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CASH, CASH EQUIVALENTS AND RESTRICTED CASH
 9 Months Ended
Sep. 30, 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 September 30, 2020 and December 31, 2019 consisted of the following (in thousands):
September 30,
2020		December 31,
2019
Cash$80,698 $43,581 
Cash equivalents510,091 126,700 
Total cash and cash equivalents$590,789 $170,281 
Restricted cash826 22,037 
Total cash, cash equivalents and restricted cash$591,615 $192,318 
The increase in cash equivalents during the nine months ended September 30, 2020 was primarily driven by the Company's change in its investment strategy to preserve liquidity as a result of COVID-19. During the six months ended June 30, 2020, the Company sold securities prior to maturity for proceeds of $253.4 million and reinvested these funds along with $73.0 million from maturities and redemptions into money market funds, which are recorded as cash equivalents. See Note 4, "Marketable Securities" for further details.
As of December 31, 2019, the Company had letters of credit collateralized fully by bank deposits that totaled $22.0 million. These letters of credit primarily related to lease agreements for certain of the Company’s offices, which were required to be maintained and issued to the landlords of each facility. Each letter of credit was subject to renewal annually until the applicable lease expires. As the bank deposits had restrictions on their use, they were classified as restricted cash on the Company's condensed consolidated balance sheet.
In May 2020, the Company moved approximately $21.5 million of these letters of credit under a sub-limit included in its credit agreement with Wells Fargo Bank, National Association, which it entered into on May 5, 2020 (the "Credit Agreement"). Following this transfer, the restrictions on the Company's use of the bank deposits previously used to collateralize its letters of credit were lifted and, as a result, such funds are no longer classified as restricted cash. See Note 12, "Commitments and Contingencies" for further details on the Credit Agreement.