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Cash Equivalents and Investments
 3 Months Ended
Mar. 31, 2020
Cash and Cash Equivalents [Abstract]  
Cash Equivalents and Investments
4. Cash and Cash Equivalents
 
As of March 31, 2020 and December 31, 2019, the Company had invested its excess cash balances primarily in cash and money market funds. The fair values of cash equivalents approximate their carrying values due to the short-term nature of such financial instruments.

The following table summarizes the Company’s cash and cash equivalents by significant investment category reported as cash and cash equivalents as of March 31, 2020 and December 31, 2019:
(in thousands)
 
March 31, 2020
 
December 31, 2019
 
 
 
 
 
Cash (1)
 
$
43,704

 
$
37,718

Money market funds
 
81,808

 
131,264

Total
 
$
125,512

 
$
168,982


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(1) The amounts above exclude $21.3 million and $24.5 million of cash at Noden classified as held for sale as of March 31, 2020 and December 31, 2019, respectively. See Note 2, Discontinued Operations Classified as Assets Held for Sale, for additional information.