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Revenue and Related Matters
 6 Months Ended
Jun. 30, 2024
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, 2024
Primary Geographic MarketResearchConferencesConsultingTotal
United States and Canada$832,719 $131,119 $90,943 $1,054,781 
Europe, Middle East and Africa287,650 46,629 34,681 368,960 
Other International145,623 8,336 17,360 171,319 
Total revenues $1,265,992 $186,084 $142,984 $1,595,060 
Three Months Ended June 30, 2023
Primary Geographic MarketResearchConferencesConsultingTotal
United States and Canada$812,724 $123,243 $76,413 $1,012,380 
Europe, Middle East and Africa258,255 38,803 33,865 330,923 
Other International136,906 6,851 16,125 159,882 
Total revenues$1,207,885 $168,897 $126,403 $1,503,185 
Six Months Ended June 30, 2024
Primary Geographic MarketResearchConferencesConsultingTotal
United States and Canada$1,667,940 $179,209 $169,482 $2,016,631 
Europe, Middle East and Africa575,193 56,957 71,283 703,433 
Other International291,031 19,987 36,904 347,922 
Total revenues$2,534,164 $256,153 $277,669 $3,067,986 
Six Months Ended June 30, 2023
Primary Geographic MarketResearchConferencesConsultingTotal
United States and Canada$1,622,123 $172,018 $153,388 $1,947,529 
Europe, Middle East and Africa526,912 48,010 66,803 641,725 
Other International276,041 13,511 33,248 322,800 
Total revenues$2,425,076 $233,539 $253,439 $2,912,054 
(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.

By Timing of Revenue Recognition

Three Months Ended June 30, 2024
Timing of Revenue RecognitionResearchConferencesConsultingTotal
Transferred over time (1)$1,187,626 $— $106,584 $1,294,210 
Transferred at a point in time (2)78,366 186,084 36,400 300,850 
Total revenues $1,265,992 $186,084 $142,984 $1,595,060 
Three Months Ended June 30, 2023
Timing of Revenue RecognitionResearchConferencesConsultingTotal
Transferred over time (1)$1,113,328 $— $103,921 $1,217,249 
Transferred at a point in time (2)94,557 168,897 22,482 285,936 
Total revenues$1,207,885 $168,897 $126,403 $1,503,185 
Six Months Ended June 30, 2024
Timing of Revenue RecognitionResearchConferencesConsultingTotal
Transferred over time (1)$2,369,894 $— $215,171 $2,585,065 
Transferred at a point in time (2)164,270 256,153 62,498 482,921 
Total revenues $2,534,164 $256,153 $277,669 $3,067,986 
Six Months Ended June 30, 2023
Timing of Revenue RecognitionResearchConferencesConsultingTotal
Transferred over time (1)$2,223,124 $— $200,928 $2,424,052 
Transferred at a point in time (2)201,952 233,539 52,511 488,002 
Total revenues$2,425,076 $233,539 $253,439 $2,912,054 
(1)Research revenues in this category are recognized in connection with performance obligations that are satisfied over time using a time-elapsed output method to measure progress. Consulting revenues in this category are recognized over time using costs incurred to date relative to total estimated costs at completion.
(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 June 30, 2024 was approximately $5.6 billion. The Company expects to recognize $1.8 billion, $2.7 billion and $1.1 billion of this revenue (most of which pertains to Research) during the remainder of 2024, the year ending December 31, 2025 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).

June 30,December 31,
20242023
Assets:
Fees receivable, gross (1)$1,413,321 $1,610,228 
Contract assets recorded in Prepaid expenses and other current assets (2)$29,773 $28,791 
Contract liabilities:
Deferred revenues (current liability) (3)$2,626,511 $2,640,515 
Non-current deferred revenues recorded in Other liabilities (3)25,082 33,490 
Total contract liabilities$2,651,593 $2,674,005 
(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 restrictions.
(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 $1.2 billion during both the three months ended June 30, 2024 and 2023, and $1.7 billion and $1.6 billion during the six months ended June 30, 2024 and 2023, 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 and six months ended June 30, 2024 and 2023, the Company did not record any material impairments related to its contract assets.