Cash and Cash Equivalents

3 Months Ended

Mar. 31, 2020

Cash and Cash Equivalents [Abstract]

Cash and Cash Equivalents

Cash and Cash Equivalents

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

	As of March 31,		As of December 31,
	2020		2019
	(in thousands)
	(unaudited)
Cash	$	36,065	$	59,455
Cash equivalents	33,927		44,751
Restricted cash - letters of credit	9,675		9,769
Total cash and cash equivalents	$	79,667	$	113,975

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.