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Marketable Securities | 12 Months Ended
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Dec. 31, 2018
Marketable Securities |
Marketable Securities | 6. Marketable Securities The following is a summary of available-for-sale securities as of December 31, 2018 (in thousands):
| December 31, 2018
|  | Amortized Cost |  |  | Gross Unrealized Gain |  |  | Gross Unrealized (Losses) |  |  | Estimated Fair Value
Corporate debt securities | $ | 48,202 |  | $ | 12 |  | $ | (284) |  | $ | 47,930
Tax-exempt municipal securities |  | 22,858 |  |  | 45 |  |  | (34) |  |  | 22,869
Variable rate demand notes |  | 4,000 |  |  | — |  |  | — |  |  | 4,000
Total | $ | 75,060 |  | $ | 57 |  | $ | (318) |  | $ | 74,799
The marketable securities were acquired in the merger with CEC; the Company had no holdings of marketable securities classified as available-for-sale as of December 31, 2017. The unrealized gains and losses on the Company’s investments in municipal and corporate debt securities as of December 31, 2018 were caused by changes in market values primarily due to interest rate changes. As of December 31, 2018, the fair value of the Company’s securities which were in an unrealized loss position for a period longer than twelve months was $15.5 million. The Company does not intend to sell these securities, and it is not more likely than not that the Company will be required to sell these securities prior to the recovery of their amortized cost basis, which may be at maturity. No other-than-temporary impairment charges were recorded during the year ended December 31, 2018. The following table summarizes the maturities of the Company’s marketable securities as of December 31, 2018 (in thousands):
|  | December 31, 2018
Due within one year | $ | 37,121
Due after one year through five years |  | 37,678
Total | $ | 74,799
Amounts due within one year in the table above included $4.0 million of variable rate demand notes, with contractual maturities ranging from 27 years to 30 years as of December 31, 2018. The variable rate demand notes are floating rate municipal bonds with embedded put options that allow the Company to sell the security at par plus accrued interest on a settlement basis ranging from one day to seven days. The Company has classified these securities based on their effective maturity date, which ranges from one day to nine days from the balance sheet date. The Company received $16.4 million of proceeds from the maturities of available-for-sale securities during the year ended December 31, 2018. The Company did not record any gross realized gains or gross realized losses in net income during the year ended December 31, 2018. Additionally, there were no proceeds from sales of marketable securities prior to maturity during the year ended December 31, 2018.

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