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Cash, Cash Equivalents and Restricted Cash (Tables) | 6 Months Ended
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Jul. 01, 2023
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents [Abstract] |
Restrictions on Cash and Cash Equivalents | The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheet that sum to the total of the same amounts shown in the condensed consolidated statement of cash flows.
(In thousands) | July 1, 2023 |  | December 31, 2022
Cash and cash equivalents | $ | 565,878 |  |  | $ | 561,559 |
Restricted cash | 1,139 |  |  | 1,880 |
Total cash, cash equivalents and restricted cash | $ | 567,017 |  |  | $ | 563,439 |
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.

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