(3) Marketable Investments

The following table summarizes the Company’s marketable investments, all of which are classified as available-for-sale (in thousands):

	As of December 31, 2017
			Gross		Gross
	Amortized		Unrealized		Unrealized			Market
	Cost		Gains		Losses			Value
Federal agency obligations	$	1,800	$	—	$	(7	)	$	1,793
Corporate obligations		52,721		—		(181	)		52,540
Total	$	54,521	$	—	$	(188	)	$	54,333

	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

The following table summarizes the maturity periods of the marketable investments in the Company’s portfolio as of December 31, 2017.

	FY 2018		FY 2019		Total
Federal agency obligations	$	1,793	$	—	$	1,793
Corporate obligations		31,494		21,046		52,540
Total	$	33,287	$	21,046	$	54,333

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 December 31, 2017
	Less Than 12 Months				12 Months or Greater
	Market		Unrealized		Market		Unrealized
	Value		Losses		Value		Losses
Federal agency obligations	$	—	$	—	$	1,793	$	7
Corporate obligations		31,723		149		20,817		32
Total	$	31,723	$	149	$	22,610	$	39

	As of December 31, 2016
	Less Than 12 Months				12 Months or Greater
	Market		Unrealized		Market		Unrealized
	Value		Losses		Value		Losses
Federal agency obligations	$	1,793	$	7	$	—	$	—
Corporate obligations		53,647		129		—		—
Total	$	55,440	$	136	$	—	$	—

Realized gains or losses on sales of the Company’s available-for-sale securities were not significant for the years ended December 31, 2017 and 2016.

The following table represents the Company’s fair value hierarchy for its financial assets (cash equivalents and marketable investments) measured at fair value on a recurring basis (in thousands):

	As of December 31, 2017
	Level 1		Level 2		Level 3		Total
Money market funds (1)	$	492	$	—	$	—	$	492
Federal agency obligations		—		1,793		—		1,793
Corporate obligations		—		52,540		—		52,540
Total	$	492	$	54,333	$	—	$	54,825

	As of December 31, 2016
	Level 1		Level 2		Level 3		Total
Money market funds (1)	$	2,522	$	—	$	—	$	2,522
Federal agency obligations		—		1,793		—	$	1,793
Corporate obligations		—		59,354		—		59,354
Total	$	2,522	$	61,147	$	—	$	63,669

(1)	Included in cash and cash equivalents.

Level 2 assets consist of the Company’s entire portfolio of marketable investments. 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.