Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2013

Goodwill and Intangible Assets [Abstract]

3. GOODWILL AND INTANGIBLE ASSETS

At December 31, 2013 and 2012, 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, 2013 and 2012:

	Weighted Average		2013					2012
(in thousands except weighted average amortization years)	Amortization Years		Cost		Accumulated Amortization			Cost		Accumulated Amortization
Technological know-how		20	$	8,606	$	(5,328	)	$	8,443	$	(4,842	)
Customer relationships		20		7,944		(4,359	)		7,871		(3,866	)
Patents, trademarks, non-compete agreements and other		18.8		9,630		(5,947	)		9,617		(5,645	)
Total finite-lived intangibles		19.6	$	26,180	$	(15,634	)	$	25,931	$	(14,353	)

Amortization of intangible assets was $1.3 million in 2013, $1.4 million in 2012 and $1.3 million in 2011. Estimated amortization expense each year for the five years subsequent to December 31, 2013, is $1.3 million in 2014 and $1.2 million in each year from 2015 through 2018.

The changes in goodwill for the years ended December 31, 2013 and 2012, by reportable business segment, were as follows:

(in thousands)	Flavors & Fragrances		Color		Corporate & Other			Consolidated
Balance as of December 31, 2011	$	132,692	$	307,379	$	4,294		$	444,365
Currency translation impact		3,092		4,271		(410	)		6,953
Balance as of December 31, 2012		135,784		311,650		3,884			451,318
Currency translation impact		853		5,673		(575	)		5,951
Balance as of December 31, 2013	$	136,637	$	317,323	$	3,309		$	457,269

- Definition

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

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