Restricted Cash

12 Months Ended

Dec. 31, 2021

Restricted Cash [Abstract]

Restricted cash [Text Block]

Note 12 – Restricted Cash

Prior to December 2020, the Company had restricted cash recorded in other assets related to proceeds from an inactive subsidiary

of the Company which previously executed separate settlement and release agreements with two of its insurance carriers for an

original total value of $35.0 million.

 The proceeds of both settlements were restricted and could only be used to pay claims and costs

of defense associated with the subsidiary’s asbestos litigation.

The proceeds of the settlement and release agreements were deposited

into interest bearing accounts which earned less then $

0.1

 million and $

0.2

 million in the years ended December 31, 2020, and 2019,

respectively, offset by $

1.0

 million and $

0.8

 million of net payments during 2020 and 2019, respectively. Due to the restricted nature

of the proceeds, a corresponding deferred credit was established in other non-current liabilities for an equal and offsetting amount that

continued until the restrictions lapsed. 

During December 2020, the restrictions ended on these previously received insurance settlements and the Company transferred

the cash into an operating account. In connection with the termination in restrictions, the Company recognized an $

18.1

 million gain

on its Consolidated Statement of Income in Other income (expense ), net, for the amount of previously restricted cash, net of the

estimated liability to pay claims and associated with the inactive subsidiary’s asbestos litigation as of December 31, 2020. Therefore,

due to these restrictions ending, there is

no

 restricted cash for the year ended December 31, 2021. See Notes 18, 22 and 26 of Notes to

Consolidated Financial Statements.

The following table provides a reconciliation of cash, cash equivalents and restricted cash as December 31, 2021, 2020, 2019 and

2018:

2021

2020

2019

2018

Cash and cash equivalents

$

165,176

$

181,833

$

123,524

$

104,147

Restricted cash included in other current assets

-

62

353

-

Restricted cash included in other assets

-

-

19,678

20,278

Cash, cash equivalents and restricted cash

$

165,176

$

181,895

$

143,555

$

124,425