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Cash and Cash Equivalents | 9 Months Ended
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Sep. 30, 2023
Cash and Cash Equivalents [Abstract] |
Cash and Cash Equivalents | Cash and Cash Equivalents The following table provides a summary of cash and cash equivalents:
(in millions) | September 30, 2023 |  | December 31, 2022 |  |
Cash | $ | 118.1 |  |  | $ | 136.1 |  |  |
Money market mutual funds | 447.0 |  |  | 487.3 |  |  |
Time deposits | 104.7 |  |  | 50.8 |  |  |
Restricted cash | 15.6 |  |  | 0.5 |  |  |
Total cash and cash equivalents | 685.4 |  |  | 674.7 |  |  |
Restricted cash included in other assets | — |  |  | 15.0 |  |  |
Total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows | $ | 685.4 |  |  | $ | 689.7 |  |  |
All cash and cash equivalents are Level 1 in the fair value hierarchy. Restricted cash is held as a compensating balance against long-term borrowings. Certain of the Company’s subsidiaries participate in a multi-currency, notional cash pooling arrangement with a third-party bank provider to manage global liquidity requirements. Under this arrangement, cash deposited by participating subsidiaries may be used to offset amounts owed to the bank by other participating subsidiaries to the extent the overall balance in the cash pool is at least zero, providing legal rights of offset. As of September 30, 2023, the Company had a net cash position of approximately $1.7 million, consisting of a gross cash position of approximately $51.9 million less cash borrowings of approximately $50.2 million by participating subsidiaries, which is reflected as cash and cash equivalents in the consolidated balance sheet.

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- Definition The entire disclosure for cash and cash equivalent footnotes, which may include the types of deposits and money market instruments, applicable carrying amounts, restricted amounts and compensating balance arrangements. Cash and equivalents include: (1) currency on hand (2) demand deposits with banks or financial institutions (3) other kinds of accounts that have the general characteristics of demand deposits (4) short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Generally, only investments maturing within three months from the date of acquisition qualify. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(1)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03(a)(2)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479440/944-210-S99-1 + Details
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