Goodwill and Intangible Assets

9 Months Ended

Sep. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible AssetsGoodwill

Goodwill represents the excess of the purchase price of acquired businesses over the estimated fair values of the tangible and identifiable intangible net assets acquired. Evaluations of the recoverability of goodwill are performed in accordance with FASB ASC Topic 350, which requires an annual assessment of potential goodwill impairment at the reporting unit level and whenever events or changes in circumstances indicate that the carrying value of goodwill may not be recoverable.

When performing the annual assessment of the recoverability of goodwill, the Company initially performs a qualitative analysis evaluating whether any events or circumstances occurred or exist that provide evidence that it is more likely than not that the fair value of any of the Company’s reporting units is less than the related carrying amount. If the Company does not believe that it is more likely than not that the fair value of any of the Company’s reporting units is less than the related carrying amount, then no quantitative impairment test is performed. However, if the results of the qualitative assessment indicate that it is more likely than not that the fair value of a reporting unit is less than its respective carrying amount, then a quantitative impairment test is performed. Evaluating the recoverability of goodwill requires judgments and assumptions regarding future trends and events. As a result, both the precision and reliability of the estimates are subject to uncertainty.

The Company’s most recent annual impairment test of goodwill was a qualitative analysis conducted during the quarter ended September 30, 2023 that indicated no impairment. Subsequent to completing the 2023 annual impairment test, there were no events or changes in circumstances noted that required an interim impairment test.

The table below presents changes to the carrying amount of goodwill by segment during the nine months ended September 30, 2023 (in thousands).


	Research		Conferences		Consulting		Total
Balance at December 31, 2022 (1)	$	2,651,193	$	183,951	$	95,067	$	2,930,211
Addition due to an acquisition (2)	4,176		—		—		4,176

Foreign currency translation impact	(1,267)		—		146		(1,121)
Balance at September 30, 2023 (1)	$	2,654,102	$	183,951	$	95,213	$	2,933,266

(1)The Company does not have any accumulated goodwill impairment losses.

(2)The addition was due to the acquisition of an independent sales agent in September 2023. See Note 2 - Acquisitions and Divestiture for additional information.

Finite-Lived Intangible Assets

The tables below present reconciliations of the carrying amounts of the Company’s finite-lived intangible assets as of the dates indicated (in thousands).


September 30, 2023	Customer Relationships		Technology-related		Other		Total
Gross cost at December 31, 2022	$	1,060,541	$	11,200	$	10,436	$	1,082,177
Addition due to an acquisition (2)	990		—		—		990
Intangible assets fully amortized	(987)		(39)		—		(1,026)

Foreign currency translation impact	4,970		39		—		5,009
Gross cost	1,065,514		11,200		10,436		1,087,150
Accumulated amortization (1)	(553,279)		(8,400)		(6,356)		(568,035)
Balance at September 30, 2023	$	512,235	$	2,800	$	4,080	$	519,115


December 31, 2022	Customer Relationships		Technology-related		Other		Total
Gross cost	$	1,060,541	11,200		$	10,436	$	1,082,177
Accumulated amortization (1)	(486,260)		(5,600)		(5,603)		(497,463)
Balance at December 31, 2022	$	574,281	$	5,600	$	4,833	$	584,714

(1) Finite-lived intangible assets are amortized using the straight-line method over the following periods: Customer relationships—6 to 13 years; Technology-related—3 years; and Other—4 to 11 years.

(2)The addition was due to the acquisition of an independent sales agent in September 2023. See Note 2 - Acquisitions and Divestiture for additional information.

Amortization expense related to finite-lived intangible assets was $24.0 million and $24.4 million during the three months ended September 30, 2023 and 2022, respectively, and $69.6 million and $74.3 million during the nine months ended September 30, 2023 and 2022, respectively. The estimated future amortization expense by year for finite-lived intangible assets is presented in the table below (in thousands).


2023 (remaining three months)	$	22,777
2024	89,240
2025	80,573
2026	77,899
2027	77,290
Thereafter	171,336
	$	519,115