Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Note 4 – 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, 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
Disposition (1)		(14,795	)		—			(14,795	)
Foreign currency translation adjustments		(1,449	)		(54	)		(1,503	)
Balance at December 31, 2024	$	219,814		$	8,145		$	227,959

(1)

See Note 2 - Divestiture for additional information. The amount of goodwill allocated to the divestiture was determined using a relative fair value approach.

The Company performed its annual impairment test as of November 30, 2024 utilizing a qualitative assessment to determine if the fair values of each of its reporting units was less than their respective carrying values. The Company considered a variety of factors including the impacts of the uncertain economic conditions and the transition of its client base to the Forrester Decisions product platform on the Company's long-term forecast and stock price. Based upon those assessments, the Company concluded that there were no events or circumstances that had occurred that would more likely than not reduce the fair value of its reporting units below their carrying values. The Company will continue to monitor these factors and other future events, and the Company will perform interim impairment tests, if necessary.

As of December 31, 2024, 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, 2024
	Gross				Net
	Carrying		Accumulated		Carrying
	Amount		Amortization		Amount
Amortizable intangible assets:
Customer relationships	$	77,000	$	49,946	$	27,054
Technology		13,000		12,978		22
Trademarks		12,000		11,601		399
Total	$	102,000	$	74,525	$	27,475


	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

Amortization expense related to intangible assets was approximately $9.6 million, $12.0 million, and $13.2 million during the years ended December 31, 2024, 2023, and 2022, respectively. Estimated intangible asset amortization expense for each of the four succeeding years is as follows (in thousands):


2025	$	8,734
2026		8,335
2027		8,324
2028		2,082
Total	$	27,475