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Performance Chemicals Divestiture (Tables)
 12 Months Ended
Dec. 31, 2021
Performance Chemicals  
Dispositions [Line Items]  
Discontinued operations The following is a reconciliation of the loss recorded on the sale:
Net proceeds received from the sale of the Performance Chemicals business$978,449 
Transaction costs(35,402)
Net assets derecognized(1,093,277)
Loss on sale of the Performance Chemicals business$(150,230)
The following table summarizes the results of discontinued operations related to Performance Chemicals for the periods presented:
Years ended
December 31,
20212020
Sales$389,870 $614,704 
Cost of goods sold284,220 492,302 
Selling, general and administrative expenses29,856 43,749 
Goodwill impairment charge75,080 260,000 
Other operating expense, net(1)
14,765 33,144 
Loss on sale of the Performance Chemicals business150,230 — 
Operating (loss) income(164,281)(214,491)
Equity in net income from affiliated companies(111)(172)
Interest expense, net (2)
10,730 16,570 
Other income, net(6,210)(1,089)
(Loss) income from discontinued operations before income tax(168,690)(229,800)
(Benefit) Provision for income taxes(24,886)3,943 
(Loss) income from discontinued operations, net of tax$(143,804)$(233,743)
(1)     The Company reclassified transaction costs that were previously recorded to this line item and included those charges in the line item Loss on sale of the Performance Chemicals business during the years ended December 31, 2021 and 2020.
(2)     Upon the close of the transaction, the Company used a portion of the net proceeds to repay a portion of its outstanding debt amounting to $526,363. Refer to Note 18 for additional details on the repayment of outstanding debt. Prior to the Company’s debt refinancing in June 2021, the Company’s outstanding term loan facilities had required refinancing of debt with repayment provisions. As a result, interest expense has been allocated to discontinued operations on the basis of the Company’s total repayment of $526,363.
The following table summarizes the assets and liabilities of discontinued operations at December 31, 2020 and 2019, respectively:

December 31,
2020		December 31,
2019
ASSETS
Cash and cash equivalents$22,153 $17,736 
Accounts receivables, net87,202 86,627 
Inventories, net74,647 86,732 
Prepaid and other current assets21,088 24,131 
Current assets held for sale$205,090 $215,226 
Investments in affiliated companies$324 $1,476 
Property, plant and equipment, net391,524 401,595 
Goodwill(1)
326,173 583,075 
Other intangible assets, net388,857 406,656 
Right-of-use lease assets19,296 24,093 
Other long-term assets23,269 17,688 
Long-term assets held for sale$1,149,443 $1,434,583 
LIABILITIES
Notes payable and current maturities of long-term debt$— $— 
Accounts payable74,728 76,482 
Operating lease liabilities—current8,479 6,341 
Accrued liabilities25,330 26,182 
Current liabilities held for sale$108,537 $109,005 
Deferred income taxes$49,690 $47,848 
Operating lease liabilities—noncurrent10,047 16,182 
Other long-term liabilities95,617 72,538 
Long-term liabilities held for sale$155,354 $136,568 
(1)     The Company applied the market approach to estimate the fair value of the Performance Chemicals business, which is consistent with the accounting policies described in Note 2 and the valuation techniques described in Note 15. In applying the market approach, the Company estimated the fair value using publicly traded comparable company values and applied the selected market multiples to a trailing twelve months adjusted EBITDA. As a result, the Company recorded an additional goodwill impairment charge of $75,080 in the first quarter of 2021 related to the Performance Chemicals business.