CASH, CASH EQUIVALENTS AND RESTRICTED CASH

3 Months Ended

Mar. 31, 2018

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, 2018 and December 31, 2017 consisted of the following (in thousands):

	March 31, 2018		December 31, 2017
Cash	$	163,440	$	283,085
Cash equivalents	228,895		264,765
Total cash and cash equivalents	$	392,335	$	547,850
Restricted cash	$	18,800	$	18,554
Total cash, cash equivalents and restricted cash	$	411,135	$	566,404

As of March 31, 2018 and December 31, 2017, the Company had letters of credit collateralized fully by bank deposits which total $18.8 million and $18.6 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 sheets.