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Marketable Securities | 6 Months Ended
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Jun. 30, 2020
Investments, Debt and Equity Securities [Abstract] |
Marketable Securities | Marketable Securities The following is a summary of available-for-sale securities as of June 30, 2020 (in thousands):
| Amortized Cost |  | Gross Unrealized Gain |  | Gross Unrealized (Losses) |  | Estimated Fair Value
Corporate debt securities | $ | 26,920 |  |  | $ | 480 |  |  | $ | (8 | ) |  | $ | 27,392 |
Tax-exempt municipal securities | 21,890 |  |  | 215 |  |  | (74 | ) |  | 22,031 |
Variable rate demand notes | 5,600 |  |  | — |  |  | — |  |  | 5,600 |
Total | $ | 54,410 |  |  | $ | 695 |  |  | $ | (82 | ) |  | $ | 55,023 |
The following is a summary of available-for-sale securities as of December 31, 2019 (in thousands):
| Amortized Cost |  | Gross Unrealized Gain |  | Gross Unrealized (Losses) |  | Estimated Fair Value
Corporate debt securities | $ | 42,584 |  |  | $ | 165 |  |  | $ | (40 | ) |  | $ | 42,709 |
Tax-exempt municipal securities | 23,301 |  |  | 112 |  |  | (215 | ) |  | 23,198 |
Variable rate demand notes | 5,600 |  |  | — |  |  | — |  |  | 5,600 |
Total | $ | 71,485 |  |  | $ | 277 |  |  | $ | (255 | ) |  | $ | 71,507 |
The unrealized gains and losses on the Company’s investments in corporate debt and municipal securities as of December 31, 2019 and June 30, 2020 were caused by changes in market values primarily due to interest rate changes. As of June 30, 2020, there were no securities in an unrealized loss position for a period longer than twelve months. The Company has no allowance for credit losses related to its available-for-sale securities as all investments are in investment grade securities. 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 impairment charges were recorded during the three and six months ended June 30, 2019 and 2020. The following table summarizes the maturities of the Company’s marketable securities as of December 31, 2019 and June 30, 2020 (in thousands):
| December 31, 2019 |  | June 30, 2020
Due within one year | $ | 34,874 |  |  | $ | 23,106 |
Due after one year through five years | 36,633 |  |  | 31,917 |
Total | $ | 71,507 |  |  | $ | 55,023 |
Amounts due within one year in the table above included $5.6 million of variable rate demand notes, which have contractual maturities ranging from 17 years to 26 years as of June 30, 2020. 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 range from one day to seven days from the balance sheet date. The following table summarizes the proceeds from the maturities and sales of available-for-sale securities for the three and six months ended June 30, 2019 and 2020 (in thousands):
| For the three months ended June 30, |  | For the six months ended June 30,
| 2019 |  | 2020 |  | 2019 |  | 2020
Maturities of marketable securities | $ | 9,650 |  |  | $ | 7,500 |  |  | $ | 22,560 |  |  | $ | 17,405 |
Sales of marketable securities | — |  |  | 1,464 |  |  | — |  |  | 1,464 |
Total | $ | 9,650 |  |  | $ | 8,964 |  |  | $ | 22,560 |  |  | $ | 18,869 |
The Company recorded approximately $35,000 in gross realized gains in net income during the three and six months ended June 30, 2020 related to the sale of marketable securities. The Company did not record any gross realized gains or losses in net income during the three and six months ended June 30, 2019.

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- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2209399 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2324412 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI http://asc.fasb.org/topic&trid=2196928 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 940 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2176304 + Details
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