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Segment and Geographic Information
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Segments and Geographic Information Segment and Geographic Information
We have four reportable segments which reflect the manner in which our CODM reviews results and allocates resources. Each segment is organized and managed based upon the nature of our markets and customers and consists of similar products and services. Each of our four reportable segments operate globally and 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, and risk management. Corporate support functions are not currently allocated to the segments.
Our CODM, who is our Chief Executive Officer and President, evaluates each segment’s performance and allocates resources based on operating income as determined in our consolidated statements of income. The CODM uses operating income for each segment predominantly in the annual budget and forecasting process. The CODM considers budget-to-actual and current-to-prior period actual variances on a quarterly basis when making decisions about the allocation of operating and capital resources to each segment. Furthermore, the CODM uses segment operating income for evaluating pricing strategy and assessing the performance of each segment by comparing the results of each segment with one another and in determining the compensation of certain employees.
Segment Financial Information
 Year Ended December 31, 2024
 Cryo Tank SolutionsHeat Transfer SystemsSpecialty ProductsRepair, Service & LeasingTotal SegmentsCorporate & Intersegment EliminationsConsolidated
Sales$637.9 $1,035.3 $1,114.3 $1,372.7 $4,160.2 $0.1 $4,160.3 
Cost of sales494.4 736.3 813.2 727.5 2,771.4 0.1 2,771.5
Selling, general and administrative expenses61.2 45.6 106.6 150.0 363.4 184.0 547.4
Amortization expense7.7 20.1 21.4 144.7 193.9 — 193.9
Operating income (loss)74.6 233.3 173.1 350.5 831.5 (184.0)647.5
Depreciation expense (1)
14.3 17.7 8.3 27.7 68.0 8.0 76.0
 Year Ended December 31, 2023
 Cryo Tank SolutionsHeat Transfer SystemsSpecialty ProductsRepair, Service & LeasingTotal SegmentsCorporate & Intersegment EliminationsConsolidated
Sales$640.8 $891.2 $819.9 $1,029.2 $3,381.1 $(28.6)$3,352.5 
Cost of sales508.8 644.4 598.5 589.0 2,340.7 (28.6)2,312.1 
Selling, general and administrative expenses70.9 54.1 82.6 116.1 323.7 162.6 486.3 
Amortization expense6.6 16.9 19.1 120.8 163.4 — 163.4 
Operating income (loss)54.5 175.8 119.7 203.3 553.3 (162.6)390.7 
Depreciation expense (1)
16.6 15.7 5.6 24.3 62.2 5.5 67.7 
 Year Ended December 31, 2022
 Cryo Tank SolutionsHeat Transfer SystemsSpecialty ProductsRepair, Service & LeasingTotal SegmentsCorporate & Intersegment EliminationsConsolidated
Sales$504.3 $462.7 $448.3 $209.6 $1,624.9 $(12.5)$1,612.4 
Cost of sales405.6 372.1 309.7 130.1 1,217.5 (12.5)1,205.0 
Selling, general and administrative expenses41.8 24.0 55.6 15.2 136.6 77.9 214.5 
Amortization expense2.9 14.9 10.1 13.3 41.2 0.2 41.4 
Operating income (loss)54.0 51.7 72.9 51.0 229.6 (78.1)151.5 
Depreciation expense (1)
13.8 14.4 6.3 3.8 38.3 2.2 40.5 
_______________
(1)Depreciation disclosed by reportable segment is included within cost of sales and selling, general and administrative expenses.
Sales by Geography
Net sales by geographic area are reported by the destination of sales.
 Year Ended December 31, 2024
 Cryo Tank SolutionsHeat Transfer SystemsSpecialty ProductsRepair, Service & LeasingIntersegment EliminationsConsolidated
North America (1)
$275.7 $637.8 $441.1 $535.3 $— $1,889.9 
Europe, Middle East, Africa and India223.7 155.5 319.7 546.0 0.1 1,245.0 
Asia-Pacific (2)
122.9 222.4 336.3 225.1 — 906.7 
Rest of the World15.6 19.6 17.2 66.3 — 118.7 
Total$637.9 $1,035.3 $1,114.3 $1,372.7 $0.1 $4,160.3 
Year Ended December 31, 2023
Cryo Tank SolutionsHeat Transfer SystemsSpecialty ProductsRepair, Service & LeasingIntersegment EliminationsConsolidated
North America (1)
$309.5 $594.0 $307.6 $317.6 $(13.1)$1,515.6 
Europe, Middle East, Africa and India210.0 115.3 230.3 468.4 (9.9)1,014.1 
Asia-Pacific (2)
114.4 163.8 266.3 203.3 (5.1)742.7 
Rest of the World6.9 18.1 15.7 39.9 (0.5)80.1 
Total$640.8 $891.2 $819.9 $1,029.2 $(28.6)$3,352.5 
Year Ended December 31, 2022
Cryo Tank SolutionsHeat Transfer SystemsSpecialty ProductsRepair, Service & LeasingIntersegment EliminationsConsolidated
North America (1)
$214.8 $323.5 $302.2 $147.0 $(6.6)$980.9 
Europe, Middle East, Africa and India185.7 97.5 113.2 41.9 (3.9)434.4 
Asia-Pacific (2)
98.1 40.1 32.2 19.3 (1.8)187.9 
Rest of the World5.7 1.6 0.7 1.4 (0.2)9.2 
Total$504.3 $462.7 $448.3 $209.6 $(12.5)$1,612.4 
_______________
(1)     Consolidated sales in the United States were $1,659.0, $1,387.7 and $938.5 for the years ended December 31, 2024, 2023 and 2022, respectively and represent 39.9%, 41.4% and 58.2% of consolidated sales for the same periods, respectively.
(2)    Consolidated sales in China were $565.4, $460.9 and $58.3 for the years ended December 31, 2024, 2023 and 2022, respectively and represent 13.6%, 13.7% and 3.6% of consolidated sales for the same periods, respectively.
No single customer accounted for more than 10% of consolidated sales for any of the periods presented in the tables above.
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.
December 31,
20242023
Cryo Tank Solutions$614.0 $706.1 
Heat Transfer Systems669.7 560.7 
Specialty Products920.6 647.8 
Repair, Service & Leasing889.9 950.1 
Total assets of reportable segments3,094.2 2,864.7 
Goodwill (1)
2,899.9 2,906.8 
Identifiable intangible assets, net (1)
2,540.6 2,791.9 
Corporate589.2 539.0 
Total assets$9,123.9 $9,102.4 
_______________
(1)See Note 9, “Goodwill and Intangible Assets,” for further information related to goodwill and identifiable intangible assets, net.
Geographic Information
 Property, plant and equipment, net as of December 31,
20242023
United States$420.9 $356.9 
Foreign
Germany99.7 106.7 
China94.0 106.4 
Italy46.9 54.6 
United Kingdom34.1 25.7 
India30.7 34.0 
Czech Republic30.4 34.0 
Other foreign countries107.5 119.3 
Total foreign443.3 480.7 
Total$864.2 $837.6