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Revenue and Related Matters
 9 Months Ended
Sep. 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 September 30, 2021
Primary Geographic MarketResearchConferencesConsultingTotal
United States and Canada$671,517 $14,171 $56,715 $742,403 
Europe, Middle East and Africa242,273 7,975 26,707 276,955 
Other International123,334 2,269 11,321 136,924 
Total revenues $1,037,124 $24,415 $94,743 $1,156,282 

Three Months Ended September 30, 2020
Primary Geographic MarketResearchConferencesConsultingTotal
United States and Canada$574,203 $10,669 $55,389 $640,261 
Europe, Middle East and Africa210,152 2,064 23,495 235,711 
Other International108,364 5 10,277 118,646 
Total revenues $892,719 $12,738 $89,161 $994,618 

Nine Months Ended September 30, 2021
Primary Geographic MarketResearchConferencesConsultingTotal
United States and Canada$1,949,282 $74,098 $173,806 $2,197,186 
Europe, Middle East and Africa709,230 25,156 92,528 $826,914 
Other International361,582 8,142 33,815 $403,539 
Total revenues $3,020,094 $107,396 $300,149 $3,427,639 

Nine Months Ended September 30, 2020
Primary Geographic MarketResearchConferencesConsultingTotal
United States and Canada$1,737,603 $16,966 $167,570 $1,922,139 
Europe, Middle East and Africa612,946 4,211 83,691 700,848 
Other International326,790 5,748 31,119 363,657 
Total revenues $2,677,339 $26,925 $282,380 $2,986,644 
(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 September 30, 2021
Timing of Revenue RecognitionResearchConferencesConsultingTotal
Transferred over time (1)$944,206 $— $77,538 $1,021,744 
Transferred at a point in time (2)92,918 24,415 17,205 134,538 
Total revenues $1,037,124 $24,415 $94,743 $1,156,282 

Three Months Ended September 30, 2020
Timing of Revenue RecognitionResearchConferencesConsultingTotal
Transferred over time (1)$823,658 $— $73,989 $897,647 
Transferred at a point in time (2)69,061 12,738 15,172 96,971 
Total revenues $892,719 $12,738 $89,161 $994,618 

Nine Months Ended September 30, 2021
Timing of Revenue RecognitionResearchConferencesConsultingTotal
Transferred over time (1)$2,755,047 $— $247,869 $3,002,916 
Transferred at a point in time (2)265,047 107,396 52,280 424,723 
Total revenues $3,020,094 $107,396 $300,149 $3,427,639 

Nine Months Ended September 30, 2020
Timing of Revenue RecognitionResearchConferencesConsultingTotal
Transferred over time (1)$2,463,434 $— $224,027 $2,687,461 
Transferred at a point in time (2)213,905 26,925 58,353 299,183 
Total revenues $2,677,339 $26,925 $282,380 $2,986,644 

(1)Research revenues are recognized in connection with performance obligations that are satisfied over time using a time-elapsed output method to measure progress. Consulting revenues are recognized over time using labor hours as an input measurement basis.
(2)The revenues in this category are recognized in connection with performance obligations that are satisfied at the point in time that the contractual deliverables are 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 were unsatisfied (or partially unsatisfied) as of September 30, 2021 was approximately $3.8 billion. The Company expects to recognize $668.1 million, $2,080.5 million and $1,054.5 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).

September 30,December 31,
20212020
Assets:
Fees receivable, gross (1)$975,966 $1,251,508 
Contract assets recorded in Prepaid expenses and other current assets (2)$24,318 $14,440 
Contract liabilities:
Deferred revenues (current liability) (3)$2,028,908 $1,974,548 
Non-current deferred revenues recorded in Other liabilities (3)52,043 26,754 
Total contract liabilities$2,080,951 $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 $818.4 million and $681.6 million during the three months ended September 30, 2021 and 2020, respectively, and $1,505.4 million and $1,354.2 million during the nine months ended September 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 nine months ended September 30, 2021 and 2020, the Company did not record any material impairments related to its contract assets.