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Goodwill and Intangible Assets (Tables)
9 Months Ended
Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill by Segment
The following table represents the changes in goodwill by segment:
Cryo Tank SolutionsHeat Transfer SystemsSpecialty ProductsRepair, Service & LeasingConsolidated
Balance at December 31, 2022$79.1 $430.5 $304.0 $178.4 $992.0 
Goodwill acquired during the period (1)
186.6 30.9 274.5 1,450.7 1,942.7 
Foreign currency translation adjustments and other(0.6)(0.3)0.1 (0.3)(1.1)
Divestiture of Roots(66.7)— (1.5)(34.0)(102.2)
Transfer to assets held for sale (2)
— (9.8)— (12.7)(22.5)
Purchase price adjustments (3)
— — 0.1 0.3 0.4 
Balance at September 30, 2023$198.4 $451.3 $577.2 $1,582.4 $2,809.3 
Accumulated goodwill impairment loss at December 31, 2022$23.5 $49.3 $35.8 $20.4 $129.0 
Accumulated goodwill impairment loss at September 30, 2023$23.5 $49.3 $35.8 $20.4 $129.0 
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(1)Goodwill acquired during the period was $1,942.7. All goodwill acquired during the period related to the Howden Acquisition.
(2)Regarding our Cofimco business, we reclassified goodwill from our Heat Transfer Systems and Repair, Service & Leasing segments to assets held for sale.
(3)During the first nine months of 2023, we recorded purchase price adjustments, which increased goodwill by $0.1 in our Specialty Products segment related to the 2022 acquisition of Fronti Fabrications, Inc. (“Fronti”) and increased goodwill by $0.3 in our Repair, Service & Leasing segment related to the 2022 acquisition of CSC Cryogenic Service Center AB (“CSC”). For further information regarding goodwill acquired and the purchase price adjustments during the period refer to Note 13, “Business Combinations.”
Schedule of Finite-Lived Intangible Assets
The following table displays the gross carrying amount and accumulated amortization for finite-lived intangible assets and indefinite-lived intangible assets (exclusive of goodwill) (1):
 September 30, 2023December 31, 2022
 Estimated Useful LivesGross
Carrying
Amount
Accumulated
Amortization
Gross
Carrying
Amount
Accumulated
Amortization
Finite-lived intangible assets:
Customer relationships
4 to 18 years
$1,807.3 $(156.8)$311.5 $(104.6)
Technology
5 to 18 years
493.5 (68.1)202.5 (44.8)
Patents, backlog and other
2 to 10 years
138.1 (2.0)6.8 (2.0)
Trademarks and trade names
5 to 23 years
2.5 (1.8)2.5 (1.7)
Land use rights50 years10.1 (24.8)10.4 (1.7)
Total finite-lived intangible assets2,451.5 (253.5)533.7 (154.8)
Indefinite-lived intangible assets:
Trademarks and trade names (2)
614.2 — 156.4 — 
Total intangible assets$3,065.7 $(253.5)$690.1 $(154.8)
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(1)Amounts include the impact of foreign currency translation. Fully amortized or impaired amounts are written off.
(2)Accumulated indefinite-lived intangible assets impairment loss was $16.0 at both September 30, 2023 and December 31, 2022.
Schedule of Indefinite-Lived Intangible Assets
The following table displays the gross carrying amount and accumulated amortization for finite-lived intangible assets and indefinite-lived intangible assets (exclusive of goodwill) (1):
 September 30, 2023December 31, 2022
 Estimated Useful LivesGross
Carrying
Amount
Accumulated
Amortization
Gross
Carrying
Amount
Accumulated
Amortization
Finite-lived intangible assets:
Customer relationships
4 to 18 years
$1,807.3 $(156.8)$311.5 $(104.6)
Technology
5 to 18 years
493.5 (68.1)202.5 (44.8)
Patents, backlog and other
2 to 10 years
138.1 (2.0)6.8 (2.0)
Trademarks and trade names
5 to 23 years
2.5 (1.8)2.5 (1.7)
Land use rights50 years10.1 (24.8)10.4 (1.7)
Total finite-lived intangible assets2,451.5 (253.5)533.7 (154.8)
Indefinite-lived intangible assets:
Trademarks and trade names (2)
614.2 — 156.4 — 
Total intangible assets$3,065.7 $(253.5)$690.1 $(154.8)
_______________
(1)Amounts include the impact of foreign currency translation. Fully amortized or impaired amounts are written off.
(2)Accumulated indefinite-lived intangible assets impairment loss was $16.0 at both September 30, 2023 and December 31, 2022.
Schedule of Estimated Future Amortization We estimate amortization expense to be recognized during the next five years as follows:
For the Year Ending December 31,
2023$51.5 
2024204.0 
2025201.9 
2026163.0 
2027150.6 
Schedule of Government Grants
China Government Grants are presented in our unaudited condensed consolidated balance sheets as follows:
September 30,
2023
December 31,
2022
Current$0.4 $0.5 
Long-term5.7 6.1 
Total China Government Grants$6.1 $6.6