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Revenue and Related Matters
 9 Months Ended
Sep. 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 September 30, 2024
Primary Geographic MarketResearchConferencesConsultingTotal
United States and Canada$836,195 $8,191 $79,448 $923,834 
Europe, Middle East and Africa297,916 40,486 30,637 369,039 
Other International146,797 27,099 17,537 191,433 
Total revenues $1,280,908 $75,776 $127,622 $1,484,306 
Three Months Ended September 30, 2023
Primary Geographic MarketResearchConferencesConsultingTotal
United States and Canada$822,401 $7,652 $87,409 $917,462 
Europe, Middle East and Africa261,813 30,398 29,502 321,713 
Other International134,525 19,150 15,934 169,609 
Total revenues$1,218,739 $57,200 $132,845 $1,408,784 
Nine Months Ended September 30, 2024
Primary Geographic MarketResearchConferencesConsultingTotal
United States and Canada$2,504,135 $187,400 $248,930 $2,940,465 
Europe, Middle East and Africa873,109 97,443 101,920 1,072,472 
Other International437,828 47,086 54,441 539,355 
Total revenues$3,815,072 $331,929 $405,291 $4,552,292 
Nine Months Ended September 30, 2023
Primary Geographic MarketResearchConferencesConsultingTotal
United States and Canada$2,444,524 $179,670 $240,797 $2,864,991 
Europe, Middle East and Africa788,725 78,408 96,305 963,438 
Other International410,566 32,661 49,182 492,409 
Total revenues$3,643,815 $290,739 $386,284 $4,320,838 
(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 September 30, 2024
Timing of Revenue RecognitionResearchConferencesConsultingTotal
Transferred over time (1)$1,206,182 $— $101,246 $1,307,428 
Transferred at a point in time (2)74,726 75,776 26,376 176,878 
Total revenues $1,280,908 $75,776 $127,622 $1,484,306 
Three Months Ended September 30, 2023
Timing of Revenue RecognitionResearchConferencesConsultingTotal
Transferred over time (1)$1,125,285 $— $99,719 $1,225,004 
Transferred at a point in time (2)93,454 57,200 33,126 183,780 
Total revenues$1,218,739 $57,200 $132,845 $1,408,784 
Nine Months Ended September 30, 2024
Timing of Revenue RecognitionResearchConferencesConsultingTotal
Transferred over time (1)$3,576,076 $— $316,417 $3,892,493 
Transferred at a point in time (2)238,996 331,929 88,874 659,799 
Total revenues $3,815,072 $331,929 $405,291 $4,552,292 
Nine Months Ended September 30, 2023
Timing of Revenue RecognitionResearchConferencesConsultingTotal
Transferred over time (1)$3,348,409 $— $300,647 $3,649,056 
Transferred at a point in time (2)295,406 290,739 85,637 671,782 
Total revenues$3,643,815 $290,739 $386,284 $4,320,838 
(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 September 30, 2024 was approximately $5.7 billion. The Company expects to recognize $1.0 billion, $3.0 billion and $1.7 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).

September 30,December 31,
20242023
Assets:
Fees receivable, gross (1)$1,314,754 $1,610,228 
Contract assets recorded in Prepaid expenses and other current assets (2)$31,977 $28,791 
Contract liabilities:
Deferred revenues (current liability) (3)$2,562,139 $2,640,515 
Non-current deferred revenues recorded in Other liabilities (3)24,398 33,490 
Total contract liabilities$2,586,537 $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 $1.1 billion and $1.0 billion during the three months ended September 30, 2024 and 2023, respectively and $2.1 billion and $1.9 billion during the nine months ended September 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 nine months ended September 30, 2024 and 2023, the Company did not record any material impairments related to its contract assets.