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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 March 31, 2022
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.)
2200 Airport Industrial Drive, Suite 100, 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 classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.01GTLSNew York Stock Exchange
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 every Interactive Data File required to be submitted 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
Non-accelerated filer
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. ☐

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

As of April 25, 2022, there were 36,614,935 outstanding shares of the Company’s common stock, par value $0.01 per share.



CHART INDUSTRIES, INC.
INDEX
 
2

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)
March 31,
2022
December 31,
2021
ASSETS
Current Assets
Cash and cash equivalents$99.7 $122.2 
Accounts receivable, less allowances of $5.3 and $6.0, respectively
253.0 236.3 
Inventories, net350.6 321.5 
Unbilled contract revenue126.0 93.5 
Prepaid expenses31.9 20.9 
Other current assets49.6 59.1 
Total Current Assets910.8 853.5 
Property, plant, and equipment, net412.4 416.0 
Goodwill991.3 994.6 
Identifiable intangible assets, net544.7 556.1 
Equity method investments100.9 99.6 
Investments in equity securities78.0 77.8 
Other assets47.8 46.2 
TOTAL ASSETS$3,085.9 $3,043.8 
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable$185.1 $175.9 
Customer advances and billings in excess of contract revenue177.9 148.5 
Accrued salaries, wages, and benefits28.5 27.1 
Accrued income taxes6.3 16.1 
Current portion of warranty reserve8.6 9.7 
Current convertible notes256.2 255.9 
Operating lease liabilities, current5.6 5.8 
Other current liabilities53.4 54.9 
Total Current Liabilities721.6 693.9 
Long-term debt618.1 600.8 
Long-term deferred tax liabilities59.3 59.8 
Accrued pension liabilities1.0 1.6 
Operating lease liabilities, non-current18.9 21.4 
Other long-term liabilities37.6 41.1 
Total Liabilities1,456.5 1,418.6 
3

Equity
Common stock, par value $0.01 per share – 150,000,000 shares authorized, 36,614,077 and 36,548,330 shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively
0.4 0.4 
Additional paid-in capital778.9 779.0 
Treasury stock; 760,782 shares at both March 31, 2022 and December 31, 2021
(19.3)(19.3)
Retained earnings888.4 878.2 
Accumulated other comprehensive loss(27.7)(21.7)
Total Chart Industries, Inc. Shareholders’ Equity1,620.7 1,616.6 
Noncontrolling interests8.7 8.6 
Total Equity1,629.4 1,625.2 
TOTAL LIABILITIES AND EQUITY$3,085.9 $3,043.8 
See accompanying notes to these unaudited condensed consolidated financial statements.
4

CHART INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
(UNAUDITED)
(Dollars and shares in millions, except per share amounts)
 Three Months Ended March 31,
 20222021
Sales$354.1 $288.5 
Cost of sales270.4 204.6 
Gross profit83.7 83.9 
Selling, general, and administrative expenses53.5 46.3 
Amortization expense10.1 8.8 
Operating expenses63.6 55.1 
Operating income20.1 28.8 
Interest expense, net3.2 2.0 
Unrealized loss (gain) on investments in equity securities2.6 (3.3)
Financing costs amortization0.7 1.2 
Foreign currency loss 1.6  
Other income (0.7)(0.2)
Income before income taxes and equity in (loss) earnings of unconsolidated affiliates, net12.7 29.1 
Income tax expense2.1 3.1 
Income before equity in (loss) earnings of unconsolidated affiliates, net10.6 26.0 
Equity in (loss) earnings of unconsolidated affiliates, net(0.3)0.1 
Net income10.3 26.1 
Less: Income attributable to noncontrolling interests, net of taxes0.1 0.5 
Net income attributable to Chart Industries, Inc.$10.2 $25.6 
Net income attributable to Chart Industries, Inc. per common share:
Basic$0.28 $0.72 
Diluted$0.25 $0.63 
Weighted-average number of common shares outstanding:
Basic35.83 35.55 
Diluted40.79 40.62 
Comprehensive income, net of taxes$4.3 $6.9 
Less: Comprehensive income attributable to noncontrolling interests, net of taxes0.1 0.5 
Comprehensive income attributable to Chart Industries, Inc., net of taxes$4.2 $6.4 

See accompanying notes to these unaudited condensed consolidated financial statements.
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CHART INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(Dollars in millions)
 Three Months Ended March 31,
 20222021
OPERATING ACTIVITIES
Net income$10.3 $26.1 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization20.5 19.5 
Employee share-based compensation expense3.3 3.4 
Financing costs amortization0.7 1.2 
Unrealized foreign currency transaction gain(1.1)(4.6)
Unrealized loss (gain) on investments in equity securities2.6 (3.3)
Equity in loss (earnings) of unconsolidated affiliates, net0.3 (0.1)
Other non-cash operating activities2.0 2.0 
Changes in assets and liabilities, net of acquisitions:
Accounts receivable(17.2)13.6 
Inventories(35.0)(36.3)
Unbilled contract revenues and other assets(36.1)(6.8)
Accounts payable and other liabilities(3.5)4.1 
Customer advances and billings in excess of contract revenue31.0 (10.5)
Net Cash (Used In) Provided By Operating Activities(22.2)8.3 
INVESTING ACTIVITIES
Acquisition of businesses, net of cash acquired(0.8)(55.0)
Investments (3.9)(40.0)
Capital expenditures(12.6)(11.5)
Government grants and other(0.2)0.2 
Net Cash Used In Investing Activities(17.5)(106.3)
FINANCING ACTIVITIES
Borrowings on revolving credit facility254.0 187.7 
Repayments on revolving credit facility(235.9)(102.5)
Proceeds from exercise of stock options1.0 5.6 
Common stock repurchases from share-based compensation plans(3.2)(3.0)
Net Cash Provided By Financing Activities15.9 87.8 
Effect of exchange rate changes on cash and cash equivalents1.3  
Net decrease in cash, cash equivalents, restricted cash, and restricted cash equivalents (22.5)(10.2)
Cash, cash equivalents, restricted cash, and restricted cash equivalents at beginning of period 122.4 126.1 
CASH, CASH EQUIVALENTS, RESTRICTED CASH, AND RESTRICTED CASH EQUIVALENTS AT END OF PERIOD (1)
$99.9 $115.9 
                
(1)Includes restricted cash and restricted cash equivalents of $0.2 in other current assets as of both March 31, 2022 and December 31, 2021 and $1.0 in other assets as of both March 31, 2021 and December 31, 2020. For further information regarding restricted cash and restricted cash equivalents balances, refer to Note 8, “Debt and Credit Arrangements.”

See accompanying notes to these unaudited condensed consolidated financial statements.
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CHART INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (UNAUDITED)
(Dollars in millions)
Common StockAdditional Paid-in CapitalAccumulated Other Comprehensive
Loss
Non-controlling Interests
 Shares
Outstanding
AmountTreasury StockRetained
Earnings
Total
Equity
Balance at December 31, 202136.55 $0.4 $779.0 $(19.3)$878.2 $(21.7)$8.6 $1,625.2 
Net income — — — — 10.2 — 0.1 10.3 
Other comprehensive loss— — — — — (6.0)— (6.0)
Share-based compensation expense— — 3.3 — — — — 3.3 
Common stock issued from share-based compensation plans0.08 — 1.0 — — — — 1.0 
Common stock repurchases from share-based compensation plans(0.02)— (3.2)— — — — (3.2)
Earthly Labs Inc. purchase price adjustment— — (1.2)— — — — (1.2)
Balance at March 31, 202236.61 $0.4 $778.9 $(19.3)$888.4 $(27.7)$8.7 $1,629.4 

 Common StockAdditional Paid-in CapitalAccumulated Other Comprehensive Income (Loss) Non-controlling Interests
 Shares
Outstanding
AmountTreasury StockRetained
Earnings
Total
Equity
Balance at December 31, 202036.19 $0.4 $780.8 $(19.3)$808.4 $2.4 $6.6 $1,579.3 
Net income — — — — 25.6 — 0.5 26.1 
Cumulative effect of change in accounting principle (1)
— — (36.9)— 10.7 — — (26.2)
Other comprehensive loss— — — — — (19.2)— (19.2)
Share-based compensation expense— — 3.4 — — — — 3.4 
Common stock issued from share-based compensation plans0.18 — 5.6 — — — — 5.6 
Common stock repurchases from share-based compensation plans (0.02)— (3.0)— — — — (3.0)
Other— — 0.1 — — — (0.1) 
Balance at March 31, 202136.35 $0.4 $750.0 $(19.3)$844.7 $(16.8)$7.0 $1,566.0 
_______________
(1)Refer to Note 2, “Significant Accounting Policies” included in our Annual Report on Form 10-K for the year ended December 31, 2021 for discussion regarding the cumulative effect of change in accounting principle.

See accompanying notes to these unaudited condensed consolidated financial statements.
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CHART INDUSTRIES, INC. AND SUBSIDIARIES
Notes to the Unaudited Condensed Consolidated Financial Statements – March 31, 2022
(Dollars and shares in millions, except per share amounts)

NOTE 1 — Basis 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. GAAP 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, 2021. 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 months ended March 31, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022.
Nature of Operations: We are a leading independent global manufacturer of highly engineered cryogenic equipment servicing multiple applications in the industrial gas and clean energy markets. Our unique product portfolio is used in every phase of the liquid gas supply chain, including upfront engineering, service and repair. Being at the forefront of the clean energy transition, Chart is a leading provider of technology, equipment and services related to liquefied natural gas, hydrogen, biogas, CO2 Capture and water treatment, 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 over 25 global locations 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.
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.
Reclassifications: We reclassified equity in earnings of unconsolidated affiliates, net from selling, general, and administrative expenses to equity in earnings of unconsolidated affiliates, net in the 2021 condensed consolidated statement of income and comprehensive income in order to conform to the 2022 presentation.
Use of Estimates: The preparation of financial statements in conformity with U.S. 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. The current macroeconomic conditions could also disrupt our supply chain and materially adversely impact our ability to secure supplies for our facilities, which could materially adversely affect our operations. There may also be long-term effects on our customers in and the economies of affected countries. Additionally, the current conflict between Russia and Ukraine and the related sanctions imposed by countries against Russia are creating uncertainty in the global economy. While we do not have operations in Russia or Ukraine, we are unable to predict the impact these actions will have on the global economy. As a result of these uncertainties, actual results could differ from estimates and assumptions. If the economy or markets in which we operate weakens or deteriorates, our business, financial condition and results of operations may be materially and adversely impacted. The extent to which our operations will continue to be impacted by the Covid-19 pandemic will largely depend on future developments, which are highly uncertain and cannot be accurately predicted, including new information which may emerge concerning the severity or resurgence of the Covid-19 virus and its variants and actions by government authorities to contain the pandemic or treat its impact, among other things.
Recently Issued Accounting Standards (Not Yet Adopted): In March 2022, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2022-02, “Financial Instruments Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures.” The amendments in this update require that an entity disclose current-period gross writeoffs by year of origination for financing receivables and net investments in leases within the scope of Accounting Standards Codification (“ASC”) 326. The amendments in this update are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. We are currently assessing the effect this ASU will have on our financial position, results of operations, and disclosures.
In October 2021, the FASB issued ASU 2021-08, “Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers.” The amendments in this update require that an entity (acquirer) recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606. For public business entities, the amendments in this update are effective for fiscal years beginning after December 15, 2022,
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CHART INDUSTRIES, INC. AND SUBSIDIARIES
Notes to the Unaudited Condensed Consolidated Financial Statements – March 31, 2022
(Dollars and shares in millions, except per share amounts) – Continued





including interim periods within those fiscal years. We are currently assessing the effect this ASU will have on our financial position, results of operations, and disclosures.
In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848), Facilitation of the Effects of Reference Rate Reform on Financial Reporting,” and in January 2021, the FASB subsequently issued ASU 2021-01, “Reference Rate Reform (Topic 848): Scope.” ASU 2020-04 and the subsequent modifications are identified as ASC 848 (“ASC 848”). ASC 848 simplifies the accounting for modifying contracts (including those in hedging relationships) that refer to LIBOR and other interbank offered rates that are expected to be discontinued due to reference rate reform. The amendments in ASC 848 are effective for all entities as of March 12, 2020 through December 31, 2022. An entity may elect to apply the amendments for contract modifications by Topic or Industry Subtopic as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, or prospectively from a date within an interim period that includes or is subsequent to March 12, 2020, up to the date that the financial statements are available to be issued. Once elected for a Topic or an Industry Subtopic, the amendments in ASC 848 must be applied prospectively for all eligible contract modifications for that Topic or Industry Subtopic. We expect application of the amendments to impact accounting for our senior secured revolving credit facility due October 2026. We are currently assessing the effect ASC 848 will have on our financial position, results of operations, and disclosures.
Recently Adopted Accounting Standards: In November 2021, the FASB issued ASU 2021-10, “Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance.” The amendments in this update require annual disclosures about transactions with a government that are accounted for by applying a grant or contribution model by analogy. The amendments in this update are effective for all entities within their scope for financial statements issued for annual periods beginning after December 15, 2021. Early application of the amendments is permitted. We adopted this guidance effective January 1, 2022. The adoption of this guidance did not have a material impact on our financial position, results of operations or disclosures.
NOTE 2 — Reportable Segments
As reported in our Annual Report on Form 10-K for the year ended December 31, 2021, the structure of our internal organization is divided into the following four reportable segments, which are also our operating segments: Cryo Tank Solutions, Heat Transfer Systems, Specialty Products and Repair, Service & Leasing.
Our Cryo Tank Solutions segment supplies bulk, microbulk and mobile equipment used in the storage, distribution, vaporization, and application of industrial gases and certain hydrocarbons. Our Heat Transfer Systems segment supplies mission critical engineered equipment and systems used in the separation, liquefaction, and purification of hydrocarbon and industrial gases that span gas-to-liquid applications. Our Specialty Products segment supplies products used in specialty end-market applications including hydrogen, LNG, biofuels, CO2 Capture, food and beverage, aerospace, lasers, cannabis and water treatment, among others. Our Repair, Service & Leasing segment provides installation, service, repair, maintenance, and refurbishment of cryogenic products in addition to providing equipment leasing solutions.
Corporate includes operating expenses for executive management, accounting, tax, treasury, corporate development, human resources, information technology, investor relations, legal, internal audit and risk management. Corporate support functions are not currently allocated to the segments.
We evaluate performance and allocate resources based on operating income as determined in our condensed consolidated statements of income and comprehensive income.
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CHART INDUSTRIES, INC. AND SUBSIDIARIES
Notes to the Unaudited Condensed Consolidated Financial Statements – March 31, 2022
(Dollars and shares in millions, except per share amounts) – Continued





Segment Financial Information
 Three Months Ended March 31, 2022
 Cryo Tank SolutionsHeat Transfer SystemsSpecialty ProductsRepair, Service & LeasingIntersegment EliminationsCorporateConsolidated
Sales$118.1 $79.3 $107.5 $49.3 $(0.1)$ $354.1 
Depreciation and amortization expense4.1 7.7 3.9 4.3  0.5 20.5 
Operating income (loss) (1) (2)
14.1 (0.2)16.2 8.3  (18.3)20.1 

 Three Months Ended March 31, 2021
 Cryo Tank SolutionsHeat Transfer SystemsSpecialty ProductsRepair, Service & LeasingIntersegment EliminationsCorporateConsolidated
Sales$103.9 $69.2 $77.3 $41.4 $(3.3)$ $288.5 
Depreciation and amortization expense3.9 9.5 3.1 2.6  0.4 19.5 
Operating income (loss) (1) (2)
15.6 3.8 17.9 8.3  (16.8)28.8 
_______________
(1)Restructuring costs for the:
three months ended March 31, 2022 were $0.1 in our Heat Transfer Systems segment.
three months ended March 31, 2021 were $0.7 ($0.3 - Cryo Tank Solutions, $0.4 - Heat Transfer Systems).
(2)Includes acquisition-related contingent consideration (credits)/charges of $(0.8) and $0.8 in our Specialty Products segment for the three months ended March 31, 2022 and 2021, respectively. These costs were mainly related to our 2020 acquisitions of Sustainable Energy Solutions, Inc. and BlueInGreen, LLC.
Sales by Geography
 Three Months Ended March 31, 2022
 Cryo Tank SolutionsHeat Transfer SystemsSpecialty ProductsRepair, Service & LeasingIntersegment EliminationsConsolidated
North America$37.9 $53.7 $60.0 $34.6 $(0.1)$186.1 
Europe, Middle East, Africa and India50.7 19.1 35.2 10.1  115.1 
Asia-Pacific28.2 6.1 12.2 4.0  50.5 
Rest of the World1.3 0.4 0.1 0.6  2.4 
Total$118.1 $79.3 $107.5 $49.3 $(0.1)$354.1 
Three Months Ended March 31, 2021
Cryo Tank SolutionsHeat Transfer SystemsSpecialty ProductsRepair, Service & LeasingIntersegment EliminationsConsolidated
North America$41.1 $46.3 $26.1 $29.0 $(1.7)$140.8 
Europe, Middle East, Africa and India37.7 7.8 45.6 10.5 (1.0)100.6 
Asia-Pacific24.2 14.8 5.6 1.8 (0.6)45.8 
Rest of the World0.9 0.3  0.1  1.3 
Total$103.9 $69.2 $77.3 $41.4 $(3.3)$288.5 
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CHART INDUSTRIES, INC. AND SUBSIDIARIES
Notes to the Unaudited Condensed Consolidated Financial Statements – March 31, 2022
(Dollars and shares in millions, except per share amounts) – Continued





Total Assets
Corporate assets mainly include cash and cash equivalents and long-term deferred income taxes as well as certain corporate-specific property, plant and equipment, net and certain investments. Our allocation methodology for property, plant and equipment, net of the reportable segments differs from our allocation method of depreciation expense of a reportable segment and therefore, depreciation expense does not entirely align with the related depreciable assets of the reportable segments. Furthermore, since finite-lived intangible assets are excluded from total assets of reportable segments while amortization expense is allocated to each of our reportable segments, amortization expense by segment inherently does not align with the related amortizable intangible assets of the reportable segments.
March 31,
2022
December 31,
2021
Cryo Tank Solutions$448.8 $407.2 
Heat Transfer Systems256.1 225.8 
Specialty Products357.9 327.5 
Repair, Service & Leasing163.0 186.2 
Total assets of reportable segments1,225.8 1,146.7 
Goodwill (1)
991.3 994.6 
Identifiable intangible assets, net (1)
544.7 556.1 
Corporate324.1 346.4 
Total$3,085.9 $3,043.8 
_______________
(1)See Note 6, “Goodwill and Intangible Assets,” for further information related to goodwill and identifiable intangible assets, net.
NOTE 3 — Revenue
Disaggregation of Revenue
The following tables represent a disaggregation of revenue by timing of revenue along with the reportable segment for each category:
Three Months Ended March 31, 2022
Cryo Tank SolutionsHeat Transfer SystemsSpecialty ProductsRepair, Service & LeasingIntersegment EliminationsConsolidated
Point in time$107.4 $5.9 $59.0 $25.9 $ $198.2 
Over time10.7 73.4 48.5 23.4 (0.1)155.9 
Total$118.1 $79.3 $107.5 $49.3 $(0.1)$354.1 
Three Months Ended March 31, 2021
Cryo Tank SolutionsHeat Transfer SystemsSpecialty ProductsRepair, Service & LeasingIntersegment EliminationsConsolidated
Point in time$98.7 $5.6 $61.9 $26.7 $(2.9)$190.0 
Over time5.2 63.6 15.4 14.7 (0.4)98.5 
Total$103.9 $69.2 $77.3 $41.4 $(3.3)$288.5 
Refer to Note 2, “Reportable Segments,” for a table of revenue by reportable segment disaggregated by geography.
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CHART INDUSTRIES, INC. AND SUBSIDIARIES
Notes to the Unaudited Condensed Consolidated Financial Statements – March 31, 2022
(Dollars and shares in millions, except per share amounts) – Continued





Contract Balances
The following table represents changes in our contract assets and contract liabilities balances:
March 31, 2022December 31, 2021Year-to-date Change ($)Year-to-date Change (%)
Contract assets
Accounts receivable, net of allowances$253.0 $236.3 $16.7 7.1 %
Unbilled contract revenue126.0 93.5 32.5 34.8 %
Contract liabilities
Customer advances and billings in excess of contract revenue$177.9 $148.5 $29.4 19.8 %
Long-term deferred revenue0.1 0.4 (0.3)(75.0)%
Revenue recognized for the three months ended March 31, 2022 and 2021, that was included in the contract liabilities balance at the beginning of each year was $63.7 and $52.5, respectively. The amount of revenue recognized during the three months ended March 31, 2022 from performance obligations satisfied or partially satisfied in previous periods as a result of changes in the estimates of variable consideration related to long-term contracts, was not significant.
Remaining Performance Obligations
Remaining performance obligations represent the transaction price of firm signed purchase orders or other written contractual commitments from customers for which work has not been performed, or is partially completed, and excludes unexercised contract options and potential orders. As of March 31, 2022, the estimated revenue expected to be recognized in the future related to remaining performance obligations was $1,477.0. We expect to recognize revenue on approximately 70% to 75% of the remaining performance obligations over the next 12 months and the remaining over the next few years thereafter.
NOTE 4 — Inventories
The following table summarizes the components of inventory:
March 31,
2022
December 31,
2021
Raw materials and supplies$198.4 $178.8 
Work in process65.1 64.4 
Finished goods87.1 78.3 
Total inventories, net$350.6 $321.5 
The allowance for excess and obsolete inventory balance at March 31, 2022 and December 31, 2021 was $10.6 and $10.9, respectively.
NOTE 5 — Leases
Lessee Accounting
As of March 31, 2022 and December 31, 2021, operating right-of-use (“ROU”) assets and lease liabilities were $24.6 and $24.5 ($5.6 of which was current) and $27.3 and $27.2 ($5.8 of which was current), respectively. The weighted-average remaining term for lease contracts was 4.6 years at March 31, 2022, with maturity dates ranging from September 2022 to February 2029. The weighted-average discount rate was 2.4% at March 31, 2022. ROU assets are classified as property, plant and equipment, net in the condensed consolidated balance sheets.
We incurred $3.4 and $3.0 of rental expense under operating leases for the three months ended March 31, 2022 and 2021, respectively. Certain operating 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. 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 provided by operating activities for the respective periods. This expense
12

CHART INDUSTRIES, INC. AND SUBSIDIARIES
Notes to the Unaudited Condensed Consolidated Financial Statements – March 31, 2022
(Dollars and shares in millions, except per share amounts) – Continued





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 March 31, 2022:
2022$5.2 
20236.3 
20245.8 
20254.7 
20262.7 
Thereafter (1)
0.9 
Total future minimum lease payments$25.6 
_______________
(1)     As of March 31, 2022, future minimum lease payments for non-cancelable operating leases for the period subsequent to 2025 relate to eight leased facilities.
Lessor Accounting
We lease equipment manufactured by Chart primarily through our Cryo-Lease program as sales-type and operating leases. As of March 31, 2022 and December 31, 2021, our short-term net investment in sales-type leases was $10.4 and $9.3, respectively and is included in other current assets in our condensed consolidated balance sheets. Our long-term net investment in sales type leases was $33.8 and $31.9 as of March 31, 2022 and December 31, 2021, respectively, and is included in other assets in our condensed consolidated balance sheets. For sales type leases, interest income was $0.5 and an immaterial amount in the condensed consolidated statements of income for the three months ended March 31, 2022 and 2021, respectively.
Operating leases offered by Chart may include early termination options. At the end of a lease, a lessee generally has the option to either extend the lease, purchase the underlying equipment for a fixed price or return it to Chart. The lease agreements clearly define applicable return conditions and remedies for non-compliance to ensure that leased equipment will be in good operating condition upon return.
The following table represents sales from sales-type and operating leases:
Three Months Ended March 31,
20222021
Sales-type leases$5.3 $3.9 
Operating leases1.0 0.4 
Total sales from leases$6.3 $4.3 
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CHART INDUSTRIES, INC. AND SUBSIDIARIES
Notes to the Unaudited Condensed Consolidated Financial Statements – March 31, 2022
(Dollars and shares in millions, except per share amounts) – Continued





The following table represents scheduled payments for sales-type leases:
March 31, 2022
2022$8.1 
202310.8 
202410.8 
202510.7 
20267.6 
Thereafter3.0 
Total51.0 
Less: unearned income6.8 
Total$44.2 
The following table represents the cost of equipment leased to others:
March 31, 2022December 31, 2021
Equipment leased to others, cost$13.4 $13.6 
Less: accumulated depreciation2.3 2.1 
Equipment leased to others, net$11.1 $11.5 

The following table represents payments due for operating leases:
March 31, 2022
2022$0.4 
20230.1 
20240.1 
20250.1 
20260.1 
Thereafter0.1 
Total$0.9 
14

CHART INDUSTRIES, INC. AND SUBSIDIARIES
Notes to the Unaudited Condensed Consolidated Financial Statements – March 31, 2022
(Dollars and shares in millions, except per share amounts) – Continued





NOTE 6 — Goodwill and Intangible Assets
Goodwill
The following table represents the changes in goodwill by segment:
Cryo Tank SolutionsHeat Transfer SystemsSpecialty ProductsRepair, Service & LeasingConsolidated
Balance at December 31, 2021$84.9 $433.6 $300.9 $175.2 $994.6 
Foreign currency translation adjustments and other(2.0)(1.0)  (3.0)
Purchase price adjustments (1)
  (0.3) (0.3)
Balance at March 31, 2022$82.9 $432.6 $300.6 $175.2 $991.3 
Accumulated goodwill impairment loss at December 31, 2021$