CASH, CASH EQUIVALENTS AND RESTRICTED CASH AND INVESTMENTS

6 Months Ended

Jun. 30, 2024

Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents [Abstract]

CASH, CASH EQUIVALENTS AND RESTRICTED CASH AND INVESTMENTS

We consider highly liquid investments with an original maturity of three months or less to be cash equivalents. The fair value of cash equivalents approximates their carrying values due to their short-term maturity.

Restricted cash and investments represent funds designated by our Board for specific uses and funds restricted by contract or other legal reasons. A portion of the funds are amounts that have been restricted by contract that are expected to be settled within one year. These funds are therefore classified as current on our consolidated statements of financial position. The other funds are for amounts restricted by contract or other legal reasons that are expected to be settled beyond one year. These funds are classified as noncurrent and are included in other assets and investments on our consolidated statements of financial position.

The following table provides a reconciliation of cash, cash equivalents and restricted cash and investments reported within our consolidated statements of financial position that sum to the total of the same such amount shown in our consolidated statements of cash flows (dollars in thousands):


	June 30, 2024		December 31, 2023
Cash and cash equivalents	$	110,498	$	106,005
Restricted cash and investments - current	697		605
Restricted cash and investments - noncurrent (1)	172,252		3,408
Cash, cash equivalents and restricted cash and investments	$	283,447	$	110,018

(1)The increase in restricted cash and investments - noncurrent was primarily related to the contract termination payment, which was restricted by contract.