CASH AND CASH EQUIVALENTS

9 Months Ended

Sep. 30, 2017

Cash and Cash Equivalents [Abstract]

Cash and Cash Equivalents

CASH AND CASH EQUIVALENTS

Cash and cash equivalents as of September 30, 2017 and December 31, 2016 consisted of the following (in thousands):

	September 30, 2017		December 31, 2016
Cash and cash equivalents
Cash	$	196,234	$	119,778
Cash equivalents	166,167		152,423
Total cash and cash equivalents	$	362,401	$	272,201

As of September 30, 2017 and December 31, 2016, the Company had letters of credit collateralized fully by bank deposits which total $18.6 million and $17.3 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.