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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2016

Income Tax Disclosure [Abstract]

Income Before Income Taxes

Income before income taxes consists of the following (in thousands):

		Years Ended December 31,
		2016				2015				2014
Domestic		$	22,303			$	11,347			$	12,939
Foreign			8,406				7,973				5,450
Total		$	30,709			$	19,320			$	18,389

Components of the Income Tax Provision (benefit)

The components of the income tax provision (benefit) are as follows (in thousands):

		Years Ended December 31,
		2016				2015				2014
Current:
Federal		$	6,094			$	5,103			$	11,644
State			2,330				1,252				2,239
Foreign			2,032				1,954				1,167
Total current			10,456				8,309				15,050
Deferred:
Federal			2,719				(723	)			(6,470	)
State			59				(232	)			(1,095	)
Foreign			(176	)			(30	)			39
Total deferred			2,602				(985	)			(7,526	)
Income tax provision		$	13,058			$	7,324			$	7,524

Reconciliation of the Federal Statutory Rate

A reconciliation of the federal statutory rate to Forrester’s effective tax rate is as follows:

		Years Ended December 31,
		2016				2015				2014
Income tax provision at federal statutory rate			35.0	%			35.0	%			35.0	%
Increase (decrease) in tax resulting from:
State tax provision, net of federal benefit			5.0				4.0				4.2
Foreign tax rate differential			(3.9	)			(2.7	)			(3.2	)
Stock option compensation deduction			0.6				2.5				2.6
Non-deductible expenses			1.5				1.7				1.1
Change in valuation allowance			3.2				(0.7	)			(1.0	)
Change in tax legislation			—				(3.1	)			—
Out-of-period adjustment			—				—				2.5
Other, net			1.1				1.2				(0.3	)
Effective tax rate			42.5	%			37.9	%			40.9	%

Components of Deferred Income Taxes

The components of deferred income taxes are as follows (in thousands):

		As of December 31,
		2016				2015
Non-deductible reserves and accruals		$	8,189			$	9,795
Net operating loss and other carryforwards			7,560				7,862
Stock compensation			5,327				5,900
Depreciation and amortization			1,196				813
Other assets			50				490
Gross deferred tax asset			22,322				24,860
Less - valuation allowance			(2,193	)			(1,534	)
Sub-total			20,129				23,326
Depreciation and amortization			(453	)			—
Goodwill amortization			(5,013	)			(5,097	)
Deferred commissions			(4,928	)			(5,344	)
Net deferred tax asset		$	9,735			$	12,885

Summary of Changes in Deferred Tax Valuation Allowance

The following table provides a summary of the changes in the deferred tax valuation allowance for the years ended December 31, 2016, 2015 and 2014 (in thousands):

		2016				2015				2014
Deferred tax valuation allowance at January 1		$	1,534			$	1,565			$	2,200
Additions			1,256				150				17
Deductions			(455	)			(134	)			(574	)
Translation adjustments			(142	)			(47	)			(78	)
Deferred tax valuation allowance at December 31		$	2,193			$	1,534			$	1,565

Reconciliation of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is summarized as follows for the years ended December 31, 2016, 2015 and 2014 (in thousands):

		2016				2015				2014
Unrecognized tax benefits at January 1		$	1,910			$	2,136			$	2,012
Additions for tax positions of prior years			—				36				6
Reductions for tax positions of prior years			(31	)			—				—
Additions for tax positions of current year			75				46				121
Settlements			(163	)			(303	)			—
Lapse of statute of limitations			—				—				—
Translation adjustments			(17	)			(5	)			(3	)
Unrecognized tax benefits at December 31		$	1,774			$	1,910			$	2,136

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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