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Leases | 9 Months Ended
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Sep. 30, 2025
Leases [Abstract] |
Leases | Leases Lessee Accounting We lease certain office spaces, warehouses, facilities, vehicles and equipment. Our leases have maturity dates ranging from October 2025 to September 2042. We incurred $7.2 and $6.8 of rental expense under operating leases for the three months ended September 30, 2025 and 2024, respectively, and $21.0 and $19.2 for the nine months ended September 30, 2025 and 2024, respectively, and these are included in selling, general and administrative expenses within our unaudited condensed consolidated statements of operations and comprehensive (loss) income. 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 unaudited condensed consolidated balance sheets, weighted average remaining lease term and weighted average discount rates related to our leases:
Lease Assets and Liabilities |  | September 30, 2025 |  | December 31, 2024
Assets |  |  |  |
Operating lease, net | Property, plant and equipment, net | $ | 84.8 |  |  | $ | 78.6 |
Finance lease, net | Other assets | 24.1 |  |  | 14.7 |
Total lease assets |  | $ | 108.9 |  |  | $ | 93.3 |
Liabilities |  |  |  |
Current: |  |  |  |
Operating lease liabilities | Other current liabilities | $ | 21.3 |  |  | $ | 19.6 |
Finance lease liabilities | Other current liabilities | 6.4 |  |  | 2.5 |
Non-current: |  |  |  |
Operating lease liabilities | Other long-term liabilities | 65.1 |  |  | 60.5 |
Finance lease liabilities | Other long-term liabilities | 18.4 |  |  | 12.9 |
Total lease liabilities |  | $ | 111.2 |  |  | $ | 95.5 |
Weighted-average remaining lease terms |  |  |  |
Operating leases |  | 6.1 years |  | 6.4 years
Finance leases |  | 5.1 years |  | 7.2 years
Weighted-average discount rate |  |  |  |
Operating leases |  | 6.9% |  | 7.0%
Finance leases |  | 5.9% |  | 6.8%
We recorded net non-cash right-of-use assets in exchange for finance and operating lease liabilities of $12.0 and $13.4 for the nine months ended September 30, 2025, respectively. We recorded net non-cash right-of-use assets in exchange for finance and operating lease liabilities of $0.1 and $20.1 for the nine months ended September 30, 2024, respectively. The following table summarizes future minimum lease payments for non-cancelable operating leases and for finance leases as of September 30, 2025:
| Finance |  | Operating
2025 | $ | 1.9 |  |  | $ | 6.7 |
2026 | 7.3 |  |  | 24.5 |
2027 | 7.2 |  |  | 19.3 |
2028 | 3.3 |  |  | 16.0 |
2029 | 2.0 |  |  | 11.5 |
Thereafter | 7.9 |  |  | 28.7 |
Total future minimum lease payments | 29.6 |  |  | 106.7 |
Less: Present value discount | 4.8 |  |  | 20.3 |
Lease liability | $ | 24.8 |  |  | $ | 86.4 |
Lessor Accounting We lease equipment manufactured by Chart as sales-type and operating leases. As of September 30, 2025 and December 31, 2024, our short-term net investment in sales-type leases was $1.5 and $8.1, respectively, and is included in other current assets in our unaudited condensed consolidated balance sheets. Our long-term net investment in sales-type leases was $4.9 and $31.7 as of September 30, 2025 and December 31, 2024, respectively, and is included in other assets in our unaudited 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 September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Sales-type leases | $ | 6.9 |  |  | $ | 11.5 |  |  | $ | 33.9 |  |  | $ | 36.9 |
Operating leases | — |  |  | 1.7 |  |  | 0.2 |  |  | 4.8 |
Total sales from leases | $ | 6.9 |  |  | $ | 13.2 |  |  | $ | 34.1 |  |  | $ | 41.7 |
The following table represents scheduled payments for sales-type leases as of September 30, 2025:
2025 | $ | 0.2 |
2026 | 1.4 |
2027 | 1.4 |
2028 | 1.4 |
2029 | 1.4 |
Thereafter | 4.2 |
Total | 10.0 |
Less: Unearned income | 3.6 |
Total | $ | 6.4 |
The cost of equipment leased to others at September 30, 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 October 2025 to September 2042. We incurred $7.2 and $6.8 of rental expense under operating leases for the three months ended September 30, 2025 and 2024, respectively, and $21.0 and $19.2 for the nine months ended September 30, 2025 and 2024, respectively, and these are included in selling, general and administrative expenses within our unaudited condensed consolidated statements of operations and comprehensive (loss) income. 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 unaudited condensed consolidated balance sheets, weighted average remaining lease term and weighted average discount rates related to our leases:
Lease Assets and Liabilities |  | September 30, 2025 |  | December 31, 2024
Assets |  |  |  |
Operating lease, net | Property, plant and equipment, net | $ | 84.8 |  |  | $ | 78.6 |
Finance lease, net | Other assets | 24.1 |  |  | 14.7 |
Total lease assets |  | $ | 108.9 |  |  | $ | 93.3 |
Liabilities |  |  |  |
Current: |  |  |  |
Operating lease liabilities | Other current liabilities | $ | 21.3 |  |  | $ | 19.6 |
Finance lease liabilities | Other current liabilities | 6.4 |  |  | 2.5 |
Non-current: |  |  |  |
Operating lease liabilities | Other long-term liabilities | 65.1 |  |  | 60.5 |
Finance lease liabilities | Other long-term liabilities | 18.4 |  |  | 12.9 |
Total lease liabilities |  | $ | 111.2 |  |  | $ | 95.5 |
Weighted-average remaining lease terms |  |  |  |
Operating leases |  | 6.1 years |  | 6.4 years
Finance leases |  | 5.1 years |  | 7.2 years
Weighted-average discount rate |  |  |  |
Operating leases |  | 6.9% |  | 7.0%
Finance leases |  | 5.9% |  | 6.8%
We recorded net non-cash right-of-use assets in exchange for finance and operating lease liabilities of $12.0 and $13.4 for the nine months ended September 30, 2025, respectively. We recorded net non-cash right-of-use assets in exchange for finance and operating lease liabilities of $0.1 and $20.1 for the nine months ended September 30, 2024, respectively. The following table summarizes future minimum lease payments for non-cancelable operating leases and for finance leases as of September 30, 2025:
| Finance |  | Operating
2025 | $ | 1.9 |  |  | $ | 6.7 |
2026 | 7.3 |  |  | 24.5 |
2027 | 7.2 |  |  | 19.3 |
2028 | 3.3 |  |  | 16.0 |
2029 | 2.0 |  |  | 11.5 |
Thereafter | 7.9 |  |  | 28.7 |
Total future minimum lease payments | 29.6 |  |  | 106.7 |
Less: Present value discount | 4.8 |  |  | 20.3 |
Lease liability | $ | 24.8 |  |  | $ | 86.4 |
Lessor Accounting We lease equipment manufactured by Chart as sales-type and operating leases. As of September 30, 2025 and December 31, 2024, our short-term net investment in sales-type leases was $1.5 and $8.1, respectively, and is included in other current assets in our unaudited condensed consolidated balance sheets. Our long-term net investment in sales-type leases was $4.9 and $31.7 as of September 30, 2025 and December 31, 2024, respectively, and is included in other assets in our unaudited 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 September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Sales-type leases | $ | 6.9 |  |  | $ | 11.5 |  |  | $ | 33.9 |  |  | $ | 36.9 |
Operating leases | — |  |  | 1.7 |  |  | 0.2 |  |  | 4.8 |
Total sales from leases | $ | 6.9 |  |  | $ | 13.2 |  |  | $ | 34.1 |  |  | $ | 41.7 |
The following table represents scheduled payments for sales-type leases as of September 30, 2025:
2025 | $ | 0.2 |
2026 | 1.4 |
2027 | 1.4 |
2028 | 1.4 |
2029 | 1.4 |
Thereafter | 4.2 |
Total | 10.0 |
Less: Unearned income | 3.6 |
Total | $ | 6.4 |
The cost of equipment leased to others at September 30, 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 October 2025 to September 2042. We incurred $7.2 and $6.8 of rental expense under operating leases for the three months ended September 30, 2025 and 2024, respectively, and $21.0 and $19.2 for the nine months ended September 30, 2025 and 2024, respectively, and these are included in selling, general and administrative expenses within our unaudited condensed consolidated statements of operations and comprehensive (loss) income. 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 unaudited condensed consolidated balance sheets, weighted average remaining lease term and weighted average discount rates related to our leases:
Lease Assets and Liabilities |  | September 30, 2025 |  | December 31, 2024
Assets |  |  |  |
Operating lease, net | Property, plant and equipment, net | $ | 84.8 |  |  | $ | 78.6 |
Finance lease, net | Other assets | 24.1 |  |  | 14.7 |
Total lease assets |  | $ | 108.9 |  |  | $ | 93.3 |
Liabilities |  |  |  |
Current: |  |  |  |
Operating lease liabilities | Other current liabilities | $ | 21.3 |  |  | $ | 19.6 |
Finance lease liabilities | Other current liabilities | 6.4 |  |  | 2.5 |
Non-current: |  |  |  |
Operating lease liabilities | Other long-term liabilities | 65.1 |  |  | 60.5 |
Finance lease liabilities | Other long-term liabilities | 18.4 |  |  | 12.9 |
Total lease liabilities |  | $ | 111.2 |  |  | $ | 95.5 |
Weighted-average remaining lease terms |  |  |  |
Operating leases |  | 6.1 years |  | 6.4 years
Finance leases |  | 5.1 years |  | 7.2 years
Weighted-average discount rate |  |  |  |
Operating leases |  | 6.9% |  | 7.0%
Finance leases |  | 5.9% |  | 6.8%
We recorded net non-cash right-of-use assets in exchange for finance and operating lease liabilities of $12.0 and $13.4 for the nine months ended September 30, 2025, respectively. We recorded net non-cash right-of-use assets in exchange for finance and operating lease liabilities of $0.1 and $20.1 for the nine months ended September 30, 2024, respectively. The following table summarizes future minimum lease payments for non-cancelable operating leases and for finance leases as of September 30, 2025:
| Finance |  | Operating
2025 | $ | 1.9 |  |  | $ | 6.7 |
2026 | 7.3 |  |  | 24.5 |
2027 | 7.2 |  |  | 19.3 |
2028 | 3.3 |  |  | 16.0 |
2029 | 2.0 |  |  | 11.5 |
Thereafter | 7.9 |  |  | 28.7 |
Total future minimum lease payments | 29.6 |  |  | 106.7 |
Less: Present value discount | 4.8 |  |  | 20.3 |
Lease liability | $ | 24.8 |  |  | $ | 86.4 |
Lessor Accounting We lease equipment manufactured by Chart as sales-type and operating leases. As of September 30, 2025 and December 31, 2024, our short-term net investment in sales-type leases was $1.5 and $8.1, respectively, and is included in other current assets in our unaudited condensed consolidated balance sheets. Our long-term net investment in sales-type leases was $4.9 and $31.7 as of September 30, 2025 and December 31, 2024, respectively, and is included in other assets in our unaudited 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 September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Sales-type leases | $ | 6.9 |  |  | $ | 11.5 |  |  | $ | 33.9 |  |  | $ | 36.9 |
Operating leases | — |  |  | 1.7 |  |  | 0.2 |  |  | 4.8 |
Total sales from leases | $ | 6.9 |  |  | $ | 13.2 |  |  | $ | 34.1 |  |  | $ | 41.7 |
The following table represents scheduled payments for sales-type leases as of September 30, 2025:
2025 | $ | 0.2 |
2026 | 1.4 |
2027 | 1.4 |
2028 | 1.4 |
2029 | 1.4 |
Thereafter | 4.2 |
Total | 10.0 |
Less: Unearned income | 3.6 |
Total | $ | 6.4 |
The cost of equipment leased to others at September 30, 2025 and December 31, 2024, was not material.

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