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Reportable Segments
9 Months Ended
Sep. 30, 2024
Segment Reporting [Abstract]  
Reportable Segments Reportable Segments
We go to market through One Chart global commercial, engineering, products, operations, and aftermarket organizations. Further, our engineered solutions are utilized across a molecule’s value chain from production to distribution and storage to consumption. We have four reportable segments which operate globally that 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 recovery, separation, liquefaction, and purification of hydrocarbons, liquefied natural gas (LNG) and industrial gases that span gas-to-liquid applications. Our Specialty Products segment supplies products used in specialty end-market applications including engineered liquefaction, storage and compression equipment for hydrogen and helium, LNG for over-the-highway vehicles, biofuels, carbon capture, food and beverage, aerospace, nuclear, marine, mining, lasers and water treatment end markets. Our Repair, Service & Leasing segment provides installation, retrofitting and refurbishment, services and repairs, preventative and contractual maintenance, and digital solutions of Chart’s stationary (liquefaction, fueling stations, among other products) and rotating equipment (compression, fans, among other products) globally in addition to providing targeted equipment leasing solutions.
Corporate includes operating expenses for executive management, accounting, tax, treasury, corporate development, human resources, information technology (“IT”), 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 income (loss).
Segment Financial Information
 Three Months Ended September 30, 2024
 Cryo Tank SolutionsHeat Transfer SystemsSpecialty ProductsRepair, Service & LeasingIntersegment EliminationsCorporateConsolidated
Sales$162.5 $256.2 $283.3 $360.5 $— $— $1,062.5 
Depreciation and amortization expense5.7 8.9 7.0 43.5 — 3.0 68.1 
Operating income (loss)23.5 61.3 41.9 102.0 — (50.2)178.5 
Three Months Ended September 30, 2023
Cryo Tank SolutionsHeat Transfer SystemsSpecialty ProductsRepair, Service & LeasingIntersegment EliminationsCorporateConsolidated
Sales$159.0 $232.5 $240.0 $271.3 $(4.9)$— $897.9 
Depreciation and amortization expense7.8 7.4 5.7 45.1 — 1.0 67.0 
Operating income (loss)17.1 43.4 33.7 42.3 — (32.1)104.4 
Nine Months Ended September 30, 2024
Cryo Tank SolutionsHeat Transfer SystemsSpecialty ProductsRepair, Service & LeasingIntersegment EliminationsCorporateConsolidated
Sales$487.7 $746.5 $797.4 $1,022.0 $(0.1)$— $3,053.5 
Depreciation and amortization expense16.5 27.2 20.9 129.4 — 6.0 200.0 
Operating income (loss)53.5 157.6 122.0 265.1 — (139.0)459.2 
Nine Months Ended September 30, 2023
Cryo Tank SolutionsHeat Transfer SystemsSpecialty ProductsRepair, Service & LeasingIntersegment EliminationsCorporateConsolidated
Sales$435.2 $636.0 $602.9 $688.5 $(25.1)$— $2,337.5 
Depreciation and amortization expense17.2 24.6 17.9 100.8 — 2.7 163.2 
Operating income (loss)31.9 120.5 84.6 121.0 — (123.3)234.7 
Sales by Geography
Net sales by geographic area are reported by the destination of sales.
Three Months Ended September 30, 2024
Cryo Tank SolutionsHeat Transfer SystemsSpecialty ProductsRepair, Service & LeasingIntersegment EliminationsConsolidated
North America$71.4 $140.4 $111.3 $142.7 $— $465.8 
Europe, Middle East, Africa and India48.7 53.6 84.4 139.2 — 325.9 
Asia-Pacific40.3 59.8 84.4 58.4 — 242.9 
Rest of the World2.1 2.4 3.2 20.2 — 27.9 
Total$162.5 $256.2 $283.3 $360.5 $— $1,062.5 
Three Months Ended September 30, 2023
Cryo Tank SolutionsHeat Transfer SystemsSpecialty ProductsRepair, Service & LeasingIntersegment EliminationsConsolidated
North America$71.3 $150.6 $84.2 $78.5 $(2.0)$382.6 
Europe, Middle East, Africa and India52.7 31.0 68.0 130.2 (1.7)280.2 
Asia-Pacific33.5 46.7 83.2 52.5 (1.1)214.8 
Rest of the World1.5 4.2 4.6 10.1 (0.1)20.3 
Total$159.0 $232.5 $240.0 $271.3 $(4.9)$897.9 
Nine Months Ended September 30, 2024
Cryo Tank SolutionsHeat Transfer SystemsSpecialty ProductsRepair, Service & LeasingIntersegment EliminationsConsolidated
North America$225.7 $422.8 $313.2 $410.2 $— $1,371.9 
Europe, Middle East, Africa and India152.7 137.5 227.5 399.4 — 917.1 
Asia-Pacific98.4 168.0 244.1 164.4 (0.1)674.8 
Rest of the World10.9 18.2 12.6 48.0 — 89.7 
Total$487.7 $746.5 $797.4 $1,022.0 $(0.1)$3,053.5 
Nine Months Ended September 30, 2023
Cryo Tank SolutionsHeat Transfer SystemsSpecialty ProductsRepair, Service & LeasingIntersegment EliminationsConsolidated
North America$198.5 $432.9 $238.1 $224.9 $(11.2)$1,083.2 
Europe, Middle East, Africa and India148.7 76.8 170.2 305.0 (8.7)692.0 
Asia-Pacific84.1 111.7 183.3 133.8 (4.8)508.1 
Rest of the World3.9 14.6 11.3 24.8 (0.4)54.2 
Total$435.2 $636.0 $602.9 $688.5 $(25.1)$2,337.5 
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.
September 30,
2024
December 31,
2023
Cryo Tank Solutions$668.9 $706.1 
Heat Transfer Systems642.7 560.7 
Specialty Products915.5 647.8 
Repair, Service & Leasing936.8 950.1 
Total assets of reportable segments3,163.9 2,864.7 
Goodwill2,987.7 2,906.8 
Identifiable intangible assets, net2,660.4 2,791.9 
Corporate686.4 539.0 
Total$9,498.4 $9,102.4