CASH, CASH EQUIVALENTS AND RESTRICTED CASH

3 Months Ended

Mar. 31, 2020

Cash and Cash Equivalents [Abstract]

Cash, Cash Equivalents and Restricted Cash

CASH, CASH EQUIVALENTS AND RESTRICTED CASH

Cash, cash equivalents and restricted cash as of March 31, 2020 and December 31, 2019 consisted of the following (in thousands):

	March 31, 2020		December 31, 2019
Cash	$	31,246	$	43,581
Cash equivalents	333,330		126,700
Total cash and cash equivalents	$	364,576	$	170,281
Restricted cash	22,332		22,037
Total cash, cash equivalents and restricted cash	$	386,908	$	192,318

The increase in cash equivalents during the three months ended March 31, 2020 was primarily driven by the Company's change in its investment strategy to preserve liquidity as a result of COVID-19. During March 2020, the Company sold $135.2 million of securities prior to maturity and reinvested the proceeds in money market funds. The Company also reinvested $38.0 million of proceeds from marketable securities that reached maturity and $27.0 million of proceeds from redemptions of marketable securities into money market funds. Money market funds are recorded as cash equivalents. See Note 4, "Marketable Securities" for further details.

As of March 31, 2020 and December 31, 2019, the Company had letters of credit collateralized fully by bank deposits that totaled $22.3 million and $22.0 million, respectively. These letters of credit primarily relate to lease agreements for certain of the Company’s offices, which are required to be maintained and issued to the landlords of each facility. Each letter of credit is subject to renewal annually until the applicable lease expires. As the bank deposits have restrictions on their use, they are classified as restricted cash on the Company's condensed consolidated balance sheet.