Cash, Cash Equivalents and Restricted Cash

6 Months Ended

Jun. 30, 2021

Cash and Cash Equivalents [Abstract]

Cash, Cash Equivalents and Restricted Cash

Cash and Cash Equivalents

The Company considers all highly liquid investment securities with remaining maturities at the date of purchase of three months or less to be cash equivalents. These cash equivalents are stated at cost which approximates market value. Cash held related to IHOP advertising funds and the Company's gift card programs is not considered to be restricted cash as there are no restrictions on the use of these funds.

The components of cash and cash equivalents were as follows:


	June 30, 2021		December 31, 2020
	(In millions)
Money market funds	$	30.0	$	175.0
IHOP advertising funds and gift card programs	76.2		71.6
Other depository accounts	153.3		136.8
Total cash and cash equivalents	$	259.5	$	383.4

The decrease in money market funds between December 31, 2020 and June 30, 2021 was due to the repayment of $220.0 million previously drawn on the Company's Credit Facility.

Current Restricted Cash

Current restricted cash primarily consisted of funds required to be held in trust in connection with the Company's securitized debt and funds from Applebee's franchisees pursuant to franchise agreements, usage of which was restricted to advertising activities. The components of current restricted cash were as follows:



	June 30, 2021		December 31, 2020
	(In millions)
Securitized debt reserves	$	33.7	$	27.0
Applebee's advertising funds	38.3		12.8
Other	0.1		0.1
Total current restricted cash	$	72.1	$	39.9

Non-current Restricted Cash

Non-current restricted cash was $16.4 million and $32.8 million at June 30, 2021 and December 31, 2020, respectively, and represents interest reserves required to be set aside for the duration of the Company's securitized debt. The minimum reserve is approximately one quarter's interest payment on the Company's securitized debt, currently approximately $16 million. The Company voluntarily increased the amount held in the reserve account to twice the minimum amount during the year ended December 31, 2020 and, in turn, reduced the reserve to the minimum amount during the six months ended June 30, 2021