AUDIT INFORMATION |
12 Months Ended |
|---|---|
Dec. 31, 2024 | |
| Auditor Information [Abstract] | |
| Auditor Firm ID | 34 |
| Auditor Name | Deloitte & Touche LLP |
| Auditor Location | Atlanta, Georgia |
CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($) |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Statement of Financial Position [Abstract] | ||
| Allowances for doubtful accounts | $ 4,500,000 | $ 5,900,000 |
| Preferred stock, par value (usd per share) | $ 0.01 | $ 0.01 |
| Liquidation preference | $ 1,000 | $ 1,000 |
| Preferred stock, shares authorized (shares) | 10,000,000 | 10,000,000 |
| Preferred stock, shares issued (shares) | 402,500 | 402,500 |
| Preferred stock, shares outstanding (shares) | 402,500 | 402,500 |
| Common stock, par value (usd per share) | $ 0.01 | $ 0.01 |
| Common stock, shares authorized (shares) | 150,000,000 | 150,000,000 |
| Common stock, shares issued (shares) | 45,657,062 | 42,754,241 |
| Treasury stock (shares) | 760,782 | 760,782 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Statement of Comprehensive Income [Abstract] | |||
| Net income | $ 232.8 | $ 56.9 | $ 25.0 |
| Other comprehensive (loss) income: | |||
| Foreign currency translation adjustments | (167.2) | 63.7 | (35.3) |
| Defined benefit pension plan: | |||
| Actuarial (loss) gain on remeasurement | (0.7) | 5.8 | (1.7) |
| Net settlement loss | 1.1 | 0.0 | 0.0 |
| Amortization of net loss | 0.0 | 0.9 | 0.5 |
| Defined benefit pension plan | 0.4 | 6.7 | (1.2) |
| Other comprehensive (loss) income, before tax | (166.8) | 70.4 | (36.5) |
| Income tax benefit (expense) related to defined benefit pension plan | 0.5 | (1.6) | 0.2 |
| Other comprehensive (loss) income, net of taxes | (166.3) | 68.8 | (36.3) |
| Comprehensive income (loss) | 66.5 | 125.7 | (11.3) |
| Less: Comprehensive income attributable to noncontrolling interests, net of taxes | (13.9) | (9.6) | (1.0) |
| Comprehensive income (loss) attributable to Chart Industries, Inc. | $ 52.6 | $ 116.1 | $ (12.3) |
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Statement of Cash Flows [Abstract] | |||
| Transaction related costs | $ 0.0 | $ 26.1 | $ 37.0 |
| Restricted cash, current | $ 1.9 | $ 12.8 | $ 1,941.7 |
CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Millions |
Total |
Preferred Stock |
Common Stock |
Preferred Stock |
Preferred Stock
Preferred Stock
|
Additional Paid-in Capital |
Additional Paid-in Capital
Preferred Stock
|
Treasury Stock |
Retained Earnings |
Accumulated Other Comprehensive (Loss) Income |
Noncontrolling Interests |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Beginning balance at Dec. 31, 2021 | $ 1,625.2 | $ 0.4 | $ 0.0 | $ 779.0 | $ (19.3) | $ 878.2 | $ (21.7) | $ 8.6 | |||
| Beginning balance (shares) at Dec. 31, 2021 | 36,550,000 | ||||||||||
| Preferred stock balance at the beginning (shares) at Dec. 31, 2021 | 0 | ||||||||||
| Increase (Decrease) in Stockholders' Equity | |||||||||||
| Net income | 25.0 | 24.0 | 1.0 | ||||||||
| Other comprehensive income (loss) | (36.3) | (36.3) | |||||||||
| Stock issuance, net of equity issuance costs | 675.1 | $ 388.1 | 675.1 | $ 388.1 | |||||||
| Stock issuance, net of equity issuance costs (shares) | 5,920,000 | 400,000 | |||||||||
| Share-based compensation expense | 10.6 | 10.6 | |||||||||
| Common stock issued from share-based compensation plans | 2.2 | 2.2 | |||||||||
| Common stock issued from share-based compensation plans (shares) | 110,000 | ||||||||||
| Common stock repurchases from share-based compensation plans | (3.6) | (3.6) | |||||||||
| Common stock repurchases from share-based compensation plans (shares) | (20,000.00) | ||||||||||
| Acquisition of Earthly Labs Inc. | (1.2) | (1.2) | |||||||||
| Other | (0.8) | (0.8) | |||||||||
| Ending balance at Dec. 31, 2022 | 2,684.3 | $ 0.4 | $ 0.0 | 1,850.2 | (19.3) | 902.2 | (58.0) | 8.8 | |||
| Ending balance (shares) at Dec. 31, 2022 | 42,560,000 | ||||||||||
| Preferred stock balance at the end (shares) at Dec. 31, 2022 | 400,000 | ||||||||||
| Increase (Decrease) in Stockholders' Equity | |||||||||||
| Net income | 56.9 | 47.3 | 9.6 | ||||||||
| Other comprehensive income (loss) | 68.8 | 68.8 | |||||||||
| Stock issuance, net of equity issuance costs | 11.7 | 11.7 | |||||||||
| Stock issuance, net of equity issuance costs (shares) | 100,000 | ||||||||||
| Share-based compensation expense | 12.6 | 12.6 | |||||||||
| Common stock issued from share-based compensation plans | 1.0 | 1.0 | |||||||||
| Common stock issued from share-based compensation plans (shares) | 110,000 | ||||||||||
| Common stock repurchases from share-based compensation plans | (3.0) | (3.0) | |||||||||
| Common stock repurchases from share-based compensation plans (shares) | (20,000.00) | ||||||||||
| Preferred stock dividends | (27.3) | (27.3) | |||||||||
| Purchase of noncontrolling interest | 146.3 | 146.3 | |||||||||
| Dividend distribution to noncontrolling interest | (12.2) | (12.2) | |||||||||
| Other | (0.1) | (0.1) | |||||||||
| Ending balance at Dec. 31, 2023 | $ 2,939.0 | $ 0.4 | $ 0.0 | 1,872.5 | (19.3) | 922.1 | 10.8 | 152.5 | |||
| Ending balance (shares) at Dec. 31, 2023 | 42,750,000 | ||||||||||
| Preferred stock balance at the end (shares) at Dec. 31, 2023 | 402,500 | 400,000 | |||||||||
| Increase (Decrease) in Stockholders' Equity | |||||||||||
| Net income | $ 232.8 | 218.5 | 14.3 | ||||||||
| Other comprehensive income (loss) | (166.3) | (165.9) | (0.4) | ||||||||
| Share-based compensation expense | 18.9 | 18.9 | |||||||||
| Common stock issued from share-based compensation plans | $ 1.4 | 1.4 | |||||||||
| Common stock issued from share-based compensation plans (shares) | 20,000.00 | 100,000 | |||||||||
| Common stock repurchases from share-based compensation plans | $ (3.5) | (3.5) | |||||||||
| Common stock repurchases from share-based compensation plans (shares) | (20,000.00) | ||||||||||
| Settlement of warrants (shares) | 2,830,000 | ||||||||||
| Settlement of convertible notes (shares) | 2,340,000 | ||||||||||
| Exercise of bond hedge (shares) | (2,340,000) | ||||||||||
| Preferred stock dividends | (27.2) | (27.2) | |||||||||
| Other | 0.1 | $ 0.1 | |||||||||
| Ending balance at Dec. 31, 2024 | $ 2,995.2 | $ 0.5 | $ 0.0 | $ 1,889.3 | $ (19.3) | $ 1,113.4 | $ (155.1) | $ 166.4 | |||
| Ending balance (shares) at Dec. 31, 2024 | 45,660,000 | ||||||||||
| Preferred stock balance at the end (shares) at Dec. 31, 2024 | 402,500 | 400,000 |
Nature of Operations and Principles of Consolidation |
12 Months Ended |
|---|---|
Dec. 31, 2024 | |
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
| Nature of Operations and Principles of Consolidation | Nature of Operations and Principles of Consolidation Nature of Operations: We are a global leader in the design, engineering, and manufacturing of process technologies and equipment for gas and liquid molecule handling for the Nexus of Clean™—clean power, clean water, clean food, and clean industrials, regardless of molecule. The company’s unique product and solution portfolio across stationary and rotating equipment is used in every phase of the liquid gas supply chain, including engineering, service and repair and from installation to preventive maintenance and digital monitoring. Chart is a leading provider of technology, equipment and services related to liquefied natural gas, hydrogen, biogas, and CO2 capture amongst other applications. Chart is committed to excellence in environmental, social, and corporate governance (ESG) issues both for its company as well as its customers. With over 64 global manufacturing locations and over 50 service centers from the United States to Asia, India and Europe, we maintain accountability and transparency to our team members, suppliers, customers and communities. On March 17, 2023, we completed the acquisition of Howden, a leading global provider of mission critical air and gas handling products and services, from affiliates of KPS Capital Partners, LP. Results of operations include results of Howden from the date of acquisition and exclude Roots™ business financial results for our entire ownership period of March 17, 2023 through the divestiture date, August 18, 2023. The results of Roots™ are presented as discontinued operations in the consolidated statements of income and comprehensive income (loss) and have been excluded from both continuing operations and segment results for the year ended December 31, 2023. Furthermore, in 2023 we closed the sale of our American Fan, Cryo Diffusion and Cofimco fans businesses. See Note 3, “Discontinued Operations and Other Businesses Sold” for further information regarding these divestitures and Note 13, “Business Combinations”, for further information regarding the acquisition of Howden (the “Howden Acquisition”). Principles of Consolidation: The consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and include the accounts of Chart Industries, Inc. and its subsidiaries. Intercompany accounts and transactions are eliminated in consolidation.
|
Significant Accounting Policies |
12 Months Ended |
|---|---|
Dec. 31, 2024 | |
| Accounting Policies [Abstract] | |
| Significant Accounting Policies | Significant Accounting Policies Use of Estimates: The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements. These estimates may also affect the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and assumptions based on a number of factors including the current macroeconomic conditions such as inflation and supply chain disruptions. Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents: We consider all investments with an initial maturity of three months or less when purchased to be cash equivalents. Restricted cash and restricted cash equivalents are included within other current assets as of December 31, 2024 and 2023 in the accompanying consolidated balance sheets. For further information regarding restricted cash and restricted cash equivalents balances, refer to Note 10, “Debt and Credit Arrangements.” Accounts Receivable, Net of Allowances: Accounts receivable includes amounts billed and currently due from customers. The amounts due are stated at their net estimated realizable value. We maintain an allowance for credit losses to provide for the estimated amount of receivables that will not be collected. The allowance is based upon an assessment of customer creditworthiness, historical payment experience, the age of outstanding receivables and collateral to the extent applicable. In addition, we estimate expected credit losses based on historical loss information then adjust the estimates based on current, reasonable and supportable forecast economic conditions. Past-due trade receivable balances are written off when our internal collection efforts have been unsuccessful. As a practical expedient, we do not adjust the promised amount of consideration for the effects of a significant financing component when we expect, at contract inception, that the period between our transfer of a promised product or service to a customer and when the customer pays for that product or service will be one year or less. We do not typically include extended payment terms in our contracts with customers. Inventories: Inventories are stated at the lower of cost or net realizable value with cost being determined by the first-in, first-out (“FIFO”) method. We determine inventory valuation reserves based on a combination of factors. In circumstances where we are aware of a specific problem in the valuation of a certain item, a specific reserve is recorded to reduce the item to its net realizable value. We also recognize reserves based on the actual usage in recent history and projected usage in the near-term. Unbilled Contract Revenue: Unbilled contract revenue represents contract assets resulting from revenue recognized over time in excess of the amount billed to the customer and the amount billed to the customer is not just subject to the passage of time. Billing requirements vary by contract but are generally structured around the completion of certain milestones. These contract assets are generally classified as current. Property, Plant and Equipment: Capital expenditures for property, plant and equipment are recorded at cost. Expenditures for maintenance and repairs are charged to expense as incurred, whereas major improvements that extend the useful life are capitalized. The cost of applicable assets is depreciated over their estimated useful lives. Depreciation is computed using the straight-line method for financial reporting purposes and accelerated methods for income tax purposes. Lessee Accounting: At lease inception, we determine if an arrangement is a lease and if it includes options to extend or terminate the lease if it is reasonably certain that the options will be exercised. Lease expense for lease payments is recognized on a straight-line basis over the lease term for operating leases. Operating leases are recognized as right-of-use (“ROU”) assets and are included within property, plant and equipment, net, and lease liabilities are included in other current liabilities and other long-term liabilities in our consolidated balance sheets. Finance leases are recognized as ROU assets and are included within other assets. They are then amortized over the lesser of the lease term or useful economic life of the underlying asset. Operating lease liabilities are included within other current liabilities and other liabilities on the consolidated balance sheets. Finance lease liabilities are included within other current liabilities and other liabilities. ROU assets represent our right to use an underlying asset for the lease term, and lease liabilities represent our obligation to make lease payments arising from the lease. Lease ROU assets and liabilities are recognized on the lease commencement date based on the present value of lease payments over the lease term. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available on the lease commencement date in determining the present value of lease payments. Lessor Accounting: Similar to lessee accounting, at lease inception we determine if an arrangement is a lease. The net investment of our lease receivables is measured at the commencement date as the present value of the lease payments not yet received. Operating leases are reported at cost as equipment leased to others within property, plant and equipment, net in our consolidated balance sheets and depreciated based on their useful lives on a straight-line basis. Sales from sales-type and operating leases are presented net of sales tax and other related taxes. Interest income is recognized over the lease term using the effective interest method and is classified as interest expense, net in our consolidated statements of income. Lease payments from operating leases are recorded as income on a straight-line basis over the lease term. Long-lived Assets: We monitor our property, plant, equipment, and finite-lived intangible assets for impairment indicators on an ongoing basis. Assets are grouped and tested at the lowest level for which identifiable cash flows are available. If impairment indicators exist, we perform the required analysis and record impairment charges, if applicable. In conducting our analysis, we compare the undiscounted cash flows expected to be generated from the long-lived assets to the related net book values. If the undiscounted cash flows exceed the net book value, the long-lived assets are considered not to be impaired. If the net book value exceeds the undiscounted cash flows, an impairment loss is measured and recognized. An impairment loss is measured as the difference between the net book value and the fair value of the long-lived assets. Fair value is estimated from discounted future net cash flows (for assets held and used) or net realizable value (for assets held for sale). Changes in economic or operating conditions impacting these estimates and assumptions could result in the impairment of long-lived assets. We amortize intangible assets that have finite lives over their estimated useful lives. Goodwill and Indefinite-Lived Intangible Assets: Goodwill is recognized as the excess cost of an acquired entity over the net amount assigned to assets acquired and liabilities assumed. We do not amortize goodwill or indefinite-lived intangible assets, but review them for impairment annually in the fourth quarter or whenever events or changes in circumstances indicate that an evaluation should be completed. Goodwill is analyzed on a reporting unit basis. The reporting units are the same as our operating and reportable segments, which are as follows: Cryo Tank Solutions, Heat Transfer Systems, Specialty Products and Repair, Service & Leasing. We first evaluate qualitative factors, such as macroeconomic conditions and our overall financial performance to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill. We then evaluate how significant each of the identified factors could be to the fair value or carrying amount of a reporting unit and weigh these factors in totality in forming a conclusion of whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount (the “Step 0 Test”). If we determine that it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, the first step of the goodwill impairment test is not necessary. Otherwise, we would proceed to the first step of the goodwill impairment test. Alternatively, we may also bypass the Step 0 Test and proceed directly to the first step of the goodwill impairment test. Under the first step (“Step 1”), we estimate the fair value of the reporting units by considering income and market approaches to develop fair value estimates, which are weighted to arrive at a fair value estimate for each reporting unit. With respect to the income approach, a model has been developed to estimate the fair value of each reporting unit. This fair value model incorporates estimates of future cash flows, estimates of allocations of certain assets and cash flows among reporting units, estimates of future growth rates and management’s judgment regarding the applicable discount rates to use to discount such estimates of cash flows. With respect to the market approach, a guideline company method is employed whereby pricing multiples are derived from companies with similar assets or businesses to estimate fair value of each reporting unit. If the fair value of the reporting unit exceeds the carrying amount of the net assets assigned to that reporting unit, then goodwill is not impaired and no further testing is required. However, if the fair value of the reporting unit is less than its carrying amount, the impairment charge is based on the excess of a reporting unit’s carrying amount over its fair value (i.e., we would measure the charge based on the result from Step 1). In order to assess the reasonableness of the calculated fair values of the reporting units, we also compare the sum of the reporting units’ fair values to the market capitalization and calculate an implied control premium (the excess of the sum of the reporting units’ fair values over the market capitalization). We evaluate the control premium by comparing it to control premiums of recent comparable transactions. If the implied control premium is not reasonable in light of this assessment, we reevaluate the fair value estimates of the reporting units by adjusting the discount rates and other assumptions as necessary. Changes to the assumptions and estimates used throughout the steps described above may result in a significantly different estimate of the fair value of the reporting units, which could result in a different assessment of the recoverability of goodwill and result in future impairment charges. With respect to indefinite-lived intangible assets, we first evaluate relevant events and circumstances to determine whether it is more likely than not that the fair value of an indefinite-lived intangible asset is less than its carrying amount. If, in weighing all relevant events and circumstances in totality, we determine that it is more likely than not that an indefinite-lived intangible asset is not impaired, no further action is necessary. Otherwise, we would determine the fair value of indefinite-lived intangible assets and perform a quantitative impairment assessment by comparing the indefinite-lived intangible asset’s fair value to its carrying amount. We may bypass such a qualitative assessment and proceed directly to the quantitative assessment. We estimate the fair value of the indefinite-lived assets using the income approach. This may include the relief from royalty method or use of a model similar to the one described above related to goodwill which estimates the future cash flows attributed to the indefinite-lived intangible asset and then discounting these cash flows back to a present value. Under the relief from royalty method, fair value is estimated by discounting the royalty savings, as well as any tax benefits related to ownership to a present value. The fair value from either approach is compared to the carrying value and an impairment is recorded if the fair value is determined to be less than the carrying value. Equity Method Investments: Investments, including certain of our joint ventures, where Chart has the ability to exercise significant influence over, but does not possess control, are accounted for using the equity method of accounting. Judgment regarding the level of influence over each investment includes considering key factors such as our ownership interest, our representation on the investee’s board of directors and participation in policy-making decisions. We recognize the equity method investee’s proportionate share of the earnings and losses and classify as equity in earnings of unconsolidated affiliates, net in our consolidated statements of income. We evaluate our equity method investments for impairment whenever events or changes in circumstances indicate that the carrying amounts of such investments may not be recoverable. If a decline in the value of an equity method investment is determined to be other than temporary, an impairment loss is recognized in earnings for the amount by which the carrying amount of the investment exceeds its estimated fair value. Equity method investments are included within other assets in our consolidated balance sheets. Investments in Equity Securities: We measure certain of our investments in equity securities where we have no significant influence and generally less than 20% ownership interest at fair value on a recurring basis according to the fair value hierarchy as defined below. We reassess measurement options for these investments on a quarterly basis. Mark-to-market fair value adjustments in these investments in equity securities are classified within other expense (income), net in our consolidated statements of income and comprehensive income (loss). Investments in equity securities for which there is no readily determinable fair value are measured at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. Investments in equity securities are included within other assets in our consolidated balance sheets. Customer Advances and Billings in Excess of Contract Revenue: Our contract liabilities consist of advance customer payments, billings in excess of revenue recognized and deferred revenue. Our contract assets and liabilities are reported in a net position on a contract-by-contract basis at the end of each reporting period. We classify advance customer payments and billings in excess of revenue recognized as current. We classify deferred revenue as current or non-current based on the timing of when we expect to recognize revenue. The current portion of deferred revenue is included in customer advances and billings in excess of contract revenue in our consolidated balance sheets. Long-term deferred revenue is included in other long-term liabilities in our consolidated balance sheets. Preferred Stock and Dividends: Preferred stock is evaluated to determine balance sheet classification, and all conversion and redemption features are evaluated for bifurcation treatment. Proceeds received net of issuance costs are recognized on the settlement date. Cash dividends become a liability once declared. Income available to common stockholders is computed by deducting from net income the dividends accumulated and earned during the period on cumulative preferred stock. Financial Instruments: The fair values of cash equivalents, accounts receivable, accounts payable and short-term bank debt approximate their carrying amount because of the short maturity of these instruments. To minimize credit risk from trade receivables, we review the financial condition of potential customers in relation to established credit requirements before sales credit is extended and monitor the financial condition and payment history of customers to help ensure timely collections and to minimize losses. Additionally, for certain domestic and foreign customers, we require advance payments, letters of credit, bankers’ acceptances, and other such guarantees of payment. Certain customers also require us to issue letters of credit or performance bonds, particularly in instances where advance payments are involved, as a condition of placing the order. Fair Value Measurements: We measure our financial assets and liabilities at fair value on a recurring basis using a three-tier fair value hierarchy, which prioritizes the inputs used in the valuation methodologies. The three levels of inputs used to measure fair value are as follows: Level 1 — Valuations based on quoted prices for identical assets and liabilities in active markets. Level 2 — Valuations based on observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data. Level 3 — Valuations based on unobservable inputs reflecting our own assumptions, consistent with reasonably available assumptions made by other market participants. These valuations require significant judgment. Derivative Financial Instruments: We utilize certain derivative financial instruments to enhance our ability to manage foreign currency risk that exists as part of ongoing business operations. Derivative instruments are entered into for periods consistent with related underlying exposures and do not constitute positions independent of those exposures. We do not enter into contracts for speculative purposes nor are we a party to any leveraged derivative instrument. We are exposed to foreign currency exchange risk as a result of transactions in currencies other than the functional currency of certain subsidiaries. We utilize foreign currency forward purchase and sale contracts to manage the volatility associated with foreign currency transactions in the normal course of business. Contracts typically have maturities of less than one year. Principal currencies include the U.S. dollar, the euro, the Chinese yuan, the Czech koruna, the Australian dollar, the British pound, the Canadian dollar, the Indian rupee, the Chilean peso, and South African rand. Our foreign currency forward contracts do not qualify as hedges as defined by accounting guidance. Foreign currency forward contracts are measured at fair value and recorded on the consolidated balance sheets as other long-term liabilities, other current liabilities, other assets or other current assets. Changes in their fair value are recorded in the consolidated statements of income within other expense (income), net. Our foreign currency forward contracts are not exchange traded instruments and, accordingly, the valuation is performed using Level 2 inputs as defined above. Gains or losses on settled or expired contracts are recorded in the consolidated statements of income as foreign currency gains or losses. We enter into a combination of cross-currency swaps and foreign exchange collars as a net investment hedge of our investments in certain international subsidiaries that use the euro as their functional currency in order to reduce the volatility caused by changes in exchange rates. Our cross-currency swaps and foreign exchange collars are measured at fair value and recorded on the consolidated balance sheets within other assets or other long-term liabilities. Changes in fair value are recorded as foreign currency translation adjustments within accumulated other comprehensive loss. See Note 10, “Debt and Credit Arrangements,” for further information regarding the cross-currency swaps and foreign exchange collars. Our derivative contracts are subject to master netting arrangements or agreements between the Company and each counterparty for the net settlement of all contracts through a single payment in a single currency in the event of a default or termination of any one contract with that certain counterparty. It is our practice to recognize the gross amounts in the consolidated balance sheets. Business Combinations: We account for business combinations in accordance with Accounting Standards Codification (“ASC”) 805, “Business Combinations.” We recognize and measure identifiable assets acquired and liabilities assumed based on their estimated fair values. The excess of the consideration transferred over the fair value of the net assets acquired, including identifiable intangible assets, is assigned to goodwill. As additional information becomes available, we may further revise the preliminary acquisition consideration allocation during the remainder of the measurement period, which shall not exceed twelve months from the closing of the acquisition. Identifiable finite-lived intangible assets generally consist of customer relationships, unpatented technology, patents and trademarks and trade names and are amortized over their estimated useful lives which generally range from 2 to 15 years. Identifiable indefinite-lived intangible assets generally consist of trademarks and trade names and are subject to impairment testing on at least an annual basis. We estimate the fair value of identifiable intangible assets under income approaches where the fair value models incorporate estimates of future cash flows, estimates of allocations of certain assets and cash flows, estimates of future growth rates, and management’s judgment regarding the applicable discount rates to use to discount such estimates of cash flows. As such, acquisitions are classified as Level 3 fair value hierarchy measurements and disclosures. We expense transaction related costs, including legal, consulting, accounting and other costs, in the periods in which the costs are incurred. Revenue Recognition: Revenue is recognized when (or as) we satisfy performance obligations by transferring a promised good or service to a customer. A contract with a customer exists when there is commitment and approval from both parties involved, the rights of the parties are identified, payment terms are defined, the contract has commercial substance, and collectability of consideration is probable. An asset is transferred to a customer when, or as, the customer obtains control over that asset. In most contracts, the transaction price includes both fixed and variable consideration. The variable consideration contained within our contracts with customers includes discounts, rebates, refunds, credits, price concessions, incentives, performance bonuses, penalties and other similar items. When the period between when we transfer a promised good or service to a customer and when the customer pays for that good or service is expected, at contract inception, to be one year or less, we do not adjust for the effects of a significant financing component. When a contract includes variable consideration, we evaluate the estimate of the variable consideration and determine whether the estimate needs to be constrained; therefore, we include the variable consideration in the transaction price only to the extent that it is probable that a significant reversal of the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. Variable consideration estimates are updated at each reporting date. When a contract includes multiple performance obligations, the transaction price is allocated among the performance obligations based upon the stand alone selling prices. In certain contracts, we are engaged to engineer and build highly-customized products and systems. In these circumstances, we produce an asset with no alternative use and have a right to payment for performance completed to date. For these contracts, revenue is recognized as we satisfy the performance obligations computed using input methods such as costs incurred. Input methods recognize revenue on the basis of the entity’s efforts or inputs to the satisfaction of a performance obligation relative to the total expected inputs to the satisfaction of that performance obligation. The costs incurred input method measures progress toward the satisfaction of the performance obligation by multiplying the transaction price of the performance obligation by the percentage of incurred costs as of the balance sheet date to the total estimated costs at completion after giving effect to the most current estimates. Revisions to estimated cost to complete that result from inefficiencies in our performance that were not expected in the pricing of the contract are expensed in the period in which these inefficiencies become known. Contract modifications can change a contract’s scope, price, or both. Approved contract modifications are accounted for as either a separate contract or as part of the existing contract depending on the nature of the modification. Where contracts do not meet the over time recognition requirements, the company recognizes revenue at a point in time. For these contracts, revenue is recognized when we satisfy our performance obligation to the customer. The specific point in time when control transfers depends on the contract with the customer, contract terms that provide for a present obligation to pay, physical possession, legal title, risk and rewards of ownership, acceptance of the asset, and bill-and-hold arrangements may impact the point in time when control transfers to the customer. We recognize revenue under bill-and-hold arrangements when control transfers and the reason for the arrangement is substantive, the product is separately identified as belonging to the customer, the product is ready for physical transfer and we do not have the ability to use the product or direct it to another customer. Incremental contract costs are expensed when incurred when the amortization period of the asset that would have been recognized is one year or less; otherwise, incremental contract costs are recognized as an asset and amortized over time as promised goods and services are transferred to a customer. When losses are expected to be incurred on a contract, we recognize the entire anticipated loss in the accounting period when the loss becomes evident. The loss is recognized when the current estimate of the consideration we expect to receive, modified to include unconstrained variable consideration instead of constrained variable consideration, is less than the current estimate of total costs for the contract. Taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction that are collected by us from a customer, are excluded from revenue. Shipping and handling fee revenues and the related expenses are reported as fulfillment revenues and expenses for all customers. Shipping and handling costs associated with outbound freight are accounted for as fulfillment costs and are included in cost of sales. Amounts billed to customers for shipping are classified as sales, and the related costs are classified as cost of sales on the consolidated statements of income. Cost of Sales: Manufacturing expenses associated with sales are included in cost of sales. Cost of sales includes all materials, direct and indirect labor, inbound freight, purchasing and receiving, inspection, internal transfers, and distribution and warehousing of inventory. In addition, shop supplies, facility maintenance costs, manufacturing engineering, project management, and depreciation expense for assets used in the manufacturing process are included in cost of sales on the consolidated statements of income. Selling, General and Administrative (“SG&A”) Expenses: SG&A expenses include selling, marketing, customer service, product management and other administrative expenses not directly supporting the manufacturing process, as well as depreciation expense associated with non-manufacturing assets. In addition, SG&A expenses include corporate operating expenses for executive management, accounting, tax, treasury, corporate development, human resources, information technology, investor relations, legal, internal audit and risk management. Amortization Expense: Intangible assets with finite useful lives are amortized on a straight-line basis over their estimated useful lives, which vary depending on the type of intangible assets. In determining the estimated useful lives of finite-lived intangible assets, we consider the nature, competitive position, life cycle and historical and expected future operating cash flows of each acquired assets. Research and Development Costs: We incurred research and development costs of $38.3, $23.3, and $13.5 for the years ended December 31, 2024, 2023, and 2022, respectively. Such costs are expensed as incurred and included in SG&A expenses in the consolidated statements of income. Foreign Currency Translation: The functional currency for the majority of our foreign operations is the applicable local currency. The translation from the applicable foreign currencies to U.S. dollars is performed for asset and liability accounts using exchange rates in effect at the balance sheet date and for revenue and expense accounts using the average exchange rate during the period. The resulting translation adjustments are recorded as a component of other comprehensive (loss) income in the consolidated statements of comprehensive income (loss). Certain of our foreign entities remeasure from local to functional currencies, which is then translated to the reporting currency of the Company. Remeasurement from local to functional currencies is included in cost of sales or other expense (income), net in the consolidated statements of income. Gains or losses resulting from foreign currency transactions are charged to other expense (income), net in the consolidated statements of income as incurred. Income Taxes: The Company and its U.S. subsidiaries file a consolidated federal income tax return. Deferred income taxes are provided for temporary differences between financial reporting and the consolidated tax return in accordance with the liability method. A valuation allowance is provided against net deferred tax assets when conditions indicate that it is more likely than not that the benefit related to such assets will not be realized. In assessing the need for a valuation allowance against deferred tax assets, we consider all available evidence, including past operating results, estimates of future taxable income, and the feasibility of tax planning strategies. In the event that we change our determination as to the amount of deferred tax assets that can be realized, the valuation allowance will be adjusted with a corresponding impact to the provision for income taxes in the period in which such determination is made. We utilize a two-step approach for the recognition and measurement of uncertain tax positions. The first step is to evaluate the tax position and determine whether it is more likely than not that the position will be sustained upon examination by tax authorities. The second step is to measure the tax benefit as the largest amount that is more likely than not of being realized upon settlement. Interest and penalties related to income taxes are accounted for as income tax expense in the consolidated statements of income. We are subjected to a tax on Global Intangible Low Taxed Income (“GILTI”), which we record as a period cost as incurred. Share-based Compensation: We measure share-based compensation expense for share-based payments to employees and directors, including grants of employee stock options, restricted stock, restricted stock units and performance units based on the grant-date fair value. The fair value of stock options is calculated using the Black-Scholes pricing model and is recognized on an accelerated basis over the vesting period. The grant-date fair value calculation under the Black-Scholes pricing model requires the use of variables such as exercise term of the option, future volatility, dividend yield, and risk-free interest rate. The fair value of restricted stock and restricted stock units is based on Chart’s market price on the date of grant and is generally recognized on an accelerated basis over the vesting period. The fair value of performance units is based on Chart’s market price on the date of grant and pre-determined performance and market conditions as determined by the Compensation Committee of the Board of Directors and is recognized on a straight-line basis over the performance measurement period based on the probability that the performance and market conditions will be achieved. We reassess the vesting probability of performance units each reporting period and adjust share-based compensation expense based on our probability assessment. Share-based compensation expense for all awards considers estimated forfeitures. During the year, we may repurchase shares of common stock from equity plan participants to satisfy tax withholding obligations relating to the vesting or payment of equity awards. All such repurchased shares are retired in the period in which the repurchases occur. Defined Benefit Pension Plans: We sponsor multiple defined benefit pension plans including a plan which has been frozen since February 2006. The funded status is measured as the difference between the fair value of the plan assets and the projected benefit obligation. The change in the funded status of the plan is recognized in the year in which the change occurs through accumulated other comprehensive (loss) income. Our funding policy is to contribute at least the minimum funding amounts required by law. Management has chosen policies according to accounting guidance that allow the use of a calculated value of plan assets, which generally reduces the volatility of expense (income) from changes in pension liability discount rates and the performance of the pension plans’ assets. Recently Issued Accounting Standards (Not Yet Adopted): In November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2024-03, “Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses”, which is intended to improve expense disclosures, primarily by requiring disclosure of disaggregated information about certain income statement expense line items on an annual and interim basis. The amendments in this update are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The updates required by this standard are to be applied prospectively with the option for retrospective application. We are currently assessing the effect this ASU will have on our disclosures. In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” The amendments in this update enhance the transparency and decision usefulness of income tax disclosures. This update enhances the rate reconciliation by requiring an entity to disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. The update also requires an entity to disclose on an annual basis enhanced information about income taxes paid, income from continuing operations before income tax expense (or benefit) disaggregated between domestic and foreign, and income tax expense (or benefit) from continuing operations disaggregated by federal (national), state, and foreign. The amendments in this update are effective for fiscal years beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. We are currently assessing the effect this ASU will have on our disclosures. Recently Adopted Accounting Standards: In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures.” The amendments in this update improve reportable segment disclosure requirements through enhanced disclosures about significant segments expenses. Among other things, this update requires an entity to disclose significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and included within each reported measure of segment profit or loss. The update also requires entities to disclose other segment items, provide all annual disclosures about a reportable segment’s profit and loss and assets currently required by this Topic in interim periods, disclose the title and position of our CODM, and an explanation of how the CODM uses the reported measures of segment profit or loss in assessing segment performance and deciding how to allocate resources. We adopted this guidance effective January 1, 2024, resulting in enhanced disclosure of segment expenses along with greater detail of our CODM and how they use the reported measures of segment profit or loss in assessing segment performance and deciding how to allocate resources. See Note 4, “Segment and Geographic Information” for the enhanced disclosures associated with the adoption of ASU 2023-07. In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848), Facilitation of the Effects of Reference Rate Reform on Financial Reporting,” and in January 2021, the FASB subsequently issued ASU 2021-01, “Reference Rate Reform (Topic 848): Scope.” ASU 2020-04 and the subsequent modifications are identified as ASC 848 (“ASC 848”). ASC 848 simplifies the accounting for modifying contracts (including those in hedging relationships) that refer to LIBOR and other interbank offered rates that are expected to be discontinued due to reference rate reform. Chart transitioned away from LIBOR rates on our debt facilities in early 2023 at which time we adopted this guidance. The adoption of this guidance did not have a material impact on our financial position, results of operations or disclosures.
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| Discontinued Operations and Other Businesses Sold | Discontinued Operations and Other Businesses Sold Roots™ Divestiture On June 11, 2023, we signed a definitive agreement to divest our Roots business, which we acquired as part of the Howden Acquisition, to Ingersoll Rand Inc. (New York Stock Exchange: IR) (“buyer”) for a base purchase price of $300.0, subject to customary adjustments. The sale was completed on August 18, 2023 with proceeds totaling $291.9 before customary estimated closing working capital adjustments, which are complete. The purchase price was subject to a final net working capital adjustment of $2.5, settled in the first quarter of 2024. We previously determined that our Roots business qualified for discontinued operations and as such, the financial results of the Roots business are reflected in our consolidated statements of income as discontinued operations for our entire ownership period of March 17, 2023 through August 18, 2023. Summarized Financial Information of Discontinued Operations The following table represents income from discontinued operations, net of tax:
_______________ (1)The Roots business was acquired on March 17, 2023 and held for sale until the sale was completed on August 18, 2023. (2)The loss (gain) on sale of the Roots business was $2.5 and $(5.0) before taxes for the year ended December 31, 2024 and December 31, 2023, respectively. (3)Loss from discontinued operations, net of tax for the year ended December 31, 2022 relates to the divestiture of our cryobiological products business and the associated Pacific Fertility lawsuits that Chart retained after the divestiture. We reached a settlement in late January 2023 to resolve the Pacific Fertility Center lawsuits. We recorded a net loss of approximately $73.0 in discontinued operations for the year ended December 31, 2022, which represented the expected out-of-pocket payments in connection with these settlements. Other Businesses Sold On October 26, 2023, we signed and closed on the divestiture of our American Fan business to Arcline Investment Management, L.P, with net proceeds totaling $109.7 after customary closing working capital adjustments, which are complete. On October 31, 2023, we completed the sale of our Cofimco fans business (“Cofimco”) to PX3 Partners, with net proceeds totaling $67.4 after customary closing working capital adjustments, which are complete.
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| 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
(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.
(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.
(1)See Note 9, “Goodwill and Intangible Assets,” for further information related to goodwill and identifiable intangible assets, net. Geographic Information
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12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Revenue | Revenue Disaggregation of Revenue The following tables represent a disaggregation of revenue by timing of revenue along with the reportable segment for each category:
Refer to Note 4, “Segment and Geographic Information,” for a table of revenue by reportable segment disaggregated by geography. Contract Balances The following table represents changes in our contract assets and contract liabilities balances:
Revenue recognized for the years ended December 31, 2024 and 2023, that was included in the contract liabilities balance at the beginning of each year was $332.9 and $116.0, respectively. The amount of revenue recognized during the year ended December 31, 2024 from performance obligations satisfied or partially satisfied in previous periods as a result of changes in the estimates of variable consideration related to long-term contracts, was not significant. The increase in contract assets as of December 31, 2024 compared to December 31, 2023 was driven by an increase in revenue recognized on an over time basis. Remaining Performance Obligations Remaining performance obligations represent the transaction price of firm signed purchase orders or other written contractual commitments from customers for which work has not been performed, or is partially completed, and excludes unexercised contract options and potential orders. As of December 31, 2024, the estimated revenue expected to be recognized in the future related to remaining performance obligations was $4,845.1, which is equivalent to our backlog. We expect to recognize revenue on approximately 59% of the remaining performance obligations over the next 12 months with the remaining balance recognized over the next few years thereafter.
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Investments |
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| Investments, All Other Investments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investments | Investments Equity Method Investments The following table represents the activity in equity method investments, which are classified within other assets:
Investments in equity securities The following table represents the activity in investments in equity securities, which are classified within other assets:
_______________ (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 On September 7, 2021, we entered into a Co-investment agreement with I Squared Capital (“ISQ”), an infrastructure-focused private equity firm (the “Co-Investment Agreement”), pursuant to which Chart and ISQ have agreed to the following: •In the following circumstances, ISQ shall have the right but not the obligation to require Chart to purchase all (and not less than all) of the shares of HTEC common stock acquired as part of ISQ’s investment (the “Put Option”): i.the third anniversary of the Closing 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 Closing Date through the third anniversary of the Closing 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, if any, upon which our leverage ratio exceeds certain thresholds and v.the date, if any, of a bankruptcy event (including certain insolvency-related actions) involving Chart. •Conversely, at any time after the third anniversary of the Closing Date, we shall have the right to purchase from ISQ up to 20% of the shares of HTEC common stock acquired as part of the ISQ Investment (the “Call Option”). In exchange for the common stock, we shall pay ISQ the greater of (i) an internal rate of return of 12.5% and (ii) a multiple on ISQ’s invested capital of 1.65x. •In addition, we shall have (i) a right of first offer: if ISQ desires to transfer any of its HTEC common stock to any third party, we shall have the right to first offer provided that upon notice, we shall have the option to make a first offer to purchase the offered interest in cash exclusively and (ii) a right of first refusal: if ISQ desires to sell its HTEC common stock to any third party pursuant to a definitive agreement therewith, we shall have the right of first refusal provided that the purchase consideration paid by Chart to ISQ upon our exercise of such right of first refusal must be equal to 102% of the purchase consideration agreed to be paid by such third party. •The Co-Investment Agreement shall terminate automatically upon the consummation of an initial public offering by HTEC of its common stock. Tri-Party Agreement The Put Option and the Call Option were exercisable as of September 7, 2024, which was the third anniversary of the Closing Date. On October 2, 2024, we entered into a Tri-Party Agreement by and among HTEC and ISQ, where among other things and in reference to the Put Option and Call Option (together “the Options”), ISQ and Chart agree, with HTEC and each other, to refrain from exercising their respective Options, as applicable, until no earlier than May 1, 2025. From and after May 1, 2025, ISQ shall have the right to exercise its Put Option. Following ISQ’s election to exercise its Put Option, Chart shall pay ISQ an amount equal to a purchase price of either (i) (x) $225.0 if paid solely in cash or (y) $250.0 if not paid solely in cash or (ii) three equal installments of $75.0 under clause (x) or $83.3 under clause (y) for a total combined purchase price of $225.0 under clause (x) or $250.0 under clause (y). The cumulative installment payments are owed no later than September 30, 2025 following ISQ’s election to exercise its Put Option. Chart may pay any Put Option purchase price, at its option, in either immediately available funds (in U.S. dollars), Chart common stock, or a combination of immediately available funds (in U.S. dollars) and Chart common stock. In February 2025, we executed a Letter of Intent with a third party to assume and replace the Put Option and structure the revised Put Option similar to the existing Put Option set out in the September 2021 Co-Investment Agreement so that the Put Option would not be exercisable until 2028, subject to similar exercise conditions in the September 2021 Co-Investment Agreement. We record the Options at fair value and record any change in fair value through earnings at each reporting period. The fair value of the Options was not material on the Closing Date or at December 31, 2024 and 2023. 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 is euro 14.2 million (equivalent to $14.7) making our unfunded commitment euro 35.8 million (equivalent to $37.2).
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Inventories |
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| Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Inventories | Inventories The following table summarizes the components of inventory:
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Property, Plant and Equipment |
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| Property, Plant and Equipment | Property, Plant and Equipment The following table summarizes the components of property, plant and equipment:
Depreciation expense was $76.0, $67.7 and $40.5 for the years ended December 31, 2024, 2023, and 2022, respectively. Capital expenditures of $13.4 and $28.4 are included in accounts payable in our consolidated balance sheet at December 31, 2024 and 2023, respectively.
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Goodwill and Intangible Assets |
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| Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Goodwill and Intangible Assets | Goodwill and Intangible Assets Goodwill The following table represents the activity in goodwill net of accumulated goodwill impairment loss (“goodwill, net”) and accumulated goodwill impairment loss by segment for 2024:
_______________ (1)Purchase accounting adjustments, which were recorded during the first quarter 2024, related to the Howden Acquisition. See Note 13, “Business Combinations” for further information. The following table represents the activity in goodwill net of accumulated goodwill impairment loss (“goodwill, net”) and accumulated goodwill impairment loss by segment for 2023 (1):
_______________ (1)Goodwill acquired during the period was $2,085.3. All goodwill acquired during the period is related to the Howden Acquisition. (2)Refer to Note 3, “Discontinued Operations and Other Businesses Sold” for information regarding divestitures. (3)During the year ended December 31, 2023, we recorded purchase price adjustments which increased goodwill by $0.1 in our Specialty Products segment related to the 2022 acquisition of Fronti Fabrications, Inc. (“Fronti) and increased goodwill by $0.3 in our Repair, Service & Leasing segment related to the 2022 acquisition of CSC Cryogenic Service Center AB (“CSC”). Intangible Assets The following table displays the gross carrying amount and accumulated amortization for finite-lived intangible assets and indefinite-lived intangible assets (exclusive of goodwill) (1):
_______________ (1)Amounts include the impact of foreign currency translation. Fully amortized or impaired amounts are written off. (2)Accumulated indefinite-lived intangible assets impairment loss was $16.0 at both December 31, 2024 and 2023. Amortization expense for finite-lived intangible assets was $193.9, $163.4 and $41.4 for the years ended December 31, 2024, 2023, and 2022, respectively. We estimate amortization expense to be recognized during the next five years as follows:
See Note 13, “Business Combinations,” for further information related to intangible assets acquired.
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| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt and Credit Arrangements | Debt and Credit Arrangements Summary of Outstanding Borrowings The following table represents the components of our borrowings:
_______________ (1)Our convertible notes due November 2024, which were settled as of December 31, 2024, net of unamortized debt issuance costs, are included in current maturities for the year ended December 31, 2023. The following table represents the scheduled maturities for our borrowings, excluding unamortized debt issuance costs, for the next five years:
Cash paid for interest during the years ended December 31, 2024, 2023 and 2022 was $305.0, $219.8 and $25.7, respectively. Senior Secured and Unsecured Notes On December 22, 2022, we completed the issuance and sale of (i) $1,460.0 aggregate principal amount of 7.500% Secured Notes at an issue price of 98.661% and (ii) $510.0 aggregate principal amount of 9.500% Unsecured Notes (together with the Secured Notes, the “Notes”), at an issue price of 97.949%. The Secured Notes mature on January 1, 2030, and the Unsecured Notes mature on January 1, 2031. The effective interest rate on the Secured Notes and Unsecured Notes is 7.8% and 9.9%, respectively, after accounting for original issue discounts and debt issuance costs. The Notes were issued to finance the Howden Acquisition. Net proceeds received from the offering of each series of Notes was deposited in an escrow account and classified as restricted cash. The Notes are fully and unconditionally guaranteed by each of Chart’s wholly owned domestic restricted subsidiaries that is a borrower or a guarantor under Chart’s fifth amended and restated credit agreement, dated as of October 18, 2021 (as amended, restated, supplemented, or otherwise modified from time to time, the “Credit Agreement”). The Secured Notes and the related guarantees are secured by first-priority liens on substantially all of the assets of the Company and the Guarantors, subject to certain exceptions. We may redeem either series of the Notes, in whole or in part, at any time on or after January 1, 2026, at the redemption prices set forth in the respective indentures. We may also redeem up to 40% of the aggregate principal amount of each series of the Notes on or prior to January 1, 2026, in an amount not to exceed the net cash proceeds from certain equity offerings at the redemption prices set forth in the respective indentures. Prior to January 1, 2026, we may redeem some or all of either series of the Notes at a price which includes the applicable “make-whole” premium set forth in the respective indentures. If Chart experiences a change of control (as defined in the respective indentures), the Notes are able to be redeemed by the holders at 101%, plus accrued and unpaid interest, if any, to (but not including) the date the Notes are purchased. Senior Secured Revolving Credit Facility and Term Loans Senior Secured Revolving Credit Facility Our fifth amended and restated credit agreement dated as of April 8, 2024, as amended (the “Credit Agreement”) provides for a senior secured revolving credit facility (the “SSRCF”), which matures on April 6, 2029. •The SSRCF has a borrowing capacity of $1,250.0 and includes a sub limit for letters of credit that is the greater of (x) $350.0 and (y) $150.0 plus (1) the Dollar Amount (as of the Amended Closing Date) of the Assumed Letters of Credit plus (2) the Dollar Amount of any Letters of Credit issued on the Amendment Closing Date, a $200.0 sub limit for discretionary letters of credit and a $100.0 sub-limit for swingline loans. •We may, subject to the satisfaction of certain conditions, request one or more new commitments and/or increase in the amount of the SSRCF. Each incremental term commitment and incremental revolving commitment shall be in an aggregate principal amount that is not less than $10.0 and shall be in an increment of $1.0 to the extent existing or new lenders agree to provide such increased or additional commitments, as applicable. •The SSRCF bears interest at a base rate plus an applicable margin determined on a leveraged-based scale which (before giving effect to the sustainability pricing adjustments described below) ranges from 25 to 125 basis points for base rate loans and 125 to 225 basis points for Secured Overnight Financing Rate (“SOFR”) loans. •The applicable margin described above is subject to further adjustments based on the reductions in the ratio between (i) the total greenhouse gas emissions, measured in metric tons CO2e, of Chart and its subsidiaries during such calendar year and (ii) the aggregate revenue, measured in U.S. Dollars, of Chart and its subsidiaries during such calendar year. These additional pricing adjustments range from an addition of 0.05% to a reduction of 0.05% in the applicable margin described above. •We are required to pay commitment fees on any unused commitments under the SSRCF which, before giving effect to the sustainability fee adjustments (as described below), is determined on a leverage-based sliding scale ranging from 20 to 35 basis points. •The commitment fees described above are also subject to sustainability fee adjustments based on the aforementioned ratio. The sustainability fee adjustments range from an addition of 0.01% to a reduction of 0.01%. •Interest and fees are payable on a quarterly basis (or if earlier, at the end of each interest period for SOFR loans). and includes sub limits for letters of credit and swingline loans. At December 31, 2024, there were $205.0 in borrowings outstanding under the SSRCF bearing an interest rate of 7.0% (6.2% as of December 31, 2023) and $277.5 in letters of credit and bank guarantees outstanding supported by the SSRCF. As of December 31, 2024, we had unused borrowing capacity of $767.5. A portion of borrowings outstanding under the SSRCF are denominated in euros (“EUR Revolver Borrowings”). EUR Revolver Borrowings outstanding were euro 78.0 million (equivalent to $81.0) at December 31, 2024 and euro 88.5 million (equivalent to $97.8) at December 31, 2023. Significant financial covenants for the SSRCF include financial maintenance covenants that, as of the last day of any fiscal quarter ending on and after September 30, 2021, (i) require the ratio of the amount of Chart and its subsidiaries’ consolidated total net indebtedness to consolidated EBITDA to be less than the Maximum Total Net Leverage Ratio Levels and (ii) require the ratio of the amount of Chart and its subsidiaries’ consolidated EBITDA to consolidated cash interest expense to be greater than the Minimum Interest Coverage Ratio Levels. The SSRCF includes a number of other customary covenants including, but not limited to, restrictions on our ability to incur additional indebtedness, create liens or other encumbrances, sell assets, enter into sale and lease-back transactions, make certain payments, investments, loans, advances or guarantees, make acquisitions and engage in mergers or consolidations and pay dividends or distributions. At December 31, 2024, we were in compliance with all covenants. The SSRCF also contains customary events of default. If such an event of default occurs, the lenders thereunder would be entitled to take various actions, including the acceleration of amounts due and all actions permitted to be taken by a secured creditor. The SSRCF is guaranteed by Chart and substantially all of its U.S. subsidiaries, and secured by substantially all of the assets of Chart and its U.S. subsidiaries and 65% of the capital stock of our material non-U.S. subsidiaries (as defined by the Credit Agreement) that are owned by U.S. subsidiaries. Term Loans On October 2, 2023, Chart refinanced the remaining aggregate principal amounts of our term loans plus accrued interest in exchange for term loans due March 2030 in the aggregate principal amount of $1,781.0 which matures on March 18, 2030. On December 4, 2023, we voluntarily prepaid a portion of our term loans due March 2030 in the amount of $150.0, which effectively prepaid all equal quarterly installments for the life of the loan, and as of December 31, 2024, the aggregate principal amount of $1,581.0 is due at the March 18, 2030 maturity date. As a result of the events of both the October 2, 2023 Credit Agreement amendment and the December 4, 2023 partial prepayment of the term loans due March 2030, we recognized a loss on extinguishment of debt of $7.8 for the year ended December 31, 2023. On July 2, 2024, we entered into amendment No. 7 to our Credit Agreement, which among other things reduces the interest rate margins applicable to the term loans due March 2030. In connection with this amendment, we repaid a portion of our term loans due March 2030 in the amount of $50.0. As of December 31, 2024, the term loans due March 2030 bore an interest rate of 7.1% (8.7% as of December 31, 2023). The effective interest rate on the term loans due March 2030 is 9.1% after accounting for original issue discount and debt issuance costs. Chart may elect the interest rate for the term loans due March 2030 equal to (i) the Applicable Margin (2.50%), or (ii) the Alternate Base Rate (a rate per annum equal to the greatest of (a) the rate of interest last quoted by The Wall Street Journal in the U.S. as the prime rate, (b) the NYFRB Rate in effect plus 0.50%, (c) Adjusted Term SOFR for a one month Interest Period plus 1.00%, and (d) 1.50% plus the Applicable Margin (2.25%). Chart may elect interest periods of 1, 3, or 6 months. Interest shall be payable in arrears for (a) for loans accruing interest at a rate based on Adjusted Term SOFR, at the end of each interest period and, for interest periods of greater than three months, every three months, and on the applicable maturity date and (b) for loans accruing interest based on the Alternate Base Rate, quarterly in arrears and on the applicable maturity date. The allowance of incremental facilities is substantially identical to those in the SSRCF, except (i) to permit the incurrence of a standalone letter of credit facility and (ii) that if the yield of any incremental facility that is in a U.S. dollar denominated term loan facility that is secured by liens on the collateral that is incurred within twelve months after the Closing Date, the applicable margins for the term loans due March 2030 may increase under certain circumstances. Additionally, the refinancing facilities are substantially identical to those set forth in the SSRCF. Chart may prepay the term loans due March 2030 in whole or in part at any time without penalty or premium, with the exception of a repricing event with respect to all or any portion of the term loans due 2030 that occurs on or before the date that is six months after the Closing Date. The term loans due March 2030 will be equal in right of payment with any other senior indebtedness of Chart and, if needed, shall be subject to an equal intercreditor agreement with respect to the SSRCF. The term loans due March 2030 are guaranteed by each wholly-owned domestic subsidiary that is also a guarantor under the SSRCF. Significant financial covenants and customary events of default for the term loans due March 2030 is substantially identical to those in the SSRCF. 2024 Convertible Notes and Convertible Note Hedge and Warrant Transactions On November 6, 2017, we issued 1.00% Convertible Senior Subordinated Notes due November 2024 (the “2024 Notes”) in the aggregate principal amount of $258.8, pursuant to an Indenture, dated as of such date (the “Indenture”) and First Supplemental Indenture dated December 31, 2020. Interest rates for the 2024 Notes were 1.00% for 2024 and 2023 and 1.5% for 2022. On November 15, 2024, the 2024 Notes matured, and Chart paid $258.7 in cash to settle the outstanding principal amount of the 2024 Notes and issued 2.34 shares of common stock to holders who elected to convert the 2024 Notes. In connection with the pricing of the 2024 Notes, we entered into privately negotiated convertible note hedge transactions (the “Note Hedge Transactions”) with certain parties, including affiliates of the initial purchasers of the 2024 Notes (the “Option Counterparties”) which relate to 4.41 shares of our common stock and represents the number of shares of our common stock underlying the 2024 Notes. In November 2024, we exercised our option under the Note Hedge Transactions and received 2.34 shares of Chart common stock from the Option Counterparties. We also entered into separate, privately negotiated warrant transactions (the “Warrant Transactions”) with the Option Counterparties to acquire up to 4.41 shares of our common stock. In December 2024, the Warrant Transactions were settled, and Chart issued 2.83 shares of Chart common stock to the Option Counterparties. As of December 31, 2024, the 2024 Notes, Note Hedge Transactions and Warrant Transactions are fully settled. Other Debt Facilities In various markets where we do business, we have local credit facilities to meet local working capital demands, fund letters of credit and bank guarantees, and support other short-term cash requirements. The facilities generally have variable interest rates and are denominated in local currency but may, in some cases, facilitate borrowings in multiple currencies. As of December 31, 2024 we had additional capacity of U.S. dollar equivalent $63.7. Certain of our other debt facilities allow us to request bank guarantees and letters of credit. None of these facilities allow revolving credit borrowings. We have letters of credit and bank guarantees outside of our Credit Agreement that totaled U.S. dollar equivalent $173.8 and $134.3 as of December 31, 2024 and 2023, respectively. Interest Expense The following table summarizes interest expense (1):
_______________ (1)Interest expense noted above relates to the debt and credit arrangements identified in this note and includes interest recognized on obligations with contractual interest rates, capitalized interest, financing costs amortization and interest accretion of debt discount. Fair Value Disclosures The following table summarizes the carrying values and fair values of our actively quoted debt instruments (1):
_______________ (1)The debt instruments noted above are actively quoted instruments and, accordingly, their fair values were determined using Level 1 inputs. The carrying amounts of borrowings outstanding on our senior secured revolving credit facility approximate fair value, as interest rates are variable and reflective of market rates (categorized as Level 2 of the fair value hierarchy).
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Shareholders' Equity |
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| Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Shareholders' Equity | Shareholders' Equity Series B Mandatory Convertible Preferred Stock On December 13, 2022, we completed a preferred stock offering, through which Chart issued and sold 8.050 million depositary shares, each representing a 1/20th interest in a share of Chart’s 6.75% Series B Mandatory Convertible Preferred Stock, liquidation preference $1,000 per share, par value $0.01 per share (the “Mandatory Convertible Preferred Stock”). The amount issued included 1.050 million depositary shares issued pursuant to the exercise in full of the option granted to the underwriters to purchase additional depositary shares. We received gross proceeds of $402.5 from the issuance of shares less $14.4 of equity issuance costs. The proceeds were used to fund the acquisition of Howden. Dividends. Dividends on the Mandatory Convertible Preferred Stock will be payable on a cumulative basis when, as and if declared at an annual rate of 6.75% on the liquidation value of $1,000 per share. Chart may pay declared dividends in cash or, subject to certain limitations, in shares of common stock, or in any combination of cash and shares of common stock on March 15, June 15, September 15 and December 15 of each year, commencing on March 15, 2023 and ending on, and including, December 15, 2025. We declared and paid $27.2 and $27.3 in dividends for the year ended December 31, 2024 and 2023, respectively, which are treated as a reduction to income attributable to common shareholders in the computation of earnings per share. Mandatory Conversion. Unless earlier converted, each share of the Mandatory Convertible Preferred Stock will automatically convert on the mandatory conversion date, which is expected to be December 15, 2025, into not less than 7.0520 and not more than 8.4620 shares of common stock per share of Mandatory Convertible Preferred Stock, depending on the applicable market value and subject to certain anti-dilution adjustments. Correspondingly, the conversion rate per depositary share will be not less than 0.3526 and not more than 0.4231 shares of common stock per depositary share. The conversion rate will be determined based on a preceding 20-day volume-weighted-average-price of common stock. The following table illustrates the conversion rate per share of the Mandatory Convertible Preferred Stock, subject to certain anti-dilution adjustments, based on the applicable market value of the common stock:
The following table illustrates the conversion rate per depositary share, subject to certain anti-dilution adjustments, based on the applicable market value of the common stock:
Optional Conversion of the Holder. Other than during a fundamental change conversion period, at any time prior to December 15, 2025, a holder of the Mandatory Convertible Preferred Stock may elect to convert such holder’s shares of Mandatory Convertible Preferred Stock, in whole or in part, at the Minimum Conversion Rate of 7.0520 shares of common stock per share of Mandatory Convertible Preferred Stock (equivalent to 0.3526 shares of common stock per depositary share), subject to certain anti-dilution and other adjustments. Because each depositary share represents a 1/20th fractional interest in a share of Mandatory Convertible Preferred Stock, a holder of depositary shares may convert its depositary shares only in lots of 20 depositary shares. Fundamental Change Conversion. If a fundamental change occurs on or prior to December 15, 2025, holders of the Mandatory Convertible Preferred Stock will have the right to convert their shares of Mandatory Convertible Preferred Stock, in whole or in part, into shares of common stock at the fundamental change conversion rate during the period beginning on, and including, the effective date of such fundamental change and ending on, and including, the earlier of (a) the date that is 20 calendar days after such effective date (or, if later, the date that is 20 calendar days after holders receive notice of such fundamental change) and (b) December 15, 2025. Holders who convert shares of the Mandatory Convertible Preferred Stock during that period will also receive a make-whole dividend amount comprised of a fundamental change dividend make-whole amount, and to the extent there is any, the accumulated dividend amount. Because each depositary share represents a 1/20th fractional interest in a share of the Series B Preferred Stock, a holder of depositary shares may convert its depositary shares upon a fundamental change only in lots of 20 depositary shares. Ranking. The Mandatory Convertible Preferred Stock, with respect to anticipated dividends and distributions upon Chart’s liquidation or dissolution, or winding-up of Chart’s affairs, ranks or will rank: •senior to our common stock and each other class or series of capital stock issued after the initial issue date of the Mandatory Convertible Preferred Stock, the terms of which do not expressly provide that such capital stock ranks either senior to the Mandatory Convertible Preferred Stock or on a parity with Mandatory Convertible Preferred Stock; •equal with any class or series of capital stock issued after the initial issue date the terms of which expressly provide that such capital stock will rank equal with the Mandatory Convertible Preferred Stock: •junior to the Series A Preferred Stock, if issued, and each other class or series of capital stock issued after the initial issue date that is expressly made senior to the Mandatory Convertible Preferred Stock; •junior to our existing and future indebtedness; and •structurally subordinated to any existing and future indebtedness of our subsidiaries as well as the capital stock of our subsidiaries held by third parties. Voting Rights. Holders of Mandatory Convertible Preferred Stock generally will not have voting rights. Whenever dividends on shares of Mandatory Convertible Preferred Stock have not been declared and paid for six or more dividend periods (including, for the avoidance of doubt, the dividend period beginning on, and including, the initial issue date and ending on, but excluding, March 15, 2023), whether or not for consecutive dividend periods, the holders of such shares of Mandatory Convertible Preferred Stock, voting together as a single class with holders of all other series of voting preferred stock of equal rank, then outstanding, will be entitled at our next annual or special meeting of stockholders to vote for the election of a total of two additional members of our board of directors, subject to certain limitations. This right will terminate if and when all accumulated and unpaid dividends have been paid in full, or declared and a sum sufficient for such payment shall have been set aside. Upon such termination, the term of office of each preferred stock director so elected will terminate at such time and the number of directors on our board of directors will automatically decrease by two, subject to the revesting of such rights in the event of each subsequent nonpayment. Embedded Derivatives. There are no material embedded derivatives that meet the criteria for bifurcation and separate accounting pursuant to ASC 815-15, Embedded Derivatives.
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Financial Instruments and Derivative Financial Instruments |
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| Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Financial Instruments and Derivative Financial Instruments | Financial Instruments and Derivative Financial Instruments Concentrations of Credit Risks: We sell our products primarily to gas producers, distributors, and end-users across energy, industrial, power, HVAC and refining applications in countries throughout the world. 60%, 59%, and 42% of sales were to customers in foreign countries in 2024, 2023, and 2022, respectively. In 2024, 2023, and 2022, no single customer accounted for more than 10% of consolidated sales. Sales to our top ten customers accounted for 26%, 25% and 38% of consolidated sales in 2024, 2023, and 2022, respectively. Our sales to particular customers fluctuate from period to period, but our large industrial gas producer and distributor customers tend to be a consistently substantial source of revenue for us. We are subject to concentrations of credit risk with respect to our cash and cash equivalents, restricted cash and restricted cash equivalents and forward foreign currency exchange contracts. To minimize credit risk from these financial instruments, we enter into arrangements with major banks and other quality financial institutions and invest only in high-quality instruments. We do not expect any counterparties to fail to meet their obligations. Derivatives and Hedging We utilize a combination of cross-currency swaps and foreign exchange collars (together the “Foreign Exchange Collar Contracts”) as a net investment hedge of a portion of our investments in certain international subsidiaries that use the euro as their functional currency in order to reduce the volatility caused by changes in exchange rates. As a result of our acquisition of Howden, we are also a party to foreign currency contracts not designated as hedging instruments (the “Foreign Currency Contracts”) which are used to mitigate the risk associated with cash management activities and customer forward sale agreements denominated in currencies other than the applicable local currency, and to match costs and expected revenues where production facilities have a different currency than the selling currency. Our Foreign Currency Contracts are measured at fair value with changes in fair value recorded within other expense (income), net. We classify cash flows related to our Foreign Currency Contracts as operating activities within our consolidated statements of cash flows. Our derivative contracts are entered into with major financial institutions in order to reduce credit risk and risk of nonperformance by third parties. We believe the credit risks with respect to the counterparties, and the foreign currency risks that would not be hedged if the counterparties fail to fulfill their obligations under the contract, are not material in view of our understanding of the financial strength of the counterparties. Our derivative contracts are not exchange traded instruments and their fair value is determined using the cash flows of the contracts, discount rates to account for the passage of time, implied volatility, current foreign exchange market data and credit risk, which are all based on inputs readily available in public markets and categorized as Level 2 fair value hierarchy measurements. The following table represents the fair value of our asset and liability derivatives:
_______________ (1)Represents foreign exchange swaps and foreign exchange options. The effect of derivative instruments, both designated and not designated in hedging relationships, on the consolidated statements of income and consolidated statements of comprehensive income (loss) was not material for the years ended December 31, 2024, December 31, 2023 and December 31, 2022.
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Business Combinations |
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| Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Business Combinations | Business Combinations Howden Acquisition On March 17, 2023 we completed the Howden Acquisition pursuant to the previously disclosed Equity Purchase Agreement dated as of November 9, 2022. The acquisition purchase price was $4,387.4. We financed the purchase price for the Howden Acquisition with proceeds from borrowings under our SSRCF, the term loans due March 2030, common and preferred stock issuance and a private offering of Secured Notes and Unsecured Notes. See Note 10, “Debt and Credit Arrangements,” for more information. The following table shows the purchase price in accordance with ASC 805:
Howden is a leading global provider of mission critical air and gas handling products providing service and support to customers around the world in highly diversified end markets and geographies. The combination of Chart and Howden is complementary and furthers our global leadership position in highly engineered process technologies and products serving the Nexus of Clean™ – clean power, clean water, clean food and clean industrials. We estimated the fair value of acquired developed technology and trade names using the relief from royalty method. The fair values of acquired customer backlog and customer relationships were estimated using the multi-period excess earnings method. Under both the relief from royalty and multi-period excess earnings methods, the fair value models incorporated estimates of future cash flows, estimates of allocations of certain assets and cash flows, estimates of future growth rates, and management’s judgment regarding the applicable discount rates to use to discount such estimates of cash flows. The excess of the purchase price over the estimated fair values is assigned to goodwill. The estimated goodwill was established due to expected cost synergies, anticipated growth of new customers, and expansion of equipment portfolio and process technology offerings. Goodwill recorded for the Howden Acquisition is not expected to be deductible for tax purposes. The estimated fair values of the assets acquired and liabilities assumed disclosed in this note are inclusive of businesses identified to be sold as of the acquisition date. On August 18, 2023, we completed the sale of our Roots business, which we acquired as part of the Howden Acquisition. We have categorized the assets and liabilities of these discontinued operations on separate lines in the table below. Refer to Note 3, “Discontinued Operations and Other Businesses Sold” for further information. The purchase price allocation reported at December 31, 2023 was preliminary and was based on provisional fair values. During the first quarter 2024, we received and analyzed new information about certain assets and liabilities, as of the March 17, 2023 acquisition date and subsequently decreased current assets by $10.4, increased current liabilities by $40.1, and decreased long-term deferred tax liabilities by $8.2 for post-closing adjustments, based on this information. During the first quarter of 2024, we finalized the Howden purchase price allocation. The following table summarizes the fair values of the assets acquired and liabilities assumed in the Howden Acquisition as of the acquisition date:
_______________ (1)As part of the Howden Acquisition, we acquired 82% of Howden Hua Engineering Co., Ltd, an entity based in China. The noncontrolling interest was valued at $146.0. (2)Includes $102.2 and $49.7 allocated to the Roots and American Fan divestitures, respectively. The following table summarizes information regarding identifiable intangible assets acquired in the Howden Acquisition:
As part of the Howden Acquisition, we acquired defined benefit pension plans, which are predominately in Germany. As a result, we assumed pension assets of $38.7 and pension liabilities of $41.1, a net $2.4 liability. As defined in Note 2, “Significant Accounting Policies” of our Annual Report on Form 10-K for the year ended December 31, 2023, we allocated the acquisition consideration to tangible and identifiable intangible assets acquired and liabilities assumed based on their fair values as of the acquisition date. The fair value of the acquired tangible and identifiable intangible assets was determined based on inputs that are unobservable and significant to the overall fair value measurement. The fair value is based on estimates and assumptions made by management at the time of the acquisition. As such, the acquisitions are classified as Level 3 fair value hierarchy measurements and disclosures. Unaudited Supplemental Pro Forma Information The following unaudited pro forma combined financial information for the years ended December 31, 2023 and 2022 gives effect to the Howden Acquisition and the Roots and American Fan divestitures, as if both occurred on January 1, 2022. The unaudited pro forma information is not necessarily indicative of the results of operations that actually would have occurred under the ownership and management of the Company. In addition, the unaudited pro forma information is not intended to be a projection of future results and does not reflect any operating efficiencies or cost savings that might be achievable. The following adjustments are reflected in the unaudited pro forma financial table below: •the effect of increased interest expense related to the repayment of the Howden term loans, senior notes and revolving credit facility net of the additional borrowing on the Chart senior secured revolving credit facility and senior secured and unsecured notes, •amortization of acquired intangible assets, •an adjustment to reflect the change in the estimated income tax rate for federal and state purposes, •nonrecurring acquisition-related expenses incurred by Howden prior to the close of and directly attributable to the Howden Acquisition were adjusted out of the pro forma net loss attributable to Chart Industries, Inc. from continuing operations for the periods presented, and •nonrecurring acquisition-related expenses incurred by Chart and directly related to the Howden Acquisition were adjusted out of the pro forma net loss attributable to Chart Industries, Inc. from continuing operations for the periods presented.
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Accumulated Other Comprehensive (Loss) Income |
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| Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accumulated Other Comprehensive (Loss) Income | Accumulated Other Comprehensive (Loss) Income Accumulated Other Comprehensive (Loss) Income The components of accumulated other comprehensive (loss) income are as follows:
_______________ (1)Foreign currency translation adjustments includes translation adjustments and net investment hedge, net of taxes. See Note 12, “Financial Instruments and Derivative Financial Instruments,” for further information related to the net investment hedge. (2)We recognized a $1.1 loss related to the partial settlement of a defined benefit plan. Refer to Note 17, “Employee Benefit Plans” for further information.
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Earnings Per Share |
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| Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings Per Share | Earnings Per Share The following table presents calculations of net income per share of common stock:
Diluted earnings per share does not consider the following cumulative preferred stock dividends and potential common shares as the effect would be anti-dilutive:
_______________ (1)We calculate the basic and diluted earnings per share based on net income, which approximates income available to common shareholders for each period. Earnings per share is calculated using the two-class method, which is an earnings allocation formula that determines the earnings per share for common stock and any participating securities according to dividends declared (whether paid or unpaid) and participation rights in undistributed earnings. The Series B Mandatory Convertible Preferred Stock and the 2024 Convertible Notes are participating securities. Undistributed earnings are not allocated to the participating securities because the participation features are discretionary. Net losses are not allocated to the Series B Mandatory Convertible Preferred Stock, as it does not have a contractual obligation to share in the losses of Chart. Basic net income per share is computed by dividing net income available to common shareholders by the weighted average number of common shares outstanding for the period. Diluted net income per common share is computed by dividing net income available to common shareholders by the sum of the weighted average number of common shares outstanding and any dilutive non-participating securities for the period.
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Income Taxes |
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| Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Taxes | Income Taxes Income from Continuing Operations Before Income Taxes Income from continuing operations before income taxes consists of the following:
Provision Significant components of income tax expense (benefit), net are as follows:
See Note 3, “Discontinued Operations and Other Businesses Sold” for the income (loss) from discontinued operations and related income taxes. Effective Tax Rate Reconciliation The reconciliation of income taxes computed at the U.S. federal statutory tax rate to income tax expense is as follows:
We reclassified certain line items of the effective tax rate reconciliation for year ended December 31, 2022 and December 31, 2023 to correspond with the year ended December 31, 2024. Deferred Taxes Deferred income taxes reflect the net tax effect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to reverse. Significant components of our deferred tax assets and liabilities are as follows:
We reclassified certain line items of the deferred inventory for year ended December 31, 2023 to correspond with the year ended December 31, 2024. We evaluate the recoverability of our deferred tax assets on a jurisdictional basis by considering whether deferred tax assets will be realized on a more likely than not basis. To the extent a portion or all of the applicable deferred tax assets do not meet the more likely than not threshold, a valuation allowance is recorded. As of December 31, 2024, we have valuation allowances totaling $98.6 consisting primarily of our operations in the United Kingdom, France, and Belgium. We have U.S. state net operating loss carryforwards of $84.3 that may be carried forward indefinitely. As of December 31, 2024, we had $122.6 foreign net operating loss carryforwards primarily in Belgium, France, and India subject to local tax limitations. The foreign net operating losses can be carried forward indefinitely, except in applicable jurisdictions that make up less than 11% of available net operating losses. We have tax credit carryforwards of $4.0. Other Tax Information We consider the undistributed earnings of our non-US subsidiaries as of December 31, 2024, to be partially reinvested. We are not permanently reinvested on $333.0 of the undistributed earnings of our foreign subsidiaries. The remaining earnings continue to be indefinitely reinvested outside the United States. We have assessed a total deferred tax liability of $20.2 as of December 31, 2024 on such earnings that have not been indefinitely reinvested. This is an increase of $0.5 as compared to the deferred tax liability as of December 31, 2023. We have made no provision for U.S. income taxes or additional non-U.S. taxes on certain undistributed earnings of non-U.S. subsidiaries. These earnings could become subject to additional tax if we were to dividend those earnings or sell our interest in the non-U.S. subsidiary. We cannot practically determine the amount of additional taxes that might be payable on those earnings. The Organisation for Economic Co-operation and Development (OECD) has a framework to implement a global minimum corporate tax of 15% for companies with global revenues and profits above certain thresholds (referred to as Pillar 2), with certain aspects of Pillar 2 effective January 1, 2024, and other aspects effective January 1, 2025. While it is uncertain whether the United States will enact legislation to adopt Pillar 2, certain countries in which we operate have adopted legislation, and other countries are in the process of introducing legislation to implement Pillar 2. We do not expect Pillar 2 to have a material impact on our effective tax rate or our consolidated results of operation, financial position, and cash flows. Cash paid for income taxes during the years ended December 31, 2024, 2023, and 2022 was $92.7, $49.7, and $27.0, respectively. Unrecognized Income Tax Benefits We record a liability for unrecognized income tax benefits for the amount of benefit included in our previously filed income tax returns and in our financial results expected to be included in income tax returns to be filed for periods through the date of our Consolidated financial statements for income tax positions for which it is not more likely than not to be sustained upon examination by the respective tax authority. The reconciliation of beginning to ending gross unrecognized tax benefits is as follows:
We are routinely examined by tax authorities around the world. Tax examinations remain in process in multiple countries including but not limited to Denmark, France, Germany and India. We file numerous group and separate returns in U.S. federal and state jurisdictions as well as international jurisdictions. We are subject to income taxes in the U.S federal jurisdiction and various state and foreign jurisdictions. In the United States, tax years dating back to 2020 remain subject to examination. With some exceptions, other major tax jurisdictions generally are not subject to examinations for years beginning before 2009. Included in the balance of unrecognized tax benefits at December 31, 2024 and 2023 was $36.5 and $35.8, respectively of income tax expenses, which, if ultimately recognized, would impact our annual effective tax rate. We recognize interest accrued related to unrecognized tax benefits and penalties as income tax expense. We accrued approximately $4.0 and $0.9 of interest and penalties at December 31, 2024 and 2023, respectively We recognized a liability related to interest and penalties on unrecognized tax benefits of $11.0 as of December 31, 2024, primarily related to tax positions acquired in the Howden Acquisition. The amount of interest and penalties related to years prior to 2023 is immaterial. Due to the expiration of various statutes of limitation and anticipated payments, it is reasonably possible our unrecognized tax benefits at December 31, 2024 may decrease within the next twelve months by $0.1.
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Employee Benefit Plans |
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| Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Employee Benefit Plans | Employee Benefit Plans Defined Benefit Plans We have a defined benefit pension plan that covers certain U.S. hourly and salary employees (the “Chart Plan”) and is currently subject to termination. The Chart Plan provides benefits based primarily on the participants’ years of service and compensation. In May 2024, our Board of Directors approved a resolution to terminate the Chart Plan and notified plan participants of the termination and the distribution alternatives. During the fourth quarter of 2024, distributions were made to settle the obligation with plan participants electing a lump sum distribution option. As a result of this partial settlement, we recognized a $1.1 loss, which is classified as other expense (income), net in the consolidated statement of income for the year ended December 31, 2024. We expect to settle the remainder of the obligations in the first half of 2025. We expect this will result in a non-cash settlement gain or loss at plan termination which will include any unrecognized losses within accumulated other comprehensive (loss) income associated with the Chart Plan. While we cannot estimate this future non-cash settlement gain or loss, the gross accumulated other comprehensive loss related to the Chart Plan was $5.6 as of December 31, 2024. Following the Howden Acquisition, we assumed responsibility for ten additional defined benefit plans outside of the United States, which are predominantly in Germany (the “International Plans”). Upon acquisition, we recognized a net liability on our consolidated balance sheet. The components of net periodic pension cost (income) are as follows:
The other changes in plan assets and projected benefit obligations recognized in other comprehensive (loss) income, on a pre-tax basis, are as follows:
The changes in the projected benefit obligation and plan assets, the funded status of the plans and the amounts recognized in the consolidated balance sheets are as follows:
_______________ (1)The 2023 changes in the projected benefit obligation and plan assets reflect the effect of the Howden Acquisition. Non-current assets related to defined benefit plans are classified within other assets in our consolidated balance sheets. Current liabilities and non-current liabilities related to defined benefit plans are classified within other current liabilities and other long-term liabilities, respectively, in our consolidated balance sheets. The estimated net periodic pension income for the both the Chart Plan and International Plans that will be amortized from accumulated other comprehensive loss over the next fiscal year is not material. International Plans with accumulated benefit obligations in excess of plan assets consist of the following:
International Plans with projected benefit obligations in excess of plan assets consist of the following:
The actuarial assumptions used in determining pension plan information are as follows:
U.S. Plan The discount rate of the Chart Plan reflects the current rate at which the pension liabilities could be effectively settled at year end. In estimating this rate, we look to rates of return on high quality, fixed-income investments that receive one of the two highest ratings given by a recognized rating agency and the expected timing of benefit payments under the plan. The expected return assumptions were developed using an averaging formula based upon the plans’ investment guidelines, mix of asset classes, historical returns of equities and bonds, and expected future returns. We employ a total return investment approach whereby a mix of equities and fixed income investments are used to maximize the long-term return of plan assets for a prudent level of risk. Risk tolerance is established through careful consideration of short and long-term plan liabilities, plan funded status and corporate financial condition. The investment portfolio contains a diversified blend of equity and fixed-income investments. Furthermore, equity investments are diversified across U.S. and non-U.S. stocks, as well as growth, value, and small and large capitalizations. Investment risk is measured and monitored on an ongoing basis through quarterly investment portfolio reviews, annual liability measurements, and periodic asset/liability studies. International Plans In determining discount rates for the International Plans, we utilize the single discount rate equivalent to discounting the expected future cash flows from each plan using the yields at each duration from a published yield curve as of the measurement date. The expected long-term rate of return on plan assets was based on our investment policy target allocation of the asset portfolio between various asset classes and the expected real returns of each asset class over various periods of time that are consistent with the long-term nature of the underlying obligations of these plans. Our primary investment objective for the defined benefit pension plan assets is to provide a source of retirement income for the plans’ participants and beneficiaries. The Chart Plan’s target allocations by asset category and fair values of the plan assets by asset class at December 31 are as follows:
The plan assets are primarily invested in pooled separate funds. The fair values of equity securities and fixed income securities held in pooled separate funds are based on net asset value of the units of the funds as determined by the fund manager. These funds are similar in nature to retail mutual funds, but are typically more efficient for institutional investors. The fair value of pooled funds is determined by the value of the underlying assets held by the fund and the units outstanding. The value of the pooled funds is not directly observable, but is based on observable inputs. As such, these plan assets are valued using Level 2 inputs. Certain plan assets in the other investments asset category are invested in a general investment account where the fair value is derived from the liquidation value based on an actuarial formula as defined under terms of the investment contract. These plan assets were valued using unobservable inputs and, accordingly, the valuation was performed using Level 3 inputs. The following table represents changes in the fair value of plan assets categorized as Level 3 from the preceding table:
The International Plans’ target allocations by asset category and fair values of the plan assets by asset class at December 31 are as follows:
The assets are invested with the goal of preserving principal while providing a reasonable real rate of return over the long term. Diversification of assets is achieved through strategic allocations to various asset classes in line with the investment guidelines of the plans. Actual allocations to each asset class vary due to periodic investment strategy changes, market value fluctuations, the length of time it takes to fully implement investment allocation positions, and the timing of benefit payments and contributions. The asset allocation is monitored and rebalanced as required, as frequently as on a quarterly basis in some instances. The plan assets are primarily invested in pooled separate funds. The fair values of equity securities and fixed income securities held in pooled separate funds are based on net asset value of the units of the funds as determined by the fund manager. These funds are similar in nature to retail mutual funds, but are typically more efficient for institutional investors. The fair value of pooled funds is determined by the value of the underlying assets held by the fund and the units outstanding. The value of the pooled funds is not directly observable, but is based on observable inputs. As such, these plan assets are valued using Level 2 inputs. Our funding policy is to contribute at least the minimum funding amounts required by law. Based upon current actuarial estimates, we do not expect to contribute to our Chart Plan in the next five years. Expected contributions to our International Plans for the year ended December 31, 2024, related to plans as of December 31, 2023, are $2.4. The following benefit payments are expected to be paid by the plan in each of the next five years and in the aggregate for the subsequent five years:
Defined Contribution Plans The Company also sponsors defined contribution plans at various locations globally. Company contributions to the plans are based on employee contributions and include a Company match and discretionary contributions. Expenses under the plan totaled $22.1, $18.2, and $6.8 for the years ended December 31, 2024, 2023, and 2022, respectively.
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Share-based Compensation |
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| Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share-based Compensation | Share-based Compensation Under the 2024 Omnibus Equity Plan (the “2024 Omnibus Equity Plan”) officers and employees (including our principal executive officer, principal financial officer and other “named executive officers”) are eligible to be granted stock options, stock appreciation rights (“SARs”), restricted stock, restricted stock units (“RSUs”), performance shares and common shares. The maximum number of shares available for issuance is 1.60, which could be treasury shares or unissued shares, with a limit of 0.20 shares available for incentive stock option grants. As of December 31, 2024, 0.01 shares of restricted stock and RSUs were outstanding under the 2024 Omnibus Equity Plan. Under the 2017 Omnibus Equity Plan (the “2017 Omnibus Equity Plan”) officers and employees (including our principal executive officer, principal financial officer and other “named executive officers”) are eligible to be granted stock options, stock appreciation rights (“SARs”), restricted stock, restricted stock units (“RSUs”), performance shares and common shares. The maximum number of shares available for issuance is 1.70, which may be treasury shares or unissued shares. As of December 31, 2024, 0.30 stock options, 0.12 shares of restricted stock and RSUs, and 0.09 performance units were outstanding under the 2017 Omnibus Equity Plan. Under the Amended and Restated 2009 Omnibus Equity Plan (“2009 Omnibus Equity Plan”) which was originally approved by our shareholders in May 2009 and re-approved by shareholders in May 2012 as amended and restated, we could grant stock options, SARs, RSUs, restricted stock, performance shares, leveraged restricted shares, and common shares to employees and directors. The maximum number of shares available for issuance is 3.35, which could be treasury shares or unissued shares. As of December 31, 2024, 0.02 stock options were outstanding under the 2009 Omnibus Equity Plan. We recognized share-based compensation expense of $18.9, $12.6, and $10.6 for the years ended December 31, 2024, 2023, and 2022, respectively. This expense is included in selling, general and administrative expenses in the consolidated statements of income. The tax benefit related to share-based compensation during the years ended December 31, 2024, 2023, and 2022 was $1.7, $1.7 and $1.4, respectively. As of December 31, 2024, total share-based compensation expense of $18.7 is expected to be recognized over the remaining weighted-average period of approximately 1.9 years. Stock Options We use a Black-Scholes option pricing model to estimate the fair value of stock options. The expected volatility is based on historical information. The risk-free rate is based on the U.S. Treasury yield in effect at the time of the grant. Weighted-average grant-date fair values of stock options and the assumptions used in estimating the fair values are as follows:
Stock options generally have a four-year graded vesting period, an exercise price equal to the fair market value of a share of common stock on the date of grant, and a contractual term of 10 years. The following table summarizes our stock option activity from continuing operations:
As of December 31, 2024, total unrecognized compensation cost related to stock options expected to be recognized over the weighted-average period of approximately 2.4 years is $3.4. The total intrinsic value of options exercised during the years ended December 31, 2024, 2023, and 2022 was $1.7, $2.3, and $3.5, respectively. The total fair value of stock options vested during the years ended December 31, 2024, 2023, and 2022 was $2.3, $2.1, and $2.3, respectively. Restricted Stock and RSUs Restricted stock and RSUs generally vest ratably over a three-year period and are valued based on our market price on the date of grant. The following table summarizes our unvested restricted stock and RSUs activity from continuing operations:
As of December 31, 2024, total unrecognized compensation cost related to unvested restricted stock and RSUs expected to be recognized over the weighted-average period of approximately 1.8 years is $9.2. The weighted-average grant-date fair value of restricted stock and RSUs granted during the years ended December 31, 2024, 2023, and 2022 was $138.29, $132.28, and $155.02, respectively. The total fair value of restricted stock and RSUs that vested during the years ended December 31, 2024, 2023, and 2022 was $8.2, $7.7, and $10.0, respectively. Performance Units Performance units are earned over a three-year period. Based on the attainment of pre-determined performance and market condition targets as determined by the Compensation Committee of the Board of Directors, performance units earned may be in the range of between 0% and 200%. The following table, which is stated at a 100% earned percentage, summarizes our performance units activity from continuing operations:
As of December 31, 2024, total unrecognized compensation cost related to performance units expected to be recognized over a weighted-average period of approximately 1.6 years is $6.1. The weighted-average grant-date fair value of performance units granted during the years ended December 31 2024, 2023, and 2022 was $146.77, $126.86, and $153.81, respectively. The total fair value of performance units that vested during the years ended December 31, 2024, 2023, and 2022 was $3.0, $3.4, and $2.6, respectively.
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Leases |
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| Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases | Leases Lessee Accounting We lease certain office spaces, warehouses, facilities, vehicles and equipment. Our leases have maturity dates ranging from January 2025 to September 2042. We incurred $26.2, $21.1 and $16.9 of rental expense under operating leases for the years ended December 31, 2024, 2023 and 2022, respectively, and are included within selling, general and administrative expenses within our consolidated statements of 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 consolidated balance sheets, weighted average remaining lease term and weighted average discount rates related to our leases:
We recorded net non-cash right-of-use assets in exchange for finance and operating lease liabilities of $0.0 and $25.4 for the year ended December 31, 2024, respectively. We recorded net non-cash right-of-use assets in exchange for finance and operating lease liabilities of $15.4 and $62.3 for the year ended December 31, 2023, respectively. The following table summarizes future minimum lease payments for non-cancelable operating leases and for finance leases as of December 31, 2024:
Lessor Accounting We lease equipment manufactured by Chart as sales-type and operating leases. As of December 31, 2024 and 2023, our short-term net investment in sales-type leases was $8.1 and $21.4, respectively and is included in other current assets in our consolidated balance sheets. Our long-term net investment in sales-type leases was $31.7 and $62.1 as of December 31, 2024 and 2023, respectively, and is included in other assets in our 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:
The following table represents scheduled payments for sales-type leases:
The following table represents the cost of equipment leased to others:
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| Leases | Leases Lessee Accounting We lease certain office spaces, warehouses, facilities, vehicles and equipment. Our leases have maturity dates ranging from January 2025 to September 2042. We incurred $26.2, $21.1 and $16.9 of rental expense under operating leases for the years ended December 31, 2024, 2023 and 2022, respectively, and are included within selling, general and administrative expenses within our consolidated statements of 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 consolidated balance sheets, weighted average remaining lease term and weighted average discount rates related to our leases:
We recorded net non-cash right-of-use assets in exchange for finance and operating lease liabilities of $0.0 and $25.4 for the year ended December 31, 2024, respectively. We recorded net non-cash right-of-use assets in exchange for finance and operating lease liabilities of $15.4 and $62.3 for the year ended December 31, 2023, respectively. The following table summarizes future minimum lease payments for non-cancelable operating leases and for finance leases as of December 31, 2024:
Lessor Accounting We lease equipment manufactured by Chart as sales-type and operating leases. As of December 31, 2024 and 2023, our short-term net investment in sales-type leases was $8.1 and $21.4, respectively and is included in other current assets in our consolidated balance sheets. Our long-term net investment in sales-type leases was $31.7 and $62.1 as of December 31, 2024 and 2023, respectively, and is included in other assets in our 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:
The following table represents scheduled payments for sales-type leases:
The following table represents the cost of equipment leased to others:
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| Leases | Leases Lessee Accounting We lease certain office spaces, warehouses, facilities, vehicles and equipment. Our leases have maturity dates ranging from January 2025 to September 2042. We incurred $26.2, $21.1 and $16.9 of rental expense under operating leases for the years ended December 31, 2024, 2023 and 2022, respectively, and are included within selling, general and administrative expenses within our consolidated statements of 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 consolidated balance sheets, weighted average remaining lease term and weighted average discount rates related to our leases:
We recorded net non-cash right-of-use assets in exchange for finance and operating lease liabilities of $0.0 and $25.4 for the year ended December 31, 2024, respectively. We recorded net non-cash right-of-use assets in exchange for finance and operating lease liabilities of $15.4 and $62.3 for the year ended December 31, 2023, respectively. The following table summarizes future minimum lease payments for non-cancelable operating leases and for finance leases as of December 31, 2024:
Lessor Accounting We lease equipment manufactured by Chart as sales-type and operating leases. As of December 31, 2024 and 2023, our short-term net investment in sales-type leases was $8.1 and $21.4, respectively and is included in other current assets in our consolidated balance sheets. Our long-term net investment in sales-type leases was $31.7 and $62.1 as of December 31, 2024 and 2023, respectively, and is included in other assets in our 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:
The following table represents scheduled payments for sales-type leases:
The following table represents the cost of equipment leased to others:
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Commitments and Contingencies |
12 Months Ended |
|---|---|
Dec. 31, 2024 | |
| Commitments and Contingencies Disclosure [Abstract] | |
| Commitments and Contingencies | Commitments and Contingencies Environmental We are subject to federal, state, local, and foreign environmental laws and regulations concerning, among other matters, waste water effluents, air emissions, and handling and disposal of hazardous materials, such as cleaning fluids. We are involved with environmental compliance, investigation, monitoring, and remediation activities at certain of our owned and formerly owned manufacturing facilities, and, except for these continuing remediation efforts, believe we are currently in substantial compliance with all known environmental regulations. Undiscounted accrued reserves at December 31, 2024 and 2023 were not material. Legal Proceedings We are occasionally subject to various legal claims related to performance under contracts, product liability, taxes, employment matters, environmental matters, intellectual property, and other matters incidental to the normal course of our business. Based on our historical experience in litigating these claims, as well as our current assessment of the underlying merits of the claims and applicable insurance, if any, management believes that the final resolution of these matters will not have a material adverse effect on our financial position, liquidity, cash flows, or results of operations. Due to the inherent uncertainties related to the eventual outcome of litigation and potential insurance recoveries, it is possible that certain matters may be resolved for amounts materially different from any provisions or disclosures that we have previously made.
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SCHEDULE II – VALUATION AND QUALIFYING ACCOUNTS |
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| SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| SCHEDULE II – VALUATION AND QUALIFYING ACCOUNTS | SCHEDULE II – VALUATION AND QUALIFYING ACCOUNTS (Dollars in millions)
_______________ (1)Reversal of amounts previously recorded as bad debt and uncollectible accounts written off. (2)Deductions to the deferred tax assets valuation allowance relate to decreased deferred tax assets and the release of the valuation allowance.
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Pay vs Performance Disclosure - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
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| Pay vs Performance Disclosure | |||
| Net Income (Loss) | $ 218.5 | $ 47.3 | $ 24.0 |
Insider Trading Arrangements |
3 Months Ended |
|---|---|
Dec. 31, 2024 | |
| Trading Arrangements, by Individual | |
| Rule 10b5-1 Arrangement Adopted | false |
| Non-Rule 10b5-1 Arrangement Adopted | false |
| Rule 10b5-1 Arrangement Terminated | false |
| Non-Rule 10b5-1 Arrangement Terminated | false |
Insider Trading Policies and Procedures |
12 Months Ended |
|---|---|
Dec. 31, 2024 | |
| Insider Trading Policies and Procedures [Line Items] | |
| Insider Trading Policies and Procedures Adopted | true |
Cybersecurity Risk Management and Strategy Disclosure |
12 Months Ended |
|---|---|
Dec. 31, 2024 | |
| Cybersecurity Risk Management, Strategy, and Governance [Line Items] | |
| Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block] | Risk Management and Strategy We have established processes for assessing, identifying, and managing material risks associated with cybersecurity threats, as defined in Item 106(a) of Regulation S-K. These risks include, among other things: operational risks, intellectual property theft, fraud, extortion, harm to employees or customers and violation of data privacy or security laws. During 2024, we realized our objective of having no material cybersecurity incidents. Furthermore, we have not experienced any material information security breaches and have not incurred material expenses from cybersecurity incidents, including those arising at third parties, during any of the last three years. By prioritizing cybersecurity at the highest level of our leadership, we assess cybersecurity risk, allocate resources and maintain a culture of cybersecurity awareness throughout Chart. Chart ties cybersecurity or being cyber safe to our key theme of safety, as an industrial manufacturer. Identifying and assessing cybersecurity risk is integrated into our overall risk management systems and processes. Cybersecurity risks related to our business, technical operations, privacy and compliance issues are identified and addressed through third-party assessments, internal IT Audit, IT security, governance, risk and compliance reviews. To defend, detect and respond to cybersecurity incidents, we, among other programs: conduct proactive privacy and cybersecurity reviews of systems and applications, audit applicable data policies, perform penetration testing using external third-party tools and techniques to test security controls, encourage proactive vulnerability reporting, conduct employee training, monitor emerging laws and regulations related to data protection and information security and implement appropriate changes. We have incident response and breach management processes which occur in stages starting with preparation for cybersecurity incidents followed by detection and analysis of cybersecurity incidents, containment, eradication and recovery, and post-incident analysis. Such incident responses are overseen by leaders from our information security, compliance and legal teams. Security events and data incidents are evaluated, ranked by severity, and prioritized for response and remediation. Incidents are evaluated to determine materiality as well as operational and business impact and reviewed for privacy impact. We also simulate responses to cybersecurity incidents by conducting tabletop exercises. Our cybersecurity professionals then collaborate with technical and business stakeholders across our business units to further analyze the risk to the company, and form detection, mitigation, and remediation strategies. As part of the above processes, we regularly engage external auditors and consultants to assess our internal cybersecurity programs and compliance with applicable practices and standards. In past years, our Information Security Management System has continued to work a Plan of Action and Milestones (“POAM”) tied to the United States Cybersecurity Maturity Model Certification (“CMMC”) program, formerly the National Institute of Standards and Technology (“NIST”) Cybersecurity Framework, while looking for synergies across other standards, such as the Information Assurance Technical Framework (“IATF”), or as required for specific product lines or customers. Furthermore, we benchmark externally against other industrial manufacturers within the B2B (Business to Business) manufacturing industry, and even to a vertical level to determine Chart’s risk profile through cybersecurity insurance tools that rank companies and bring them together within forums for cyber intelligence sharing and best practices. Our risk management program also assesses third-party risks to identify and mitigate risks from vendors, suppliers, and other business partners associated with our use of third-party service providers. Cybersecurity risks are evaluated when determining the selection and oversight of applicable third-party service providers and potential fourth-party risks when handling and/or processing our employee, business or customer data. In addition, we strive to have the appropriate cybersecurity clauses in our agreements and where necessary we have Data Processing Agreements (“DPAs”) put in place for privacy of data.
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| Cybersecurity Risk Management Processes Integrated [Flag] | true |
| Cybersecurity Risk Management Processes Integrated [Text Block] | We have established processes for assessing, identifying, and managing material risks associated with cybersecurity threats, as defined in Item 106(a) of Regulation S-K. These risks include, among other things: operational risks, intellectual property theft, fraud, extortion, harm to employees or customers and violation of data privacy or security laws. During 2024, we realized our objective of having no material cybersecurity incidents. Furthermore, we have not experienced any material information security breaches and have not incurred material expenses from cybersecurity incidents, including those arising at third parties, during any of the last three years.
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| Cybersecurity Risk Management Third Party Engaged [Flag] | true |
| Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] | true |
| Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] | false |
| Cybersecurity Risk Board of Directors Oversight [Text Block] | Governance Cybersecurity is an important part of our risk management processes and an area of focus for our Board and management. Our Audit Committee is responsible for the oversight of risks from cybersecurity threats. The Board receives updates on a regular basis from senior management, including leaders from our information security, compliance and legal teams regarding matters of cybersecurity. This includes existing and new cybersecurity risks, status on how management is addressing and/or mitigating those risks, cybersecurity, and data privacy incidents (if any) and status of key information security initiatives. Our Board members also engage in ad hoc conversations with management on cybersecurity-related news events and discuss any updates to our cybersecurity risk management and strategy programs. Our cybersecurity risk management and strategy processes are overseen by leaders from our information security, compliance and legal teams. The Board of Directors and Chart senior management recognize cybersecurity as a company-wide risk, and the chief information officer/chief information security officer (“CIO/CISO”), as a member of the Chart senior management, works to organize these functional teams given the individual’s experience and background of over 25 years within various IT roles, including the build out of the cybersecurity capability within Chart and at prior companies. Individuals that oversee cybersecurity risk management have an average of over 20 years of prior work experience in various roles involving information technology, including security, auditing, compliance, systems and programming. These individuals monitor the prevention, mitigation, detection and remediation of cybersecurity incidents through their management of, and participation in, the cybersecurity risk management and strategy processes described above, including our incident response plan, and report to the Audit Committee on any appropriate items.
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| Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] | Cybersecurity is an important part of our risk management processes and an area of focus for our Board and management. Our Audit Committee is responsible for the oversight of risks from cybersecurity threats. |
| Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] | The Board receives updates on a regular basis from senior management, including leaders from our information security, compliance and legal teams regarding matters of cybersecurity. |
| Cybersecurity Risk Role of Management [Text Block] | Our cybersecurity risk management and strategy processes are overseen by leaders from our information security, compliance and legal teams. The Board of Directors and Chart senior management recognize cybersecurity as a company-wide risk, and the chief information officer/chief information security officer (“CIO/CISO”), as a member of the Chart senior management, works to organize these functional teams given the individual’s experience and background of over 25 years within various IT roles, including the build out of the cybersecurity capability within Chart and at prior companies. Individuals that oversee cybersecurity risk management have an average of over 20 years of prior work experience in various roles involving information technology, including security, auditing, compliance, systems and programming. These individuals monitor the prevention, mitigation, detection and remediation of cybersecurity incidents through their management of, and participation in, the cybersecurity risk management and strategy processes described above, including our incident response plan, and report to the Audit Committee on any appropriate items.
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| Cybersecurity Risk Management Positions or Committees Responsible [Flag] | true |
| Cybersecurity Risk Management Positions or Committees Responsible [Text Block] | hief information officer/chief information security officer (“CIO/CISO”) |
| Cybersecurity Risk Management Expertise of Management Responsible [Text Block] | Our cybersecurity risk management and strategy processes are overseen by leaders from our information security, compliance and legal teams. The Board of Directors and Chart senior management recognize cybersecurity as a company-wide risk, and the chief information officer/chief information security officer (“CIO/CISO”), as a member of the Chart senior management, works to organize these functional teams given the individual’s experience and background of over 25 years within various IT roles, including the build out of the cybersecurity capability within Chart and at prior companies. Individuals that oversee cybersecurity risk management have an average of over 20 years of prior work experience in various roles involving information technology, including security, auditing, compliance, systems and programming. |
| Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block] | Our cybersecurity risk management and strategy processes are overseen by leaders from our information security, compliance and legal teams. The Board of Directors and Chart senior management recognize cybersecurity as a company-wide risk, and the chief information officer/chief information security officer (“CIO/CISO”), as a member of the Chart senior management, works to organize these functional teams given the individual’s experience and background of over 25 years within various IT roles, including the build out of the cybersecurity capability within Chart and at prior companies. Individuals that oversee cybersecurity risk management have an average of over 20 years of prior work experience in various roles involving information technology, including security, auditing, compliance, systems and programming. These individuals monitor the prevention, mitigation, detection and remediation of cybersecurity incidents through their management of, and participation in, the cybersecurity risk management and strategy processes described above, including our incident response plan, and report to the Audit Committee on any appropriate items.
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| Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] | true |
Significant Accounting Policies (Policies) |
12 Months Ended |
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Dec. 31, 2024 | |
| Accounting Policies [Abstract] | |
| Principles of Consolidation | Principles of Consolidation: The consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and include the accounts of Chart Industries, Inc. and its subsidiaries. Intercompany accounts and transactions are eliminated in consolidation.
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| Use of Estimates | Use of Estimates: The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements. These estimates may also affect the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and assumptions based on a number of factors including the current macroeconomic conditions such as inflation and supply chain disruptions |
| Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents | Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents: We consider all investments with an initial maturity of three months or less when purchased to be cash equivalents. Restricted cash and restricted cash equivalents are included within other current assets as of December 31, 2024 and 2023 in the accompanying consolidated balance sheets. For further information regarding restricted cash and restricted cash equivalents balances, refer to Note 10, “Debt and Credit Arrangements.”
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| Accounts Receivable, Net of Allowances | Accounts Receivable, Net of Allowances: Accounts receivable includes amounts billed and currently due from customers. The amounts due are stated at their net estimated realizable value. We maintain an allowance for credit losses to provide for the estimated amount of receivables that will not be collected. The allowance is based upon an assessment of customer creditworthiness, historical payment experience, the age of outstanding receivables and collateral to the extent applicable. In addition, we estimate expected credit losses based on historical loss information then adjust the estimates based on current, reasonable and supportable forecast economic conditions. Past-due trade receivable balances are written off when our internal collection efforts have been unsuccessful. As a practical expedient, we do not adjust the promised amount of consideration for the effects of a significant financing component when we expect, at contract inception, that the period between our transfer of a promised product or service to a customer and when the customer pays for that product or service will be one year or less. We do not typically include extended payment terms in our contracts with customers.
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| Inventories | Inventories: Inventories are stated at the lower of cost or net realizable value with cost being determined by the first-in, first-out (“FIFO”) method. We determine inventory valuation reserves based on a combination of factors. In circumstances where we are aware of a specific problem in the valuation of a certain item, a specific reserve is recorded to reduce the item to its net realizable value. We also recognize reserves based on the actual usage in recent history and projected usage in the near-term.
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| Unbilled Contract Revenue, Customer Advances and Billings in Excess of Contract Revenue, and Revenue Recognition | Unbilled Contract Revenue: Unbilled contract revenue represents contract assets resulting from revenue recognized over time in excess of the amount billed to the customer and the amount billed to the customer is not just subject to the passage of time. Billing requirements vary by contract but are generally structured around the completion of certain milestones. These contract assets are generally classified as current. Customer Advances and Billings in Excess of Contract Revenue: Our contract liabilities consist of advance customer payments, billings in excess of revenue recognized and deferred revenue. Our contract assets and liabilities are reported in a net position on a contract-by-contract basis at the end of each reporting period. We classify advance customer payments and billings in excess of revenue recognized as current. We classify deferred revenue as current or non-current based on the timing of when we expect to recognize revenue. The current portion of deferred revenue is included in customer advances and billings in excess of contract revenue in our consolidated balance sheets. Long-term deferred revenue is included in other long-term liabilities in our consolidated balance sheets. Revenue Recognition: Revenue is recognized when (or as) we satisfy performance obligations by transferring a promised good or service to a customer. A contract with a customer exists when there is commitment and approval from both parties involved, the rights of the parties are identified, payment terms are defined, the contract has commercial substance, and collectability of consideration is probable. An asset is transferred to a customer when, or as, the customer obtains control over that asset. In most contracts, the transaction price includes both fixed and variable consideration. The variable consideration contained within our contracts with customers includes discounts, rebates, refunds, credits, price concessions, incentives, performance bonuses, penalties and other similar items. When the period between when we transfer a promised good or service to a customer and when the customer pays for that good or service is expected, at contract inception, to be one year or less, we do not adjust for the effects of a significant financing component. When a contract includes variable consideration, we evaluate the estimate of the variable consideration and determine whether the estimate needs to be constrained; therefore, we include the variable consideration in the transaction price only to the extent that it is probable that a significant reversal of the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. Variable consideration estimates are updated at each reporting date. When a contract includes multiple performance obligations, the transaction price is allocated among the performance obligations based upon the stand alone selling prices. In certain contracts, we are engaged to engineer and build highly-customized products and systems. In these circumstances, we produce an asset with no alternative use and have a right to payment for performance completed to date. For these contracts, revenue is recognized as we satisfy the performance obligations computed using input methods such as costs incurred. Input methods recognize revenue on the basis of the entity’s efforts or inputs to the satisfaction of a performance obligation relative to the total expected inputs to the satisfaction of that performance obligation. The costs incurred input method measures progress toward the satisfaction of the performance obligation by multiplying the transaction price of the performance obligation by the percentage of incurred costs as of the balance sheet date to the total estimated costs at completion after giving effect to the most current estimates. Revisions to estimated cost to complete that result from inefficiencies in our performance that were not expected in the pricing of the contract are expensed in the period in which these inefficiencies become known. Contract modifications can change a contract’s scope, price, or both. Approved contract modifications are accounted for as either a separate contract or as part of the existing contract depending on the nature of the modification. Where contracts do not meet the over time recognition requirements, the company recognizes revenue at a point in time. For these contracts, revenue is recognized when we satisfy our performance obligation to the customer. The specific point in time when control transfers depends on the contract with the customer, contract terms that provide for a present obligation to pay, physical possession, legal title, risk and rewards of ownership, acceptance of the asset, and bill-and-hold arrangements may impact the point in time when control transfers to the customer. We recognize revenue under bill-and-hold arrangements when control transfers and the reason for the arrangement is substantive, the product is separately identified as belonging to the customer, the product is ready for physical transfer and we do not have the ability to use the product or direct it to another customer. Incremental contract costs are expensed when incurred when the amortization period of the asset that would have been recognized is one year or less; otherwise, incremental contract costs are recognized as an asset and amortized over time as promised goods and services are transferred to a customer. When losses are expected to be incurred on a contract, we recognize the entire anticipated loss in the accounting period when the loss becomes evident. The loss is recognized when the current estimate of the consideration we expect to receive, modified to include unconstrained variable consideration instead of constrained variable consideration, is less than the current estimate of total costs for the contract. Taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction that are collected by us from a customer, are excluded from revenue. Shipping and handling fee revenues and the related expenses are reported as fulfillment revenues and expenses for all customers. Shipping and handling costs associated with outbound freight are accounted for as fulfillment costs and are included in cost of sales. Amounts billed to customers for shipping are classified as sales, and the related costs are classified as cost of sales on the consolidated statements of income. Cost of Sales: Manufacturing expenses associated with sales are included in cost of sales. Cost of sales includes all materials, direct and indirect labor, inbound freight, purchasing and receiving, inspection, internal transfers, and distribution and warehousing of inventory. In addition, shop supplies, facility maintenance costs, manufacturing engineering, project management, and depreciation expense for assets used in the manufacturing process are included in cost of sales on the consolidated statements of income.
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| Property, Plant and Equipment | Property, Plant and Equipment: Capital expenditures for property, plant and equipment are recorded at cost. Expenditures for maintenance and repairs are charged to expense as incurred, whereas major improvements that extend the useful life are capitalized. The cost of applicable assets is depreciated over their estimated useful lives. Depreciation is computed using the straight-line method for financial reporting purposes and accelerated methods for income tax purposes.
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| Lessee Accounting | Lessee Accounting: At lease inception, we determine if an arrangement is a lease and if it includes options to extend or terminate the lease if it is reasonably certain that the options will be exercised. Lease expense for lease payments is recognized on a straight-line basis over the lease term for operating leases. Operating leases are recognized as right-of-use (“ROU”) assets and are included within property, plant and equipment, net, and lease liabilities are included in other current liabilities and other long-term liabilities in our consolidated balance sheets. Finance leases are recognized as ROU assets and are included within other assets. They are then amortized over the lesser of the lease term or useful economic life of the underlying asset. Operating lease liabilities are included within other current liabilities and other liabilities on the consolidated balance sheets. Finance lease liabilities are included within other current liabilities and other liabilities. ROU assets represent our right to use an underlying asset for the lease term, and lease liabilities represent our obligation to make lease payments arising from the lease. Lease ROU assets and liabilities are recognized on the lease commencement date based on the present value of lease payments over the lease term. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available on the lease commencement date in determining the present value of lease payments.
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| Lessor Accounting | Lessor Accounting: Similar to lessee accounting, at lease inception we determine if an arrangement is a lease. The net investment of our lease receivables is measured at the commencement date as the present value of the lease payments not yet received. Operating leases are reported at cost as equipment leased to others within property, plant and equipment, net in our consolidated balance sheets and depreciated based on their useful lives on a straight-line basis. Sales from sales-type and operating leases are presented net of sales tax and other related taxes. Interest income is recognized over the lease term using the effective interest method and is classified as interest expense, net in our consolidated statements of income. Lease payments from operating leases are recorded as income on a straight-line basis over the lease term.
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| Long-lived Assets | Long-lived Assets: We monitor our property, plant, equipment, and finite-lived intangible assets for impairment indicators on an ongoing basis. Assets are grouped and tested at the lowest level for which identifiable cash flows are available. If impairment indicators exist, we perform the required analysis and record impairment charges, if applicable. In conducting our analysis, we compare the undiscounted cash flows expected to be generated from the long-lived assets to the related net book values. If the undiscounted cash flows exceed the net book value, the long-lived assets are considered not to be impaired. If the net book value exceeds the undiscounted cash flows, an impairment loss is measured and recognized. An impairment loss is measured as the difference between the net book value and the fair value of the long-lived assets. Fair value is estimated from discounted future net cash flows (for assets held and used) or net realizable value (for assets held for sale). Changes in economic or operating conditions impacting these estimates and assumptions could result in the impairment of long-lived assets. We amortize intangible assets that have finite lives over their estimated useful lives.
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| Goodwill and Indefinite-Lived Intangible Assets | Goodwill and Indefinite-Lived Intangible Assets: Goodwill is recognized as the excess cost of an acquired entity over the net amount assigned to assets acquired and liabilities assumed. We do not amortize goodwill or indefinite-lived intangible assets, but review them for impairment annually in the fourth quarter or whenever events or changes in circumstances indicate that an evaluation should be completed. Goodwill is analyzed on a reporting unit basis. The reporting units are the same as our operating and reportable segments, which are as follows: Cryo Tank Solutions, Heat Transfer Systems, Specialty Products and Repair, Service & Leasing. We first evaluate qualitative factors, such as macroeconomic conditions and our overall financial performance to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill. We then evaluate how significant each of the identified factors could be to the fair value or carrying amount of a reporting unit and weigh these factors in totality in forming a conclusion of whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount (the “Step 0 Test”). If we determine that it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, the first step of the goodwill impairment test is not necessary. Otherwise, we would proceed to the first step of the goodwill impairment test. Alternatively, we may also bypass the Step 0 Test and proceed directly to the first step of the goodwill impairment test. Under the first step (“Step 1”), we estimate the fair value of the reporting units by considering income and market approaches to develop fair value estimates, which are weighted to arrive at a fair value estimate for each reporting unit. With respect to the income approach, a model has been developed to estimate the fair value of each reporting unit. This fair value model incorporates estimates of future cash flows, estimates of allocations of certain assets and cash flows among reporting units, estimates of future growth rates and management’s judgment regarding the applicable discount rates to use to discount such estimates of cash flows. With respect to the market approach, a guideline company method is employed whereby pricing multiples are derived from companies with similar assets or businesses to estimate fair value of each reporting unit. If the fair value of the reporting unit exceeds the carrying amount of the net assets assigned to that reporting unit, then goodwill is not impaired and no further testing is required. However, if the fair value of the reporting unit is less than its carrying amount, the impairment charge is based on the excess of a reporting unit’s carrying amount over its fair value (i.e., we would measure the charge based on the result from Step 1). In order to assess the reasonableness of the calculated fair values of the reporting units, we also compare the sum of the reporting units’ fair values to the market capitalization and calculate an implied control premium (the excess of the sum of the reporting units’ fair values over the market capitalization). We evaluate the control premium by comparing it to control premiums of recent comparable transactions. If the implied control premium is not reasonable in light of this assessment, we reevaluate the fair value estimates of the reporting units by adjusting the discount rates and other assumptions as necessary. Changes to the assumptions and estimates used throughout the steps described above may result in a significantly different estimate of the fair value of the reporting units, which could result in a different assessment of the recoverability of goodwill and result in future impairment charges. With respect to indefinite-lived intangible assets, we first evaluate relevant events and circumstances to determine whether it is more likely than not that the fair value of an indefinite-lived intangible asset is less than its carrying amount. If, in weighing all relevant events and circumstances in totality, we determine that it is more likely than not that an indefinite-lived intangible asset is not impaired, no further action is necessary. Otherwise, we would determine the fair value of indefinite-lived intangible assets and perform a quantitative impairment assessment by comparing the indefinite-lived intangible asset’s fair value to its carrying amount. We may bypass such a qualitative assessment and proceed directly to the quantitative assessment. We estimate the fair value of the indefinite-lived assets using the income approach. This may include the relief from royalty method or use of a model similar to the one described above related to goodwill which estimates the future cash flows attributed to the indefinite-lived intangible asset and then discounting these cash flows back to a present value. Under the relief from royalty method, fair value is estimated by discounting the royalty savings, as well as any tax benefits related to ownership to a present value. The fair value from either approach is compared to the carrying value and an impairment is recorded if the fair value is determined to be less than the carrying value.
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| Equity Method Investments | Equity Method Investments: Investments, including certain of our joint ventures, where Chart has the ability to exercise significant influence over, but does not possess control, are accounted for using the equity method of accounting. Judgment regarding the level of influence over each investment includes considering key factors such as our ownership interest, our representation on the investee’s board of directors and participation in policy-making decisions. We recognize the equity method investee’s proportionate share of the earnings and losses and classify as equity in earnings of unconsolidated affiliates, net in our consolidated statements of income. We evaluate our equity method investments for impairment whenever events or changes in circumstances indicate that the carrying amounts of such investments may not be recoverable. If a decline in the value of an equity method investment is determined to be other than temporary, an impairment loss is recognized in earnings for the amount by which the carrying amount of the investment exceeds its estimated fair value. Equity method investments are included within other assets in our consolidated balance sheets.
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| Investments in Equity Securities | Investments in Equity Securities: We measure certain of our investments in equity securities where we have no significant influence and generally less than 20% ownership interest at fair value on a recurring basis according to the fair value hierarchy as defined below. We reassess measurement options for these investments on a quarterly basis. Mark-to-market fair value adjustments in these investments in equity securities are classified within other expense (income), net in our consolidated statements of income and comprehensive income (loss). Investments in equity securities for which there is no readily determinable fair value are measured at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. Investments in equity securities are included within other assets in our consolidated balance sheets.
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| Preferred Stock and Dividends | Preferred Stock and Dividends: Preferred stock is evaluated to determine balance sheet classification, and all conversion and redemption features are evaluated for bifurcation treatment. Proceeds received net of issuance costs are recognized on the settlement date. Cash dividends become a liability once declared. Income available to common stockholders is computed by deducting from net income the dividends accumulated and earned during the period on cumulative preferred stock.
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| Financial Instruments | Financial Instruments: The fair values of cash equivalents, accounts receivable, accounts payable and short-term bank debt approximate their carrying amount because of the short maturity of these instruments.
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| Concentration Risks | To minimize credit risk from trade receivables, we review the financial condition of potential customers in relation to established credit requirements before sales credit is extended and monitor the financial condition and payment history of customers to help ensure timely collections and to minimize losses. Additionally, for certain domestic and foreign customers, we require advance payments, letters of credit, bankers’ acceptances, and other such guarantees of payment. Certain customers also require us to issue letters of credit or performance bonds, particularly in instances where advance payments are involved, as a condition of placing the order.
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| Fair Value Measurements | Fair Value Measurements: We measure our financial assets and liabilities at fair value on a recurring basis using a three-tier fair value hierarchy, which prioritizes the inputs used in the valuation methodologies. The three levels of inputs used to measure fair value are as follows: Level 1 — Valuations based on quoted prices for identical assets and liabilities in active markets. Level 2 — Valuations based on observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data. Level 3 — Valuations based on unobservable inputs reflecting our own assumptions, consistent with reasonably available assumptions made by other market participants. These valuations require significant judgment.
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| Derivative Financial Instruments | Derivative Financial Instruments: We utilize certain derivative financial instruments to enhance our ability to manage foreign currency risk that exists as part of ongoing business operations. Derivative instruments are entered into for periods consistent with related underlying exposures and do not constitute positions independent of those exposures. We do not enter into contracts for speculative purposes nor are we a party to any leveraged derivative instrument. We are exposed to foreign currency exchange risk as a result of transactions in currencies other than the functional currency of certain subsidiaries. We utilize foreign currency forward purchase and sale contracts to manage the volatility associated with foreign currency transactions in the normal course of business. Contracts typically have maturities of less than one year. Principal currencies include the U.S. dollar, the euro, the Chinese yuan, the Czech koruna, the Australian dollar, the British pound, the Canadian dollar, the Indian rupee, the Chilean peso, and South African rand. Our foreign currency forward contracts do not qualify as hedges as defined by accounting guidance. Foreign currency forward contracts are measured at fair value and recorded on the consolidated balance sheets as other long-term liabilities, other current liabilities, other assets or other current assets. Changes in their fair value are recorded in the consolidated statements of income within other expense (income), net. Our foreign currency forward contracts are not exchange traded instruments and, accordingly, the valuation is performed using Level 2 inputs as defined above. Gains or losses on settled or expired contracts are recorded in the consolidated statements of income as foreign currency gains or losses. We enter into a combination of cross-currency swaps and foreign exchange collars as a net investment hedge of our investments in certain international subsidiaries that use the euro as their functional currency in order to reduce the volatility caused by changes in exchange rates. Our cross-currency swaps and foreign exchange collars are measured at fair value and recorded on the consolidated balance sheets within other assets or other long-term liabilities. Changes in fair value are recorded as foreign currency translation adjustments within accumulated other comprehensive loss.Our derivative contracts are subject to master netting arrangements or agreements between the Company and each counterparty for the net settlement of all contracts through a single payment in a single currency in the event of a default or termination of any one contract with that certain counterparty. It is our practice to recognize the gross amounts in the consolidated balance sheets.
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| Business Combinations | Business Combinations: We account for business combinations in accordance with Accounting Standards Codification (“ASC”) 805, “Business Combinations.” We recognize and measure identifiable assets acquired and liabilities assumed based on their estimated fair values. The excess of the consideration transferred over the fair value of the net assets acquired, including identifiable intangible assets, is assigned to goodwill. As additional information becomes available, we may further revise the preliminary acquisition consideration allocation during the remainder of the measurement period, which shall not exceed twelve months from the closing of the acquisition. We expense transaction related costs, including legal, consulting, accounting and other costs, in the periods in which the costs are incurred.
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| Identifiable finite-lived intangible assets | Identifiable finite-lived intangible assets generally consist of customer relationships, unpatented technology, patents and trademarks and trade names and are amortized over their estimated useful lives which generally range from 2 to 15 years. Identifiable indefinite-lived intangible assets generally consist of trademarks and trade names and are subject to impairment testing on at least an annual basis. We estimate the fair value of identifiable intangible assets under income approaches where the fair value models incorporate estimates of future cash flows, estimates of allocations of certain assets and cash flows, estimates of future growth rates, and management’s judgment regarding the applicable discount rates to use to discount such estimates of cash flows. As such, acquisitions are classified as Level 3 fair value hierarchy measurements and disclosures. Amortization Expense: Intangible assets with finite useful lives are amortized on a straight-line basis over their estimated useful lives, which vary depending on the type of intangible assets. In determining the estimated useful lives of finite-lived intangible assets, we consider the nature, competitive position, life cycle and historical and expected future operating cash flows of each acquired assets.
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| Selling, General and Administrative (SG&A) Expenses | Selling, General and Administrative (“SG&A”) Expenses: SG&A expenses include selling, marketing, customer service, product management and other administrative expenses not directly supporting the manufacturing process, as well as depreciation expense associated with non-manufacturing assets. In addition, SG&A expenses include corporate operating expenses for executive management, accounting, tax, treasury, corporate development, human resources, information technology, investor relations, legal, internal audit and risk management.
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| Research and Development Costs | Research and Development Costs: We incurred research and development costs of $38.3, $23.3, and $13.5 for the years ended December 31, 2024, 2023, and 2022, respectively. Such costs are expensed as incurred and included in SG&A expenses in the consolidated statements of income.
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| Foreign Currency Translation | Foreign Currency Translation: The functional currency for the majority of our foreign operations is the applicable local currency. The translation from the applicable foreign currencies to U.S. dollars is performed for asset and liability accounts using exchange rates in effect at the balance sheet date and for revenue and expense accounts using the average exchange rate during the period. The resulting translation adjustments are recorded as a component of other comprehensive (loss) income in the consolidated statements of comprehensive income (loss). Certain of our foreign entities remeasure from local to functional currencies, which is then translated to the reporting currency of the Company. Remeasurement from local to functional currencies is included in cost of sales or other expense (income), net in the consolidated statements of income. Gains or losses resulting from foreign currency transactions are charged to other expense (income), net in the consolidated statements of income as incurred.
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| Income Taxes | Income Taxes: The Company and its U.S. subsidiaries file a consolidated federal income tax return. Deferred income taxes are provided for temporary differences between financial reporting and the consolidated tax return in accordance with the liability method. A valuation allowance is provided against net deferred tax assets when conditions indicate that it is more likely than not that the benefit related to such assets will not be realized. In assessing the need for a valuation allowance against deferred tax assets, we consider all available evidence, including past operating results, estimates of future taxable income, and the feasibility of tax planning strategies. In the event that we change our determination as to the amount of deferred tax assets that can be realized, the valuation allowance will be adjusted with a corresponding impact to the provision for income taxes in the period in which such determination is made. We utilize a two-step approach for the recognition and measurement of uncertain tax positions. The first step is to evaluate the tax position and determine whether it is more likely than not that the position will be sustained upon examination by tax authorities. The second step is to measure the tax benefit as the largest amount that is more likely than not of being realized upon settlement. Interest and penalties related to income taxes are accounted for as income tax expense in the consolidated statements of income. We are subjected to a tax on Global Intangible Low Taxed Income (“GILTI”), which we record as a period cost as incurred.
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| Share-based Compensation | Share-based Compensation: We measure share-based compensation expense for share-based payments to employees and directors, including grants of employee stock options, restricted stock, restricted stock units and performance units based on the grant-date fair value. The fair value of stock options is calculated using the Black-Scholes pricing model and is recognized on an accelerated basis over the vesting period. The grant-date fair value calculation under the Black-Scholes pricing model requires the use of variables such as exercise term of the option, future volatility, dividend yield, and risk-free interest rate. The fair value of restricted stock and restricted stock units is based on Chart’s market price on the date of grant and is generally recognized on an accelerated basis over the vesting period. The fair value of performance units is based on Chart’s market price on the date of grant and pre-determined performance and market conditions as determined by the Compensation Committee of the Board of Directors and is recognized on a straight-line basis over the performance measurement period based on the probability that the performance and market conditions will be achieved. We reassess the vesting probability of performance units each reporting period and adjust share-based compensation expense based on our probability assessment. Share-based compensation expense for all awards considers estimated forfeitures. During the year, we may repurchase shares of common stock from equity plan participants to satisfy tax withholding obligations relating to the vesting or payment of equity awards. All such repurchased shares are retired in the period in which the repurchases occur.
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| Defined Benefit Pension Plans | Defined Benefit Pension Plans: We sponsor multiple defined benefit pension plans including a plan which has been frozen since February 2006. The funded status is measured as the difference between the fair value of the plan assets and the projected benefit obligation. The change in the funded status of the plan is recognized in the year in which the change occurs through accumulated other comprehensive (loss) income. Our funding policy is to contribute at least the minimum funding amounts required by law. Management has chosen policies according to accounting guidance that allow the use of a calculated value of plan assets, which generally reduces the volatility of expense (income) from changes in pension liability discount rates and the performance of the pension plans’ assets.
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| Recently Issued Accounting Standards (Not Yet Adopted) and Recently Adopted Accounting Standards | Recently Issued Accounting Standards (Not Yet Adopted): In November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2024-03, “Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses”, which is intended to improve expense disclosures, primarily by requiring disclosure of disaggregated information about certain income statement expense line items on an annual and interim basis. The amendments in this update are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The updates required by this standard are to be applied prospectively with the option for retrospective application. We are currently assessing the effect this ASU will have on our disclosures. In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” The amendments in this update enhance the transparency and decision usefulness of income tax disclosures. This update enhances the rate reconciliation by requiring an entity to disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. The update also requires an entity to disclose on an annual basis enhanced information about income taxes paid, income from continuing operations before income tax expense (or benefit) disaggregated between domestic and foreign, and income tax expense (or benefit) from continuing operations disaggregated by federal (national), state, and foreign. The amendments in this update are effective for fiscal years beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. We are currently assessing the effect this ASU will have on our disclosures. Recently Adopted Accounting Standards: In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures.” The amendments in this update improve reportable segment disclosure requirements through enhanced disclosures about significant segments expenses. Among other things, this update requires an entity to disclose significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and included within each reported measure of segment profit or loss. The update also requires entities to disclose other segment items, provide all annual disclosures about a reportable segment’s profit and loss and assets currently required by this Topic in interim periods, disclose the title and position of our CODM, and an explanation of how the CODM uses the reported measures of segment profit or loss in assessing segment performance and deciding how to allocate resources. We adopted this guidance effective January 1, 2024, resulting in enhanced disclosure of segment expenses along with greater detail of our CODM and how they use the reported measures of segment profit or loss in assessing segment performance and deciding how to allocate resources. See Note 4, “Segment and Geographic Information” for the enhanced disclosures associated with the adoption of ASU 2023-07. In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848), Facilitation of the Effects of Reference Rate Reform on Financial Reporting,” and in January 2021, the FASB subsequently issued ASU 2021-01, “Reference Rate Reform (Topic 848): Scope.” ASU 2020-04 and the subsequent modifications are identified as ASC 848 (“ASC 848”). ASC 848 simplifies the accounting for modifying contracts (including those in hedging relationships) that refer to LIBOR and other interbank offered rates that are expected to be discontinued due to reference rate reform. Chart transitioned away from LIBOR rates on our debt facilities in early 2023 at which time we adopted this guidance. The adoption of this guidance did not have a material impact on our financial position, results of operations or disclosures.
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Discontinued Operations and Other Businesses Sold (Tables) |
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| Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Summarized Financial Information of Discontinued Operations | The following table represents income from discontinued operations, net of tax:
_______________ (1)The Roots business was acquired on March 17, 2023 and held for sale until the sale was completed on August 18, 2023. (2)The loss (gain) on sale of the Roots business was $2.5 and $(5.0) before taxes for the year ended December 31, 2024 and December 31, 2023, respectively. (3)Loss from discontinued operations, net of tax for the year ended December 31, 2022 relates to the divestiture of our cryobiological products business and the associated Pacific Fertility lawsuits that Chart retained after the divestiture. We reached a settlement in late January 2023 to resolve the Pacific Fertility Center lawsuits. We recorded a net loss of approximately $73.0 in discontinued operations for the year ended December 31, 2022, which represented the expected out-of-pocket payments in connection with these settlements.
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Segment and Geographic Information (Tables) |
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| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Segment Reporting Information, by Segment | Segment Financial Information
(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.
(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.
(1)See Note 9, “Goodwill and Intangible Assets,” for further information related to goodwill and identifiable intangible assets, net.
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| Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas | Geographic Information
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Revenue (Tables) |
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| Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Disaggregation of Revenue by Timing | The following tables represent a disaggregation of revenue by timing of revenue along with the reportable segment for each category:
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| Schedule of Changes in Contract Assets and Contract Liabilities Balances | The following table represents changes in our contract assets and contract liabilities balances:
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Investments (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investments, All Other Investments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Equity Method Investments | The following table represents the activity in equity method investments, which are classified within other assets:
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| Schedule of Investments | The following table represents the activity in investments in equity securities, which are classified within other assets:
_______________ (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.
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Inventories (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Components of Inventory | The following table summarizes the components of inventory:
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Property, Plant and Equipment (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Property, Plant and Equipment [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Components of Property, Plant, and Equipment | The following table summarizes the components of property, plant and equipment:
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Goodwill and Intangible Assets (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Changes in Goodwill by Segment | The following table represents the activity in goodwill net of accumulated goodwill impairment loss (“goodwill, net”) and accumulated goodwill impairment loss by segment for 2024:
_______________ (1)Purchase accounting adjustments, which were recorded during the first quarter 2024, related to the Howden Acquisition. See Note 13, “Business Combinations” for further information. The following table represents the activity in goodwill net of accumulated goodwill impairment loss (“goodwill, net”) and accumulated goodwill impairment loss by segment for 2023 (1):
_______________ (1)Goodwill acquired during the period was $2,085.3. All goodwill acquired during the period is related to the Howden Acquisition. (2)Refer to Note 3, “Discontinued Operations and Other Businesses Sold” for information regarding divestitures. (3)During the year ended December 31, 2023, we recorded purchase price adjustments which increased goodwill by $0.1 in our Specialty Products segment related to the 2022 acquisition of Fronti Fabrications, Inc. (“Fronti) and increased goodwill by $0.3 in our Repair, Service & Leasing segment related to the 2022 acquisition of CSC Cryogenic Service Center AB (“CSC”).
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| Schedule of Indefinite-Lived Intangible Assets, Excluding Goodwill | The following table displays the gross carrying amount and accumulated amortization for finite-lived intangible assets and indefinite-lived intangible assets (exclusive of goodwill) (1):
_______________ (1)Amounts include the impact of foreign currency translation. Fully amortized or impaired amounts are written off. (2)Accumulated indefinite-lived intangible assets impairment loss was $16.0 at both December 31, 2024 and 2023.
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| Schedule of Finite-Lived Intangible Assets | The following table displays the gross carrying amount and accumulated amortization for finite-lived intangible assets and indefinite-lived intangible assets (exclusive of goodwill) (1):
_______________ (1)Amounts include the impact of foreign currency translation. Fully amortized or impaired amounts are written off. (2)Accumulated indefinite-lived intangible assets impairment loss was $16.0 at both December 31, 2024 and 2023.
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| Schedule of Estimated Future Amortization | We estimate amortization expense to be recognized during the next five years as follows:
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Debt and Credit Arrangements (Tables) |
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Outstanding Borrowings and Costs | The following table represents the components of our borrowings:
_______________ (1)Our convertible notes due November 2024, which were settled as of December 31, 2024, net of unamortized debt issuance costs, are included in current maturities for the year ended December 31, 2023. The following table summarizes the carrying values and fair values of our actively quoted debt instruments (1):
_______________ (1)The debt instruments noted above are actively quoted instruments and, accordingly, their fair values were determined using Level 1 inputs.
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| Scheduled Annual Maturities | The following table represents the scheduled maturities for our borrowings, excluding unamortized debt issuance costs, for the next five years:
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| Schedule of Interest Expense | The following table summarizes interest expense (1):
_______________ (1)Interest expense noted above relates to the debt and credit arrangements identified in this note and includes interest recognized on obligations with contractual interest rates, capitalized interest, financing costs amortization and interest accretion of debt discount.
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Shareholders' Equity (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Mandatory Convertible Preferred Stock | The following table illustrates the conversion rate per share of the Mandatory Convertible Preferred Stock, subject to certain anti-dilution adjustments, based on the applicable market value of the common stock:
The following table illustrates the conversion rate per depositary share, subject to certain anti-dilution adjustments, based on the applicable market value of the common stock:
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Financial Instruments and Derivative Financial Instruments (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The following table represents the fair value of our asset and liability derivatives:
_______________ (1)Represents foreign exchange swaps and foreign exchange options.
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Business Combinations (Tables) |
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Consideration |
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| Schedule of Recognized Identified Assets Acquired in Business Combination | The following table summarizes the fair values of the assets acquired and liabilities assumed in the Howden Acquisition as of the acquisition date:
_______________ (1)As part of the Howden Acquisition, we acquired 82% of Howden Hua Engineering Co., Ltd, an entity based in China. The noncontrolling interest was valued at $146.0. (2)Includes $102.2 and $49.7 allocated to the Roots and American Fan divestitures, respectively.
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| Schedule of Identifiable Intangible Assets Acquired |
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| Schedule of Pro Forma Disclosures | The following unaudited pro forma combined financial information for the years ended December 31, 2023 and 2022 gives effect to the Howden Acquisition and the Roots and American Fan divestitures, as if both occurred on January 1, 2022. The unaudited pro forma information is not necessarily indicative of the results of operations that actually would have occurred under the ownership and management of the Company. In addition, the unaudited pro forma information is not intended to be a projection of future results and does not reflect any operating efficiencies or cost savings that might be achievable. The following adjustments are reflected in the unaudited pro forma financial table below: •the effect of increased interest expense related to the repayment of the Howden term loans, senior notes and revolving credit facility net of the additional borrowing on the Chart senior secured revolving credit facility and senior secured and unsecured notes, •amortization of acquired intangible assets, •an adjustment to reflect the change in the estimated income tax rate for federal and state purposes, •nonrecurring acquisition-related expenses incurred by Howden prior to the close of and directly attributable to the Howden Acquisition were adjusted out of the pro forma net loss attributable to Chart Industries, Inc. from continuing operations for the periods presented, and •nonrecurring acquisition-related expenses incurred by Chart and directly related to the Howden Acquisition were adjusted out of the pro forma net loss attributable to Chart Industries, Inc. from continuing operations for the periods presented.
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Accumulated Other Comprehensive (Loss) Income (Tables) |
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Components of Accumulated Other Comprehensive (Loss) Income | The components of accumulated other comprehensive (loss) income are as follows:
_______________ (1)Foreign currency translation adjustments includes translation adjustments and net investment hedge, net of taxes. See Note 12, “Financial Instruments and Derivative Financial Instruments,” for further information related to the net investment hedge. (2)We recognized a $1.1 loss related to the partial settlement of a defined benefit plan. Refer to Note 17, “Employee Benefit Plans” for further information.
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Earnings Per Share (Tables) |
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Calculation of Net Income (loss) Per Share | The following table presents calculations of net income per share of common stock:
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| Schedule of Antidilutive Securities | Diluted earnings per share does not consider the following cumulative preferred stock dividends and potential common shares as the effect would be anti-dilutive:
_______________ (1)We calculate the basic and diluted earnings per share based on net income, which approximates income available to common shareholders for each period. Earnings per share is calculated using the two-class method, which is an earnings allocation formula that determines the earnings per share for common stock and any participating securities according to dividends declared (whether paid or unpaid) and participation rights in undistributed earnings. The Series B Mandatory Convertible Preferred Stock and the 2024 Convertible Notes are participating securities. Undistributed earnings are not allocated to the participating securities because the participation features are discretionary. Net losses are not allocated to the Series B Mandatory Convertible Preferred Stock, as it does not have a contractual obligation to share in the losses of Chart. Basic net income per share is computed by dividing net income available to common shareholders by the weighted average number of common shares outstanding for the period. Diluted net income per common share is computed by dividing net income available to common shareholders by the sum of the weighted average number of common shares outstanding and any dilutive non-participating securities for the period.
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Income Taxes (Tables) |
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Income before Income Tax, Domestic and Foreign | Income from continuing operations before income taxes consists of the following:
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| Schedule of Components of Income Tax Expense (Benefit) | Significant components of income tax expense (benefit), net are as follows:
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| Schedule of Effective Income Tax Rate Reconciliation | The reconciliation of income taxes computed at the U.S. federal statutory tax rate to income tax expense is as follows:
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| Schedule of Deferred Tax Assets and Liabilities | Significant components of our deferred tax assets and liabilities are as follows:
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| Schedule of Reconciliation of Unrecognized Tax Benefits | The reconciliation of beginning to ending gross unrecognized tax benefits is as follows:
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Employee Benefit Plans (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Components of Net Periodic Pension Income | The components of net periodic pension cost (income) are as follows:
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| Schedule of Changes in Projected Benefit Obligation and Plan Assets, Funded Status and Amounts Recognized on the Balance Sheet | The other changes in plan assets and projected benefit obligations recognized in other comprehensive (loss) income, on a pre-tax basis, are as follows:
The changes in the projected benefit obligation and plan assets, the funded status of the plans and the amounts recognized in the consolidated balance sheets are as follows:
_______________ (1)The 2023 changes in the projected benefit obligation and plan assets reflect the effect of the Howden Acquisition.
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| Schedule of Accumulated and Projected Benefit Obligations | International Plans with accumulated benefit obligations in excess of plan assets consist of the following:
International Plans with projected benefit obligations in excess of plan assets consist of the following:
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| Schedule of Assumptions Used | The actuarial assumptions used in determining pension plan information are as follows:
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| Schedule of Target Allocation by Asset Category and Fair Value | The Chart Plan’s target allocations by asset category and fair values of the plan assets by asset class at December 31 are as follows:
The International Plans’ target allocations by asset category and fair values of the plan assets by asset class at December 31 are as follows:
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| Rollforward of Unobservable Inputs | The following table represents changes in the fair value of plan assets categorized as Level 3 from the preceding table:
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| Schedule of Expected Benefit Payments | The following benefit payments are expected to be paid by the plan in each of the next five years and in the aggregate for the subsequent five years:
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Share-based Compensation (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Valuation Assumptions | Weighted-average grant-date fair values of stock options and the assumptions used in estimating the fair values are as follows:
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| Schedule of Stock Option Activity Rollforward | The following table summarizes our stock option activity from continuing operations:
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| Schedule of Unvested Restricted Stock and RSU Rollforward | The following table summarizes our unvested restricted stock and RSUs activity from continuing operations:
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| Schedule of Performance Units Unvested Shares Activity Rollforward | The following table, which is stated at a 100% earned percentage, summarizes our performance units activity from continuing operations:
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Leases (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Lease, Cost | The following table presents the lease balances within our consolidated balance sheets, weighted average remaining lease term and weighted average discount rates related to our leases:
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| Schedule of Operating Lease Future Minimum Payments | The following table summarizes future minimum lease payments for non-cancelable operating leases and for finance leases as of December 31, 2024:
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| Schedule of Finance Lease Future Minimum Payments | The following table summarizes future minimum lease payments for non-cancelable operating leases and for finance leases as of December 31, 2024:
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| Schedule of Sales from Sales-type and Operating Leases | The following table represents sales from sales-type and operating leases:
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| Schedule of Operating Lease, Lease Income | The following table represents sales from sales-type and operating leases:
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| Scheduled Payments for Sales-type Leases | The following table represents scheduled payments for sales-type leases:
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| Schedule of Cost of Equipment Leased | The following table represents the cost of equipment leased to others:
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Nature of Operations and Principles of Consolidation (Details) |
Dec. 31, 2024
location
center
|
|---|---|
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
| Number of locations (location) | location | 64 |
| Number of service centers (centers) | center | 50 |
Significant Accounting Policies (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Disaggregation of Revenue | |||
| Research and development expense | $ 38.3 | $ 23.3 | $ 13.5 |
| Minimum | |||
| Disaggregation of Revenue | |||
| Finite lived intangible asset useful life (in years) | 2 years | ||
| Maximum | |||
| Disaggregation of Revenue | |||
| Finite lived intangible asset useful life (in years) | 15 years | ||
Discontinued Operations and Other Businesses Sold - Narratives (Details) - Assets Disposed of by Sales - USD ($) $ in Millions |
3 Months Ended | ||||
|---|---|---|---|---|---|
Oct. 31, 2023 |
Oct. 26, 2023 |
Aug. 18, 2023 |
Jun. 11, 2023 |
Mar. 31, 2024 |
|
| Roots Rotary Blowers Business | |||||
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations | |||||
| Proceeds from sale of businesses, net of cash divested | $ 291.9 | ||||
| Additional net working capital adjustment | $ 2.5 | ||||
| Roots Rotary Blowers Business | Scenario, Plan | |||||
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations | |||||
| Proceeds from sale of businesses, net of cash divested | $ 300.0 | ||||
| American Fans | |||||
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations | |||||
| Proceeds from sale of businesses, net of cash divested | $ 109.7 | ||||
| Comfico Fans | |||||
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations | |||||
| Proceeds from sale of businesses, net of cash divested | $ 67.4 |
Discontinued Operations and Other Businesses Sold - Income for Discontinued Operations (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Other expenses: | |||
| Total loss from discontinued operations, net of tax | $ (3.5) | $ (0.6) | $ (57.6) |
| Assets Disposed of by Sales | |||
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations | |||
| Sales | 0.0 | 58.8 | 0.0 |
| Cost of sales | 0.0 | 41.4 | 0.0 |
| Gross profit | 0.0 | 17.4 | 0.0 |
| Selling, general, and administrative expenses | 1.3 | 7.4 | 74.8 |
| Operating income | (1.3) | 10.0 | (74.8) |
| Other expenses: | |||
| Interest expense, net | 0.0 | 8.9 | 0.0 |
| Foreign currency loss | 0.0 | 0.1 | 0.0 |
| Other expense, net | 0.0 | 9.0 | 0.0 |
| (Loss) income before income taxes | (1.3) | 1.0 | (74.8) |
| Income tax expense (benefit) | 0.2 | 1.2 | (17.2) |
| Loss from discontinued operations before gain on sale of business | (1.5) | (0.2) | (57.6) |
| Loss on sale of business, net of taxes | 2.0 | 0.4 | 0.0 |
| Total loss from discontinued operations, net of tax | (3.5) | (0.6) | $ (57.6) |
| Tax on loss on sale of business | 0.5 | 5.4 | |
| Assets Disposed of by Sales | Pacific Fertility Center | |||
| Other expenses: | |||
| Loss from litigation settlement | 73.0 | ||
| Assets Disposed of by Sales | Roots Rotary Blowers Business | |||
| Other expenses: | |||
| Gain (loss) on sale before tax | $ (2.5) | $ 5.0 | |
Segment and Geographic Information - Narrative (Details) |
12 Months Ended |
|---|---|
|
Dec. 31, 2024
segment
| |
| Segment Reporting [Abstract] | |
| Number of reportable segments (segment) | 4 |
Segment and Geographic Information - Segment Income (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Segment Reporting Information | |||
| Sales | $ 4,160.3 | $ 3,352.5 | $ 1,612.4 |
| Cost of sales | 2,771.5 | 2,312.1 | 1,205.0 |
| Selling, general and administrative expenses | 547.4 | 486.3 | 214.5 |
| Amortization expense | 193.9 | 163.4 | 41.4 |
| Operating income (loss) | 647.5 | 390.7 | 151.5 |
| Depreciation expense | 76.0 | 67.7 | 40.5 |
| Operating Segments | |||
| Segment Reporting Information | |||
| Sales | 4,160.2 | 3,381.1 | 1,624.9 |
| Cost of sales | 2,771.4 | 2,340.7 | 1,217.5 |
| Selling, general and administrative expenses | 363.4 | 323.7 | 136.6 |
| Amortization expense | 193.9 | 163.4 | 41.2 |
| Operating income (loss) | 831.5 | 553.3 | 229.6 |
| Depreciation expense | 68.0 | 62.2 | 38.3 |
| Operating Segments | Cryo Tank Solutions | |||
| Segment Reporting Information | |||
| Sales | 637.9 | 640.8 | 504.3 |
| Cost of sales | 494.4 | 508.8 | 405.6 |
| Selling, general and administrative expenses | 61.2 | 70.9 | 41.8 |
| Amortization expense | 7.7 | 6.6 | 2.9 |
| Operating income (loss) | 74.6 | 54.5 | 54.0 |
| Depreciation expense | 14.3 | 16.6 | 13.8 |
| Operating Segments | Heat Transfer Systems | |||
| Segment Reporting Information | |||
| Sales | 1,035.3 | 891.2 | 462.7 |
| Cost of sales | 736.3 | 644.4 | 372.1 |
| Selling, general and administrative expenses | 45.6 | 54.1 | 24.0 |
| Amortization expense | 20.1 | 16.9 | 14.9 |
| Operating income (loss) | 233.3 | 175.8 | 51.7 |
| Depreciation expense | 17.7 | 15.7 | 14.4 |
| Operating Segments | Specialty Products | |||
| Segment Reporting Information | |||
| Sales | 1,114.3 | 819.9 | 448.3 |
| Cost of sales | 813.2 | 598.5 | 309.7 |
| Selling, general and administrative expenses | 106.6 | 82.6 | 55.6 |
| Amortization expense | 21.4 | 19.1 | 10.1 |
| Operating income (loss) | 173.1 | 119.7 | 72.9 |
| Depreciation expense | 8.3 | 5.6 | 6.3 |
| Operating Segments | Repair, Service & Leasing | |||
| Segment Reporting Information | |||
| Sales | 1,372.7 | 1,029.2 | 209.6 |
| Cost of sales | 727.5 | 589.0 | 130.1 |
| Selling, general and administrative expenses | 150.0 | 116.1 | 15.2 |
| Amortization expense | 144.7 | 120.8 | 13.3 |
| Operating income (loss) | 350.5 | 203.3 | 51.0 |
| Depreciation expense | 27.7 | 24.3 | 3.8 |
| Corporate & Intersegment Eliminations | |||
| Segment Reporting Information | |||
| Sales | 0.1 | (28.6) | (12.5) |
| Cost of sales | 0.1 | (28.6) | (12.5) |
| Selling, general and administrative expenses | 184.0 | 162.6 | 77.9 |
| Amortization expense | 0.0 | 0.0 | 0.2 |
| Operating income (loss) | (184.0) | (162.6) | (78.1) |
| Depreciation expense | $ 8.0 | $ 5.5 | $ 2.2 |
Segment and Geographic Information - Product Sales Information (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Segment Reporting Information | |||
| Sales | $ 4,160.3 | $ 3,352.5 | $ 1,612.4 |
| North America | |||
| Segment Reporting Information | |||
| Sales | 1,889.9 | 1,515.6 | 980.9 |
| Europe, Middle East, Africa and India | |||
| Segment Reporting Information | |||
| Sales | 1,245.0 | 1,014.1 | 434.4 |
| Asia Pacific | |||
| Segment Reporting Information | |||
| Sales | 906.7 | 742.7 | 187.9 |
| Rest of the World | |||
| Segment Reporting Information | |||
| Sales | 118.7 | 80.1 | 9.2 |
| United States | |||
| Segment Reporting Information | |||
| Sales | $ 1,659.0 | $ 1,387.7 | $ 938.5 |
| United States | Sales | Geographic Concentration Risk | |||
| Segment Reporting Information | |||
| Concentration risk (percent) | 39.90% | 41.40% | 58.20% |
| China | |||
| Segment Reporting Information | |||
| Sales | $ 565.4 | $ 460.9 | $ 58.3 |
| China | Sales | Geographic Concentration Risk | |||
| Segment Reporting Information | |||
| Concentration risk (percent) | 13.60% | 13.70% | 3.60% |
| Operating Segments | |||
| Segment Reporting Information | |||
| Sales | $ 4,160.2 | $ 3,381.1 | $ 1,624.9 |
| Operating Segments | Cryo Tank Solutions | |||
| Segment Reporting Information | |||
| Sales | 637.9 | 640.8 | 504.3 |
| Operating Segments | Cryo Tank Solutions | North America | |||
| Segment Reporting Information | |||
| Sales | 275.7 | 309.5 | 214.8 |
| Operating Segments | Cryo Tank Solutions | Europe, Middle East, Africa and India | |||
| Segment Reporting Information | |||
| Sales | 223.7 | 210.0 | 185.7 |
| Operating Segments | Cryo Tank Solutions | Asia Pacific | |||
| Segment Reporting Information | |||
| Sales | 122.9 | 114.4 | 98.1 |
| Operating Segments | Cryo Tank Solutions | Rest of the World | |||
| Segment Reporting Information | |||
| Sales | 15.6 | 6.9 | 5.7 |
| Operating Segments | Heat Transfer Systems | |||
| Segment Reporting Information | |||
| Sales | 1,035.3 | 891.2 | 462.7 |
| Operating Segments | Heat Transfer Systems | North America | |||
| Segment Reporting Information | |||
| Sales | 637.8 | 594.0 | 323.5 |
| Operating Segments | Heat Transfer Systems | Europe, Middle East, Africa and India | |||
| Segment Reporting Information | |||
| Sales | 155.5 | 115.3 | 97.5 |
| Operating Segments | Heat Transfer Systems | Asia Pacific | |||
| Segment Reporting Information | |||
| Sales | 222.4 | 163.8 | 40.1 |
| Operating Segments | Heat Transfer Systems | Rest of the World | |||
| Segment Reporting Information | |||
| Sales | 19.6 | 18.1 | 1.6 |
| Operating Segments | Specialty Products | |||
| Segment Reporting Information | |||
| Sales | 1,114.3 | 819.9 | 448.3 |
| Operating Segments | Specialty Products | North America | |||
| Segment Reporting Information | |||
| Sales | 441.1 | 307.6 | 302.2 |
| Operating Segments | Specialty Products | Europe, Middle East, Africa and India | |||
| Segment Reporting Information | |||
| Sales | 319.7 | 230.3 | 113.2 |
| Operating Segments | Specialty Products | Asia Pacific | |||
| Segment Reporting Information | |||
| Sales | 336.3 | 266.3 | 32.2 |
| Operating Segments | Specialty Products | Rest of the World | |||
| Segment Reporting Information | |||
| Sales | 17.2 | 15.7 | 0.7 |
| Operating Segments | Repair, Service & Leasing | |||
| Segment Reporting Information | |||
| Sales | 1,372.7 | 1,029.2 | 209.6 |
| Operating Segments | Repair, Service & Leasing | North America | |||
| Segment Reporting Information | |||
| Sales | 535.3 | 317.6 | 147.0 |
| Operating Segments | Repair, Service & Leasing | Europe, Middle East, Africa and India | |||
| Segment Reporting Information | |||
| Sales | 546.0 | 468.4 | 41.9 |
| Operating Segments | Repair, Service & Leasing | Asia Pacific | |||
| Segment Reporting Information | |||
| Sales | 225.1 | 203.3 | 19.3 |
| Operating Segments | Repair, Service & Leasing | Rest of the World | |||
| Segment Reporting Information | |||
| Sales | 66.3 | 39.9 | 1.4 |
| Intersegment Eliminations | |||
| Segment Reporting Information | |||
| Sales | 0.1 | (28.6) | (12.5) |
| Intersegment Eliminations | North America | |||
| Segment Reporting Information | |||
| Sales | 0.0 | (13.1) | (6.6) |
| Intersegment Eliminations | Europe, Middle East, Africa and India | |||
| Segment Reporting Information | |||
| Sales | 0.1 | (9.9) | (3.9) |
| Intersegment Eliminations | Asia Pacific | |||
| Segment Reporting Information | |||
| Sales | 0.0 | (5.1) | (1.8) |
| Intersegment Eliminations | Rest of the World | |||
| Segment Reporting Information | |||
| Sales | $ 0.0 | $ (0.5) | $ (0.2) |
Segment and Geographic Information - Assets (Details) - USD ($) $ in Millions |
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|---|
| Revenues from External Customers and Long-Lived Assets | |||
| Assets | $ 9,123.9 | $ 9,102.4 | |
| Goodwill | 2,899.9 | 2,906.8 | $ 992.0 |
| Identifiable intangible assets, net | 2,540.6 | 2,791.9 | |
| Operating Segments | |||
| Revenues from External Customers and Long-Lived Assets | |||
| Assets | 3,094.2 | 2,864.7 | |
| Operating Segments | Cryo Tank Solutions | |||
| Revenues from External Customers and Long-Lived Assets | |||
| Assets | 614.0 | 706.1 | |
| Goodwill | 211.7 | 219.3 | 79.1 |
| Operating Segments | Heat Transfer Systems | |||
| Revenues from External Customers and Long-Lived Assets | |||
| Assets | 669.7 | 560.7 | |
| Goodwill | 477.1 | 480.4 | 430.5 |
| Operating Segments | Specialty Products | |||
| Revenues from External Customers and Long-Lived Assets | |||
| Assets | 920.6 | 647.8 | |
| Goodwill | 568.0 | 567.9 | 304.0 |
| Operating Segments | Repair, Service & Leasing | |||
| Revenues from External Customers and Long-Lived Assets | |||
| Assets | 889.9 | 950.1 | |
| Goodwill | 1,643.1 | 1,639.2 | $ 178.4 |
| Corporate & Intersegment Eliminations | |||
| Revenues from External Customers and Long-Lived Assets | |||
| Assets | $ 589.2 | $ 539.0 |
Segment and Geographic Information - Geographic Information (Details) - USD ($) $ in Millions |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Revenues from External Customers and Long-Lived Assets | ||
| Property, plant and equipment, net | $ 864.2 | $ 837.6 |
| United States | ||
| Revenues from External Customers and Long-Lived Assets | ||
| Property, plant and equipment, net | 420.9 | 356.9 |
| Foreign | ||
| Revenues from External Customers and Long-Lived Assets | ||
| Property, plant and equipment, net | 443.3 | 480.7 |
| Germany | ||
| Revenues from External Customers and Long-Lived Assets | ||
| Property, plant and equipment, net | 99.7 | 106.7 |
| China | ||
| Revenues from External Customers and Long-Lived Assets | ||
| Property, plant and equipment, net | 94.0 | 106.4 |
| Italy | ||
| Revenues from External Customers and Long-Lived Assets | ||
| Property, plant and equipment, net | 46.9 | 54.6 |
| United Kingdom | ||
| Revenues from External Customers and Long-Lived Assets | ||
| Property, plant and equipment, net | 34.1 | 25.7 |
| India | ||
| Revenues from External Customers and Long-Lived Assets | ||
| Property, plant and equipment, net | 30.7 | 34.0 |
| Czech Republic | ||
| Revenues from External Customers and Long-Lived Assets | ||
| Property, plant and equipment, net | 30.4 | 34.0 |
| Other foreign countries | ||
| Revenues from External Customers and Long-Lived Assets | ||
| Property, plant and equipment, net | $ 107.5 | $ 119.3 |
Revenue - Disaggregation by Timing (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Disaggregation of Revenue | |||
| Sales to external customers | $ 4,160.3 | $ 3,352.5 | $ 1,612.4 |
| Point in time | |||
| Disaggregation of Revenue | |||
| Sales to external customers | 1,307.6 | 1,205.8 | 781.1 |
| Over time | |||
| Disaggregation of Revenue | |||
| Sales to external customers | 2,852.7 | 2,146.7 | 831.3 |
| Operating Segments | |||
| Disaggregation of Revenue | |||
| Sales to external customers | 4,160.2 | 3,381.1 | 1,624.9 |
| Operating Segments | Cryo Tank Solutions | |||
| Disaggregation of Revenue | |||
| Sales to external customers | 637.9 | 640.8 | 504.3 |
| Operating Segments | Cryo Tank Solutions | Point in time | |||
| Disaggregation of Revenue | |||
| Sales to external customers | 348.6 | 444.7 | 443.4 |
| Operating Segments | Cryo Tank Solutions | Over time | |||
| Disaggregation of Revenue | |||
| Sales to external customers | 289.3 | 196.1 | 60.9 |
| Operating Segments | Heat Transfer Systems | |||
| Disaggregation of Revenue | |||
| Sales to external customers | 1,035.3 | 891.2 | 462.7 |
| Operating Segments | Heat Transfer Systems | Point in time | |||
| Disaggregation of Revenue | |||
| Sales to external customers | 11.3 | 27.4 | 27.3 |
| Operating Segments | Heat Transfer Systems | Over time | |||
| Disaggregation of Revenue | |||
| Sales to external customers | 1,024.0 | 863.8 | 435.4 |
| Operating Segments | Specialty Products | |||
| Disaggregation of Revenue | |||
| Sales to external customers | 1,114.3 | 819.9 | 448.3 |
| Operating Segments | Specialty Products | Point in time | |||
| Disaggregation of Revenue | |||
| Sales to external customers | 166.3 | 148.4 | 214.8 |
| Operating Segments | Specialty Products | Over time | |||
| Disaggregation of Revenue | |||
| Sales to external customers | 948.0 | 671.5 | 233.5 |
| Operating Segments | Repair, Service & Leasing | |||
| Disaggregation of Revenue | |||
| Sales to external customers | 1,372.7 | 1,029.2 | 209.6 |
| Operating Segments | Repair, Service & Leasing | Point in time | |||
| Disaggregation of Revenue | |||
| Sales to external customers | 781.4 | 603.3 | 104.4 |
| Operating Segments | Repair, Service & Leasing | Over time | |||
| Disaggregation of Revenue | |||
| Sales to external customers | 591.3 | 425.9 | 105.2 |
| Intersegment Eliminations | |||
| Disaggregation of Revenue | |||
| Sales to external customers | 0.1 | (28.6) | (12.5) |
| Intersegment Eliminations | Point in time | |||
| Disaggregation of Revenue | |||
| Sales to external customers | 0.0 | (18.0) | (8.8) |
| Intersegment Eliminations | Over time | |||
| Disaggregation of Revenue | |||
| Sales to external customers | $ 0.1 | $ (10.6) | $ (3.7) |
Revenue - Change in Contract Assets and Liabilities (Details) - USD ($) $ in Millions |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Contract assets | ||
| Unbilled contract revenue | $ 735.1 | $ 481.7 |
| Contract liabilities | ||
| Customer advances and billings in excess of contract revenue | $ 362.2 | $ 376.6 |
Revenue - Narratives (Details) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction | ||
| Contract revenue recognized | $ 332.9 | $ 116.0 |
| Remaining performance obligation | $ 4,845.1 | |
| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | ||
| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction | ||
| Performance obligation period | 12 months | |
| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | Maximum | ||
| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction | ||
| Remaining performance obligation period (percentage) | 59.00% | |
Investments - Equity Method Investments (Details) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Equity Securities | ||
| Equity method investments, beginning balance | $ 109.9 | $ 93.0 |
| New investments | 15.3 | |
| Equity in (loss) earnings | (5.2) | 2.7 |
| Foreign currency translation (loss) gain | (7.7) | 1.0 |
| Dividends received from equity method investments | (3.0) | (2.1) |
| Equity method investments, ending balance | $ 94.0 | $ 109.9 |
Investments - Investments in Equity Securities (Details) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Equity Securities | ||
| Beginning balance | $ 91.2 | $ 96.5 |
| New investments | 13.1 | 8.7 |
| (Decrease) increase in fair value of investments in equity securities | 10.7 | (14.4) |
| Foreign currency translation adjustments and other | (0.4) | 0.4 |
| Ending balance | 114.6 | 91.2 |
| Investment in Equity Securities, Level 1 | ||
| Equity Securities | ||
| Beginning balance | 4.8 | 17.2 |
| New investments | 0.0 | 0.0 |
| (Decrease) increase in fair value of investments in equity securities | (3.1) | (12.7) |
| Foreign currency translation adjustments and other | (0.2) | 0.3 |
| Ending balance | 1.5 | 4.8 |
| Investment in Equity Securities, Level 2 | ||
| Equity Securities | ||
| Beginning balance | 6.1 | 7.8 |
| New investments | 0.0 | 0.0 |
| (Decrease) increase in fair value of investments in equity securities | 1.8 | (1.7) |
| Foreign currency translation adjustments and other | 0.0 | 0.0 |
| Ending balance | 7.9 | 6.1 |
| Investments in Equity Securities, All Others | ||
| Equity Securities | ||
| Beginning balance | 80.3 | 71.5 |
| New investments | 13.1 | 8.7 |
| (Decrease) increase in fair value of investments in equity securities | 12.0 | 0.0 |
| Foreign currency translation adjustments and other | (0.2) | 0.1 |
| Ending balance | $ 105.2 | $ 80.3 |
Investments - Narratives (Details) € in Millions |
12 Months Ended | |||||
|---|---|---|---|---|---|---|
|
Dec. 31, 2024
USD ($)
installments
|
Dec. 31, 2023
USD ($)
|
Dec. 31, 2022
USD ($)
|
Sep. 07, 2021
USD ($)
|
Apr. 05, 2021
USD ($)
|
Apr. 05, 2021
EUR (€)
|
|
| Debt and Equity Securities, FV-NI | ||||||
| Investments in equity securities | $ 114,600,000 | $ 91,200,000 | $ 96,500,000 | |||
| Hy24 | ||||||
| Debt and Equity Securities, FV-NI | ||||||
| Investments in equity securities | $ 14,700,000 | € 14.2 | ||||
| Unfunded commitments | $ 37,200,000 | € 35.8 | ||||
| Corporate Joint Venture | HTEC | Common Stock | ||||||
| Debt and Equity Securities, FV-NI | ||||||
| Right of refusal compensation percentage (percent) | 102.00% | |||||
| Squared Capital | ||||||
| Debt and Equity Securities, FV-NI | ||||||
| Warrant settlement in all cash | 225,000,000.0 | |||||
| Warrant settlement partial payment | $ 250,000,000.0 | |||||
| Number of installments | installments | 3 | |||||
| Warrant settlement, installment payment | $ 75,000,000.0 | |||||
| Squared Capital | Installment One | ||||||
| Debt and Equity Securities, FV-NI | ||||||
| Warrant settlement clause | $ 83,300,000 | |||||
| Anniversary Period One | Corporate Joint Venture | HTEC | Common Stock | ||||||
| Debt and Equity Securities, FV-NI | ||||||
| Invested capital multiple rate | 1.65 | |||||
| Anniversary Period One | Squared Capital | Corporate Joint Venture | ||||||
| Debt and Equity Securities, FV-NI | ||||||
| Shareholder distribution threshold | $ 900,000,000.0 | |||||
| Anniversary Period Two | Corporate Joint Venture | HTEC | ||||||
| Debt and Equity Securities, FV-NI | ||||||
| Put option internal rate of return (percent) | 12.50% | |||||
| Anniversary Period Two | Corporate Joint Venture | HTEC | Common Stock | ||||||
| Debt and Equity Securities, FV-NI | ||||||
| Percentage of shares callable upon exercise of call option (percent) | 20.00% | |||||
Inventories (Details) - USD ($) $ in Millions |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Inventory Disclosure [Abstract] | ||
| Raw materials and supplies | $ 264.3 | $ 274.8 |
| Work in process | 104.9 | 155.4 |
| Finished goods | 121.3 | 146.1 |
| Total inventories, net | $ 490.5 | $ 576.3 |
Property, Plant and Equipment - Schedule of Components of Property, Plant, and Equipment (Details) - USD ($) $ in Millions |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Property, Plant and Equipment | ||
| Right-of-use assets | $ 106.7 | $ 90.4 |
| Total property, plant and equipment, gross | 1,256.7 | 1,196.9 |
| Less: Accumulated depreciation | (392.5) | (359.3) |
| Property, plant and equipment, net | 864.2 | 837.6 |
| Land and buildings | ||
| Property, Plant and Equipment | ||
| Total property, plant and equipment, gross | $ 625.1 | 526.9 |
| Land and buildings | Minimum | ||
| Property, Plant and Equipment | ||
| Property plant and equipment, useful life | 20 years | |
| Land and buildings | Maximum | ||
| Property, Plant and Equipment | ||
| Property plant and equipment, useful life | 35 years | |
| Machinery and equipment | ||
| Property, Plant and Equipment | ||
| Total property, plant and equipment, gross | $ 387.6 | 361.6 |
| Machinery and equipment | Minimum | ||
| Property, Plant and Equipment | ||
| Property plant and equipment, useful life | 3 years | |
| Machinery and equipment | Maximum | ||
| Property, Plant and Equipment | ||
| Property plant and equipment, useful life | 12 years | |
| Computer equipment, furniture and fixtures | ||
| Property, Plant and Equipment | ||
| Total property, plant and equipment, gross | $ 68.4 | 75.1 |
| Computer equipment, furniture and fixtures | Minimum | ||
| Property, Plant and Equipment | ||
| Property plant and equipment, useful life | 3 years | |
| Computer equipment, furniture and fixtures | Maximum | ||
| Property, Plant and Equipment | ||
| Property plant and equipment, useful life | 7 years | |
| Construction in process | ||
| Property, Plant and Equipment | ||
| Total property, plant and equipment, gross | $ 68.9 | $ 142.9 |
Property, Plant and Equipment - Narratives (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Property, Plant and Equipment [Abstract] | |||
| Depreciation expense | $ 76.0 | $ 67.7 | $ 40.5 |
| Capital expenditures | $ 13.4 | $ 28.4 | |
Goodwill and Intangible Assets - Goodwill Rollforward (Details) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Goodwill | ||
| Beginning balance, goodwill | $ 2,906.8 | $ 992.0 |
| Foreign currency translation adjustments and other | (49.5) | 4.2 |
| Goodwill acquired during the year | 2,085.3 | |
| Divestitures | (175.1) | |
| Purchase price adjustment | 42.6 | 0.4 |
| Ending balance, goodwill | 2,899.9 | 2,906.8 |
| Goodwill Impaired | ||
| Beginning Balance, accumulated goodwill impairment loss | 129.0 | 129.0 |
| Ending Balance, accumulated goodwill impairment loss | 129.0 | 129.0 |
| Cryo Tank Solutions | Operating Segments | ||
| Goodwill | ||
| Beginning balance, goodwill | 219.3 | 79.1 |
| Foreign currency translation adjustments and other | (10.2) | 3.3 |
| Goodwill acquired during the year | 204.2 | |
| Divestitures | (67.3) | |
| Purchase price adjustment | 2.6 | 0.0 |
| Ending balance, goodwill | 211.7 | 219.3 |
| Goodwill Impaired | ||
| Beginning Balance, accumulated goodwill impairment loss | 23.5 | 23.5 |
| Ending Balance, accumulated goodwill impairment loss | 23.5 | 23.5 |
| Heat Transfer Systems | Operating Segments | ||
| Goodwill | ||
| Beginning balance, goodwill | 480.4 | 430.5 |
| Foreign currency translation adjustments and other | (4.6) | 0.8 |
| Goodwill acquired during the year | 59.1 | |
| Divestitures | (10.0) | |
| Purchase price adjustment | 1.3 | 0.0 |
| Ending balance, goodwill | 477.1 | 480.4 |
| Goodwill Impaired | ||
| Beginning Balance, accumulated goodwill impairment loss | 49.3 | 49.3 |
| Ending Balance, accumulated goodwill impairment loss | 49.3 | 49.3 |
| Specialty Products | Operating Segments | ||
| Goodwill | ||
| Beginning balance, goodwill | 567.9 | 304.0 |
| Foreign currency translation adjustments and other | (10.8) | 0.0 |
| Goodwill acquired during the year | 304.4 | |
| Divestitures | (40.6) | |
| Purchase price adjustment | 10.9 | 0.1 |
| Ending balance, goodwill | 568.0 | 567.9 |
| Goodwill Impaired | ||
| Beginning Balance, accumulated goodwill impairment loss | 35.8 | 35.8 |
| Ending Balance, accumulated goodwill impairment loss | 35.8 | 35.8 |
| Repair, Service & Leasing | Operating Segments | ||
| Goodwill | ||
| Beginning balance, goodwill | 1,639.2 | 178.4 |
| Foreign currency translation adjustments and other | (23.9) | 0.1 |
| Goodwill acquired during the year | 1,517.6 | |
| Divestitures | (57.2) | |
| Purchase price adjustment | 27.8 | 0.3 |
| Ending balance, goodwill | 1,643.1 | 1,639.2 |
| Goodwill Impaired | ||
| Beginning Balance, accumulated goodwill impairment loss | 20.4 | 20.4 |
| Ending Balance, accumulated goodwill impairment loss | $ 20.4 | $ 20.4 |
Goodwill and Intangible Assets - Finite-lived and Indefinite-lived Intangible Assets (Details) - USD ($) $ in Millions |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Finite-lived and Indefinite-lived Intangible Assets | ||
| Gross Carrying Amount | $ 2,403.1 | $ 2,485.2 |
| Accumulated Amortization | (479.9) | (303.4) |
| Total intangible assets | $ 3,020.5 | 3,095.3 |
| Minimum | ||
| Finite-lived and Indefinite-lived Intangible Assets | ||
| Finite lived intangible asset useful life (in years) | 2 years | |
| Maximum | ||
| Finite-lived and Indefinite-lived Intangible Assets | ||
| Finite lived intangible asset useful life (in years) | 15 years | |
| Trademarks and trade names | ||
| Finite-lived and Indefinite-lived Intangible Assets | ||
| Trademarks and trade names | $ 617.4 | 610.1 |
| Accumulated impairment of indefinite lived assets | 16.0 | 16.0 |
| Customer relationships | ||
| Finite-lived and Indefinite-lived Intangible Assets | ||
| Gross Carrying Amount | 1,762.1 | 1,836.4 |
| Accumulated Amortization | $ (284.6) | (185.2) |
| Customer relationships | Minimum | ||
| Finite-lived and Indefinite-lived Intangible Assets | ||
| Finite lived intangible asset useful life (in years) | 4 years | |
| Customer relationships | Maximum | ||
| Finite-lived and Indefinite-lived Intangible Assets | ||
| Finite lived intangible asset useful life (in years) | 18 years | |
| Technology | ||
| Finite-lived and Indefinite-lived Intangible Assets | ||
| Gross Carrying Amount | $ 493.6 | 496.7 |
| Accumulated Amortization | $ (113.2) | (78.8) |
| Technology | Minimum | ||
| Finite-lived and Indefinite-lived Intangible Assets | ||
| Finite lived intangible asset useful life (in years) | 5 years | |
| Technology | Maximum | ||
| Finite-lived and Indefinite-lived Intangible Assets | ||
| Finite lived intangible asset useful life (in years) | 18 years | |
| Patents, backlog and other | ||
| Finite-lived and Indefinite-lived Intangible Assets | ||
| Gross Carrying Amount | $ 134.8 | 138.6 |
| Accumulated Amortization | $ (78.1) | (35.6) |
| Patents, backlog and other | Minimum | ||
| Finite-lived and Indefinite-lived Intangible Assets | ||
| Finite lived intangible asset useful life (in years) | 2 years | |
| Patents, backlog and other | Maximum | ||
| Finite-lived and Indefinite-lived Intangible Assets | ||
| Finite lived intangible asset useful life (in years) | 10 years | |
| Trademarks and trade names | ||
| Finite-lived and Indefinite-lived Intangible Assets | ||
| Gross Carrying Amount | $ 2.5 | 3.3 |
| Accumulated Amortization | $ (1.9) | (1.9) |
| Trademarks and trade names | Minimum | ||
| Finite-lived and Indefinite-lived Intangible Assets | ||
| Finite lived intangible asset useful life (in years) | 5 years | |
| Trademarks and trade names | Maximum | ||
| Finite-lived and Indefinite-lived Intangible Assets | ||
| Finite lived intangible asset useful life (in years) | 23 years | |
| Land use rights | ||
| Finite-lived and Indefinite-lived Intangible Assets | ||
| Finite lived intangible asset useful life (in years) | 50 years | |
| Gross Carrying Amount | $ 10.1 | 10.2 |
| Accumulated Amortization | $ (2.1) | $ (1.9) |
Goodwill and Intangible Assets - Narratives (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Goodwill and Intangible Assets Disclosure [Abstract] | |||
| Intangible assets amortization expense | $ 193.9 | $ 163.4 | $ 41.4 |
Goodwill and Intangible Assets - Future Amortization Expense (Details) $ in Millions |
Dec. 31, 2024
USD ($)
|
|---|---|
| For the Year Ending December 31, | |
| 2025 | $ 196.1 |
| 2026 | 160.0 |
| 2027 | 147.6 |
| 2028 | 142.6 |
| 2029 | $ 139.1 |
Debt and Credit Arrangements - Summary of Outstanding Borrowings (Details) - USD ($) |
Dec. 31, 2024 |
Dec. 31, 2023 |
Oct. 02, 2023 |
Dec. 22, 2022 |
Nov. 06, 2017 |
|---|---|---|---|---|---|
| Debt Instrument | |||||
| Unamortized discount | $ (23,500,000) | $ (26,900,000) | |||
| Unamortized debt issuance costs | (28,800,000) | (32,900,000) | |||
| Senior secured and senior unsecured notes, net of unamortized discount and debt issuance costs | 3,757,500,000 | ||||
| Total debt, net of unamortized debt issuance costs | 3,641,600,000 | 3,834,900,000 | |||
| Less: current maturities | 900,000 | 258,500,000 | |||
| Long-term debt | 3,640,700,000 | 3,576,400,000 | |||
| Revolving Credit Facility | |||||
| Debt Instrument | |||||
| Unamortized discount | (31,300,000) | (35,800,000) | |||
| Unamortized debt issuance costs | (32,300,000) | (32,500,000) | |||
| Senior secured and senior unsecured notes, net of unamortized discount and debt issuance costs | 1,722,400,000 | 1,665,500,000 | |||
| Senior Secured and Unsecured Notes | |||||
| Debt Instrument | |||||
| Senior secured and senior unsecured notes, net of unamortized discount and debt issuance costs | 1,917,700,000 | 1,910,200,000 | |||
| Senior secured notes due 2030 | Secured Debt | |||||
| Debt Instrument | |||||
| Debt instrument, face amount | 1,460,000,000 | 1,460,000,000 | $ 1,460,000,000 | ||
| Senior unsecured notes due 2031 | Unsecured Debt | |||||
| Debt Instrument | |||||
| Debt instrument, face amount | 510,000,000.0 | 510,000,000.0 | $ 510,000,000.0 | ||
| Term loans due March 2030 | Revolving Credit Facility | |||||
| Debt Instrument | |||||
| Total debt, net of unamortized debt issuance costs | $ 1,781,000,000 | ||||
| Term loans due March 2030 | Term Loan | Revolving Credit Facility | |||||
| Debt Instrument | |||||
| Debt instrument, face amount | 1,581,000,000 | 1,631,000,000 | |||
| Senior secured revolving credit facility due April 2029 | Secured Debt | Revolving Credit Facility | |||||
| Debt Instrument | |||||
| Debt instrument, face amount | 205,000,000.0 | 102,800,000 | |||
| Convertible notes due November 2024 | Convertible Debt | |||||
| Debt Instrument | |||||
| Debt instrument, face amount | 0 | 258,700,000 | $ 258,800,000 | ||
| Unamortized debt issuance costs | 0 | (900,000) | |||
| Convertible notes due November 2024, net of unamortized debt issuance costs | 0 | ||||
| Other debt facilities | |||||
| Debt Instrument | |||||
| Senior secured and senior unsecured notes, net of unamortized discount and debt issuance costs | $ 1,500,000 | $ 1,400,000 |
Debt and Credit Arrangements - Scheduled Annual Maturities (Details) $ in Millions |
Dec. 31, 2024
USD ($)
|
|---|---|
| For the Year Ended December 31, | |
| 2025 | $ 0.9 |
| 2026 | 0.0 |
| 2027 | 0.0 |
| 2028 | 0.0 |
| 2029 | 205.0 |
| Thereafter | 3,551.6 |
| Senior secured and senior unsecured notes, net of unamortized discount and debt issuance costs | $ 3,757.5 |
Debt and Credit Arrangements - Senior Secured and Unsecured Notes - Narrative (Details) - USD ($) |
12 Months Ended | |||
|---|---|---|---|---|
Dec. 22, 2022 |
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Debt Instrument | ||||
| Interest paid | $ 305,000,000.0 | $ 219,800,000 | $ 25,700,000 | |
| Secured and Unsecured Debt | ||||
| Debt Instrument | ||||
| Redemption price, percentage of principal amount redeemed (percent) | 40.00% | |||
| Redemption price (percent) | 101.00% | |||
| Senior secured notes due 2030 | Secured Debt | ||||
| Debt Instrument | ||||
| Debt instrument, face amount | $ 1,460,000,000 | 1,460,000,000 | 1,460,000,000 | |
| Debt instrument stated interest rate (percent) | 7.50% | |||
| Issue price (percent) | 98.661% | |||
| Debt instrument effective interest rate (percent) | 7.80% | |||
| Senior unsecured notes due 2031 | Unsecured Debt | ||||
| Debt Instrument | ||||
| Debt instrument, face amount | $ 510,000,000.0 | $ 510,000,000.0 | $ 510,000,000.0 | |
| Debt instrument stated interest rate (percent) | 9.50% | |||
| Issue price (percent) | 97.949% | |||
| Debt instrument effective interest rate (percent) | 9.90% | |||
Debt and Credit Arrangements - Senior Secured Revolving Credit Facility and Term Loan (Details) € in Millions |
12 Months Ended | ||||||||
|---|---|---|---|---|---|---|---|---|---|
|
Apr. 08, 2024
USD ($)
|
Dec. 04, 2023
USD ($)
|
Jun. 30, 2023 |
Dec. 31, 2024
USD ($)
|
Dec. 31, 2023
USD ($)
|
Dec. 31, 2022
USD ($)
|
Dec. 31, 2024
EUR (€)
|
Dec. 31, 2023
EUR (€)
|
Oct. 02, 2023
USD ($)
|
|
| Debt Instrument | |||||||||
| Aggregate principal amount | $ 3,641,600,000 | $ 3,834,900,000 | |||||||
| Repayments on credit facilities | 3,627,200,000 | 1,901,200,000 | $ 1,128,200,000 | ||||||
| Term loans due March 2030 | Term Loan | |||||||||
| Debt Instrument | |||||||||
| Principal amount | $ 1,517,400,000 | $ 1,562,700,000 | |||||||
| Revolving Credit Facility | |||||||||
| Debt Instrument | |||||||||
| Potential increase to applicable margin (percent) | 0.05% | ||||||||
| Potential decrease to applicable margin (percent) | 0.05% | ||||||||
| Potential increase to sustainability fee (percent) | 0.01% | ||||||||
| Potential decrease to sustainability fee (percent) | (0.01%) | ||||||||
| Revolving Credit Facility | Minimum | |||||||||
| Debt Instrument | |||||||||
| Incremental commitment amount | $ 10,000,000.0 | ||||||||
| Incremental commitment amount, per lender | $ 1,000,000.0 | ||||||||
| Revolving Credit Facility | Minimum | Base Rate | |||||||||
| Debt Instrument | |||||||||
| Debt instrument variable rate (percent) | 0.25% | ||||||||
| Revolving Credit Facility | Minimum | SOFR | |||||||||
| Debt Instrument | |||||||||
| Debt instrument variable rate (percent) | 1.25% | ||||||||
| Commitment fee (percent) | 0.20% | ||||||||
| Revolving Credit Facility | Maximum | Base Rate | |||||||||
| Debt Instrument | |||||||||
| Debt instrument variable rate (percent) | 1.25% | ||||||||
| Revolving Credit Facility | Maximum | SOFR | |||||||||
| Debt Instrument | |||||||||
| Debt instrument variable rate (percent) | 2.25% | ||||||||
| Commitment fee (percent) | 0.35% | ||||||||
| Revolving Credit Facility | Senior Secured Revolving Credit Facility 2024 | |||||||||
| Debt Instrument | |||||||||
| Maximum borrowing capacity | $ 1,250,000,000 | ||||||||
| Revolving Credit Facility | Senior secured revolving credit facility due April 2029 | |||||||||
| Debt Instrument | |||||||||
| Debt instrument stated interest rate (percent) | 7.00% | 6.20% | 7.00% | 6.20% | |||||
| Letters of credit outstanding | $ 277,500,000 | ||||||||
| Unused borrowing capacity | 767,500,000 | ||||||||
| Revolving Credit Facility | Senior secured revolving credit facility due April 2029 | Secured Debt | |||||||||
| Debt Instrument | |||||||||
| Debt instrument, face amount | 205,000,000.0 | $ 102,800,000 | |||||||
| Revolving Credit Facility | Euro senior secured revolving credit facility | |||||||||
| Debt Instrument | |||||||||
| Principal amount | $ 81,000,000.0 | 97,800,000 | € 78.0 | € 88.5 | |||||
| Revolving Credit Facility | Senior Secured Revolving Credit Facility 2026 Credit Facilities | |||||||||
| Debt Instrument | |||||||||
| Maximum percentage of capital stock guaranteed by company | 65.00% | 65.00% | |||||||
| Revolving Credit Facility | Term loans due March 2030 | |||||||||
| Debt Instrument | |||||||||
| Aggregate principal amount | $ 1,781,000,000 | ||||||||
| Repayments on credit facilities | $ 150,000,000.0 | ||||||||
| Repayments of debt | $ 50,000,000.0 | ||||||||
| Revolving Credit Facility | Term loans due March 2030 | Term Loan | |||||||||
| Debt Instrument | |||||||||
| Debt instrument, face amount | $ 1,581,000,000 | $ 1,631,000,000 | |||||||
| Debt instrument stated interest rate (percent) | 7.10% | 8.70% | 7.10% | 8.70% | |||||
| Debt instrument effective interest rate (percent) | 9.10% | ||||||||
| Revolving Credit Facility | Term loan due 2030 | |||||||||
| Debt Instrument | |||||||||
| Loss on extinguishment of debt | $ 7,800,000 | ||||||||
| Revolving Credit Facility | Term loan due 2030 | Interest Rate Option Two | |||||||||
| Debt Instrument | |||||||||
| Debt instrument variable rate (percent) | 1.50% | ||||||||
| Revolving Credit Facility | Term loan due 2030 | NYFRB Rate | |||||||||
| Debt Instrument | |||||||||
| Debt instrument variable rate (percent) | 0.50% | ||||||||
| Revolving Credit Facility | Term loan due 2030 | Applicable Margin Rate | |||||||||
| Debt Instrument | |||||||||
| Debt instrument variable rate (percent) | 2.50% | ||||||||
| Revolving Credit Facility | Term loan due 2030 | Applicable Margin Rate | Interest Rate Option Two | |||||||||
| Debt Instrument | |||||||||
| Debt instrument variable rate (percent) | 2.25% | ||||||||
| Revolving Credit Facility | Term loan due 2030 | Adjusted Term SOFR | Interest Rate Option Two | |||||||||
| Debt Instrument | |||||||||
| Debt instrument variable rate (percent) | 1.00% | ||||||||
| Revolving Credit Facility Sub-limit - Letters of Credit | Senior Unsecured Revolving Credit Facility due 2031 | |||||||||
| Debt Instrument | |||||||||
| Maximum borrowing capacity | 350,000,000.0 | ||||||||
| Potential increase to maximum amount | 150,000,000.0 | ||||||||
| Revolving Credit Facility Sub-limit - Discretionary Letters of Credit | Senior Unsecured Revolving Credit Facility due 2031 | |||||||||
| Debt Instrument | |||||||||
| Maximum borrowing capacity | 200,000,000.0 | ||||||||
| Revolving Credit Facility Sub-limit - Swingline | Senior Unsecured Revolving Credit Facility due 2031 | |||||||||
| Debt Instrument | |||||||||
| Maximum borrowing capacity | $ 100,000,000.0 | ||||||||
Debt and Credit Arrangements - 2024 Convertible Notes and Convertible Note Hedge and Warrant Transactions (Details) - USD ($) shares in Thousands |
12 Months Ended | |||||
|---|---|---|---|---|---|---|
Nov. 15, 2024 |
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Nov. 06, 2017 |
Oct. 31, 2017 |
|
| Debt Instrument | ||||||
| Repayment of convertible notes | $ 258,700,000 | $ 0 | $ 0 | |||
| Convertible notes due November 2024 | Convertible Debt | ||||||
| Debt Instrument | ||||||
| Debt instrument stated interest rate (percent) | 1.50% | 1.00% | ||||
| Debt instrument, face amount | $ 0 | $ 258,700,000 | $ 258,800,000 | |||
| Repayment of convertible notes | $ 258,700,000 | |||||
| Convertible notes, shares issued (shares) | 2,340 | |||||
| Number of shares underlying warrant (shares) | 2,830 | 4,410 | ||||
| Share received on option exercise (shares) | 2,340 | |||||
Debt and Credit Arrangements - Other Debt Facilities (Details) - Revolving Credit Facility - Foreign Facilities - USD ($) $ in Millions |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Debt Instrument | ||
| Line of credit remaining borrowing amount | $ 63.7 | |
| Letters of credit outstanding | $ 173.8 | $ 134.3 |
Debt and Credit Arrangements - Interest Expense (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Line of Credit Facility | |||
| Financing costs amortization | $ 19.1 | $ 17.2 | $ 2.9 |
| Total interest expense | 328.5 | 289.1 | 31.7 |
| Revolving Credit Facility | |||
| Line of Credit Facility | |||
| Capitalized interest | (6.3) | (4.6) | (0.9) |
| Total interest expense | 335.7 | 320.5 | 33.7 |
| Revolving Credit Facility | Term loans due March 2030 | |||
| Line of Credit Facility | |||
| Interest expense, debt | 133.0 | 119.5 | 0.0 |
| Revolving Credit Facility | Senior secured notes due 2030 | |||
| Line of Credit Facility | |||
| Interest expense, debt | 108.9 | 109.7 | 3.0 |
| Revolving Credit Facility | Senior unsecured notes due 2031 | |||
| Line of Credit Facility | |||
| Interest expense, debt | 48.2 | 48.6 | 1.3 |
| Revolving Credit Facility | Senior Secured Revolving Credit Facilities due 2029 | |||
| Line of Credit Facility | |||
| Interest expense, debt | 30.3 | 27.7 | 23.4 |
| Revolving Credit Facility | Convertible notes due November 2024 | |||
| Line of Credit Facility | |||
| Interest expense, debt | $ 2.5 | $ 2.4 | $ 4.0 |
Debt and Credit Arrangements - Carrying Value and Fair Value Disclosures (Details) - USD ($) $ in Millions |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Term Loan | Term loans due March 2030 | ||
| Debt Instrument | ||
| Carrying Value | $ 1,517.4 | $ 1,562.7 |
| Fair Value | 1,589.9 | 1,631.0 |
| Secured Debt | Senior secured notes due 2030 | ||
| Debt Instrument | ||
| Carrying Value | 1,425.6 | 1,420.2 |
| Fair Value | 1,517.9 | 1,533.0 |
| Unsecured Debt | Senior unsecured notes due 2031 | ||
| Debt Instrument | ||
| Carrying Value | 492.2 | 490.0 |
| Fair Value | 546.9 | 555.9 |
| Convertible Debt | Convertible notes due November 2024 | ||
| Debt Instrument | ||
| Carrying Value | 0.0 | 257.8 |
| Fair Value | $ 0.0 | $ 604.5 |
Shareholders' Equity - Narrative (Details) |
12 Months Ended | ||||
|---|---|---|---|---|---|
|
Dec. 23, 2022
shares
|
Dec. 13, 2022
USD ($)
$ / shares
shares
|
Dec. 31, 2024
USD ($)
$ / shares
|
Dec. 31, 2023
USD ($)
$ / shares
|
Dec. 31, 2022
USD ($)
|
|
| Class of Stock | |||||
| Liquidation preference | $ | $ 1,000 | $ 1,000 | |||
| Preferred stock, par value (usd per share) | $ / shares | $ 0.01 | $ 0.01 | |||
| Less: Mandatory convertible preferred stock dividend requirement | $ | $ 27,200,000 | $ 27,300,000 | $ 1,400,000 | ||
| Convertible Preferred Stock | |||||
| Class of Stock | |||||
| Preferred stock, convertible, conversion price (usd per share) | shares | 20 | ||||
| Convertible Preferred Stock | Range Two | Minimum | |||||
| Class of Stock | |||||
| Mandatory conversion of preferred stock (shares) | shares | 7.0520 | ||||
| Convertible Preferred Stock | Range Two | Maximum | |||||
| Class of Stock | |||||
| Mandatory conversion of preferred stock (shares) | shares | 8.4620 | ||||
| Convertible Preferred Stock | Public Offering | |||||
| Class of Stock | |||||
| Number of shares issued (shares) | shares | 8,050,000.000 | ||||
| Per unit interest in shares issued | 0.05 | ||||
| Dividend rate | 6.75% | ||||
| Preferred stock, par value (usd per share) | $ / shares | $ 0.01 | ||||
| Consideration received on transaction | $ | $ 402,500,000 | ||||
| Equity issuance cost | $ | $ 14,400,000 | ||||
| Convertible Preferred Stock | Public Offering | Underwriters | |||||
| Class of Stock | |||||
| Number of shares issued (shares) | shares | 1,050,000.000 | ||||
| Convertible Preferred Stock | Public Offering | Range Two | |||||
| Class of Stock | |||||
| Liquidation preference | $ | $ 1,000 | ||||
Shareholders' Equity - Schedule of Mandatory Convertible Preferred Stock (Details) - USD ($) |
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 23, 2022 |
Dec. 13, 2022 |
|---|---|---|---|---|
| Class of Stock | ||||
| Liquidation preference | $ 1,000 | $ 1,000 | ||
| Common Stock | Range Two | ||||
| Class of Stock | ||||
| Depository shares, liquidation preference (usd per share) | $ 50 | |||
| Convertible Preferred Stock | Public Offering | Range Two | ||||
| Class of Stock | ||||
| Liquidation preference | $ 1,000 | |||
| Minimum | Common Stock | Range One | ||||
| Class of Stock | ||||
| Threshold conversion of convertible shares (shares) | $ 141.8037 | |||
| Daily depository conversion rate (usd per share) | $ 0.3526 | |||
| Minimum | Common Stock | Range Two | ||||
| Class of Stock | ||||
| Threshold conversion of convertible shares (shares) | 118.1754 | |||
| Daily depository conversion rate (usd per share) | $ 0.3526 | |||
| Minimum | Convertible Preferred Stock | Range One | ||||
| Class of Stock | ||||
| Threshold conversion of convertible shares (shares) | 141.8037 | |||
| Mandatory conversion of preferred stock (shares) | 7.0520 | |||
| Minimum | Convertible Preferred Stock | Range Two | ||||
| Class of Stock | ||||
| Mandatory conversion of preferred stock (shares) | 7.0520 | |||
| Minimum | Convertible Preferred Stock | Common Stock | Range Two | ||||
| Class of Stock | ||||
| Threshold conversion of convertible shares (shares) | 118.1754 | |||
| Maximum | Common Stock | Range Two | ||||
| Class of Stock | ||||
| Threshold conversion of convertible shares (shares) | 141.8037 | |||
| Daily depository conversion rate (usd per share) | $ 0.4231 | |||
| Maximum | Common Stock | Range Three | ||||
| Class of Stock | ||||
| Threshold conversion of convertible shares (shares) | 118.1754 | |||
| Daily depository conversion rate (usd per share) | 0.4231 | |||
| Maximum | Convertible Preferred Stock | Range Two | ||||
| Class of Stock | ||||
| Mandatory conversion of preferred stock (shares) | 8.4620 | |||
| Maximum | Convertible Preferred Stock | Range Three | ||||
| Class of Stock | ||||
| Threshold conversion of convertible shares (shares) | $ 118.1754 | |||
| Mandatory conversion of preferred stock (shares) | 8.4620 | |||
| Maximum | Convertible Preferred Stock | Common Stock | Range Two | ||||
| Class of Stock | ||||
| Threshold conversion of convertible shares (shares) | $ 141.8037 |
Financial Instruments and Derivative Financial Instruments - Concentration of Credit Risks (Details) - Sales |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Geographic Concentration Risk | Foreign | |||
| Financial Instruments and Derivative Financial Instruments | |||
| Concentration risk (percent) | 60.00% | 59.00% | 42.00% |
| Customer Concentration Risk | Ten Largest Customers | |||
| Financial Instruments and Derivative Financial Instruments | |||
| Concentration risk (percent) | 26.00% | 25.00% | 38.00% |
Financial Instruments and Derivative Financial Instruments - Fair Value of Assets and Liabilities of Derivatives (Details) - Foreign Exchange Contract - Net Investment Hedging - USD ($) $ in Millions |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Designated as Hedging Instrument | ||
| Financial Instruments and Derivative Financial Instruments | ||
| Derivative, notional amount | $ 307.5 | $ 320.8 |
| Not Designated as Hedging Instrument | ||
| Financial Instruments and Derivative Financial Instruments | ||
| Derivative, notional amount | 603.3 | 393.5 |
| Fair Value Other Current Assets | Not Designated as Hedging Instrument | ||
| Financial Instruments and Derivative Financial Instruments | ||
| Derivative assets, fair value | 3.2 | 1.8 |
| Fair Value Other Assets | Not Designated as Hedging Instrument | ||
| Financial Instruments and Derivative Financial Instruments | ||
| Derivative assets, fair value | 0.2 | 0.1 |
| Fair Value Other Current Liabilities | Not Designated as Hedging Instrument | ||
| Financial Instruments and Derivative Financial Instruments | ||
| Derivative liabilities , fair value | 9.7 | 2.7 |
| Fair Value Other Long-Term Liabilities | Designated as Hedging Instrument | ||
| Financial Instruments and Derivative Financial Instruments | ||
| Derivative liabilities , fair value | 4.4 | 6.0 |
| Fair Value Other Long-Term Liabilities | Not Designated as Hedging Instrument | ||
| Financial Instruments and Derivative Financial Instruments | ||
| Derivative liabilities , fair value | $ 0.1 | $ 0.0 |
Business Combinations - Narratives (Details) - Howden Industries - USD ($) $ in Millions |
3 Months Ended | |
|---|---|---|
Mar. 17, 2023 |
Mar. 31, 2024 |
|
| Business Acquisition | ||
| Total consideration | $ 4,387.4 | |
| Decrease related current assets adjustments | $ 10.4 | |
| Increase related to current liabilities adjustments | 40.1 | |
| Decrease related to long-term deferred tax liabilities | $ 8.2 | |
| Pension assets | 38.7 | |
| Pension liabilities | 41.1 | |
| Pension assets and pension liabilities, net | $ 2.4 |
Business Combinations - Consideration (Details) - Howden Industries $ in Millions |
Mar. 17, 2023
USD ($)
|
|---|---|
| Business Acquisition | |
| Cash consideration to seller | $ 2,788.3 |
| Howden's debt settled at close | 1,529.0 |
| Settlement of seller transaction costs | 67.2 |
| Funds held in escrow | 20.4 |
| Working capital adjustment | (17.5) |
| Total consideration | $ 4,387.4 |
Business Combinations - Net Asset Acquired (Details) - USD ($) $ in Millions |
Dec. 31, 2024 |
Dec. 31, 2023 |
Mar. 17, 2023 |
Dec. 31, 2022 |
|---|---|---|---|---|
| Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | ||||
| Goodwill | $ 2,899.9 | $ 2,906.8 | $ 992.0 | |
| Roots Rotary Blowers Business | ||||
| Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | ||||
| Goodwill | $ 102.2 | |||
| American Fans | ||||
| Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | ||||
| Goodwill | 49.7 | |||
| Howden Industries | ||||
| Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | ||||
| Cash and cash equivalents | 62.5 | |||
| Restricted cash | 2.6 | |||
| Accounts receivable | 422.7 | |||
| Inventories | 256.8 | |||
| Unbilled contract revenue | 167.8 | |||
| Other current assets | 153.3 | |||
| Assets held for sale | 225.7 | |||
| Property, plant and equipment | 325.1 | |||
| Identifiable intangible assets | 2,434.5 | |||
| Other assets | 129.3 | |||
| Accounts payable | (385.7) | |||
| Customer advances and billings in excess of contract revenue | (233.2) | |||
| Current portion of long-term debt | (1.4) | |||
| Other current liabilities | (344.4) | |||
| Liabilities held for sale | (43.9) | |||
| Long-term deferred tax liabilities | (663.6) | |||
| Other long-term liabilities | (102.3) | |||
| Total identifiable net assets assumed | 2,405.8 | |||
| Noncontrolling interest | (146.3) | |||
| Goodwill | 2,127.9 | |||
| Net assets acquired | 4,387.4 | |||
| Assets acquired net of cash, cash equivalents and restricted cash | 4,322.3 | |||
| Howden Industries | Howden Hua Engineering Co | ||||
| Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | ||||
| Noncontrolling interest | $ (146.0) | |||
| Noncontrolling interest, ownership percentage (percent) | 82.00% |
Business Combinations - Intangible Assets Acquired (Details) - Howden Industries $ in Millions |
Mar. 17, 2023
USD ($)
|
|---|---|
| Acquired Indefinite-lived Intangible Assets | |
| Finite lived intangible assets acquired | $ 1,964.0 |
| Total intangible assets acquired | 2,434.5 |
| Trademarks and trade names | |
| Acquired Indefinite-lived Intangible Assets | |
| Indefinite-lived intangible assets acquired | $ 470.5 |
| Customer relationships | |
| Acquired Indefinite-lived Intangible Assets | |
| Estimated Useful Lives (in years) | 18 years |
| Finite lived intangible assets acquired | $ 1,533.0 |
| Backlog | |
| Acquired Indefinite-lived Intangible Assets | |
| Estimated Useful Lives (in years) | 3 years |
| Finite lived intangible assets acquired | $ 135.0 |
| Technology | |
| Acquired Indefinite-lived Intangible Assets | |
| Finite lived intangible assets acquired | $ 296.0 |
| Technology | Minimum | |
| Acquired Indefinite-lived Intangible Assets | |
| Estimated Useful Lives (in years) | 5 years |
| Technology | Maximum | |
| Acquired Indefinite-lived Intangible Assets | |
| Estimated Useful Lives (in years) | 14 years |
Business Combinations - Pro Forma Information (Details) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] | ||
| Pro forma sales from continuing operations | $ 3,657.7 | $ 3,314.6 |
| Pro forma net loss attributable to Chart Industries, Inc. from continuing operations | $ 6.1 | $ 164.0 |
Accumulated Other Comprehensive (Loss) Income (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Increase (Decrease) in Stockholders' Equity | |||
| Beginning balance | $ 2,939.0 | $ 2,684.3 | $ 1,625.2 |
| Other comprehensive income (loss) | (165.9) | 67.9 | |
| Amounts reclassified from accumulated other comprehensive (loss) income, net of income taxes | 0.9 | ||
| Net current-period other comprehensive Income (loss), net of taxes | (165.9) | 68.8 | |
| Ending balance | 2,995.2 | 2,939.0 | 2,684.3 |
| Net settlement loss | 1.1 | ||
| Accumulated other comprehensive (loss) income | |||
| Increase (Decrease) in Stockholders' Equity | |||
| Beginning balance | 10.8 | (58.0) | (21.7) |
| Ending balance | (155.1) | 10.8 | (58.0) |
| Foreign currency translation adjustments | |||
| Increase (Decrease) in Stockholders' Equity | |||
| Beginning balance | 13.2 | (50.5) | |
| Other comprehensive income (loss) | (166.8) | 63.7 | |
| Amounts reclassified from accumulated other comprehensive (loss) income, net of income taxes | 0.0 | ||
| Net current-period other comprehensive Income (loss), net of taxes | (166.8) | 63.7 | |
| Ending balance | (153.6) | 13.2 | (50.5) |
| Pension liability adjustments, net of taxes | |||
| Increase (Decrease) in Stockholders' Equity | |||
| Beginning balance | (2.4) | (7.5) | |
| Other comprehensive income (loss) | 0.9 | 4.2 | |
| Amounts reclassified from accumulated other comprehensive (loss) income, net of income taxes | 0.9 | ||
| Net current-period other comprehensive Income (loss), net of taxes | 0.9 | 5.1 | |
| Ending balance | $ (1.5) | $ (2.4) | $ (7.5) |
Earnings Per Share - Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Amounts attributable to Chart common stockholders | |||
| Income from continuing operations | $ 222.0 | $ 47.9 | $ 81.6 |
| Less: Mandatory convertible preferred stock dividend requirement | 27.2 | 27.3 | 1.4 |
| Income from continuing operations attributable to Chart | 194.8 | 20.6 | 80.2 |
| Loss from discontinued operations, net of tax | (3.5) | (0.6) | (57.6) |
| Net income attributable to Chart common stockholders, basic | 191.3 | 20.0 | 22.6 |
| Net income attributable to Chart common stockholders, diluted | $ 191.3 | $ 20.0 | $ 22.6 |
| Earnings per common share – basic: | |||
| Income from continuing operations (usd per share) | $ 4.62 | $ 0.49 | $ 2.21 |
| Loss from discontinued operations (usd per share) | (0.08) | (0.01) | (1.59) |
| Net income attributable to Chart Industries, Inc. (usd per share) | 4.54 | 0.48 | 0.62 |
| Earnings per common share – diluted: | |||
| Income from continuing operations (usd per share) | 4.17 | 0.44 | 1.92 |
| Loss from discontinued operations (usd per share) | (0.07) | (0.01) | (1.38) |
| Net income attributable to Chart Industries, Inc. (usd per share) | $ 4.10 | $ 0.43 | $ 0.54 |
| Weighted average number of common shares outstanding — basic (shares) | 42,150 | 41,970 | 36,250 |
| Incremental shares issuable upon assumed conversion and exercise of share-based awards (shares) | 210 | 200 | 260 |
| Incremental shares issuable due to dilutive effect of the convertible notes (shares) | 2,210 | 2,530 | 2,810 |
| Incremental shares issuable due to dilutive effect of warrants (shares) | 2,100 | 2,120 | 2,470 |
| Incremental shares issuable due to dilutive effect of the underwriters common shares option (shares) | 0 | 0 | 10 |
| Weighted average number of common shares outstanding — diluted (shares) | 46,670 | 46,820 | 41,800 |
Earnings Per Share - Antidilutive Securities (Details) - USD ($) shares in Thousands, $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Antidilutive Securities Excluded from Computation of Earnings Per Share | |||
| Mandatory convertible preferred stock dividend requirement | $ 27.2 | $ 27.3 | $ 1.4 |
| Total anti-dilutive securities | 3,060 | 3,120 | 230 |
| Anti-dilutive shares, Share-based awards | |||
| Antidilutive Securities Excluded from Computation of Earnings Per Share | |||
| Total anti-dilutive securities | 120 | 90 | 60 |
| Anti-dilutive shares, Mandatory convertible preferred stock | |||
| Antidilutive Securities Excluded from Computation of Earnings Per Share | |||
| Total anti-dilutive securities | 2,940 | 3,030 | 170 |
Income Taxes - Income From Continuing Operations Before Income Taxes (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Income Tax Disclosure [Abstract] | |||
| United States | $ 75.5 | $ (100.9) | $ 31.1 |
| Foreign | 243.0 | 158.9 | 67.8 |
| Income from continuing operations before income taxes and equity in earnings of unconsolidated affiliates, net | $ 318.5 | $ 58.0 | $ 98.9 |
Income Taxes - Significant Components (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Current: | |||
| Federal | $ 27.4 | $ (15.5) | $ (1.3) |
| State and local | 7.6 | 6.6 | 3.5 |
| Foreign | 69.7 | 91.2 | 15.4 |
| Total current | 104.7 | 82.3 | 17.6 |
| Deferred: | |||
| Federal | (21.4) | 1.5 | (5.6) |
| State and local | 0.7 | (1.8) | 1.9 |
| Foreign | (5.4) | (79.0) | 2.0 |
| Total deferred | (26.1) | (79.3) | (1.7) |
| Income tax expense | $ 78.6 | $ 3.0 | $ 15.9 |
Income Taxes - Effective Tax Rate Reconciliation (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Effective Tax Rate Reconciliation | |||
| Income tax expense at U.S. statutory rate | $ 66.8 | $ 12.2 | $ 20.8 |
| State income taxes, net of federal tax benefit | 6.8 | 3.1 | 1.5 |
| Foreign withholding taxes | 2.4 | 6.3 | 0.2 |
| U.S. taxation of international operations | (6.1) | 18.7 | 1.4 |
| Effective tax rate differential of earnings outside of United States | 10.7 | 2.8 | 1.7 |
| Change in valuation allowance | 3.0 | (2.0) | (11.6) |
| Research & experimentation | (2.2) | (2.0) | (2.9) |
| Provision to return | (8.4) | 0.8 | 5.0 |
| Non-deductible items | (0.8) | 0.1 | 0.4 |
| Change in uncertain tax positions | 3.7 | 2.0 | (0.3) |
| Share-based compensation | 2.1 | 0.1 | (1.1) |
| Capital loss | 0.0 | (40.5) | 0.0 |
| Unremitted earnings not permanently reinvested | 0.5 | 0.9 | 0.0 |
| Other items | 0.1 | 0.5 | 0.8 |
| Income tax expense | $ 78.6 | $ 3.0 | $ 15.9 |
Income Taxes - Deferred Tax Asset and Liabilities (Details) - USD ($) $ in Millions |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Deferred tax assets (“DTA”): | ||
| Accruals and reserves | $ 13.4 | $ 48.7 |
| Inventory | 166.8 | 127.0 |
| R&D Amortization | 22.3 | 18.1 |
| Interest limitation carryover | 172.3 | 126.8 |
| Net operating loss carryforwards | 35.5 | 40.2 |
| Property, plant and equipment – net DTA | 6.8 | 4.4 |
| Other – net DTA | 11.5 | 9.6 |
| Total deferred tax assets before valuation allowance | 428.6 | 374.8 |
| Valuation allowances | (98.6) | (90.3) |
| Total deferred tax assets, net of valuation allowances | 330.0 | 284.5 |
| Deferred tax liabilities (“DTL”): | ||
| Property, plant and equipment – net DTL | 54.5 | 58.6 |
| Goodwill and intangible assets | 587.4 | 629.0 |
| Pensions | 6.2 | 6.4 |
| Unremitted earnings (APB23) | 20.2 | 19.7 |
| Other – net DTL | 9.3 | 2.9 |
| Deferred revenue | 167.4 | 123.5 |
| Total deferred tax liabilities | 845.0 | 840.1 |
| Net deferred tax liabilities | 515.0 | 555.6 |
| Other assets | ||
| Deferred tax liabilities (“DTL”): | ||
| Net deferred tax liabilities | 29.9 | 12.6 |
| Long-term deferred tax liabilities | ||
| Deferred tax liabilities (“DTL”): | ||
| Net deferred tax liabilities | $ 544.9 | $ 568.2 |
Income Taxes - Narratives (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Income Tax Disclosure [Abstract] | |||
| Deferred tax asset valuation allowances | $ 98.6 | $ 90.3 | |
| Deferred tax asset, operating loss carryforward | 84.3 | ||
| Deferred tax asset operating loss carryforward subject to expiration | $ 122.6 | ||
| Jurisdiction tax rate threshold as a percentage of net operating loss, percent | 11.00% | ||
| Tax credit carryforwards | $ 4.0 | ||
| Temporary undistributed earnings | 333.0 | ||
| Unremitted earnings (APB23) | 20.2 | 19.7 | |
| Increase if deferred tax liabilities related to undistributed earnings | 0.5 | ||
| Income taxes paid | 92.7 | 49.7 | $ 27.0 |
| Unrecognized tax benefit that would impact tax rate if recognized | 36.5 | 35.8 | |
| Income tax penalties and interest accrued | 4.0 | $ 0.9 | |
| Unrecognized tax benefits, income tax penalties and interest accrued | 11.0 | ||
| Possible decrease in unrecognized tax benefit in the next 12 months | $ 0.1 | ||
Income Taxes - Unrecognized Income Tax Benefits (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Unrecognized Tax Benefits | |||
| Unrecognized tax benefits at beginning of the year | $ 37,000 | $ 700 | $ 1,700 |
| Additions for tax positions acquired during the current period | 0 | 34,400 | 0 |
| Additions for tax positions taken during the prior period | 14,100 | 3,700 | 0 |
| Reductions for tax positions taken during the current period | (100) | 0 | 0 |
| Reductions relating to settlements with taxing authorities | (600) | (1,600) | (300) |
| Lapse of statutes of limitation | (100) | (200) | (700) |
| Unrecognized tax benefits at end of the year | $ 50,300 | $ 37,000 | $ 700 |
Employee Benefit Plans - Narratives (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Defined Benefit Plan Disclosure | |||
| Net settlement loss | $ 1.1 | ||
| Expected future employer contributions | 2.4 | $ 2.4 | |
| Defined contribution expense | 22.1 | 18.2 | $ 6.8 |
| United States | |||
| Defined Benefit Plan Disclosure | |||
| Net settlement loss | 1.1 | 0.0 | $ 0.0 |
| Unrecognized actuarial loss (gain) recognized in accumulated other comprehensive loss | $ 5.6 | $ 3.5 | |
Employee Benefit Plans - Net Pension Expense (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | |||
| Net settlement loss | $ 1.1 | ||
| Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Expected Return (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, before Tax | Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, before Tax | Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, before Tax |
| United States | |||
| Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | |||
| Interest cost | $ 2.2 | $ 2.4 | $ 1.7 |
| Service cost | 0.0 | 0.0 | 0.0 |
| Expected return on plan assets | (3.0) | (3.3) | (4.3) |
| Amortization of net loss | 0.0 | 0.9 | 0.5 |
| Net settlement loss | 1.1 | 0.0 | 0.0 |
| Total net periodic pension cost (income) | 0.3 | 0.0 | $ (2.1) |
| International Plans | |||
| Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | |||
| Interest cost | 1.3 | 1.2 | |
| Service cost | 0.9 | 0.7 | |
| Expected return on plan assets | (1.8) | (1.3) | |
| Amortization of net loss | 0.0 | 0.0 | |
| Net settlement loss | 0.0 | 0.0 | |
| Total net periodic pension cost (income) | $ 0.4 | $ 0.6 | |
Employee Benefit Plans - Changes in Plan Assets and Projected Benefit Obligations (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Defined Benefit Plan Disclosure | |||
| Net actuarial loss (gain) | $ (0.7) | $ 5.8 | $ (1.7) |
| Net amortization | 0.4 | 6.7 | (1.2) |
| Net settlement loss | 1.1 | 0.0 | 0.0 |
| Net current-period other comprehensive Income (loss), net of taxes | (165.9) | 68.8 | |
| United States | |||
| Defined Benefit Plan Disclosure | |||
| Net actuarial loss (gain) | 3.1 | (5.9) | 1.7 |
| Net amortization | 0.0 | (0.9) | (0.5) |
| Effect of foreign exchange rates | 0.0 | 0.0 | 0.0 |
| Net settlement loss | (1.1) | 0.0 | 0.0 |
| Net current-period other comprehensive Income (loss), net of taxes | 2.0 | (6.8) | $ 1.2 |
| International Plans | |||
| Defined Benefit Plan Disclosure | |||
| Net actuarial loss (gain) | (2.4) | 0.1 | |
| Net amortization | 0.0 | 0.0 | |
| Effect of foreign exchange rates | 0.0 | 4.7 | |
| Net settlement loss | 0.0 | 0.0 | |
| Net current-period other comprehensive Income (loss), net of taxes | $ (2.4) | $ 4.8 | |
Employee Benefit Plans - Projected Benefit Obligation and Plan Asset Fund Status (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| United States | |||
| Change in projected benefit obligation: | |||
| Projected benefit obligation at beginning of year | $ 48,100 | $ 50,000 | |
| Acquisition of Howden | 0 | 0 | |
| Interest cost | 2,200 | 2,400 | $ 1,700 |
| Service cost | 0 | 0 | 0 |
| Benefits paid | (3,500) | (3,100) | |
| Actuarial losses (gains) | 400 | (1,200) | |
| Settlements | (7,700) | 0 | |
| Foreign exchange rate impact | 0 | 0 | |
| Projected benefit obligation at year end | 39,500 | 48,100 | 50,000 |
| Accumulated benefit obligation at year end | 39,500 | 48,100 | |
| Change in plan assets: | |||
| Fair value of plan assets at beginning of year | 54,000 | 49,100 | |
| Acquisition of Howden | 0 | 0 | |
| Actual return | 1,000 | 8,000 | |
| Employer contributions | 0 | 0 | |
| Benefits paid | (3,500) | (3,100) | |
| Expenses paid | (700) | 0 | |
| Settlements | (7,700) | 0 | |
| Foreign exchange rate impact | 0 | 0 | |
| Fair value of plan assets at year end | 43,100 | 54,000 | 49,100 |
| Funded status (accrued pension asset (liability)) | 3,600 | 5,900 | |
| Amounts recognized on the consolidated balance sheet at December 31: | |||
| Non-current assets | 3,700 | 5,900 | |
| Current liabilities | 0 | 0 | |
| Non-current liabilities | 0 | 0 | |
| Recognized accrued pension asset (liability) | 3,700 | 5,900 | |
| Unrecognized actuarial loss (gain) recognized in accumulated other comprehensive loss | 5,600 | 3,500 | |
| International Plans | |||
| Change in projected benefit obligation: | |||
| Projected benefit obligation at beginning of year | 43,000 | 0 | |
| Acquisition of Howden | 0 | 41,100 | |
| Interest cost | 1,300 | 1,200 | |
| Service cost | 900 | 700 | |
| Benefits paid | (2,100) | (2,000) | |
| Actuarial losses (gains) | (1,200) | 400 | |
| Settlements | (200) | 0 | |
| Foreign exchange rate impact | (2,500) | 1,600 | |
| Projected benefit obligation at year end | 39,200 | 43,000 | 0 |
| Accumulated benefit obligation at year end | 37,500 | 41,200 | |
| Change in plan assets: | |||
| Fair value of plan assets at beginning of year | 41,800 | 0 | |
| Acquisition of Howden | 0 | 38,700 | |
| Actual return | 3,300 | 1,600 | |
| Employer contributions | 2,200 | 1,900 | |
| Benefits paid | (2,100) | (2,000) | |
| Expenses paid | 0 | 0 | |
| Settlements | (200) | 0 | |
| Foreign exchange rate impact | (2,600) | 1,600 | |
| Fair value of plan assets at year end | 42,400 | 41,800 | $ 0 |
| Funded status (accrued pension asset (liability)) | 3,200 | (1,200) | |
| Amounts recognized on the consolidated balance sheet at December 31: | |||
| Non-current assets | 10,200 | 5,800 | |
| Current liabilities | (400) | (300) | |
| Non-current liabilities | (6,600) | (6,700) | |
| Recognized accrued pension asset (liability) | 3,200 | (1,200) | |
| Unrecognized actuarial loss (gain) recognized in accumulated other comprehensive loss | $ (2,300) | $ 100 | |
Employee Benefit Plans - Accumulated and Projected Benefit Obligations (Details) - International Plans - Howden Industries - USD ($) $ in Millions |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Defined Benefit Plan Disclosure | ||
| Projected benefit obligation | $ 6.7 | $ 6.7 |
| Accumulated benefit obligation | 5.7 | 5.7 |
| Fair value of plan assets | 0.3 | 0.3 |
| Defined Benefit Plan, Pension Plan with Project Benefit Obligation in Excess of Plan Assets | ||
| Projected benefit obligation | 10.2 | 10.2 |
| Accumulated benefit obligation | 8.5 | 8.4 |
| Fair value of plan assets | $ 3.2 | $ 3.4 |
Employee Benefit Plans - Actuarial Assumptions (Details) |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| United States | |||
| Assumptions used to determine the projected obligation at year end: | |||
| Discount rate (percent) | 5.50% | 5.00% | 4.90% |
| Rate of compensation increase (percent) | 0.00% | 0.00% | 0.00% |
| Assumptions used to determine net periodic benefit cost: | |||
| Discount rate (percent) | 5.00% | 4.90% | 2.70% |
| Expected long-term weighted-average rate of return on plan assets (percent) | 6.00% | 7.00% | 7.00% |
| Rate of compensation increase (percent) | 0.00% | 0.00% | 0.00% |
| International Plans | |||
| Assumptions used to determine the projected obligation at year end: | |||
| Discount rate (percent) | 3.40% | 3.40% | |
| Rate of compensation increase (percent) | 3.90% | 4.10% | |
| Assumptions used to determine net periodic benefit cost: | |||
| Discount rate (percent) | 3.40% | 3.40% | |
| Expected long-term weighted-average rate of return on plan assets (percent) | 4.20% | 4.50% | |
| Rate of compensation increase (percent) | 3.90% | 4.10% | |
Employee Benefit Plans - Asset Category and Fair Value of Plan Assets (Details) - USD ($) $ in Millions |
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|---|
| United States | |||
| Defined Benefit Plan Disclosure | |||
| Fair value of plan assets | $ 43.1 | $ 54.0 | $ 49.1 |
| International Plans | |||
| Defined Benefit Plan Disclosure | |||
| Fair value of plan assets | 42.4 | 41.8 | 0.0 |
| Level 3 | United States | |||
| Defined Benefit Plan Disclosure | |||
| Fair value of plan assets | 0.0 | 3.5 | $ 1.1 |
| Level 3 | International Plans | |||
| Defined Benefit Plan Disclosure | |||
| Fair value of plan assets | 41.6 | ||
| Level 1 | International Plans | |||
| Defined Benefit Plan Disclosure | |||
| Fair value of plan assets | 0.0 | ||
| Level 2 | United States | |||
| Defined Benefit Plan Disclosure | |||
| Fair value of plan assets | 43.1 | 50.5 | |
| Level 2 | International Plans | |||
| Defined Benefit Plan Disclosure | |||
| Fair value of plan assets | $ 42.4 | 0.2 | |
| Equity funds | United States | |||
| Defined Benefit Plan Disclosure | |||
| Target Allocations by Asset Category | 0.00% | ||
| Fair value of plan assets | $ 0.0 | 16.5 | |
| Equity funds | Level 3 | United States | |||
| Defined Benefit Plan Disclosure | |||
| Fair value of plan assets | 0.0 | 0.0 | |
| Equity funds | Level 2 | United States | |||
| Defined Benefit Plan Disclosure | |||
| Fair value of plan assets | $ 0.0 | 16.5 | |
| Fixed income funds | United States | |||
| Defined Benefit Plan Disclosure | |||
| Target Allocations by Asset Category | 71.00% | ||
| Fair value of plan assets | $ 43.1 | 34.0 | |
| Fixed income funds | Level 3 | United States | |||
| Defined Benefit Plan Disclosure | |||
| Fair value of plan assets | 0.0 | 0.0 | |
| Fixed income funds | Level 2 | United States | |||
| Defined Benefit Plan Disclosure | |||
| Fair value of plan assets | $ 43.1 | 34.0 | |
| Insurance contracts | United States | |||
| Defined Benefit Plan Disclosure | |||
| Target Allocations by Asset Category | 29.00% | ||
| Fair value of plan assets | $ 0.0 | 3.5 | |
| Insurance contracts | International Plans | |||
| Defined Benefit Plan Disclosure | |||
| Target Allocations by Asset Category | 7.00% | ||
| Fair value of plan assets | $ 2.9 | 2.9 | |
| Insurance contracts | Level 3 | United States | |||
| Defined Benefit Plan Disclosure | |||
| Fair value of plan assets | 0.0 | 3.5 | |
| Insurance contracts | Level 3 | International Plans | |||
| Defined Benefit Plan Disclosure | |||
| Fair value of plan assets | 2.9 | ||
| Insurance contracts | Level 1 | International Plans | |||
| Defined Benefit Plan Disclosure | |||
| Fair value of plan assets | 0.0 | ||
| Insurance contracts | Level 2 | United States | |||
| Defined Benefit Plan Disclosure | |||
| Fair value of plan assets | 0.0 | 0.0 | |
| Insurance contracts | Level 2 | International Plans | |||
| Defined Benefit Plan Disclosure | |||
| Fair value of plan assets | $ 2.9 | 0.0 | |
| Cash and cash equivalents | International Plans | |||
| Defined Benefit Plan Disclosure | |||
| Target Allocations by Asset Category | 0.00% | ||
| Fair value of plan assets | $ 0.0 | 0.2 | |
| Cash and cash equivalents | Level 3 | International Plans | |||
| Defined Benefit Plan Disclosure | |||
| Fair value of plan assets | 0.0 | ||
| Cash and cash equivalents | Level 1 | International Plans | |||
| Defined Benefit Plan Disclosure | |||
| Fair value of plan assets | 0.0 | ||
| Cash and cash equivalents | Level 2 | International Plans | |||
| Defined Benefit Plan Disclosure | |||
| Fair value of plan assets | $ 0.0 | 0.2 | |
| Investments funds | International Plans | |||
| Defined Benefit Plan Disclosure | |||
| Target Allocations by Asset Category | 93.00% | ||
| Fair value of plan assets | $ 39.5 | 38.7 | |
| Investments funds | Level 3 | International Plans | |||
| Defined Benefit Plan Disclosure | |||
| Fair value of plan assets | 38.7 | ||
| Investments funds | Level 1 | International Plans | |||
| Defined Benefit Plan Disclosure | |||
| Fair value of plan assets | 0.0 | ||
| Investments funds | Level 2 | International Plans | |||
| Defined Benefit Plan Disclosure | |||
| Fair value of plan assets | $ 39.5 | $ 0.0 |
Employee Benefit Plans - Rollforward of Unobservable Plan Assets (Details) - United States - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation | ||
| Fair value of plan assets at beginning of year | $ 54.0 | $ 49.1 |
| Fair value of plan assets at year end | 43.1 | 54.0 |
| Level 3 | ||
| Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation | ||
| Fair value of plan assets at beginning of year | 3.5 | 1.1 |
| Purchases, sales and settlements, net | (3.5) | (2.9) |
| Transfers, net | 0.0 | 5.3 |
| Fair value of plan assets at year end | $ 0.0 | $ 3.5 |
Employee Benefit Plans - Expected Future Payments (Details) $ in Millions |
Dec. 31, 2024
USD ($)
|
|---|---|
| United States | |
| Expected future benefit payments | |
| 2025 | $ 3.5 |
| 2026 | 3.5 |
| 2027 | 3.5 |
| 2028 | 3.4 |
| 2029 | 3.4 |
| In aggregate during five years thereafter | 15.6 |
| International Plans | |
| Expected future benefit payments | |
| 2025 | 2.3 |
| 2026 | 2.5 |
| 2027 | 2.2 |
| 2028 | 2.5 |
| 2029 | 2.6 |
| In aggregate during five years thereafter | $ 11.4 |
Share-based Compensation - Share-based Plans Narratives (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Share-based Compensation Arrangement by Share-based Payment Award | |||
| Shares outstanding (shares) | 330,000 | 290,000 | |
| Share-based compensation expense | $ 18.9 | $ 12.6 | $ 10.6 |
| Tax benefit related to share-based compensation | 1.7 | $ 1.7 | $ 1.4 |
| Share based compensation not yet recognized | $ 18.7 | ||
| Recognition period for unrecognized share based compensation (in years) | 1 year 10 months 24 days | ||
| Stock Options | |||
| Share-based Compensation Arrangement by Share-based Payment Award | |||
| Share based compensation not yet recognized | $ 3.4 | ||
| Recognition period for unrecognized share based compensation (in years) | 2 years 4 months 24 days | ||
| Restricted Stock and RSU's | |||
| Share-based Compensation Arrangement by Share-based Payment Award | |||
| Shares other than options outstanding unvested (shares) | 130,000 | 110,000 | |
| Share based compensation not yet recognized | $ 9.2 | ||
| Recognition period for unrecognized share based compensation (in years) | 1 year 9 months 18 days | ||
| Performance Units | |||
| Share-based Compensation Arrangement by Share-based Payment Award | |||
| Shares other than options outstanding unvested (shares) | 90,000.00 | 70,000.00 | |
| Share based compensation not yet recognized | $ 6.1 | ||
| Recognition period for unrecognized share based compensation (in years) | 1 year 7 months 6 days | ||
| 2024 Omnibus Equity Plan | |||
| Share-based Compensation Arrangement by Share-based Payment Award | |||
| Number of shares authorized (shares) | 1,600 | ||
| Number of shares available for grant (shares) | 200 | ||
| 2024 Omnibus Equity Plan | Restricted Stock and RSU's | |||
| Share-based Compensation Arrangement by Share-based Payment Award | |||
| Shares other than options outstanding unvested (shares) | 10,000.00 | ||
| 2017 Omnibus Equity Plan | |||
| Share-based Compensation Arrangement by Share-based Payment Award | |||
| Number of shares authorized (shares) | 1,700,000 | ||
| 2017 Omnibus Equity Plan | Stock Options | |||
| Share-based Compensation Arrangement by Share-based Payment Award | |||
| Shares outstanding (shares) | 300,000 | ||
| 2017 Omnibus Equity Plan | Restricted Stock and RSU's | |||
| Share-based Compensation Arrangement by Share-based Payment Award | |||
| Shares other than options outstanding unvested (shares) | 120,000 | ||
| 2017 Omnibus Equity Plan | Performance Units | |||
| Share-based Compensation Arrangement by Share-based Payment Award | |||
| Shares other than options outstanding unvested (shares) | 90,000.00 | ||
| 2009 Omnibus Equity Plan | |||
| Share-based Compensation Arrangement by Share-based Payment Award | |||
| Number of shares authorized (shares) | 3,350,000 | ||
| 2009 Omnibus Equity Plan | Stock Options | |||
| Share-based Compensation Arrangement by Share-based Payment Award | |||
| Shares outstanding (shares) | 20,000.00 | ||
Share-based Compensation - Stock Option Valuation Assumptions (Details) - Stock Options - $ / shares |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Share-based Compensation Arrangement by Share-based Payment Award | |||
| Weighted-average grant-date fair value per share (usd per share) | $ 69.09 | $ 57.15 | $ 67.58 |
| Expected term (years) | 4 years 8 months 12 days | 4 years 8 months 12 days | 4 years 8 months 12 days |
| Risk-free interest rate | 3.95% | 3.98% | 1.32% |
| Expected volatility | 56.61% | 54.66% | 51.24% |
Share-based Compensation - Stock Options Narratives (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Share-based Compensation Arrangement by Share-based Payment Award | |||
| Recognition period for unrecognized share based compensation (in years) | 1 year 10 months 24 days | ||
| Share based compensation not yet recognized | $ 18.7 | ||
| Intrinsic value of shares exercised | 1.7 | $ 2.3 | $ 3.5 |
| Fair value of shares vested | $ 2.3 | $ 2.1 | $ 2.3 |
| Stock Options | |||
| Share-based Compensation Arrangement by Share-based Payment Award | |||
| Award vesting period | 4 years | ||
| Contractual term | 10 years | ||
| Recognition period for unrecognized share based compensation (in years) | 2 years 4 months 24 days | ||
| Share based compensation not yet recognized | $ 3.4 | ||
Share-based Compensation - Stock Options Activity Rollforward (Details) $ / shares in Units, shares in Thousands, $ in Millions |
12 Months Ended |
|---|---|
|
Dec. 31, 2024
USD ($)
$ / shares
shares
| |
| Number of Shares | |
| Outstanding at beginning of period (shares) | shares | 290 |
| Granted (shares) | shares | 70 |
| Exercised (shares) | shares | (20) |
| Forfeited / Cancelled (shares) | shares | (10) |
| Outstanding at end of period (shares) | shares | 330 |
| Vested and expected to vest (shares) | shares | 320 |
| Exercisable at end of year (shares) | shares | 210 |
| Weighted-average Exercise Price | |
| Outstanding at beginning of period (usd per share) | $ / shares | $ 87.09 |
| Granted (usd per share) | $ / shares | 135.22 |
| Exercised (usd per share) | $ / shares | 83.19 |
| Forfeited / Cancelled (usd per share) | $ / shares | 98.02 |
| Outstanding at end of period (usd per share) | $ / shares | 97.00 |
| Vested and expected to vest at end of year (usd per share) | $ / shares | 96.10 |
| Exercisable at end of year (usd per share) | $ / shares | $ 77.43 |
| Outstanding at end of year, aggregate intrinsic value | $ | $ 30.6 |
| Vested and expected to vest at end of year, aggregate intrinsic value | $ | 30.1 |
| Exercisable at end of year, aggregate intrinsic value | $ | $ 23.3 |
| Outstanding at end of year, weighted average contractual term | 5 years 10 months 6 days |
| Vested and expected to vest at end of year, weighted average contractual term | 5 years 9 months 10 days |
| Exercisable at end of year, weighted average contractual term | 4 years 5 months 19 days |
Share-based Compensation - Restricted Stock and RSU's Narratives (Details) - USD ($) $ / shares in Units, $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Share-based Compensation Arrangement by Share-based Payment Award | |||
| Recognition period for unrecognized share based compensation (in years) | 1 year 10 months 24 days | ||
| Share based compensation not yet recognized | $ 18.7 | ||
| Restricted Stock and RSU's | |||
| Share-based Compensation Arrangement by Share-based Payment Award | |||
| Award vesting period | 3 years | ||
| Recognition period for unrecognized share based compensation (in years) | 1 year 9 months 18 days | ||
| Share based compensation not yet recognized | $ 9.2 | ||
| Granted (usd per share) | $ 138.29 | $ 132.28 | $ 155.02 |
| Fair value of shares vested | $ 8.2 | $ 7.7 | $ 10.0 |
Share-based Compensation - Restricted Stock and RSU's Rollforward (Details) - Restricted Stock and RSU's - $ / shares shares in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Number of Shares | |||
| Unvested at beginning of year (shares) | 110 | ||
| Granted (shares) | 90 | ||
| Forfeited (shares) | (10) | ||
| Vested (shares) | (60) | ||
| Unvested at end of year (shares) | 130 | 110 | |
| Weighted-Average Grant-Date Fair Value | |||
| Unvested at beginning or year (usd per share) | $ 137.70 | ||
| Granted (usd per share) | 138.29 | $ 132.28 | $ 155.02 |
| Forfeited (usd per share) | 131.16 | ||
| Vested (usd per share) | 135.25 | ||
| Unvested at end or year (usd per share) | $ 139.41 | $ 137.70 | |
Share-based Compensation - Performance Units Narratives (Details) - USD ($) $ / shares in Units, $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Share-based Compensation Arrangement by Share-based Payment Award | |||
| Recognition period for unrecognized share based compensation (in years) | 1 year 10 months 24 days | ||
| Share based compensation not yet recognized | $ 18.7 | ||
| Performance Units | |||
| Share-based Compensation Arrangement by Share-based Payment Award | |||
| Award vesting period | 3 years | ||
| Percentage of earn-out granted | 100.00% | ||
| Recognition period for unrecognized share based compensation (in years) | 1 year 7 months 6 days | ||
| Share based compensation not yet recognized | $ 6.1 | ||
| Granted (usd per share) | $ 146.77 | $ 126.86 | $ 153.81 |
| Fair value of shares vested | $ 3.0 | $ 3.4 | $ 2.6 |
| Performance Units | Minimum | |||
| Share-based Compensation Arrangement by Share-based Payment Award | |||
| Percentage of earn-out granted | 0.00% | ||
| Performance Units | Maximum | |||
| Share-based Compensation Arrangement by Share-based Payment Award | |||
| Percentage of earn-out granted | 200.00% | ||
Share-based Compensation - Performance Units Rollforward (Details) - Performance Units - $ / shares shares in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Number of Shares | |||
| Unvested at beginning of year (shares) | 70 | ||
| Granted (shares) | 40 | ||
| Vested (shares) | (20) | ||
| Forfeited (shares) | 0 | ||
| Unvested at end of year (shares) | 90 | 70 | |
| Weighted-Average Grant-Date Fair Value | |||
| Unvested at beginning or year (usd per share) | $ 134.41 | ||
| Granted (usd per share) | 146.77 | $ 126.86 | $ 153.81 |
| Vested (usd per share) | 128.27 | ||
| Forfeited (usd per share) | 127.44 | ||
| Unvested at end or year (usd per share) | $ 140.51 | $ 134.41 | |
Leases - Narratives (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Leases [Abstract] | |||
| Operating lease rent expense | $ 26.2 | $ 21.1 | $ 16.9 |
| Right of us assets obtained in exchange for finance lease liability | 0.0 | 15.4 | |
| Right of us assets obtained in exchange for operating lease liability | 25.4 | 62.3 | |
| Short-term net investment in sales type leases | 8.1 | 21.4 | |
| Long-term net investment in sales type leases | $ 31.7 | $ 62.1 | |
Leases - Schedule of Lease Details (Details) - USD ($) $ in Millions |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Assets | ||
| Operating lease, net | $ 78.6 | $ 69.1 |
| Finance lease, net | 14.7 | 16.1 |
| Total lease assets | $ 93.3 | $ 85.2 |
| Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Other current liabilities | Other current liabilities |
| Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Property, plant and equipment, net | Property, plant and equipment, net |
| Current: | ||
| Operating lease liabilities | $ 19.6 | $ 18.5 |
| Finance lease liabilities | $ 2.5 | $ 3.0 |
| Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Other current liabilities | Other current liabilities |
| Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Other long-term liabilities | Other long-term liabilities |
| Non-current: | ||
| Operating lease liabilities | $ 60.5 | $ 50.7 |
| Finance lease liabilities | $ 12.9 | $ 14.2 |
| Finance Lease Liability Noncurrent Statement Of Financial Position Extensible List | Other long-term liabilities | Other long-term liabilities |
| Total lease liabilities | $ 95.5 | $ 86.4 |
| Weighted-average remaining lease terms | ||
| Operating lease (in years) | 6 years 4 months 24 days | 5 years 1 month 6 days |
| Finance lease (in years) | 7 years 2 months 12 days | 5 years 10 months 24 days |
| Weighted-average discount rate | ||
| Operating leases (percent) | 7.00% | 6.60% |
| Finance leases (percent) | 6.80% | 6.70% |
Leases - Future Minimum Payments (Details) $ in Millions |
Dec. 31, 2024
USD ($)
|
|---|---|
| Finance | |
| 2025 | $ 3.2 |
| 2026 | 2.9 |
| 2027 | 2.7 |
| 2028 | 2.1 |
| 2029 | 1.8 |
| Thereafter | 7.2 |
| Total future minimum lease payments | 19.9 |
| Less: Present value discount | $ (4.5) |
| Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Other current liabilities, Other long-term liabilities |
| Lease liability | $ 15.4 |
| Operating | |
| 2025 | 23.7 |
| 2026 | 18.7 |
| 2027 | 13.7 |
| 2028 | 11.4 |
| 2029 | 8.4 |
| Thereafter | 24.5 |
| Total future minimum lease payments | 100.4 |
| Less: Present value discount | (20.3) |
| Lease liability | $ 80.1 |
Leases - Sales From Sales-Type and Operating Leases (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Leases [Abstract] | |||
| Sales-type leases | $ 59.1 | $ 39.3 | $ 28.1 |
| Operating leases | 4.8 | 5.2 | 4.1 |
| Total sales from leases | $ 63.9 | $ 44.5 | $ 32.2 |
| Sales-Type Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration] | Sales | Sales | |
| Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration] | Sales | Sales | |
Leases - Payments for Sales-type Leases (Details) $ in Millions |
Dec. 31, 2024
USD ($)
|
|---|---|
| Future scheduled payments for sales-type leases | |
| 2025 | $ 7.1 |
| 2026 | 8.6 |
| 2027 | 8.5 |
| 2028 | 8.3 |
| 2029 | 8.3 |
| Thereafter | 26.1 |
| Total | 66.9 |
| Less: Unearned income | 27.1 |
| Total | $ 39.8 |
Leases - Cost of Equipment Leased (Details) - USD ($) $ in Millions |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Leases [Abstract] | ||
| Equipment leased to others, cost | $ 1.5 | $ 20.6 |
| Less: Accumulated depreciation | 0.2 | 4.4 |
| Equipment leased to others, net | $ 1.3 | $ 16.2 |
Commitments and Contingencies (Details) - USD ($) $ in Millions |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Commitments and Contingencies Disclosure [Abstract] | ||
| Accrued environmental reserve | $ 0.0 | $ 0.0 |
SCHEDULE II – VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Allowance for credit losses | |||
| Movement in Valuation Allowances and Reserves | |||
| Balance at beginning of period | $ 5.9 | $ 4.5 | $ 6.0 |
| Additions - Charged to costs and expenses | 0.6 | 2.2 | 0.5 |
| Charged to other accounts | 0.0 | 0.0 | 0.0 |
| Deductions | (1.8) | (0.6) | (2.6) |
| Translations | (0.2) | (0.2) | 0.6 |
| Balance at end of period | 4.5 | 5.9 | 4.5 |
| Deferred tax assets valuation allowance | |||
| Movement in Valuation Allowances and Reserves | |||
| Balance at beginning of period | 90.3 | 5.4 | 21.6 |
| Additions - Charged to costs and expenses | 8.3 | 0.0 | 0.4 |
| Charged to other accounts | 0.0 | 86.9 | 0.0 |
| Deductions | 0.0 | (2.0) | (14.8) |
| Translations | 0.0 | 0.0 | (1.8) |
| Balance at end of period | $ 98.6 | $ 90.3 | $ 5.4 |