Net income of $0.6 million for 2021 compared to net loss of $16.3 million for 2020 was primarily due to higher sales volumes, higher pricing and lower Restructuring and other charges, offset by an increase in income tax expense, COVID-19 costs to implement safety protocols, higher logistics, raw material and other operating costs and $5.5 million Equity in net loss of unconsolidated affiliate.
LIQUIDITY AND CAPITAL RESOURCES
Our prospective success in funding our cash needs will depend on the strength of the lithium market and our continued ability to generate cash from operations and raise capital from other sources. Our primary sources of cash are currently generated from operations and borrowings under our revolving credit facility. Cash and cash equivalents as of December 31, 2021 and 2020, were $113.0 million and $11.6 million, respectively. Of the cash and cash equivalents balance as of December 31, 2021 and 2020, $26.9 million and $10.6 million was held by our foreign subsidiaries, respectively