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Goodwill and Intangible Assets (Tables) | 6 Months Ended
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Jun. 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 Solutions |  | Heat Transfer Systems |  | Specialty Products |  | Repair, Service & Leasing |  |  |  | Consolidated
Balance at December 31, 2022 | $ | 79.1 |  |  | $ | 430.5 |  |  | $ | 304.0 |  |  | $ | 178.4 |  |  |  |  | $ | 992.0 |
Goodwill acquired during the period (1) | 185.7 |  |  | 27.2 |  |  | 264.9 |  |  | 1,458.6 |  |  |  |  | 1,936.4 |
Foreign currency translation adjustments and other | (3.6) |  |  | (4.1) |  |  | (11.2) |  |  | 20.3 |  |  |  |  | 1.4 |
Divestiture of Roots | (66.7) |  |  | — |  |  | (1.5) |  |  | (34.0) |  |  |  |  | (102.2) |
Purchase price adjustments (2) | — |  |  | — |  |  | (0.1) |  |  | 0.3 |  |  |  |  | 0.2 |
Balance at June 30, 2023 | $ | 194.5 |  |  | $ | 453.6 |  |  | $ | 556.1 |  |  | $ | 1,623.6 |  |  |  |  | $ | 2,827.8 |
Accumulated goodwill impairment loss at December 31, 2022 | $ | 23.5 |  |  | $ | 49.3 |  |  | $ | 35.8 |  |  | $ | 20.4 |  |  |  |  | $ | 129.0 |
Accumulated goodwill impairment loss at June 30, 2023 | $ | 23.5 |  |  | $ | 49.3 |  |  | $ | 35.8 |  |  | $ | 20.4 |  |  |  |  | $ | 129.0 |
_______________ (1)Goodwill acquired during the period was $1,936.4. All goodwill acquired during the period related to the Howden Acquisition. (2)During the first six months of 2023, we recorded purchase price adjustments, which decreased 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):
|  |  | June 30, 2023 |  | December 31, 2022
| Estimated Useful Lives |  | Gross Carrying Amount |  | Accumulated Amortization |  | Gross Carrying Amount |  | Accumulated Amortization
Finite-lived intangible assets: |  |  |  |  |  |  |  |  |
Customer relationships | 4 to 18 years |  | $ | 1,850.4 |  |  | $ | (129.8) |  |  | $ | 311.5 |  |  | $ | (104.6) |
Technology | 5 to 18 years |  | 500.2 |  |  | (61.0) |  |  | 202.5 |  |  | (44.8) |
Patents, backlog and other | 2 to 10 years |  | 141.8 |  |  | (29.0) |  |  | 6.8 |  |  | (2.0) |
Trademarks and trade names | 5 to 23 years |  | 3.0 |  |  | (1.8) |  |  | 2.5 |  |  | (1.7) |
Land use rights | 50 years |  | 10.0 |  |  | (1.7) |  |  | 10.4 |  |  | (1.7) |
Total finite-lived intangible assets |  |  | 2,505.4 |  |  | (223.3) |  |  | 533.7 |  |  | (154.8) |
Indefinite-lived intangible assets: |  |  |  |  |  |  |  |  |
Trademarks and trade names (2) |  |  | 631.3 |  |  | — |  |  | 156.4 |  |  | — |
Total intangible assets |  |  | $ | 3,136.7 |  |  | $ | (223.3) |  |  | $ | 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 June 30, 2023 and December 31, 2022.
Schedule of Indefinite-Lived Intangible Aassets | 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):
|  |  | June 30, 2023 |  | December 31, 2022
| Estimated Useful Lives |  | Gross Carrying Amount |  | Accumulated Amortization |  | Gross Carrying Amount |  | Accumulated Amortization
Finite-lived intangible assets: |  |  |  |  |  |  |  |  |
Customer relationships | 4 to 18 years |  | $ | 1,850.4 |  |  | $ | (129.8) |  |  | $ | 311.5 |  |  | $ | (104.6) |
Technology | 5 to 18 years |  | 500.2 |  |  | (61.0) |  |  | 202.5 |  |  | (44.8) |
Patents, backlog and other | 2 to 10 years |  | 141.8 |  |  | (29.0) |  |  | 6.8 |  |  | (2.0) |
Trademarks and trade names | 5 to 23 years |  | 3.0 |  |  | (1.8) |  |  | 2.5 |  |  | (1.7) |
Land use rights | 50 years |  | 10.0 |  |  | (1.7) |  |  | 10.4 |  |  | (1.7) |
Total finite-lived intangible assets |  |  | 2,505.4 |  |  | (223.3) |  |  | 533.7 |  |  | (154.8) |
Indefinite-lived intangible assets: |  |  |  |  |  |  |  |  |
Trademarks and trade names (2) |  |  | 631.3 |  |  | — |  |  | 156.4 |  |  | — |
Total intangible assets |  |  | $ | 3,136.7 |  |  | $ | (223.3) |  |  | $ | 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 June 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 | $ | 96.6 |
2024 | 190.6 |
2025 | 189.6 |
2026 | 162.7 |
2027 | 143.3 |
Schedule of Government Grants | China Government Grants are presented in our unaudited condensed consolidated balance sheets as follows:
| June 30, 2023 |  | December 31, 2022
Current | $ | 0.4 |  |  | $ | 0.5 |
Long-term | 5.7 |  |  | 6.1 |
Total China Government Grants | $ | 6.1 |  |  | $ | 6.6 |

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