Annual Reports

 
Quarterly Reports

  • 10-Q (Aug 8, 2017)
  • 10-Q (May 9, 2017)
  • 10-Q (Nov 8, 2016)
  • 10-Q (Aug 9, 2016)
  • 10-Q (May 10, 2016)
  • 10-Q (Nov 6, 2015)

 
8-K

 
Other

Forrester Research 10-Q 2017

Documents found in this filing:

  1. 10-Q
  2. Ex-3.2
  3. Ex-31.1
  4. Ex-31.2
  5. Ex-32.1
  6. Ex-32.2
  7. Ex-32.2
forr-10q_20170630.htm

 

FORM 10-Q

 

(MARK ONE)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934.

FOR THE QUARTERLY PERIOD ENDED June 30, 2017

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934.

COMMISSION FILE NUMBER: 000-21433

 

FORRESTER RESEARCH, INC.

(Exact name of registrant as specified in its charter)

 

 

DELAWARE

 

04-2797789

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

Identification Number)

 

 

 

60 Acorn Park Drive

CAMBRIDGE, MASSACHUSETTS

 

02140

(Address of principal executive offices)

 

(Zip Code)

Registrant’s telephone number, including area code: (617) 613-6000

 

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes       No  

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes       No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):

 

Large accelerated filer

 

  

Accelerated filer

 

 

 

 

 

 

 

 

Non-accelerated filer

 

 (Do not check if a smaller reporting company)

  

Smaller reporting company

 

 

Emerging growth company

 

  

 

 

 

If an emerging growth company, indicate by checkmark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes       No  

As of August 4, 2017 17,734,000 shares of the registrant’s common stock were outstanding.

 

 

 

 


 

FORRESTER RESEARCH, INC.

INDEX TO FORM 10-Q

 

 

  

PAGE

 

PART I. FINANCIAL INFORMATION

  

3

 

ITEM 1. Financial Statements (Unaudited)

  

3

 

Consolidated Balance Sheets as of June 30, 2017 and December 31, 2016

  

3

 

Consolidated Statements of Income for the Three and Six Months Ended June 30, 2017 and 2016

  

4

 

Consolidated Statements of Comprehensive Income for the Three and Six Months Ended June 30, 2017 and 2016

  

5

 

Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2017 and 2016

  

6

 

Notes to Consolidated Financial Statements

  

7

 

ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

  

16

 

ITEM 3. Quantitative and Qualitative Disclosures About Market Risk

  

25

 

ITEM 4. Controls and Procedures

  

25

 

PART II. OTHER INFORMATION

  

26

 

ITEM 1A. Risk Factors

  

26

 

ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds

 

26

 

ITEM 6. Exhibits

  

27

 

  

 

 

 

 

 

 

2


 

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

FORRESTER RESEARCH, INC.

CONSOLIDATED BALANCE SHEETS

(In thousands, except per share data, unaudited)

 

 

 

June 30,

 

 

December 31,

 

 

 

2017

 

 

2016

 

ASSETS

 

Current Assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

67,106

 

 

$

76,958

 

Marketable investments (Note 3)

 

 

58,129

 

 

 

61,147

 

Accounts receivable, net

 

 

50,954

 

 

 

58,812

 

Deferred commissions

 

 

10,578

 

 

 

12,052

 

Prepaid expenses and other current assets

 

 

13,223

 

 

 

14,467

 

Total current assets

 

 

199,990

 

 

 

223,436

 

Property and equipment, net

 

 

24,439

 

 

 

23,894

 

Goodwill

 

 

75,024

 

 

 

73,193

 

Intangible assets, net

 

 

1,109

 

 

 

1,464

 

Other assets

 

 

13,631

 

 

 

13,798

 

Total assets

 

$

314,193

 

 

$

335,785

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

Current Liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

1,080

 

 

$

1,806

 

Accrued expenses and other current liabilities

 

 

32,349

 

 

 

41,403

 

Deferred revenue

 

 

145,350

 

 

 

134,265

 

Total current liabilities

 

 

178,779

 

 

 

177,474

 

Non-current liabilities

 

 

8,040

 

 

 

8,275

 

Total liabilities

 

 

186,819

 

 

 

185,749

 

 

 

 

 

 

 

 

 

 

Stockholders' Equity (Note 7):

 

 

 

 

 

 

 

 

Preferred stock, $0.01 par value

 

 

 

 

 

 

 

 

Authorized - 500 shares; issued and outstanding - none

 

 

 

 

 

 

Common stock, $0.01 par value

 

 

 

 

 

 

 

 

Authorized - 125,000 shares

 

 

 

 

 

 

 

 

Issued - 21,914 and 21,719 shares as of June 30, 2017 and December 31, 2016, respectively

 

 

 

 

 

 

 

 

Outstanding - 17,612 and 18,361 shares as of June 30, 2017 and December 31, 2016, respectively

 

 

219

 

 

 

217

 

Additional paid-in capital

 

 

166,022

 

 

 

157,569

 

Retained earnings

 

 

123,780

 

 

 

121,799

 

Treasury stock - 4,302 and 3,358 shares as of June 30, 2017 and December 31, 2016, respectively, at cost

 

 

(158,402

)

 

 

(121,976

)

Accumulated other comprehensive loss

 

 

(4,245

)

 

 

(7,573

)

Total stockholders’ equity

 

 

127,374

 

 

 

150,036

 

Total liabilities and stockholders’ equity

 

$

314,193

 

 

$

335,785

 

 

The accompanying notes are an integral part of these consolidated financial statements.

 

 

3


 

FORRESTER RESEARCH, INC.

CONSOLIDATED STATEMENTS OF INCOME

(In thousands, except per share data, unaudited)

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2017

 

 

2016

 

 

2017

 

 

2016

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research services

 

$

54,575

 

 

$

55,023

 

 

$

106,318

 

 

$

108,271

 

Advisory services and events

 

 

35,158

 

 

 

32,798

 

 

 

60,609

 

 

 

56,951

 

Total revenues

 

 

89,733

 

 

 

87,821

 

 

 

166,927

 

 

 

165,222

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of services and fulfillment

 

 

36,910

 

 

 

34,417

 

 

 

68,306

 

 

 

65,540

 

Selling and marketing

 

 

30,508

 

 

 

29,335

 

 

 

61,130

 

 

 

59,739

 

General and administrative

 

 

10,419

 

 

 

10,300

 

 

 

20,589

 

 

 

20,273

 

Depreciation

 

 

1,489

 

 

 

2,076

 

 

 

3,168

 

 

 

4,041

 

Amortization of intangible assets

 

 

194

 

 

 

210

 

 

 

385

 

 

 

419

 

Reorganization costs

 

 

 

 

 

11

 

 

 

 

 

 

1,026

 

Total operating expenses

 

 

79,520

 

 

 

76,349

 

 

 

153,578

 

 

 

151,038

 

Income from operations

 

 

10,213

 

 

 

11,472

 

 

 

13,349

 

 

 

14,184

 

Other income, net

 

 

93

 

 

 

473

 

 

 

102

 

 

 

145

 

Losses on investments, net

 

 

(22

)

 

 

(54

)

 

 

(225

)

 

 

(54

)

Income before income taxes

 

 

10,284

 

 

 

11,891

 

 

 

13,226

 

 

 

14,275

 

Income tax provision

 

 

4,220

 

 

 

4,431

 

 

 

4,132

 

 

 

5,526

 

Net income

 

$

6,064

 

 

$

7,460

 

 

$

9,094

 

 

$

8,749

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic income per common share

 

$

0.34

 

 

$

0.42

 

 

$

0.51

 

 

$

0.49

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted income per common share

 

$

0.34

 

 

$

0.41

 

 

$

0.50

 

 

$

0.49

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic weighted average common shares outstanding

 

 

17,715

 

 

 

17,863

 

 

 

17,973

 

 

 

17,812

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted weighted average common shares outstanding

 

 

18,050

 

 

 

18,145

 

 

 

18,293

 

 

 

18,035

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash dividends declared per common share

 

$

0.19

 

 

$

0.18

 

 

$

0.38

 

 

$

0.36

 

 

The accompanying notes are an integral part of these consolidated financial statements.

 

 

4


 

FORRESTER RESEARCH, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(In thousands, unaudited)

 

 

Three Months Ended

 

 

Six Months Ended

 

 

June 30,

 

 

June 30,

 

 

2017

 

 

2016

 

 

2017

 

 

2016

 

Net income

$

6,064

 

 

$

7,460

 

 

$

9,094

 

 

$

8,749

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive income (loss), net of taxes:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation

 

2,514

 

 

 

(1,429

)

 

 

3,304

 

 

 

52

 

Net change in market value of investments

 

7

 

 

 

3

 

 

 

24

 

 

 

120

 

Other comprehensive income (loss)

 

2,521

 

 

 

(1,426

)

 

 

3,328

 

 

 

172

 

Comprehensive income

$

8,585

 

 

$

6,034

 

 

$

12,422

 

 

$

8,921

 

 

The accompanying notes are an integral part of these consolidated financial statements.

 

 

5


 

FORRESTER RESEARCH, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands, unaudited)

 

 

Six Months Ended

 

 

June 30,

 

 

2017

 

 

2016

 

 

 

 

 

 

 

 

 

Cash flows from operating activities:

 

 

 

 

 

 

 

Net income

$

9,094

 

 

$

8,749

 

Adjustments to reconcile net income to net cash provided by operating

   activities:

 

 

 

 

 

 

 

Depreciation

 

3,168

 

 

 

4,041

 

Amortization of intangible assets

 

385

 

 

 

419

 

Net losses from investments

 

225

 

 

 

54

 

Deferred income taxes

 

(691

)

 

 

(1,409

)

Stock-based compensation

 

4,245

 

 

 

3,761

 

Amortization of premium on investments

 

128

 

 

 

187

 

Foreign currency losses

 

360

 

 

 

147

 

Changes in assets and liabilities

 

 

 

 

 

 

 

Accounts receivable

 

8,457

 

 

 

24,445

 

Deferred commissions

 

1,475

 

 

 

1,953

 

Prepaid expenses and other current assets

 

1,470

 

 

 

962

 

Accounts payable

 

(730

)

 

 

189

 

Accrued expenses and other liabilities

 

(10,304

)

 

 

(10,128

)

Deferred revenue

 

9,611

 

 

 

(1,915

)

Net cash provided by operating activities

 

26,893

 

 

 

31,455

 

Cash flows from investing activities:

 

 

 

 

 

 

 

Purchases of property and equipment

 

(3,240

)

 

 

(2,318

)

Purchases of marketable investments

 

(25,685

)

 

 

(23,902

)

Proceeds from sales and maturities of marketable investments

 

28,612

 

 

 

14,025

 

Other investing activity

 

224

 

 

 

(35

)

Net cash used in investing activities

 

(89

)

 

 

(12,230

)

Cash flows from financing activities:

 

 

 

 

 

 

 

Dividends paid on common stock

 

(6,815

)

 

 

(6,428

)

Repurchases of common stock

 

(36,426

)

 

 

 

Proceeds from issuance of common stock under employee equity

   incentive plans

 

4,872

 

 

 

4,147

 

Taxes paid related to net share settlements of stock-based compensation awards

 

(537

)

 

 

(763

)

Net cash used in financing activities

 

(38,906

)

 

 

(3,044

)

Effect of exchange rate changes on cash and cash equivalents

 

2,250

 

 

 

(656

)

Net increase (decrease) in cash and cash equivalents

 

(9,852

)

 

 

15,525

 

Cash and cash equivalents, beginning of period

 

76,958

 

 

 

53,331

 

Cash and cash equivalents, end of period

$

67,106

 

 

$

68,856

 

 

The accompanying notes are an integral part of these consolidated financial statements.

 

 

 

6


 

FORRESTER RESEARCH, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

 

 

Note 1 — Interim Consolidated Financial Statements

Basis of Presentation

The accompanying unaudited interim consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for reporting on Form 10-Q. Accordingly, certain information and footnote disclosures required for complete financial statements are not included herein. The year-end balance sheet data was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States of America. It is recommended that these financial statements be read in conjunction with the consolidated financial statements and related notes that appear in the Forrester Research, Inc. (“Forrester”) Annual Report on Form 10-K for the year ended December 31, 2016. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair statement of the financial position, results of operations, comprehensive income and cash flows as of the dates and for the periods presented have been included. The results of operations for the three and six months ended June 30, 2017 may not be indicative of the results for the year ending December 31, 2017, or any other period.

Fair Value Measurements

The carrying amounts reflected in the Consolidated Balance Sheets for cash and cash equivalents, accounts receivable, accounts payable, and accrued expenses approximate fair value due to their short-term maturities. See Note 3 – Marketable Investments - for the fair value of the Company’s marketable investments.

 

 

Adoption of New Accounting Pronouncements

 

The Company adopted the guidance in Accounting Standards Update ("ASU") No. 2016-09, Compensation - Stock Compensation - Improvements to Employee Share-Based Payment Accounting, on January 1, 2017. Under this standard, entities are permitted to make an accounting policy election to either estimate forfeitures on share-based payment awards, as previously required, or to recognize forfeitures as they occur. The Company has elected to recognize forfeitures as they occur and the impact of that change in accounting policy has been recorded as a $0.2 million cumulative effect adjustment to increase retained earnings as of January 1, 2017.

 

Additionally, ASU No. 2016-09 requires that all income tax effects related to settlements of share-based payment awards be reported in earnings as an increase or decrease to income tax expense. Previously, income tax effects at settlement of an award were reported as an increase (or decrease) to additional paid-in capital to the extent that those benefits were greater than (or less than) the income tax effects reported in earnings during the award's vesting period. The requirement to report those income tax effects in earnings has been applied on a prospective basis to settlements occurring on or after January 1, 2017, and the impact of applying this guidance was not material to the consolidated financial statements for the three and six months ended June 30, 2017. Application of this guidance may result in fluctuations in the Company’s effective tax rate depending on how many options are exercised, how many restricted stock units vest and the volatility of the Company’s stock price.

 

ASU 2016-09 also requires that all income tax-related cash flows resulting from share-based payments be reported as operating activities in the statement of cash flows. Previously, income tax benefits at settlement of an award were reported as a reduction to operating cash flows and an increase to financing cash flows to the extent that those benefits exceeded the income tax benefits reported in earnings during the award's vesting period. In addition, the standard requires that cash paid by directly withholding shares for tax withholding purposes be classified as a financing activity in the statement of cash flows. For the six months ended June 30, 2017, the Company reflected $0.5 million of tax withholding in financing activities. The Company has elected to apply the changes in cash flow classification on a retrospective basis resulting in an increase in operating cash flows, with a corresponding decrease in financing cash flows, of $0.8 million for the six months ended June 30, 2016, as compared to the amounts previously reported.

 

The Company elected to early adopt the guidance in ASU No. 2016-16, Accounting for Income Taxes: Intra-Entity Asset Transfers of Assets Other than Inventory, on January 1, 2017. The guidance in this standard eliminates for all intra-entity sales of assets other than inventory, the exception under existing standards that permits the tax effects of intra-entity asset transfers to be deferred until the transferred asset is sold to a third party or otherwise recovered through use. As a result, a reporting entity would recognize the tax

 

7


 

expense from the sale of the asset in the seller’s tax jurisdiction when the transfer occurs and any deferred tax asset that arises in the buyer’s jurisdiction would also be recognized at the time of the transfer. As a result, the Company has recorded a $0.5 million cumulative effect adjustment to reduce retained earnings as of January 1, 2017.

 

 

Note 2 — Accumulated Other Comprehensive Income (Loss)

The components of accumulated other comprehensive income (loss) are as follows (in thousands):

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

Net Unrealized Gain

 

 

Cumulative

 

 

Accumulated

 

 

 

(Loss) on Marketable

 

 

Translation

 

 

Other Comprehensive

 

 

 

Investments

 

 

Adjustment

 

 

Income (Loss)

 

Balance at January 1, 2017

 

$

(83

)

 

$

(7,490

)

 

$

(7,573

)

Foreign currency translation

 

 

 

 

 

3,304

 

 

 

3,304

 

Unrealized gain on investments, net of tax of $15

 

 

24

 

 

 

 

 

 

24

 

Balance at June 30, 2017

 

$

(59

)

 

$

(4,186

)

 

$

(4,245

)

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

Net Unrealized Gain

 

 

Cumulative

 

 

Accumulated

 

 

 

(Loss) on Marketable

 

 

Translation

 

 

Other Comprehensive

 

 

 

Investments

 

 

Adjustment

 

 

Income (Loss)

 

Balance at April 1, 2017

 

$

(66

)

 

$

(6,700

)

 

$

(6,766

)

Foreign currency translation

 

 

 

 

 

2,514

 

 

 

2,514

 

Unrealized gain on investments, net of tax of $4

 

 

7

 

 

 

 

 

 

7

 

Balance at June 30, 2017

 

$

(59

)

 

$

(4,186

)

 

$

(4,245

)

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

Net Unrealized Gain

 

 

Cumulative

 

 

Accumulated

 

 

 

(Loss) on Marketable

 

 

Translation

 

 

Other Comprehensive

 

 

 

Investments

 

 

Adjustment

 

 

Income (Loss)

 

Balance at January 1, 2016

 

$

(100

)

 

$

(4,726

)

 

$

(4,826

)

Foreign currency translation

 

 

 

 

 

52

 

 

 

52

 

Unrealized gain on investments, net of tax of $79

 

 

120

 

 

 

 

 

 

120

 

Balance at June 30, 2016

 

$

20

 

 

$

(4,674

)

 

$

(4,654

)

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

Net Unrealized Gain

 

 

Cumulative

 

 

Accumulated

 

 

 

(Loss) on Marketable

 

 

Translation

 

 

Other Comprehensive

 

 

 

Investments

 

 

Adjustment

 

 

Income (Loss)

 

Balance at April 1, 2016

 

$

17

 

 

$

(3,245

)

 

$

(3,228

)

Foreign currency translation

 

 

 

 

 

(1,429

)

 

 

(1,429

)

Unrealized gain on investments, net of tax of $3

 

 

3

 

 

 

 

 

 

3

 

Balance at June 30, 2016

 

$

20

 

 

$

(4,674

)

 

$

(4,654

)

 

 

 

Note 3 — Marketable Investments

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

 

 

 

As of  June 30, 2017

 

 

 

 

 

 

 

Gross

 

 

Gross

 

 

 

 

 

 

 

Amortized

 

 

Unrealized

 

 

Unrealized

 

 

Market

 

 

 

Cost

 

 

Gains

 

 

Losses

 

 

Value

 

Federal agency obligations

 

$

1,800

 

 

$

 

 

$

(8

)

 

$

1,792

 

Corporate obligations

 

 

56,424

 

 

 

1

 

 

 

(88

)

 

 

56,337

 

Total

 

$

58,224

 

 

$

1

 

 

$

(96

)

 

$

58,129

 

 

 

8


 

 

 

As of December 31, 2016

 

 

 

 

 

 

 

Gross

 

 

Gross

 

 

 

 

 

 

 

Amortized

 

 

Unrealized

 

 

Unrealized

 

 

Market

 

 

 

Cost

 

 

Gains

 

 

Losses

 

 

Value

 

Federal agency obligations

 

$

1,800

 

 

$

 

 

$

(7

)

 

$

1,793

 

Corporate obligations

 

 

59,481

 

 

 

2

 

 

 

(129

)

 

 

59,354

 

Total

 

$

61,281

 

 

$

2

 

 

$

(136

)

 

$

61,147

 

 

Realized gains and losses on investments are included in earnings and are determined using the specific identification method. Realized gains or losses on the sale of the Company’s marketable investments were not material in the three and six months ended June 30, 2017 and 2016.

The following table summarizes the maturity periods of the marketable investments in the Company’s portfolio as of June 30, 2017 (in thousands).

 

 

 

FY 2017

 

 

FY 2018

 

 

FY 2019

 

 

Total

 

Federal agency obligations

 

$

 

 

$

1,792

 

 

$

 

 

$

1,792

 

Corporate obligations

 

 

8,504

 

 

 

29,913

 

 

 

17,920

 

 

 

56,337

 

Total

 

$

8,504

 

 

$

31,705

 

 

$

17,920

 

 

$

58,129

 

 

The following table shows the gross unrealized losses and market value of the Company’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  June 30, 2017

 

 

 

Less Than 12 Months

 

 

12 Months or Greater

 

 

 

Market

 

 

Unrealized

 

 

Market

 

 

Unrealized

 

 

 

Value

 

 

Losses

 

 

Value

 

 

Losses

 

Federal agency obligations

 

$

1,792

 

 

$

8

 

 

$

 

 

$

 

Corporate obligations

 

 

43,897

 

 

 

69

 

 

 

9,219

 

 

 

19

 

Total

 

$

45,689

 

 

$

77

 

 

$

9,219

 

 

$

19

 

 

 

 

As of December 31, 2016

 

 

 

Less Than 12 Months

 

 

12 Months or Greater

 

 

 

Market

 

 

Unrealized

 

 

Market

 

 

Unrealized

 

 

 

Value

 

 

Losses

 

 

Value

 

 

Losses

 

Federal agency obligations