Cash and Cash Equivalents

3 Months Ended

Mar. 31, 2019

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



	As of March 31,		As of December 31,
	2019		2018
	(in thousands)
	(unaudited)
Cash	$	51,605	$	80,400
Cash equivalents	25,052		72,193
Restricted cash - letters of credit	3,795		3,781
Total cash and cash equivalents	$	80,452	$	156,374

The carrying value of the Company’s cash equivalents approximates fair value. See “Note 4 — Fair Value of Financial Instruments”.

Letters of credit are secured by cash held on deposit.