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美國
證券交易委員會
華盛頓市20549
表格 10-Q
(標記1)
根據1934年證券交易法第13或15(d)節的季度報告
截至季度結束日期的財務報告2024年9月30日
或者
根據1934年證券交易法第13或15(d)節的轉型報告書
過渡期從                        

委託文件編號:001-398661-11442
字符工業股份有限公司
(根據其章程規定的註冊人準確名稱)
特拉華州
34-1712937
(設立或組織的其他管轄區域)
(納稅人識別號碼)
2200機場工業區驅動,100套房, Ball Ground, 喬治亞州 30107
(總部所在地地址)(郵政編碼)
(770) 721-8800
(註冊人的電話號碼,包括區號)
無適用
(前名稱、地址及財政年度,如果自上次報告以來有更改)
每個交易所的名稱
每一類的名稱交易標誌在其上註冊的交易所的名稱
普通股,面值0.01美元GTLS請使用moomoo賬號登錄查看New York Stock Exchange
每份存托股票代表6.75% B系列可強制轉股優先股的1/20權益,面值$0.01GTLS.PRB請使用moomoo賬號登錄查看New York Stock Exchange
請勾選表示註冊人(1)在過去12個月(或者在註冊人需要提交此類報告的更短時間內)已經提交了證券交易法第13或第15(d)條規定需要提交的所有報告;以及(2)在過去90天內一直受到該等提交要求的約束。 x 否(¨)  x    否  o 

請勾選以下選項表明註冊者是否已電子提交了根據監管S-T第405規則(本章節第232.405條)要求提交的所有互動數據文件,在過去12個月內提交了(或者對於這樣更短的時間段,註冊者需要提交和發佈此類文件)。  xo 

用複選標記指明註冊人是大型加速申報人、加速申報人、非加速申報人、小型申報公司還是新興成長型公司。參見《交易法》第12b-2條中 「大型加速申報人」、「加速申報公司」、「小型申報公司」 和 「新興成長型公司」 的定義。
大型加速報告人
x
加速文件提交人
非加速文件提交人
較小的報告公司
新興成長公司
                
如果是新興成長型公司,在選中複選標記的同時,如果公司已選擇不使用根據證券交易法第13(a)條提供的任何新的或修訂後的財務會計準則的延長過渡期來符合新的或修訂後的財務會計準則,則表明該公司已選擇不使用根據證券交易法第13(a)條提供的任何新的或修訂後的財務會計準則的延長過渡期來符合新的或修訂後的財務會計準則。☐

請勾選是否該註冊公司是空殼公司(如法規120億.2中定義)。 是 ☐ 否 ☐x

截至2024年10月28日, 42,811,055 公司普通股的流通股份,每股面值$0.01。



字符工業股份有限公司
指數
 
頁面
2

目錄

第一部分,財務信息。

項目1。基本報表
CHARt INDUSTRIES, INC.及其子公司
簡化聯合資產負債表(未經審計)
(金額單位爲百萬美元,每股金額除外)
2020年9月30日
2024
12月31日
2023
資產
流動資產
現金及現金等價物$310.2 $188.3 
應收賬款,減免金額爲5.2 和 $5.9 的壞賬準備
805.6 758.9 
淨存貨539.4 576.3 
合同未開票收入680.2 481.7 
預付費用98.8 74.9 
其他資產114.1 134.3 
流動資產合計2,548.3 2,214.4 
固定資產淨額888.8 837.6 
商譽2,987.7 2,906.8 
可識別無形資產淨值2,660.4 2,791.9 
權益法投資103.9 109.9 
股票投資116.2 91.2 
其他193.1 150.6 
資產總計$9,498.4 $9,102.4 
負債和股東權益
流動負債
應付賬款$1,010.1 $811.0 
客戶預付款及超額賬單366.0 376.6 
應計工資、工資和福利66.0 81.5 
應計利息74.4 92.5 
應計所得稅$39,61454.4 60.0 
保修儲備的流動部分17.5 29.4 
開多次數260.7 258.5 
經營租賃負債,流動負債20.4 18.5 
其他流動負債132.9 138.2 
總流動負債2,002.4 1,866.2 
長期債務3,623.9 3,576.4 
遞延稅款負債571.8 568.2 
應計養老金責任7.1 6.7 
非流動經營租賃負債61.7 50.7 
其他長期負債96.1 95.2 
總負債6,363.0 6,163.4 
3

目錄

2020年9月30日
2024
12月31日
2023
股權
優先股,面值$0.01 每股$1,000 整合清算權益 — 10,000,000 402,500 2024年9月30日和2023年12月31日的已發行和流通股份
  
普通股,每股面值 $,授權股數:百萬股;發行股數:分別爲2024年6月30日和2023年12月31日:百萬股;流通股數:分別爲2024年6月30日和2023年12月31日:百萬股0.01 每股 - 150,000,000 42,809,385和頁面。42,754,241 而9月30日和2023年12月31日分別發行和流通的股份
0.4 0.4 
額外實收資本1,883.6 1,872.5 
庫藏股; 760,782 在2024年9月30日和2023年12月31日均持有股份
(19.3)(19.3)
保留盈餘1,040.6 922.1 
累計其他綜合收益65.9 10.8 
Chart Industries, Inc.股東權益總額2,971.2 2,786.5 
非控制權益164.2 152.5 
總股本3,135.4 2,939.0 
負債和所有者權益總計$9,498.4 $9,102.4 
請參閱本未經審計的簡化合並財務報表的附註。
4

目錄

CHARt INDUSTRIES, INC.及其子公司
綜合收益及損失的壓縮綜合報表(以千爲單位)
(未經審計)
(以百萬美元和股數爲單位,除每股金額外)
.
 截至9月30日的三個月截至9月30日的九個月
 2024202320242023
銷售$1,062.5 $897.9 $3,053.5 $2,337.5 
銷售成本699.9 621.7 2,037.0 1,631.4 
毛利潤362.6 276.2 1,016.5 706.1 
銷售,總務及管理費用135.7 122.8 413.4 356.4 
攤銷費用48.4 49.0 143.9 115.0 
營業費用184.1 171.8 557.3 471.4 
營業利潤178.5 104.4 459.2 234.7 
收購相關財務費用   26.1 
利息費用,淨額80.6 90.5 248.7 202.7 
其他收益(2.6)3.4 4.2 6.4 
持續經營利潤(稅前)和未合併聯營企業損益中的股權損失100.5 10.5 206.3 (0.5)
所得稅費用(收益)26.6 0.1 50.9 (4.2)
持續經營利潤中未合併聯營企業股權損益前73.9 10.4 155.4 3.7 
未合併聯營企業的股權損益(0.8)1.3 (2.4)2.4 
持續經營活動的淨利潤73.1 11.7 153.0 6.1 
已中止的經營虧損,稅後(0.4)(6.0)(2.8)(2.6)
淨收入72.7 5.7 150.2 3.5 
扣除:歸屬於少數股東的持續經營活動淨利潤(稅後)3.7 2.3 11.3 6.0 
淨利潤(損失)歸屬於Chart Industries, Inc。$69.0 $3.4 $138.9 $(2.5)
5

目錄

 截至9月30日的三個月截至9月30日的九個月
 2024202320242023
歸屬於查特普通股東的金額
持續經營收入$69.4 $9.4 $141.7 $0.1 
減:強制可轉換優先股股息要求6.8 6.8 20.4 20.5 
歸屬於查特的持續經營收入(虧損)62.6 2.6 121.3 (20.4)
終止經營損失,扣稅後(0.4)(6.0)(2.8)(2.6)
歸屬於查特普通股東的凈利潤(虧損)$62.2 $(3.4)$118.5 $(23.0)
歸屬於查特工業公司的基本每股收益
持續經營業務的收入(損失)$1.49 $0.06 $2.89 $(0.49)
來自中止運營的損失(0.01)(0.14)(0.07)(0.06)
歸屬於查特工業公司的凈利潤(損失)$1.48 $(0.08)$2.82 $(0.55)
歸屬於查特工業公司的稀釋每股收益
持續經營業務的收入(損失)$1.34 $0.05 $2.59 $(0.49)
來自中止運營的損失(0.01)(0.12)(0.06)(0.06)
歸屬於查特工業公司的凈利潤(損失)$1.33 $(0.07)$2.53 $(0.55)
加權平均流通普通股數:
基本42.05 41.98 42.04 41.96 
稀釋46.67 47.61 46.89 41.96 
其他綜合收益(損失):
凈利潤$72.7 $5.7 $150.2 $3.5 
其他綜合收益(損失), 淨額(稅後):
外匯轉換調整,淨額156.3 (48.0)55.5 (46.4)
養老金負債調整,扣除稅款後0.1 0.2  0.5 
其他綜合收入(損失),扣除稅後156.4 (47.8)55.5 (45.9)
綜合收益(損失),稅後淨額229.1 (42.1)205.7 (42.4)
減:歸屬於非控股權益的綜合收益,稅後淨額4.2 2.4 11.7 5.5 
歸屬於查特工業公司的綜合收益(損失),稅後淨額$224.9 $(44.5)$194.0 $(47.9)

請參閱這些未經審計的簡明合併基本報表的附註。
6

目錄

查特工業公司及其子公司
簡明合併現金流量表(未經審核)
(單位:百萬美元)
 截至9月30日的九個月
 20242023
營業活動
凈利潤$150.2 $3.5 
減:停止運營的損失,扣除稅後(2.8)(2.6)
持續經營的凈利潤153.0 6.1 
調整凈利潤與由事件提供的淨現金之間的對賬:
橋樑貸款便利費 26.1 
折舊和攤銷200.0 163.2 
員工分享補償費用14.3 9.2 
融資成本攤銷14.2 12.0 
未實現外幣交易(收益)損失(5.1)0.4 
在股權證券投資上的未實現(收益)損失(10.8)11.8 
對未合併子公司的損失(收益)份額2.4 (2.4)
業務出售損失7.8  
其他非現金經營活動3.0 (4.9)
資產和負債的變化,扣除收購:
應收賬款(45.0)(61.9)
存貨24.4 2.6 
合同未開票收入(195.7)(133.4)
預付款項及其他流動資產(16.4)34.0 
應付賬款及其他流動負債109.6 86.2 
客戶預付款及超額賬單(13.3)19.1 
長期資產和負債(15.2)(62.0)
持續經營活動提供的淨現金227.2 106.1 
在終止經營活動中使用的淨現金(5.6)(69.2)
經營活動提供的淨現金221.6 36.9 
投資活動
收購業務,扣除已收購現金 (4,322.3)
出售業務的收益(6.1)291.9 
資本支出(100.3)(115.4)
投資 (13.1)(8.8)
其他投資活動0.4 2.3 
持續投資活動中使用的淨現金(119.1)(4,152.3)
已停用投資活動中使用的淨現金(2.5)(2.6)
投資活動中使用的淨現金(121.6)(4,154.9)
7

目錄

 截至9月30日的九個月
 20242023
融資活動
信用融資的借款2,286.7 1,334.3 
信用融資的還款(2,246.5)(1,234.3)
定期貸款的借款 1,747.2 
定期貸款的還款 (8.2)
債務發行成本的支付(10.1)(133.5)
支付或有對價 (4.4)
普通股發行收益,淨值 11.7 
股票期權行使所獲收益0.4 0.9 
股份支付計劃中的普通股回購(3.3)(3.0)
向非控股權益分配的分紅派息 (12.2)
強制性可轉換優先股股息派發(20.4)(20.5)
融資活動提供的淨現金6.8 1,678.0 
匯率變化對現金及現金等價物的影響4.6 (0.4)
現金、現金等價物、受限現金及受限現金等價物的淨增加(減少),包括分類於待售流動資產中的現金111.4 (2,440.4)
減:當前資產中分類爲待售的現金淨增加額 (5.0)
現金、現金及現金等價物、受限制現金及受限制現金等價物的淨增加(減少)111.4 (2,445.4)
期初的現金、現金及現金等價物、受限制現金及受限制現金等價物 (1)
201.1 2,605.3 
期末的現金、現金及現金等價物、受限制現金及受限制現金等價物 (1)
$312.5 $159.9 
                
(1)包括受限現金和受限現金等價物 $2.3 和 $12.8 截至2024年9月30日和2023年12月31日,分別被歸類於其他流動資產,和 $12.8 和 $1,941.7 截至2023年9月30日和2022年12月31日,分別。

請參閱這些未經審計的簡明合併基本報表的附註。
8

目錄

查特工業公司及其子公司
濃縮合並權益報表(未經審計)
(單位:百萬美元)
普通股優先股追加實收資本累計其他綜合
收入(損失)
非控股權益
 股份
未償還的
金額股份
未償還的
金額庫存股留存收益
業績
總計
股權
截至2023年12月31日的餘額42.75 $0.4 0.4 $ $1,872.5 $(19.3)$922.1 $10.8 $152.5 $2,939.0 
凈利潤— — — — — — 11.3 — 3.3 14.6 
其他綜合損失— — — — — — — (55.7)— (55.7)
股份-based薪酬費用— — — — 6.0 — — — — 6.0 
基於股份的薪酬計劃發行的普通股0.07 — — — 0.3 — — — — 0.3 
基於股份的薪酬計劃回購的普通股(0.02)— — — (3.0)— — — — (3.0)
優先股股息— — — — — — (6.8)— — (6.8)
其他— — — — — — (0.1)— — (0.1)
截至2024年3月31日的餘額42.80 $0.4 0.4 $ $1,875.8 $(19.3)$926.5 $(44.9)$155.8 $2,894.3 
凈利潤— — — — — — 58.6 — 4.3 62.9 
其他綜合損失— — — — — — — (45.1)(0.1)(45.2)
股份-based薪酬費用— — — — 4.1 — — — — 4.1 
基於股份的補償計劃發行的普通股— — — — 0.1 — — — — 0.1 
基於股份的補償計劃回購的普通股— — — — (0.2)— — — — (0.2)
優先股股息— — — — — (6.8)— — (6.8)
其他— — — — (0.1)— — — (0.1)
截至2024年6月30日的餘額42.80 $0.4 0.4 $ $1,879.7 $(19.3)$978.3 $(90.0)$160.0 $2,909.1 
凈利潤— — — — — — 69.0 — 3.7 72.7 
其他綜合收益— — — — — — — 155.9 0.5 156.4 
股份-based薪酬費用— — — — 4.2 — — — — 4.2 
通過基於股份的薪酬計劃發行的普通股0.01 — — — — — — — — — 
通過基於股份的薪酬計劃回購的普通股— — — — (0.3)— — — — (0.3)
優先股股息— — — — — — (6.8)— — (6.8)
其他— — — — — — 0.1 — — 0.1 
截至2024年9月30日的餘額42.81 $0.4 0.4 $ $1,883.6 $(19.3)$1,040.6 $65.9 $164.2 $3,135.4 

9

目錄

 普通股優先股追加實收資本累積其他綜合損失非控股權益
 股份
未償還的
金額股份
未償還的
金額庫存股留存收益
業績
總計
股權
截至2022年12月31日的餘額42.56 $0.4 0.4 $ $1,850.2 $(19.3)$902.2 $(58.0)$8.8 $2,684.3 
淨(損失)收入 — — — — — — (15.0)— 0.7 (14.3)
其他綜合收益— — — — — — — 4.1 — 4.1 
普通股發行,扣除股份發行成本0.11 — — — 11.7 — — — — 11.7 
股份-based薪酬費用— — — — 4.0 — — — — 4.0 
通過股份支付計劃發放的普通股0.08 — — — 0.1 — — — — 0.1 
通過股份支付計劃回購的普通股 (0.02)— — — (2.6)— — — — (2.6)
優先股股息— — — — (6.9)— — (6.9)
購買非控制性權益— — — — — — — — 26.5 26.5 
其他— — — — — — (0.2)— 0.2  
截至2023年3月31日的餘額42.73 $0.4 0.4 $ $1,863.4 $(19.3)$880.1 $(53.9)$36.2 $2,706.9 
凈利潤 — — — — — — 9.1 — 3.0 12.1 
其他綜合損失— — — — — — — (1.5)(0.6)(2.1)
股份-based薪酬費用— — — — 2.6 — — — — 2.6 
從股票基礎補償計劃中發行的普通股— — — — 0.1 — — — — 0.1 
從股票基礎補償計劃中回購的普通股— — — — (0.1)— — — — (0.1)
優先股股息— — — — — — (6.8)— — (6.8)
向非控股權益進行股息分配— — — — — — — — (8.4)(8.4)
購買非控制性權益— — — — — — — — 102.8 102.8 
其他— — — — — — 0.1 — — 0.1 
截至2023年6月30日的餘額42.73 $0.4 0.4 $ $1,866.0 $(19.3)$882.5 $(55.4)$133.0 $2,807.2 
10

目錄

凈利潤 — — — — — — 3.4 — 2.3 5.7 
其他綜合(損失)收益— — — — — — — (47.9)0.1 (47.8)
股份-based薪酬費用— — — — 2.6 — — — — 2.6 
基於股份的獎勵計劃發行的普通股0.02 — — — 0.7 — — — — 0.7 
基於股份的獎勵計劃回購的普通股— — — — (0.3)— — — — (0.3)
優先股股息— — — — — — (6.8)— — (6.8)
對非控股權益的分紅分配— — — — — — — — (3.8)(3.8)
截至2023年9月30日的餘額42.75 $0.4 0.4 $ $1,869.0 $(19.3)$879.1 $(103.3)$131.6 $2,757.5 

請參閱這些未經審計的簡明合併基本報表的附註。
11

目錄
查特工業公司及其子公司
未經審計的簡要合併基本報表附註 – 2024年9月30日
(以百萬計的美元和股份,除每股金額外)

注意事項 1 — 準備基礎
查特工業公司及其合併子公司的未經審核的簡明合併基本報表(以下簡稱「公司」、「查特」、「我們」、「我們」或「我們的」)已按照美國公認會計原則(「GAAP」)針對中期財務信息的要求,以及10-Q表格說明和S-X條例第10條的要求編制。因此,它們不包括美國GAAP對年度基本報表要求的所有信息和腳註。這些基本報表應與我們截至2023年12月31日的10-K表格年度報告中包含的經過審計的基本報表及相關注釋一起閱讀。管理層認爲,所有被認爲對公正呈現必要的調整(包括正常經常性應計)均已包含。截止2024年9月30日的九個月的經營結果不一定預示2024年12月31日結束年度的結果。
2023年3月17日,我們完成了對Howden(「Howden」)的收購,Howden是全球領先的關鍵任務空氣和燃料幣處理產品和服務提供商,收購方爲KPS資本合夥企業的關聯公司。持續經營的結果包括自收購之日起Howden的業績,排除了我們整個持有期間(2023年3月17日至2023年8月18日)Roots™(「Roots」)業務的財務結果。 Roots的業績被列示爲停業經營。 在簡明合併的運營和綜合收益(損失)報表中 並已從持續經營和各個部門業績中排除。 截至三個和九個月結束 2023年9月30日請參閱第2條,「停業經營和其他被出售業務」,以獲取有關Roots剝離的更多信息,以及2023年Cofimco和美國風扇的剝離情況,並請參閱第13條,「業務合併」, 以獲取有關Howden(「Howden收購」)收購的更多信息。
經營性質我們是一家獨立的全球領先企業,專注於爲清潔電力、清潔水、清潔食品和清潔工業設計、工程和製造氣體和液體分子處理的工藝技術和設備,無論分子類型如何。我們獨特的產品組合包括靜態和旋轉設備,廣泛應用於液體天然氣供應鏈的各個階段,包括前期工程、服務和維修。作爲清潔能源轉型的前沿企業,Chart是液化天然氣、氫氣、生物氣體、碳捕集和水處理等相關技術、設備和服務的領先提供商。我們致力於在環保母基、社會和企業治理(ESG)問題上追求卓越,無論是對我們公司還是對我們的客戶。 64 在全球範圍內的製造地點和超過 50 從美國到亞洲、印度和歐洲的服務中心,我們保持對團隊成員、供應商、客戶和社區的責任和透明度。
合併原則: 未經審計的簡明合併基本報表包括查特工業公司及其子公司的賬戶。在合併中,內部交易和賬戶被消除。
估算的使用: 根據美國通用會計準則編制基本報表需要管理層做出估計和假設,這些估計和假設會影響資產和負債的報告金額以及在基本報表日期的或有資產和負債的披露。這些估計還可能影響報告期間收入和費用的報告金額。實際結果可能會因爲多種因素而與這些估計和假設有所不同,包括當前的宏觀經濟狀況,如通貨膨脹和供應鏈中斷,以及我們在10-K表格中的年度報告中列出的風險。
重新分類: 在截至2023年9月30日的九個月期間,某些金額已在壓縮合並現金流量表中重新分類。 以符合當前期間的報表呈現。
最近發佈的會計準則(尚未採用): 在2023年12月,財務會計準則委員會(「FASB」)發佈了會計準則更新(「ASU」)2023-09,"所得稅(主題740):所得稅披露的改善。" 此次更新中的修訂增強了所得稅披露的透明度和決策有用性。該更新通過要求實體在稅率調節中披露特定類別,併爲符合量化標準的調節項目提供額外信息,來增強稅率調節。更新還要求實體每年披露有關已支付所得稅的增強信息、繼續經營的稅前收入(或收益)按國內和國外進行分解,以及繼續經營的所得稅費用(或收益)按聯邦(國家)、州和外國進行分解。此次更新中的修訂自2024年12月15日之後開始的財政年度生效。對尚未發佈或提供發佈的年度基本報表允許提前採用。我們目前正在評估此ASU對我們披露的影響。
12

目錄
查特工業公司及其子公司
未經審計的簡要合併基本報表附註 – 2024年9月30日
(金額和股份以百萬計,除每股金額外) – 續





在2023年11月,FASB發佈了ASU 2023-07,「分部報告(主題280):可報告分部披露的改進」。本次更新中的修訂通過增強關於重要分部費用的披露,提高了可報告分部的披露要求。除此之外,該更新還要求實體披露定期提供給首席運營決策者(「CODM」)的重大分部費用,並納入每個報告的分部利潤或虧損的計算中。該更新還要求實體披露其他分部項目,在中期期間提供當前該主題要求的關於可報告分部利潤和虧損及資產的所有年度披露,披露我們的CODM的職務和職位,以及說明CODM如何利用報告的分部利潤或虧損指標來評估分部績效和決定如何分配資源。本次更新中的修訂自2023年12月15日之後開始的財政年度生效,並在2024年12月15日之後開始的財政年度中期生效。我們預計該ASU將導致分部財務信息的披露擴大,但對我們的財務狀況和運營結果沒有影響。
最近採用的會計標準: 在2022年6月,FASB發佈了ASU 2022-03, "公允價值計量(主題820):受合同銷售限制的股權證券的公允價值計量。" 本次更新中的修訂澄清了股權證券的銷售合同限制不被視爲證券的計量單元,因此在公允價值計量中不予考慮。修訂還澄清了實體不能確認和計量合同銷售限制,並增加了針對受合同銷售限制的股權證券的額外披露。我們於2024年1月1日生效採納了這一指導。採納這一指導對我們的財務狀況、經營成果和披露沒有影響。
注 2 — 已終止的業務和其他出售的業務
Roots™ 剝離
2023年6月11日,我們簽署了明確協議,將作爲豪登收購一部分而收購的Roots業務出售給英格索蘭公司(紐約證券交易所:IR)("買方"),基礎購買價格爲$300.0,並視常規調整而定。 交易於2023年8月18日完成,收益總額爲$291.9 在完成常規預計關閉營運資金調整之前,已完成。購買價格需根據$2.5的最終淨營運資金調整進行結算,預計在2024年第一季度完成。
我們之前確定我們的Roots業務符合終止運營的條件,因此,Roots業務的財務結果在我們未經審計的簡明合併運營和綜合收益(損失)報表中反映爲終止運營,涵蓋了我們在2023年3月17日至2023年8月18日之間的整個持有期間。
13

目錄
查特工業公司及其子公司
未經審計的簡要合併基本報表附註 – 2024年9月30日
(金額和股份以百萬計,除每股金額外) – 續





終止運營的財務信息彙總
下表表示已終止運營的淨收入(虧損),扣除稅費:
截至9月30日的三個月截至9月30日的九個月
2024202320242023
銷售$ $17.5 $ $58.8 
銷售成本 15.4  41.4 
毛利潤 2.1  17.4 
銷售、一般和管理費用0.5 2.1 1.0 6.9 
營業(虧損)收入(0.5) (1.0)10.5 
其他費用:
其他費用,淨額 3.0  9.0 
(虧損) 收入所得稅之前的收入(0.5)(3.0)(1.0)1.5 
所得稅(收益)費用(0.1)0.5 (0.2)1.6 
處置業務前的損失(0.4)(3.5)(0.8)(0.1)
業務出售損失,扣除$0.0, $7.5, $0.5 和 $7.5 的稅款 (1) (2)
 2.5 2.0 2.5 
終止經營損失,扣稅後$(0.4)$(6.0)$(2.8)$(2.6)
___________
(1)Roots 業務的出售損失是 $0.0$2.5 在稅前 截至三個和九個月結束 截至2024年9月30日.
(2)Roots業務的銷售收益爲 $5.0 在稅前對於 截至三個和九個月結束 2023年9月30日.
其他業務出售
在2023年10月26日,我們簽署並完成了將我們的美國粉絲業務出售給Arcline投資管理有限公司的交易,淨收益總計$109.7 經過正常的交易結算營運資本調整,現已完成。
在2023年10月31日,我們完成了將Cofimco風扇業務(「Cofimco」)出售給PX3 Partners,淨收益總額爲$67.4 在完成常規的交割營運資本調整後,這些調整已經完成。
註釋 3 — 報告的細分市場
我們通過One Chart全球貨幣商業、工程、產品、運營和售後組織進入市場。此外,我們的工程解決方案應用於分子價值鏈的各個環節,從生產到分發,從儲存到消費。我們擁有 四個 可報告的部門在全球範圍內運營,在我們的運營部門中分別是:低溫罐解決方案、熱交換系統、特色產品以及維修、服務和租賃。我們的低溫罐解決方案部門主要在美國、歐洲和亞洲開展業務,覆蓋全球大多數地理區域,提供用於工業氣體和某些碳氫化合物的儲存、分發、氣化和應用的散裝、小型散裝和移動設備。我們的熱交換系統部門主要在美國和歐洲運營,同樣服務於全球大多數地理區域,提供用於碳氫化合物、液化天然氣(LNG)和工業氣體的回收、分離、液化和淨化等應用的關鍵任務工程設備和系統。我們的特色產品部門爲特定終端市場應用提供產品,包括用於氫氣和氦氣的工程液化、儲存和壓縮設備,爲公路車輛提供液化天然氣、提供生物燃料、碳捕獲、食品和飲料、航空航天、核能、海洋、採礦、激光和水處理等終端市場。我們的維修、服務和租賃部門提供Chart的固定(液化、加油站等其他產品)和旋轉設備(壓縮機、風扇等其他產品)的安裝、改裝與翻新、服務和維修、預防性和合同維護,以及數字解決方案,並提供定向設備租賃解決方案。
14

目錄
查特工業公司及其子公司
未經審計的簡要合併基本報表附註 – 2024年9月30日
(金額和股份以百萬計,除每股金額外) – 續





企業包括高層管理、會計、稅務、財務、企業發展、人力資源、信息科技(「IT」)、投資者關係、法律、內部審計、風險管理和基於股份的補償費用的營業費用。企業支持職能不分配到各個部門。
我們根據合併的業務運營和綜合損益表所確定的營業收入來評估績效並分配資源。
細分財務信息
 截至2024年9月30日的三個月
 冷凍罐解決方案熱傳遞系統特種產品維修、服務與租賃部門間消除企業合併
銷售$162.5 $256.2 $283.3 $360.5 $ $ $1,062.5 
折舊和攤銷費用5.7 8.9 7.0 43.5  3.0 68.1 
營業收入(虧損)23.5 61.3 41.9 102.0  (50.2)178.5 
截至2023年9月30日的三個月
冷凍罐解決方案熱傳遞系統特種產品維修、服務與租賃部門間消除企業合併
銷售$159.0 $232.5 $240.0 $271.3 $(4.9)$ $897.9 
折舊和攤銷費用7.8 7.4 5.7 45.1  1.0 67.0 
營業收入(虧損)17.1 43.4 33.7 42.3  (32.1)104.4 
截至2024年9月的九個月
低溫罐解決方案熱傳遞系統特種產品維修、服務與租賃部門間消除企業合併
銷售$487.7 $746.5 $797.4 $1,022.0 $(0.1)$ $3,053.5 
折舊和攤銷費用16.5 27.2 20.9 129.4  6.0 200.0 
營業收入(虧損)53.5 157.6 122.0 265.1  (139.0)459.2 
截至2023年9月30日的九個月
冷凍罐解決方案熱傳遞系統特種產品維修、服務與租賃部門間消除企業合併
銷售$435.2 $636.0 $602.9 $688.5 $(25.1)$ $2,337.5 
折舊和攤銷費用17.2 24.6 17.9 100.8  2.7 163.2 
營業收入(虧損)31.9 120.5 84.6 121.0  (123.3)234.7 

15

目錄
查特工業公司及其子公司
未經審計的簡要合併基本報表附註 – 2024年9月30日
(金額和股份以百萬計,除每股金額外) – 續





按地區銷售
按銷售目的地報告按地區劃分的銷售額。
截至2024年9月30日的三個月
冷凍罐解決方案熱傳遞系統特種產品維修、服務與租賃部門間消除合併
北美$71.4 $140.4 $111.3 $142.7 $ $465.8 
歐洲、中東和非洲和印度48.7 53.6 84.4 139.2  325.9 
亞洲-太平洋地區40.3 59.8 84.4 58.4  242.9 
世界其他地區2.1 2.4 3.2 20.2  27.9 
總計$162.5 $256.2 $283.3 $360.5 $ $1,062.5 
截至2023年9月30日的三個月
冷凍罐解決方案熱傳遞系統特種產品維修、服務與租賃部門間消除合併
北美$71.3 $150.6 $84.2 $78.5 $(2.0)$382.6 
歐洲、中東和非洲和印度52.7 31.0 68.0 130.2 (1.7)280.2 
亞洲-太平洋地區33.5 46.7 83.2 52.5 (1.1)214.8 
世界其他地區1.5 4.2 4.6 10.1 (0.1)20.3 
總計$159.0 $232.5 $240.0 $271.3 $(4.9)$897.9 
截至2024年9月的九個月
冷凍罐解決方案熱傳遞系統特種產品維修、服務與租賃部門間消除合併
北美$225.7 $422.8 $313.2 $410.2 $ $1,371.9 
歐洲、中東和非洲和印度152.7 137.5 227.5 399.4  917.1 
亞洲-太平洋地區98.4 168.0 244.1 164.4 (0.1)674.8 
世界其他地區10.9 18.2 12.6 48.0  89.7 
總計$487.7 $746.5 $797.4 $1,022.0 $(0.1)$3,053.5 
截至2023年9月30日的九個月
冷凍罐解決方案熱傳遞系統特種產品維修、服務與租賃部門間消除合併
北美$198.5 $432.9 $238.1 $224.9 $(11.2)$1,083.2 
歐洲、中東和非洲和印度148.7 76.8 170.2 305.0 (8.7)692.0 
亞洲-太平洋地區84.1 111.7 183.3 133.8 (4.8)508.1 
世界其他地區3.9 14.6 11.3 24.8 (0.4)54.2 
總計$435.2 $636.0 $602.9 $688.5 $(25.1)$2,337.5 
16

目錄
查特工業公司及其子公司
未經審計的簡要合併基本報表附註 – 2024年9月30日
(金額和股份以百萬計,除每股金額外) – 續





總資產
企業資產主要包括現金及現金等價物、長期遞延所得稅以及某些特定的企業物業、廠房和設備(淨額)及某些投資。我們對報告分部的物業、廠房和設備的分配方法與報告分部的折舊費用分配方法不同,因此,折舊費用與報告分部的相關可折舊資產並不完全一致。此外,由於有限使用壽命的無形資產在報告分部的總資產中被排除,而攤銷費用分配給我們的每個報告分部,因此各分部的攤銷費用本質上與報告分部相關的可攤銷無形資產並不一致。
九月三十日
2024
12月31日
2023
冷凍罐解決方案$668.9 $706.1 
熱傳遞系統642.7 560.7 
特種產品915.5 647.8 
維修、服務與租賃936.8 950.1 
可報告部門的總資產3,163.9 2,864.7 
商譽2,987.7 2,906.8 
可識別的無形資產淨值2,660.4 2,791.9 
企業686.4 539.0 
總計$9,498.4 $9,102.4 

17

目錄
查特工業公司及其子公司
未經審計的簡要合併基本報表附註 – 2024年9月30日
(金額和股份以百萬計,除每股金額外) – 續





注意 4 — 營業收入
營業收入的分解
以下表格展示了按收入的時間劃分的營業收入以及每個類別的可報告部門:
截至2024年9月30日的三個月
冷凍罐解決方案熱傳遞系統特種產品維修、服務與租賃部門間消除合併
在某一時刻$83.6 $5.5 $54.9 $209.7 $ $353.7 
隨着時間推移78.9 250.7 228.4 150.8  708.8 
總計$162.5 $256.2 $283.3 $360.5 $ $1,062.5 
截至2023年9月30日的三個月
冷凍罐解決方案熱傳遞系統特種產品維修、服務與租賃部門間消除合併
在某一時刻$108.3 $16.5 $62.1 $152.6 $(2.5)$337.0 
隨着時間推移50.7 216.0 177.9 118.7 (2.4)560.9 
總計$159.0 $232.5 $240.0 $271.3 $(4.9)$897.9 
截至2024年9月的九個月
冷凍罐解決方案熱傳遞系統特種產品維修、服務與租賃部門間消除合併
在某一時刻$285.2 $26.9 $202.4 $613.5 $ $1,128.0 
隨着時間推移202.5 719.6 595.0 408.5 (0.1)1,925.5 
總計$487.7 $746.5 $797.4 $1,022.0 $(0.1)$3,053.5 
截至2023年9月30日的九個月
冷凍罐解決方案熱傳遞系統特種產品維修、服務與租賃部門間消除合併
在某一時刻$295.1 $48.5 $123.6 $408.7 $(15.2)$860.7 
隨着時間推移140.1 587.5 479.3 279.8 (9.9)1,476.8 
總計$435.2 $636.0 $602.9 $688.5 $(25.1)$2,337.5 
請參閱註釋3,「可報告的部門」,以獲取按地理分劃的可報告部門的營業收入表。
合同餘額
以下表格列出了我們的合同資產和合同負債餘額:
2024 年 9 月 30 日2023 年 12 月 31 日
合約資產
應收賬款,扣除備用金$805.6 $758.9 
未開單的合同收入680.2 481.7 
合同負債
客戶預付款和賬單超過合同收入$366.0 $376.6 
18

目錄
查特工業公司及其子公司
未經審計的簡要合併基本報表附註 – 2024年9月30日
(金額和股份以百萬計,除每股金額外) – 續





截至2024年和2023年9月30日的三個月內確認的營業收入,在年初合約負債餘額中計入的金額爲$65.0 和 $17.3截至2024年和2023年9月30日的九個月內確認的營業收入,在每年年初合約負債餘額中計入的金額爲$284.9 和 $162.7以及2023年並不重大。 來自 由於對與長期合約相關的變量對價的估計變化而滿足或部分滿足的履約義務,確認的金額並不顯著。
剩餘履行義務
剩餘履約義務代表客戶已簽署的採購訂單或其他書面合同承諾的交易價格,這些訂單尚未執行或部分完成,並且不包括未行使的合同期權和潛在訂單。截至2024年9月30日,預計未來與剩餘履約義務相關的營業收入爲 $4,535.3。我們預計在接下來的大約 61% 個月內確認剩餘履約義務的營業收入 12 ,其餘將在接下來的幾年內確認。
註釋 5 — 存貨
下表總結了庫存的元件:
九月三十日
2024
12月31日
2023
原材料和供應品$287.3 $274.8 
在製品125.5 155.4 
成品126.6 146.1 
淨總庫存$539.4 $576.3 
截至2024年9月30日和2023年12月31日,過剩和過時庫存的減值準備餘額爲$9.0 和 $9.9,分別爲。
注意 6 — 租賃
承租人會計
我們租賃某些辦公室、倉庫、設施、車輛和設備。我們的租賃合同的到期日期範圍從2024年10月2092年9月。初始期限爲十二個月或更短的租賃合同未記錄在資產負債表上。經營租賃使用權(「ROU」)資產在簡明合併資產負債表中分類爲不動產、廠房和設備,淨額,融資租賃ROU資產在簡明合併資產負債表中分類爲其他資產。經營租賃負債的分類爲經營租賃負債,流動和經營租賃負債,非流動。融資租賃負債在簡明合併資產負債表中分類爲其他流動負債和其他長期負債。
我們產生了 $6.8 $13.8 在截至2024年和2023年9月30日的三個月內,按經營租賃產生的租賃費用爲$19.2 和 $23.6 在截至2024年和2023年9月30日的九個月內,費用爲$某些經營租賃包含租金遞增條款和租賃優惠,這要求在租期的後期支付額外的租金。 這些類型租賃的租金費用是在最低租賃期限內按直線法確認的。該費用主要由建築和設備租賃的基本租金支付構成。與短期租賃成本、稅費和租賃物業的可變服務費用相關的支付都不重要。此外,我們有權(但沒有義務)續租某些租賃,續租的期限各不相同。
19

目錄
查特工業公司及其子公司
未經審計的簡要合併基本報表附註 – 2024年9月30日
(金額和股份以百萬計,除每股金額外) – 續





下表展示了我們合併資產負債表中的租賃餘額、加權平均剩餘租賃期限和與我們租賃相關的加權平均折現率:
租賃資產和負債2024年9月30日2023年12月31日
資產
經營租賃淨額$81.2 $69.1 
融資租賃淨額16.0 16.1 
租賃資產總額$97.2 $85.2 
負債
當前:
經營租賃負債$20.4 $18.5 
融資租賃負債2.3 3.0 
非流動負債:
經營租賃負債61.7 50.7 
融資租賃負債14.2 14.2 
租賃負債總額$98.6 $86.4 
加權平均剩餘租賃期限
經營租賃6.35.1
融資租賃7.77.9
加權平均折現率
經營租賃7.1%6.6%
融資租賃6.9%6.7%
截至2024年9月30日的九個月內,以新融資和經營租賃負債獲得的租賃資產爲$0.1 和 $20.1,分別爲。
以下表格總結了截至2024年9月30日不可取消的經營租賃和融資租賃的未來最低租賃付款。
金融事件
2024$0.9 $6.2 
20253.0 23.5 
20262.7 18.1 
20272.6 13.2 
20282.4 11.1 
此後 (1)
10.3 30.8 
未來最低租賃付款總額$21.9 $102.9 
減:現值折扣(5.4)(20.8)
租賃負債$16.5 $82.1 
_______________
(1) 截至2024年9月30日,2028年後不可撤銷經營租賃的未來最低租賃付款涉及 四十二 租賃設施。
20

目錄
查特工業公司及其子公司
未經審計的簡要合併基本報表附註 – 2024年9月30日
(金額和股份以百萬計,除每股金額外) – 續





出租人會計
我們租賃由Chart製造的設備作爲銷售型和經營租賃。截至2024年9月30日和2023年12月31日,我們在銷售型租賃中的開空淨投資爲$28.2 和 $21.4,幷包含在我們簡明合併資產負債表中的其他流動資產中。我們的開多淨投資在銷售型租賃中的金額爲$80.6 和 $62.1 截至2024年9月30日和2023年12月31日,分別包含在我們簡明合併資產負債表中的其他資產中。
Chart提供的經營租賃可能包括提前終止期權。 在租賃結束時,承租人通常可以選擇延長租約、以固定價格購買相關設備或將其歸還給Chart。 租賃協議明確規定適用的歸還控制項和不合規的補救措施,以確保租賃設備在歸還時處於良好的操作狀態。
下表表示銷售類型和經營租賃的銷售情況:
截至9月30日的三個月截至9月30日的九個月
2024202320242023
銷售型租賃$11.5 $6.0 $36.9 $25.2 
經營租賃1.7 1.9 4.8 4.2 
租賃總銷售額$13.2 $7.9 $41.7 $29.4 
下表代表截至2024年9月30日的銷售類型租賃的計劃付款:
2024$6.9 
202528.6 
202626.5 
202720.3 
202817.3 
之後56.0 
總計155.6 
減:未賺取的收入46.8 
總計$108.8 
下表代表租賃給他人的設備成本:
2024年9月30日2023年12月31日
租賃給他人的設備,成本$4.7 $20.6 
減:累計折舊1.3 4.4 
租賃給他人的設備,淨值$3.4 $16.2 

21

目錄
查特工業公司及其子公司
未經審計的簡要合併基本報表附註 – 2024年9月30日
(金額和股份以百萬計,除每股金額外) – 續





注意 7 — 商譽和無形資產
商譽
下面表格顯示了按部門劃分的商譽變化:
冷凍罐解決方案熱傳遞系統特種產品維修、服務與租賃合併
截至2023年12月31日的餘額$219.3 $480.4 $567.9 $1,639.2 $2,906.8 
購買會計調整 (1)
2.6 1.3 10.9 27.8 42.6 
外幣轉換調整和其他0.7 (0.5)0.6 37.5 38.3 
截至2024年9月30日的餘額$222.6 $481.2 $579.4 $1,704.5 $2,987.7 
截至2023年12月31日的累計商譽減值損失
$23.5 $49.3 $35.8 $20.4 $129.0 
截至2024年9月30日的累計商譽減值損失
$23.5 $49.3 $35.8 $20.4 $129.0 
_______________
(1)與霍登收購相關的購買會計調整是在2024年第一季度記錄的。見 第13條,「業務合併」以獲取更多信息。
無形資產
下表顯示了有限壽命無形資產和無限壽命無形資產(不包括商譽)的總賬面金額和累計攤銷。 (1):
 2024年9月30日2023年12月31日
 預計使用壽命總計
賬面
金額
累計
攤銷
總計
賬面
金額
累計
攤銷
有限壽命無形資產:
客戶關係
418
$1,847.6 $(267.1)$1,836.4 $(185.2)
科技
518
493.2 (104.6)496.7 (78.8)
專利、積壓和其他
210
140.3 (69.6)138.6 (35.6)
商標和商號
523
3.3 (1.9)3.3 (1.9)
土地使用權5010.3 (2.1)10.2 (1.9)
總有限使用壽命無形資產2,494.7 (445.3)2,485.2 (303.4)
無期限無形資產:
商標和商號 (2)
611.0 — 610.1 — 
總無形資產$3,105.7 $(445.3)$3,095.3 $(303.4)
_______________
(1)金額包括外幣轉換的影響。完全攤銷或減值的金額將被註銷。
(2)累計無限期無形資產減值損失爲 $16.0 在2024年9月30日和2023年12月31日均爲。
無形資產的攤銷費用爲$48.4 和 $49.0 截止2024年9月30日和2023年9月30日的三個月內,金額爲$143.9 和 $115.0 截至2024年和2023年9月30日的九個月。
22

目錄
查特工業公司及其子公司
未經審計的簡要合併基本報表附註 – 2024年9月30日
(金額和股份以百萬計,除每股金額外) – 續





注意 8 — 投資
權益法投資
下表展示了權益法投資的活動情況:
權益法投資
截至2023年12月31日的餘額$109.9 
對於未合併子公司的權益損失(2.4)
從權益法投資中收到的紅利(1.6)
外幣轉換調整和其他(2.0)
截至2024年9月30日的餘額$103.9 
股票證券投資
下表展示了對股票證券投資的活動:
對股票證券的投資,
一級
對股票證券的投資,
二級
對股票證券的投資,所有板塊 (1)
投資總額
截至2023年12月31日的餘額$4.8 $6.1 $80.3 $91.2 
新投資  13.1 13.1 
(減少) 投資於股權證券的公允價值增加(1.8)0.9 11.7 10.8 
外幣轉換調整和其他  1.1 1.1 
截至2024年9月30日的餘額$3.0 $7.0 $106.2 $116.2 
_______________
(1)由沒有可 readily 確定的公允價值的股票證券投資組成。這些投資按照成本減去減值(如有),加上或減去來自同一發行人相同或相似投資的有序交易的可觀察價格變動的變化進行計量。
23

目錄
查特工業公司及其子公司
未經審計的簡要合併基本報表附註 – 2024年9月30日
(金額和股份以百萬計,除每股金額外) – 續





共同投資協議
在2021年9月7日(「交割日」),我們與專注於基礎設施的股權投資公司I Squared Capital(「ISQ」)簽署了共同投資協議(「共同投資協議」),根據該協議,Chart和ISQ已同意以下內容:
在以下情況下,ISQ有權但無義務要求Chart購買作爲ISQ上述投資的一部分所獲得的氫科技與能源公司(「HTEC」)的所有(且不低於全部)普通股(「看跌選擇權」):
i.截止日期的第三週年紀念日,
ii.圖表日期發生控制權變更(受某些例外情況限制)
iii.在從交割日到交割日後第三週年期間,Chart向其股東(包括現金或其他分紅派息,或通過分拆交易)分配的日期,超過$900.0,
iv.我們的槓桿比率超過某些閾值的日期(如果有的話)
v.與Chart相關的破產事件(包括某些與破產相關的行爲)的日期(如有)。
如果ISQ行使其看跌期權,我們將向ISQ支付現金,用於交換ISQ持有的HTEC普通股,以便ISQ實現更高的收益率,即(i)內部收益率爲 10(ii) ISQ投資資本的倍數爲 1.65x.
相反,在交割日期後的第三個週年紀念日之後的任何時候,我們都有權從ISQ購買多達 20% 的HTEC普通股,這是ISQ投資的一部分。作爲獲得普通股的交換,我們將支付ISQ下述更高的金額(i)內部收益率爲 12.5% 以及(ii)ISQ所投資資本的倍數 1.65x.
此外,我們將擁有(i)優先購買權:如果ISQ希望將其HTEC普通股轉讓給任何第三方,在通知後,我們將有權優先出價,前提是我們可以選擇以現金獨家購買所提供的權益;以及(ii)優先拒絕權:如果ISQ希望根據與任何第三方的最終協議出售其HTEC普通股,我們將擁有優先拒絕權,但前提是Chart在我們行使該優先拒絕權時向ISQ支付的購買對價必須等於 102%該第三方同意支付的購買對價。
共同投資協議將在HTEC首次公開發行普通股完成時自動終止。
我們在HTEC的股權法投資爲$77.1 和 $82.3 截至2024年9月30日和2023年12月31日,分別爲。
看跌和看漲期權的會計處理
我們以公允價值記錄看跌和看漲期權(統稱「期權」),並在每個報告期內將公允價值的任何變動記錄到收益中。 在結算日或2024年9月30日和2023年12月31日,期權的公允價值並不重要。
Hy24(前稱Fivet氫基金和清潔H2基礎設施基金)
在2021年4月5日,我們被接納爲Hy24(“氫基金)。Hy24是一個由阿爾迪安(一家歐洲投資公司)和Fivet氫氣公司(專注於清潔氫氣投資的投資管理公司)共同成立的合資企業。迄今爲止的投資包括位於瑞典的一座結合了綠色氫氣的綠色鋼鐵製造廠、在歐洲生產的上游e-甲醇和可持續航空燃料,以及在歐洲的綠色氫氣生產項目(電解法)。我們迄今爲止的總投資爲歐元 14.2 百萬(相當於$15.9),這使我們的未融資承諾爲歐元 35.8 百萬(相當於$40.1).
24

目錄
查特工業公司及其子公司
未經審計的簡要合併基本報表附註 – 2024年9月30日
(金額和股份以百萬計,除每股金額外) – 續





註釋 9 — 債務和信貸安排
未償借款概述
下表列出了我們借款的元件:
 九月三十日
2024
12月31日
2023
高級擔保和高級無擔保債券:
本金金額,高級擔保債券到期於2030年$1,460.0 $1,460.0 
本金金額,高級無擔保債券到期於2031年510.0 510.0 
未攤銷折扣(24.4)(26.9)
未攤銷的債務發行成本(29.8)(32.9)
高級擔保和高級無擔保債券,扣除未攤銷的折扣和債務發行成本1,915.8 1,910.2 
高級擔保循環信用設施和定期貸款:
到期於2030年3月的定期貸款1,631.0 1,631.0 
到期於 2029年4月
142.3 102.8 
未攤銷折扣(32.5)(35.8)
未攤銷的債務發行成本(33.4)(32.5)
高級擔保循環信用設施和定期貸款,減去未攤銷折扣和債務發行成本1,707.4 1,665.5 
到期於2024年11月的可轉換債券:
本金金額 258.7 258.7 
未攤銷的債務發行成本(0.2)(0.9)
到期於2024年11月的可轉債,扣除未攤銷的債務發行成本258.5 257.8 
其他債務設施
2.9 1.4 
總債務,扣除未攤銷的債務發行成本3,884.6 3,834.9 
減:流動到期 (1)
260.7 258.5 
長期債務$3,623.9 $3,576.4 
_______________
(1)截至2023年10月,我們到期於2024年11月的可轉換債券(扣除未攤銷的債務發行成本)被包含在所呈現的兩個期間的流動到期中。同時,在當前期間的流動到期中還包括$2.2 其他債務融資的。
高級擔保和無擔保票據
2022年12月22日,我們完成了發行和銷售(i) $1,460.0 的總本金金額爲 7.500% 擔保票據,發行價格爲 98.661% 和(ii) $510.0 的總本金金額爲 9.500% 不擔保票據(與擔保票據一起稱爲「票據」),發行價格爲 97.949%。擔保票據於2030年1月1日到期,不擔保票據於2031年1月1日到期。擔保票據和不擔保票據的有效利率爲 7.8% 9.9%,分別考慮到原始發行折扣和債務發行成本。債券是爲了融資Howden收購而發行的。每系列債券的淨收益存入一個託管賬戶,並被分類爲限制性現金。
25

目錄
查特工業公司及其子公司
未經審計的簡要合併基本報表附註 – 2024年9月30日
(金額和股份以百萬計,除每股金額外) – 續





高級擔保循環信用設施和定期貸款
高級擔保循環信貸融資
我們於2024年4月8日簽署的第五次修訂及重述的信貸協議(「信貸協議」)提供了一項高級擔保循環信貸額度(「SSRCF」)。SSRCF的借款能力爲$1,250.0 幷包括信用證和擔保貸款的子限額。截至2024年9月30日, $142.3 在SSRCF下未償還的借款爲 6.4% (6.2% 截至 2023年12月31日) 和 $275.1 在SSRCF支持下的信用證和銀行擔保的總額爲。截止至 2024年9月30日, 我們還剩下未使用的借款能力爲 $832.6.
根據SSRCF的部分未償還借款以歐元(「EUR循環借款」)計價。未償還的EUR循環借款爲歐元 78.0 百萬 (相當於 $87.32024年9月30日 和歐元 88.5 百萬 (相當於 $97.82023年12月31日.
SSRCF的重大財務約定包括財務維持約定,(i) 要求Chart及其子公司合併淨負債與合併EBITDA的比例低於最高淨槓桿比率水平,(ii) 要求Chart及其子公司合併EBITDA與合併現金利息支出的比例高於最低利息覆蓋比率水平。SSRCF還包括許多其他常見的財務約定。截止到2024年9月30日,我們已遵守所有約定。
定期貸款
在2023年10月2日,Chart將我們的定期貸款剩餘的本金總額及應計利息進行再融資,以交換到期於2030年3月的定期貸款,總本金金額爲$1,781.0 該貸款將於2030年3月18日到期。2023年12月4日,我們自願預付了部分於2030年到期的定期貸款,金額爲$150.0,這實際上預付了貸款期間所有等額的季度分期付款,截至2024年9月30日,總本金金額爲$1,631.0 在2030年3月18日到期。2024年7月2日,我們與我們的信貸協議簽訂了第7次修訂,其中包括降低適用於2030年到期定期貸款的利率差額 75 個點子,從 2.25% 到 1.50%的基準利率貸款,以及從 3.25% 到 2.50%,在擔保隔夜融資利率(「SOFR」)貸款的情況下,取消了 0.10% SOFR信用利差調整,關於定期貸款。截止至2024年9月30日,2030年3月到期的定期貸款利率爲 7.8% (8.7%截至2023年12月31日)。2030年3月到期的定期貸款的有效利率爲 9.1%,已經考慮了原始發行折扣和債務發行成本。
到期於2030年3月的定期貸款的重大財務契約和傳統違約事件與SSRCF中的幾乎相同。
2024 可轉換債券
在2017年11月6日,我們發行了 1.00% 可轉換高級次級票據,到期日爲2024年11月(「2024年票據」),總本金金額爲$258.8,根據該日期所簽署的約定(「約定」)及2020年12月31日的第一補充約定。2024年票據的年利率爲 1.00 %,每年於5月15日和11月15日支付,首次支付爲2018年5月15日,除非提前轉換或回購,該票據將於2024年11月15日到期。2024年票據的實際利率爲 1.4 %,計算時考慮了債務發行成本。
2024年債券的初始轉換率爲每$1,000本金金額17.0285股普通股(根據契約規定可進行調整),這相當於約$的初始轉換價格。58.725 每股的轉換溢價約爲 35%43.50 2017年10月31日我們普通股的收盤價爲$每股。爲了計算每股收益,如果我們普通股的平均市場價格在報告期間超過適用的轉換價格,則2024年債券下的有條件發行的股份將對我們的普通股產生稀釋效應。124.14 在期末,我們的普通股收盤價爲$58.725高於$的轉換價格,因此在2024年9月30日,轉換後的價值超過了2024年債券的本金金額$288.2 如下面所述,我們進行了可轉換債券對沖交易,這預計將在2024年債券轉換時減少對我們普通股的潛在稀釋。
截至2024年10月1日,並持續到2024年11月15日前的第二個計劃交易日結束時,持有人可以選擇轉換其2024票據。 $258.7 2024票據的面額在2024年11月到期,並已在截至2024年9月30日和2023年12月31日的簡明合併資產負債表中被分類爲流動負債。 截至本備案之日,尚無重大轉換。 我們預計將爲
26

目錄
查特工業公司及其子公司
未經審計的簡要合併基本報表附註 – 2024年9月30日
(金額和股份以百萬計,除每股金額外) – 續





利用手頭現金和可用的信用融資借款償還2024年到期的票據。我們預計將支付現金,金額最高可達到$258.7 2024年票據的總本金額,並以Chart普通股的股份結算任何超出部分的轉換價值。
與2024年票據相關的可轉換票據對沖和認股權證交易
關於2024年票據的定價,我們與某些方,包括2024年票據的初始購買方的相關公司,簽訂了私下協商的可轉換票據對沖交易(「票據對沖交易」),涉及到 4.41 我們普通股的股份,總量代表2024年票據所隱含的我們普通股的股份數量。這些票據對沖交易預計將減少未來任何2024年票據轉換時的潛在稀釋程度,前提是我們普通股的市場價格每股超過轉換價格爲$58.725 每股。
我們還與期權對手方簽訂了單獨的私下協商的Warrants交易(以下簡稱「Warrants交易」),以收購最多 4.41 股我們的普通股。Warrants交易的行權價格最初爲$71.775 每股(可能會調整),大約爲 65%,高於我們普通股在2017年10月31日的最後報售價。Warrants交易可能會對我們的股東產生稀釋效應,前提是我們普通股每股的市場價格根據Warrants交易的條款超過Warrants的適用行權價格。
票據對沖交易和權證交易有效地提高了2024年票據的轉換價格。
其他債務設施
在我們開展業務的各個市場,我們擁有當地信貸設施,以滿足當地的營運資金需求、資金信用證和銀行擔保,並支持其他短期現金需求。這些設施通常具有變動利率,並以當地貨幣計價,但在某些情況下,也可能支持多種貨幣的借款。截止到2024年9月30日,我們還有額外的能力,等值於美元的$85.2.
我們的某些其他債務融資方式允許我們申請銀行擔保和信用證。這些融資方式均不允許循環貸款。我們的信用協議之外還有信用證和銀行擔保,總計美元等值 $160.6 和 $134.3 截至2024年9月30日和2023年12月31日,分別爲。
公允價值披露
下表總結了我們活躍報價的債務工具的賬面價值和公允價值。 (1):
2024年9月30日2023年12月31日
賬面價值公允價值賬面價值公允價值
到期日爲2030年3月的定期貸款$1,565.1 $1,618.8 $1,562.7 $1,631.0 
到期日爲2030年的高級擔保債券1,424.2 1,540.5 1,420.2 1,533.0 
2023年到期的高級無擔保債券491.6 556.0 490.0 555.9 
2024年11月到期的可轉換債券258.5 541.3 257.8 605.4 
_______________
(1)上述債務工具是活躍報價的工具,因此其公允價值是使用一級輸入確定的。
我們高級擔保循環信貸設施的借款餘額的賬面價值大致等於公允價值,因爲利率是變量,反映市場利率(被歸類爲公允價值等級2)。
注意 10 — 股東權益
B系列強制可轉換優先股
在2022年12月13日,我們完成了一次優先股發行,通過此次發行,Chart發行並出售了 8.050百萬存托股份,每股代表Chart的1/20權益 6.75%B系列強制可轉換優先股,清算優先權爲$1,000.00 每股面值$0.01 每股(「強制可轉換優先股」)。發行金額包括 1.050百萬存托股份,此次發行是根據對
27

目錄
CharT 工業株式會社和子公司
未經審計的簡明合併財務報表附註——2024年9月30日
(美元和股票以百萬計,每股金額除外)— 續





承銷商購買額外的存托股份。我們從股份發行中獲得了總收益 $402.5 減去 $14.4 的股權發行成本。我們使用這些收益來資助對Howden的收購。
分紅。 強制性可轉換優先股的股息將累計支付,前提是申報的年利率爲 6.75美元清算價值的百分比1,000 每股。Chart 可以在每年的3月15日、6月15日、9月15日和12月15日從2023年3月15日開始,截至2025年12月15日(含當日)以現金或普通股的任意組合支付已申報的股息,或在某些限制的前提下,以普通股或現金和普通股的任意組合支付已申報的股息。我們申報並支付了 $6.8 截至2024年9月30日和2023年9月30日的三個月的股息,以及美元20.4 和 $20.5 分別在截至2024年9月30日和2023年9月30日的九個月中。在計算每股收益時,這些股息被視爲歸屬於普通股股東的收益的減少。
強制轉換。 除非提前轉換,否則每股強制可轉換優先股將在強制轉換日期自動轉換,預計該日期爲2025年12月15日,轉換爲不少於 7.0520 ,且不得超過 8.4620 每股強制可轉換優先股對應的普通股份額,具體取決於適用的市場價值,並須遵循某些反稀釋調整。因此,每份存托股份的轉換比率將不少於 0.3526 ,且不得超過 0.4231 每份存托股份對應的普通股份額。轉換比率將基於前20天的普通股成交量加權平均價格確定。
下表說明了強制可轉換優先股每股的轉換比例,依據普通股的適用市場價值,並根據某些反稀釋調整進行調整:
普通股的適用市場價值強制可轉換優先股的每股轉換率
大於$141.8037 (閾值增值價格)
7.0520 普通股
等於或小於$141.8037 但大於或等於$118.1754
之間 7.05208.4620 普通股的股份,通過除以$1,000 按適用的市場價值
少於$118.1754 (初始價格)
8.4620 普通股
下表說明了每個存托股份的轉換率,基於普通股的適用市場價值,並受某些反稀釋調整的影響:
普通股的適用市場價值每個存托股份的轉換率
大於$141.8037 (閾值增值價格)
0.3526 普通股
等於或小於$141.8037 但大於或等於$118.1754
之間 0.35260.4231 普通股的股份,通過將$除以50 適用的市場價值
少於$118.1754 (初始價格)
0.4231 普通股
持有者的可選轉換。 除非在根本變更轉換期間,否則在2025年12月15日之前的任何時間,強制可轉換優先股的持有者可以選擇將其所有或部分強制可轉換優先股轉換爲最低轉換比率的普通股, 7.0520 每股強制可轉換優先股轉換爲的普通股數(相當於 0.3526 每份存託證券的普通股數),需遵循某些反稀釋和其他調整條款。因爲每份存託證券代表強制可轉換優先股的一/20部分權益,存託證券的持有者只能以 20 份存託證券爲單位進行轉換。
根本變更轉換。 如果在2025年12月15日或之前發生根本變化,強制可轉換優先股的持有人有權在根本變化轉換利率下,在自該根本變化生效之日起,包括該生效日期,及在下述較早者之前,包括(a)自該生效日期起20個日歷日的日期(或在其後,如果持有人收到該根本變化的通知,則爲自該生效日期起20個日歷日的日期)及(b)2025年12月15日,期間將其全部或部分強制可轉換優先股轉換爲普通股。在該期間內轉換強制可轉換優先股的持有人還將獲得由根本變化股息補償金額組成的補償股息金額,以及在可能的情況下,累計股息金額。由於每份存托股票代表一股系列b優先股的1/20份,這意味着在根本變化發生時,存托股票的持有人僅可按多少批次轉換其存托股票, 20 存托股票。
28

目錄
查特工業公司及其子公司
未經審計的簡要合併基本報表附註 – 2024年9月30日
(金額和股份以百萬計,除每股金額外) – 續





排名。 強制可轉換優先股,在預期分紅派息和Chart清算、解散或結束Chart事務時的分配方面,排名或將排名:
相對於我們的普通股以及在強制可轉換優先股初始發行日期之後發行的任何其他類別或系列的資本股票,除非這些資本股票的條款明確規定該資本股票在強制可轉換優先股之前或與強制可轉換優先股平級。
與在初始發行日期後發行的任何類或系列資本股票相同,該資本股票的條款明示規定其將與強制可轉換優先股平等排名;
在系列A優先股之後,如果發行的話,以及任何在初始發行日期之後發行的、明確標明優於強制可轉換優先股的其他類別或系列的資本股票;
低於我們現有和未來的債務;以及
在結構上處於我們子公司的現有和未來債務以及第三方持有的子公司資本股票之下。
投票權。 強制可轉換優先股的持有者通常沒有投票權。無論是否連續的,強制可轉換優先股的股息未被聲明和支付超過六個股息期間(包括爲避免疑義,從初始發行日期開始,包括該日期,並於2023年3月15日結束,但不包括該日期的股息期間)時,強制可轉換優先股的持有者與所有其他相同等級的有投票權優先股的持有者共同投票,可能會在我們的下一次年度或特別股東大會上投票選舉兩個額外的董事會成員,受到某些限制。如果所有累積的未支付的分紅已全額支付,或者已宣佈併爲該支付準備了足夠的資金,則該權利將終止。一旦終止,選舉產生的每位優先股董事的任期將終止,董事會成員的數量將自動減少兩個,受後續未支付事件恢復該權利的影響。
嵌入式衍生品。 根據ASC 815-15,嵌入式衍生品,沒有符合分拆和單獨會計標準的重大嵌入式衍生品。
注意 11 — 衍生金融工具
衍生品與對沖
我們利用跨貨幣掉期和匯率期貨外匯保護合約(統稱「匯率期貨外匯保護合約」)作爲我們對某些國際子公司投資的部分淨投資對沖,這些子公司以歐元作爲其功能貨幣,以減少匯率變化引起的波動。由於我們收購了霍登,我們還參與了未指定爲對沖工具的外幣合約(「外幣合約」),這些合約旨在減輕與現金管理活動和以其他貨幣而非適用當地貨幣計價的客戶遠期銷售協議相關的風險,並在生產設施的貨幣與銷售貨幣不同的情況下匹配成本和預期收入。
我們的匯率期貨合同按公允價值計量,公允價值的變動記錄在其他費用淨額中。我們將與匯率期貨合同相關的現金流歸類爲我們簡明綜合現金流量表中的經營活動。我們的衍生合同是與主要金融機構簽訂的,以降低信用風險和第三方履約風險。我們認爲,考慮到對交易對手財務實力的了解,交易對手的信用風險及在交易對手未能履行合同義務時未進行對沖的外匯風險並不重大。我們的衍生合同不是交易所交易工具,其公允價值是基於合同現金流、計入時間流逝的折現率、隱含波動性、當前外匯市場數據和信用風險確定的,這些數據都是基於公共市場中可 readily 獲取的輸入,並被分類爲第2級公允價值等級測量。
29

目錄
查特工業公司及其子公司
未經審計的簡要合併基本報表附註 – 2024年9月30日
(金額和股份以百萬計,除每股金額外) – 續





下表代表我們資產和負債衍生品的公允價值:
2024年9月30日
名義
金額
公允價值
其他流動資產
公允價值
其他資產
公允價值其他
流動負債
公允價值 其他
長期負債
作爲淨投資對沖的衍生工具
匯率期貨保護契約 (1)
$323.7 $— $— $— $8.4 
不作爲對沖的衍生工具
外幣合約$540.3 $6.1 $0.3 $2.6 $0.1 
2023年12月31日
名義
金額
公允價值
其他流動資產
公允價值
其他資產
公允價值其他
流動負債
公允價值 其他
長期負債
作爲淨投資對沖的衍生工具
匯率期貨保護合約 (1)
$320.8 $— $— $— $6.0 
未指定爲對沖的衍生工具
外幣合約$393.5 $1.8 $0.1 $2.7 $ 
_________
(1)代表匯率期貨掉期和匯率期權。
下表表示指定爲對沖關係的衍生金融工具對 累計其他綜合(損失)收入的影響 在縮減合併的收益和綜合收入(損失)報表中:
截至9月30日的三個月截至9月30日的九個月
被指定爲淨投資對沖的衍生品2024202320242023
匯率期貨上限合同 (1) (2)
$(1.8)$(0.4)$(1.8)$1.1 
_______________
(1)我們指定的衍生工具非常有效。因此,在截至2024年和2023年9月30日的九個月期間,沒有因對沖無效而立即在收入中確認的收益或損失。
(2)代表匯率期貨掉期和匯率期權。
以下表格展示了未被指定爲對沖的衍生工具對凈利潤的影響:
截至9月30日的三個月截至9月30日的九個月
未指定爲對沖的衍生品收入中確認的收益的位置2024202320242023
外幣合約其他費用,淨額$(7.0)$(1.8)$(3.2)$(1.3)
30

Table of Contents
CHART INDUSTRIES, INC. AND SUBSIDIARIES
Notes to the Unaudited Condensed Consolidated Financial Statements – September 30, 2024
(Dollars and shares in millions, except per share amounts) – Continued





The following table represents interest income, included within interest expense, net on the condensed consolidated statements of operations and comprehensive income (loss) related to amounts excluded from the assessment of hedge effectiveness for derivative instruments designated as net investment hedges:
Three Months Ended September 30,Nine Months Ended September 30,
Derivatives designated as net investment hedge2024202320242023
Foreign Exchange Collar Contracts (1) (2)
$(2.0)$0.4 $(1.2)$1.2 
_______________
(1)Represents amount excluded from effectiveness testing. Our Foreign Exchange Collar Contracts are designated with terms based on the spot rate of the euro. Future changes in the components related to the spot change on the notional will be recorded in other comprehensive income and remain there until the hedged subsidiaries are substantially liquidated. All coupon payments are classified in interest expense, net in the condensed consolidated statements of operations and comprehensive income (loss), and the initial value of excluded components currently recorded in accumulated other comprehensive loss as a foreign currency translation adjustment are amortized to interest expense, net over the remaining term of the Foreign Exchange Contract.
(2)Represents foreign exchange swaps and foreign exchange options.
NOTE 12 — Product Warranties
We provide product warranties with varying terms and durations for the majority of our products. We estimate our warranty reserve by considering historical and projected warranty claims, historical and projected cost-per-claim, and knowledge of specific product issues that are outside our typical experience. Total warranty reserve at September 30, 2024 and December 31, 2023, was $18.3 and $31.8, respectively. Product warranty usage, expense and changes in estimates, was 13.5 for the nine months ended September 30, 2024. Product warranty claims not expected to occur within one year are included as part of other long-term liabilities in the unaudited condensed consolidated balance sheets.
NOTE 13 — 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, Amendment No. 3 Term Loan, common and preferred stock issuance and a private offering of Secured Notes and Unsecured Notes. See Note 9, “Debt and Credit Arrangements,” for more information.
The following table shows the purchase price in accordance with ASC 805:
Description
Cash consideration to seller$2,788.3 
Howden's debt settled at close1,529.0 
Settlement of seller transaction costs67.2 
Funds held in escrow20.4 
Working capital adjustment(17.5)
Total ASC 805 purchase price$4,387.4 
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
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Notes to the Unaudited Condensed Consolidated Financial Statements – September 30, 2024
(Dollars and shares in millions, except per share amounts) – Continued





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 2, “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.
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Notes to the Unaudited Condensed Consolidated Financial Statements – September 30, 2024
(Dollars and shares in millions, except per share amounts) – Continued





The following table summarizes the fair values of the assets acquired and liabilities assumed in the Howden Acquisition as of the acquisition date:
Fair Value
Net assets acquired:
Cash and cash equivalents$62.5 
Restricted cash2.6 
Accounts receivable422.7 
Inventories256.8 
Unbilled contract revenue167.8 
Prepaid expenses51.9 
Other current assets101.4 
Assets held for sale225.7 
Property, plant and equipment325.1 
Identifiable intangible assets2,434.5 
Equity method investments12.0 
Other assets117.3 
Accounts payable(385.7)
Customer advances and billings in excess of contract revenue(233.2)
Accrued salaries, wages and benefits(103.3)
Accrued income taxes(34.0)
Current portion of warranty reserve(38.5)
Current portion of long-term debt(1.4)
Other current liabilities(158.8)
Liabilities held for sale(43.9)
Long-term deferred tax liabilities(663.6)
Operating lease liabilities(52.3)
Finance lease liabilities(8.1)
Accrued pension liabilities(6.0)
Other long-term liabilities(45.7)
Total identifiable net assets assumed2,405.8 
Noncontrolling interest (1)
(146.3)
Goodwill (2)
2,127.9 
Net assets acquired$4,387.4 
Assets acquired net of cash, cash equivalents and restricted cash$4,322.3 
_______________
(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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Notes to the Unaudited Condensed Consolidated Financial Statements – September 30, 2024
(Dollars and shares in millions, except per share amounts) – Continued





The following table summarizes information regarding identifiable intangible assets acquired in the Howden Acquisition:
Estimated Useful LivesFair Value
Finite-lived intangible assets acquired:
Customer relationships18 years$1,533.0 
Backlog3 years135.0 
Technology
5 to 14 years
296.0 
Total finite-lived intangible assets acquired1,964.0 
Indefinite-lived intangible assets acquired:
Trade names470.5 
Total intangible assets acquired$2,434.5 
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.
根據我們的2023年12月31日結束的10-K年度報告中的第2條說明,「重要會計政策」,我們根據收購日期的公允價值將收購對價分配到所獲得的有形和可識別的無形資產及承擔的負債。所獲得的有形和可識別的無形資產的公允價值是基於那些對於整體公允價值測量不可觀察且重要的輸入確定的。公允價值是基於管理層在收購時所做的估計和假設。因此,這些收購被歸類爲第3級公允價值層級測量和披露。
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目錄
查特工業公司及其子公司
未經審計的簡要合併基本報表附註 – 2024年9月30日
(金額和股份以百萬計,除每股金額外) – 續





註釋 14 — 累計其他綜合收益
累計其他綜合收益的元件 如下所示:
 
Foreign currency translation adjustments (1)
Pension liability adjustments, net of taxes Accumulated other comprehensive (loss) income
Balance at June 30, 2024$(87.5)$(2.5)$(90.0)
Other comprehensive income before reclassifications, net of taxes155.8  155.8 
Amounts reclassified from accumulated other comprehensive loss, net of income taxes 0.1 0.1 
Net current-period other comprehensive income, net of taxes155.8 0.1 155.9 
Balance at September 30, 2024$68.3 $(2.4)$65.9 
Foreign currency translation adjustments (1)
Pension liability adjustments, net of taxesAccumulated other comprehensive loss
Balance at June 30, 2023$(48.2)$(7.2)$(55.4)
Other comprehensive loss before reclassifications, net of taxes(48.1) (48.1)
Amounts reclassified from accumulated other comprehensive loss, net of taxes 0.2 0.2 
Net current-period other comprehensive (loss) income, net of taxes(48.1)0.2 (47.9)
Balance at September 30, 2023$(96.3)$(7.0)$(103.3)
Foreign currency translation adjustments (1)
Pension liability adjustments, net of taxesAccumulated other comprehensive income
Balance at December 31, 2023$13.2 $(2.4)$10.8 
Other comprehensive income before reclassifications, net of taxes55.1  55.1 
Amounts reclassified from accumulated other comprehensive income, net of taxes   
Net current-period other comprehensive income, net of taxes55.1  55.1 
Balance at September 30, 2024$68.3 $(2.4)$65.9 
Foreign currency translation adjustments (1)
Pension liability adjustments, net of taxesAccumulated other comprehensive loss
Balance at December 31, 2022$(50.5)$(7.5)$(58.0)
Other comprehensive loss before reclassifications, net of taxes(45.8) (45.8)
Amounts reclassified from accumulated other comprehensive loss, net of taxes 0.5 0.5 
Net current-period other comprehensive (loss) income, net of taxes(45.8)0.5 (45.3)
Balance at September 30, 2023$(96.3)$(7.0)$(103.3)
_______________
(1)Foreign currency translation adjustments includes translation adjustments and net investment hedge, net of taxes. See Note 11, “Derivative Financial Instruments,” for further information related to the net investment hedge.
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Notes to the Unaudited Condensed Consolidated Financial Statements – September 30, 2024
(Dollars and shares in millions, except per share amounts) – Continued





NOTE 15 — Earnings Per Share
The following table represents calculations of net earnings per share of common stock:
Three Months Ended September 30,Nine Months Ended September 30,
 2024202320242023
Amounts attributable to Chart common shareholders
Income from continuing operations$69.4 $9.4 $141.7 $0.1 
Less: Mandatory convertible preferred stock dividend requirement6.8 6.8 20.4 20.5 
Income (loss) from continuing operations attributable to Chart62.6 2.6 121.3 (20.4)
Loss from discontinued operations, net of tax(0.4)(6.0)(2.8)(2.6)
Net income (loss) attributable to Chart common shareholders62.2 (3.4)118.5 (23.0)
Earnings per common share – basic:
Income (loss) from continuing operations$1.49 $0.06 $2.89 $(0.49)
Loss from discontinued operations(0.01)(0.14)(0.07)(0.06)
Net income (loss) attributable to Chart Industries, Inc.$1.48 $(0.08)$2.82 $(0.55)
Earnings per common share – diluted:
Income (loss) from continuing operations$1.34 $0.05 $2.59 $(0.49)
Loss from discontinued operations(0.01)(0.12)(0.06)(0.06)
Net income (loss) attributable to Chart Industries, Inc.$1.33 $(0.07)$2.53 $(0.55)
Weighted average number of common shares outstanding – basic42.05 41.98 42.04 41.96 
Incremental shares issuable upon assumed conversion and exercise of share-based awards (1)
0.19 0.24 0.19  
Incremental shares issuable due to dilutive effect of convertible notes (1) (2)
2.43 2.86 2.54  
Incremental shares issuable due to dilutive effect of the warrants (1)
2.00 2.53 2.12  
Weighted average number of common shares outstanding – diluted46.67 47.61 46.89 41.96 
_______________
(1)Zero incremental shares from share-based awards, convertible notes or the warrants are included in the computation of diluted net loss per share for periods in which a net loss from continuing operations attributable to Chart because to do so would be anti-dilutive. This is applicable for the nine months ended September 30, 2023.
(2)The convertible note hedge offsets any dilution upon actual conversion of the 2024 Notes up to a common stock price of $71.775 per share. The hedge cannot be taken into account under U.S. GAAP because it is anti-dilutive. If the hedge could have been considered, it would have reduced the diluted shares by 2.43 and 2.86 for the three months ended September 30, 2024 and 2023, respectively, and by 2.54 for the nine months ended September 30, 2024. For further information, refer to Note 9, “Debt and Credit Arrangements.”
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CHART INDUSTRIES, INC. AND SUBSIDIARIES
Notes to the Unaudited Condensed Consolidated Financial Statements – September 30, 2024
(Dollars and shares in millions, except per share amounts) – Continued





Diluted earnings per share does not reflect the following cumulative preferred stock dividends and potential common shares as the effect would be anti-dilutive:
 Three Months Ended September 30,Nine Months Ended September 30,
 2024202320242023
Numerator
Mandatory convertible preferred stock dividend requirement (1)
$6.8 $6.8 $20.4 $20.5 
Denominator
Anti-dilutive shares, Share-based awards0.14 0.03 0.14 0.48 
Anti-dilutive shares, Convertible notes   4.41 
Anti-dilutive shares, Warrants   4.41 
Anti-dilutive shares, Mandatory convertible preferred stock (1)
3.07 2.84 2.97 3.41 
Total anti-dilutive securities3.21 2.87 3.11 12.71 
 _______________
(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.
NOTE 16 — Income Taxes
Income tax expense relating to continuing operations of $26.6 and $0.1 for the three months ended September 30, 2024 and 2023, respectively, represents taxes on both U.S. and foreign earnings at a combined effective income tax rate of 26.5% and 1.0%, respectively. Income tax expense (benefit) relating to continuing operations of $50.9 and $(4.2) for the nine months ended September 30, 2024 and 2023, respectively, represents taxes on both U.S. and foreign earnings at a combined effective income tax rate of 24.7% and 840.0%, respectively.
The effective income tax rates of 26.5% and 24.7% for the three and nine months ended September 30, 2024, respectively, differed from the U.S. federal statutory rate of 21% primarily due to income earned by certain of our foreign entities being taxed at higher rates than the U.S. federal statutory rate and withholding taxes on foreign earnings not permanently reinvested offset by the U.S. impact of foreign operations and research and development credits.
The effective income tax rates of 1.0% and 840.0% for the three and nine months ended September 30, 2023, respectively, differed from the U.S. federal statutory rate of 21% primarily due to income earned by our certain foreign entities being taxed at higher rates than the U.S. federal statutory rate, the U.S. taxation of international operations with the expanded global footprint and transaction costs from the Howden Acquisition offset by research and development credits and excess tax benefits associated with share-based compensation.
NOTE 17 — Share-based Compensation
During the nine months ended September 30, 2024, we granted 0.07 stock options, 0.09 restricted stock units and 0.04 performance units. The total fair value of awards granted to employees during the nine months ended September 30, 2024 was $20.8. In addition, our non-employee directors received stock awards with a total fair value of $1.1.
Stock options generally have a four-year graded vesting period. Restricted stock and restricted stock units generally vest ratably over a three-year period. Performance units generally vest at the end of a three-year performance period based on the
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Notes to the Unaudited Condensed Consolidated Financial Statements – September 30, 2024
(Dollars and shares in millions, except per share amounts) – Continued





attainment of certain pre-determined performance condition targets. During the nine months ended September 30, 2024, 0.06 restricted stock and restricted stock units vested, and 0.02 performance units vested.
Share-based compensation expense was $4.2 and $2.6 for the three months ended September 30, 2024 and 2023, respectively, and $14.3 and $9.2 for the nine months ended September 30, 2024 and 2023, respectively. Share-based compensation expense is included in selling, general and administrative expenses in the unaudited condensed consolidated statements of operations and comprehensive income (loss). As of September 30, 2024, total share-based compensation of $22.0 is expected to be recognized over the weighted-average period of approximately 2.0 years.
NOTE 18 — 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 at one owned facility that is leased to a third party, and, except for these continuing remediation efforts, believe we are currently in substantial compliance with all known environmental regulations. Undiscounted accrued environmental reserves at both September 30, 2024 and December 31, 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, except that our results of operations for any particular reporting period may be adversely affected by any potential or actual loss that is accrued in such period. Future developments may, however, result in resolution of these legal claims in a way that could have a material adverse effect.
NOTE 19 — Restructuring Activities
Restructuring costs of $1.7 and $11.1 for the three and nine months ended September 30, 2024, respectively, were primarily related to cost reduction actions relative to Howden integration. Restructuring costs of $4.2 and $11.2 for the three and nine months ended September 30, 2023, respectively, were also primarily related to cost reduction actions relative to Howden integration.
We closely monitor our end markets and order rates and continue to take appropriate and timely actions as necessary.
The following table summarizes severance and other restructuring costs, which includes employee-related costs, facility rent and exit costs, relocation, recruiting, travel and other:
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Severance and other restructuring:
Cost of sales$ $0.2 $0.7 $0.2 
Selling, general and administrative expenses1.7 4.0 10.4 11.0 
Total severance and other restructuring costs$1.7 $4.2 $11.1 $11.2 
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CHART INDUSTRIES, INC. AND SUBSIDIARIES
Notes to the Unaudited Condensed Consolidated Financial Statements – September 30, 2024
(Dollars and shares in millions, except per share amounts) – Continued





The following table summarizes restructuring costs by reportable segment:
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Cryo Tank Solutions$0.3 $0.1 $1.4 $1.2 
Heat Transfer Systems0.2 0.5 1.1 0.7 
Specialty Products0.3 0.4 2.8 0.9 
Repair, Service & Leasing0.7 0.9 4.9 2.4 
Corporate0.2 2.3 0.9 6.0 
Total restructuring costs$1.7 $4.2 $11.1 $11.2 
The following tables summarize our restructuring activities:
Balance at June 30, 2024$5.2 
Restructuring charges1.7 
Cash payments and other(4.0)
Balance at September 30, 2024$2.9 
Balance at June 30, 2023$3.8 
Restructuring charges4.2 
Cash payments and other(5.6)
Balance at September 30, 2023$2.4 
Balance at December 31, 2023$1.9 
Restructuring charges11.1 
Cash payments and other(10.1)
Balance at September 30, 2024$2.9 
Balance at December 31, 2022$0.2 
Restructuring charges11.2 
Cash payments and other(9.0)
Balance at September 30, 2023$2.4 
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Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations
The following discussion of our results of operations and financial condition should be read in conjunction with our condensed consolidated financial statements and related notes appearing elsewhere in this Quarterly Report on Form 10-Q. This discussion contains forward-looking statements. Actual results may differ materially from those discussed below. See “Forward-Looking Statements” at the end of this discussion and Item 1A. “Risk Factors” for a discussion of the uncertainties, risks and assumptions associated with this discussion.
Overview
We are an independent 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. Our 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 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 carbon capture among other applications. We are committed to excellence in environmental, social and corporate governance (ESG) issues both for our company as well as our customers. With 64 global manufacturing locations and over 50 service centers from the United States to Asia, Australia, India, Europe and South America, we maintain accountability and transparency to our team members, suppliers, customers and communities.
On March 17, 2023, we completed the acquisition of Howden (the “Howden Acquisition”), a leading global provider of mission critical air and gas handling products and services, from affiliates of KPS Capital Partners, LP. Results from continuing operations include results of Howden from the date of acquisition and exclude Roots™ (“Roots”) business financial results for our entire ownership period of March 17, 2023 through the divestiture date, August 18, 2023. The financial information presented and discussion of results that follows is presented on a continuing operations basis unless stated otherwise.
Macroeconomic Impacts
Geopolitical instability continues to create uncertainty in the global economy, including the current conflict between Russia and Ukraine and the related sanctions imposed by countries against Russia, along with the heightened tensions between the United States and China. Moreover, unrest in the Middle East may impact our business and operations and has strained global supply chains, especially those dependent on Red Sea shipping routes. Additionally, geopolitical uncertainty regarding energy policies may affect the timing of certain projects. We are unable to predict the impact these actions will have on the global economy or on our business, financial condition and results of operations. These events did not have a material adverse effect on our reported results for the third quarter of 2024. We continue to actively monitor the impact of these macroeconomic developments on our results of operations for the remainder of 2024 and beyond.
Environmental, Social, Governance
Chart is proud to be at the forefront of the clean energy transition as a leading provider of technology, equipment and services related to liquefied natural gas (LNG), hydrogen, biogas, carbon capture and water treatment, among other applications. We also have a unique offering for the Nexus of Clean™ – clean power, clean water, clean food and clean industrials. This leadership position is possible not only because we have the broadest offering of clean innovative solutions for the various end markets we serve, but also because we are committed to global responsibility. Reporting our ESG performance is one of the ways we demonstrate accountability and transparency to our team members, suppliers, customers, shareholders and communities. Below are some highlights of our ESG efforts, and further information can be found in our fifth Annual Sustainability report with scorecard which was released in April 2024.
We measure our ESG and sustainability targets and progress against them.
We measure progress through the Sustainability Accounting Standards Board (SASB) and Task Force on Climate Related Financial Disclosures (TCFD) indices, as well as contributing to the Global Reporting Initiative (GRI) and United Nations Sustainable Development Goals (SDGs). We contribute to 11 of the 17 United Nations Sustainable Development Goals (SDGs). Chart also looks to align with the Organization for Economic Co-Operations and Development (OECD) and has joined the UN Global Compact in 2024.
Safety: Total Recordable Incident Rate (TRIR) of 0.43 as of September 30, 2024, which has improved from 0.52 as of January 31, 2024.
Many of our safety programs and practices reflect requirements of the ISO 45001 Occupational Health and Safety standard for management systems. Chart has voluntarily certified all major manufacturing and fabrication facilities to this internationally recognized standard to increase safety and reduce workplace risks.
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We utilize iPoint analytics software which collects and manages conflict mineral declarations from our suppliers, allowing us to meet our obligations for conflict mineral compliance and reporting and supports our due diligence and risk management process.
We utilize Sphera’s cloud-based AI platform which combines different data sources, including ESG matters such as labor, health & safety, environmental and regulatory issues to provide early risk detection and real time monitoring of supply chain risks.
Chart reduced its greenhouse gas (GHG) emissions intensity in 2023 by 27% relative to 2022, achieving its goal of reducing GHG emissions intensity 50% by 2030 (relative to a 2020 baseline) seven years ahead of target. Chart remains committed to achieving net-zero emissions by 2050 and also commits to rebaselining and conducting a double materiality assessment in 2024, at which point we plan to set updated targets. We made plant improvements including energy efficient upgrades for various equipment – including replacement of diesel powered equipment with electric and installation of LED lighting in office spaces. In addition, we plan to achieve our targets by switching energy from fossil fuel based to carbon free supply and installing on-site renewables where applicable, as well as continuing to participate in ongoing energy audits. At a local site level, we also continue to find ways to reduce both waste-to-landfill as well as mains water usage.
For the second year in a row, we continue to track and report our global water consumption and waste recycled, an effort that speaks to our commitment to ESG transparency.
In 2023, our executive leadership team was made up of 38% women, with a target for 40% of our leadership team to be women by 2030.
We actively participate in local communities through donations and volunteering, working with charitable organizations including Cancer Research, local hospitals, food banks, school and emergency services. 19.6% of our global team participated in Chart-related volunteering in 2023. We remain committed to our target to achieve 25% volunteer participation by 2030.
We provide our One Chart global team members with various programs and practices to support our ESG and employee-drive culture:
We have a Global Sustainability Committee, Global Safety Council, and Global Diversity & Inclusion Committee, all comprised of team member volunteers and engagement from our global locations. Each of these programs expanded in 2023.
Our Global Sustainability Committee has five sub-committees focused on energy management, zero waste, electrification, renewable energy and water management. In 2023, this committee focused on sustainable global best practice and knowledge sharing between the Chart and Howden businesses.
We have numerous employee resource groups (ERG), including:
Chart Network of Women (NOW) with a mission of empowering women both personally and professionally with local chapters globally across the United States, Europe, and Asia.
Chart Pride ERG supporting LGBTQIA+ team members.
In 2024, we launched Chart RISE for younger professionals, Chart PRIME for more seasoned professionals with the intent to provide mentoring opportunities for team members, and Chart’s Veterans ERG.
Chart’s Bright Futures community volunteering program, which is now a facet of Chart’s Giving Back Program, is focused around giving back to the younger generation, with particular focus on promoting STEM.
We have an employee relief fund for our own team members that need assistance.
We are our helping customers to achieve their own sustainability targets in a number of different ways whether that’s through reducing the amount of plastic used in packaging to lowering greenhouse gas emissions by enabling the transition towards cleaner fuels.
A single gas-gas heater is estimated to avoid 64,000 tons of CO2 emissions from flue gas. Our current gas-gas heater installed base (doubled since 2022) saves approximately 32 million tons of CO2 per year.
Our ChartWater team treats over 4.5 billion gallons of water a day in the United States and provides clean water to approximately a billion people worldwide daily.
We helped to eliminate nearly 280 million pounds of PET (plastic) used in water bottles in the United States. Our liquid nitrogen doser enables customers to produce 432,000,000 cans of water annually (instead of plastic bottles) which avoids production of 8.21 billion grams of plastic per year.
In 2023, Chart products produced about 65 million tons of LNG to replace coal fired power generation (non-U.S.).
In 2023, Chart products reduced over 800 million liters of diesel used by over-the-road trucks.
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Ventsim™ DESIGN is used by over 2,800 mines, universities, consultants, government, and research organizations in 70 countries. Ventsim™ CONTROL has been successfully installed on over 30 mine sites in 5 continents. For example, a mining customer is seeing a 56% reduction in underground ventilation electricity costs by utilizing Ventsim™ CONTROL for mine optimization.
Our governance supports our ESG focus
We have an independent Board of Directors that is comprised of ten directors (nine are independent, four are female and two are diverse) and governed with a separate independent Chair and CEO.
We regularly hold reviews on ESG and cybersecurity with our Board of Directors.
We link our executives and their direct reports short-term incentive payout (25% of the strategic and operational goals) to a metric driven, percentage-reduction ESG metric, and have done this for three years (and continue to do so in 2024).
We offer every team member worldwide one paid day off each year to volunteer in our communities. In 2021, Chart started matching employee donations up to $250 per employee per year to charitable organizations.
Third Quarter 2024 Highlights
Strong order activity contributed to ending total backlog of $4,535.3 million as of September 30, 2024 compared to $4,140.7 million as of September 30, 2023 and $4,426.0 million as of June 30, 2024. We had consolidated orders of $1,167.5 million for the three months ended September 30, 2024 compared to $1,127.3 million and $1,164.7 million for the three months ended September 30, 2023 and June 30, 2024, respectively. The increase in orders versus the three months ended September 30, 2023 was largely driven by higher orders in our Heat Transfer Systems and Repair, Service & Leasing segments, partially offset by lower orders in the Specialty Products and Cryo Tank Solutions segments.
Consolidated sales were $1,062.5 million in the three months ended September 30, 2024 compared to $897.9 million in the three months ended September 30, 2023 and $1,040.3 million in the three months ended June 30, 2024. Sequentially compared to the second quarter 2024, sales were up 2.1%, driven by higher sales in Heat Transfer Systems and Specialty Products. The increase in Heat Transfer Systems was driven by the continued progress on LNG backlog and other energy related backlog, and the increase in Specialty Products was driven by continued project execution in our hydrogen, carbon capture (“CCUS”) and water projects. Compared to the same quarter in 2023 this represents increases in all four segments. Consolidated gross profit margin for the three months ended September 30, 2024 of 34.1% increased from 30.8% for the three months ended September 30, 2023, and from 33.8% at June 30, 2024. This increase from the three months ended September 30, 2023 was primarily driven by our continued execution of commercial and cost synergies as well as improved mix of the business.
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Consolidated Results for the Three Months Ended September 30, 2024 and 2023, and June 30, 2024
The following table includes key metrics used to evaluate our business and measure our performance and represents selected financial data for our operating segments for the three months ended September 30, 2024 and 2023 and June 30, 2024 (dollars in millions).
Selected Financial Information
 Three Months EndedCurrent Quarter vs.
Prior Year Same Quarter
Current Quarter vs.
Prior Sequential Quarter
September 30, 2024September 30, 2023June 30, 2024Variance
 ($)
Variance
(%)
Variance
 ($)
Variance
(%)
Sales
Cryo Tank Solutions$162.5 $159.0 $165.5 $3.5 2.2 %$(3.0)(1.8)%
Heat Transfer Systems256.2 232.5 236.7 23.7 10.2 %19.5 8.2 %
Specialty Products283.3 240.0 277.6 43.3 18.0 %5.7 2.1 %
Repair, Service & Leasing360.5 271.3 360.5 89.2 32.9 %— — %
Intersegment eliminations— (4.9)— 4.9 (100.0)%— — %
Consolidated$1,062.5 $897.9 $1,040.3 $164.6 18.3 %$22.2 2.1 %
Gross Profit
Cryo Tank Solutions$40.7 $35.2 $33.4 $5.5 15.6 %$7.3 21.9 %
Heat Transfer Systems76.4 61.5 60.8 14.9 24.2 %15.6 25.7 %
Specialty Products74.6 62.0 80.8 12.6 20.3 %(6.2)(7.7)%
Repair, Service & Leasing170.9 117.5 176.6 53.4 45.4 %(5.7)(3.2)%
Consolidated$362.6 $276.2 $351.6 $86.4 31.3 %$11.0 3.1 %
Gross Profit Margin
Cryo Tank Solutions25.0 %22.1 %20.2 %
Heat Transfer Systems29.8 %26.5 %25.7 %
Specialty Products26.3 %25.8 %29.1 %
Repair, Service & Leasing47.4 %43.3 %49.0 %
Consolidated34.1 %30.8 %33.8 %
SG&A Expenses
Cryo Tank Solutions$15.4 $16.5 $15.5 $(1.1)(6.7)%$(0.1)(0.6)%
Heat Transfer Systems10.1 14.6 10.7 (4.5)(30.8)%(0.6)(5.6)%
Specialty Products28.3 22.8 20.7 5.5 24.1 %7.6 36.7 %
Repair, Service & Leasing31.9 36.8 42.8 (4.9)(13.3)%(10.9)(25.5)%
Corporate
50.0 32.1 46.5 17.9 55.8 %3.5 7.5 %
Consolidated$135.7 $122.8 $136.2 $12.9 10.5 %$(0.5)(0.4)%
SG&A Expenses (% of Sales)
Cryo Tank Solutions9.5 %10.4 %9.4 %
Heat Transfer Systems3.9 %6.3 %4.5 %
Specialty Products10.0 %9.5 %7.5 %
Repair, Service & Leasing8.8 %13.6 %11.9 %
Consolidated12.8 %13.7 %13.1 %
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Three Months EndedCurrent Quarter vs.
Prior Year Same Quarter
Current Quarter vs.
Prior Sequential Quarter
September 30, 2024September 30, 2023June 30, 2024Variance
 ($)
Variance
(%)
Variance
 ($)
Variance
(%)
Operating Income (Loss)
Cryo Tank Solutions$23.5 $17.1 $16.0 $6.4 37.4 %$7.5 46.9 %
Heat Transfer Systems61.3 43.4 45.1 17.9 41.2 %16.2 35.9 %
Specialty Products41.9 33.7 55.0 8.2 24.3 %(13.1)(23.8)%
Repair, Service & Leasing102.0 42.3 98.0 59.7 141.1 %4.0 4.1 %
Corporate
(50.2)(32.1)(46.3)(18.1)56.4 %(3.9)8.4 %
Consolidated$178.5 $104.4 $167.8 $74.1 71.0 %$10.7 6.4 %
Operating Margin
Cryo Tank Solutions14.5 %10.8 %9.7 %
Heat Transfer Systems23.9 %18.7 %19.1 %
Specialty Products14.8 %14.0 %19.8 %
Repair, Service & Leasing28.3 %15.6 %27.2 %
Consolidated16.8 %11.6 %16.1 %
Results of Operations for the Three Months Ended September 30, 2024 and 2023, and June 30, 2024
Sales for the third quarter of 2024 compared to the same quarter in 2023 increased by $164.6 million, from $897.9 million to $1,062.5 million, or 18.3%, and increased by $22.2 million, from $1,040.3 million to $1,062.5 million, or 2.1%, compared to the three months ended June 30, 2024. The increase compared to the same quarter in 2023 was primarily driven by an increase in all four segments with the largest increases in the Repair, Service & Leasing and Specialty Products. The increase compared to the second quarter 2024 is primarily attributed to higher sales in Heat Transfer Systems and Specialty Products as we continued to execute on our LNG, other energy related backlog and hydrogen, CCUS and water projects.
Gross profit was $362.6 million for the third quarter of 2024, an increase of $86.4 million, or 31.3%, compared to $276.2 million for the same quarter in 2023 and an increase of $11.0 million or 3.1% compared to $351.6 million for the second quarter in 2024. Gross profit margin of 34.1% for the third quarter of 2024, was an increase of 330 basis points from 30.8% in the third quarter of 2023 and a 30 basis points increase from the second quarter of 2024. The gross profit increases compared to the same quarter 2023 were seen in all four segments, and the increase in gross profit from the second quarter of 2024 was primarily driven by the Cryo Tank Solutions and Heat Transfer Systems segments and partially offset by decreases in gross profit within our Specialty Products and Repair, Service & Leasing segments. The decrease in Specialty Products was driven by specific expenses incurred at our newly opened Theodore facility related to a supplier’s machinery startup challenges and associated inefficiencies on specific space related projects. The decrease in Repair, Service & Leasing was driven by emergency field service work that did not repeat in the third quarter of 2024.
Consolidated selling, general and administrative (“SG&A”) expenses increased by $12.9 million or 10.5% during the third quarter of 2024 compared to the same quarter in 2023. This increase in costs is primarily related to integration related costs, other information technology cost timing and a contingent consideration fair value adjustment that did not repeat in the third quarter of 2024.
Amortization expense decreased by $0.6 million to $48.4 million for the third quarter of 2024, compared to $49.0 million for the same quarter of 2023.
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Interest Expense, Net
The following table presents the components of interest expense, net (dollars in millions):
Three Months Ended September 30,
20242023
Interest expense term loans due March 2030$32.7 $41.3 
Interest expense senior secured notes due 203027.4 27.3 
Interest expense senior unsecured notes due 203112.1 12.1 
Interest expense senior secured revolving credit facility due April 20297.8 9.2 
Interest expense convertible notes due November 20240.7 0.6 
Financing costs amortization4.8 4.8 
Interest income(3.0)(1.9)
Capitalized interest(2.2)(1.6)
Discontinued operations interest expense, net— (3.0)
Other0.3 1.7 
Interest expense, net$80.6 $90.5 
Interest expense, net decreased by $9.9 million for the three months ended September 30, 2024 compared to the three months ended September 30, 2023. The decrease in interest expense, net, was mainly driven by the December 4, 2023 prepayment of term loans due March 2030 in the amount of $150.0 million and associated interest rates reduction from the July 2, 2024 credit agreement amendment, which resulted in lower interest expense incurred in the current period.
Financing costs amortization was $4.8 million for both the three months ended September 30, 2024 and 2023.
Income Tax Expense
Income tax expense of $26.6 million and $0.1 million for the three months ended September 30, 2024 and 2023, respectively, represents taxes on both U.S. and foreign earnings at a combined effective income tax rate of 26.5% and 1.0%, respectively. The effective income tax rate of 26.5% for the three months ended September 30, 2024 differed from the U.S. federal statutory rate of 21% primarily due to income earned by certain of our foreign entities being taxed at higher rates than the U.S. federal statutory rate and withholding taxes on foreign earnings not permanently reinvested offset by the U.S. impact of foreign operations and research and development credits.
The effective income tax rate of 1.0% for the three months ended September 30, 2023 differed from the U.S. federal statutory rate of 21% primarily due to one-time impacts from acquisitions and income earned by our certain foreign entities being taxed at higher rates than the U.S. federal statutory rate, offset by research and development credits and excess tax benefits associated with share-based compensation.
Net Income Attributable to Chart Industries, Inc. from Continuing Operations
As a result of the foregoing, net income attributable to Chart Industries, Inc. from continuing operations for the three months ended September 30, 2024 and 2023 was $69.4 million and $9.4 million, respectively.
Discontinued Operations
The financial results of the Roots business are reflected in our consolidated financial statements as discontinued operations for three months ended September 30, 2023. For further information, refer to Note 2, “Discontinued Operations and Other Businesses Sold” of our unaudited condensed consolidated financial statements included under Item 1, “Financial Statements” in this report.
Consolidated Results for the Nine Months Ended September 30, 2024 and 2023
The following table includes key metrics used to evaluate our business and measure our performance and represents selected financial data for our operating segments for the nine months ended September 30, 2024 and 2023 (dollars in millions). The following financial data includes results of Howden from the March 17, 2023 date of acquisition and excludes the Roots business financial results for our entire ownership period of March 17, 2023 through August 18, 2023.
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Selected Financial Information
Nine Months EndedCurrent Year-to-date vs. Prior Year-to-date Period
September 30, 2024September 30, 2023Variance ($)Variance (%)
Sales
Cryo Tank Solutions$487.7 $435.2 $52.5 12.1 %
Heat Transfer Systems746.5 636.0 110.5 17.4 %
Specialty Products797.4 602.9 194.5 32.3 %
Repair, Service & Leasing1,022.0 688.5 333.5 48.4 %
Intersegment eliminations(0.1)(25.1)25.0 (99.6)%
Consolidated$3,053.5 $2,337.5 $716.0 30.6 %
Gross Profit
Cryo Tank Solutions$106.9 $85.5 $21.4 25.0 %
Heat Transfer Systems207.3 170.1 37.2 21.9 %
Specialty Products214.3 158.9 55.4 34.9 %
Repair, Service & Leasing488.0 291.6 196.4 67.4 %
Consolidated$1,016.5 $706.1 $310.4 44.0 %
Gross Profit Margin
Cryo Tank Solutions21.9 %19.6 %
Heat Transfer Systems27.8 %26.7 %
Specialty Products26.9 %26.4 %
Repair, Service & Leasing47.7 %42.4 %
Consolidated33.3 %30.2 %
SG&A Expenses
Cryo Tank Solutions$47.8 $49.3 $(1.5)(3.0)%
Heat Transfer Systems34.7 36.5 (1.8)(4.9)%
Specialty Products77.7 60.2 17.5 29.1 %
Repair, Service & Leasing114.2 87.1 27.1 31.1 %
Corporate
139.0 123.3 15.7 12.7 %
Consolidated$413.4 $356.4 $57.0 16.0 %
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Nine Months EndedCurrent Year-to-date vs. Prior Year-to-date Period
September 30, 2024September 30, 2023Variance ($)Variance (%)
SG&A Expenses % of Sales
Cryo Tank Solutions9.8 %11.3 %
Heat Transfer Systems4.6 %5.7 %
Specialty Products9.7 %10.0 %
Repair, Service & Leasing11.2 %12.7 %
Consolidated13.5 %15.2 %
Operating Income (Loss)
Cryo Tank Solutions$53.5 $31.9 $21.6 67.7 %
Heat Transfer Systems157.6 120.5 37.1 30.8 %
Specialty Products122.0 84.6 37.4 44.2 %
Repair, Service & Leasing265.1 121.0 144.1 119.1 %
Corporate
(139.0)(123.3)(15.7)12.7 %
Consolidated$459.2 $234.7 $224.5 95.7 %
Operating Margin
Cryo Tank Solutions11.0 %7.3 %
Heat Transfer Systems21.1 %18.9 %
Specialty Products15.3 %14.0 %
Repair, Service & Leasing25.9 %17.6 %
Consolidated15.0 %10.0 %
Results of Operations for the Nine Months Ended September 30, 2024 and 2023
Sales for the first nine months of 2024 compared to the same period in 2023 increased by $716.0 million, from $2,337.5 million to $3,053.5 million driven by increases in all four segments with the largest driver coming from increases in Repair, Service & Leasing driven by commercial synergies and the impact of Howden reporting a full first quarter in 2024 compared to a partial first quarter in 2023.
Gross profit increased during the first nine months of 2024 compared to the first nine months of 2023 by $310.4 million or 44.0%, while gross profit margin of 33.3% for the first nine months of 2024 increased from 30.2% in the first nine months of 2023. The increase in gross profit margin for the first nine months of 2024 compared to the same period in 2023 was primarily driven by a higher mix of aftermarket service and repair with higher margins and achievement of cost synergies. Restructuring costs recorded to cost of sales were $0.7 million and $0.2 million for the nine months ended September 30, 2024 and 2023, respectively.
Consolidated SG&A expenses increased by $57.0 million or 16.0% during the first nine months of 2024 compared to the same period in 2023 primarily driven by the inclusion of Howden SG&A expenses in the current period.
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Interest Expense, Net and Financing Costs Amortization
The following table presents the components of interest expense, net (dollars in millions):
Nine Months Ended September 30,
20242023
Interest expense term loans due March 2030$104.3 $81.0 
Interest expense senior secured notes due 203081.5 82.1 
Interest expense senior unsecured notes due 203136.1 36.3 
Interest expense senior secured revolving credit facility due April 202922.4 23.6 
Interest expense convertible notes due November 20242.2 1.9 
Financing costs amortization14.2 12.0 
Interest income(7.7)(24.9)
Capitalized interest(6.2)(3.0)
Discontinued operations interest expense, net— (8.9)
Other1.9 2.6 
Interest expense, net$248.7 $202.7 
The increase in interest expense, net, is primarily due to higher borrowings outstanding, specifically our term loan, drawn on March 17, 2023 for the Howden Acquisition and an additional incremental term loan drawn on June 30, 2023, compared to borrowings outstanding during the nine months ended September 30, 2023. Interest expense, net for the nine months ended September 30, 2023, included $24.9 million in interest income earned from deposits of proceeds from the senior secured notes due 2030, senior unsecured notes due 2031, common stock and preferred stock offerings into interest bearing accounts until the consummation of the Howden Acquisition.
Financing costs amortization was $14.2 million for the nine months ended September 30, 2024 as compared to $12.0 million for the nine months ended September 30, 2023. The increase of $2.2 million was primarily due to the amendment of our senior secured revolving credit facility due April 2029 as well as the issuance of incremental term loans on March 17, 2023 and June 30, 2023, which increased deferred debt issuance costs.
Income Tax Expense (Benefit)
Income tax expense (benefit) of $50.9 million and $(4.2) million for the nine months ended September 30, 2024 and 2023, respectively, represents taxes on both U.S. and foreign earnings at a combined effective income tax rate of 24.7% and 840.0%, respectively. The effective income tax rate of 24.7% for the nine months ended September 30, 2024 differed from the U.S. federal statutory rate of 21% primarily due to income earned by our certain foreign entities being taxed at higher rates than the U.S. federal statutory rate and withholding taxes on foreign earnings not permanently reinvested offset by the U.S. impact of foreign operations and research and development credits.
The effective income tax rate of 840.0% for the nine months ended September 30, 2023 differed from the U.S. federal statutory rate of 21% primarily due to one-time impacts from acquisitions and income earned by our certain foreign entities being taxed at higher rates than the U.S. federal statutory rate, offset by research and development credits and excess tax benefits associated with share-based compensation.
Net Income Attributable to Chart Industries, Inc. from Continuing Operations
As a result of the foregoing, net income attributable to Chart Industries, Inc. for the nine months ended September 30, 2024 and 2023 was $141.7 million and $0.1 million, respectively.
Segment Results
Our reportable and operating segments include: Cryo Tank Solutions, Heat Transfer Systems, Specialty Products and Repair, Service & Leasing. Corporate includes operating expenses for executive management, accounting, tax, treasury, corporate development, human resources, information technology, investor relations, legal, internal audit, risk management and share-based compensation expenses. Corporate support functions are not allocated to the segments. For further information, refer to Note 3, “Reportable Segments” of our unaudited condensed consolidated financial statements included under Item 1, “Financial Statements” in this report. The following tables include key metrics used to evaluate our business and measure our
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performance and represent selected financial data for our operating segments for the three months ended September 30, 2024 and 2023 (dollars in millions):
Cryo Tank Solutions — Results of Operations for the Three Months Ended September 30, 2024 and 2023
Three Months EndedCurrent Quarter vs.
Prior Year Same Quarter
September 30, 2024September 30, 2023Variance
($)
Variance
(%)
Sales$162.5 $159.0 $3.5 2.2 %
Gross Profit40.7 35.2 5.5 15.6 %
Gross Profit Margin25.0 %22.1 %
SG&A Expenses$15.4 $16.5 $(1.1)(6.7)%
SG&A Expenses (% of Sales)9.5 %10.4 %
Operating Income$23.5 $17.1 $6.4 37.4 %
Operating Margin14.5 %10.8 %
For the third quarter of 2024, Cryo Tank Solutions net sales increased by $3.5 million as compared to the same quarter in 2023. The increase is primarily driven by increased demand in mobile equipment.
During the third quarter of 2024, Cryo Tank Solutions segment gross profit increased by $5.5 million as compared to the same quarter in 2023, and gross profit margin increased by 290 basis points. The increase in gross profit and gross profit margin was driven by improved mix and better manufacturing efficiencies.
Cryo Tank Solutions segment SG&A expenses decreased by $1.1 million during the third quarter of 2024 as compared to the same quarter in 2023. The decrease in SG&A expenses was mainly due to cost synergies achieved.
Cryo Tank Solutions — Results of Operations for the Nine Months Ended September 30, 2024 and 2023
Nine Months EndedCurrent Year-to-date vs.
Prior Year-to-date Period
September 30, 2024September 30, 2023Variance
($)
Variance
(%)
Sales$487.7 $435.2 $52.5 12.1 %
Gross Profit106.9 85.5 21.4 25.0 %
Gross Profit Margin21.9 %19.6 %
SG&A Expenses$47.8 $49.3 $(1.5)(3.0)%
SG&A Expenses (% of Sales)9.8 %11.3 %
Operating Income$53.5 $31.9 $21.6 67.7 %
Operating Margin11.0 %7.3 %
For the first nine months of 2024, Cryo Tank Solutions sales increased by $52.5 million compared to the same period in 2023. This increase is primarily driven by increased demand in bulk tanks, railcars and increased demand in North America and Europe.
During the first nine months of 2024, Cryo Tank Solutions segment gross profit increased by $21.4 million as compared to the same period in 2023, and the gross profit margin increased by 230 basis points. The increase in gross profit is largely attributed to the increased sales, and the related gross profit margin increase is largely driven by a lower portion of sales in traditional storage equipment.
Cryo Tank Solutions segment SG&A expenses decreased by $1.5 million during the first nine months of 2024 as compared to the same period in 2023. The decrease in SG&A expenses was mainly due to cost synergies achieved.
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Heat Transfer Systems — Results of Operations for the Three Months Ended September 30, 2024 and 2023
Three Months EndedCurrent Quarter vs.
Prior Year Same Quarter
September 30, 2024September 30, 2023Variance
($)
Variance
(%)
Sales$256.2 $232.5 $23.7 10.2 %
Gross Profit76.4 61.5 14.9 24.2 %
Gross Profit Margin29.8 %26.5 %
SG&A Expenses$10.1 $14.6 $(4.5)(30.8)%
SG&A Expenses (% of Sales)3.9 %6.3 %
Operating Income$61.3 $43.4 $17.9 41.2 %
Operating Margin23.9 %18.7 %
For the third quarter of 2024, Heat Transfer Systems segment sales increased by $23.7 million as compared to the same quarter in 2023. This increase was driven by continued execution of our backlog largely in traditional energy and LNG.
During the third quarter of 2024, Heat Transfer Systems segment gross profit increased by $14.9 million as compared to the same quarter in 2023, and gross profit margin increased by 330 basis points. The increase in gross profit and gross profit margin is largely due to the increase in sales along with better productivity and project mix.
Heat Transfer Systems segment SG&A expenses decreased by $4.5 million during the third quarter of 2024 as compared to the same quarter in 2023. The decrease in SG&A expenses was mainly due to cost synergies achieved.
Heat Transfer Systems — Results of Operations for the Nine Months Ended September 30, 2024 and 2023
Nine Months EndedCurrent Year-to-date vs.
Prior Year-to-date Period
September 30, 2024September 30, 2023Variance
($)
Variance
(%)
Sales$746.5 $636.0 $110.5 17.4 %
Gross Profit207.3 170.1 37.2 21.9 %
Gross Profit Margin27.8 %26.7 %
SG&A Expenses$34.7 $36.5 $(1.8)(4.9)%
SG&A Expenses (% of Sales)4.6 %5.7 %
Operating Income (Loss)$157.6 $120.5 $37.1 30.8 %
Operating Margin21.1 %18.9 %
For the first nine months of 2024, Heat Transfer Systems segment sales increased by $110.5 million as compared to the same period in 2023. The increase in sales was driven primarily by increased sales in traditional energy and LNG.
During the first nine months of 2024, Heat Transfer Systems segment gross profit increased by $37.2 million as compared to the same period in 2023 primarily due to the increase in sales, and gross profit margin increased by 110 basis points largely due to project mix.
Heat Transfer Systems segment SG&A expenses decreased by $1.8 million during the first nine months of 2024 as compared to the same period in 2023 mainly due to impacts from restructuring activities.
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Specialty Products — Results of Operations for the Three Months Ended September 30, 2024 and 2023
Three Months EndedCurrent Quarter vs.
Prior Year Same Quarter
 September 30, 2024September 30, 2023Variance
($)
Variance
(%)
Sales$283.3 $240.0 $43.3 18.0 %
Gross Profit74.6 62.0 12.6 20.3 %
Gross Profit Margin26.3 %25.8 %
SG&A Expenses$28.3 $22.8 $5.5 24.1 %
SG&A Expenses (% of Sales)10.0 %9.5 %
Operating Income$41.9 $33.7 $8.2 24.3 %
Operating Margin14.8 %14.0 %
Specialty Products segment sales increased by $43.3 million during the third quarter of 2024 as compared to the same quarter in 2023. The increase in Specialty Products sales was driven by backlog conversion in hydrogen, helium and water treatment solutions.
Specialty Products segment gross profit increased by $12.6 million during the third quarter of 2024 as compared to the same quarter in 2023 largely due to the higher sales volume, while gross profit margin increased by 50 basis points due primarily to project mix partially offset by specific expenses incurred at our newly opened Theodore facility related to a supplier’s machinery startup challenges and associated inefficiencies on specific space-related projects.
Specialty Products segment SG&A expenses increased by $5.5 million during the third quarter of 2024 as compared to the same quarter in 2023 primarily driven by higher costs in Europe and a contingent consideration fair value adjustment that did not repeat in the third quarter of 2024.
Specialty Products — Results of Operations for the Nine Months Ended September 30, 2024 and 2023
Nine Months EndedCurrent Year-to-date vs.
Prior Year-to-date Period
 September 30, 2024September 30, 2023Variance
($)
Variance
(%)
Sales$797.4 $602.9 $194.5 32.3 %
Gross Profit214.3 158.9 55.4 34.9 %
Gross Profit Margin26.9 %26.4 %
SG&A Expenses$77.7 $60.2 $17.5 29.1 %
SG&A Expenses (% of Sales)9.7 %10.0 %
Operating Income$122.0 $84.6 $37.4 44.2 %
Operating Margin15.3 %14.0 %
Specialty Products segment sales increased by $194.5 million during the first nine months of 2024 as compared to the same period in 2023. The increase in Specialty Products sales was due to the ownership of Howden for the entire first nine months of 2024 versus only part of the first nine months of 2023 as well as the conversion of backlog relative to hydrogen, CCUS and water treatment applications.
Specialty Products segment gross profit increased by $55.4 million during the first nine months of 2024 as compared to the same period in 2023 primarily due to higher volume which is largely due to ownership of Howden in the entire year-to-date 2024 results versus part of the year-to-date 2023 results.
Specialty Products segment SG&A expenses increased by $17.5 million during the first nine months of 2024 as compared to the same period in 2023 primarily driven by ownership of Howden for the entire year-to-date period in 2024 versus a partial period in 2023.
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Repair, Service & Leasing — Results of Operations for the Three Months Ended September 30, 2024 and 2023
Three Months EndedCurrent Quarter vs.
Prior Year Same Quarter
 September 30, 2024September 30, 2023Variance
($)
Variance
(%)
Sales$360.5 $271.3 $89.2 32.9 %
Gross Profit170.9 117.5 53.4 45.4 %
Gross Profit Margin47.4 %43.3 %
SG&A Expenses$31.9 $36.8 $(4.9)(13.3)%
SG&A Expenses (% of Sales)8.8 %13.6 %
Operating Income$102.0 $42.3 $59.7 141.1 %
Operating Margin28.3 %15.6 %
For the third quarter of 2024, Repair, Service & Leasing segment sales increased by $89.2 million as compared to the same quarter in 2023. The increase is primarily driven by continued strong demand for the combined business’ solutions and an increase in aftermarket equipment sales.
During the third quarter of 2024, Repair, Service & Leasing segment gross profit increased by $53.4 million as compared to the same quarter in 2023, and gross profit margin increased by 410 basis points. The increase in gross profit and gross profit margin was driven by continued commercial and cost synergies achieved, as well as an increase in equipment sales.
Repair, Service & Leasing segment SG&A expenses during the third quarter of 2024 decreased compared to the third quarter 2023 primarily due to continued centralization of certain IT costs and lower payroll costs.
Repair, Service & Leasing — Results of Operations for the Nine Months Ended September 30, 2024 and 2023
Nine Months EndedCurrent Year-to-date vs. Prior Year-to-date Period
 September 30, 2024September 30, 2023Variance
($)
Variance
(%)
Sales$1,022.0 $688.5 $333.5 48.4 %
Gross Profit488.0 291.6 196.4 67.4 %
Gross Profit Margin47.7 %42.4 %
SG&A Expenses$114.2 $87.1 $27.1 31.1 %
SG&A Expenses (% of Sales)11.2 %12.7 %
Operating Income$265.1 $121.0 $144.1 119.1 %
Operating Margin25.9 %17.6 %
For the first nine months of 2024, Repair, Service & Leasing segment sales increased by $333.5 million as compared to the same period in 2023. This increase is primarily due to the ownership of Howden for the entire first nine months of 2024 versus only part of the first nine months of 2023.
During the first nine months of 2024, Repair, Service & Leasing segment gross profit increased by $196.4 million as compared to the same period in 2023, and gross profit margin increased by 530 basis points. The increase in gross profit and gross profit margin was driven by the full ownership of Howden in the year-to-date results of 2024 versus a portion of the year-to-date results in 2023.
Repair, Service & Leasing segment SG&A expenses increased by $27.1 million during the first nine months of 2024 as compared to the same period in 2023, driven by the ownership of Howden for the entire year-to-date 2024 period versus part of the year-to-date 2023 period and restructuring associated with the acquisition integration.
Corporate
Corporate SG&A expenses increased by $17.9 million during the third quarter of 2024 as compared to the same quarter in 2023, driven by increased centralization of IT spend and ongoing integration activities. Corporate SG&A expenses increased by $15.7 million in the first nine months of 2024 compared to the same period in 2023, primarily due to increased payroll costs due to the comparative period only including Howden employees from March 17, 2023.
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Liquidity and Capital Resources
Debt Instruments and Related Covenants
Our debt instruments and related covenants are described in Note 10, “Debt and Credit Arrangements” to the consolidated financial statements in our 2023 Annual Report on Form 10-K and Note 9, “Debt and Credit Arrangements” to our unaudited condensed consolidated financial statements included under Item 1, “Financial Statements” in this report.
Sources and Uses of Cash
The discussion of sources and uses of cash that follows is presented on a consolidated basis. Our cash, cash equivalents, restricted cash, and restricted cash equivalents totaled $312.5 million at September 30, 2024, an increase of $111.4 million from the balance at December 31, 2023. Our foreign subsidiaries held cash of $278.2 million and $170.1 million, at September 30, 2024, and December 31, 2023, respectively. No material restrictions exist to accessing cash held by our foreign subsidiaries. Cash equivalents are primarily invested in money market funds that invest in high quality, short-term instruments, such as U.S. government obligations, certificates of deposit, repurchase obligations, and commercial paper issued by corporations that have been highly rated by at least one nationally recognized rating organization, and in the case of cash equivalents in China, obligations of local banks. We believe that our existing cash and cash equivalents, funds available under our senior secured revolving credit facility due April 2029 or other financing alternatives, and cash provided by operations will be sufficient to meet our normal working capital needs, capital expenditures and investments for the foreseeable future.
Cash provided by operating activities was $221.6 million for the nine months ended September 30, 2024, an increase of $184.7 million compared to cash provided by operating activities of $36.9 million for the nine months ended September 30, 2023 primarily due to strong operating performance, cash management, and costs associated with the Howden Acquisition in the comparative period.
Cash used in investing activities was $121.6 million and $4,154.9 million for the nine months ended September 30, 2024 and 2023, respectively. During the nine months ended September 30, 2024, we used $100.3 million for capital expenditures and $13.1 million mainly for investments in Hy24. During the nine months ended September 30, 2023, we used $4,322.3 million for the Howden Acquisition, $115.4 million for capital expenditures and $8.8 million mainly for investments in Avina and Hylium Industries. During the nine months ended September 30, 2023, we received $291.9 million in proceeds from the sale of our RootsTM business.
Cash provided by financing activities was $6.8 million and $1,678.0 million for the nine months ended September 30, 2024 and 2023, respectively. During the nine months ended September 30, 2024, we borrowed $2,286.7 million and repaid $2,246.5 million in borrowings on our revolving credit facility and paid $20.4 million of dividends on our mandatory convertible preferred stock. During the nine months ended September 30, 2023, we borrowed incremental term loans in the aggregate principal amount of $1,534.8 million, in connection with the Howden Acquisition, and borrowed incremental term loans in the aggregate principal of $250.0 million, for general corporate purposes. During the nine months ended September 30, 2023, we borrowed $1,334.3 million on our revolving credit facilities and raised $11.7 million in proceeds for the issuance of common stock, primarily to fund the Howden Acquisition and repaid $1,234.3 million in borrowings on our credit facilities. A portion of debt repayments was funded with the proceeds from the divestiture of RootsTM. During the nine months ended September 30, 2023 we paid $133.5 million in debt issuance costs and paid $20.5 million of dividends on our mandatory convertible preferred stock. We also paid $12.2 million in dividend distributions to noncontrolling interest owners during the nine months ended September 30, 2023.
Cash Requirements
We do not currently anticipate any unusual cash requirements for working capital needs for the year ending December 31, 2024. Management anticipates we will be able to satisfy cash requirements for our ongoing business for the foreseeable future with cash generated by operations, existing cash balances and available borrowings under our credit facilities.
As described in Note 9, “Debt and Credit Arrangements” to our unaudited condensed consolidated financial statements included under Item 1, “Financial Statements” in this report, our 2024 Notes mature on November 15, 2024, unless earlier converted or repurchased. As of October 1, 2024 and through the maturity date, the 2024 Notes continue to be convertible at the option of the holder. There have been no significant conversions as of the date of this filing. We expect to fund the maturing 2024 Notes with cash on hand and available borrowings under our credit facilities. We expect to pay cash up to the $258.7 million aggregate principal amount of the 2024 Notes and settle any excess conversion value in shares of Chart common stock. We entered into convertible note hedge transactions, which are expected to reduce the potential dilution with respect to our common stock upon conversion of the 2024 Notes.
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Orders and Backlog
We consider orders to be those for which we have received a firm signed purchase order or other written contractual commitment from the customer. Backlog is comprised of the portion of firm signed purchase orders or other written contractual commitments from customers for which work has not been performed, or is partially completed, that we have not recognized as revenue and excludes unexercised contract options and potential orders. Our backlog as of September 30, 2024 was $4,535.3 million, compared to $4,140.7 million as of September 30, 2023 and $4,426.0 million as of June 30, 2024.
The tables below represent orders received and backlog by segment for the periods indicated (dollars in millions):
 Three Months Ended
 September 30,
2024
September 30,
2023
June 30,
2024
Orders
Cryo Tank Solutions$126.2 $155.6 $159.0 
Heat Transfer Systems424.7 176.1 269.6 
Specialty Products237.8 469.1 423.7 
Repair, Service & Leasing377.9 331.2 312.4 
Intersegment eliminations0.9 (4.7)— 
Consolidated$1,167.5 $1,127.3 $1,164.7 
As of
September 30,
2024
September 30,
2023
June 30,
2024
Backlog
Cryo Tank Solutions$316.5 $449.4 $358.2 
Heat Transfer Systems1,878.0 1,657.5 1,709.7 
Specialty Products1,755.3 1,460.7 1,806.4 
Repair, Service & Leasing593.4 609.7 562.7 
Intersegment eliminations(7.9)(36.6)(11.0)
Consolidated$4,535.3 $4,140.7 $4,426.0 
Cryo Tank Solutions segment orders for the three months ended September 30, 2024 were $126.2 million compared to $155.6 million for the three months ended September 30, 2023 and $159.0 million for the three months ended June 30, 2024. The decrease in Cryo Tank Solutions segment orders during the three months ended September 30, 2024 when compared to the same quarter last year was primarily driven by the third quarter of 2023 having a non-repeating order for railcars of $19.2 million and slower demand in China. Cryo Tank Solutions segment backlog at September 30, 2024 totaled $316.5 million compared to $449.4 million as of September 30, 2023 and $358.2 million as of June 30, 2024.
Heat Transfer Systems segment orders for the three months ended September 30, 2024 were $424.7 million compared to $176.1 million for the three months ended September 30, 2023 and $269.6 million for the three months ended June 30, 2024. The increase in orders from the three months ended September 30, 2023 and three months ended June 30, 2024 was mainly driven by increased orders in LNG. Heat Transfer Systems segment backlog at September 30, 2024 totaled $1,878.0 million, as compared to $1,657.5 million and $1,709.7 million as of September 30, 2023 and June 30, 2024, respectively.
Specialty Products segment orders for the three months ended September 30, 2024 were $237.8 million compared to $469.1 million for the three months ended September 30, 2023 and $423.7 million for the three months ended June 30, 2024. The decrease in Specialty Products segment orders during the three months ended September 30, 2024 as compared to the three months ended September 30, 2023 and three months ended June 30, 2024 was mainly driven by lower orders in hydrogen and helium applications. Specialty Products segment backlog totaled $1,755.3 million as of September 30, 2024, compared to $1,460.7 million as of September 30, 2023 and $1,806.4 million as of June 30, 2024.
Repair, Service & Leasing segment orders for the three months ended September 30, 2024 were $377.9 million compared to $331.2 million for the three months ended September 30, 2023 and $312.4 million for the three months ended June 30, 2024. The increase in orders for the three months ended September 30, 2024 as compared to the three months ended June 30, 2024 was driven by an increase in aftermarket equipment orders. Repair, Service & Leasing segment backlog totaled $593.4 million as of September 30, 2024, compared to $609.7 million as of September 30, 2023 and $562.7 million as of June 30, 2024.
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Critical Accounting Estimates
Our unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles and are based on the selection and application of significant accounting policies, which require management to make estimates and assumptions about future events that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ materially from those estimates. A summary of areas where we apply critical judgment can be found in our Annual Report on Form 10-K for the year ended December 31, 2023. In particular, judgment is used in areas such as goodwill, indefinite-lived intangible assets, long-lived assets (including finite-lived intangible assets), business combinations, investments in equity securities without a readily determinable fair value, contingencies, revenue from contracts with customers and income taxes. There have been no significant changes to our critical accounting estimates since December 31, 2023.
Forward-Looking Statements
We are making this statement in order to satisfy the “safe harbor” provisions contained in the Private Securities Litigation Reform Act of 1995. This Quarterly Report on Form 10-Q includes “forward-looking statements.” These forward-looking statements include statements relating to our business, including statements regarding completed and pending acquisitions and investments and related accretion or statements with respect to the use of proceeds or redeployment of capital from recent divestitures, as well as statements regarding our 2024 sales outlook, revenues, cost and commercial synergies and efficiency savings, objectives, future orders, margins, segment sales mix, earnings or performance, liquidity and cash flow, repayment or settlement of maturing debt, inventory levels, capital expenditures, supply chain challenges, inflationary pressures including materials costs and pricing increases, business trends, clean energy market opportunities including addressable market and projected industry-wide investments, carbon and GHG emission targets, governmental initiatives, including executive orders and other information that is not historical in nature. In some cases, forward-looking statements may be identified by terminology such as “may,” “will,” “should,” “expects,” “anticipates,” “believes,” “projects,” “forecasts,” “outlook,” “guidance,” “target,” “continue” or the negative of such terms or comparable terminology. Forward-looking statements contained herein (including future cash contractual obligations, liquidity, debt repayments, cash flow, orders, results of operations, projected revenues, margins, capital expenditures, industry and business, trends, clean energy and other new market or expansion opportunities, cost and commercial synergies and savings objectives, and government initiatives among other matters) or in other statements made by us are made based on management’s expectations and beliefs concerning future events impacting us and are subject to uncertainties and factors relating to our operations and business environment, all of which are difficult to predict and many of which are beyond our control, that could cause our actual results to differ materially from those matters expressed or implied by forward-looking statements.
These include: the other factors discussed in Item 1A. “Risk Factors” and the factors discussed in Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of our Annual Report on Form 10-K for the year ended December 31, 2023, among others, could affect our future performance and liquidity and value of our securities and could cause our actual results to differ materially from those expressed or implied by forward-looking statements made by us or on our behalf. These factors should not be construed as exhaustive and there may also be other risks that we are unable to predict at this time.
All forward-looking statements attributable to us or persons acting on our behalf apply only as of the date of this Quarterly Report and are expressly qualified in their entirety by the cautionary statements included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023, as the same may be updated from time to time. We undertake no obligation to update or revise forward-looking statements which may be made to reflect events or circumstances that arise after the filing date of this document or to reflect the occurrence of unanticipated events, except as otherwise required by law.
Item 3.Quantitative and Qualitative Disclosures About Market Risk
In the normal course of business, our operations are exposed to fluctuations in interest rates and foreign currency values that can affect the cost of operating and financing. Accordingly, we address a portion of these risks through a program of risk management.
Interest Rate Risk: Our primary interest rate risk exposure results from various floating rate pricing mechanisms contained in our senior secured revolving credit facility due April 2029 and term loans due March 2030. If interest rates were to increase 100 basis points (1 percent) from the weighted-average interest rate for our senior secured revolving credit facility due April 2029 of 6.4% at September 30, 2024, and assuming no changes in the $142.3 million of borrowings outstanding under the senior secured revolving credit facility due April 2029 at September 30, 2024, our additional annual expense would be approximately $1.4 million on a pre-tax basis. If interest rates were to increase 100 basis points (1 percent) from the interest rate for our term loans due March 2030 of 7.8% at September 30, 2024, and assuming no changes in the $1,631.0 million of
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borrowings outstanding under our term loans due March 2030 at September 30, 2024, our additional annual expense would be approximately $16.3 million on a pre-tax basis.
Foreign Currency Exchange Rate Risk: We operate in the United States and other foreign countries, which creates exposure to foreign currency exchange fluctuations in the normal course of business, which can impact our financial position, results of operations, cash flow, and competitive position. The financial statements of foreign subsidiaries are translated into their U.S. dollar equivalents at end-of-period exchange rates for assets and liabilities, while income and expenses are translated at average monthly exchange rates. Translation gains and losses are components of other comprehensive income as reported in the unaudited condensed consolidated statements of operations and comprehensive income (loss). Translation exposure is primarily with the euro, the Czech koruna, the Chinese yuan, the South African rand, the British pound and the Indian rupee. During the third quarter of 2024, the U.S. dollar weakened in relation to the euro, Czech koruna, Chinese yuan, South African rand and the British pound by 4%, 4%, 2%, 6% and 6%, respectively. There was no notable movement between the U.S. dollar and the Indian rupee. At September 30, 2024, a hypothetical 10% strengthening of the U.S. dollar would not materially affect our financial statements.
EUR Revolver Borrowings: Additionally, assuming no changes in the euro 78.0 million in EUR Revolver Borrowings outstanding under the senior secured revolving credit facility due April 2029 and an additional 100 basis points (1 percent) strengthening in the U.S dollar in relation to the euro as of the beginning of 2024, during the three months ended September 30, 2024, our additional unrealized foreign currency gain would be approximately $0.8 million on a pre-tax basis.
Transaction Gains and Losses: Chart’s primary transaction exchange rate exposures are with the euro, the Chinese yuan, the Czech koruna, the Indian rupee, the Australian dollar, the British pound, the Canadian dollar and the South African rand. Transaction gains and losses arising from fluctuations in currency exchange rates on transactions denominated in currencies other than the functional currency are recognized in the unaudited condensed consolidated statements of operations and comprehensive income (loss) as a component of foreign currency gain.
Derivative Instruments: We enter into foreign currency contracts not designated as hedging instruments to mitigate foreign currency risk for anticipated and firmly committed foreign currency transactions. At September 30, 2024, a hypothetical 10% weakening of the U.S. dollar would not materially affect our outstanding foreign exchange forward contracts. 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. As disclosed in Note 9, “Debt and Credit Arrangements,” we have an out-of-the-money protective call while writing a put option with a strike price at which the premium received is equal to the premium of the protective call purchased, which involved no initial capital outlay. The call was structured with a strike price higher than our cost basis in such investments, thereby limiting any foreign exchange losses to approximately $11.4 million on a pre-tax basis. We do not use derivative financial instruments for speculative or trading purposes. The terms of the contracts are generally one to three years.
Market Price Sensitive Instruments
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 million shares of our common stock and represents the number of shares of our common stock underlying the 2024 Notes. These Note Hedge Transactions are expected to reduce the potential dilution upon any conversion of the 2024 Notes.
We also entered into separate, privately-negotiated warrant transactions with the Option Counterparties to acquire up to 4.41 million shares of our common stock. The warrant transactions will have a dilutive effect with respect to our common stock to the extent that the price per share of our common stock exceeds the strike price of the warrants unless we elect, subject to certain conditions, to settle the warrants in cash. The strike price of the warrant transactions related to the 2024 Notes was initially $71.775 per share. Further information is located in Note 9, “Debt and Credit Arrangements” to our unaudited condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q.
Item 4.Controls and Procedures
Evaluation of Disclosure Controls and Procedures
We performed an evaluation, under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures pursuant to Rule 13a-15 under the Securities and Exchange Act of 1934, as amended (the “Exchange Act”) as of September 30, 2024. Based upon that evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that as of September 30, 2024, our disclosure controls and procedures were effective to ensure that information required to be
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disclosed by us in the reports we file or submit under the Exchange Act (1) is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms and (2) is accumulated and communicated to our management including the Chief Executive Officer and Chief Financial Officer, as appropriate to allow for timely decisions regarding required disclosure.
Changes in Internal Control Over Financial Reporting
There were no changes in our internal control over financial reporting that occurred during our most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
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PART II. OTHER INFORMATION
Item 1. Legal Proceedings
We are occasionally subject to various other 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. Future developments may, however, result in resolution of these legal claims in a way that could have a material adverse effect.
Item 1A. Risk Factors
In addition to the other information set forth in this report, you should carefully consider the risk factors disclosed in Item 1A. “Risk Factors,” of our Annual Report on Form 10-K for the year ended December 31, 2023.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Issuer Purchases of Equity Securities
Period
Total
Number
of
Shares
Purchased
(1)
Average Price
Paid Per
Share
(1)
Total Number of
Shares Purchased
As Part of Publicly
Announced Plans
or Programs
Approximate Dollar
Value of Shares
that May Yet Be
Purchased Under
the Plans or
Programs
July 1 - 31, 2024195 $167.40 — $— 
August 1 - 31, 20241,394 117.09 — — 
September 1 - 30, 2024569 123.47 — — 
Total2,158 123.32 — $— 
_______________
(1)Includes shares of common stock surrendered to us during the third quarter of 2024 by participants under our share-based compensation plans to satisfy tax withholding obligations relating to the vesting or payment of equity awards for an aggregate purchase price of approximately $266,125. The total number of shares repurchased represents the net shares issued to satisfy tax withholding. All such repurchased shares were subsequently retired during the three months ended September 30, 2024.
Item 4. Mine Safety Disclosures
Not applicable.
Item 5. Other Information
During the quarter ended September 30, 2024, no director or Section 16 officer adopted or terminated any Rule 10b5-1 trading arrangements or non-rule 10b5-1 trading arrangements, nor do any of the directors or Section 16 officers currently maintain any such arrangements.
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Item 6.Exhibits
The following exhibits are included with this report:
31.1    Rule 13a-14(a) Certification of the Company’s Chief Executive Officer and President (Principal Executive Officer). (x)
31.2    Rule 13a-14(a) Certification of the Company's Vice President and Chief Financial Officer (Principal Financial Officer). (x)
32.1    Section 1350 Certification of the Company’s Chief Executive Officer and President (Principal Executive Officer). (xx)
32.2    Section 1350 Certification of the Company's Vice President and Chief Financial Officer (Principal Financial Officer). (xx)
101.INS    XBRL Instance Document *
101.SCH    XBRL Taxonomy Extension Schema Document
101.CAL    XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF    XBRL Taxonomy Extension Definition Linkbase Document
101.LAB    XBRL Taxonomy Extension Label Linkbase Document
101.PRE    XBRL Taxonomy Extension Presentation Linkbase Document
_______________
(x)    Filed herewith.
(xx)     Furnished herewith.
*    The Instance Document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
 
Chart Industries, Inc.
(Registrant)
 
Date:November 1, 2024By:/s/ Jillian C. Evanko
Jillian C. Evanko
Chief Executive Officer, President and a Director
(Principal Executive Officer)
Date:November 1, 2024By:/s/ Joseph R. Brinkman
Joseph R. Brinkman
Vice President and Chief Financial Officer
(Principal Financial Officer)
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