Goodwill and Intangible Assets

3 Months Ended

Mar. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

Goodwill represents the excess of the purchase price of acquired businesses over the estimated fair values of the tangible and identifiable intangible net assets acquired. Evaluations of the recoverability of goodwill are performed in accordance with FASB ASC Topic 350, which requires an annual assessment of potential goodwill impairment at the reporting unit level and whenever events or changes in circumstances indicate that the carrying value of goodwill may not be recoverable.

When performing the annual assessment of the recoverability of goodwill, the Company initially performs a qualitative analysis evaluating whether any events or circumstances occurred or exist that provide evidence that it is more likely than not that the fair value of any of the Company’s reporting units is less than the related carrying amount. If the Company does not believe that it is more likely than not that the fair value of any of the Company’s reporting units is less than the related carrying amount, then no quantitative impairment test is performed. However, if the results of the qualitative assessment indicate that it is more likely than not that the fair value of a reporting unit is less than its respective carrying amount, then a quantitative impairment

test is performed. Evaluating the recoverability of goodwill requires judgments and assumptions regarding future trends and events. As a result, both the precision and reliability of the estimates are subject to uncertainty.

The Company’s most recent annual impairment test of goodwill was a qualitative analysis conducted during the quarter ended September 30, 2020 that indicated no impairment. Subsequent to completing the 2020 annual impairment test, there were no events or changes in circumstances noted that required an interim impairment test.

The table below presents changes to the carrying amount of goodwill by segment during the three months ended March 31, 2021 (in thousands).


	Research		Conferences		Consulting		Total
Balance at December 31, 2020 (1)	$	2,664,732	$	184,091	$	96,724	$	2,945,547
Foreign currency translation impact	(1,917)		(38)		(92)		(2,047)
Balance at March 31, 2021	$	2,662,815	$	184,053	$	96,632	$	2,943,500

(1)The Company does not have any accumulated goodwill impairment losses.

Finite-Lived Intangible Assets

The tables below present reconciliations of the carrying amounts of the Company’s finite-lived intangible assets as of the dates indicated (in thousands).


March 31, 2021	Customer Relationships		Software		Content		Other		Total
Gross cost at December 31, 2020	$	1,154,210	$	110,597	$	3,965	$	10,614	$	1,279,386

Foreign currency translation impact	948		53		—		—		1,001
Gross cost	1,155,158		110,650		3,965		10,614		1,280,387
Accumulated amortization (1)	(406,074)		(88,933)		(3,965)		(3,974)		(502,946)
Balance at March 31, 2021	$	749,084	$	21,717	$	—	$	6,640	$	777,441


December 31, 2020	Customer Relationships		Software		Content		Other		Total
Gross cost	$	1,154,210	$	110,597	$	3,965	$	10,614	$	1,279,386
Accumulated amortization (1)	(381,776)		(83,320)		(3,595)		(3,697)		(472,388)
Balance at December 31, 2020	$	772,434	$	27,277	$	370	$	6,917	$	806,998

(1) Finite-lived intangible assets are amortized using the straight-line method over the following periods: Customer relationships—6 to 13 years; Software—3 to 7 years; Content—2 to 3 years; and Other—2 to 11 years.

Amortization expense related to finite-lived intangible assets was $30.5 million and $32.2 million during the three months ended March 31, 2021 and 2020, respectively. The estimated future amortization expense by year for finite-lived intangible assets is presented in the table below (in thousands).


2021 (remaining nine months)	$	75,546
2022	96,169
2023	96,154
2024	90,819
2025	82,150
Thereafter	336,603
	$	777,441