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Revenue and Related Matters
 6 Months Ended
Jun. 30, 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 June 30, 2021
Primary Geographic MarketResearchConferencesConsultingTotal
United States and Canada$646,432 $40,328 $59,605 $746,365 
Europe, Middle East and Africa236,756 14,468 35,459 286,683 
Other International120,050 3,383 10,838 134,271 
Total revenues $1,003,238 $58,179 $105,902 $1,167,319 

Three Months Ended June 30, 2020
Primary Geographic MarketResearchConferencesConsultingTotal
United States and Canada$573,245 $317 $58,017 $631,579 
Europe, Middle East and Africa196,854 — 30,114 226,968 
Other International105,230 — 9,358 114,588 
Total revenues $875,329 $317 $97,489 $973,135 

Six Months Ended June 30, 2021
Primary Geographic MarketResearchConferencesConsultingTotal
United States and Canada$1,277,765 $59,927 $117,091 $1,454,783 
Europe, Middle East and Africa466,957 17,181 65,821 $549,959 
Other International238,248 5,873 22,494 $266,615 
Total revenues $1,982,970 $82,981 $205,406 $2,271,357 

Six Months Ended June 30, 2020
Primary Geographic MarketResearchConferencesConsultingTotal
United States and Canada$1,163,400 $6,297 $112,181 $1,281,878 
Europe, Middle East and Africa402,794 2,147 60,196 465,137 
Other International218,426 5,743 20,842 245,011 
Total revenues $1,784,620 $14,187 $193,219 $1,992,026 
(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 June 30, 2021
Timing of Revenue RecognitionResearchConferencesConsultingTotal
Transferred over time (1)$916,754 $— $85,989 $1,002,743 
Transferred at a point in time (2)86,484 58,179 19,913 164,576 
Total revenues $1,003,238 $58,179 $105,902 $1,167,319 

Three Months Ended June 30, 2020
Timing of Revenue RecognitionResearchConferencesConsultingTotal
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 

Six Months Ended June 30, 2021
Timing of Revenue RecognitionResearchConferencesConsultingTotal
Transferred over time (1)$1,810,841 $— $170,331 $1,981,172 
Transferred at a point in time (2)172,129 82,981 35,075 290,185 
Total revenues $1,982,970 $82,981 $205,406 $2,271,357 

Six Months Ended June 30, 2020
Timing of Revenue RecognitionResearchConferencesConsultingTotal
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 

(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, 2021 was approximately $3.7 billion. The Company expects to recognize $1,229.3 million, $1,754.2 million and $676.9 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).

June 30,December 31,
20212020
Assets:
Fees receivable, gross (1)$1,110,562 $1,251,508 
Contract assets recorded in Prepaid expenses and other current assets (2)$22,637 $14,440 
Contract liabilities:
Deferred revenues (current liability) (3)$2,152,043 $1,974,548 
Non-current deferred revenues recorded in Other liabilities (3)31,826 26,754 
Total contract liabilities$2,183,869 $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 $817.3 million and $692.6 million during the three months ended June 30, 2021 and 2020, respectively, and $1,261.9 million and $1,087.9 million during the six months ended June 30, 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 and six months ended June 30, 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.