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Marketable Securities | 9 Months Ended
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Sep. 30, 2019
Investments, Debt and Equity Securities [Abstract] |
Marketable Securities | Marketable Securities The following is a summary of available-for-sale securities as of September 30, 2019 (in thousands):
| Amortized Cost |  | Gross Unrealized Gain |  | Gross Unrealized (Losses) |  | Estimated Fair Value
Corporate debt securities | $ | 40,148 |  |  | $ | 207 |  |  | $ | (6 | ) |  | $ | 40,349 |
Tax-exempt municipal securities | 13,936 |  |  | 131 |  |  | (29 | ) |  | 14,038 |
Variable rate demand notes | 5,600 |  |  | — |  |  | — |  |  | 5,600 |
Total | $ | 59,684 |  |  | $ | 338 |  |  | $ | (35 | ) |  | $ | 59,987 |
The following is a summary of available-for-sale securities as of December 31, 2018 (in thousands):
| 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 unrealized gains and losses on the Company’s investments in municipal and corporate debt securities as of December 31, 2018 and September 30, 2019 were caused by changes in market values primarily due to interest rate changes. As of September 30, 2019, the fair value of the Company’s securities which were in an unrealized loss position for a period longer than twelve months was $6.3 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 three and nine months ended September 30, 2018 and 2019. The following table summarizes the maturities of the Company’s marketable securities as of December 31, 2018 and September 30, 2019 (in thousands):
| December 31, 2018 |  | September 30, 2019
Due within one year | $ | 37,121 |  |  | $ | 33,455 |
Due after one year through five years | 37,678 |  |  | 26,532 |
Total | $ | 74,799 |  |  | $ | 59,987 |
Amounts due within one year in the table above included $5.6 million of variable rate demand notes, which have contractual maturities ranging from 18 years to 26 years as of September 30, 2019. 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 dates, which ranges from one day to seven days from the balance sheet date. The following table summarizes the proceeds from the maturities of available-for-sale securities for the three and nine months ended September 30, 2018 and 2019 (in thousands):
| For the three months ended September 30, |  | For the nine months ended September 30,
| 2018 |  | 2019 |  | 2018 |  | 2019
Maturities of marketable securities | $ | 5,842 |  |  | $ | 10,300 |  |  | $ | 5,842 |  |  | $ | 32,860 |
Total | $ | 5,842 |  |  | $ | 10,300 |  |  | $ | 5,842 |  |  | $ | 32,860 |
The Company did not record any gross realized gains or gross realized losses in net income during the three and nine months ended September 30, 2018 and 2019. Additionally, there were no proceeds from sales of marketable securities prior to maturity during the three and nine months ended September 30, 2018 and 2019.

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