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Goodwill and Intangible Assets (Tables) | 12 Months Ended
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Dec. 31, 2023
Goodwill and Intangible Assets [Abstract] |
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 | )
Changes in Goodwill by Business Segment | 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 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 -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482665/350-30-50-1 + Details
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