Company Quick10K Filing
Quick10K
Chart Industries
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$93.16 32 $2,960
10-Q 2019-06-30 Quarter: 2019-06-30
10-Q 2019-03-31 Quarter: 2019-03-31
10-K 2018-12-31 Annual: 2018-12-31
10-Q 2018-09-30 Quarter: 2018-09-30
10-Q 2018-06-30 Quarter: 2018-06-30
10-Q 2018-03-31 Quarter: 2018-03-31
10-K 2017-12-31 Annual: 2017-12-31
10-Q 2017-09-30 Quarter: 2017-09-30
10-Q 2017-06-30 Quarter: 2017-06-30
10-Q 2017-03-31 Quarter: 2017-03-31
10-K 2016-12-31 Annual: 2016-12-31
10-Q 2016-09-30 Quarter: 2016-09-30
10-Q 2016-06-30 Quarter: 2016-06-30
10-Q 2016-03-31 Quarter: 2016-03-31
10-K 2015-12-31 Annual: 2015-12-31
10-Q 2015-09-30 Quarter: 2015-09-30
10-Q 2015-06-30 Quarter: 2015-06-30
10-Q 2015-03-31 Quarter: 2015-03-31
10-K 2014-12-31 Annual: 2014-12-31
10-Q 2014-09-30 Quarter: 2014-09-30
10-Q 2014-06-30 Quarter: 2014-06-30
10-Q 2014-03-31 Quarter: 2014-03-31
10-K 2013-12-31 Annual: 2013-12-31
8-K 2019-08-02 Regulation FD, Exhibits
8-K 2019-07-26 Regulation FD, Exhibits
8-K 2019-07-18 Earnings, Exhibits
8-K 2019-07-01 M&A, Off-BS Arrangement, Regulation FD, Exhibits
8-K 2019-06-12 Enter Agreement, Regulation FD, Exhibits
8-K 2019-06-10 Exhibits
8-K 2019-06-06 Regulation FD, Exhibits
8-K 2019-05-31 Enter Agreement, Regulation FD, Exhibits
8-K 2019-05-22 Shareholder Vote
8-K 2019-05-13 Regulation FD, Exhibits
8-K 2019-05-08 Enter Agreement, Regulation FD, Exhibits
8-K 2019-04-26 Regulation FD, Exhibits
8-K 2019-04-18 Earnings, Exhibits
8-K 2019-03-22 Regulation FD, Exhibits
8-K 2019-03-19 Regulation FD, Exhibits
8-K 2019-02-22 Regulation FD, Exhibits
8-K 2019-02-14 Earnings, Exhibits
8-K 2019-01-14 Officers, Exhibits
8-K 2018-12-20 Regulation FD, Exhibits
8-K 2018-11-13 Enter Agreement, Regulation FD, Exhibits
8-K 2018-10-26 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2018-10-22 Regulation FD, Exhibits
8-K 2018-10-18 Earnings, Exhibits
8-K 2018-10-02 Regulation FD, Exhibits
8-K 2018-09-28 Enter Agreement, Regulation FD, Exhibits
8-K 2018-09-26 Enter Agreement, Regulation FD, Exhibits
8-K 2018-07-27 Regulation FD, Exhibits
8-K 2018-07-19 Earnings, Exhibits
8-K 2018-06-11 Officers, Regulation FD, Exhibits
8-K 2018-06-07 Regulation FD, Exhibits
8-K 2018-05-25 Shareholder Vote
8-K 2018-04-30 Regulation FD, Exhibits
8-K 2018-04-24 Other Events
8-K 2018-03-05 Regulation FD, Exhibits
8-K 2018-01-02 Regulation FD, Exhibits
NXPI NXP Semiconductors 28,610
TSCO Tractor Supply 12,410
TCO Taubman Centers 3,060
XELA Exela Technologies 507
AROW Arrow Financial 490
SIEB Siebert Financial 289
TTOO T2 Biosystems 116
IMKT Ingles Markets 0
CDXI Cardax 0
NTRI Nutri System 0
GTLS 2019-06-30
Part I. Financial Information
Item 1. Financial Statements
Note 1 - Basis of Preparation
Note 3 - Reportable Segments
Note 4 - Revenue
Note 5 - Inventories
Note 6 - Goodwill and Intangible Assets
Note 7 - Debt and Credit Arrangements
Note 8 - Product Warranties
Note 9 - Business Combinations
Note 10 - Equity and Accumulated Other Comprehensive Loss
Note 11 - Earnings per Share
Note 12 - Income Taxes
Note 13 - Share-Based Compensation
Note 14 - Commitments and Contingencies
Note 15 - Restructuring Activities
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 4. Mine Safety Disclosures
Item 6. Exhibits
EX-31.1 gtls-20190630x10qexx311.htm
EX-31.2 gtls-20190630x10qexx312.htm
EX-32.1 gtls-20190630x10qexx321.htm
EX-32.2 gtls-20190630x10qexx322.htm

Chart Industries Earnings 2019-06-30

GTLS 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Document
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2019

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 For the transition period from              to             

Commission File Number 1-11442
CHART INDUSTRIES, INC.
(Exact name of registrant as specified in its charter)
Delaware
 
34-1712937
 
(State or other jurisdiction of incorporation or organization)
 
(I.R.S. Employer Identification No.)
 
3055 Torrington Drive, Ball Ground, Georgia 30107
(Address of Principal Executive Offices) (ZIP Code)
(770) 721-8800
Registrant's telephone number, including area code
NOT APPLICABLE
(Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report)
Securities registered pursuant to Section 12(b) of the Act:
 
Title of Each Class
 
Trading Symbol (s)
 
Name of Each Exchange on Which Registered
Common Stock, par value $0.01
 
GTLS
 
The NASDAQ Stock Market LLC
 
 
 
 
(Nasdaq Global Select Market)

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports); and (2) has been subject to such filing requirements for the past 90 days.    Yes  x    No  o 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).     Yes  x   No  o 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.




Large accelerated filer
x
Accelerated filer
o
Non-accelerated filer  
o
Smaller reporting company
 
 
Emerging growth company
                
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).     Yes       No  x


At July 15, 2019, there were 35,788,607 outstanding shares of the Company’s Common Stock, par value $0.01 per share.






CHART INDUSTRIES, INC.
INDEX
 
 
 
 
 
 
Page
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


2

Table of Contents


PART I. FINANCIAL INFORMATION

Item 1.
Financial Statements
CHART INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(Dollars in millions, except per share amounts)
 
June 30,
2019
 
December 31,
2018
ASSETS
 
 
 
Current Assets
 
 
 
Cash and cash equivalents
$
148.5

 
$
118.1

Accounts receivable, less allowances of $10.3 and $8.5, respectively
204.4

 
194.8

Inventories, net
228.8

 
233.1

Unbilled contract revenue
70.6

 
54.5

Prepaid expenses
15.9

 
14.0

Other current assets
42.5

 
47.2

Total Current Assets
710.7

 
661.7

Property, plant, and equipment, net
380.9

 
361.1

Goodwill
542.6

 
520.7

Identifiable intangible assets, net
316.4

 
330.4

Other assets
33.3

 
23.8

TOTAL ASSETS
$
1,983.9

 
$
1,897.7

 
 
 
 
LIABILITIES AND EQUITY
 
 
 
Current Liabilities
 
 
 
Accounts payable
$
114.0

 
$
125.5

Customer advances and billings in excess of contract revenue
128.3

 
130.0

Accrued salaries, wages, and benefits
35.7

 
46.6

Current portion of warranty reserve
9.6

 
8.6

Short-term debt and current portion of long-term debt
4.5

 
11.2

Other current liabilities
62.8

 
44.7

Total Current Liabilities
354.9

 
366.6

Long-term debt
304.7

 
533.2

Long-term deferred tax liabilities
73.0

 
76.4

Accrued pension liabilities
11.3

 
11.7

Other long-term liabilities
41.3

 
20.8

Total Liabilities
785.2

 
1,008.7

 
 
 
 
Equity
 
 
 
Common stock, par value $0.01 per share – 150,000,000 shares authorized, 35,782,535 and 31,363,650 shares issued and outstanding at June 30, 2019 and December 31, 2018, respectively
0.4

 
0.3

Additional paid-in capital
757.2

 
460.2

Retained earnings
469.2

 
453.9

Accumulated other comprehensive loss
(32.9
)
 
(29.9
)
Total Chart Industries, Inc. Shareholders’ Equity
1,193.9

 
884.5

Noncontrolling interests
4.8

 
4.5

Total Equity
1,198.7

 
889.0

TOTAL LIABILITIES AND EQUITY
$
1,983.9

 
$
1,897.7


See accompanying notes to these unaudited condensed consolidated financial statements.

3

Table of Contents


CHART INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (LOSS)
(UNAUDITED)
(Dollars and shares in millions, except per share amounts)
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2019
 
2018
 
2019
 
2018
Sales
$
309.6

 
$
277.9

 
$
598.9

 
$
522.0

Cost of sales
226.8

 
205.1

 
449.0

 
382.3

Gross profit
82.8

 
72.8

 
149.9

 
139.7

Selling, general, and administrative expenses
50.2

 
48.1

 
105.5

 
94.7

Amortization expense
7.3

 
5.2

 
14.5

 
10.7

Operating expenses
57.5

 
53.3

 
120.0

 
105.4

Operating income
25.3

 
19.5

 
29.9

 
34.3

Other expenses:
 
 
 
 
 
 
 
Interest expense, net
5.4

 
6.2

 
10.7

 
12.6

Financing costs amortization
0.6

 
0.4

 
1.0

 
0.7

Foreign currency (gain) loss and other
(0.2
)
 
(1.7
)
 
(0.3
)
 
0.1

Other expenses, net
5.8

 
4.9

 
11.4

 
13.4

Income from continuing operations before income taxes
19.5

 
14.6

 
18.5

 
20.9

Income tax expense
4.9

 
3.9

 
2.9

 
5.5

Net income from continuing operations
14.6

 
10.7

 
15.6

 
15.4

Income from discontinued operations, net of taxes

 
2.4

 

 
4.0

Net income
14.6

 
13.1

 
15.6

 
19.4

Less: Income attributable to noncontrolling interests of continuing operations, net of taxes
0.2

 
0.8

 
0.3

 
1.3

Net income attributable to Chart Industries, Inc.
$
14.4

 
$
12.3

 
$
15.3

 
$
18.1


 
 
 
 
 
 
 
Income from continuing operations
$
14.4

 
$
9.9

 
$
15.3

 
$
14.1

Income from discontinued operations, net of taxes

 
2.4

 

 
4.0

Net income attributable to Chart Industries, Inc.
$
14.4

 
$
12.3

 
$
15.3

 
$
18.1

Basic earnings per common share attributable to Chart Industries, Inc.
 
 
 
 
 
 
 
Income from continuing operations
$
0.44

 
$
0.32

 
$
0.48

 
$
0.46

Income from discontinued operations

 
0.08

 

 
0.13

Net income attributable to Chart Industries, Inc.
$
0.44

 
$
0.40

 
$
0.48

 
$
0.59

Diluted earnings per common share attributable to Chart Industries, Inc.
 
 
 
 
 
 
 
Income from continuing operations
$
0.41

 
$
0.31

 
$
0.45

 
$
0.44

Income from discontinued operations

 
0.07

 

 
0.13

Net income attributable to Chart Industries, Inc.
$
0.41

 
$
0.38

 
$
0.45

 
$
0.57

Weighted-average number of common shares outstanding:
 
 
 
 
 
 
 
Basic
32.47

 
30.95

 
32.02

 
30.93

Diluted
34.72

 
32.08

 
34.25

 
31.74

 
 
 
 
 
 
 
 
Comprehensive income (loss), net of taxes
$
16.2

 
$
(8.9
)
 
$
12.6

 
$
9.9

Less: Comprehensive income attributable to noncontrolling interests, net of taxes
0.2

 
0.2

 
0.3

 
0.8

Comprehensive income (loss) attributable to Chart Industries, Inc., net of taxes
$
16.0

 
$
(9.1
)
 
$
12.3

 
$
9.1


See accompanying notes to these unaudited condensed consolidated financial statements.

4

Table of Contents


CHART INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(Dollars in millions)
 
Six Months Ended June 30,
 
2019
 
2018
OPERATING ACTIVITIES
 
 
 
Net income
$
15.6

 
$
19.4

Less: Income from discontinued operations

 
4.0

Income from continuing operations
15.6

 
15.4

Adjustments to reconcile net income to net cash (used in) provided by operating activities:
 
 
 
Depreciation and amortization
32.0

 
24.8

Interest accretion of convertible notes discount
3.7

 
5.0

Employee share-based compensation expense
4.3

 
3.0

Other operating activities
5.9

 
(0.1
)
Changes in assets and liabilities, net of acquisitions:
 
 
 
Accounts receivable
(11.1
)
 
21.8

Inventories
(3.6
)
 
(29.6
)
Unbilled contract revenues and other assets
(22.0
)
 
(0.5
)
Accounts payable and other liabilities
(20.7
)
 
(6.6
)
Customer advances and billings in excess of contract revenue
(4.5
)
 
9.4

Net Cash (Used In) Provided By Operating Activities
(0.4
)
 
42.6

INVESTING ACTIVITIES
 
 
 
Capital expenditures
(15.1
)
 
(18.2
)
Acquisition of businesses, net of cash acquired
(4.2
)
 
(12.5
)
Government grants
(0.2
)
 
0.7

Net Cash Used In Investing Activities
(19.5
)
 
(30.0
)
FINANCING ACTIVITIES
 
 
 
Borrowings on revolving credit facilities
52.0

 
65.0

Repayments on revolving credit facilities
(291.3
)
 
(54.8
)
Repayments on term loan

 
(3.0
)
Payments for debt issuance costs (1)
(2.7
)
 
(0.2
)
Proceeds from exercise of stock options
9.2

 
1.8

Common stock repurchases
(2.8
)
 
(2.3
)
Payments for equity issuance costs (1)
(8.9
)
 

Issuance of shares
295.8

 

Dividend distribution to noncontrolling interest
(0.4
)
 
(0.4
)
Net Cash Provided By Financing Activities
50.9

 
6.1

DISCONTINUED OPERATIONS
 
 
 
Cash Provided By Operating Activities (2)

 
4.1

Cash Used In Investing Activities (3)

 
(0.9
)
Cash Provided By Discontinued Operations

 
3.2

Effect of exchange rate changes on cash and cash equivalents
(0.6
)
 
(3.8
)
Net increase in cash, cash equivalents, restricted cash, and restricted cash equivalents
30.4

 
18.1

Cash, cash equivalents, restricted cash, and restricted cash equivalents at beginning of period (4)
119.1

 
131.4

CASH, CASH EQUIVALENTS, RESTRICTED CASH, AND RESTRICTED CASH EQUIVALENTS AT END OF PERIOD (4)
$
149.5

 
$
149.5

                
(1) 
Non-cash financing activities for debt issuance costs and equity issuance costs were $10.9 and $0.6, respectively.for the six months ended June 30, 2019
(2) 
Includes depreciation expense of $0.9 and amortization expense of $1.2 for the six months ended June 30, 2018.
(3) 
Includes capital expenditures of $0.9 for the six months ended June 30, 2018.
(4) 
Includes restricted cash and restricted cash equivalents of $1.0 in other assets at June 30, 2019, June 30, 2018 and December 31, 2018, respectively. For further information regarding restricted cash and restricted cash equivalents balances, refer to Note 7, “Debt and Credit Arrangements.”

See accompanying notes to these unaudited condensed consolidated financial statements.

5

Table of Contents


CHART INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (UNAUDITED)
(Dollars in millions)
 
Common Stock
 
Additional Paid-in Capital
 
 
 
Accumulated Other Comprehensive
Loss
 
Non-controlling Interests
 
 
 
Shares
Outstanding
 
Amount
 
 
Retained
Earnings
 
 
 
Total
Equity
Balance at December 31, 2018
31.36

 
$
0.3

 
$
460.2

 
$
453.9

 
$
(29.9
)
 
$
4.5

 
$
889.0

Net income

 

 

 
0.9

 

 
0.1

 
1.0

Other comprehensive (loss) income

 

 

 

 
(4.6
)
 
0.1

 
(4.5
)
Share-based compensation expense

 

 
2.4

 

 

 

 
2.4

Common stock issued from share-based compensation plans
0.41

 

 
8.3

 

 

 

 
8.3

Common stock repurchases
(0.04
)
 

 
(2.7
)
 

 

 

 
(2.7
)
Balance at March 31, 2019
31.73

 
0.3

 
468.2

 
454.8

 
(34.5
)
 
4.7

 
893.5

Net income

 

 

 
14.4

 

 
0.2

 
14.6

Other comprehensive (loss) income

 

 

 

 
1.6

 

 
1.6

Common stock issuance, net
4.03

 
0.1

 
286.2

 

 

 

 
286.3

Share-based compensation expense

 

 
1.9

 

 

 

 
1.9

Common stock issued from share-based compensation plans
0.04

 

 
0.9

 

 

 

 
0.9

Common stock repurchases
(0.02
)
 

 

 

 

 

 

Dividend distribution to noncontrolling interest

 

 

 

 

 
(0.4
)
 
(0.4
)
Other

 

 

 

 

 
0.3

 
0.3

Balance at June 30, 2019
35.78

 
$
0.4

 
$
757.2

 
$
469.2

 
$
(32.9
)
 
$
4.8

 
$
1,198.7


 
Common Stock
 
Additional Paid-in Capital
 
 
 
Accumulated Other Comprehensive
(Loss) Income
 
Non-controlling Interests
 
 
 
Shares
Outstanding
 
Amount
 
 
Retained
Earnings
 
 
 
Total
Equity
Balance at December 31, 2017
30.81

 
$
0.3

 
$
445.7

 
$
364.3

 
$
(8.1
)
 
$
3.0

 
$
805.2

Net income

 

 

 
5.8

 

 
0.5

 
6.3

Cumulative effect of accounting change

 

 

 
2.3

 

 

 
2.3

Other comprehensive income

 

 

 

 
12.4

 

 
12.4

Share-based compensation expense

 

 
3.2

 

 

 

 
3.2

Common stock issued from share-based compensation plans
0.20

 

 
1.3

 

 

 

 
1.3

Common stock repurchases
(0.04
)
 

 
(2.2
)
 

 

 

 
(2.2
)
Other

 

 

 

 

 
0.1

 
0.1

Balance as of March 31, 2018
30.97

 
0.3

 
448.0

 
372.4

 
4.3

 
3.6

 
828.6

Net income

 

 

 
12.3

 

 
0.8

 
13.1

Other comprehensive income

 

 

 

 
(21.4
)
 

 
(21.4
)
Share-based compensation expense

 

 
0.1

 

 

 

 
0.1

Common stock issued from share-based compensation plans
0.03

 

 
0.4

 

 

 

 
0.4

Common stock repurchases

 

 
(0.1
)
 

 

 

 
(0.1
)
Dividend distribution to noncontrolling interest

 

 

 

 

 
(0.4
)
 
(0.4
)
Other

 

 

 

 

 
(0.2
)
 
(0.2
)
Balance as of June 30, 2018
31.00

 
$
0.3

 
$
448.4

 
$
384.7

 
$
(17.1
)
 
$
3.8

 
$
820.1

See accompanying notes to these unaudited condensed consolidated financial statements.


6

Table of Contents
CHART INDUSTRIES, INC. AND SUBSIDIARIES
Notes to Unaudited Condensed Consolidated Financial Statements – June 30, 2019
(Dollars and shares in millions, except per share amounts)


NOTE 1Basis of Preparation
The accompanying unaudited condensed consolidated financial statements of Chart Industries, Inc. and its consolidated subsidiaries (herein referred to as the “Company,” “Chart,” “we,” “us,” or “our”) have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. generally accepted accounting principles for annual financial statements. These financial statements should be read in conjunction with the audited financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2018. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and six months ended June 30, 2019 are not necessarily indicative of the results that may be expected for the year ending December 31, 2019.
Nature of Operations: We are a leading independent global manufacturer of highly engineered equipment servicing multiple market applications in Energy and Industrial Gas. Our unique product portfolio is used throughout the liquid gas supply chain in the production, storage, distribution and end-use of atmospheric, hydrocarbon, and industrial gases. Chart has domestic operations located across the United States and an international presence in Asia, Australia, Europe and the Americas.
Principles of Consolidation: The unaudited condensed consolidated financial statements include the accounts of Chart Industries, Inc. and its subsidiaries. Intercompany accounts and transactions are eliminated in consolidation.
Use of Estimates: The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements. These estimates may also affect the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and assumptions.
Recently Issued Accounting Standards: In August 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2018-15, “Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract.” This ASU clarifies the accounting treatment for implementation costs for cloud computing arrangements (hosting arrangements) that is a service contract. This guidance is effective for fiscal years beginning after December 15, 2019, including interim periods within that fiscal year. Early adoption is permitted. We are currently assessing the effect that this ASU will have on our financial position, results of operations, and disclosures.
In August 2018, the FASB issued ASU 2018-14, “Compensation – Retirement Benefits – Defined Benefit Plans – General (Subtopic 715-20): Disclosure Framework—Changes to the Disclosure Requirements for Defined Benefit Plans.” This ASU adds, modifies and clarifies several disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. This guidance is effective for fiscal years ending after December 15, 2020. Early adoption is permitted. We are currently assessing the effect that this ASU will have on our financial position, results of operations, and disclosures.
In August 2018, the FASB issued ASU 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement.” This ASU adds, modifies and removes several disclosure requirements relative to the three levels of inputs used to measure fair value in accordance with Topic 820, “Fair Value Measurement.” This guidance is effective for fiscal years beginning after December 15, 2019, including interim periods within that fiscal year. Early adoption is permitted. We are currently assessing the effect that this ASU will have on our financial position, results of operations, and disclosures.
In June 2016, the FASB issued ASU 2016-13, “Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” and subsequently issued additional guidance that modified ASU 2016-13. ASU 2016-13 and the subsequent modifications are identified as Accounting Standards Codification (“ASC”) 326.” The standard requires an entity to change its accounting approach in determining impairment of certain financial instruments, including trade receivables, from an “incurred loss” to a “current expected credit loss” model. The standard will be effective for fiscal years beginning after December 15, 2019, including interim periods within such fiscal years. Early adoption is permitted. We are currently assessing the effect that ASC 326 will have on our financial position, results of operations, and disclosures.


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CHART INDUSTRIES, INC. AND SUBSIDIARIES
Notes to Unaudited Condensed Consolidated Financial Statements – June 30, 2019
(Dollars and shares in millions, except per share amounts) – Continued


Recently Adopted Accounting Standards: In July 2018, the FASB issued ASU 2018-09, “Codification Improvements.” This ASU makes amendments to multiple codification Topics. The transition and effective date guidance are based on the facts and circumstances of each amendment. Some of the amendments in this ASU do not require transition guidance and were effective upon issuance of this ASU. However, many of the amendments in this ASU had transition guidance with effective dates for annual periods beginning after December 15, 2018. The adoption of this guidance did not have a material impact on our financial position, results of operations or disclosures.
In February 2018, the FASB issued ASU 2018-02, “Income Statement – Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income.” The FASB issued the update to provide amended guidance to “allow a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act.” Additionally, under the new guidance an entity was required to provide certain disclosures regarding stranded tax effects. The guidance was effective for fiscal years beginning after December 15, 2018, including interim periods within those years. We adopted this guidance effective January 1, 2019. The adoption of this guidance did not impact our financial position, results of operations or disclosures.
In August 2017, the FASB issued ASU 2017-12, “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities.” The ASU expands and enhances hedge accounting to become more closely aligned with an entity’s risk management activities through hedging strategies. The ASU provides changes to both the designation and measurement guidance for qualifying hedging relationships and the presentation of hedge results in the financial statements and creates more transparency and better understandability around how economic results are presented in the financial statements. In addition, the new guidance makes certain targeted improvements to ease the application of accounting guidance relative to hedge effectiveness. This guidance was applied prospectively for annual periods and interim periods beginning after December 15, 2018. We adopted this guidance effective January 1, 2019. The adoption of this guidance did not impact our financial position, results of operations or disclosures.
In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842)” and other subsequent amendments collectively identified as ASC 842, related to leases to increase transparency and comparability among organizations by requiring the recognition of right-of-use (“ROU”) assets and lease liabilities on the balance sheet. Effective January 1, 2019, (“the Commencement Date”) we adopted the new lease accounting standard using the modified retrospective transition option of applying the new standard at the adoption date for all leases with terms greater than 12 months. The adoption of the new standard resulted in the recording of ROU assets, primarily consisting of leased facilities and equipment and lease liabilities of $34.8 as of the Commencement Date. The adoption did not have a material impact on our unaudited condensed consolidated statement of income and comprehensive income or cash flows related to existing leases as of the Commencement Date. As a result, there was no cumulative-effect adjustment.
We elected certain practical expedients and as such did not reassess the following: 1) whether any expired or existing contracts are or contain leases, 2) lease classification for any expired or existing leases, 3) initial direct costs for any expired or existing leases and 4) whether existing or expired land easements are or contain leases. However, we will evaluate new or modified land easements under the new guidance after the Commencement Date. We also elected the practical expedient to not separate lease and non-lease components. In addition, we implemented internal controls and key system functionality to enable the preparation of financial information on adoption.
At lease inception, we determine if an arrangement is a lease and if it includes options to extend or terminate the lease if it is reasonably certain that the options will be exercised. Lease expense for lease payments is recognized on a straight-line basis over the lease term. Operating leases are recognized as ROU assets and are included within property, plant and equipment, net and lease liabilities are included in other current liabilities and other liabilities in our unaudited condensed consolidated balance sheet as of the Commencement Date and at June 30, 2019. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities were recognized on the Commencement Date based on the present value of lease payments over the lease term. As most of our leases do not provide an implicit rate, we used our incremental borrowing rate based on the information available on the Commencement Date in determining the present value of lease payments.
As of June 30, 2019, ROU assets and lease liabilities were $29.0 and $29.0 ($6.4 of which was current), respectively. The weighted-average remaining term for lease contracts was 6.9 years at June 30, 2019, with maturity dates ranging from July 2019 to August 2027. The weighted-average discount rate was 4.7% at June 30, 2019.


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CHART INDUSTRIES, INC. AND SUBSIDIARIES
Notes to Unaudited Condensed Consolidated Financial Statements – June 30, 2019
(Dollars and shares in millions, except per share amounts) – Continued


Certain leases contain rent escalation clauses and lease concessions that require additional rental payments in the later years of the term. Rent expense for these types of leases is recognized on a straight-line basis over the minimum lease term. We incurred $2.1 and $2.2 of rental expense under operating leases for the three months ended June 30, 2019 and 2018, respectively. Rental expense under operating leases for the six months ended June 30, 2019 and 2018 was $4.1 and $4.2, respectively. Adjustments for straight-line rental expense for the respective periods was not material and as such, the majority of expense recognized was reflected in cash used in operating activities for the respective periods. This expense consisted primarily of payments for base rent on building and equipment leases. Payments related to short-term lease costs and taxes and variable service charges on leased properties were immaterial. In addition, we have the right, but no obligation, to renew certain leases for various renewal terms.
The following table summarizes future minimum lease payments for non-cancelable operating leases as of June 30, 2019 and December 31, 2018:
 
June 30,
2019
 
December 31,
2018
2019 (1)
$
3.5

 
$
7.9

2020
6.3

 
6.9

2021
5.6

 
5.7

2022
5.3

 
5.3

2023
4.6

 
4.6

Thereafter (2)
9.2

 
9.2

Total future minimum lease payments
$
34.5

 
$
39.6

_______________
(1) 
Amount as of June 30, 2019 represents lease payments for the remaining six months, July 2019 through December 2019.
(2) 
As of June 30, 2019, future minimum lease payments for non-cancelable operating leases for period subsequent to 2023 relate to 11 leased facilities.

NOTE 2Discontinued Operations
On December 20, 2018, we closed the sale of our oxygen-related products business to NGK SPARK PLUG CO., LTD. (the “Divestiture”). As a result of the Divestiture, the asset group, which included our respiratory and on-site generation systems businesses, qualified for discontinued operations for the three and six months ended June 30, 2018. As such, the financial results of the respiratory therapy and on-site generation systems businesses are reflected in our unaudited condensed consolidated statements of income and comprehensive income as discontinued operations for the prior-year periods presented.
Summarized Financial Information of Discontinued Operations
The following table represents income from discontinued operations, net of tax:
 
 
Three Months Ended June 30, 2018
 
Six Months Ended June 30, 2018
Sales
 
$
42.0

 
$
77.6

Cost of sales
 
30.4

 
55.8

Selling, general and administrative expenses
 
7.1

 
14.6

Amortization expense
 
0.6

 
1.2

Operating income (1)
 
3.9

 
6.0

Other loss, net
 
(0.4
)
 
(0.2
)
Income before income taxes
 
3.5

 
5.8

Income tax expense
 
1.1

 
1.8

Income from discontinued operations, net of tax
 
$
2.4