Cash, Cash Equivalents and Restricted Cash

12 Months Ended

Dec. 31, 2022

Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents [Abstract]

Restricted Assets Disclosure

RESTRICTED CASH

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheet that sum to the total of the same amounts shown in the consolidated statement of cash flows.

(In thousands)	December 31, 2022		December 31, 2021
Cash and cash equivalents	$	561,559	$	402,565
Restricted cash	1,880		—
Total cash, cash equivalents and restricted cash	$	563,439	$	402,565

The restricted cash represents cash held in a “Rabbi” trust. Prior to the acquisition of CMC Materials, CMC Materials’ change in control severance protection agreements required CMC Materials to establish a Rabbi trust prior to a change in control and fully fund the trust to cover all the severance benefits that may become payable under the agreements.