Business and Basis of Presentation (Tables)

9 Months Ended

Sep. 30, 2019

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Disaggregation of Revenue by Reportable Segment

Our disaggregated revenue by reportable segment is presented in the tables below for the periods indicated (in thousands).

By Primary Geographic Market (1), (2)

Three Months Ended September 30, 2019

	Research		Conferences		Consulting		Total
Primary Geographic Markets
United States and Canada	$	538,112	$	28,153	$	58,615	$	624,880
Europe, Middle East and Africa	196,121		24,497		26,468		247,086
Other International	106,765		13,636		8,135		128,536
Total revenues	$	840,998	$	66,286	$	93,218	$	1,000,502

Three Months Ended September 30, 2018

	Research		Conferences		Consulting		Other		Total
Primary Geographic Markets
United States and Canada	$	502,489	$	22,002	$	45,903	$	8,948	$	579,342
Europe, Middle East and Africa	180,124		25,422		26,255		2,645		234,446
Other International	91,575		9,717		6,594		—		107,886
Total revenues	$	774,188	$	57,141	$	78,752	$	11,593	$	921,674

Nine Months Ended September 30, 2019

	Research		Conferences		Consulting		Total
Primary Geographic Markets
United States and Canada	$	1,593,806	$	157,756	$	175,208	$	1,926,770
Europe, Middle East and Africa	583,742		67,520		90,350		741,612
Other International	314,879		34,116		24,451		373,446
Total revenues	$	2,492,427	$	259,392	$	290,009	$	3,041,828

Nine Months Ended September 30, 2018

	Research		Conferences		Consulting		Other		Total
Primary Geographic Markets
United States and Canada	$	1,485,545	$	131,215	$	146,816	$	59,419	$	1,822,995
Europe, Middle East and Africa	551,070		57,163		89,783		38,369		736,385
Other International	271,811		26,103		21,507		7,774		327,195
Total revenues	$	2,308,426	$	214,481	$	258,106	$	105,562	$	2,886,575

(1) Revenue is reported based on where the sale is fulfilled.

(2) During 2018, the Company divested all of the non-core businesses that comprised its Other segment and moved a small residual product in the Other segment into the Research business and, as a result, no operating activity has been recorded in the Other segment in 2019.

Schedule of Disaggregation of Revenue

Three Months Ended September 30, 2019

	Research		Conferences		Consulting		Total
Timing of Revenue Recognition
Transferred over time (2)	$	769,718	$	—	$	77,570	$	847,288
Transferred at a point in time (3)	71,280		66,286		15,648		153,214
Total revenues	$	840,998	$	66,286	$	93,218	$	1,000,502

Three Months Ended September 30, 2018

	Research		Conferences		Consulting		Other		Total
Timing of Revenue Recognition
Transferred over time (2)	$	709,496	$	—	$	69,755	$	8,800	$	788,051
Transferred at a point in time (3)	64,692		57,141		8,997		2,793		133,623
Total revenues	$	774,188	$	57,141	$	78,752	$	11,593	$	921,674

Nine Months Ended September 30, 2019

	Research		Conferences		Consulting		Total
Timing of Revenue Recognition
Transferred over time (2)	$	2,276,783	$	—	$	235,641	$	2,512,424
Transferred at a point in time (3)	215,644		259,392		54,368		529,404
Total revenues	$	2,492,427	$	259,392	$	290,009	$	3,041,828

Nine Months Ended September 30, 2018

	Research		Conferences		Consulting		Other		Total
Timing of Revenue Recognition
Transferred over time (2)	$	2,119,393	$	—	$	220,838	$	86,667	$	2,426,898
Transferred at a point in time (3)	189,033		214,481		37,268		18,895		459,677
Total revenues	$	2,308,426	$	214,481	$	258,106	$	105,562	$	2,886,575

(1) During 2018, the Company divested all of the non-core businesses that comprised its Other segment and moved a small residual product in the Other segment into the Research business and, as a result, no operating activity has been recorded in the Other segment in 2019.

(2) Research revenues were recognized in connection with performance obligations that were satisfied over time using a time-elapsed output method to measure progress. Consulting revenues were recognized over time using labor hours as an input measurement basis. During 2018, Other revenues were recognized using either a time-elapsed output method, performance-based milestone approach or labor hours, depending on the nature of the underlying customer contract.

(3)

The revenues in this category were recognized in connection with performance obligations that were satisfied at the point in time the contractual deliverables were provided to the customer.

Schedule for Contract with Customer, Asset and Liability

The table below provides information regarding certain of the Company’s balance sheet accounts that pertain to its contracts with customers (in thousands).

	September 30,		December 31,
	2019		2018
Assets:
Fees receivable, gross (1)	$	1,036,120	$	1,262,818
Contract assets recorded in Prepaid expenses and other current assets (2)	$	24,905	$	26,119
Contract liabilities:
Deferred revenues (current liability) (3)	$	1,803,135	$	1,745,244
Non-current deferred revenues recorded in Other liabilities (3)	15,784		21,194
Total contract liabilities	$	1,818,919	$	1,766,438

(1) Fees receivable represent an unconditional right of payment from our customers and include both billed and unbilled amounts.

(2) Contract assets represent recognized revenue for which we do not have an unconditional right to payment as of the balance sheet date because the project may be subject to a progress billing milestone or some other billing restriction.

(3)

Deferred revenues represent amounts (i) for which the Company has received an upfront customer payment or (ii) that pertain to recognized fees receivable. Both situations occur before the completion of our performance obligation(s).

Lease costs

The table below presents the Company’s net lease cost and certain other information related to the Company’s leasing activities as of and for the periods indicated (dollars in thousands).

Description:	Three Months Ended September 30, 2019			Nine Months Ended September 30, 2019
Operating lease cost (1)	$	35,443		$	106,958
Variable lease cost (2)	3,902			11,517
Sublease income	(10,205		)	(30,767		)
Total lease cost, net (3)	$	29,140		$	87,708
Cash paid for amounts included in the measurement of operating lease liabilities	$	34,294		$	100,172
Cash receipts from sublease arrangements	$	9,000		$	25,131
Right-of-use assets obtained in exchange for new operating lease liabilities	$	38,571		$	67,756
As of September 30, 2019:
Weighted average remaining lease term for operating leases (in years)				10.5
Weighted average discount rate for operating leases				6.9		%

(1) Included in operating lease cost was $10.8 million and $32.5 million of costs for subleasing activities during the three and nine months ended September 30, 2019, respectively.

(2) These amounts are primarily variable lease and nonlease costs that were not fixed at the lease commencement date or are dependent on something other than an index or a rate.

(3) The Company did not capitalize any operating lease costs during the three and nine months ended September 30, 2019.

Operating lease maturity schedule

As of September 30, 2019, the (i) maturities of operating lease liabilities under non-cancelable arrangements and (ii) estimated future sublease cash receipts from non-cancelable arrangements were as follows (in thousands):

	Operating			Sublease
	Lease			Cash
Period ending December 31,	Payments			Receipts
2019 (remaining three months)	$	35,125		$	9,344
2020	133,534			40,534
2021	126,602			42,918
2022	121,021			43,587
2023	115,034			44,469
Thereafter	693,901			177,741
Total future minimum operating lease payments and estimated sublease cash receipts (1)	1,225,217			$	358,593
Imputed interest	(368,485		)
Total per the Condensed Consolidated Balance Sheet	$	856,732

(1) Approximately 84% of the operating lease payments pertain to properties in the United States.

Supplemental balance sheet information

The table below indicates where the discounted operating lease payments from the above table are classified in the accompanying Condensed Consolidated Balance Sheet as of September 30, 2019 (in thousands).

Description:
Accounts payable and accrued liabilities	$	80,170
Operating leases - liabilities	776,562
Total operating lease liabilities per the Condensed Consolidated Balance Sheet	$	856,732

Schedule of Future Minimum Lease Payments for Capital Leases

As of December 31, 2018, future minimum annual cash payments under non-cancelable operating lease agreements for facilities, office equipment and other assets, which expire during 2019 and through 2038, were as follows (in thousands):

Year ending December 31,
2019	$	130,991
2020	121,802
2021	118,945
2022	111,117
2023	106,113
Thereafter	689,360
Total minimum lease payments (1)	$	1,278,328

(1) Excludes approximately $372.0 million of sublease income.