Note 7—Debt Securities

The following is a summary of marketable debt securities:

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	(in thousands)
Available-for-sale securities:
January 31, 2019:
U.S. Treasury notes	$	749	$	—	$	—		$	749
Municipal bonds		302		—		—			302
Total	$	1,051	$	—	$	—		$	1,051

July 31, 2018:
Certificates of deposit*	$	3,032	$	—	$	—		$	3,032
U.S. Treasury notes		1,693		—		(1	)		1,692
Municipal bonds		888		—		—			888
Total	$	5,613	$	—	$	(1	)	$	5,612

Each of the Company’s certificates of deposit had a CUSIP, was purchased in the secondary market through a broker, and may be sold in the secondary market.

Equity securities with a fair value of $0.4 million at July 31, 2018 were reclassified to “Other current assets” to conform to the current year presentation (see Note 8).

Proceeds from maturities and sales of available-for-sale securities were $1.2 million and $12.1 million in the three months ended January 31, 2019 and 2018, respectively, and $4.6 million and $31.6 million in the six months ended January 31, 2019 and 2018, respectively. There were no gross realized gains that were included in earnings as a result of sales in the three and six months ended January 31, 2019 and 2018. There were no gross realized losses that were included in earnings as a result of sales in the three and six months ended January 31, 2019. The gross realized losses that were included in earnings as a result of sales were $16,000 and $9,000 in the three and six months ended January 31, 2018, respectively. The Company uses the specific identification method in computing the gross realized gains and gross realized losses on the sales of marketable securities.

The contractual maturities of the Company’s available-for-sale debt securities at January 31, 2019 were as follows:

	Fair Value
	(in thousands)
Within one year	$	1,051
After one year through five years		—
After five years through ten years		—
After ten years		—
Total	$	1,051

The following available-for-sale debt securities were in an unrealized loss position for which other-than-temporary impairments have not been recognized:

	Unrealized Losses		Fair Value
	(in thousands)
January 31, 2019:
Total	$	—	$	—

July 31, 2018:
U.S. Treasury notes	$	1	$	1,692

At January 31, 2019 and July 31, 2018, there were no securities in a continuous unrealized loss position for 12 months or longer.