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Revenue and Related Matters
 3 Months Ended
Mar. 31, 2022
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, 2022
Primary Geographic MarketResearchConferencesConsultingTotal
United States and Canada$740,529 $7,652 $68,789 $816,970 
Europe, Middle East and Africa263,129 1,238 32,444 296,811 
Other International132,722 1,464 14,773 148,959 
Total revenues $1,136,380 $10,354 $116,006 $1,262,740 

Three Months Ended March 31, 2021
Primary Geographic MarketResearchConferencesConsultingTotal
United States and Canada$631,333 $19,599 $57,486 $708,418 
Europe, Middle East and Africa230,201 2,713 30,362 263,276 
Other International118,198 2,490 11,656 132,344 
Total revenues $979,732 $24,802 $99,504 $1,104,038 
(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, 2022
Timing of Revenue RecognitionResearchConferencesConsultingTotal
Transferred over time (1)$1,025,810 $— $96,436 $1,122,246 
Transferred at a point in time (2)110,570 10,354 19,570 140,494 
Total revenues $1,136,380 $10,354 $116,006 $1,262,740 

Three Months Ended March 31, 2021
Timing of Revenue RecognitionResearchConferencesConsultingTotal
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 

(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 March 31, 2022 was approximately $4.3 billion. The Company expects to recognize $2.0 billion, $1.7 billion and $580.9 million of this revenue (most of which pertains to Research) during the remainder of 2022, the year ending December 31, 2023 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 Condensed Consolidated Balance Sheets. 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,
20222021
Assets:
Fees receivable, gross (1)$1,334,398 $1,371,680 
Contract assets recorded in Prepaid expenses and other current assets (2)$21,820 $20,054 
Contract liabilities:
Deferred revenues (current liability) (3)$2,421,726 $2,238,035 
Non-current deferred revenues recorded in Other liabilities (3)46,257 48,176 
Total contract liabilities$2,467,983 $2,286,211 
(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 $833.9 million and $726.7 million during the three months ended March 31, 2022 and 2021, respectively, that was attributable to deferred revenues that were recorded at the beginning of each such period. Those amounts primarily consisted of Research revenues that were recognized ratably as control of the goods or services passed to the customer during the reporting periods. During each of the three months ended March 31, 2022 and 2021, the Company did not record any material impairments related to its contract assets.