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Performance Materials Divestiture (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2021 | Dec. 31, 2020
Performance Materials |  |
Dispositions [Line Items] |  |
Discontinued operations | The following is a reconciliation of the loss recorded on the sale:
Net proceeds received from the sale of Performance Materials |  | $ | 624,256 |
Transaction costs |  | (13,161) |
Net assets derecognized |  | (681,973) |
Loss on sale of Performance Materials |  | $ | (70,878) |
The following table summarizes the results of discontinued operations for the periods presented:
| Years ended December 31,
| 2020 |  | 2019 |  |
Sales | $ | 342,738 |  |  | $ | 373,686 |  |  |
Cost of goods sold | 251,917 |  |  | 281,566 |  |  |
Selling, general and administrative expenses | 33,195 |  |  | 37,364 |  |  |
Other operating expense, net | 18,289 |  |  | 14,462 |  |  |
Operating income | 39,337 |  |  | 40,294 |  |  |
Equity in net income from affiliated companies | (37) |  |  | (12) |  |  |
Interest expense, net (1) | 16,210 |  |  | 24,453 |  |  |
Other (income) expense, net | (3,481) |  |  | 274 |  |  |
Loss on sale of Performance Materials | 70,878 |  |  | — |  |  |
(Loss) income from discontinued operations before income tax | (44,233) |  |  | 15,579 |  |  |
Provision for income taxes | 58,008 |  |  | 1,022 |  |  |
(Loss) income from discontinued operations, net of tax | $ | (102,241) |  |  | $ | 14,557 |  |  |
(1) The closing of the transaction triggered the Company’s obligation to provide partial repayment under both its Amended and Restated Term Loan Credit Agreement, dated May 4, 2016, and its New Term Loan Credit Agreement, dated as of July 22, 2020. As such, interest expense has been allocated to discontinued operations on the basis of the Company’s required refinancing of debt repayment provision of $275,787 of the Senior Secured Term Loan Facility due February 2027 and its required repayment of $188,722 of the Senior Secured Term Loan Facility due February 2027. | The following table summarizes the assets and liabilities of discontinued operations at December 31, 2019:
|  | December 31, 2019
ASSETS |  |
Cash and cash equivalents |  | $ | 18,423 |
Accounts receivables, net |  | 40,484 |
Inventories, net |  | 143,323 |
Prepaid and other current assets |  | 4,139 |
Current assets held for sale |  | $ | 206,369 |
Investments in affiliated companies |  | $ | 115 |
Property, plant and equipment, net |  | 175,614 |
Goodwill |  | 286,227 |
Other intangible assets, net |  | 121,113 |
Right-of-use lease assets |  | 8,878 |
Other long-term assets |  | 71,697 |
Long-term assets held for sale |  | $ | 663,644 |
LIABILITIES |  |
Notes payable and current maturities of long-term debt |  | $ | 7,766 |
Accounts payable |  | 30,267 |
Operating lease liabilities—current |  | 3,326 |
Accrued liabilities |  | 16,744 |
Current liabilities held for sale |  | $ | 58,103 |
Long-term debt, excluding current portion |  | $ | 55,972 |
Deferred income taxes |  | 8,612 |
Operating lease liabilities—noncurrent |  | 5,248 |
Other long-term liabilities |  | 17,366 |
Long-term liabilities held for sale |  | $ | 87,198 |

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