Cash and Cash Equivalents

12 Months Ended

Dec. 31, 2021

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,
	2021		2020
	(in thousands)
Cash	$	57,008	$	34,707
Cash equivalents	70,689		70,826
Restricted cash - letters of credit	6,927		7,170
Total cash and cash equivalents	$	134,624	$	112,703

The Company's standby letter of credit of $5.9 million for its new headquarters' location may be periodically reduced under certain circumstances to approximately $3.5 million. 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 are secured by cash held on deposit. See “Note 14 — Commitments and Contingencies”.