Cash and Cash Equivalents

12 Months Ended

Dec. 31, 2018

Cash and Cash Equivalents [Abstract]

Cash and Cash Equivalents

Note 3 — Cash and Cash Equivalents

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

	As of December 31,
	2018		2017
	(in thousands)
Cash	$	80,400	$	70,459
Cash equivalents	72,193		193,315
Restricted cash - letters of credit	3,781		3,872
Total cash and cash equivalents	$	156,374	$	267,646

The carrying value of the Company’s cash equivalents approximates fair value. See “Note 7 — Fair Value of Financial Instruments”.

Letters of credit were secured by cash held on deposit. See “Note 14 — Commitments and Contingencies”.