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Reportable Segments
 9 Months Ended
Sep. 30, 2023
Segment Reporting [Abstract]  
Reportable Segments Reportable Segments
As reported in our Annual Report on Form 10-K for the year ended December 31, 2022, 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 process technology, engineered equipment and systems used in the movement, separation, liquefaction, and purification of hydrocarbon and industrial gases that span gas-to-liquid applications. Our Specialty Products segment supplies products and solutions used in specialty end-market applications including hydrogen, biofuels, CO2 Capture, food and beverage, space exploration, gas by rail, lasers, cannabis and water treatment, among others. Our Heat Transfer Systems, Specialty Products and Cryo Tank segments also include products from the Howden Acquisition such as compressors, blowers and fans, rotary heaters and steam turbines. Our Repair, Service & Leasing segment provides installation, service, repair, maintenance, monitoring and refurbishment of cryogenic and compression products in addition to providing equipment leasing solutions as well as expanded aftermarket products, services and service locations related to the Howden acquisition.
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 currently allocated to the segments.
We evaluate performance and allocate resources based on operating income as determined in our condensed consolidated statements of operations and comprehensive income (loss).
Segment Financial Information
 Three Months Ended September 30, 2023
 Cryo Tank SolutionsHeat Transfer SystemsSpecialty ProductsRepair, Service & LeasingIntersegment EliminationsCorporateConsolidated
Sales$159.0 $232.5 $240.0 $271.3 $(4.9)$— $897.9 
Depreciation and amortization expense7.8 7.4 5.7 45.1 — 1.0 67.0 
Operating income (loss) (1) (2)
17.1 43.4 33.7 42.3 — (32.1)104.4 
Three Months Ended September 30, 2022
Cryo Tank SolutionsHeat Transfer SystemsSpecialty ProductsRepair, Service & LeasingIntersegment EliminationsCorporateConsolidated
Sales$126.9 $132.1 $108.1 $49.7 $(4.7)$— $412.1 
Depreciation and amortization expense4.0 7.2 4.3 4.2 — 0.5 20.2 
Operating income (loss) (1) (2)
12.2 18.3 16.7 12.0 — (17.5)41.7 
Nine Months Ended September 30, 2023
Cryo Tank SolutionsHeat Transfer SystemsSpecialty ProductsRepair, Service & LeasingIntersegment EliminationsCorporateTotal
Sales$435.2 $636.0 $602.9 $688.5 $(25.1)$— $2,337.5 
Depreciation and amortization expense17.2 24.6 17.9 100.8 — 2.7 163.2 
Operating income (loss) (1) (2)
31.9 120.5 84.6 121.0 — (123.3)234.7 
Nine Months Ended September 30, 2022
Cryo Tank SolutionsHeat Transfer SystemsSpecialty ProductsRepair, Service & LeasingIntersegment EliminationsCorporateTotal
Sales$377.9 $314.3 $330.9 $154.4 $(6.5)$— $1,171.0 
Depreciation and amortization expense12.2 22.3 13.6 12.7 — 1.6 62.4 
Operating income (loss) (1) (2)
36.2 23.8 53.7 32.3 — (54.6)91.4 
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(1)Restructuring costs/(credits) for the:
•three months ended September 30, 2023 were $4.2 ($2.3 - Corporate, $0.9 - Repair, Service & Leasing, $0.5 - Heat Transfer Systems, $0.4 - Specialty Products and $0.1 - Cryo Tank Solutions).
•three months ended September 30, 2022 were $(1.4) ($(1.3) - Repair, Service & Leasing and $(0.1) - Specialty Products).
•nine months ended September 30, 2023 were $11.2 ($6.0 - Corporate, $2.4 - Repair, Service and Leasing, $1.2 - Cryo Tank Solutions, $0.9 - Specialty Products and $0.7 - Heat Transfer Systems).
•nine months ended September 30, 2022 were $(1.1) ($(1.3) - Repair, Service & Leasing, $0.1 - Cryo Tank Solutions and $0.1 - Heat Transfer Systems).
(2)Acquisition-related contingent consideration credits in our Specialty Products Segment were related to our 2020 acquisitions of Sustainable Energy Solutions, Inc. (“SES”) and BlueInGreen, LLC (“BIG”) and for the Maintenance Partners NV, assumed as part of the Howden acquisition:
•three months ended September 30, 2023 were $(2.3).
•three months ended September 30, 2022 were $(1.7).
•nine months ended September 30, 2023 were $(8.8).
•nine months ended September 30, 2022 were $(2.7).
Sales by Geography
Three Months Ended September 30, 2023
Cryo Tank SolutionsHeat Transfer SystemsSpecialty ProductsRepair, Service & LeasingIntersegment EliminationsConsolidated
North America$71.3 $150.6 $84.2 $78.5 $(2.0)$382.6 
Europe, Middle East, Africa and India52.7 31.0 68.0 130.2 (1.7)280.2 
Asia-Pacific33.5 46.7 83.2 52.5 (1.1)214.8 
Rest of the World1.5 4.2 4.6 10.1 (0.1)20.3 
Total$159.0 $232.5 $240.0 $271.3 $(4.9)$897.9 
Three Months Ended September 30, 2022
Cryo Tank SolutionsHeat Transfer SystemsSpecialty ProductsRepair, Service & LeasingIntersegment EliminationsConsolidated
North America$61.6 $103.3 $74.5 $40.2 $(2.3)$277.3 
Europe, Middle East, Africa and India41.1 12.8 26.0 6.8 (1.5)85.2 
Asia-Pacific23.5 15.7 7.3 2.5 (0.8)48.2 
Rest of the World0.7 0.3 0.3 0.2 (0.1)1.4 
Total$126.9 $132.1 $108.1 $49.7 $(4.7)$412.1 
Nine Months Ended September 30, 2023
Cryo Tank SolutionsHeat Transfer SystemsSpecialty ProductsRepair, Service & LeasingIntersegment EliminationsConsolidated
North America$198.5 $432.9 $238.1 $224.9 $(11.2)$1,083.2 
Europe, Middle East, Africa and India148.7 76.8 170.2 305.0 (8.7)692.0 
Asia-Pacific84.1 111.7 183.3 133.8 (4.8)508.1 
Rest of the World3.9 14.6 11.3 24.8 (0.4)54.2 
Total$435.2 $636.0 $602.9 $688.5 $(25.1)$2,337.5 
Nine Months Ended September 30, 2022
Cryo Tank SolutionsHeat Transfer SystemsSpecialty ProductsRepair, Service & LeasingIntersegment EliminationsConsolidated
North America$151.9 $232.9 $221.1 $110.7 $(3.5)$713.1 
Europe, Middle East, Africa and India138.7 48.5 82.5 26.1 (1.8)294.0 
Asia-Pacific83.2 31.4 26.9 16.4 (1.1)156.8 
Rest of the World4.1 1.5 0.4 1.2 (0.1)7.1 
Total$377.9 $314.3 $330.9 $154.4 $(6.5)$1,171.0 
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.
September 30,
2023		December 31,
2022
Cryo Tank Solutions$612.5 $382.0 
Heat Transfer Systems673.2 298.6 
Specialty Products820.8 429.8 
Repair, Service & Leasing818.4 182.1 
Total assets of reportable segments2,924.9 1,292.5 
Goodwill2,809.3 992.0 
Identifiable intangible assets, net2,812.2 535.3 
Corporate473.8 2,830.7 
Insurance receivable, net of tax— 251.4 
Total$9,020.2 $5,901.9 
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(1)See Note 7, “Goodwill and Intangible Assets,” for further information related to goodwill and identifiable intangible assets, net.