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Goodwill and Intangible Assets | 12 Months Ended
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Dec. 31, 2023
Goodwill and Intangible Assets [Abstract] |
Goodwill and Intangible Assets | 4. Goodwill and Intangible Assets At December 31, 2023 and 2022, 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, 2023 and 2022:
|  |  |  |  | 2023 |  |  | 2022 |
(In thousands except weighted average amortization years) |  | Weighted Average Amortization Years |  |  | Cost |  |  | Accumulated Amortization |  |  | Cost |  |  | Accumulated Amortization |
Technological know-how |  |  | 12.6 |  |  | $ | 7,452 |  |  | $ | (4,412 | ) |  | $ | 12,005 |  |  | $ | (3,383 | )
Customer relationships |  |  | 19.0 |  |  |  | 9,689 |  |  |  | (3,242 | ) |  |  | 9,697 |  |  |  | (2,691 | )
Patents, trademarks, non-compete agreements, and other |  |  | 15.4 |  |  |  | 12,147 |  |  |  | (9,522 | ) |  |  | 11,596 |  |  |  | (8,624 | )
Total finite-lived intangibles |  |  | 15.9 |  |  | $ | 29,288 |  |  | $ | (17,176 | ) |  | $ | 33,298 |  |  | $ | (14,698 | )
Amortization of intangible assets was $2.3 million in 2023, $2.0 million in 2022, and $1.8 million in 2021. Estimated amortization expense, for the five years subsequent to December 31, 2023, is $1.9 million in 2024; $1.9 million in 2025; $1.7 million in 2026; $1.3 million in 2027; and $1.2 million in 2028. The changes in goodwill for the years ended December 31, 2023 and 2022, by reportable business segment, were as follows:
(In thousands) |  | Flavors & Extracts |  |  | Color |  |  | Asia Pacific |  |  | Consolidated |
Balance as of December 31, 2021 |  | $ | 103,716 |  |  | $ | 311,264 |  |  | $ | 5,054 |  |  | $ | 420,034 |
Currency translation impact |  |  | (2,796 | ) |  |  | (10,625 | ) |  |  | (338 | ) |  |  | (13,759 | )
Acquisitions(1) |  |  | — |  |  |  | 9,440 |  |  |  | — |  |  |  | 9,440 |
Balance as of December 31, 2022 |  | $ | 100,920 |  |  | $ | 310,079 |  |  | $ | 4,716 |  |  | $ | 415,715 |
Currency translation impact |  |  | 2,393 |  |  |  | 6,102 |  |  |  | (145 | ) |  |  | 8,350 |
Balance as of December 31, 2023 |  | $ | 103,313 |  |  | $ | 316,181 |  |  | $ | 4,571 |  |  | $ | 424,065 |
| (1) | In 2022, the Company acquired Endemix. See Note 2, Acquisitions, for additional information.

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