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Goodwill and Intangible Assets (Tables) | 12 Months Ended
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Dec. 31, 2021
Goodwill and Intangible Assets [Abstract] |
Intangible Assets | At December 31, 2021 and 2020, goodwill is the only intangible asset that is not subject to amortization. The following table summarizes intangible assets with determinable useful lives by major category as of December 31, 2021 and 2020:
|  |  |  |  | 2021 |  |  | 2020 |
(In thousands except weighted average amortization years) |  | Weighted Average Amortization Years |  |  | Cost |  |  | Accumulated Amortization |  |  | Cost |  |  | Accumulated Amortization |
Technological know-how |  |  | 15.9 |  |  | $ | 8,870 |  |  | $ | (2,314 | ) |  | $ | 7,570 |  |  | $ | (1,787 | )
Customer relationships |  |  | 17.9 |  |  |  | 7,084 |  |  |  | (2,269 | ) |  |  | 3,401 |  |  |  | (1,898 | )
Patents, trademarks, non-compete agreements, and other |  |  | 15.5 |  |  |  | 11,606 |  |  |  | (8,002 | ) |  |  | 10,925 |  |  |  | (7,281 | )
Total finite-lived intangibles |  |  | 16.0 |  |  | $ | 27,560 |  |  | $ | (12,585 | ) |  | $ | 21,896 |  |  | $ | (10,966 | )
Changes in Goodwill by Business Segment | The changes in goodwill for the years ended December 31, 2021 and 2020, by reportable business segment, were as follows:
(In thousands) |  | Flavors & Extracts |  |  | Color |  |  | Asia Pacific |  |  | Consolidated |
Balance as of December 31, 2019 |  | $ | 108,148 |  |  | $ | 293,636 |  |  | $ | 5,258 |  |  | $ | 407,042 |
Currency translation impact |  |  | 3,565 |  |  |  | 10,086 |  |  |  | 399 |  |  |  | 14,050 |
Goodwill related to divestitures(1) |  |  | 657 |  |  |  | 1,541 |  |  |  | - |  |  |  | 2,198 |
Balance as of December 31, 2020 |  | $ | 112,370 |  |  | $ | 305,263 |  |  | $ | 5,657 |  |  | $ | 423,290 |
Currency translation impact |  |  | (17,298 | ) |  |  | 6,001 |  |  |  | (603 | ) |  |  | (11,900 | )
Goodwill related to divestitures(2) |  |  | (812 | ) |  |  | - |  |  |  | - |  |  |  | (812 | )
Acquisitions(3) |  |  | 9,456 |  |  |  | - |  |  |  | - |  |  |  | 9,456 |
Balance as of December 31, 2021 |  | $ | 103,716 |  |  | $ | 311,264 |  |  | $ | 5,054 |  |  | $ | 420,034 |
| (1) | In the fourth quarter of 2019, the Company met all of the assets held for sale criteria related to the divestitures of its inks product line and fragrances product line (excluding its essential oils product line). Goodwill of $8.4 million was allocated to those disposal groups and was determined to be fully impaired based on the estimated fair value of each of the disposal groups. In 2020, the fair value of the disposal groups decreased, which resulted in the previously allocated goodwill of $2.2 million to be reallocated to its respective financial reporting units. See Note 14, Divestitures, for additional information.
| (2) | In 2021, the fair value of the disposal group increased, which increased the value of goodwill allocated to the disposal group by $0.8 million. See Note 14, Divestitures, for additional information.
| (3) | In 2021, the Company acquired Flavor Solutions, Inc. See Note 2, Acquisition, for additional information.

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- Definition Tabular disclosure of the characteristics, including initial carrying value, residual amount, weighted average useful life, of finite-lived intangible assets acquired during the period by major class. A major class is composed of intangible assets that can be grouped together because they are similar, either by nature or by their use in the operations of the company. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=66006027&loc=d3e16265-109275 + Details
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