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Goodwill and Intangible Assets | 3 Months Ended
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Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Intangible Assets | Goodwill and Intangible Assets Goodwill The following table represents the changes in goodwill by segment:
| Cryo Tank Solutions |  | Heat Transfer Systems |  | Specialty Products |  | Repair, Service & Leasing |  | Unallocated (3) |  | Consolidated
Balance at December 31, 2022 | $ | 79.1 |  |  | $ | 430.5 |  |  | $ | 304.0 |  |  | $ | 178.4 |  |  | $ | — |  |  | $ | 992.0 |
Goodwill acquired during the period (1) | — |  |  | — |  |  | — |  |  | — |  |  | 1,938.3 |  |  | 1,938.3 |
Foreign currency translation adjustments and other | 1.8 |  |  | 1.0 |  |  | — |  |  | — |  |  | — |  |  | 2.8 |
Purchase price adjustments (2) | — |  |  | — |  |  | 0.1 |  |  | — |  |  | — |  |  | 0.1 |
Balance at March 31, 2023 | $ | 80.9 |  |  | $ | 431.5 |  |  | $ | 304.1 |  |  | $ | 178.4 |  |  | $ | 1,938.3 |  |  | $ | 2,933.2 |
Accumulated goodwill impairment loss at December 31, 2022 | $ | 23.5 |  |  | $ | 49.3 |  |  | $ | 35.8 |  |  | $ | 20.4 |  |  | $ | — |  |  | $ | 129.0 |
Impairment loss | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Accumulated goodwill impairment loss at March 31, 2023 | $ | 23.5 |  |  | $ | 49.3 |  |  | $ | 35.8 |  |  | $ | 20.4 |  |  | $ | — |  |  | $ | 129.0 |
_______________ (1)Goodwill acquired during the period was $1,938.3. All goodwill acquired during the period related to the Howden Acquisition. (2)During the first three months of 2023, we recorded purchase price adjustments that increased goodwill by $0.1 in our Specialty Products segment related to the 2022 acquisition of Fronti Fabrications, Inc. (“Fronti”). For further information regarding goodwill acquired and the purchase price adjustments during the period refer to Note 13, “Business Combinations.” (3)As discussed in Note 13, “Business Combinations”, on March 17, 2023, we acquired Howden. A preliminary goodwill balance of $1,938.3 was recognized for the excess of the consideration transferred over the net assets acquired. Goodwill resulting from this transaction has not yet been allocated at the reporting unit level, but will be allocated to the reporting units when the purchase price allocation is finalized during the measurement period and an analysis has been completed to determine an appropriate allocation based on the relative fair value of each of these reporting units. 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):
|  |  | March 31, 2023 |  | December 31, 2022
| Weighted-average Estimated Useful Life |  | Gross Carrying Amount |  | Accumulated Amortization |  | Gross Carrying Amount |  | Accumulated Amortization
Finite-lived intangible assets: |  |  |  |  |  |  |  |  |
Customer relationships | 11 years |  | $ | 1,626.0 |  |  | $ | (115.2) |  |  | $ | 311.5 |  |  | $ | (104.6) |
Unpatented technology | 13 years |  | 522.1 |  |  | (50.3) |  |  | 202.5 |  |  | (44.8) |
Patents and other | 3 years |  | 366.4 |  |  | (7.7) |  |  | 6.8 |  |  | (2.0) |
Trademarks and trade names | 16 years |  | 2.9 |  |  | (1.8) |  |  | 2.5 |  |  | (1.7) |
Land use rights | 50 years |  | 10.5 |  |  | (1.8) |  |  | 10.4 |  |  | (1.7) |
Total finite-lived intangible assets | 10 years |  | 2,527.9 |  |  | (176.8) |  |  | 533.7 |  |  | (154.8) |
Indefinite-lived intangible assets: |  |  |  |  |  |  |  |  |
Trademarks and trade names (2) |  |  | 754.7 |  |  | — |  |  | 156.4 |  |  | — |
Total intangible assets |  |  | $ | 3,282.6 |  |  | $ | (176.8) |  |  | $ | 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 March 31, 2023 and December 31, 2022. Amortization expense for intangible assets subject to amortization was $21.8 and $10.1 for the three months ended March 31, 2023 and 2022, respectively. We estimate amortization expense to be recognized during the next five years as follows:
For the Year Ending December 31, |
2023 | $ | 241.7 |
2024 | 321.2 |
2025 | 320.2 |
2026 | 218.5 |
2027 | 194.8 |
Government Grants During the fourth quarter of 2021, we were selected by the U.S. Department of Energy (“DOE”) for funding of up to $5.0 to engineer and build our Cryogenic Carbon Capture TM system for a cement plant. During the project’s duration, the DOE shall reimburse us in cash for approved expenses we incur. This project began on February 1, 2022, at which point expenses incurred may be submitted for reimbursement. The agreement will be effective until April 30, 2025. We have not yet received any funding for this grant. We received certain government grants related to land use rights for capacity expansion in China (“China Government Grants”). China Government Grants are generally recorded in other current liabilities and other long-term liabilities in the unaudited condensed consolidated balance sheets and generally recognized into income over the useful life of the associated assets (10 to 50 years). China Government Grants are presented in our unaudited condensed consolidated balance sheets as follows:
| March 31, 2023 |  | December 31, 2022
Current | $ | 0.5 |  |  | $ | 0.5 |
Long-term | 6.1 |  |  | 6.1 |
Total China Government Grants | $ | 6.6 |  |  | $ | 6.6 |
We also received government grants from certain local jurisdictions within the United States, which are recorded in other assets in the condensed consolidated balance sheets and were not significant for the periods presented.

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI https://asc.fasb.org/topic&trid=2144416 + Details
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