Revenue and Related Matters

6 Months Ended

Jun. 30, 2020

Revenue from Contract with Customer [Abstract]

Revenue and Related Matters

Revenue and Related Matters

Disaggregated Revenue — The Company's disaggregated revenue by reportable segment is presented in the tables below for the periods indicated (in thousands).

By Primary Geographic Market (1)

Three Months Ended June 30, 2020

Primary Geographic Market	Research		Conferences		Consulting		Total
United States and Canada	$	573,245	$	317	$	58,017	$	631,579
Europe, Middle East and Africa	196,854		—		30,114		226,968
Other International	105,230		—		9,358		114,588
Total revenues	$	875,329	$	317	$	97,489	$	973,135

Three Months Ended June 30, 2019

Primary Geographic Market	Research		Conferences		Consulting		Total
United States and Canada	$	528,461	$	100,596	$	61,499	$	690,556
Europe, Middle East and Africa	193,666		25,827		33,948		253,441
Other International	103,928		14,751		8,206		126,885
Total revenues	$	826,055	$	141,174	$	103,653	$	1,070,882

Six Months Ended June 30, 2020

Primary Geographic Market	Research		Conferences		Consulting		Total
United States and Canada	$	1,163,400	$	6,297	$	112,181	$	1,281,878
Europe, Middle East and Africa	402,794		2,147		60,196		465,137
Other International	218,426		5,743		20,842		245,011
Total revenues	$	1,784,620	$	14,187	$	193,219	$	1,992,026

Six Months Ended June 30, 2019

Primary Geographic Market	Research		Conferences		Consulting		Total
United States and Canada	$	1,055,694	$	129,603	$	116,592	$	1,301,889
Europe, Middle East and Africa	387,621		43,024		63,882		494,527
Other International	208,114		20,479		16,317		244,910
Total revenues	$	1,651,429	$	193,106	$	196,791	$	2,041,326

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

The Company’s revenue is generated primarily through direct sales to clients by domestic and international sales forces and a network of independent international sales agents. Most of the Company’s products and services are provided on an integrated worldwide basis and, because of this integrated delivery approach, it is not practical to precisely separate our revenue by geographic location. Accordingly, revenue information presented in the above tables is based on internal allocations, which involve certain management estimates and judgments.

By Timing of Revenue Recognition

Three Months Ended June 30, 2020

Timing of Revenue Recognition	Research		Conferences		Consulting		Total
Transferred over time (1)	$	810,564	$	—	$	68,630	$	879,194
Transferred at a point in time (2)	64,765		317		28,859		93,941
Total revenues	$	875,329	$	317	$	97,489	$	973,135

Three Months Ended June 30, 2019

Timing of Revenue Recognition	Research		Conferences		Consulting		Total
Transferred over time (1)	$	754,267	$	—	$	79,114	$	833,381
Transferred at a point in time (2)	71,788		141,174		24,539		237,501
Total revenues	826,055		$	141,174	$	103,653	$	1,070,882

Six Months Ended June 30, 2020

Timing of Revenue Recognition	Research		Conferences		Consulting		Total
Transferred over time (1)	$	1,639,776	$	—	$	150,038	$	1,789,814
Transferred at a point in time (2)	144,844		14,187		43,181		202,212
Total revenues	$	1,784,620	$	14,187	$	193,219	$	1,992,026

Six Months Ended June 30, 2019

Timing of Revenue Recognition	Research		Conferences		Consulting		Total
Transferred over time (1)	$	1,507,065	$	—	$	158,071	$	1,665,136
Transferred at a point in time (2)	144,364		193,106		38,720		376,190
Total revenues	$	1,651,429	$	193,106	$	196,791	$	2,041,326

(1)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.

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

Performance Obligations — For customer contracts that are greater than one year in duration, the aggregate amount of the transaction price allocated to performance obligations that are unsatisfied (or partially unsatisfied) as of June 30, 2020 was approximately $3.0 billion. The Company expects to recognize $1,067.9 million, $1,463.8 million and $517.7 million of this revenue (most of which pertains to Research) during the remainder of 2020, the year ending December 31, 2021 and thereafter, respectively. The Company applies a practical expedient that is permitted under ASC Topic 606 and, accordingly, it does not disclose such performance obligation information for customer contracts that have original durations of one year or less. Our performance obligations for contracts meeting this ASC Topic 606 disclosure exclusion primarily include: (i) stand-ready services under Research subscription contracts; (ii) holding conferences and meetings where attendees and exhibitors can participate; and (iii) providing customized Consulting solutions for clients under fixed fee and time and materials engagements. The remaining duration of these performance obligations is generally less than one year, which aligns with the period that the parties have enforceable rights and obligations under the affected contracts.

Customer Contract Assets and Liabilities — The timing of the recognition of revenue and the amount and timing of our billings and cash collections, including upfront customer payments, result in the recognition of both assets and liabilities on our consolidated balance sheet. The table below provides information regarding certain of the Company’s balance sheet accounts that pertain to its contracts with customers (in thousands).

	June 30,		December 31,
	2020		2019
Assets:
Fees receivable, gross (1)	$	1,059,519	$	1,334,012
Contract assets recorded in Prepaid expenses and other current assets (2)	$	22,696	$	21,350
Contract liabilities:
Deferred revenues (current liability) (3)	$	1,765,264	$	1,928,020
Non-current deferred revenues recorded in Other liabilities (3)	17,664		24,409
Total contract liabilities	$	1,782,928	$	1,952,429

(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).

The Company recognized revenue of $692.6 million and $708.3 million during the three months ended June 30, 2020 and 2019, respectively, and $1,087.9 million and $1,062.0 million during the six months ended June 30, 2020 and 2019, respectively, that was attributable to deferred revenues that were recorded at the beginning of each such period. Those amounts primarily consisted of (i) Research revenues that were recognized ratably as control of the goods or services passed to the customer and (ii) Conferences revenue pertaining to conferences and meetings that occurred during the reporting periods. During each of the

three and six months ended June 30, 2020 and 2019, the Company did not record any material impairments related to its contract assets. The Company does not typically recognize revenue from performance obligations satisfied in prior periods.