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Leases
 3 Months Ended
Mar. 31, 2025
Leases [Abstract]  
Leases Leases
Lessee Accounting
We lease certain office spaces, warehouses, facilities, vehicles and equipment. Our leases have maturity dates ranging from April 2025 to September 2042.
We incurred $6.7 and $6.1 of rental expense under operating leases for the three months ended March 31, 2025 and 2024 and are included in selling, general and administrative expenses within our condensed consolidated statements of income and comprehensive income (loss). Payments related to short-term lease costs and taxes and variable service charges on leased properties were immaterial.
The following table presents the lease balances within our condensed consolidated balance sheets, weighted average remaining lease term and weighted average discount rates related to our leases:
Lease Assets and LiabilitiesMarch 31, 2025December 31, 2024
Assets
Operating lease, netProperty, plant and equipment, net$80.3 $78.6 
Finance lease, netOther assets15.7 14.7 
Total lease assets$96.0 $93.3 
Liabilities
Current:
Operating lease liabilitiesOther current liabilities$19.5 $19.6 
Finance lease liabilitiesOther current liabilities3.0 2.5 
Non-current:
Operating lease liabilitiesOther long-term liabilities62.4 60.5 
Finance lease liabilitiesOther long-term liabilities13.5 12.9 
Total lease liabilities$98.4 $95.5 
Weighted-average remaining lease terms
Operating leases6.3 years6.4 years
Finance leases6.8 years7.2 years
Weighted-average discount rate
Operating leases7.1%7.0%
Finance leases6.7%6.8%
We recorded net non-cash right-of-use assets in exchange for finance and operating lease liabilities of $1.5 and $2.9 for the three months ended March 31, 2025, respectively. We recorded net non-cash right-of-use assets in exchange for finance and operating lease liabilities of $1.4 and $3.6 for the three months ended March 31, 2024, respectively.
The following table summarizes future minimum lease payments for non-cancelable operating leases and for finance leases as of March 31, 2025:
FinanceOperating
2025$2.8 $18.4 
20263.5 20.4 
20273.3 15.4 
20282.2 13.0 
20291.8 9.7 
Thereafter7.4 25.4 
Total future minimum lease payments$21.0 $102.3 
Less: Present value discount4.5 20.4 
Lease liability$16.5 $81.9 
Lessor Accounting
We lease equipment manufactured by Chart as sales-type and operating leases. As of March 31, 2025 and December 31, 2024, our short-term net investment in sales-type leases was $7.8 and $8.1, respectively, and is included in other current assets
in our condensed consolidated balance sheets. Our long-term net investment in sales-type leases was $30.3 and $31.7 as of March 31, 2025 and December 31, 2024, respectively, and is included in other assets in our condensed consolidated balance sheets.
Operating leases offered by Chart may include early termination options. At the end of a lease, a lessee generally has the option to either extend the lease, purchase the underlying equipment for a fixed price or return it to Chart. The lease agreements clearly define applicable return conditions and remedies for non-compliance to ensure that leased equipment will be in good operating condition upon return.
The following table represents sales from sales-type and operating leases:
Three Months Ended March 31,
20252024
Sales-type leases$19.3 $10.6 
Operating leases0.1 1.6 
Total sales from leases$19.4 $12.2 
The following table represents scheduled payments for sales-type leases as of March 31, 2025:
2025$4.5 
20268.3 
20278.2 
20288.0 
20298.0 
Thereafter26.8 
Total63.8 
Less: Unearned income25.7 
Total$38.1 
The cost of equipment leased to others at March 31, 2025 and December 31, 2024, was not material.
Leases Leases
Lessee Accounting
We lease certain office spaces, warehouses, facilities, vehicles and equipment. Our leases have maturity dates ranging from April 2025 to September 2042.
We incurred $6.7 and $6.1 of rental expense under operating leases for the three months ended March 31, 2025 and 2024 and are included in selling, general and administrative expenses within our condensed consolidated statements of income and comprehensive income (loss). Payments related to short-term lease costs and taxes and variable service charges on leased properties were immaterial.
The following table presents the lease balances within our condensed consolidated balance sheets, weighted average remaining lease term and weighted average discount rates related to our leases:
Lease Assets and LiabilitiesMarch 31, 2025December 31, 2024
Assets
Operating lease, netProperty, plant and equipment, net$80.3 $78.6 
Finance lease, netOther assets15.7 14.7 
Total lease assets$96.0 $93.3 
Liabilities
Current:
Operating lease liabilitiesOther current liabilities$19.5 $19.6 
Finance lease liabilitiesOther current liabilities3.0 2.5 
Non-current:
Operating lease liabilitiesOther long-term liabilities62.4 60.5 
Finance lease liabilitiesOther long-term liabilities13.5 12.9 
Total lease liabilities$98.4 $95.5 
Weighted-average remaining lease terms
Operating leases6.3 years6.4 years
Finance leases6.8 years7.2 years
Weighted-average discount rate
Operating leases7.1%7.0%
Finance leases6.7%6.8%
We recorded net non-cash right-of-use assets in exchange for finance and operating lease liabilities of $1.5 and $2.9 for the three months ended March 31, 2025, respectively. We recorded net non-cash right-of-use assets in exchange for finance and operating lease liabilities of $1.4 and $3.6 for the three months ended March 31, 2024, respectively.
The following table summarizes future minimum lease payments for non-cancelable operating leases and for finance leases as of March 31, 2025:
FinanceOperating
2025$2.8 $18.4 
20263.5 20.4 
20273.3 15.4 
20282.2 13.0 
20291.8 9.7 
Thereafter7.4 25.4 
Total future minimum lease payments$21.0 $102.3 
Less: Present value discount4.5 20.4 
Lease liability$16.5 $81.9 
Lessor Accounting
We lease equipment manufactured by Chart as sales-type and operating leases. As of March 31, 2025 and December 31, 2024, our short-term net investment in sales-type leases was $7.8 and $8.1, respectively, and is included in other current assets
in our condensed consolidated balance sheets. Our long-term net investment in sales-type leases was $30.3 and $31.7 as of March 31, 2025 and December 31, 2024, respectively, and is included in other assets in our condensed consolidated balance sheets.
Operating leases offered by Chart may include early termination options. At the end of a lease, a lessee generally has the option to either extend the lease, purchase the underlying equipment for a fixed price or return it to Chart. The lease agreements clearly define applicable return conditions and remedies for non-compliance to ensure that leased equipment will be in good operating condition upon return.
The following table represents sales from sales-type and operating leases:
Three Months Ended March 31,
20252024
Sales-type leases$19.3 $10.6 
Operating leases0.1 1.6 
Total sales from leases$19.4 $12.2 
The following table represents scheduled payments for sales-type leases as of March 31, 2025:
2025$4.5 
20268.3 
20278.2 
20288.0 
20298.0 
Thereafter26.8 
Total63.8 
Less: Unearned income25.7 
Total$38.1 
The cost of equipment leased to others at March 31, 2025 and December 31, 2024, was not material.
Leases Leases
Lessee Accounting
We lease certain office spaces, warehouses, facilities, vehicles and equipment. Our leases have maturity dates ranging from April 2025 to September 2042.
We incurred $6.7 and $6.1 of rental expense under operating leases for the three months ended March 31, 2025 and 2024 and are included in selling, general and administrative expenses within our condensed consolidated statements of income and comprehensive income (loss). Payments related to short-term lease costs and taxes and variable service charges on leased properties were immaterial.
The following table presents the lease balances within our condensed consolidated balance sheets, weighted average remaining lease term and weighted average discount rates related to our leases:
Lease Assets and LiabilitiesMarch 31, 2025December 31, 2024
Assets
Operating lease, netProperty, plant and equipment, net$80.3 $78.6 
Finance lease, netOther assets15.7 14.7 
Total lease assets$96.0 $93.3 
Liabilities
Current:
Operating lease liabilitiesOther current liabilities$19.5 $19.6 
Finance lease liabilitiesOther current liabilities3.0 2.5 
Non-current:
Operating lease liabilitiesOther long-term liabilities62.4 60.5 
Finance lease liabilitiesOther long-term liabilities13.5 12.9 
Total lease liabilities$98.4 $95.5 
Weighted-average remaining lease terms
Operating leases6.3 years6.4 years
Finance leases6.8 years7.2 years
Weighted-average discount rate
Operating leases7.1%7.0%
Finance leases6.7%6.8%
We recorded net non-cash right-of-use assets in exchange for finance and operating lease liabilities of $1.5 and $2.9 for the three months ended March 31, 2025, respectively. We recorded net non-cash right-of-use assets in exchange for finance and operating lease liabilities of $1.4 and $3.6 for the three months ended March 31, 2024, respectively.
The following table summarizes future minimum lease payments for non-cancelable operating leases and for finance leases as of March 31, 2025:
FinanceOperating
2025$2.8 $18.4 
20263.5 20.4 
20273.3 15.4 
20282.2 13.0 
20291.8 9.7 
Thereafter7.4 25.4 
Total future minimum lease payments$21.0 $102.3 
Less: Present value discount4.5 20.4 
Lease liability$16.5 $81.9 
Lessor Accounting
We lease equipment manufactured by Chart as sales-type and operating leases. As of March 31, 2025 and December 31, 2024, our short-term net investment in sales-type leases was $7.8 and $8.1, respectively, and is included in other current assets
in our condensed consolidated balance sheets. Our long-term net investment in sales-type leases was $30.3 and $31.7 as of March 31, 2025 and December 31, 2024, respectively, and is included in other assets in our condensed consolidated balance sheets.
Operating leases offered by Chart may include early termination options. At the end of a lease, a lessee generally has the option to either extend the lease, purchase the underlying equipment for a fixed price or return it to Chart. The lease agreements clearly define applicable return conditions and remedies for non-compliance to ensure that leased equipment will be in good operating condition upon return.
The following table represents sales from sales-type and operating leases:
Three Months Ended March 31,
20252024
Sales-type leases$19.3 $10.6 
Operating leases0.1 1.6 
Total sales from leases$19.4 $12.2 
The following table represents scheduled payments for sales-type leases as of March 31, 2025:
2025$4.5 
20268.3 
20278.2 
20288.0 
20298.0 
Thereafter26.8 
Total63.8 
Less: Unearned income25.7 
Total$38.1 
The cost of equipment leased to others at March 31, 2025 and December 31, 2024, was not material.