CASH, CASH EQUIVALENTS AND RESTRICTED CASH

12 Months Ended

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

	December 31, 2018		December 31, 2017
Cash	$	81,055	$	283,085
Cash equivalents	251,709		264,765
Total cash and cash equivalents	$	332,764	$	547,850
Restricted cash	22,071		18,554
Total cash, cash equivalents and restricted cash	$	354,835	$	566,404

As of December 31, 2018 and 2017, the Company had letters of credit collateralized fully by bank deposits which totaled $22.1 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 consolidated balance sheets.