Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2023

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, 2021	$	236,770		$	8,224		$	244,994
Foreign currency translation adjustments		(2,750	)		(95	)		(2,845	)
Balance at December 31, 2022		234,020			8,129			242,149
Foreign currency translation adjustments		2,038			70			2,108
Balance at December 31, 2023	$	236,058		$	8,199		$	244,257

The Company performed its annual impairment test as of November 30, 2023 utilizing a quantitative assessment to determine if 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, 2023, 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, 2023
	Gross				Net
	Carrying		Accumulated		Carrying
	Amount		Amortization		Amount
Amortizable intangible assets:
Customer relationships	$	77,640	$	42,091	$	35,549
Technology		16,524		15,950		574
Trademarks		12,519		11,005		1,514
Total	$	106,683	$	69,046	$	37,637


	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

Amortization expense related to intangible assets was approximately $12.0 million, $13.2 million, and $15.1 million during the years ended December 31, 2023, 2022, and 2021, respectively. Estimated intangible asset amortization expense for each of the five succeeding years is as follows (in thousands):


2024	$	9,955
2025		8,881
2026		8,396
2027		8,324
2028		2,081
Total	$	37,637