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Restricted Cash
6 Months Ended
Jun. 30, 2019
Cash and Cash Equivalents [Abstract]  
Restricted Cash Restricted Cash

At June 30, 2019 and December 31, 2018, we had restricted cash of $240 million and $5.1 million, respectively.

The June 30, 2019 restricted cash balance was presented as cash restricted for a pending acquisition on the condensed consolidated balance sheets. It represents the portion of the May 1, 2019 term loan B proceeds that are being segregated for financing a portion of the pending acquisition of eight broadcast television stations from the Nexstar transaction with Tribune Media Company. Refer to Note 9. Long-Term Debt for further information on the $765 million term loan B that was issued on May 1, 2019.

The December 31, 2018 restricted cash balance was included in the cash and cash equivalents balance on the condensed consolidated balance sheets. It was the amount held in a restricted cash account on deposit with our insurance carrier. This account served as collateral, in place of an irrevocable stand-by letter of credit, to provide financial assurance that we will fulfill our obligations with respect to cash requirements associated with our workers' compensation self-insurance. This cash was to remain on deposit with the carrier until all claims have been paid or we provide a letter of credit in lieu of the cash deposit. During the first quarter of 2019, we provided a letter of credit in lieu of the cash deposit.