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Investments (Tables)

12 Months Ended

Dec. 31, 2023

Investments, All Other Investments [Abstract]

The following table represents the activity in equity method investments:


	Equity Method Investments (1) (2) (3)
Balance at December 31, 2021	$	99.6
New investments	0.5
Realized gain on equity method investment	0.3
Reclassification due to acquisition of investee	(0.5)
Equity in loss (1) (2) (3)	(0.5)
Foreign currency translation loss	(6.4)
Balance at December 31, 2022	$	93.0
New investments (4)	15.3
Equity in earnings (1) (2) (3)	2.7
Foreign currency translation gain	1.0
Dividend received from equity method investment	(2.1)
Balance at December 31, 2023	$	109.9

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(1)Cryomotive: Our equity method investment in Cryomotive GmbH (“Cryomotive”) was $4.7 and $4.9 at December 31, 2023 and 2022, respectively. Equity in loss of unconsolidated affiliates, net of this investment was $0.5, $1.7, and $0.6 for the years ended December 31, 2023, 2022, and 2021, respectively. The equity in loss is classified in equity in earnings (loss) of unconsolidated affiliates, net in the consolidated statements of income and comprehensive income.

(2)HTEC: Our equity method investment in HTEC Hydrogen Technology & Energy Corporation (“HTEC”) was $82.3 and $80.8 at December 31, 2023 and 2022, respectively. Equity in (loss) earnings of unconsolidated affiliates, net of this investment of $(0.2), $(0.4), and $0.2 for the years ended December 31, 2023, 2022, and 2021, respectively. Equity in (loss) earnings of this investment is classified in equity in earnings (loss) of unconsolidated affiliates, net in the statements of income for the years ended December 31, 2023, 2022, and 2021.

(3)Hudson Products: Also included in our equity method investments is a 50% ownership interest in a joint venture with Hudson Products de Mexico S.A. de CV which totaled $4.7 and $4.0 at December 31, 2023 and 2022, respectively. This investment is operated and managed by our joint venture partner and as such, we do not have control over the joint venture and therefore it is not consolidated. We recognized equity in earnings of this investment of $0.9, $1.1 and $0.5 for the years ended December 31, 2023, 2022 and 2021, respectively. Equity in earnings of this investment is classified in equity in earnings (loss) of unconsolidated affiliates, net in the statements of income for the years ended December 31, 2023, 2022, and 2021. We received dividends in the amount of $0.2 for the year ended December 31, 2023.

Liberty LNG: Additionally, we have a 25% ownership interest in Liberty LNG, which totaled $2.7 and $2.9 at December 31, 2023 and 2022, respectively. For the years ended December 31, 2023, 2022 and 2021, equity in earnings of this investment was $0.1, $0.5 and $0.3, respectively. Equity in earnings of this investment is classified in equity in earnings (loss) of unconsolidated affiliates, net in the statements of income for the years ended December 31, 2023 and 2022. We received dividends in the amount of $0.4 for the year ended December 31, 2023.

Additionally, we have an investment in an unconsolidated affiliate, Lien Hwa Lox Cryogenic Equipment Corporation (Taiwan), of $0.4 for all periods presented.

(4)Hylium Industries: During the first quarter of 2023, we completed an investment for a 50% ownership interest in Hylium Industries, Inc. (“Hylium”) for $2.3. Our equity method investment in Hylium was $2.2 at December 31, 2023.

L&T Howden Private Ltd (“LTH”): In connection with the Howden Acquisition, we recorded a 49.9% ownership interest in a joint venture in L&T Howden Private Ltd at a fair value of $12.0. Our equity method investment in LTH was $11.7 at December 31, 2023. Equity in earnings, net for this investment was $1.4 for the year ended December 31, 2023. Equity in earnings of this investment is classified in equity in earnings (loss) of unconsolidated affiliates, net in the statements of income for the year ended December 31, 2023. We also received a dividend payment from this investee in the amount of $1.5 during the year ended December 31, 2023.

Schedule of Investments

The following table represents the activity in investments in equity securities:


	Investment in Equity Securities, Level 1 (1)		Investment in Equity Securities, Level 2 (1)		Investments in Equity Securities, All Others (2)		Investments in Equity Securities Total
Balance at December 31, 2021	$	31.3	$	6.2	$	40.3	$	77.8
New investments	—		—		9.4		9.4
(Decrease) increase in fair value of investments in equity securities	(11.8)		1.6		23.3		13.1
Foreign currency translation adjustments and other	(2.3)		—		(1.5)		(3.8)
Balance at December 31, 2022	$	17.2	$	7.8	$	71.5	$	96.5
New investments (3)	—		—		8.7		8.7
Decrease in fair value of investments in equity securities	(12.7)		(1.7)		—		(14.4)
Foreign currency translation adjustments and other	0.3		—		0.1		0.4
Balance at December 31, 2023	$	4.8	$	6.1	$	80.3	$	91.2

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(1)McPhy: Investment in equity securities Level 1 includes our investment in McPhy (Euronext Paris: MCPHY – ISIN; FR0011742329). McPhy’s common stock trades on the Euronext Paris stock exchange and therefore we measure our investment in McPhy using Level 1 fair value inputs. The fair value of our investment in McPhy was $4.8 and $17.2 at December 31, 2023 and 2022, respectively. For the years ended December 31, 2023, 2022 and 2021, we recognized an unrealized loss of $12.7, $11.8 and $19.7, respectively, in our investment in McPhy.

Stabilis: Investment in equity securities Level 2 includes our investment in Stabilis Energy, Inc. (NasdaqCM: SLNG) (“Stabilis”). Stabilis represents an instrument with quoted prices that trades less frequently than certain of our other exchange-traded instruments and therefore we measure our investment in Stabilis using Level 2 fair value inputs. The fair value of Stabilis was $6.1 and $7.8 at December 31, 2023 and 2022, respectively. For the years ended December 31, 2023, 2022 and 2021 we recognized unrealized loss of $1.7 and an unrealized gain of $1.6 and $2.2, respectively, in our investment in Stabilis.

(2)Transform: The fair value of our investment in Transform Materials LLC (“Transform Materials”) was $25.1 at December 31, 2023 and 2022, respectively.

Svante: The fair value of our investment in Svante Inc. (“Svante”) was $38.5 at both December 31, 2023 and 2022.

(3)Hy24: Our investment in Hy24 is measured at fair value using the net asset value (“NAV”) per share practical expedient and is not classified in the fair value hierarchy. The fair value of our investment in Hy24 was $4.1 and $0.9 at December 31, 2023 and 2022, respectively. See “Hy24 (f/k/a FiveT Hydrogen Fund and Clean H2 Infra Fund)” below for further information.

Gold Hydrogen LLC: The fair value of our investment in Gold Hydrogen LLC (“Gold Hydrogen”) was $2.0 at both December 31, 2023 and 2022.

Avina: During the fourth quarter of 2022, we completed an investment in Avina Clean Hydrogen Inc. (“Avina”) in the amount of $5.0. During the third quarter of 2023, Chart completed the purchase of additional shares of series A preferred

stock of Avina in accordance with the original Avina stock purchase agreement for total consideration of $5.0. The fair value of investment in Avina was $10.0 at both December 31, 2023 and 2022.

Our investments in Transform Materials, Svante, Hy24, Gold Hydrogen and Avina represent equity instruments without a readily determinable fair value. These investments are measured at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for an identical or a similar investment of the same issuer.