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Marketable Investments
 3 Months Ended
Mar. 31, 2015
Investments, Debt and Equity Securities [Abstract]  
Marketable Investments

Note 3 — Marketable Investments

The following table summarizes the Company’s marketable investments (in thousands):

 

     As of March 31, 2015  
     Amortized
Cost		      Gross
Unrealized
Gains		      Gross
Unrealized
Losses		      Market
Value		  

Corporate obligations

    $ 60,792       $ 56       $   (16 )     $ 60,832   
  

 

 

     

 

 

     

 

 

     

 

 

  

 

     As of December 31, 2014  
     Amortized
Cost		      Gross
Unrealized
Gains		      Gross
Unrealized
Losses		      Market
Value		  

Corporate obligations

    $ 55,005       $ 13       $ (133 )     $ 54,885   
  

 

 

     

 

 

     

 

 

     

 

 

  

Realized gains and losses on securities are included in earnings and are determined using the specific identification method. Realized gains or losses on the sale of the Company’s corporate obligations were not material in the three months ended March 31, 2015 or 2014.

The following table summarizes the maturity periods of the marketable securities in the Company’s portfolio as of March 31, 2015 (in thousands).

 

     FY 2015      FY 2016      FY 2017      Thereafter      Total  

Corporate obligations

    $ 12,432       $ 24,575       $ 22,819       $ 1,006       $ 60,832   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

The following table shows the gross unrealized losses and market value of Forrester’s available-for-sale securities with unrealized losses that are not deemed to be other-than-temporary, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position (in thousands):

 

     As of March 31, 2015  
     Less Than 12 Months      12 Months or Greater  
     Market
Value		      Unrealized
Losses		      Market
Value		      Unrealized
Losses		  

Corporate obligations

    $ 15,235       $ 12       $ 2,053       $ 4   
  

 

 

     

 

 

     

 

 

     

 

 

  

 

     As of December 31, 2014  
     Less Than 12 Months      12 Months or Greater  
     Market
Value		      Unrealized
Losses		      Market
Value		      Unrealized
Losses		  

Corporate obligations

    $ 38,175       $ 133       $ —         $ —     
  

 

 

     

 

 

     

 

 

     

 

 

  

Fair Value

The Company measures certain financial assets at fair value on a recurring basis, including cash equivalents and available-for-sale securities. The fair values of these financial assets have been classified as Level 1, 2 or 3 within the fair value hierarchy as described in the accounting standards for fair value measurements.

Level 1 — Fair value based on quoted prices in active markets for identical assets or liabilities.

Level 2 — Fair value based on inputs other than Level 1 inputs that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

 

Level 3 — Fair value based on unobservable inputs that are supported by little or no market activity and such inputs are significant to the fair value of the assets or liabilities.

The following table represents the Company’s fair value hierarchy for its financial assets (cash equivalents and investments) measured at fair value on a recurring basis as of March 31, 2015 and December 31, 2014 (in thousands):

 

     As of March 31, 2015  
     Level 1      Level 2      Level 3      Total  

Money market funds (1)

    $ 845       $ —         $ —         $ 845   

Corporate obligations

      —           60,832         —           60,832   
  

 

 

     

 

 

     

 

 

     

 

 

  

Total

 $    845    $ 60,832    $ —      $ 61,677   
  

 

 

     

 

 

     

 

 

     

 

 

  

 

     As of December 31, 2014  
     Level 1      Level 2      Level 3      Total  

Money market funds (1)

    $ 1,794       $ —         $ —         $ 1,794   

Corporate obligations

      —           54,885         —           54,885   
  

 

 

     

 

 

     

 

 

     

 

 

  

Total

 $ 1,794    $ 54,885    $ —      $ 56,679   
  

 

 

     

 

 

     

 

 

     

 

 

  

 

(1) Included in cash and cash equivalents.

Level 2 assets consist of the Company’s entire portfolio of corporate bonds. Level 2 assets have been initially valued at the transaction price and subsequently valued, at the end of each reporting period, typically utilizing third party pricing services or other market observable data. The pricing services utilize industry standard valuation methods, including both income and market based approaches and observable market inputs to determine value. These observable market inputs include reportable trades, benchmark yields, credit spreads, broker/dealer quotes, bids, offers, current spot rates and other industry and economic events.