Cash and Cash Equivalents

12 Months Ended

Dec. 31, 2021

Cash and Cash Equivalents [Abstract]

Several of the Company's affiliates participate in a notional cash pooling arrangement to manage global liquidity requirements. As part of a master netting arrangement, the participants combine their cash balances in pooling accounts at the same financial institution with the ability to offset bank overdrafts of one participant against positive cash account balances held by another participant. Under the terms of the master netting arrangement, the financial institution has the right, ability and intent to offset a positive balance in one account against an overdrawn amount in another account. Amounts in each of the accounts are unencumbered and unrestricted with respect to use. As such, the net cash balance related to this pooling arrangement is included in Cash and cash equivalents in the Consolidated Balance Sheets.

The Company's net cash pool position consisted of the following:


(In thousands)	December 31, 2021
Gross cash pool position	$	63,970
Less: cash pool borrowings	(58,008)
Net cash pool position	5,962