Cash, Cash Equivalents and Restricted Cash

12 Months Ended

Dec. 31, 2019

Cash and Cash Equivalents [Abstract]

Cash, Cash Equivalents and Restricted Cash

Note 6 —Cash, Cash Equivalents and Restricted Cash

Cash, cash equivalents and restricted cash as of December 31, 2018 and 2019 consisted of the following (in thousands):

	2018		2019
Current assets:
Cash and cash equivalents	$	29,844	$	49,207
Restricted cash - standby letters of credit		30		15
Restricted cash - held in escrow		750		—
Total cash, cash equivalents and current portion of restricted cash	$	30,624	$	49,222
Long-term assets:
Restricted cash - standby letters of credit	$	4,000	$	4,000
Total long-term portion of restricted cash	$	4,000	$	4,000
Total cash, cash equivalents and restricted cash	$	34,624	$	53,222

The Company considers all highly liquid investments with maturities of three months or less on the date of acquisition to be cash equivalents.

The Company places its cash and cash equivalents with high credit quality financial institutions. At times, such investments may be in excess of the Federal Deposit Insurance Corporation (“FDIC”) and Canadian Deposit Insurance Corporation (“CDIC”) limits. Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash deposits. The amounts in excess of FDIC and CDIC limits were approximately $28.5 million and $47.9 million as of December 31, 2018 and 2019, respectively.

The Company classifies restricted cash as short-term and a current asset if the cash is expected to be used in operations within a year or to acquire a current asset. Otherwise, the restricted cash is classified as long-term. Short-term restricted cash consisted of standby letters of credit renewed annually. Long-term restricted cash consisted of a standby letter of credit.