Business and Basis of Presentation (Tables)

6 Months Ended

Jun. 30, 2019

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Disaggregation of Revenue by Reportable Segment

Our disaggregated revenue information by reportable segment is presented in the tables below for the periods indicated (in thousands).

By Primary Geographic Market (1), (2):

Three Months Ended June 30, 2019

	Research		Conferences		Consulting		Total
Primary Geographic Markets:
United States and Canada	$	528,461	$	100,596	$	61,499	$	690,556
Europe, Middle East and Africa	193,666		25,827		33,948		253,441
Other International	103,928		14,751		8,206		126,885
Total revenues	$	826,055	$	141,174	$	103,653	$	1,070,882

Three Months Ended June 30, 2018

	Research		Conferences		Consulting		Other		Total
Primary Geographic Markets:
United States and Canada	$	493,343	$	85,144	$	55,784	$	15,877	$	650,148
Europe, Middle East and Africa	186,399		14,850		33,590		7,434		242,273
Other International	90,572		11,259		7,084		—		108,915
Total revenues	$	770,314	$	111,253	$	96,458	$	23,311	$	1,001,336

Six Months Ended June 30, 2019

	Research		Conferences		Consulting		Total
Primary Geographic Markets:
United States and Canada	$	1,055,694	$	129,603	$	116,592	$	1,301,889
Europe, Middle East and Africa	387,621		43,024		63,882		494,527
Other International	208,114		20,479		16,317		244,910
Total revenues	$	1,651,429	$	193,106	$	196,791	$	2,041,326

Six Months Ended June 30, 2018

	Research		Conferences		Consulting		Other		Total
Primary Geographic Markets:
United States and Canada	$	983,056	$	109,213	$	100,913	$	50,471	$	1,243,653
Europe, Middle East and Africa	370,946		31,741		63,528		35,724		501,939
Other International	180,236		16,386		14,913		7,774		219,309
Total revenues	$	1,534,238	$	157,340	$	179,354	$	93,969	$	1,964,901

(1) Revenue is reported based on where the sale is fulfilled.

(2)

During 2018, the Company divested all of its non-core businesses that comprised its Other segment and, as a result, the Company is no longer recording any additional operating activity in the Other segment.

Schedule of Disaggregation of Revenue

Three Months Ended June 30, 2019

	Research		Conferences		Consulting		Total
Timing of Revenue Recognition:
Transferred over time (2)	$	754,267	$	—	$	79,114	$	833,381
Transferred at a point in time (3)	71,788		141,174		24,539		237,501
Total revenues	$	826,055	$	141,174	$	103,653	$	1,070,882

Three Months Ended June 30, 2018

	Research		Conferences		Consulting		Other		Total
Timing of Revenue Recognition:
Transferred over time (2)	$	708,801	$	—	$	77,073	$	18,921	$	804,795
Transferred at a point in time (3)	61,513		111,253		19,385		4,390		196,541
Total revenues	$	770,314	$	111,253	$	96,458	$	23,311	$	1,001,336

Six Months Ended June 30, 2019

	Research		Conferences		Consulting		Total
Timing of Revenue Recognition:
Transferred over time (2)	$	1,507,065	$	—	$	158,071	$	1,665,136
Transferred at a point in time (3)	144,364		193,106		38,720		376,190
Total revenues	$	1,651,429	$	193,106	$	196,791	$	2,041,326

Six Months Ended June 30, 2018

	Research		Conferences		Consulting		Other		Total
Timing of Revenue Recognition:
Transferred over time (2)	$	1,409,897	$	—	$	151,083	$	77,867	$	1,638,847
Transferred at a point in time (3)	124,341		157,340		28,271		16,102		326,054
Total revenues	$	1,534,238	$	157,340	$	179,354	$	93,969	$	1,964,901

(1) During 2018, the Company divested all of the non-core businesses that comprised its Other segment and, as a result, no operating activity has been recorded in the Other segment in 2019.

(2) Research revenues were recognized in connection with performance obligations that were satisfied over time using a time-elapsed output method to measure progress. The corresponding Consulting revenues were recognized over time using labor hours as an input measurement basis. During 2018, Other revenues in this category were recognized using either a time-elapsed output method, performance-based milestone approach or labor hours, depending on the nature of the underlying customer contract.

(3)

The revenues in this category were recognized in connection with performance obligations that were satisfied at the point in time the contractual deliverables were provided to the customer.

Schedule for Contract with Customer, Asset and Liability

The table below provides information regarding certain of the Company’s balance sheet accounts that pertain to its contracts with customers (in thousands):

	June 30,		December 31,
	2019		2018
Assets:
Fees receivable, gross (1)	$	1,120,656	$	1,262,818
Contract assets recorded in Prepaid expenses and other current assets (2)	$	27,455	$	26,119
Contract liabilities:
Deferred revenues (current liability) (3)	$	1,796,331	$	1,745,244
Non-current deferred revenues recorded in Other liabilities (3)	16,396		21,194
Total contract liabilities	$	1,812,727	$	1,766,438

(1) Fees receivable represent an unconditional right of payment from our customers and include both billed and unbilled amounts.

(2) Contract assets represent recognized revenue for which we do not have an unconditional right to payment as of the balance sheet date because the project may be subject to a progress billing milestone or some other billing restriction.

(3)

Deferred revenues represent amounts (i) for which the Company has received an upfront customer payment or (ii) that pertain to recognized fees receivable. Both situations occur before the completion of our performance obligation(s).

Lease costs

The table below presents the components of the Company’s net lease cost and certain other information related to the Company’s leasing activities as of and for the periods indicated (dollars in thousands):

Description:	Three Months Ended June 30, 2019			Six Months Ended June 30, 2019
Operating lease cost (1)	$	36,046		$	71,515
Variable lease cost (2)	3,640			7,615
Sublease income	(10,289		)	(20,562		)
Total lease cost, net (3)	$	29,397		$	58,568
Cash paid for amounts included in the measurement of operating lease liabilities	$	33,127		$	65,878
Cash receipts from sublease arrangements	$	8,303		$	16,131
Right-of-use assets obtained in exchange for new operating lease liabilities	$	27,799		$	29,185
As of June 30, 2019:
Weighted average remaining lease term for operating leases (in years)				10.6
Weighted average discount rate for operating leases				6.9		%

(1) Included in the operating lease cost was $10.9 million and $21.7 million of costs for subleasing activities during the three and six months ended June 30, 2019, respectively.

(2) These amounts are primarily variable lease and nonlease costs that were not fixed at the lease commencement date or are dependent on something other than an index or a rate.

(3)

The Company did not capitalize any operating lease costs during the three and six months ended June 30, 2019.

Operating lease maturity schedule

As of June 30, 2019, the (i) maturities of operating lease liabilities under non-cancelable arrangements and (ii) estimated future sublease cash receipts from non-cancelable arrangements were as follows (in thousands):

	Operating			Sublease
	Lease			Cash
Period ending December 31,	Payments			Receipts
2019 (remaining six months)	$	64,835		$	18,345
2020	124,838			39,742
2021	119,150			41,475
2022	114,681			42,109
2023	110,293			42,953
Thereafter	688,634			171,154
Total future minimum operating lease payments and estimated sublease cash receipts (1)	1,222,431			$	355,778
Imputed interest	(380,929		)
Total per the Condensed Consolidated Balance Sheet	$	841,502

(1)

Approximately 84% of the operating lease payments pertain to properties in the United States.

Supplemental balance sheet information

The table below indicates where the discounted operating lease payments from the above table are classified in the accompanying Condensed Consolidated Balance Sheet as of June 30, 2019 (in thousands):

Description:
Accounts payable and accrued liabilities	$	73,259
Operating leases - liabilities	768,243
Total operating lease liabilities per the Condensed Consolidated Balance Sheet	$	841,502

Schedule of Future Minimum Lease Payments for Capital Leases

As of December 31, 2018, future minimum annual cash payments under non-cancelable operating lease agreements for facilities, office equipment and other assets, which expire during 2019 and through 2038, were as follows (in thousands):

Year ending December 31,
2019	$	130,991
2020	121,802
2021	118,945
2022	111,117
2023	106,113
Thereafter	689,360
Total minimum lease payments (1)	$	1,278,328

(1) Excludes approximately $372.0 million of sublease income.