Cash and Cash Equivalents

3 Months Ended

Mar. 31, 2015

Cash and Cash Equivalents [Abstract]

The carrying values of the Company's cash and cash equivalents are as follows:



	As of March 31,		As of December 31,
	2015		2014
	(in thousands, unaudited)
Cash	$	25,665	$	35,748
Cash equivalents	3,179		8,998
Restricted cash - deferred compensation plan	122		498
Restricted cash - letters of credit	5,480		5,696
Total cash and cash equivalents	$	34,446	$	50,940

The carrying value of the Company's cash equivalents approximates fair value. Cash is restricted for the payout of Greenhill Australia's deferred compensation plan, which is being distributed over a 7 year period ending in 2016. A deferred compensation liability relating to the plan of $0.1 million and $0.5 million as of March 31, 2015 and December 31, 2014, respectively, has been recorded on the condensed consolidated statements of financial condition as a component of compensation payable.

Letters of credit are secured by cash held on deposit.

- Definition

The entire disclosure for cash and cash equivalent footnotes, which may include the types of deposits and money market instruments, applicable carrying amounts, restricted amounts and compensating balance arrangements. Cash and equivalents include: (1) currency on hand (2) demand deposits with banks or financial institutions (3) other kinds of accounts that have the general characteristics of demand deposits (4) short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Generally, only investments maturing within three months from the date of acquisition qualify.

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