Cash and Cash Equivalents

9 Months Ended

Sep. 30, 2023

Cash and Cash Equivalents [Abstract]

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.