Revenue and Related Matters

3 Months Ended

Mar. 31, 2021

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 March 31, 2021

Primary Geographic Market	Research		Conferences		Consulting		Total
United States and Canada	$	631,333	$	19,599	$	57,486	$	708,418
Europe, Middle East and Africa	230,201		2,713		30,362		263,276
Other International	118,198		2,490		11,656		132,344
Total revenues	$	979,732	$	24,802	$	99,504	$	1,104,038

Three Months Ended March 31, 2020

Primary Geographic Market	Research		Conferences		Consulting		Total
United States and Canada	$	590,156	$	5,980	$	54,163	$	650,299
Europe, Middle East and Africa	205,939		2,147		30,082		238,168
Other International	113,196		5,743		11,485		130,424
Total revenues	$	909,291	$	13,870	$	95,730	$	1,018,891

(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 the Company's

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 March 31, 2021

Timing of Revenue Recognition	Research		Conferences		Consulting		Total
Transferred over time (1)	$	894,087	$	—	$	84,342	$	978,429
Transferred at a point in time (2)	85,645		24,802		15,162		125,609
Total revenues	$	979,732	$	24,802	$	99,504	$	1,104,038

Three Months Ended March 31, 2020

Timing of Revenue Recognition	Research		Conferences		Consulting		Total
Transferred over time (1)	$	829,212	$	—	$	81,408	$	910,620
Transferred at a point in time (2)	80,079		13,870		14,322		108,271
Total revenues	$	909,291	$	13,870	$	95,730	$	1,018,891

(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 March 31, 2021 was approximately $3.6 billion. The Company expects to recognize $1,705.5 million, $1,443.1 million and $424.5 million of this revenue (most of which pertains to Research) during the remainder of 2021, the year ending December 31, 2022 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. The Company’s 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 the Company’s billings and cash collections, including upfront customer payments, result in the recognition of both assets and liabilities on the Company’s 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).

	March 31,		December 31,
	2021		2020
Assets:
Fees receivable, gross (1)	$	1,184,426	$	1,251,508
Contract assets recorded in Prepaid expenses and other current assets (2)	$	19,883	$	14,440
Contract liabilities:
Deferred revenues (current liability) (3)	$	2,088,463	$	1,974,548
Non-current deferred revenues recorded in Other liabilities (3)	25,852		26,754
Total contract liabilities	$	2,114,315	$	2,001,302

(1)Fees receivable represent an unconditional right to payment from the Company’s customers and include both billed and unbilled amounts.

(2)Contract assets represent recognized revenue for which the Company does 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 the Company’s performance obligation(s).

The Company recognized revenue of $726.7 million and $658.4 million during the three months ended March 31, 2021 and 2020, 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 months ended March 31, 2021 and 2020, 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.