long-term Contracts
Long-term Contracts Long-term Contracts - Cost And Billings On Uncompleted Contracts - Schedule Of Uncompleted Contracts Reflected In Consolidated Balance Sheets (details)
Long-term Contracts Long-term Contracts - Costs And Billings On Uncompleted Contracts - Schedule Of Information Regarding Contracts Accounted For Under Percentage-of-completion Method (detail)
Long-term Contracts Long-term Contracts - Percentage-of-completion Long-term Contracts (tables)
Long-term Debt
Long-term Debt (tables)
Long-term Debt - Additional Information (detail)
Long-term Debt - Schedule Of Long Term Debt (detail)
Other Expense
Other Expense (tables)
Other Expense - Additional Information (detail)
Other Expense - Schedule Of Restructuring Costs By Reportable Segment (detail)
Other Expense - Schedule Of Restructuring Reserves (detail)
Overview, Basis Of Presentation, Significant Accounting Policies And Recently Issued Accounting Guidance
Overview, Basis Of Presentation, Significant Accounting Policies And Recently Issued Accounting Guidance (policies)
Overview, Basis Of Presentation, Significant Accounting Policies And Recently Issued Accounting Guidance - Additional Information (detail)
Pensions And Postretirement Benefits
Pensions And Postretirement Benefits (tables)
Pensions And Postretirement Benefits - Additional Information (detail)
Pensions And Postretirement Benefits - Schedule Of Asset Allocation For Pension Plans And Target Allocation By Asset Category (detail)
Pensions And Postretirement Benefits - Schedule Of Assumed Health Care Cost Trend Rates (detail)
Pensions And Postretirement Benefits - Schedule Of Benefit Payments Reflecting Expected Future Service As Appropriate Expected To Be Paid (detail)
Pensions And Postretirement Benefits - Schedule Of Change In Plan Assets And Underfunded Status At End Of Year (detail)
Pensions And Postretirement Benefits - Schedule Of Change In Projected Benefit Obligations (detail)
Pensions And Postretirement Benefits - Schedule Of Fair Value Of Plan Assets (detail)
Pensions And Postretirement Benefits - Schedule Of Net Periodic Benefit Cost (detail)
Pensions And Postretirement Benefits - Schedule Of Other Changes In Plan Assets And Benefit Obligations Recognized In Other Comprehensive Income (detail)
Pensions And Postretirement Benefits - Schedule Of Pre-tax Charges Recognized In Accumulated Other Comprehensive Income Loss (detail)
Pensions And Postretirement Benefits - Schedule Of Projected Benefit Obligations Amounts Recognized In Consolidated Balance Sheets (detail)
Pensions And Postretirement Benefits - Schedule Of Weighted-average Assumptions Used To Determine Benefit Obligations And Net Periodic Benefit Cost (detail)
Property, Plant And Equipment
Property, Plant And Equipment (tables)
Property, Plant And Equipment - Schedule Of Property, Plant And Equipment (detail)
Related Party Transactions
Related Party Transactions (tables)
Related Party Transactions - Additional Information (detail)
Related Party Transactions - Schedule Of Amounts Included In Financial Statements Arising From Transactions With Gst (detail)
Schedule Ii - Valuation And Qualifying Accounts
Schedule Ii - Valuation And Qualifying Accounts (detail)
Selected Quarterly Financial Data (unaudited)
Selected Quarterly Financial Data (unaudited) (tables)
Selected Quarterly Financial Data - Schedule Of Selected Quarterly Financial Data (detail)
Shareholders' Equity
Shareholders' Equity (details)
Subsidiary Asbestos Bankruptcies
Subsidiary Asbestos Bankruptcies Subsidiary Asbestos Bankruptcies - Additional Information (details)
Supplemental Guarantor Financial Information
Supplemental Guarantor Financial Information (tables)
Supplemental Guarantor Financial Information Condensed Consolidating Balance Sheets (details)
Supplemental Guarantor Financial Information Condensed Consolidating Statement Of Cash Flows (details)
Supplemental Guarantor Financial Information Condensed Consolidating Statement Of Operations (details)
Supplemental Guarantor Financial Information Condensed Consolidating Statements Of Comprehensive Income (details)
Supplemental Guarantor Financial Information Supplemental Guarantor Financial Information - Additional Information (details)
Ticker: NPO
CIK: 1164863
Form Type: 10-K Annual Report
Accession Number: 0001164863-18-000009
Submitted to the SEC: Mon Feb 26 2018 4:46:09 PM EST
Accepted by the SEC: Mon Feb 26 2018
Period: Sunday, December 31, 2017
Industry: Gaskets Packg And Sealg Devices And Rubber And Plastics Hose

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