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Investments | 9 Months Ended
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Sep. 30, 2025
Investments, All Other Investments [Abstract] |
Investments | Investments Equity Method Investments The following table presents the activity in equity method investments, which are classified within other assets:
|  | Equity Method Investments
Balance at December 31, 2024 |  | $ | 94.0 |
Equity in income of unconsolidated affiliates |  | 0.1 |
Dividend received from equity method investment |  | (0.9) |
Foreign currency translation adjustments and other |  | 2.2 |
Balance at September 30, 2025 |  | $ | 95.4 |
Investments in Equity Securities The following table presents the activity in investments in equity securities, which are classified within other assets:
| Investment in Equity Securities, Level 1 |  | Investment in Equity Securities, Level 2 |  | Investments in Equity Securities, All Others (1) |  | Investments Total
Balance at December 31, 2024 | $ | 1.5 |  |  | $ | 7.9 |  |  | $ | 105.2 |  |  | $ | 114.6 |
New investments | — |  |  | — |  |  | 1.4 |  |  | 1.4 |
(Decrease) increase in fair value of investments in equity securities | (4.7) |  |  | (1.5) |  |  | 3.9 |  |  | (2.3) |
Foreign currency translation adjustments and other | 3.2 |  |  | — |  |  | 1.0 |  |  | 4.2 |
Balance at September 30, 2025 | $ | — |  |  | $ | 6.4 |  |  | $ | 111.5 |  |  | $ | 117.9 |
_______________ (1)Consists of investments in equity securities without a readily determinable fair value. Such investments are measured at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for an identical or a similar investment of the same issuer. Co-Investment Agreement We have a 25% interest in Hydrogen Technology & Energy Corporation (“HTEC”) which totaled $70.0 and $68.9 at September 30, 2025 and December 31, 2024, respectively. Our investment in HTEC is accounted for under the equity method of accounting. HTEC designs, builds, and operates hydrogen fuel supply solutions to support the deployment of hydrogen fuel cell electric vehicles. On April 30, 2025, (the “Effective Date”), we entered into a Co-Investment Agreement (the “Co-Investment Agreement”) with certain affiliates of MSD Partners, L.P., (collectively, “BDT&MSD”), in connection with BDT&MSD’s purchase (the “Share Purchase”) of all of the shares of common stock of HTEC, owned by (and from) ISQ HTEC HoldCo Limited, (“ISQ”), pursuant to a Share Purchase Agreement by and among BDT&MSD, ISQ, Chart and HTEC (the “SPA”). ISQ no longer owns any equity interests in HTEC. Pursuant to the Co-Investment Agreement, Chart and BDT&MSD have agreed to, among other terms, the following: •In the following circumstances, BDT&MSD shall have the right to sell to Chart all (and not less than all) of the shares of HTEC common stock acquired by BDT&MSD from ISQ on the Effective Date and which are still held by BDT&MSD at such time (the “Put Option”): i.the third anniversary of the Effective Date, ii.the date Chart undergoes a change of control (subject to certain exceptions), iii.the date upon which Chart, during the period from the Effective Date through the third anniversary of the Effective Date, has made certain distributions to its shareholders (including cash or other dividends, or via a spin-off transaction), in excess of $900.0, iv.the date upon which our leverage ratio exceeds certain thresholds; and v.the date of a bankruptcy or credit default event. •In the event that BDT&MSD exercises its Put Option, we shall pay to BDT&MSD an amount in cash equal to $323.0 or $51.20 per share (“Base Price”) in exchange for each relevant share of HTEC (the “BDT&MSD Put Option Consideration”); provided, however, that, upon the occurrence of the first triggering event that occurs on or after the third anniversary of the Effective Date (or if the first triggering event occurs prior thereto, but the closing of the Put Option has not been consummated prior to the third anniversary), the Base Price shall increase at the annualized rate of 11.25% until the closing of the Put Option. •Conversely, at any time after the third anniversary of the Effective Date, Chart shall have the right to purchase from BDT&MSD up to an aggregate of 85% of the shares of HTEC common stock acquired by BDT&MSD from ISQ on the Effective Date and which are still held by BDT&MSD at such time (the “Call Option”). In the event that Chart exercises the Call Option, Chart shall pay to BDT&MSD an amount in cash in exchange for such common stock such that BDT&MSD shall realize the greater of (i) an internal rate of return of 12.75% and (ii) a multiple on BDT&MSD’s invested capital of 1.80x, in each case with respect to each share of HTEC common stock which is subject to the Call Option. •The Co-Investment Agreement shall terminate automatically upon the consummation of an initial public offering by HTEC of its common stock. In connection with the sale by ISQ of all of its equity interests in HTEC to BDT&MSD as further described above, the following agreements, each of which has been previously disclosed by us in our Annual Report on Form 10-K dated December 31, 2024, were terminated by all of the parties thereto as of the Effective Date: (i) that certain Co-Investment Agreement, dated as of September 7, 2021, by and between Chart and ISQ, and (ii) that certain Tri-Party Agreement, dated as of October 2, 2024, by and among Chart, HTEC, ISQ, Colin Armstrong and Cenco Innovations Ltd. Accounting Treatment of Put and Call Options We record the Put and Call Options (together “the Options”) at fair value and record any change in fair value through earnings at each reporting period. The fair value of the put option and call option under the Co-Investment Agreement, dated as of April 30, 2025 was not material on September 30, 2025. Hy24 (f/k/a FiveT Hydrogen Fund and Clean H2 Infra Fund) On April 5, 2021, we were admitted as an anchor investor in Hy24 (the “Hydrogen Fund”). Hy24 is a joint venture between Ardian, a European investment house, and FiveT Hydrogen, an investment manager specialized purely on clean hydrogen investments. Our total investment to date is euro 16.2 million (equivalent to $19.1), making our unfunded commitment euro 33.8 million (equivalent to $39.7).

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- Definition The entire disclosure for investment. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/320/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Topic 321 -Publisher FASB -URI https://asc.fasb.org/321/tableOfContent Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Topic 325 -Publisher FASB -URI https://asc.fasb.org/325/tableOfContent + Details
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