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Reportable Segments | 3 Months Ended
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Mar. 31, 2025
Segment Reporting [Abstract] |
Reportable Segments | Reportable Segments 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 certain unallocated 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
| Three Months Ended March 31, 2025
| Cryo Tank Solutions |  | Heat Transfer Systems |  | Specialty Products |  | Repair, Service & Leasing |  | Intersegment Eliminations |  | Corporate |  | Consolidated
Sales to external customers | $ | 153.2 |  |  | $ | 267.3 |  |  | $ | 276.1 |  |  | $ | 304.9 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,001.5 |
Cost of sales | 116.0 |  |  | 184.7 |  |  | 192.4 |  |  | 168.6 |  |  | — |  |  | — |  |  | 661.7 |
Selling, general and administrative expenses | 17.7 |  |  | 10.8 |  |  | 30.4 |  |  | 38.9 |  |  | — |  |  | 43.2 |  |  | 141.0 |
Amortization expense | 1.9 |  |  | 4.9 |  |  | 5.0 |  |  | 34.7 |  |  | — |  |  | — |  |  | 46.5 |
Operating income (loss) | 17.6 |  |  | 66.9 |  |  | 48.3 |  |  | 62.7 |  |  | — |  |  | (43.2) |  |  | 152.3 |
Depreciation expense | 4.3 |  |  | 4.1 |  |  | 5.0 |  |  | 3.6 |  |  | — |  |  | 2.7 |  |  | 19.7 |
| Three Months Ended March 31, 2024
| Cryo Tank Solutions |  | Heat Transfer Systems |  | Specialty Products |  | Repair, Service & Leasing |  | Intersegment Eliminations |  | Corporate |  | Consolidated
Sales to external customers | $ | 159.7 |  |  | $ | 253.6 |  |  | $ | 236.5 |  |  | $ | 301.0 |  |  | $ | (0.1) |  |  | $ | — |  |  | $ | 950.7 |
Cost of sales | 126.9 |  |  | 183.5 |  |  | 177.6 |  |  | 160.5 |  |  | (0.1) |  |  | — |  |  | 648.4 |
Selling, general and administrative expenses | 16.9 |  |  | 13.9 |  |  | 28.7 |  |  | 39.5 |  |  | — |  |  | 42.5 |  |  | 141.5 |
Amortization expense | 1.9 |  |  | 5.0 |  |  | 5.1 |  |  | 35.9 |  |  | — |  |  | — |  |  | 47.9 |
Operating income (loss) | 14.0 |  |  | 51.2 |  |  | 25.1 |  |  | 65.1 |  |  | — |  |  | (42.5) |  |  | 112.9 |
Depreciation expense | 3.4 |  |  | 4.2 |  |  | 2.0 |  |  | 7.1 |  |  | — |  |  | 1.3 |  |  | 18.0 |
_______________ (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.
| Three Months Ended March 31, 2025
| Cryo Tank Solutions |  | Heat Transfer Systems |  | Specialty Products |  | Repair, Service & Leasing |  | Intersegment Eliminations |  | Consolidated
North America | $ | 58.6 |  |  | $ | 162.5 |  |  | $ | 122.4 |  |  | $ | 113.7 |  |  | $ | — |  |  | $ | 457.2 |
Europe, Middle East, Africa and India | 57.3 |  |  | 39.4 |  |  | 64.6 |  |  | 119.7 |  |  | — |  |  | 281.0 |
Asia-Pacific | 35.6 |  |  | 64.6 |  |  | 82.9 |  |  | 60.5 |  |  | — |  |  | 243.6 |
Rest of the World | 1.7 |  |  | 0.8 |  |  | 6.2 |  |  | 11.0 |  |  | — |  |  | 19.7 |
Total | $ | 153.2 |  |  | $ | 267.3 |  |  | $ | 276.1 |  |  | $ | 304.9 |  |  | $ | — |  |  | $ | 1,001.5 |
| 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 |
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, 2025 |  | December 31, 2024
Cryo Tank Solutions | $ | 550.5 |  |  | $ | 614.0 |
Heat Transfer Systems | 661.5 |  |  | 669.7 |
Specialty Products | 985.5 |  |  | 920.6 |
Repair, Service & Leasing | 1,009.8 |  |  | 889.9 |
Total assets of reportable segments | 3,207.3 |  |  | 3,094.2 |
Goodwill | 2,950.2 |  |  | 2,899.9 |
Identifiable intangible assets, net | 2,550.0 |  |  | 2,540.6 |
Corporate | 605.8 |  |  | 589.2 |
Total | $ | 9,313.3 |  |  | $ | 9,123.9 |

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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/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards 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