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Goodwill and Other Intangible Assets | 12 Months Ended
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Dec. 31, 2020
Goodwill And Intangible Assets Disclosure [Abstract] |
Goodwill and Other Intangible Assets | Note 3 - Goodwill and Other Intangible Assets A summary of goodwill by segment and the changes in the carrying amount of goodwill is shown in the following table (in thousands):
| Research Segment |  |  | Consulting Segment |  |  | Product Segment |  |  | SiriusDecisions Segment |  |  | Total |
Balance at December 31, 2018 | $ | 72,647 |  |  | $ | — |  |  | $ | 12,518 |  |  | $ | — |  |  | $ | 85,165 |
Reassignment (1) |  | 12,518 |  |  |  | — |  |  |  | (12,518 | ) |  |  | — |  |  |  | — |
Acquisitions (2) |  | 16,025 |  |  |  | — |  |  |  | — |  |  |  | 142,544 |  |  |  | 158,569 |
Translation adjustments |  | 121 |  |  |  | — |  |  |  | — |  |  |  | 40 |  |  |  | 161 |
Balance at December 31, 2019 |  | 101,311 |  |  |  | — |  |  |  | — |  |  |  | 142,584 |  |  |  | 243,895 |
Reassignment on January 1, 2020 (3) |  | 130,179 |  |  |  | — |  |  |  | 12,405 |  |  |  | (142,584 | ) |  |  | — |
Reassignment on May 1, 2020 (4) |  | 4,195 |  |  |  | 8,143 |  |  |  | (12,338 | ) |  |  | — |  |  |  | — |
Translation adjustments |  | 3,228 |  |  |  | 155 |  |  |  | (67 | ) |  |  | — |  |  |  | 3,316 |
Balance at December 31, 2020 | $ | 238,913 |  |  | $ | 8,298 |  |  | $ | — |  |  | $ | — |  |  | $ | 247,211 |
(1) | In conjunction with the acquisition of SiriusDecisions, the Company realigned its management structure on January 1, 2019 into Research, Product, and SiriusDecisions from its prior structure of Research, Product, and Project Consulting. Goodwill was reassigned as of January 1, 2019 based on the relative fair values of the Research and Product reporting units.
(2) | The goodwill related to the acquisition of SiriusDecisions was allocated to the SiriusDecisions segment, except for the portion of goodwill representing revenue synergies that are expected to benefit the Research segment.
(3) | On January 1, 2020, the Company realigned its internal management and reporting as SiriusDecisions no longer operated under a separate management structure. As a result, the SiriusDecisions segment was eliminated (refer to Note 12 – Operating Segment and Enterprise Wide Reporting). Goodwill was reassigned on January 1, 2020 based on the relative fair values of the product lines transferred to the Research and Product reporting units.
(4) | As described in the Company’s Form 8-K filed on April 2, 2020, Forrester’s Chief Product Officer resigned from the Company effective April 17, 2020. Subsequently, the Chief Product Officer position was eliminated and on May 1, 2020, the Company reorganized its operations to reflect three lines of business: Research, Consulting, and Events. As a result, the Product segment was eliminated (refer to Note 12 – Operating Segment and Enterprise Wide Reporting). Goodwill was reassigned based on the relative fair values of product lines transferred to the Research, Consulting, and Events reporting units. No goodwill was reassigned to the Events reporting unit.
Immediately prior to and after each reporting unit change described above, the Company performed an assessment of goodwill for all reporting units. On each reporting unit change date, the Company concluded that no impairments existed. Additionally, the Company performed its annual impairment testing as of November 30, 2020 utilizing a qualitative assessment to determine if it was more likely than not that the fair values of each of its reporting units was less than their respective carrying values and concluded that no impairments existed. As of December 31, 2020, the Company had no accumulated goodwill impairment losses and the Consulting reporting unit had a negative carrying value. A summary of Forrester’s intangible assets is as follows (in thousands):
| December 31, 2020 |
| Gross |  |  |  |  |  |  | Net |
| Carrying |  |  | Accumulated |  |  | Carrying |
| Amount |  |  | Amortization |  |  | Amount |
Amortizable intangible assets: |  |  |  |  |  |  |  |  |  |  |
Customer relationships | $ | 78,450 |  |  | $ | 17,277 |  |  | $ | 61,173 |
Technology |  | 16,956 |  |  |  | 10,197 |  |  |  | 6,759 |
Trademarks |  | 12,495 |  |  |  | 2,432 |  |  |  | 10,063 |
Total | $ | 107,901 |  |  | $ | 29,906 |  |  | $ | 77,995 |
| December 31, 2019 |
| Gross |  |  |  |  |  |  | Net |
| Carrying |  |  | Accumulated |  |  | Carrying |
| Amount |  |  | Amortization |  |  | Amount |
Amortizable intangible assets: |  |  |  |  |  |  |  |  |  |  |
Customer relationships | $ | 109,825 |  |  | $ | 40,169 |  |  | $ | 69,656 |
Technology |  | 16,661 |  |  |  | 7,051 |  |  |  | 9,610 |
Backlog |  | 13,000 |  |  |  | 6,500 |  |  |  | 6,500 |
Trademarks |  | 12,451 |  |  |  | 854 |  |  |  | 11,597 |
Total | $ | 151,937 |  |  | $ | 54,574 |  |  | $ | 97,363 |
Amortization expense related to intangible assets was approximately $19.7 million, $22.6 million, and $1.2 million during the years ended December 31, 2020, 2019, and 2018, respectively. Estimated intangible asset amortization expense for each of the five succeeding years is as follows (in thousands):
2021 |  | $ | 15,163 |
2022 |  |  | 13,230 |
2023 |  |  | 11,980 |
2024 |  |  | 9,936 |
2025 |  |  | 8,887 |
Thereafter |  |  | 18,799 |
Total |  | $ | 77,995 |

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