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美国
证券交易委员会
华盛顿市20549
表格 10-Q
（标记1）
☒
根据1934年证券交易法第13或15(d)节的季度报告
截至季度结束日期的财务报告2024年9月30日
或者
☐
根据1934年证券交易法第13或15(d)节的转型报告书
过渡期从            至            

委托文件编号：001-398661-11442
字符工业股份有限公司
(根据其章程规定的注册人准确名称)
特拉华州
34-1712937
（设立或组织的其他管辖区域）
（纳税人识别号码）
2200机场工业区驱动，100套房, Ball Ground, 乔治亚州 30107
（总部所在地地址）（邮政编码）
(770) 721-8800
（注册人的电话号码，包括区号）
无适用
（前名称、地址及财政年度，如果自上次报告以来有更改）
每个交易所的名称
每一类的名称交易标志在其上注册的交易所的名称
普通股，面值0.01美元GTLS请使用moomoo账号登录查看New York Stock Exchange
每份存托股票代表6.75% B系列可强制转股优先股的1/20权益，面值$0.01GTLS.PRB请使用moomoo账号登录查看New York Stock Exchange
请勾选表示注册人（1）在过去12个月（或者在注册人需要提交此类报告的更短时间内）已经提交了证券交易法第13或第15（d）条规定需要提交的所有报告；以及（2）在过去90天内一直受到该等提交要求的约束。 x 否（¨）是  x    否  o 

请勾选以下选项表明注册者是否已电子提交了根据监管S-T第405规则（本章节第232.405条）要求提交的所有互动数据文件，在过去12个月内提交了（或者对于这样更短的时间段，注册者需要提交和发布此类文件）。是  x否o 

请勾选是否注册人是大型加速报告人、加速报告人、非加速报告人、小型报告公司或新兴成长公司。请参考交易所法案120亿.2中“大型加速报告人”、“加速报告人”、“小型报告公司”和“新兴成长公司”的定义。
大型加速报告人
x
加速文件提交人
☐
非加速文件提交人
☐
较小的报告公司
☐
新兴成长公司
☐
                
如果是新兴成长型公司，在选中复选标记的同时，如果公司已选择不使用根据证券交易法第13(a)条提供的任何新的或修订后的财务会计准则的延长过渡期来符合新的或修订后的财务会计准则，则表明该公司已选择不使用根据证券交易法第13(a)条提供的任何新的或修订后的财务会计准则的延长过渡期来符合新的或修订后的财务会计准则。☐

请勾选是否该注册公司是空壳公司（如法规120亿.2中定义）。 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。


字符工业股份有限公司
指数
 
页面
2
目录

第一部分，财务信息。

项目1。基本报表
CHARt INDUSTRIES, INC.及其子公司
简化联合资产负债表（未经审计）
（金额单位为百万美元，每股金额除外）
2020年9月30日
2024		12月31日
2023
资产
流动资产
现金及现金等价物$310.2 $188.3 
应收账款，减免金额为5.2 和 $5.9 的坏账准备
805.6 758.9 
净存货539.4 576.3 
合同未开票收入680.2 481.7 
预付费用98.8 74.9 
其他资产114.1 134.3 
流动资产合计2,548.3 2,214.4 
固定资产净额888.8 837.6 
商誉2,987.7 2,906.8 
可识别无形资产净值2,660.4 2,791.9 
权益法投资103.9 109.9 
股票投资116.2 91.2 
其他193.1 150.6 
资产总计$9,498.4 $9,102.4 
负债和股东权益
流动负债
应付账款$1,010.1 $811.0 
客户预付款及超额账单366.0 376.6 
应计工资、工资和福利66.0 81.5 
应计利息74.4 92.5 
应计所得税$39,61454.4 60.0 
保修储备的流动部分17.5 29.4 
开多次数260.7 258.5 
经营租赁负债，流动负债20.4 18.5 
其他流动负债132.9 138.2 
总流动负债2,002.4 1,866.2 
长期债务3,623.9 3,576.4 
递延税款负债571.8 568.2 
应计养老金责任7.1 6.7 
非流动经营租赁负债61.7 50.7 
其他长期负债96.1 95.2 
总负债6,363.0 6,163.4 
3
目录

2020年9月30日
2024		12月31日
2023
股权
优先股，面值$0.01 每股$1,000 整合清算权益 — 10,000,000 402,500 2024年9月30日和2023年12月31日的已发行和流通股份
— — 
普通股，每股面值 $，授权股数：百万股；发行股数：分别为2024年6月30日和2023年12月31日：百万股；流通股数：分别为2024年6月30日和2023年12月31日：百万股0.01 每股 - 150,000,000 42,809,385和页面。42,754,241 而9月30日和2023年12月31日分别发行和流通的股份
0.4 0.4 
额外实收资本1,883.6 1,872.5 
库藏股； 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)
保留盈余1,040.6 922.1 
累计其他综合收益65.9 10.8 
Chart Industries, Inc.股东权益总额2,971.2 2,786.5 
非控制权益164.2 152.5 
总股本3,135.4 2,939.0 
负债和所有者权益总计$9,498.4 $9,102.4 
请参阅本未经审计的简化合并财务报表的附注。
4
目录

CHARt INDUSTRIES, INC.及其子公司
综合收益及损失的压缩综合报表（以千为单位）
(未经审计)
（以百万美元和股数为单位，除每股金额外）
.
 截至9月30日的三个月截至9月30日的九个月
 2024202320242023
销售$1,062.5 $897.9 $3,053.5 $2,337.5 
销售成本699.9 621.7 2,037.0 1,631.4 
毛利润362.6 276.2 1,016.5 706.1 
销售，总务及管理费用135.7 122.8 413.4 356.4 
摊销费用48.4 49.0 143.9 115.0 
营业费用184.1 171.8 557.3 471.4 
营业利润178.5 104.4 459.2 234.7 
收购相关财务费用— — — 26.1 
利息费用，净额80.6 90.5 248.7 202.7 
其他收益(2.6)3.4 4.2 6.4 
持续经营利润(税前)和未合并联营企业损益中的股权损失100.5 10.5 206.3 (0.5)
所得税费用（收益）26.6 0.1 50.9 (4.2)
持续经营利润中未合并联营企业股权损益前73.9 10.4 155.4 3.7 
未合并联营企业的股权损益(0.8)1.3 (2.4)2.4 
持续经营活动的净利润73.1 11.7 153.0 6.1 
已中止的经营亏损，税后(0.4)(6.0)(2.8)(2.6)
净收入72.7 5.7 150.2 3.5 
扣除：归属于少数股东的持续经营活动净利润（税后）3.7 2.3 11.3 6.0 
净利润（损失）归属于Chart Industries, Inc。$69.0 $3.4 $138.9 $(2.5)
5
目录

 截至9月30日的三个月截至9月30日的九个月
 2024202320242023
归属于查特普通股东的金额
持续经营收入$69.4 $9.4 $141.7 $0.1 
减：强制可转换优先股股息要求6.8 6.8 20.4 20.5 
归属于查特的持续经营收入（亏损）62.6 2.6 121.3 (20.4)
终止经营损失，扣税后(0.4)(6.0)(2.8)(2.6)
归属于查特普通股东的净利润（亏损）$62.2 $(3.4)$118.5 $(23.0)
归属于查特工业公司的基本每股收益
持续经营业务的收入（损失）$1.49 $0.06 $2.89 $(0.49)
来自中止运营的损失(0.01)(0.14)(0.07)(0.06)
归属于查特工业公司的净利润（损失）$1.48 $(0.08)$2.82 $(0.55)
归属于查特工业公司的稀释每股收益
持续经营业务的收入（损失）$1.34 $0.05 $2.59 $(0.49)
来自中止运营的损失(0.01)(0.12)(0.06)(0.06)
归属于查特工业公司的净利润（损失）$1.33 $(0.07)$2.53 $(0.55)
加权平均流通普通股数：
基本42.05 41.98 42.04 41.96 
稀释46.67 47.61 46.89 41.96 
其他综合收益（损失）：
净利润$72.7 $5.7 $150.2 $3.5 
其他综合收益(损失), 净额(税后):
外汇转换调整，净额156.3 (48.0)55.5 (46.4)
养老金负债调整，扣除税款后0.1 0.2 — 0.5 
其他综合收入（损失），扣除税后156.4 (47.8)55.5 (45.9)
综合收益（损失），税后净额229.1 (42.1)205.7 (42.4)
减：归属于非控股权益的综合收益，税后净额4.2 2.4 11.7 5.5 
归属于查特工业公司的综合收益（损失），税后净额$224.9 $(44.5)$194.0 $(47.9)

请参阅这些未经审计的简明合并基本报表的附注。
6
目录

查特工业公司及其子公司
简明合并现金流量表（未经审核）
(单位：百万美元)
 截至9月30日的九个月
 20242023
营业活动
净利润$150.2 $3.5 
减：停止运营的损失，扣除税后(2.8)(2.6)
持续经营的净利润153.0 6.1 
调整净利润与由事件提供的净现金之间的对账：
桥梁贷款便利费— 26.1 
折旧和摊销200.0 163.2 
员工分享补偿费用14.3 9.2 
融资成本摊销14.2 12.0 
未实现外币交易（收益）损失(5.1)0.4 
在股权证券投资上的未实现（收益）损失(10.8)11.8 
对未合并子公司的损失（收益）份额2.4 (2.4)
业务出售损失7.8 — 
其他非现金经营活动3.0 (4.9)
资产和负债的变化，扣除收购：
应收账款(45.0)(61.9)
存货24.4 2.6 
合同未开票收入(195.7)(133.4)
预付款项及其他流动资产(16.4)34.0 
应付账款及其他流动负债109.6 86.2 
客户预付款及超额账单(13.3)19.1 
长期资产和负债(15.2)(62.0)
持续经营活动提供的净现金227.2 106.1 
在终止经营活动中使用的净现金(5.6)(69.2)
经营活动提供的净现金221.6 36.9 
投资活动
收购业务，扣除已收购现金— (4,322.3)
出售业务的收益(6.1)291.9 
资本支出(100.3)(115.4)
投资 (13.1)(8.8)
其他投资活动0.4 2.3 
持续投资活动中使用的净现金(119.1)(4,152.3)
已停用投资活动中使用的净现金(2.5)(2.6)
投资活动中使用的净现金(121.6)(4,154.9)
7
目录

 截至9月30日的九个月
 20242023
融资活动
信用融资的借款2,286.7 1,334.3 
信用融资的还款(2,246.5)(1,234.3)
定期贷款的借款— 1,747.2 
定期贷款的还款— (8.2)
债务发行成本的支付(10.1)(133.5)
支付或有对价— (4.4)
普通股发行收益，净值— 11.7 
股票期权行使所获收益0.4 0.9 
股份支付计划中的普通股回购(3.3)(3.0)
向非控股权益分配的分红派息— (12.2)
强制性可转换优先股股息派发(20.4)(20.5)
融资活动提供的净现金6.8 1,678.0 
汇率变化对现金及现金等价物的影响4.6 (0.4)
现金、现金等价物、受限现金及受限现金等价物的净增加（减少），包括分类于待售流动资产中的现金111.4 (2,440.4)
减：当前资产中分类为待售的现金净增加额— (5.0)
现金、现金及现金等价物、受限制现金及受限制现金等价物的净增加（减少）111.4 (2,445.4)
期初的现金、现金及现金等价物、受限制现金及受限制现金等价物 (1)
201.1 2,605.3 
期末的现金、现金及现金等价物、受限制现金及受限制现金等价物 (1)
$312.5 $159.9 
                
(1)包括受限现金和受限现金等价物 $2.3 和 $12.8 截至2024年9月30日和2023年12月31日，分别被归类于其他流动资产，和 $12.8 和 $1,941.7 截至2023年9月30日和2022年12月31日，分别。

请参阅这些未经审计的简明合并基本报表的附注。
8
目录

查特工业公司及其子公司
浓缩合并权益报表（未经审计）
(单位：百万美元)
普通股优先股追加实收资本累计其他综合
收入（损失）		非控股权益
 股份
未偿还的		金额股份
未偿还的		金额库存股留存收益
财报		总计
股权
截至2023年12月31日的余额42.75 $0.4 0.4 $— $1,872.5 $(19.3)$922.1 $10.8 $152.5 $2,939.0 
净利润— — — — — — 11.3 — 3.3 14.6 
其他综合损失— — — — — — — (55.7)— (55.7)
股份-based薪酬费用— — — — 6.0 — — — — 6.0 
基于股份的薪酬计划发行的普通股0.07 — — — 0.3 — — — — 0.3 
基于股份的薪酬计划回购的普通股(0.02)— — — (3.0)— — — — (3.0)
优先股股息— — — — — — (6.8)— — (6.8)
其他— — — — — — (0.1)— — (0.1)
截至2024年3月31日的余额42.80 $0.4 0.4 $— $1,875.8 $(19.3)$926.5 $(44.9)$155.8 $2,894.3 
净利润— — — — — — 58.6 — 4.3 62.9 
其他综合损失— — — — — — — (45.1)(0.1)(45.2)
股份-based薪酬费用— — — — 4.1 — — — — 4.1 
基于股份的补偿计划发行的普通股— — — — 0.1 — — — — 0.1 
基于股份的补偿计划回购的普通股— — — — (0.2)— — — — (0.2)
优先股股息— — — — — (6.8)— — (6.8)
其他— — — — (0.1)— — — (0.1)
截至2024年6月30日的余额42.80 $0.4 0.4 $— $1,879.7 $(19.3)$978.3 $(90.0)$160.0 $2,909.1 
净利润— — — — — — 69.0 — 3.7 72.7 
其他综合收益— — — — — — — 155.9 0.5 156.4 
股份-based薪酬费用— — — — 4.2 — — — — 4.2 
通过基于股份的薪酬计划发行的普通股0.01 — — — — — — — — — 
通过基于股份的薪酬计划回购的普通股— — — — (0.3)— — — — (0.3)
优先股股息— — — — — — (6.8)— — (6.8)
其他— — — — — — 0.1 — — 0.1 
截至2024年9月30日的余额42.81 $0.4 0.4 $— $1,883.6 $(19.3)$1,040.6 $65.9 $164.2 $3,135.4 

9
目录

 普通股优先股追加实收资本累积其他综合损失非控股权益
 股份
未偿还的		金额股份
未偿还的		金额库存股留存收益
财报		总计
股权
截至2022年12月31日的余额42.56 $0.4 0.4 $— $1,850.2 $(19.3)$902.2 $(58.0)$8.8 $2,684.3 
净(损失)收入 — — — — — — (15.0)— 0.7 (14.3)
其他综合收益— — — — — — — 4.1 — 4.1 
普通股发行，扣除股份发行成本0.11 — — — 11.7 — — — — 11.7 
股份-based薪酬费用— — — — 4.0 — — — — 4.0 
通过股份支付计划发放的普通股0.08 — — — 0.1 — — — — 0.1 
通过股份支付计划回购的普通股 (0.02)— — — (2.6)— — — — (2.6)
优先股股息— — — — (6.9)— — (6.9)
购买非控制性权益— — — — — — — — 26.5 26.5 
其他— — — — — — (0.2)— 0.2 — 
截至2023年3月31日的余额42.73 $0.4 0.4 $— $1,863.4 $(19.3)$880.1 $(53.9)$36.2 $2,706.9 
净利润 — — — — — — 9.1 — 3.0 12.1 
其他综合损失— — — — — — — (1.5)(0.6)(2.1)
股份-based薪酬费用— — — — 2.6 — — — — 2.6 
从股票基础补偿计划中发行的普通股— — — — 0.1 — — — — 0.1 
从股票基础补偿计划中回购的普通股— — — — (0.1)— — — — (0.1)
优先股股息— — — — — — (6.8)— — (6.8)
向非控股权益进行股息分配— — — — — — — — (8.4)(8.4)
购买非控制性权益— — — — — — — — 102.8 102.8 
其他— — — — — — 0.1 — — 0.1 
截至2023年6月30日的余额42.73 $0.4 0.4 $— $1,866.0 $(19.3)$882.5 $(55.4)$133.0 $2,807.2 
10
目录

净利润 — — — — — — 3.4 — 2.3 5.7 
其他综合（损失）收益— — — — — — — (47.9)0.1 (47.8)
股份-based薪酬费用— — — — 2.6 — — — — 2.6 
基于股份的奖励计划发行的普通股0.02 — — — 0.7 — — — — 0.7 
基于股份的奖励计划回购的普通股— — — — (0.3)— — — — (0.3)
优先股股息— — — — — — (6.8)— — (6.8)
对非控股权益的分红分配— — — — — — — — (3.8)(3.8)
截至2023年9月30日的余额42.75 $0.4 0.4 $— $1,869.0 $(19.3)$879.1 $(103.3)$131.6 $2,757.5 

请参阅这些未经审计的简明合并基本报表的附注。
11
目录
查特工业公司及其子公司
未经审计的简要合并基本报表附注 – 2024年9月30日
(以百万计的美元和股份，除每股金额外)

注意事项 1 — 准备基础
查特工业公司及其合并子公司的未经审核的简明合并基本报表（以下简称“公司”、“查特”、“我们”、“我们”或“我们的”）已按照美国公认会计原则（“GAAP”）针对中期财务信息的要求，以及10-Q表格说明和S-X条例第10条的要求编制。因此，它们不包括美国GAAP对年度基本报表要求的所有信息和脚注。这些基本报表应与我们截至2023年12月31日的10-K表格年度报告中包含的经过审计的基本报表及相关注释一起阅读。管理层认为，所有被认为对公正呈现必要的调整（包括正常经常性应计）均已包含。截止2024年9月30日的九个月的经营结果不一定预示2024年12月31日结束年度的结果。
2023年3月17日，我们完成了对Howden（“Howden”）的收购，Howden是全球领先的关键任务空气和燃料币处理产品和服务提供商，收购方为KPS资本合伙企业的关联公司。持续经营的结果包括自收购之日起Howden的业绩，排除了我们整个持有期间（2023年3月17日至2023年8月18日）Roots™（“Roots”）业务的财务结果。 Roots的业绩被列示为停业经营。 在简明合并的运营和综合收益（损失）报表中 并已从持续经营和各个部门业绩中排除。 截至三个和九个月结束 2023年9月30日请参阅第2条，“停业经营和其他被出售业务”，以获取有关Roots剥离的更多信息，以及2023年Cofimco和美国风扇的剥离情况，并请参阅第13条，“业务合并”， 以获取有关Howden（“Howden收购”）收购的更多信息。
经营性质我们是一家独立的全球领先企业，专注于为清洁电力、清洁水、清洁食品和清洁工业设计、工程和制造气体和液体分子处理的工艺技术和设备，无论分子类型如何。我们独特的产品组合包括静态和旋转设备，广泛应用于液体天然气供应链的各个阶段，包括前期工程、服务和维修。作为清洁能源转型的前沿企业，Chart是液化天然气、氢气、生物气体、碳捕集和水处理等相关技术、设备和服务的领先提供商。我们致力于在环保母基、社会和企业治理（ESG）问题上追求卓越，无论是对我们公司还是对我们的客户。 64 在全球范围内的制造地点和超过 50 从美国到亚洲、印度和欧洲的服务中心，我们保持对团队成员、供应商、客户和社区的责任和透明度。
合并原则： 未经审计的简明合并基本报表包括查特工业公司及其子公司的账户。在合并中，内部交易和账户被消除。
估算的使用： 根据美国通用会计准则编制基本报表需要管理层做出估计和假设，这些估计和假设会影响资产和负债的报告金额以及在基本报表日期的或有资产和负债的披露。这些估计还可能影响报告期间收入和费用的报告金额。实际结果可能会因为多种因素而与这些估计和假设有所不同，包括当前的宏观经济状况，如通货膨胀和供应链中断，以及我们在10-K表格中的年度报告中列出的风险。
重新分类: 在截至2023年9月30日的九个月期间，某些金额已在压缩合并现金流量表中重新分类。 以符合当前期间的报表呈现。
最近发布的会计准则（尚未采用）： 在2023年12月，财务会计准则委员会（“FASB”）发布了会计准则更新（“ASU”）2023-09，"所得税（主题740）：所得税披露的改善。" 此次更新中的修订增强了所得税披露的透明度和决策有用性。该更新通过要求实体在税率调节中披露特定类别，并为符合量化标准的调节项目提供额外信息，来增强税率调节。更新还要求实体每年披露有关已支付所得税的增强信息、继续经营的税前收入（或收益）按国内和国外进行分解，以及继续经营的所得税费用（或收益）按联邦（国家）、州和外国进行分解。此次更新中的修订自2024年12月15日之后开始的财政年度生效。对尚未发布或提供发布的年度基本报表允许提前采用。我们目前正在评估此ASU对我们披露的影响。
12
目录
查特工业公司及其子公司
未经审计的简要合并基本报表附注 – 2024年9月30日
(金额和股份以百万计，除每股金额外) – 续





在2023年11月，FASB发布了ASU 2023-07，“分部报告（主题280）：可报告分部披露的改进”。本次更新中的修订通过增强关于重要分部费用的披露，提高了可报告分部的披露要求。除此之外，该更新还要求实体披露定期提供给首席运营决策者（“CODM”）的重大分部费用，并纳入每个报告的分部利润或亏损的计算中。该更新还要求实体披露其他分部项目，在中期期间提供当前该主题要求的关于可报告分部利润和亏损及资产的所有年度披露，披露我们的CODM的职务和职位，以及说明CODM如何利用报告的分部利润或亏损指标来评估分部绩效和决定如何分配资源。本次更新中的修订自2023年12月15日之后开始的财政年度生效，并在2024年12月15日之后开始的财政年度中期生效。我们预计该ASU将导致分部财务信息的披露扩大，但对我们的财务状况和运营结果没有影响。
最近采用的会计标准： 在2022年6月，FASB发布了ASU 2022-03， "公允价值计量（主题820）：受合同销售限制的股权证券的公允价值计量。" 本次更新中的修订澄清了股权证券的销售合同限制不被视为证券的计量单元，因此在公允价值计量中不予考虑。修订还澄清了实体不能确认和计量合同销售限制，并增加了针对受合同销售限制的股权证券的额外披露。我们于2024年1月1日生效采纳了这一指导。采纳这一指导对我们的财务状况、经营成果和披露没有影响。
注 2 — 已终止的业务和其他出售的业务
Roots™ 剥离
2023年6月11日，我们签署了明确协议，将作为豪登收购一部分而收购的Roots业务出售给英格索兰公司（纽约证券交易所：IR）("买方")，基础购买价格为$300.0，并视常规调整而定。 交易于2023年8月18日完成，收益总额为$291.9 在完成常规预计关闭营运资金调整之前，已完成。购买价格需根据$2.5的最终净营运资金调整进行结算，预计在2024年第一季度完成。
我们之前确定我们的Roots业务符合终止运营的条件，因此，Roots业务的财务结果在我们未经审计的简明合并运营和综合收益（损失）报表中反映为终止运营，涵盖了我们在2023年3月17日至2023年8月18日之间的整个持有期间。
13
目录
查特工业公司及其子公司
未经审计的简要合并基本报表附注 – 2024年9月30日
(金额和股份以百万计，除每股金额外) – 续





终止运营的财务信息汇总
下表表示已终止运营的净收入（亏损），扣除税费：
截至9月30日的三个月截至9月30日的九个月
2024202320242023
销售$— $17.5 $— $58.8 
销售成本— 15.4 — 41.4 
毛利润— 2.1 — 17.4 
销售、一般和管理费用0.5 2.1 1.0 6.9 
营业（亏损）收入(0.5)— (1.0)10.5 
其他费用：
其他费用，净额— 3.0 — 9.0 
(亏损) 收入所得税之前的收入(0.5)(3.0)(1.0)1.5 
所得税（收益）费用(0.1)0.5 (0.2)1.6 
处置业务前的损失(0.4)(3.5)(0.8)(0.1)
业务出售损失，扣除$0.0, $7.5, $0.5 和 $7.5 的税款 (1) (2)
— 2.5 2.0 2.5 
终止经营损失，扣税后$(0.4)$(6.0)$(2.8)$(2.6)
___________
(1)Roots 业务的出售损失是 $0.0 和 $2.5 在税前 截至三个和九个月结束 截至2024年9月30日.
(2)Roots业务的销售收益为 $5.0 在税前对于 截至三个和九个月结束 2023年9月30日.
其他业务出售
在2023年10月26日，我们签署并完成了将我们的美国粉丝业务出售给Arcline投资管理有限公司的交易，净收益总计$109.7 经过正常的交易结算营运资本调整，现已完成。
在2023年10月31日，我们完成了将Cofimco风扇业务（“Cofimco”）出售给PX3 Partners，净收益总额为$67.4 在完成常规的交割营运资本调整后，这些调整已经完成。
注释 3 — 报告的细分市场
我们通过One Chart全球货币商业、工程、产品、运营和售后组织进入市场。此外，我们的工程解决方案应用于分子价值链的各个环节，从生产到分发，从储存到消费。我们拥有 四个 可报告的部门在全球范围内运营，在我们的运营部门中分别是：低温罐解决方案、热交换系统、特色产品以及维修、服务和租赁。我们的低温罐解决方案部门主要在美国、欧洲和亚洲开展业务，覆盖全球大多数地理区域，提供用于工业气体和某些碳氢化合物的储存、分发、气化和应用的散装、小型散装和移动设备。我们的热交换系统部门主要在美国和欧洲运营，同样服务于全球大多数地理区域，提供用于碳氢化合物、液化天然气（LNG）和工业气体的回收、分离、液化和净化等应用的关键任务工程设备和系统。我们的特色产品部门为特定终端市场应用提供产品，包括用于氢气和氦气的工程液化、储存和压缩设备，为公路车辆提供液化天然气、提供生物燃料、碳捕获、食品和饮料、航空航天、核能、海洋、采矿、激光和水处理等终端市场。我们的维修、服务和租赁部门提供Chart的固定（液化、加油站等其他产品）和旋转设备（压缩机、风扇等其他产品）的安装、改装与翻新、服务和维修、预防性和合同维护，以及数字解决方案，并提供定向设备租赁解决方案。
14
目录
查特工业公司及其子公司
未经审计的简要合并基本报表附注 – 2024年9月30日
(金额和股份以百万计，除每股金额外) – 续





企业包括高层管理、会计、税务、财务、企业发展、人力资源、信息科技（“IT”）、投资者关系、法律、内部审计、风险管理和基于股份的补偿费用的营业费用。企业支持职能不分配到各个部门。
我们根据合并的业务运营和综合损益表所确定的营业收入来评估绩效并分配资源。
细分财务信息
 截至2024年9月30日的三个月
 冷冻罐解决方案热传递系统特种产品维修、服务与租赁部门间消除企业合并
销售$162.5 $256.2 $283.3 $360.5 $— $— $1,062.5 
折旧和摊销费用5.7 8.9 7.0 43.5 — 3.0 68.1 
营业收入（亏损）23.5 61.3 41.9 102.0 — (50.2)178.5 
截至2023年9月30日的三个月
冷冻罐解决方案热传递系统特种产品维修、服务与租赁部门间消除企业合并
销售$159.0 $232.5 $240.0 $271.3 $(4.9)$— $897.9 
折旧和摊销费用7.8 7.4 5.7 45.1 — 1.0 67.0 
营业收入（亏损）17.1 43.4 33.7 42.3 — (32.1)104.4 
截至2024年9月的九个月
低温罐解决方案热传递系统特种产品维修、服务与租赁部门间消除企业合并
销售$487.7 $746.5 $797.4 $1,022.0 $(0.1)$— $3,053.5 
折旧和摊销费用16.5 27.2 20.9 129.4 — 6.0 200.0 
营业收入（亏损）53.5 157.6 122.0 265.1 — (139.0)459.2 
截至2023年9月30日的九个月
冷冻罐解决方案热传递系统特种产品维修、服务与租赁部门间消除企业合并
销售$435.2 $636.0 $602.9 $688.5 $(25.1)$— $2,337.5 
折旧和摊销费用17.2 24.6 17.9 100.8 — 2.7 163.2 
营业收入（亏损）31.9 120.5 84.6 121.0 — (123.3)234.7 

15
目录
查特工业公司及其子公司
未经审计的简要合并基本报表附注 – 2024年9月30日
(金额和股份以百万计，除每股金额外) – 续





按地区销售
净 按销售目的地报告按地区划分的销售额。
截至2024年9月30日的三个月
冷冻罐解决方案热传递系统特种产品维修、服务与租赁部门间消除合并
北美$71.4 $140.4 $111.3 $142.7 $— $465.8 
欧洲、中东、非洲和印度48.7 53.6 84.4 139.2 — 325.9 
亚洲-太平洋地区40.3 59.8 84.4 58.4 — 242.9 
世界其他地区2.1 2.4 3.2 20.2 — 27.9 
总计$162.5 $256.2 $283.3 $360.5 $— $1,062.5 
截至2023年9月30日的三个月
冷冻罐解决方案热传递系统特种产品维修、服务与租赁部门间消除合并
北美$71.3 $150.6 $84.2 $78.5 $(2.0)$382.6 
欧洲、中东、非洲和印度52.7 31.0 68.0 130.2 (1.7)280.2 
亚洲-太平洋地区33.5 46.7 83.2 52.5 (1.1)214.8 
世界其他地区1.5 4.2 4.6 10.1 (0.1)20.3 
总计$159.0 $232.5 $240.0 $271.3 $(4.9)$897.9 
截至2024年9月的九个月
冷冻罐解决方案热传递系统特种产品维修、服务与租赁部门间消除合并
北美$225.7 $422.8 $313.2 $410.2 $— $1,371.9 
欧洲、中东、非洲和印度152.7 137.5 227.5 399.4 — 917.1 
亚洲-太平洋地区98.4 168.0 244.1 164.4 (0.1)674.8 
世界其他地区10.9 18.2 12.6 48.0 — 89.7 
总计$487.7 $746.5 $797.4 $1,022.0 $(0.1)$3,053.5 
截至2023年9月30日的九个月
冷冻罐解决方案热传递系统特种产品维修、服务与租赁部门间消除合并
北美$198.5 $432.9 $238.1 $224.9 $(11.2)$1,083.2 
欧洲、中东、非洲和印度148.7 76.8 170.2 305.0 (8.7)692.0 
亚洲-太平洋地区84.1 111.7 183.3 133.8 (4.8)508.1 
世界其他地区3.9 14.6 11.3 24.8 (0.4)54.2 
总计$435.2 $636.0 $602.9 $688.5 $(25.1)$2,337.5 
16
目录
查特工业公司及其子公司
未经审计的简要合并基本报表附注 – 2024年9月30日
(金额和股份以百万计，除每股金额外) – 续





总资产
企业资产主要包括现金及现金等价物、长期递延所得税以及某些特定的企业物业、厂房和设备（净额）及某些投资。我们对报告分部的物业、厂房和设备的分配方法与报告分部的折旧费用分配方法不同，因此，折旧费用与报告分部的相关可折旧资产并不完全一致。此外，由于有限使用寿命的无形资产在报告分部的总资产中被排除，而摊销费用分配给我们的每个报告分部，因此各分部的摊销费用本质上与报告分部相关的可摊销无形资产并不一致。
九月三十日
2024		12月31日
2023
冷冻罐解决方案$668.9 $706.1 
热传递系统642.7 560.7 
特种产品915.5 647.8 
维修、服务与租赁936.8 950.1 
可报告部门的总资产3,163.9 2,864.7 
商誉2,987.7 2,906.8 
可识别的无形资产净值2,660.4 2,791.9 
企业686.4 539.0 
总计$9,498.4 $9,102.4 

17
目录
查特工业公司及其子公司
未经审计的简要合并基本报表附注 – 2024年9月30日
(金额和股份以百万计，除每股金额外) – 续





注意 4 — 营业收入
营业收入的分解
以下表格展示了按收入的时间划分的营业收入以及每个类别的可报告部门：
截至2024年9月30日的三个月
冷冻罐解决方案热传递系统特种产品维修、服务与租赁部门间消除合并
在某一时刻$83.6 $5.5 $54.9 $209.7 $— $353.7 
随着时间推移78.9 250.7 228.4 150.8 — 708.8 
总计$162.5 $256.2 $283.3 $360.5 $— $1,062.5 
截至2023年9月30日的三个月
冷冻罐解决方案热传递系统特种产品维修、服务与租赁部门间消除合并
在某一时刻$108.3 $16.5 $62.1 $152.6 $(2.5)$337.0 
随着时间推移50.7 216.0 177.9 118.7 (2.4)560.9 
总计$159.0 $232.5 $240.0 $271.3 $(4.9)$897.9 
截至2024年9月的九个月
冷冻罐解决方案热传递系统特种产品维修、服务与租赁部门间消除合并
在某一时刻$285.2 $26.9 $202.4 $613.5 $— $1,128.0 
随着时间推移202.5 719.6 595.0 408.5 (0.1)1,925.5 
总计$487.7 $746.5 $797.4 $1,022.0 $(0.1)$3,053.5 
截至2023年9月30日的九个月
冷冻罐解决方案热传递系统特种产品维修、服务与租赁部门间消除合并
在某一时刻$295.1 $48.5 $123.6 $408.7 $(15.2)$860.7 
随着时间推移140.1 587.5 479.3 279.8 (9.9)1,476.8 
总计$435.2 $636.0 $602.9 $688.5 $(25.1)$2,337.5 
请参阅注释3，“可报告的部门”，以获取按地理分划的可报告部门的营业收入表。
合同余额
以下表格列出了我们的合同资产和合同负债余额：
2024年9月30日2023年12月31日
合同资产
应收账款，扣除备抵$805.6 $758.9 
合同未开票收入680.2 481.7 
合同负债
客户预付款及超额账单$366.0 $376.6 
18
目录
查特工业公司及其子公司
未经审计的简要合并基本报表附注 – 2024年9月30日
(金额和股份以百万计，除每股金额外) – 续





截至2024年和2023年9月30日的三个月内确认的营业收入，在年初合约负债余额中计入的金额为$65.0 和 $17.3截至2024年和2023年9月30日的九个月内确认的营业收入，在每年年初合约负债余额中计入的金额为$284.9 和 $162.7在 以及2023年并不重大。 来自 由于对与长期合约相关的变量对价的估计变化而满足或部分满足的履约义务，确认的金额并不显著。
剩余履行义务
剩余履约义务代表客户已签署的采购订单或其他书面合同承诺的交易价格，这些订单尚未执行或部分完成，并且不包括未行使的合同期权和潜在订单。截至2024年9月30日，预计未来与剩余履约义务相关的营业收入为 $4,535.3。我们预计在接下来的大约 61% 个月内确认剩余履约义务的营业收入 12 ，其余将在接下来的几年内确认。
注释 5 — 存货
下表总结了库存的元件：
九月三十日
2024		12月31日
2023
原材料和供应品$287.3 $274.8 
在制品125.5 155.4 
成品126.6 146.1 
净总库存$539.4 $576.3 
截至2024年9月30日和2023年12月31日，过剩和过时库存的减值准备余额为$9.0 和 $9.9，分别为。
注意 6 — 租赁
承租人会计
我们租赁某些办公室、仓库、设施、车辆和设备。我们的租赁合同的到期日期范围从2024年10月 至 2092年9月。初始期限为十二个月或更短的租赁合同未记录在资产负债表上。经营租赁使用权（“ROU”）资产在简明合并资产负债表中分类为不动产、厂房和设备，净额，融资租赁ROU资产在简明合并资产负债表中分类为其他资产。经营租赁负债的分类为经营租赁负债，流动和经营租赁负债，非流动。融资租赁负债在简明合并资产负债表中分类为其他流动负债和其他长期负债。
我们产生了 $6.8 和 $13.8 在截至2024年和2023年9月30日的三个月内，按经营租赁产生的租赁费用为$19.2 和 $23.6 在截至2024年和2023年9月30日的九个月内，费用为$某些经营租赁包含租金递增条款和租赁优惠，这要求在租期的后期支付额外的租金。 这些类型租赁的租金费用是在最低租赁期限内按直线法确认的。该费用主要由建筑和设备租赁的基本租金支付构成。与短期租赁成本、税费和租赁物业的可变服务费用相关的支付都不重要。此外，我们有权（但没有义务）续租某些租赁，续租的期限各不相同。
19
目录
查特工业公司及其子公司
未经审计的简要合并基本报表附注 – 2024年9月30日
(金额和股份以百万计，除每股金额外) – 续





下表展示了我们合并资产负债表中的租赁余额、加权平均剩余租赁期限和与我们租赁相关的加权平均折现率：
租赁资产和负债2024年9月30日2023年12月31日
资产
经营租赁净额$81.2 $69.1 
融资租赁净额16.0 16.1 
租赁资产总额$97.2 $85.2 
负债
当前：
经营租赁负债$20.4 $18.5 
融资租赁负债2.3 3.0 
非流动负债：
经营租赁负债61.7 50.7 
融资租赁负债14.2 14.2 
租赁负债总额$98.6 $86.4 
加权平均剩余租赁期限
经营租赁6.3 年5.1 年
融资租赁7.7 年7.9 年
加权平均折现率
经营租赁7.1%6.6%
融资租赁6.9%6.7%
截至2024年9月30日的九个月内，以新融资和经营租赁负债获得的租赁资产为$0.1 和 $20.1，分别为。
以下表格总结了截至2024年9月30日不可取消的经营租赁和融资租赁的未来最低租赁付款。
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 
此后 (1)
10.3 30.8 
未来最低租赁付款总额$21.9 $102.9 
减：现值折扣(5.4)(20.8)
租赁负债$16.5 $82.1 
_______________
(1) 截至2024年9月30日，2028年后不可撤销经营租赁的未来最低租赁付款涉及 四十二 租赁设施。
20
目录
查特工业公司及其子公司
未经审计的简要合并基本报表附注 – 2024年9月30日
(金额和股份以百万计，除每股金额外) – 续





出租人会计
我们租赁由Chart制造的设备作为销售型和经营租赁。截至2024年9月30日和2023年12月31日，我们在销售型租赁中的开空净投资为$28.2 和 $21.4，并包含在我们简明合并资产负债表中的其他流动资产中。我们的开多净投资在销售型租赁中的金额为$80.6 和 $62.1 截至2024年9月30日和2023年12月31日，分别包含在我们简明合并资产负债表中的其他资产中。
Chart提供的经营租赁可能包括提前终止期权。 在租赁结束时，承租人通常可以选择延长租约、以固定价格购买相关设备或将其归还给Chart。 租赁协议明确规定适用的归还控件和不合规的补救措施，以确保租赁设备在归还时处于良好的操作状态。
下表表示销售类型和经营租赁的销售情况：
截至9月30日的三个月截至9月30日的九个月
2024202320242023
销售型租赁$11.5 $6.0 $36.9 $25.2 
经营租赁1.7 1.9 4.8 4.2 
租赁总销售额$13.2 $7.9 $41.7 $29.4 
下表代表截至2024年9月30日的销售类型租赁的计划付款：
2024$6.9 
202528.6 
202626.5 
202720.3 
202817.3 
之后56.0 
总计155.6 
减：未赚取的收入46.8 
总计$108.8 
下表代表租赁给他人的设备成本：
2024年9月30日2023年12月31日
租赁给他人的设备，成本$4.7 $20.6 
减：累计折旧1.3 4.4 
租赁给他人的设备，净值$3.4 $16.2 

21
目录
查特工业公司及其子公司
未经审计的简要合并基本报表附注 – 2024年9月30日
(金额和股份以百万计，除每股金额外) – 续





注意 7 — 商誉和无形资产
商誉
下面表格显示了按部门划分的商誉变化：
冷冻罐解决方案热传递系统特种产品维修、服务与租赁合并
截至2023年12月31日的余额$219.3 $480.4 $567.9 $1,639.2 $2,906.8 
购买会计调整 (1)
2.6 1.3 10.9 27.8 42.6 
外币转换调整和其他0.7 (0.5)0.6 37.5 38.3 
截至2024年9月30日的余额$222.6 $481.2 $579.4 $1,704.5 $2,987.7 
截至2023年12月31日的累计商誉减值损失
$23.5 $49.3 $35.8 $20.4 $129.0 
截至2024年9月30日的累计商誉减值损失
$23.5 $49.3 $35.8 $20.4 $129.0 
_______________
(1)与霍登收购相关的购买会计调整是在2024年第一季度记录的。见 第13条，“业务合并”以获取更多信息。
无形资产
下表显示了有限寿命无形资产和无限寿命无形资产（不包括商誉）的总账面金额和累计摊销。 (1):
 2024年9月30日2023年12月31日
 预计使用寿命总计
账面
金额		累计
摊销		总计
账面
金额		累计
摊销
有限寿命无形资产：
客户关系
4 至 18 年
$1,847.6 $(267.1)$1,836.4 $(185.2)
科技
5 至 18 年
493.2 (104.6)496.7 (78.8)
专利、积压和其他
2 至 10 年
140.3 (69.6)138.6 (35.6)
商标和商号
5 至 23 年
3.3 (1.9)3.3 (1.9)
土地使用权50 年10.3 (2.1)10.2 (1.9)
总有限使用寿命无形资产2,494.7 (445.3)2,485.2 (303.4)
无期限无形资产:
商标和商号 (2)
611.0 — 610.1 — 
总无形资产$3,105.7 $(445.3)$3,095.3 $(303.4)
_______________
(1)金额包括外币转换的影响。完全摊销或减值的金额将被注销。
(2)累计无限期无形资产减值损失为 $16.0 在2024年9月30日和2023年12月31日均为。
无形资产的摊销费用为$48.4 和 $49.0 截止2024年9月30日和2023年9月30日的三个月内，金额为$143.9 和 $115.0 截至2024年和2023年9月30日的九个月。
22
目录
查特工业公司及其子公司
未经审计的简要合并基本报表附注 – 2024年9月30日
(金额和股份以百万计，除每股金额外) – 续





注意 8 — 投资
权益法投资
下表展示了权益法投资的活动情况：
权益法投资
截至2023年12月31日的余额$109.9 
对于未合并子公司的权益损失(2.4)
从权益法投资中收到的红利(1.6)
外币转换调整和其他(2.0)
截至2024年9月30日的余额$103.9 
股票证券投资
下表展示了对股票证券投资的活动：
对股票证券的投资，
一级
对股票证券的投资，
二级
对股票证券的投资，所有板块 (1)
投资总额
截至2023年12月31日的余额$4.8 $6.1 $80.3 $91.2 
新投资— — 13.1 13.1 
(减少) 投资于股权证券的公允价值增加(1.8)0.9 11.7 10.8 
外币转换调整和其他— — 1.1 1.1 
截至2024年9月30日的余额$3.0 $7.0 $106.2 $116.2 
_______________
(1)由没有可 readily 确定的公允价值的股票证券投资组成。这些投资按照成本减去减值（如有），加上或减去来自同一发行人相同或相似投资的有序交易的可观察价格变动的变化进行计量。
23
目录
查特工业公司及其子公司
未经审计的简要合并基本报表附注 – 2024年9月30日
(金额和股份以百万计，除每股金额外) – 续





共同投资协议
在2021年9月7日（“交割日”），我们与专注于基础设施的股权投资公司I Squared Capital（“ISQ”）签署了共同投资协议（“共同投资协议”），根据该协议，Chart和ISQ已同意以下内容：
•在以下情况下，ISQ有权但无义务要求Chart购买作为ISQ上述投资的一部分所获得的氢科技与能源公司（“HTEC”）的所有（且不低于全部）普通股（“看跌选择权”）：
i.截止日期的第三周年纪念日，
ii.图表日期发生控制权变更（受某些例外情况限制）
iii.在从交割日到交割日后第三周年期间，Chart向其股东（包括现金或其他分红派息，或通过分拆交易）分配的日期，超过$900.0,
iv.我们的杠杆比率超过某些阈值的日期（如果有的话）
v.与Chart相关的破产事件（包括某些与破产相关的行为）的日期（如有）。
•如果ISQ行使其看跌期权，我们将向ISQ支付现金，用于交换ISQ持有的HTEC普通股，以便ISQ实现更高的收益率，即(i)内部收益率为 10(ii) ISQ投资资本的倍数为 1.65x.
•相反，在交割日期后的第三个周年纪念日之后的任何时候，我们都有权从ISQ购买多达 20% 的HTEC普通股，这是ISQ投资的一部分。作为获得普通股的交换，我们将支付ISQ下述更高的金额（i）内部收益率为 12.5% 以及（ii）ISQ所投资资本的倍数 1.65x.
•此外，我们将拥有（i）优先购买权：如果ISQ希望将其HTEC普通股转让给任何第三方，在通知后，我们将有权优先出价，前提是我们可以选择以现金独家购买所提供的权益；以及（ii）优先拒绝权：如果ISQ希望根据与任何第三方的最终协议出售其HTEC普通股，我们将拥有优先拒绝权，但前提是Chart在我们行使该优先拒绝权时向ISQ支付的购买对价必须等于 102%该第三方同意支付的购买对价。
•共同投资协议将在HTEC首次公开发行普通股完成时自动终止。
我们在HTEC的股权法投资为$77.1 和 $82.3 截至2024年9月30日和2023年12月31日，分别为。
看跌和看涨期权的会计处理
我们以公允价值记录看跌和看涨期权（统称“期权”），并在每个报告期内将公允价值的任何变动记录到收益中。 在结算日或2024年9月30日和2023年12月31日，期权的公允价值并不重要。
Hy24（前称Fivet氢基金和清洁H2基础设施基金）
在2021年4月5日，我们被接纳为Hy24（“氢基金）。Hy24是一个由阿尔迪安（一家欧洲投资公司）和Fivet氢气公司（专注于清洁氢气投资的投资管理公司）共同成立的合资企业。迄今为止的投资包括位于瑞典的一座结合了绿色氢气的绿色钢铁制造厂、在欧洲生产的上游e-甲醇和可持续航空燃料，以及在欧洲的绿色氢气生产项目（电解法）。我们迄今为止的总投资为欧元 14.2 百万（相当于$15.9），这使我们的未融资承诺为欧元 35.8 百万（相当于$40.1).
24
目录
查特工业公司及其子公司
未经审计的简要合并基本报表附注 – 2024年9月30日
(金额和股份以百万计，除每股金额外) – 续





注释 9 — 债务和信贷安排
未偿借款概述
下表列出了我们借款的元件：
 九月三十日
2024		12月31日
2023
高级担保和高级无担保债券：
本金金额，高级担保债券到期于2030年$1,460.0 $1,460.0 
本金金额，高级无担保债券到期于2031年510.0 510.0 
未摊销折扣(24.4)(26.9)
未摊销的债务发行成本(29.8)(32.9)
高级担保和高级无担保债券，扣除未摊销的折扣和债务发行成本1,915.8 1,910.2 
高级担保循环信用设施和定期贷款：
到期于2030年3月的定期贷款1,631.0 1,631.0 
到期于 2029年4月
142.3 102.8 
未摊销折扣(32.5)(35.8)
未摊销的债务发行成本(33.4)(32.5)
高级担保循环信用设施和定期贷款，减去未摊销折扣和债务发行成本1,707.4 1,665.5 
到期于2024年11月的可转换债券：
本金金额 258.7 258.7 
未摊销的债务发行成本(0.2)(0.9)
到期于2024年11月的可转债，扣除未摊销的债务发行成本258.5 257.8 
其他债务设施
2.9 1.4 
总债务，扣除未摊销的债务发行成本3,884.6 3,834.9 
减：流动到期 (1)
260.7 258.5 
长期债务$3,623.9 $3,576.4 
_______________
(1)截至2023年10月，我们到期于2024年11月的可转换债券（扣除未摊销的债务发行成本）被包含在所呈现的两个期间的流动到期中。同时，在当前期间的流动到期中还包括$2.2 其他债务融资的。
高级担保和无担保票据
2022年12月22日，我们完成了发行和销售(i) $1,460.0 的总本金金额为 7.500% 担保票据，发行价格为 98.661% 和(ii) $510.0 的总本金金额为 9.500% 不担保票据（与担保票据一起称为“票据”），发行价格为 97.949%。担保票据于2030年1月1日到期，不担保票据于2031年1月1日到期。担保票据和不担保票据的有效利率为 7.8% 9.9%，分别考虑到原始发行折扣和债务发行成本。债券是为了融资Howden收购而发行的。每系列债券的净收益存入一个托管账户，并被分类为限制性现金。
25
目录
查特工业公司及其子公司
未经审计的简要合并基本报表附注 – 2024年9月30日
(金额和股份以百万计，除每股金额外) – 续





高级担保循环信用设施和定期贷款
高级担保循环信贷融资
我们于2024年4月8日签署的第五次修订及重述的信贷协议（“信贷协议”）提供了一项高级担保循环信贷额度（“SSRCF”）。SSRCF的借款能力为$1,250.0 并包括信用证和担保贷款的子限额。截至2024年9月30日， 有 $142.3 在SSRCF下未偿还的借款为 6.4% (6.2% 截至 2023年12月31日) 和 $275.1 在SSRCF支持下的信用证和银行担保的总额为。截止至 2024年9月30日, 我们还剩下未使用的借款能力为 $832.6.
根据SSRCF的部分未偿还借款以欧元(“EUR循环借款”)计价。未偿还的EUR循环借款为欧元 78.0 百万 （相当于 $87.3在 2024年9月30日 和欧元 88.5 百万 （相当于 $97.8在 2023年12月31日.
SSRCF的重大财务约定包括财务维持约定，(i) 要求Chart及其子公司合并净负债与合并EBITDA的比例低于最高净杠杆比率水平，(ii) 要求Chart及其子公司合并EBITDA与合并现金利息支出的比例高于最低利息覆盖比率水平。SSRCF还包括许多其他常见的财务约定。截止到2024年9月30日，我们已遵守所有约定。
定期贷款
在2023年10月2日，Chart将我们的定期贷款剩余的本金总额及应计利息进行再融资，以交换到期于2030年3月的定期贷款，总本金金额为$1,781.0 该贷款将于2030年3月18日到期。2023年12月4日，我们自愿预付了部分于2030年到期的定期贷款，金额为$150.0，这实际上预付了贷款期间所有等额的季度分期付款，截至2024年9月30日，总本金金额为$1,631.0 在2030年3月18日到期。2024年7月2日，我们与我们的信贷协议签订了第7次修订，其中包括降低适用于2030年到期定期贷款的利率差额 75 个基点，从 2.25% 到 1.50%的基准利率贷款，以及从 3.25% 到 2.50%，在担保隔夜融资利率（“SOFR”）贷款的情况下，取消了 0.10% SOFR信用利差调整，关于定期贷款。截止至2024年9月30日，2030年3月到期的定期贷款利率为 7.8% (8.7%截至2023年12月31日）。2030年3月到期的定期贷款的有效利率为 9.1%，已经考虑了原始发行折扣和债务发行成本。
到期于2030年3月的定期贷款的重大财务契约和传统违约事件与SSRCF中的几乎相同。
2024 可转换债券
在2017年11月6日，我们发行了 1.00% 可转换高级次级票据，到期日为2024年11月（“2024年票据”），总本金金额为$258.8，根据该日期所签署的约定（“约定”）及2020年12月31日的第一补充约定。2024年票据的年利率为 1.00 %，每年于5月15日和11月15日支付，首次支付为2018年5月15日，除非提前转换或回购，该票据将于2024年11月15日到期。2024年票据的实际利率为 1.4 %，计算时考虑了债务发行成本。
2024年债券的初始转换率为每$1,000本金金额17.0285股普通股（根据契约规定可进行调整），这相当于约$的初始转换价格。58.725 每股的转换溢价约为 35%43.50 2017年10月31日我们普通股的收盘价为$每股。为了计算每股收益，如果我们普通股的平均市场价格在报告期间超过适用的转换价格，则2024年债券下的有条件发行的股份将对我们的普通股产生稀释效应。124.14 在期末，我们的普通股收盘价为$58.725高于$的转换价格，因此在2024年9月30日，转换后的价值超过了2024年债券的本金金额$288.2 如下面所述，我们进行了可转换债券对冲交易，这预计将在2024年债券转换时减少对我们普通股的潜在稀释。
截至2024年10月1日，并持续到2024年11月15日前的第二个计划交易日结束时，持有人可以选择转换其2024票据。 $258.7 2024票据的面额在2024年11月到期，并已在截至2024年9月30日和2023年12月31日的简明合并资产负债表中被分类为流动负债。 截至本备案之日，尚无重大转换。 我们预计将为
26
目录
查特工业公司及其子公司
未经审计的简要合并基本报表附注 – 2024年9月30日
(金额和股份以百万计，除每股金额外) – 续





利用手头现金和可用的信用融资借款偿还2024年到期的票据。我们预计将支付现金，金额最高可达到$258.7 2024年票据的总本金额，并以Chart普通股的股份结算任何超出部分的转换价值。
与2024年票据相关的可转换票据对冲和认股权证交易
关于2024年票据的定价，我们与某些方，包括2024年票据的初始购买方的相关公司，签订了私下协商的可转换票据对冲交易（“票据对冲交易”），涉及到 4.41 我们普通股的股份，总量代表2024年票据所隐含的我们普通股的股份数量。这些票据对冲交易预计将减少未来任何2024年票据转换时的潜在稀释程度，前提是我们普通股的市场价格每股超过转换价格为$58.725 每股。
我们还与期权对手方签订了单独的私下协商的Warrants交易（以下简称“Warrants交易”），以收购最多 4.41 股我们的普通股。Warrants交易的行权价格最初为$71.775 每股（可能会调整），大约为 65%，高于我们普通股在2017年10月31日的最后报售价。Warrants交易可能会对我们的股东产生稀释效应，前提是我们普通股每股的市场价格根据Warrants交易的条款超过Warrants的适用行权价格。
票据对冲交易和权证交易有效地提高了2024年票据的转换价格。
其他债务设施
在我们开展业务的各个市场，我们拥有当地信贷设施，以满足当地的营运资金需求、资金信用证和银行担保，并支持其他短期现金需求。这些设施通常具有变动利率，并以当地货币计价，但在某些情况下，也可能支持多种货币的借款。截止到2024年9月30日，我们还有额外的能力，等值于美元的$85.2.
我们的某些其他债务融资方式允许我们申请银行担保和信用证。这些融资方式均不允许循环贷款。我们的信用协议之外还有信用证和银行担保，总计美元等值 $160.6 和 $134.3 截至2024年9月30日和2023年12月31日，分别为。
公允价值披露
下表总结了我们活跃报价的债务工具的账面价值和公允价值。 (1):
2024年9月30日2023年12月31日
账面价值公允价值账面价值公允价值
到期日为2030年3月的定期贷款$1,565.1 $1,618.8 $1,562.7 $1,631.0 
到期日为2030年的高级担保债券1,424.2 1,540.5 1,420.2 1,533.0 
2023年到期的高级无担保债券491.6 556.0 490.0 555.9 
2024年11月到期的可转换债券258.5 541.3 257.8 605.4 
_______________
(1)上述债务工具是活跃报价的工具，因此其公允价值是使用一级输入确定的。
我们高级担保循环信贷设施的借款余额的账面价值大致等于公允价值，因为利率是变量，反映市场利率（被归类为公允价值等级2）。
注意 10 — 股东权益
B系列强制可转换优先股
在2022年12月13日，我们完成了一次优先股发行，通过此次发行，Chart发行并出售了 8.050百万存托股份，每股代表Chart的1/20权益 6.75%B系列强制可转换优先股，清算优先权为$1,000.00 每股面值$0.01 每股（“强制可转换优先股”）。发行金额包括 1.050百万存托股份，此次发行是根据对
27
目录
查特工业公司及其子公司
未经审计的简要合并基本报表附注 – 2024年9月30日
(金额和股份以百万计，除每股金额外) – 续





承销商购买额外的存托股份。我们从股份发行中获得了总收益 $402.5 减去 $14.4 的股权发行成本。我们使用这些收益来资助对Howden的收购。
分红。 强制性可转换优先股的股息将累计支付，前提是申报的年利率为 6.75美元清算价值的百分比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日从2023年3月15日开始，截至2025年12月15日（含当日）以现金或普通股的任意组合支付已申报的股息，或在某些限制的前提下，以普通股或现金和普通股的任意组合支付已申报的股息。我们申报并支付了 $6.8 截至2024年9月30日和2023年9月30日的三个月的股息，以及美元20.4 和 $20.5 分别在截至2024年9月30日和2023年9月30日的九个月中。在计算每股收益时，这些股息被视为归属于普通股股东的收益的减少。
强制转换。 除非提前转换，否则每股强制可转换优先股将在强制转换日期自动转换，预计该日期为2025年12月15日，转换为不少于 7.0520 ，且不得超过 8.4620 每股强制可转换优先股对应的普通股份额，具体取决于适用的市场价值，并须遵循某些反稀释调整。因此，每份存托股份的转换比率将不少于 0.3526 ，且不得超过 0.4231 每份存托股份对应的普通股份额。转换比率将基于前20天的普通股成交量加权平均价格确定。
下表说明了强制可转换优先股每股的转换比例，依据普通股的适用市场价值，并根据某些反稀释调整进行调整：
普通股的适用市场价值强制可转换优先股的每股转换率
大于$141.8037 （阈值增值价格）
7.0520 普通股
等于或小于$141.8037 但大于或等于$118.1754
之间 7.0520 和 8.4620 普通股的股份，通过除以$1,000 按适用的市场价值
少于$118.1754 （初始价格）
8.4620 普通股
下表说明了每个存托股份的转换率，基于普通股的适用市场价值，并受某些反稀释调整的影响：
普通股的适用市场价值每个存托股份的转换率
大于$141.8037 （阈值增值价格）
0.3526 普通股
等于或小于$141.8037 但大于或等于$118.1754
之间 0.3526 和 0.4231 普通股的股份，通过将$除以50 适用的市场价值
少于$118.1754 (初始价格)
0.4231 普通股
持有者的可选转换。 除非在根本变更转换期间，否则在2025年12月15日之前的任何时间，强制可转换优先股的持有者可以选择将其所有或部分强制可转换优先股转换为最低转换比率的普通股， 7.0520 每股强制可转换优先股转换为的普通股数（相当于 0.3526 每份存托证券的普通股数），需遵循某些反稀释和其他调整条款。因为每份存托证券代表强制可转换优先股的一/20部分权益，存托证券的持有者只能以 20 份存托证券为单位进行转换。
根本变更转换。 如果在2025年12月15日或之前发生根本变化，强制可转换优先股的持有人有权在根本变化转换利率下，在自该根本变化生效之日起，包括该生效日期，及在下述较早者之前，包括（a）自该生效日期起20个日历日的日期（或在其后，如果持有人收到该根本变化的通知，则为自该生效日期起20个日历日的日期）及（b）2025年12月15日，期间将其全部或部分强制可转换优先股转换为普通股。在该期间内转换强制可转换优先股的持有人还将获得由根本变化股息补偿金额组成的补偿股息金额，以及在可能的情况下，累计股息金额。由于每份存托股票代表一股系列b优先股的1/20份，这意味着在根本变化发生时，存托股票的持有人仅可按多少批次转换其存托股票， 20 存托股票。
28
目录
查特工业公司及其子公司
未经审计的简要合并基本报表附注 – 2024年9月30日
(金额和股份以百万计，除每股金额外) – 续





排名。 强制可转换优先股，在预期分红派息和Chart清算、解散或结束Chart事务时的分配方面，排名或将排名：
•相对于我们的普通股以及在强制可转换优先股初始发行日期之后发行的任何其他类别或系列的资本股票，除非这些资本股票的条款明确规定该资本股票在强制可转换优先股之前或与强制可转换优先股平级。
•与在初始发行日期后发行的任何类或系列资本股票相同，该资本股票的条款明示规定其将与强制可转换优先股平等排名;
•在系列A优先股之后，如果发行的话，以及任何在初始发行日期之后发行的、明确标明优于强制可转换优先股的其他类别或系列的资本股票；
•低于我们现有和未来的债务；以及
•在结构上处于我们子公司的现有和未来债务以及第三方持有的子公司资本股票之下。
投票权。 强制可转换优先股的持有者通常没有投票权。无论是否连续的，强制可转换优先股的股息未被声明和支付超过六个股息期间（包括为避免疑义，从初始发行日期开始，包括该日期，并于2023年3月15日结束，但不包括该日期的股息期间）时，强制可转换优先股的持有者与所有其他相同等级的有投票权优先股的持有者共同投票，可能会在我们的下一次年度或特别股东大会上投票选举两个额外的董事会成员，受到某些限制。如果所有累积的未支付的分红已全额支付，或者已宣布并为该支付准备了足够的资金，则该权利将终止。一旦终止，选举产生的每位优先股董事的任期将终止，董事会成员的数量将自动减少两个，受后续未支付事件恢复该权利的影响。
嵌入式衍生品。 根据ASC 815-15，嵌入式衍生品，没有符合分拆和单独会计标准的重大嵌入式衍生品。
注意 11 — 衍生金融工具
衍生品与对冲
我们利用跨货币掉期和汇率期货外汇保护合约（统称“汇率期货外汇保护合约”）作为我们对某些国际子公司投资的部分净投资对冲，这些子公司以欧元作为其功能货币，以减少汇率变化引起的波动。由于我们收购了霍登，我们还参与了未指定为对冲工具的外币合约（“外币合约”），这些合约旨在减轻与现金管理活动和以其他货币而非适用当地货币计价的客户远期销售协议相关的风险，并在生产设施的货币与销售货币不同的情况下匹配成本和预期收入。
我们的汇率期货合同按公允价值计量，公允价值的变动记录在其他费用净额中。我们将与汇率期货合同相关的现金流归类为我们简明综合现金流量表中的经营活动。我们的衍生合同是与主要金融机构签订的，以降低信用风险和第三方履约风险。我们认为，考虑到对交易对手财务实力的了解，交易对手的信用风险及在交易对手未能履行合同义务时未进行对冲的外汇风险并不重大。我们的衍生合同不是交易所交易工具，其公允价值是基于合同现金流、计入时间流逝的折现率、隐含波动性、当前外汇市场数据和信用风险确定的，这些数据都是基于公共市场中可 readily 获取的输入，并被分类为第2级公允价值等级测量。
29
目录
查特工业公司及其子公司
未经审计的简要合并基本报表附注 – 2024年9月30日
(金额和股份以百万计，除每股金额外) – 续





下表代表我们资产和负债衍生品的公允价值：
2024年9月30日
名义
金额		公允价值
其他流动资产		公允价值
其他资产		公允价值其他
流动负债		公允价值 其他
长期负债
作为净投资对冲的衍生工具
汇率期货保护契约 (1)
$323.7 $— $— $— $8.4 
不作为对冲的衍生工具
外币合约$540.3 $6.1 $0.3 $2.6 $0.1 
2023年12月31日
名义
金额		公允价值
其他流动资产		公允价值
其他资产		公允价值其他
流动负债		公允价值 其他
长期负债
作为净投资对冲的衍生工具
汇率期货保护合约 (1)
$320.8 $— $— $— $6.0 
未指定为对冲的衍生工具
外币合约$393.5 $1.8 $0.1 $2.7 $— 
_________
(1)代表汇率期货掉期和汇率期权。
下表表示指定为对冲关系的衍生金融工具对 累计其他综合（损失）收入的影响 在缩减合并的收益和综合收入（损失）报表中：
截至9月30日的三个月截至9月30日的九个月
被指定为净投资对冲的衍生品2024202320242023
汇率期货上限合同 (1) (2)
$(1.8)$(0.4)$(1.8)$1.1 
_______________
(1)我们指定的衍生工具非常有效。因此，在截至2024年和2023年9月30日的九个月期间，没有因对冲无效而立即在收入中确认的收益或损失。
(2)代表汇率期货掉期和汇率期权。
以下表格展示了未被指定为对冲的衍生工具对净利润的影响：
截至9月30日的三个月截至9月30日的九个月
未指定为对冲的衍生品收入中确认的收益的位置2024202320242023
外币合约其他费用，净额$(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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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





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.
32
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 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.
33
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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 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.
根据我们的2023年12月31日结束的10-K年度报告中的第2条说明，“重要会计政策”，我们根据收购日期的公允价值将收购对价分配到所获得的有形和可识别的无形资产及承担的负债。所获得的有形和可识别的无形资产的公允价值是基于那些对于整体公允价值测量不可观察且重要的输入确定的。公允价值是基于管理层在收购时所做的估计和假设。因此，这些收购被归类为第3级公允价值层级测量和披露。
34
目录
查特工业公司及其子公司
未经审计的简要合并基本报表附注 – 2024年9月30日
(金额和股份以百万计，除每股金额外) – 续





注释 14 — 累计其他综合收益
累计其他综合收益的元件 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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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





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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