e11vk
 
 
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 
Form 11-K
 
ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 (NO FEE REQUIRED)
For the fiscal year ended December 31, 2009
Commission file number: 001-31225
EnPro Industries, Inc.
Retirement Savings Plan for Salaried Employees
5605 Carnegie Boulevard, Suite 500
Charlotte, North Carolina 28209
(Full title of the plan and the address of the plan)
EnPro Industries, Inc.
5605 Carnegie Boulevard, Suite 500
Charlotte, North Carolina 28209
(Name of issuer of the securities held pursuant to the plan and the address of its principal executive office)
 
 

 

 

ENPRO INDUSTRIES, INC.
RETIREMENT SAVINGS PLAN
FOR SALARIED EMPLOYEES
Financial Statements and Supplemental
Schedule for the Years Ended
December 31, 2009 and 2008
and Report of Independent Registered Public Accounting Firm

 

 

TABLE OF CONTENTS
         
    Pages  
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
     1  
 
        
FINANCIAL STATEMENTS:
        
Statements of Net Assets Available for Benefits, as of December 31, 2009 and 2008
     2  
Statements of Changes in Net Assets Available for Benefits for the Years Ended December 31, 2009 and 2008
     3  
Notes to Financial Statements for the Years Ended December 31, 2009 and 2008
     4—12  
 
        
SUPPLEMENTAL SCHEDULES:
        
Schedule H, line 4a – Schedule of Delinquent Participant Contributions, December 31, 2009
     13  
Schedule H, line 4i – Schedule of Assets Held for Investment Purposes, December 31, 2009
     14  
NOTE:    The accompanying financial statements have been prepared for the purpose of filing DOL Form 5500. Supplemental schedules required by Section 2520 of the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974, other than the ones listed above, are omitted because of the absence of the conditions under which they are required.

 

 

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Participants and Administrator of the
EnPro Industries, Inc. Retirement Savings Plan for Salaried Employees
and the EnPro Industries, Inc. Benefits Committee:
We have audited the accompanying statements of net assets available for benefits and the related statements of changes in net assets available for benefits of the EnPro Industries, Inc. Retirement Savings Plan for Salaried Employees (the “Plan”) as of and for the years ended December 31, 2009 and 2008. These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits of these statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2009 and 2008, and the changes in net assets available for benefits for the years then ended in conformity with generally accepted accounting principles in the United States of America.
Our audits were conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental schedules are presented for the purpose of additional analysis and are not a required part of the basic 2009 financial statements but are supplementary information required by the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974 (“ERISA”). The supplemental schedules are the responsibility of the Plan’s management. The supplemental schedules have been subjected to the auditing procedures applied in the audit of the basic 2009 financial statements and, in our opinion, are fairly stated in all material respects when considered in relation to the basic 2009 financial statements taken as a whole.
/s/ Greer & Walker, LLP
June 10, 2010

1

 

ENPRO INDUSTRIES, INC.
RETIREMENT SAVINGS PLAN FOR SALARIED EMPLOYEES
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
DECEMBER 31, 2009 AND 2008
                 
    2009     2008  
ASSETS:
                
 
                
Cash
   $ —     $ 16,188  
 
            
 
                
Investments, at fair value
   $ 136,315,686     $ 109,286,555  
 
            
 
                
Receivables:
                
Participant contributions
     155,645       61,936  
Employer contributions
     131,952       49,236  
 
            
Total receivables
     287,597       111,172  
 
            
 
Accrued income and other
     61,229       81,781  
 
            
 
                
NET ASSETS AVAILABLE FOR BENEFITS AT FAIR VALUE
     136,664,512       109,495,696  
 
                
Adjustment from fair value to contract value for interest in collective trust relating to fully benefit responsive investment contracts
     (154,381 )     1,119,051  
 
            
 
                
NET ASSETS AVAILABLE FOR BENEFITS
   $ 136,510,131     $ 110,614,747  
 
            
See notes to financial statements.

2

 

ENPRO INDUSTRIES, INC.
RETIREMENT SAVINGS PLAN FOR SALARIED EMPLOYEES
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
FOR THE YEARS ENDED DECEMBER 31, 2009 AND 2008
                 
    2009     2008  
ADDITIONS:
                
Additions to net assets attributed to:
                
Net appreciation (depreciation):
                
Net appreciation (depreciation) in investments
   $ 24,326,404     $ (42,767,656 )
Interest and dividend income
     2,102,103       4,080,005  
 
            
Net appreciation (depreciation) in investments
     26,428,507       (38,687,651 )
 
            
 
                
Contributions:
                
Participants
     7,093,196       7,158,607  
Employer
     5,564,107       5,451,859  
Rollovers
     152,166       737,580  
 
            
Total contributions
     12,809,469       13,348,046  
 
            
 
                
Total additions, net
     39,237,976       (25,339,605 )
 
            
 
                
DEDUCTIONS:
                
Deductions from net assets attributed to:
                
Benefits paid to participants
     13,317,717       10,825,210  
Fees and commissions
     84,612       93,264  
 
            
Total deductions
     13,402,329       10,918,474  
 
            
 
                
INCREASE (DECREASE) IN NET ASSETS AVAILABLE FOR BENEFITS
     25,835,647       (36,258,079 )
 
                
TRANSFER OF ASSETS
     59,737       1,099,053  
 
                
NET ASSETS AVAILABLE FOR BENEFITS, BEGINNING OF YEAR
     110,614,747       145,773,773  
 
            
 
                
NET ASSETS AVAILABLE FOR BENEFITS, END OF YEAR
   $ 136,510,131     $ 110,614,747  
 
            
See notes to financial statements.

3

 

ENPRO INDUSTRIES, INC. RETIREMENT SAVINGS PLAN FOR SALARIED EMPLOYEES
NOTES TO FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 2009 AND 2008
1. DESCRIPTION OF PLAN
The following description of the EnPro Industries, Inc. Retirement Savings Plan for Salaried Employees (the “Plan”) provides only general information. Participants should refer to the Plan document for a more complete description of the Plan’s provisions.
General — EnPro Industries, Inc. (the “Company”) established the Plan to provide employees with a systematic means of savings and investing for the future. Regular full-time, salaried employees of the Company as defined by the plan document are eligible to enroll on their date of hire. Deferrals begin on the first day of the month subsequent to enrollment. Participants that do not enroll in the Plan within 30 days of their hire date are automatically enrolled in the Plan to contribute 5% of their base pay unless they elect out of the Plan. The Plan is a defined contribution Plan subject to the provisions of the Employee Retirement Income Security Act of 1974 (“ERISA”).
Salaried Trust- The Charles Schwab Trust Company (the “Trustee” or “Schwab”) serves as trustee for the Plan. The Plan’s assets are held in the Schwab Directed Employee Benefit Trust (the “Salaried Trust”).
Assets of the Plan are allocated to participant accounts based on specific contributions made by each participant and respective matches made by the Company. Investment income (loss) is credited to each account based on appreciation (depreciation) of specific assets held in each participant account and any earnings thereon.
Plan Contributions — Participants may contribute from 1% to 25% of their base pay by means of payroll deductions, subject to certain discrimination tests prescribed by the Internal Revenue Code and other limitations specified in the Plan. For most employees, the Company matches 100% of employee contributions up to 6% of base pay per payroll period. The Company also contributes an additional 2% to certain eligible employees. The Plan also includes a Roth contribution feature.
Employees of Air Perfection, Inc. receive a Company match of 50% of employee contributions up to 3% of base pay and a match of 75% for contributions between 3% and 6% of base pay per payroll period.
Participants’ contributions are remitted by the Company to the Trustee at the end of each payroll cycle. Upon determination of participants’ contributions, Company contributions are made to the Trustee in cash. The contributed cash is allocated to individual employee accounts and invested at the participants’ direction.

4

 

    Participant Accounts — Each participant’s account is credited with the participant’s contributions, allocations of the Company’s matching contributions and investment gains or losses. Allocations of earnings and losses for each fund are based on the ratio of weighted average participant account balances to the total weighted average of all participant account balances. The benefit to which a participant is entitled is the vested benefit that can be provided from the participant’s accounts.
 
    Investment Options — Upon enrollment in the Plan, participants direct the investment of their contributions and Company contributions into various investment options offered by the Plan.
 
    Vesting — Participants are immediately vested in their voluntary contributions, Company contributions, and actual earnings thereon. However, vesting in the additional 2% Company contributions for certain employees who do not participate in the Plan is based on years of service. Prior to normal retirement age, a participant’s interest in the additional 2% Company contribution becomes 100% vested after three years of service.
 
    Distributions — Upon retirement, disability or death, a participant or beneficiary receives the entire amount credited to the participant’s account in either a lump sum or, at the participant’s election, in annual installments. Upon termination, other than by retirement, disability or death, a participant becomes eligible to receive the current value of the participant’s vested account in a lump-sum. Distributions made from the EnPro Company Stock Fund are made, at the option of the participant, in either cash or shares.
 
    Participant Loans — Participants may borrow from their account a minimum amount of $1,000 up to 50% of their vested account balance not to exceed $50,000. Principal and interest are paid ratably through payroll deductions. Loans are repaid over a period not to exceed five years. However, loans for the purchase of a principal residence are repaid over a period of up to twenty-five years. The loans are secured by the balance of the participant’s account and bear interest at rates that range from 4.25% to 10.5% which are commensurate with local prevailing rates in accordance with the Plan document. As of December 31, 2009 and 2008, the Plan had loans receivable from participants with principal balances totaling $2,687,751 and $2,720,721, respectively, which are included with investments in the accompanying Statements of Net Assets Available for Benefits.
 
    Participant Investment Rollovers — Participants are allowed to transfer or rollover funds into the Plan from other qualified plans.
 
    Forfeitures — The nonvested portion of terminated participants’ account balances are used to reduce future Company contributions and to pay plan expenses. At December 31, 2008, forfeited non-vested accounts in the Plan totaled approximately $99,000. Forfeitures were used to reduce Company contributions by approximately $49,000 during 2009. At December 31, 2009, forfeited non-vested accounts in the Plan totaled approximately $49,000. Forfeitures were used to reduce Company contributions by approximately $24,000 during 2008.

5

 

2.   SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 
    Basis of Accounting — The accompanying financial statements have been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America, except that accumulated benefits paid to the Plan participants are recorded on the cash basis.
 
    Use of Accounting Estimates — The preparation of financial statements in conformity with generally accepted accounting principles in the United States of America requires management to make estimates and assumptions that affect the reported amounts of certain assets, liabilities and disclosures. Accordingly, the actual amounts could differ from those estimates. Any adjustments applied to estimated amounts are recognized in the year in which such adjustments are determined.
 
    Investment Valuation and Income Recognition — At December 31, 2009 and 2008, the Plan’s investments were held in the Salaried Trust, which is part of a collective trust administered by Schwab. Investments in common/collective trusts and mutual funds held in the Salaried Trust are stated at fair value. The asset value of the EnPro Company Stock Fund is derived from the value of the Company’s common stock. The net appreciation (depreciation) in investments includes realized and unrealized gains and losses on the investments held by the Plan. Loans to participants are valued at their outstanding balance, which approximates fair value. The Plan’s interest in the collective trust is valued based on information reported by Schwab using the audited financial statements of the collective trust as of year end.
 
    Investments are reported at fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. See Note 4 for disclosure of fair value measurements.
 
    As described in the Financial Accounting Standards Board (FASB) Accounting for Standards Codification (ASC) 962, Defined Contribution Pension Plans, investment contracts held by a defined contribution plan are required to be reported at fair value. However, contract value is the relevant measurement attribute for that portion of net assets available for benefits for a defined contribution plan attributable to fully benefit responsive investment contracts because contract value is the amount that participants would receive if they were to initiate permitted transactions under the terms of the Plan. The Plan invests in investment contracts through a collective trust. As required by the ASC 962, the Statement of Net Assets Available for Benefits presents the fair value of the investment in the collective trust as well as the adjustment of the investment in the collective trust from fair value to contract value relating to the investment contracts. The Statement of Changes in Net Assets Available for Benefits is prepared on a contract value basis.
 
    Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded on the accrual basis. Dividends are recorded on the ex-dividend date. Net appreciation (depreciation) includes the Plan’s gains and losses on investments bought and sold as well as held during the year.

6

 

    Management fees and operating expenses charged to the Plan for investments in mutual funds are deducted from income earned on a daily basis and are not separately reflected. Consequently, management fees and operating expenses are reflected as a reduction of net appreciation (depreciation) in investments.
 
    The change in net unrealized appreciation (depreciation) of investments held from the beginning of the plan year to the end of the plan year is included with realized gains/losses as net investment income/loss reported in the accompanying Statements of Changes in Net Assets Available for Benefits.
 
    Contributions — Contributions from employees and the Company are recorded in the period in which the Company makes the payroll deductions from participant earnings.
 
    Benefits — Benefits are recorded when paid.
 
    Expenses — Certain of the Plan’s administrative expenses are paid by the Company. Other expenses, such as legal and accounting, are paid from Plan assets and deducted from participant accounts in accordance with the plan document.
 
    Reclassifications — Certain amounts from the 2008 financial statements have been reclassified to conform with the 2009 presentation. Such changes had no effect on the net assets available for benefits or the changes in net assets available for benefits.
 
    Subsequent Events — In preparing the financial statements, the Plan has evaluated subsequent events through the date the financial statements were issued.
 
3.   INVESTMENTS
 
    The Plan’s investment assets are held in trust and administered by Schwab. All investment information disclosed in the accompanying financial statements and supplemental schedules, including investments held, and net investment income and interest and dividends, was obtained or derived from information supplied to the plan administrator by Schwab for the years ended December 31, 2009 and 2008.
 
    The fair values of investments that represented 5% or more of the Plan’s net assets available for benefits as of December 31, 2009 and 2008, are as follows:
                 
    2009     2008  
Schwab Stable Value Fund
   $ 22,528,398     $ 23,050,566  
PIMCO Total Return
   $ 19,338,084     $ 17,272,034  
Hartford Capital Appreciation R4
   $ 10,878,068         * 
Europacific Growth R4
   $ 10,432,445     $ 7,085,638  
Dodge & Cox Stock Fund
   $ 8,626,769     $ 6,872,851  
T Rowe Price Mid-Cap Growth
   $ 8,394,831     $ 5,572,498  
Schwab S&P 500 Index
   $ 7,629,686         * 
Growth Fund of America A
   $ 7,282,709         * 
Hartford Capital Appreciation A
       *    $ 8,322,121  
 
*   Does not represent 5% or more of the Plan’s net assets available in each investment for respective year.

7

 

    Net appreciation (depreciation) in investments for the years ended December 31, 2009 and 2008 for the Salaried Trust is as follows:
                 
    2009     2008  
Interest and dividends
   $ 2,102,103     $ 4,080,005  
Net appreciation (depreciation) of common stock
     792,018       (1,421,998 )
Net appreciation (depreciation) of common/collective trusts
     3,612,465       (2,976,583 )
Net appreciation (depreciation) in self directed brokerage accounts
     1,540,845       (2,574,368 )
Net appreciation (depreciation) of registered investment co’s
     18,381,076       (35,794,707 )
 
            
 
                
Net appreciation (depreciation) in investments
   $ 26,428,507     $ (38,687,651 )
 
            
4.   FAIR VALUE MEASUREMENTS
 
    Financial Accounting Standards Board (FASB) Accounting for Standards Codification (ASC) 820, Fair Value Measurements and Disclosures, provides the framework for measuring fair value. That framework provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements). The three levels of the fair value hierarchy under FASB ASC 820 are described as follows:
             
    Level 1   Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the plan has the ability to access.
 
            
    Level 2   Inputs to the valuation methodology include:
 
            
 
          Quoted prices for similar assets or liabilities in active markets;
 
            
 
          Quoted prices for identical or similar assets or liabilities in inactive markets;
 
            
 
          Inputs other than quoted prices that are observable for the asset or liability;
 
            
 
          Inputs that are derived principally from or corroborated by observable market data by correlation or other means.
 
            
        If the asset or liability has a specified (contractual) term, the level 2 input must be observable for substantially the full term of the asset or liability.
 
            
    Level 3   Inputs to the valuation methodology are unobservable and significant to the fair value measurement.
    The asset or liability’s fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation

8

 

    techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs.
 
    Following is a description of the valuation methodologies used for assets measured at fair value. There have been no changes in the methodology used at December 31, 2009 or 2008.
      Common stocks: Valued at the closing price reported on the active market on which the individual securities are traded.
 
      Mutual funds and money market funds: Valued at the net asset value (NAV) of shares held by the plan at year end.
 
      Common collective trusts: Valued at the net asset share/unit reported at the close of business every day.
 
      Participant loans: Valued at amortized cost, which approximates fair value.
 
      Self directed brokerage accounts: Valued at the closing price reported on the active market on which the individually owned securities are traded.
    The preceding methods described may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, although the Plan believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine fair value of certain financial instruments could result in a different fair value measurement at the reporting date.
 
    The following tables set forth by level, within the fair value hierarchy, the Plan’s assets at fair value as of December 31, 2009 and 2008:
                                 
    Assets at Fair Value as of December 31, 2009  
    Level 1     Level 2     Level 3     Total  
Mutual funds:
                                
Large cap
   $ 34,417,232                     $ 34,417,232  
Fixed income
     19,338,084                       19,338,084  
Mid cap
     12,571,260                       12,571,260  
International
     11,191,165                       11,191,165  
Small cap
     5,778,625                       5,778,625  
Allocation
     4,705,922                       4,705,922  
Employer common stock
     4,386,866                       4,386,866  
Money market funds
     524                       524  
Self-directed accts
     4,046,706                       4,046,706  
Collective trust:
                                
Guaranteed investment contracts
           $ 22,528,398               22,528,398  
Target date funds
             14,663,153               14,663,153  
Participant loans
                   $ 2,687,751       2,687,751  
 
                        
Total assets fair value
   $ 96,436,384     $ 37,191,551     $ 2,687,751     $ 136,315,686  
 
                        

9

 

                                 
    Assets at Fair Value as of December 31, 2008  
    Level 1     Level 2     Level 3     Total  
Mutual funds:
                                
Large cap
   $ 25,755,115                     $ 25,755,115  
Fixed income
     17,272,034                       17,272,034  
Mid cap
     8,501,111                       8,501,111  
International
     7,310,928                       7,310,928  
Small cap
     4,228,628                       4,228,628  
Allocation
     4,327,159                       4,327,159  
Employer common stock
     3,701,700                       3,701,700  
Money market funds
     3,115                       3,115  
Self-directed accts
     2,279,136                       2,279,136  
Collective trust:
                                
Guaranteed investment contracts
           $ 23,050,566               23,050,566  
Target date funds
             10,136,342               10,136,342  
Participant loans
                   $ 2,720,721       2,720,721  
 
                        
Total assets fair value
   $ 73,378,926     $ 33,186,908     $ 2,720,721     $ 109,286,555  
 
                        
    Level 3 Gains and Losses
    The following table sets forth a summary of changes in the fair value of the plan’s Level 3 assets for the year ended December 31, 2009.
Level 3 Assets
Year Ended December 31, 2009
         
    Participant  
    Loans  
Balance, beginning of year
   $ 2,720,721  
Purchases, sales, issuances and settlements (net)
     (32,970 )
 
      
Balance, end of year
   $ 2,687,751  
 
      
Level 3 Assets
Year Ended December 31, 2008
         
    Participant  
    Loans  
Balance, beginning of year
   $ 2,736,801  
Purchases, sales, issuances and settlements (net)
     (16,080 )
 
      
Balance, end of year
   $ 2,720,721  
 
      
    Gains and losses (realized and unrealized) included in changes in net assets for the periods above are reported in net appreciation in fair value of investments in the Statement of Changes in Net Assets Available for Benefits for the years ended December 31, 2009 and 2008, respectively.

10

 

5.   TRANSACTIONS WITH PARTIES-IN-INTEREST
 
    Certain Plan investments are shares of mutual funds managed by Schwab. Schwab is the “Trustee” as defined by the Plan, and therefore, these transactions qualify as party-in-interest transactions.
 
    The Plan also invests in shares of the Company. The Company is the plan sponsor and, therefore, these transactions qualify as party-in-interest transactions.
 
    Fees paid by the Plan for investment management services were included as a reduction of the return earned on each fund. Certain administrative fees related to the administration of the Plan were paid by the Plan. Certain other third party administrator fees were paid by the Company on behalf of the Plan. These transactions also qualify as party-in-interest transactions.
 
6.   TAX STATUS
 
    The Plan adopted a prototype plan sponsored by Charles Schwab Trust Co. effective January 1, 2009. The prototype plan has received a favorable opinion from the Internal Revenue Service, stating that the prototype plan is qualified under Section 401(a) of the Internal Revenue Code (the “Code”) and, therefore, the related trust is exempt from taxation. Once qualified, the Plan is required to operate in conformity with the Code to maintain its qualification. The Plan has been amended since implementing the prototype plan document. The plan administrator believes that the Plan is currently designed and operated in compliance with the applicable requirements of the Code. Therefore, no provision for income tax has been included in the Plan’s financial statements.
 
7.   PLAN TERMINATION
 
    Although it has not expressed any intent to do so, the Company has the right under the Plan to discontinue its contributions at any time and to terminate the Plan subject to the provisions of ERISA. In the event of Plan termination participants will become fully vested in their accounts.
 
8.   RISKS AND UNCERTAINTIES
 
    The Plan invests in various investment securities. Investment securities are exposed to various risks such as interest rate, market, and credit risks. Due to the level of risk associated with certain investment securities, it is at least reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect participants’ account balances and the amounts reported in the Statement of Net Assets Available for Benefits.

11

 

9.   RECONCILIATION OF FINANCIAL STATEMENTS TO FORM 5500
 
    The following is a reconciliation of net assets available for benefits per the financial statements to the Form 5500 for the years ended December 31, 2009 and 2008:
                 
    2009     2008  
Net assets available for benefits per the accompanying financial statements at contract value
   $ 136,510,131     $ 110,614,747  
Adjustment from fair value to contract value for fully benefit responsive investment contracts
     154,381       (1,119,051 )
 
            
 
                
Net assets available for benefits per the Form 5500
   $ 136,664,512     $ 109,495,696  
 
            
    The following is a reconciliation of the change in net assets available for benefits per the financial statements to the Form 5500 for the years ended December 31, 2009 and 2008:
                 
    2009     2008  
Change in net assets available for benefits per the accompanying financial statements
   $ 25,835,647     $ (36,258,079 )
Adjustment from fair value to contract value for fully benefit responsive investment contracts
     1,119,051       (55,247 )
Adjustment from fair value to contract value for fully benefit responsive investment contracts
     154,381       (1,119,051 )
Rounding
             1  
 
            
 
                
Change in net assets available for benefits per the Form 5500
  $ 27,109,079     $ (37,432,376 )
 
            
10.   DELINQUENT CONTRIBUTIONS
 
    During 2008, the Company failed to remit certain employee deferrals to the Plan aggregating $5,864. The Company remitted the delinquent contributions and computed lost earning during 2009.

12

 

ENPRO INDUSTRIES, INC.
RETIREMENT SAVINGS PLAN FOR HOURLY EMPLOYEES
SCHEDULE H, LINE 4a – SCHEDULE OF DELINQUENT CONTRIBUTIONS
         
AS OF DECEMBER 31, 2009   EIN: 01-0573945   PLAN NUMBER: 004
 
                                 
Participant            
Contributions            
Transferred Late            
To Plan   Total that Constitutes Nonexempt Prohibited Transactions     Total Fully  
Check Here If   Contributions     Contributions     Contributions     Corrected  
Late Participant Loan   Not     Collected Outside of     Pending Correction     Under VFCP and  
Payments are Included   Corrected     NFCP     In VFCP     PTE 2002 – 51  
X
           $5,864                  
See report of independent registered public accounting firm.

13

 

ENPRO INDUSTRIES, INC.
RETIREMENT SAVINGS PLAN FOR SALARIED EMPLOYEES
SCHEDULE H, LINE 4i – SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
AS OF DECEMBER 31, 2009
EIN: 01-0573945 – PLAN NUMBER: 004
                 
(a)   (b)   (c)   (d)  
Party-in-   Identity of issuer, borrower,   Description of investment including maturity date,   Current  
Interest   lessor or similar party   rate of interest, collateral, par or maturity value   Value  
*
   Schwab U.S. Treasury Money Fund   Money Market   $ 524  
*
   EnPro Company Stock Fund   Common stock     4,386,866  
 
   Personal Choice Retirement Account   Self directed brokerage account     4,046,706  
*
   Schwab Stable Value Fund   Common/collective trust     22,528,398  
*
   Schwab Managed Retirement 2010 CL III   Common/collective trust     2,254,487  
*
   Schwab Managed Retirement 2020 CL III   Common/collective trust     4,225,689  
*
   Schwab Managed Retirement 2030 CL III   Common/collective trust     4,922,997  
*
   Schwab Managed Retirement 2040 CL III   Common/collective trust     2,839,734  
*
   Schwab Managed Retirement 2050 CL III   Common/collective trust     345,051  
*
   Schwab Managed Retirement Income III   Common/collective trust     75,195  
 
   PIMCO Total Return   Registered investment company     19,338,084  
 
   Hartford Capital Appreciation R4   Registered investment company     10,878,068  
 
   Europacific Growth R4   Registered investment company     10,432,445  
 
   Dodge & Cox Stock Fund   Registered investment company     8,626,769  
 
   T Rowe Price Mid-Cap Growth   Registered investment company     8,394,831  
*
   Schwab S&P 500 Index Fund   Registered investment company     7,629,686  
 
   Growth Fund of America A   Registered investment company     7,282,709  
 
   Van Kampen Equity and Income   Registered investment company     4,705,922  
 
   Columbia Small Cap Value II Z   Registered investment company     4,641,583  
 
   Riversource Midcap Val R5   Registered investment company     4,176,429  
 
   Royce Value Plus Institutional   Registered investment company     1,137,042  
 
   Blackrock Global Allocation I   Registered investment company     758,720  
 
   Participant loans   Interest rates ranging from 4.25% to 10.50%     2,687,751  
 
              
 
                
 
           $ 136,315,686  
 
              
 
*   Party-in-interest transaction, not a prohibited transaction.
See report of independent registered public accounting firm.

14

 

SIGNATURES
     The Plan. Pursuant to the requirements of the Securities Exchange Act of 1934, EnPro Industries, Inc., as Plan Administrator, has duly caused this annual report to be signed on behalf of the Plan by the undersigned hereunto duly authorized.
         
    ENPRO INDUSTRIES, INC. RETIREMENT
SAVINGS PLAN FOR SALARIED EMPLOYEES
 
        
 
  By:   ENPRO INDUSTRIES, INC., Plan Administrator
         
     
  By:   /s/ Robert McKinney    
    Robert McKinney   
    Vice President, Human Resources   
 
Date: June 28, 2010

15

 

EXHIBIT INDEX
     
Exhibit No.   Document
23.1
  Consent of Greer & Walker, LLP