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Goodwill and Intangible Assets (Tables) | 12 Months Ended
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Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract] |
Schedule of Changes in Goodwill by Segment | The following table represents the activity in goodwill net of accumulated goodwill impairment loss (“goodwill, net”) and accumulated goodwill impairment loss by segment for 2023:
| Cryo Tank Solutions |  | Heat Transfer Systems |  | Specialty Products |  | Repair, Service & Leasing |  |  |  | Consolidated
Goodwill, net balance at December 31, 2022 | $ | 79.1 |  |  | $ | 430.5 |  |  | $ | 304.0 |  |  | $ | 178.4 |  |  |  |  | $ | 992.0 |
Foreign currency translation adjustments and other | 3.3 |  |  | 0.8 |  |  | — |  |  | 0.1 |  |  |  |  | 4.2 |
Goodwill acquired during the year (1) | 204.2 |  |  | 59.1 |  |  | 304.4 |  |  | 1,517.6 |  |  |  |  | 2,085.3 |
Divestitures (2) | (67.3) |  |  | (10.0) |  |  | (40.6) |  |  | (57.2) |  |  |  |  | (175.1) |
Purchase price adjustment (3) | — |  |  | — |  |  | 0.1 |  |  | 0.3 |  |  |  |  | 0.4 |
Goodwill, net balance at December 31, 2023 | $ | 219.3 |  |  | $ | 480.4 |  |  | $ | 567.9 |  |  | $ | 1,639.2 |  |  |  |  | $ | 2,906.8 |
Accumulated goodwill impairment loss at December 31, 2022 | $ | 23.5 |  |  | $ | 49.3 |  |  | $ | 35.8 |  |  | $ | 20.4 |  |  |  |  | $ | 129.0 |
Accumulated goodwill impairment loss at December 31, 2023 | $ | 23.5 |  |  | $ | 49.3 |  |  | $ | 35.8 |  |  | $ | 20.4 |  |  |  |  | $ | 129.0 |
_______________ (1)Goodwill acquired during the period was $2,085.3. All goodwill acquired during the period is related to the Howden Acquisition. (2)Refer to Note 3, “Discontinued Operations and Other Businesses Sold” for information regarding divestitures. (3)During the year ended December 31, 2023, we recorded purchase price adjustment 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 14, “Business Combinations.” The following table represents the activity in goodwill net of accumulated goodwill impairment loss (“goodwill, net”) and accumulated goodwill impairment loss by segment for 2022 (1):
| Cryo Tank Solutions |  | Heat Transfer Systems |  | Specialty Products |  | Repair, Service & Leasing |  | Corporate |  | Consolidated
Goodwill, net balance at December 31, 2021 | $ | 84.9 |  |  | $ | 433.6 |  |  | $ | 300.9 |  |  | $ | 175.2 |  |  | $ | — |  |  | $ | 994.6 |
Foreign currency translation adjustments and other | (5.8) |  |  | (3.1) |  |  | (0.3) |  |  | 0.3 |  |  | — |  |  | (8.9) |
Goodwill acquired during the period (1) (2) | — |  |  | — |  |  | 15.4 |  |  | 3.1 |  |  | — |  |  | 18.5 |
Purchase price adjustments (3) | — |  |  | — |  |  | (12.0) |  |  | (0.2) |  |  | — |  |  | (12.2) |
Goodwill, net balance at December 31, 2022 | $ | 79.1 |  |  | $ | 430.5 |  |  | $ | 304.0 |  |  | $ | 178.4 |  |  | $ | — |  |  | $ | 992.0 |
Accumulated goodwill impairment loss at December 31, 2021 | $ | 23.5 |  |  | $ | 49.3 |  |  | $ | 35.8 |  |  | $ | 20.4 |  |  | $ | — |  |  | $ | 129.0 |
Accumulated goodwill impairment loss at December 31, 2022 | $ | 23.5 |  |  | $ | 49.3 |  |  | $ | 35.8 |  |  | $ | 20.4 |  |  | $ | — |  |  | $ | 129.0 |
_______________ (1)For further information regarding goodwill acquired and the purchase price adjustments during the period refer to Note 14, “Business Combinations.” (2)Goodwill acquired during the period was $18.5. Goodwill acquired during the period for the Fronti and AdEdge India acquisitions of $14.3 and $1.1, respectively, was allocated to our Specialty Products segment. Goodwill acquired during the period for our CSC acquisition of $3.1 was allocated to our Repair, Service & Leasing segment. (3)During the year ended December 31, 2022, we recorded purchase price adjustments that decreased goodwill by $12.0 in our Specialty Products segment related to the Earthly Labs Inc., L.A. Turbine and AdEdge acquisitions and by $0.2 in our Repair, Service & Leasing segment. For further information regarding goodwill acquired and the purchase price adjustments during the period refer to Note 14 “Business Combinations.”
Schedule of Indefinite-Lived Intangible Assets, Excluding Goodwill | 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):
|  |  | December 31, 2023 |  | December 31, 2022
| Estimated Useful Life |  | Gross Carrying Amount |  | Accumulated Amortization |  | Gross Carrying Amount |  | Accumulated Amortization
Finite-lived intangible assets: |  |  |  |  |  |  |  |  |
Customer relationships | 4 to 18 years |  | $ | 1,836.4 |  |  | $ | (185.2) |  |  | $ | 311.5 |  |  | $ | (104.6) |
Technology | 5 to 18 years |  | 496.7 |  |  | (78.8) |  |  | 202.5 |  |  | (44.8) |
Patents, backlog and other | 2 to 10 years |  | 138.6 |  |  | (35.6) |  |  | 6.8 |  |  | (2.0) |
Trademarks and trade names | 5 to 23 years |  | 3.3 |  |  | (1.9) |  |  | 2.5 |  |  | (1.7) |
Land use rights | 50 years |  | 10.2 |  |  | (1.9) |  |  | 10.4 |  |  | (1.7) |
Total finite-lived intangible assets |  |  | $ | 2,485.2 |  |  | $ | (303.4) |  |  | $ | 533.7 |  |  | $ | (154.8) |
Indefinite-lived intangible assets: |  |  |  |  |  |  |  |  |
Trademarks and trade names |  |  | $ | 610.1 |  |  | $ | — |  |  | $ | 156.4 |  |  | $ | — |
Total intangible assets |  |  | $ | 3,095.3 |  |  | $ | (303.4) |  |  | $ | 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 December 31, 2023 and 2022.
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):
|  |  | December 31, 2023 |  | December 31, 2022
| Estimated Useful Life |  | Gross Carrying Amount |  | Accumulated Amortization |  | Gross Carrying Amount |  | Accumulated Amortization
Finite-lived intangible assets: |  |  |  |  |  |  |  |  |
Customer relationships | 4 to 18 years |  | $ | 1,836.4 |  |  | $ | (185.2) |  |  | $ | 311.5 |  |  | $ | (104.6) |
Technology | 5 to 18 years |  | 496.7 |  |  | (78.8) |  |  | 202.5 |  |  | (44.8) |
Patents, backlog and other | 2 to 10 years |  | 138.6 |  |  | (35.6) |  |  | 6.8 |  |  | (2.0) |
Trademarks and trade names | 5 to 23 years |  | 3.3 |  |  | (1.9) |  |  | 2.5 |  |  | (1.7) |
Land use rights | 50 years |  | 10.2 |  |  | (1.9) |  |  | 10.4 |  |  | (1.7) |
Total finite-lived intangible assets |  |  | $ | 2,485.2 |  |  | $ | (303.4) |  |  | $ | 533.7 |  |  | $ | (154.8) |
Indefinite-lived intangible assets: |  |  |  |  |  |  |  |  |
Trademarks and trade names |  |  | $ | 610.1 |  |  | $ | — |  |  | $ | 156.4 |  |  | $ | — |
Total intangible assets |  |  | $ | 3,095.3 |  |  | $ | (303.4) |  |  | $ | 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 December 31, 2023 and 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, |
2024 | $ | 190.8 |
2025 | 189.7 |
2026 | 154.5 |
2027 | 143.1 |
2028 | 139.1 |
Schedule of Government Grants | China Government Grants are presented in our consolidated balance sheets as follows:
| December 31,
| 2023 |  | 2022
Current | $ | 0.5 |  |  | $ | 0.5 |
Long-term | 5.7 |  |  | 6.1 |
Total | $ | 6.2 |  |  | $ | 6.6 |

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