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Investments in Affiliated Companies (Tables) | 12 Months Ended
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Dec. 31, 2021
Equity Method Investments and Joint Ventures [Abstract] |
Equity Method Investments | Affiliated companies accounted for on the equity method as of December 31, 2021 are as follows:
Company |  | Country |  | Percent Ownership
Zeolyst International |  | USA |  | 50%
Zeolyst C.V. |  | Netherlands |  | 50%
Following is summarized information of the combined investments(1):
|  | December 31,
|  | 2021 |  | 2020
Current assets |  | $ | 245,859 |  |  | $ | 217,836 |
Noncurrent assets |  | 223,982 |  |  | 254,397 |
Current liabilities |  | 43,337 |  |  | 65,958 |
Noncurrent liabilities |  | 7,471 |  |  | 36,323 |
|  | Years ended December 31,
|  | 2021 |  | 2020 |  | 2019
Sales |  | $ | 296,416 |  |  | $ | 275,621 |  |  | $ | 376,372 |
Gross profit |  | 101,069 |  |  | 88,616 |  |  | 143,668 |
Operating income |  | 66,978 |  |  | 53,500 |  |  | 105,614 |
Net income |  | 68,433 |  |  | 55,328 |  |  | 106,683 |
(1) Summarized information of the combined investments is presented at 100%; the Company’s share of the net assets and net income of affiliates is calculated based on the percent ownership specified in the table above. The following table summarizes the activity related to the Company’s investments in affiliated companies balance on the consolidated balance sheets:
|  | Years ended December 31,
|  | 2021 |  | 2020
Balance at beginning of period |  | $ | 458,128 |  |  | $ | 471,338 |
Equity in net income of affiliated companies |  | 34,216 |  |  | 27,699 |
Charges related to purchase accounting fair value adjustments |  | (6,480) |  |  | (6,634) |
Dividends received |  | (35,000) |  |  | (40,000) |
Foreign currency translation adjustments |  | (4,790) |  |  | 5,725 |
Balance at end of period |  | $ | 446,074 |  |  | $ | 458,128 |

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- Definition Tabular disclosure of equity method investments including, but not limited to, name of each investee or group of investments, percentage ownership, difference between recorded amount of an investment and the value of the underlying equity in the net assets, and summarized financial information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571 + Details
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