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Reportable Segments | 3 Months Ended
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Mar. 31, 2024
Segment Reporting [Abstract] |
Reportable Segments | Reportable Segments As reported in our Annual Report on Form 10-K for the year ended December 31, 2023, we have four reportable segments, which are also our operating segments: Cryo Tank Solutions, Heat Transfer Systems, Specialty Products and Repair, Service & Leasing. Our Cryo Tank Solutions segment, which has principal operations in the United States, Europe and Asia, serves most geographic regions around the globe, supplying bulk, microbulk and mobile equipment used in the storage, distribution, vaporization, and application of industrial gases and certain hydrocarbons. Our Heat Transfer Systems segment, with principal operations in the United States and Europe, also serves most geographic regions globally, supplying mission critical engineered equipment and systems used in the separation, liquefaction, and purification of hydrocarbon, liquefied natural gas (LNG) and industrial gases that span gas-to-liquid applications. Operating globally, our Specialty Products segment supplies products used in specialty end-market applications including hydrogen, LNG for over-the-highway vehicles, biofuels, carbon capture, food and beverage, aerospace, lasers and water treatment, among others. Our Heat Transfer Systems, Specialty Products and Cryo Tank Solutions segments also include new build products from the Howden Acquisition such as compressors, blowers and fans, rotary heaters and steam turbines. Our Repair, Service & Leasing segment provides installation, service, repair, maintenance, refurbishment and digital monitoring of Chart’s products globally in addition to providing equipment leasing solutions. Corporate includes operating expenses for executive management, accounting, tax, treasury, corporate development, human resources, information technology, investor relations, legal, internal audit, risk management and share-based compensation expenses. Corporate support functions are not allocated to the segments. We evaluate performance and allocate resources based on operating income as determined in our condensed consolidated statements of operations and comprehensive loss. Segment Financial Information
| Three Months Ended March 31, 2024
| Cryo Tank Solutions |  | Heat Transfer Systems |  | Specialty Products |  | Repair, Service & Leasing |  | Intersegment Eliminations |  | Corporate |  | Consolidated
Sales | $ | 159.7 |  |  | $ | 253.6 |  |  | $ | 236.5 |  |  | $ | 301.0 |  |  | $ | (0.1) |  |  | $ | — |  |  | $ | 950.7 |
Depreciation and amortization expense | 5.3 |  |  | 9.2 |  |  | 7.1 |  |  | 43.0 |  |  | — |  |  | 1.3 |  |  | 65.9 |
Operating income (loss) | 14.0 |  |  | 51.2 |  |  | 25.1 |  |  | 65.1 |  |  | — |  |  | (42.5) |  |  | 112.9 |
| Three Months Ended March 31, 2023
| Cryo Tank Solutions |  | Heat Transfer Systems |  | Specialty Products |  | Repair, Service & Leasing |  | Intersegment Eliminations |  | Corporate |  | Consolidated
Sales | $ | 123.5 |  |  | $ | 167.5 |  |  | $ | 126.2 |  |  | $ | 118.5 |  |  | $ | (4.2) |  |  | $ | — |  |  | $ | 531.5 |
Depreciation and amortization expense | 5.6 |  |  | 8.4 |  |  | 8.6 |  |  | 9.9 |  |  | — |  |  | 0.8 |  |  | 33.3 |
Operating income (loss) (1) | 4.3 |  |  | 27.3 |  |  | 21.8 |  |  | 33.1 |  |  | — |  |  | (51.9) |  |  | 34.6 |
_______________ (1)Acquisition-related contingent consideration credits in our Specialty Products segment related to our 2020 acquisition of Sustainable Energy Solutions, Inc. was $7.4 for the three months ended March 31, 2023. Sales by Geography
| Three Months Ended March 31, 2024
| Cryo Tank Solutions |  | Heat Transfer Systems |  | Specialty Products |  | Repair, Service & Leasing |  | Intersegment Eliminations |  | Consolidated
North America | $ | 86.0 |  |  | $ | 157.6 |  |  | $ | 92.8 |  |  | $ | 122.1 |  |  | $ | — |  |  | $ | 458.5 |
Europe, Middle East, Africa and India | 45.5 |  |  | 40.2 |  |  | 65.0 |  |  | 120.6 |  |  | — |  |  | 271.3 |
Asia-Pacific | 24.3 |  |  | 52.1 |  |  | 72.3 |  |  | 45.1 |  |  | (0.1) |  |  | 193.7 |
Rest of the World | 3.9 |  |  | 3.7 |  |  | 6.4 |  |  | 13.2 |  |  | — |  |  | 27.2 |
Total | $ | 159.7 |  |  | $ | 253.6 |  |  | $ | 236.5 |  |  | $ | 301.0 |  |  | $ | (0.1) |  |  | $ | 950.7 |
| Three Months Ended March 31, 2023
| Cryo Tank Solutions |  | Heat Transfer Systems |  | Specialty Products |  | Repair, Service & Leasing |  | Intersegment Eliminations |  | Consolidated
North America | $ | 63.6 |  |  | $ | 134.6 |  |  | $ | 72.1 |  |  | $ | 55.7 |  |  | $ | (2.3) |  |  | $ | 323.7 |
Europe, Middle East, Africa and India | 42.0 |  |  | 15.5 |  |  | 33.0 |  |  | 36.1 |  |  | (1.3) |  |  | 125.3 |
Asia-Pacific | 17.1 |  |  | 14.3 |  |  | 20.1 |  |  | 23.0 |  |  | (0.6) |  |  | 73.9 |
Rest of the World | 0.8 |  |  | 3.1 |  |  | 1.0 |  |  | 3.7 |  |  | — |  |  | 8.6 |
Total | $ | 123.5 |  |  | $ | 167.5 |  |  | $ | 126.2 |  |  | $ | 118.5 |  |  | $ | (4.2) |  |  | $ | 531.5 |
Total Assets Corporate assets mainly include cash and cash equivalents and long-term deferred income taxes as well as certain corporate-specific property, plant and equipment, net and certain investments. Our allocation methodology for property, plant and equipment, net of the reportable segments differs from our allocation method of depreciation expense of a reportable segment and therefore, depreciation expense does not entirely align with the related depreciable assets of the reportable segments. Furthermore, since finite-lived intangible assets are excluded from total assets of reportable segments while amortization expense is allocated to each of our reportable segments, amortization expense by segment inherently does not align with the related amortizable intangible assets of the reportable segments.
| March 31, 2024 |  | December 31, 2023
Cryo Tank Solutions | $ | 667.1 |  |  | $ | 706.1 |
Heat Transfer Systems | 680.1 |  |  | 560.7 |
Specialty Products | 762.7 |  |  | 647.8 |
Repair, Service & Leasing | 894.0 |  |  | 950.1 |
Total assets of reportable segments | 3,003.9 |  |  | 2,864.7 |
Goodwill | 2,948.8 |  |  | 2,906.8 |
Identifiable intangible assets, net | 2,711.3 |  |  | 2,791.9 |
Corporate | 583.9 |  |  | 539.0 |
Total | $ | 9,247.9 |  |  | $ | 9,102.4 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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