Cash, Cash Equivalents, and Restricted Cash

9 Months Ended

Sep. 30, 2022

Cash, Cash Equivalents, and Restricted Cash

Cash, Cash Equivalents, and Restricted Cash

5. Cash, Cash Equivalents, and Restricted Cash

The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the current period and comparable prior year period condensed consolidated balance sheets that sum to the total of the same such amounts shown on the condensed consolidated statements of cash flows.

	September 30,
(In thousands)	2022		2021
Cash and cash equivalents	$	418,538	$	121,424
Restricted cash		836		833
Total cash, cash equivalents, and restricted cash shown on the condensed consolidated statements of cash flows	$	419,374	$	122,257

The Company maintains restricted cash for certain lease agreements and letters of credit by which the Company has pledged cash and cash equivalents as collateral. The cash-related amounts reported in the table above exclude the Company’s investments in any short and long-term marketable securities that are reported separately on the condensed consolidated balance sheets.

The increase in cash and cash equivalents, compared to the prior year period, was primarily due to the sale of the Company’s equity interest in Theravance Respiratory Company, LLC (see Note 8 for further information) in July 2022. The Company also proceeded to paydown all of its long-term debt (See Note 10 for further information) by the end of August 2022, and in September 2022, the Company initiated a $250.0 million capital return program (see Note 14 for further information).