Table:
|  | December 31, 2019 | December 31, 2018 |
| --- | --- | --- |
| Cash and cash equivalents | $19,505 | $18,017 |
| Restricted cash | 1,205 | 1,444 |
| Total cash, cash equivalents and restricted cash in the consolidated statements of cash flows | $20,710 | $19,461 |
Paragraphs:
(l) Cash, Cash Equivalents and Restricted Cash
Cash equivalents consist of highly liquid investments with maturities of three months or less on the date of purchase. Restricted cash includes cash and cash equivalents that is restricted through legal contracts, regulations or our intention to use the cash for a specific purpose. Our restricted cash primarily relates to refundable deposits and funds held in escrow.
The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets to the total amounts shown in the statements of cash flows (in thousands):
Question:
What does restricted cash primarily relate to?
Answer: refundable deposits and funds held in escrow