Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

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			Total
Balance at December 31, 2020	$	238,913		$	8,298		$	247,211
Translation adjustments		(2,143	)		(74	)		(2,217	)
Balance at December 31, 2021		236,770			8,224			244,994
Translation adjustments		(2,750	)		(95	)		(2,845	)
Balance at December 31, 2022	$	234,020		$	8,129		$	242,149

The Company performed its annual impairment test as of November 30, 2022 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, 2022, 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, 2022
	Gross				Net
	Carrying		Accumulated		Carrying
	Amount		Amortization		Amount
Amortizable intangible assets:
Customer relationships	$	77,786	$	33,805	$	43,981
Technology		16,803		14,696		2,107
Trademarks		12,472		9,056		3,416
Total	$	107,061	$	57,557	$	49,504


	December 31, 2021
	Gross				Net
	Carrying		Accumulated		Carrying
	Amount		Amortization		Amount
Amortizable intangible assets:
Customer relationships	$	78,364	$	25,805	$	52,559
Technology		16,845		13,073		3,772
Trademarks		12,478		6,076		6,402
Total	$	107,687	$	44,954	$	62,733

Amortization expense related to intangible assets was approximately $13.2 million, $15.1 million, and $19.7 million during the years ended December 31, 2022, 2021, and 2020, respectively. Estimated intangible asset amortization expense for each of the five succeeding years is as follows (in thousands):


2023	$	11,938
2024		9,898
2025		8,872
2026		8,390
2027		8,324
Thereafter		2,082
Total	$	49,504