Reportable Segments

3 Months Ended

Mar. 31, 2020

As reported in our Annual Report on Form 10-K for the year ended December 31, 2019, the structure of our internal organization is divided into the following reportable segments, which are also our operating segments: Distribution and Storage Eastern Hemisphere (“D&S East”), Distribution and Storage Western Hemisphere (“D&S West”), Energy & Chemicals Cryogenics (“E&C Cryogenics”), and Energy & Chemicals FinFans (“E&C FinFans”).

Our D&S East segment has principal operations in Europe and Asia and primarily serves the geographic regions of Europe, Middle East and Asia. Our D&S West segment has principal operations in the United States and Latin America and primarily serves the Americas geographic region. Our D&S West segment also includes cryobiological storage manufacturing and distribution operations in the U.S., Europe and Asia, which serve customers around the world. E&C Cryogenics supplies critical engineered equipment and systems used in the separation, liquefaction, and purification of hydrocarbon and industrial gases that span gas-to-liquid applications. The E&C FinFans segment is focused on our unique and broad product offering and capabilities in air cooled heat exchangers (“ACHX”) and fans. Corporate includes operating expenses for executive management, accounting, tax, treasury, corporate development, human resources, information technology, investor relations, legal, internal audit, and risk management. Corporate support functions are not currently allocated to the segments. All prior period amounts presented in the tables below have been reclassified based on our current reportable segments.

We evaluate performance and allocate resources based on operating income as determined in our consolidated statements of income and comprehensive loss.

Segment Financial Information



	Three Months Ended March 31, 2020
	D&S East		D&S West		E&C Cryogenics		E&C FinFans		Intersegment Eliminations			Corporate			Consolidated
Sales to external customers	$	70.0	$	111.6	$	62.2	$	80.7	$	(3.4	)	$	—		$	321.1
Depreciation and amortization expense	3.6		3.0		3.8		13.1		—			0.4			23.9
Operating income (loss) ^{(1) (2)}	6.9		26.5		8.7		1.1		—			(19.7		)	23.5
Capital expenditures	5.1		1.7		1.0		0.5		—			2.0			10.3



	Three Months Ended March 31, 2019
	D&S East			D&S West		E&C Cryogenics			E&C FinFans		Intersegment Eliminations			Corporate			Consolidated
Sales to external customers	$	68.7		$	118.0	$	35.1		$	70.5	$	(3.0	)	$	—		$	289.3
Depreciation and amortization expense	4.2			2.9		4.5			4.1		—			0.3			16.0
Operating income (loss) ^{(1) (2)}	(2.3		)	25.6		(10.7		)	9.4		(1.1		)	(16.3		)	4.6
Capital expenditures	1.0			1.2		2.7			0.5		—			0.5			5.9

_______________


⁽¹⁾	Restructuring costs for the:


•	three months ended March 31, 2020 were $5.2 ($1.0 - D&S East), $0.8 - D&S West, $0.4 - E&C Cryogenics, $2.4 - E&C FinFans, 0.6 - Corporate).


•	three months ended March 31, 2019 were $7.4 ($2.4 - D&S East, $0.3 - D&S West, $3.4 - E&C Cryogenics, $1.1 - E&C FinFans, $0.2 - Corporate).


⁽²⁾	Corporate includes transaction-related costs of: (includes costs associated with business development and other one-time transactions)


•	$0.9 for the three months ended March 31, 2019.

Product Sales Information



	Three Months Ended March 31, 2020
	D&S East		D&S West		E&C Cryogenics		E&C FinFans		Intersegment Eliminations			Consolidated
Natural gas processing (including petrochemical) and industrial gas applications	$	—	$	—	$	21.6	$	62.0	$	(0.3	)	$	83.3
Liquefied natural gas (LNG) applications	19.7		18.9		33.3		8.6		(1.1		)	79.4
HVAC, power and refining applications	—		—		7.3		10.1		(0.1		)	17.3
Bulk industrial gas applications	39.0		32.4		—		—		(0.9		)	70.5
Packaged gas industrial applications	11.1		41.1		—		—		(0.9		)	51.3
Cryobiological storage	0.2		19.2		—		—		(0.1		)	19.3
Total	$	70.0	$	111.6	$	62.2	$	80.7	$	(3.4	)	$	321.1



	Three Months Ended March 31, 2019
	D&S East		D&S West		E&C Cryogenics		E&C FinFans		Intersegment Eliminations			Consolidated
Natural gas processing (including petrochemical) and industrial gas applications	$	—	$	—	$	25.9	$	51.5	$	—		$	77.4
Liquefied natural gas (LNG) applications	12.1		22.1		4.2		10.4		—			48.8
HVAC, power and refining applications	—		—		5.0		8.6		—			13.6
Bulk industrial gas applications	40.2		37.8		—		—		(0.3		)	77.7
Packaged gas industrial applications	16.4		36.1		—		—		(1.0		)	51.5
Cryobiological storage	—		22.0		—		—		(1.7		)	20.3
Total	$	68.7	$	118.0	$	35.1	$	70.5	$	(3.0	)	$	289.3



Total Assets	March 31, 2020		December 31, 2019
D&S East	$	511.9	$	528.6
D&S West	423.3		414.9
E&C Cryogenics	428.1		430.3
E&C FinFans	1,032.3		1,028.0
Corporate	27.4		79.6
Total	$	2,423.0	$	2,481.4