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Goodwill and Intangible Assets
 12 Months Ended
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.