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Cash, Cash Equivalents, and Restricted Cash
3 Months Ended
Mar. 31, 2020
Cash And Cash Equivalents [Abstract]  
Cash, Cash Equivalents, and Restricted Cash

NOTE 3: CASH, CASH EQUIVALENTS, AND RESTRICTED CASH

The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the Condensed Consolidated Balance Sheets that sum to the total of the beginning and ending cash balances shown in the Condensed Consolidated Statements of Cash Flows:

 

 

March 31,

 

 

December 31,

 

 

 

2020

 

 

2019

 

 

 

(In millions)

 

Cash and cash equivalents

 

$

188.3

 

 

$

11.0

 

Restricted cash

 

 

16.4

 

 

 

48.8

 

Total cash, cash equivalents, and restricted cash

 

$

204.7

 

 

$

59.8

 

As part of the indenture for our $650 million senior secured notes due in 2022 (the “2022 Notes”), proceeds from the sale of property, plant, and equipment that is collateral are deposited into a restricted cash account. Cash can be withdrawn from this restricted account upon meeting certain requirements, to fund activities such as debt repayment and future capital expenditures. In December 2019, we signed and closed a sale-leaseback transaction for a group of service center properties, resulting in net proceeds of $61.5 million of which $47.6 million was deposited into the restricted cash account. The balance in the restricted account for property, plant, and equipment sales was $15.2 million at March 31, 2020 compared to $47.6 million at December 31, 2019 as funds were released during the first quarter to repurchase a portion of our 2022 Notes (see Note 7) as well as fund capital expenditures. We also have $1.2 million of cash restricted for the purposes of covering letters of credit that can be presented for potential insurance claims at March 31, 2020 and December 31, 2019.