Cash and Cash Equivalents

12 Months Ended

Dec. 31, 2022

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,
	2022		2021
	(in thousands)
Cash	$	49,789	$	57,008
Cash equivalents	47,609		70,689
Restricted cash - letters of credit	6,938		6,927
Total cash and cash equivalents	$	104,336	$	134,624

The Company's standby letter of credit was $5.9 million for its New York headquarters' location as of December 31, 2022. Subsequently, the standby letter of credit has been reduced to $4.7 million and may be further reduced periodically under certain circumstances to approximately $3.5 million.

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”.