XML 48 R38.htm IDEA: XBRL DOCUMENT
v3.23.1

Business Combinations (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2023
Business Combination and Asset Acquisition [Abstract] |
Schedule Of Consideration | The following table shows the purchase price in accordance with ASC 805:
Description |
Cash consideration to seller | $ | 2,788.3 |
Howden’s debt settled at close | 1,529.0 |
Settlement of seller transaction costs | 67.2 |
Funds held in escrow | 20.4 |
Total ASC 805 purchase price | $ | 4,404.9 |
Schedule of Recognized Identified Assets Acquired in Business Combination | The following table summarizes the preliminary estimated fair values of the assets acquired and liabilities assumed in the Howden Acquisition as of the acquisition date:
Net assets acquired: |
Cash and cash equivalents | $ | 62.5 |
Restricted cash | 2.6 |
Accounts receivable | 461.2 |
Inventories | 248.8 |
Unbilled contract revenue | 194.7 |
Prepaid expenses | 58.5 |
Other current assets | 112.1 |
Property, plant and equipment | 287.6 |
Identifiable intangible assets | 2,591.0 |
Equity method investments | 10.1 |
Other assets | 168.1 |
Accounts payable | (383.7) |
Customer advances and billings in excess of contract revenue | (268.1) |
Accrued salaries, wages and benefits | (104.2) |
Accrued income taxes | (51.4) |
Current portion of warranty reserve | (28.5) |
Current portion of long-term debt (1) | (1.6) |
Other current liabilities | (62.5) |
Long-term deferred tax liabilities | (729.4) |
Operating lease liabilities | (54.6) |
Finance lease liabilities | (8.1) |
Accrued pension liabilities | (6.4) |
Other long-term liabilities | (5.6) |
Total identifiable net assets assumed | 2,493.1 |
Noncontrolling interest (2) | (26.5) |
Goodwill | 1,938.3 |
Net assets acquired | $ | 4,404.9 |
Assets acquired net of cash, cash equivalents and restricted cash | $ | 4,339.8 |
_______________ (1)Represents the balance related to short term debt held in Foreign Facilities. Refer to Note 9, “Debt and Credit Arrangements.” (2)As part of the Howden Acquisition, we acquired a noncontrolling interest, which owns 82% of Howden Hua Engineering Co., Ltd, and entity based in China which is valued at $26.5.
Schedule of Identifiable Intangible Assets Acquired | nformation regarding preliminary identifiable intangible assets acquired in the Howden Acquisition:
| Weighted-average Estimated Useful Life |  | Preliminary Estimated Asset Fair Value
Finite-lived intangible assets acquired: |  |  |
Customer relationships | 10.0 years |  | $ | 1,315.0 |
Backlog | 3.0 years |  | 359.0 |
Technology and software | 12.0 years |  | 319.0 |
Total finite-lived intangible assets acquired | 9.1 years |  | 1,993.0 |
Indefinite-lived intangible assets acquired: |  |  |
Trade names |  |  | 598.0 |
Total intangible assets acquired |  |  | $ | 2,591.0 |
Schedule of pro forma information | The following unaudited pro forma combined financial information for the three months ended March 31, 2023 and 2022 gives effect to the Howden Acquisition as if it occurred on January 1, 2022. The unaudited pro forma information is not necessarily indicative of the results of operations that actually would have occurred under the ownership and management of the Company. In addition, the unaudited pro forma information is not intended to be a projection of future results and does not reflect any operating efficiencies or cost savings that might be achievable. The following adjustments are reflected in the unaudited pro forma financial table below: •the effect of increased interest expense related to the repayment of the Howden term loans, senior notes and revolving credit facility net of the additional borrowing on the Chart senior secured revolving credit facility and senior secured and unsecured notes, •amortization of acquired intangible assets, •an adjustment to reflect the change in the estimated income tax rate for federal and state purposes, •nonrecurring acquisition-related expenses incurred by Howden directly attributable to the Howden Acquisition were adjusted out of the pro forma net loss attributable to Chart Industries, Inc. from continuing operations for the periods presented, and •nonrecurring acquisition-related expenses incurred by Chart directly related to the Howden acquisition were adjusted out of the pro forma net loss attributable to Chart Industries, Inc. from continuing operations for the periods presented.
| Three Months Ended March 31,
| 2023 |  | 2022
Pro forma sales from continuing operations | $ | 866.2 |  |  | $ | 772.6 |
Pro forma net loss attributable to Chart Industries, Inc. from continuing operations | (37.4) |  |  | (69.9) |
Schedule of Changes in Contingent Consideration | The following table represents the changes to our contingent consideration liabilities:
| SES |  | BIG |  | Total
Balance at December 31, 2022 | $ | 16.3 |  |  | $ | 1.1 |  |  | $ | 17.4 |
Decrease in fair value of contingent consideration liabilities | (7.4) |  |  | — |  |  | (7.4) |
Balance at March 31, 2023 | $ | 8.9 |  |  | $ | 1.1 |  |  | $ | 10.0 |

X
- Definition Business Combination, Schedule Of Consideration + References No definition available. + Details
Name: | gtls_BusinessCombinationScheduleOfConsiderationTableTextBlock
Namespace Prefix: | gtls_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Schedule Of Changes In Contingent Consideration + References No definition available. + Details
Name: | gtls_ScheduleOfChangesInContingentConsiderationTableTextBlock
Namespace Prefix: | gtls_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(2) -URI https://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(3) -URI https://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 + Details
Name: | us-gaap_BusinessAcquisitionProFormaInformationTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_BusinessCombinationAndAssetAcquisitionAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of finite-lived and indefinite-lived intangible assets acquired as part of a business combination. + References No definition available. + Details
Name: | us-gaap_FiniteLivedAndIndefiniteLivedIntangibleAssetsAcquiredAsPartOfBusinessCombinationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=128092470&loc=d3e4845-128472 + Details
Name: | us-gaap_ScheduleOfRecognizedIdentifiedAssetsAcquiredAndLiabilitiesAssumedTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration