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Cash, Cash Equivalents and Restricted Cash (Tables) | 12 Months Ended
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Dec. 31, 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 consolidated balance sheet that sum to the total of the same amounts shown in the consolidated statement of cash flows.
(In thousands) | December 31, 2023 |  | December 31, 2021
Cash and cash equivalents | $ | 456,929 |  |  | $ | 561,559 |
Restricted cash | — |  |  | 1,880 |
Total cash, cash equivalents and restricted cash | $ | 456,929 |  |  | $ | 563,439 |
The restricted cash represents cash held in a “Rabbi” trust. CMC Materials’ change in control severance protection agreements required CMC Materials to establish a Rabbi trust prior to its acquisition by the Company and to fully fund the trust to cover all the severance benefits that would become payable under the agreements. The Company had no restricted cash as of December 31, 2023.

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