Cash and Cash Equivalents

12 Months Ended

Dec. 31, 2019

Cash and Cash Equivalents [Abstract]

Note 3 — Cash and Cash Equivalents

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


	As of December 31,
	2019		2018
	(in thousands)
Cash	$	59,455	$	80,400
Cash equivalents	44,751		72,193
Restricted cash - letters of credit	9,769		3,781
Total cash and cash equivalents	$	113,975	$	156,374

In June 2019, the Company delivered a security deposit in the form of a $5.9 million standby letter of credit to the landlord of a new office lease. Under certain circumstances, the Company will be entitled to periodically reduce the amount of the letter of credit amount down ultimately to approximately $3.5 million from and after the fifth anniversary of the rent commencement. See “Note 16 — Leases”.

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”.