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Goodwill and Intangible Assets
 12 Months Ended
Dec. 31, 2021
Goodwill and Intangible Assets [Abstract]  
Goodwill and Intangible Assets
4. Goodwill and 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
)

In 2020, $1.7 million of intangible assets ($2.1 million of cost and $0.4 million of accumulated amortization) was recorded in Assets Held for Sale on the Consolidated Balance Sheet related to the fragrances product line (excluding its essential oils product line). See Note 14, Divestitures, for additional information.

Amortization of intangible assets was $1.8 million in 2021, $1.5 million in 2020, and $2.9 million in 2019. Estimated amortization expense, for the five years subsequent to December 31, 2021, is $2.1 million in 2022; $1.9 million in 2023; $1.6 million in 2024 and 2025; and $1.5 million in 2026.

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.