Cover Page
Cover Page - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2021 | Feb. 17, 2022 | Jun. 30, 2021 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2021 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Transition Report | false | ||
Entity File Number | 1-14443 | ||
Entity Registrant Name | GARTNER, INC. | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 04-3099750 | ||
Entity Address, Address Line One | P.O. Box 10212 | ||
Entity Address, Address Line Two | 56 Top Gallant Road | ||
Entity Address, City or Town | Stamford, | ||
Entity Address, State or Province | CT | ||
Entity Address, Postal Zip Code | 06902-7700 | ||
City Area Code | 203 | ||
Local Phone Number | 316-1111 | ||
Title of 12(b) Security | Common Stock, $0.0005 par value per share | ||
Trading Symbol | IT | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 19.7 | ||
Entity Common Stock, Shares Outstanding | 82,287,402 | ||
Documents Incorporated by Reference | The definitive Proxy Statement for the Annual Meeting of Stockholders to be held on June 2, 2022 (the “ 2022 Proxy Statement ” ) is incorporated by reference into Part III to the extent described therein. | ||
Entity Central Index Key | 0000749251 | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2021 | |
Audit Information [Abstract] | |
Auditor Name | KPMG LLP |
Auditor Location | New York, NY |
Auditor Firm ID | 185 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 756,493 | $ 712,583 |
Fees receivable, net of allowances of $6,500 and $10,000, respectively | 1,365,180 | 1,241,508 |
Deferred commissions | 380,569 | 259,755 |
Prepaid expenses and other current assets | 117,838 | 109,212 |
Total current assets | 2,620,080 | 2,323,058 |
Property, equipment and leasehold improvements, net | 273,562 | 336,765 |
Operating lease right-of-use assets | 548,258 | 647,283 |
Goodwill | 2,951,317 | 2,945,547 |
Intangible assets, net | 714,418 | 806,998 |
Other assets | 308,689 | 256,316 |
Total Assets | 7,416,324 | 7,315,967 |
Current liabilities: | ||
Accounts payable and accrued liabilities | 1,134,814 | 952,431 |
Deferred revenues | 2,238,035 | 1,974,548 |
Current portion of long-term debt | 5,931 | 20,515 |
Total current liabilities | 3,378,780 | 2,947,494 |
Long-term debt, net of deferred financing fees | 2,456,833 | 1,958,286 |
Operating lease liabilities | 697,766 | 780,166 |
Other liabilities | 511,887 | 539,593 |
Total Liabilities | 7,045,266 | 6,225,539 |
Preferred stock: | ||
$0.01 par value, authorized 5,000,000 shares; none issued or outstanding | 0 | 0 |
Common stock: | ||
$0.0005 par value, 250,000,000 shares authorized; 163,602,067 shares issued for both periods | 82 | 82 |
Additional paid-in capital | 2,074,896 | 1,968,930 |
Accumulated other comprehensive loss, net | (81,431) | (99,228) |
Accumulated earnings | 3,049,027 | 2,255,467 |
Treasury stock, at cost, 81,205,504 and 74,759,985 common shares, respectively | (4,671,516) | (3,034,823) |
Total Stockholders’ Equity | 371,058 | 1,090,428 |
Total Liabilities and Stockholders’ Equity | $ 7,416,324 | $ 7,315,967 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Fees receivable, allowance for credit loss | $ 6,500 | $ 10,000 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, authorized (in shares) | 5,000,000 | 5,000,000 |
Preferred stock, issued (in shares) | 0 | 0 |
Preferred stock, outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.0005 | $ 0.0005 |
Common stock, authorized (in shares) | 250,000,000 | 250,000,000 |
Common stock, issued (in shares) | 163,602,067 | 163,602,067 |
Treasury stock (in shares) | 81,205,504 | 74,759,985 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenues: | |||
Total revenues | $ 4,733,962 | $ 4,099,403 | $ 4,245,321 |
Costs and expenses: | |||
Cost of services and product development | 1,444,093 | 1,345,024 | 1,550,568 |
Selling, general and administrative | 2,155,658 | 2,038,963 | 2,103,424 |
Depreciation | 102,802 | 93,925 | 82,066 |
Amortization of intangibles | 109,603 | 125,059 | 129,713 |
Acquisition and integration charges | 6,055 | 6,282 | 9,463 |
Total costs and expenses | 3,818,211 | 3,609,253 | 3,875,234 |
Operating income | 915,751 | 490,150 | 370,087 |
Interest income | 1,893 | 2,087 | 3,026 |
Interest expense | (118,513) | (115,636) | (102,831) |
Gain on event cancellation insurance claims | 152,310 | 0 | 0 |
Loss from divested operations | 0 | 0 | (2,075) |
Loss on extinguishment of debt | 0 | (44,814) | 0 |
Other income (expense), net | 18,429 | (5,654) | 7,532 |
Income before income taxes | 969,870 | 326,133 | 275,739 |
Provision for income taxes | 176,310 | 59,388 | 42,449 |
Net income | $ 793,560 | $ 266,745 | $ 233,290 |
Net income per share: | |||
Basic (in dollars per share) | $ 9.33 | $ 2.99 | $ 2.60 |
Diluted (in dollars per share) | $ 9.21 | $ 2.96 | $ 2.56 |
Weighted average shares outstanding: | |||
Basic (in shares) | 85,026 | 89,315 | 89,817 |
Diluted (in shares) | 86,177 | 90,017 | 90,971 |
Research | |||
Revenues: | |||
Total revenues | $ 4,101,392 | $ 3,602,892 | $ 3,374,548 |
Conferences | |||
Revenues: | |||
Total revenues | 214,449 | 120,140 | 476,869 |
Consulting | |||
Revenues: | |||
Total revenues | $ 418,121 | $ 376,371 | $ 393,904 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 793,560 | $ 266,745 | $ 233,290 |
Other comprehensive income (loss), net of tax: | |||
Foreign currency translation adjustments | (6,621) | 10,375 | 4,169 |
Interest rate swaps - net change in deferred gain or loss | 21,781 | (30,940) | (39,394) |
Pension plans - net change in deferred actuarial gain or loss | 2,637 | (725) | (2,846) |
Other comprehensive income (loss), net of tax | 17,797 | (21,290) | (38,071) |
Comprehensive income | $ 811,357 | $ 245,455 | $ 195,219 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Loss, Net | Accumulated Earnings | Treasury Stock |
Beginning Balance at Dec. 31, 2018 | $ 850,757 | $ 82 | $ 1,823,710 | $ (39,867) | $ 1,755,432 | $ (2,688,600) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 233,290 | 233,290 | ||||
Other comprehensive income (loss) | (38,071) | (38,071) | ||||
Issuances under stock plans | 17,649 | 6,555 | 11,094 | |||
Common share repurchases | (194,040) | (194,040) | ||||
Stock-based compensation expense | 69,008 | 69,008 | ||||
Ending Balance at Dec. 31, 2019 | 938,593 | 82 | 1,899,273 | (77,938) | 1,988,722 | (2,871,546) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 266,745 | 266,745 | ||||
Other comprehensive income (loss) | (21,290) | (21,290) | ||||
Issuances under stock plans | 18,143 | 7,117 | 11,026 | |||
Common share repurchases | (174,303) | (174,303) | ||||
Stock-based compensation expense | 62,540 | 62,540 | ||||
Ending Balance at Dec. 31, 2020 | 1,090,428 | 82 | 1,968,930 | (99,228) | 2,255,467 | (3,034,823) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 793,560 | 793,560 | ||||
Other comprehensive income (loss) | 17,797 | 17,797 | ||||
Issuances under stock plans | 18,250 | 7,396 | 10,854 | |||
Common share repurchases | (1,647,547) | (1,647,547) | ||||
Stock-based compensation expense | 98,570 | 98,570 | ||||
Ending Balance at Dec. 31, 2021 | $ 371,058 | $ 82 | $ 2,074,896 | $ (81,431) | $ 3,049,027 | $ (4,671,516) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Operating activities: | |||
Net income | $ 793,560,000 | $ 266,745,000 | $ 233,290,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 212,405,000 | 218,984,000 | 211,779,000 |
Stock-based compensation expense | 98,570,000 | 62,540,000 | 69,008,000 |
Deferred taxes | (41,567,000) | (53,190,000) | (55,787,000) |
Loss from divested operations | 0 | 0 | 2,075,000 |
Loss on impairment of lease related assets, net | 49,537,000 | 0 | 0 |
Loss on extinguishment of debt | 0 | 44,814,000 | 0 |
Gain on sale of an equity security | 0 | 0 | (9,120,000) |
Reduction in the carrying amount of operating lease right-of-use assets | 75,125,000 | 81,851,000 | 86,466,000 |
Amortization and write-off of deferred financing fees | 4,162,000 | 8,424,000 | 6,497,000 |
Amortization of deferred swap losses from de-designation | 0 | 10,320,000 | 0 |
Gain on de-designated swaps | (20,204,000) | (2,157,000) | 0 |
Changes in assets and liabilities, net of acquisitions and divestitures: | |||
Fees receivable, net | (145,346,000) | 99,409,000 | (66,729,000) |
Deferred commissions | (124,874,000) | 8,656,000 | (30,315,000) |
Prepaid expenses and other current assets | (15,913,000) | 37,895,000 | 18,985,000 |
Other assets | (18,287,000) | (8,950,000) | (27,303,000) |
Deferred revenues | 324,059,000 | 15,998,000 | 181,203,000 |
Accounts payable and accrued and other liabilities | 121,243,000 | 111,939,000 | (54,613,000) |
Cash provided by operating activities | 1,312,470,000 | 903,278,000 | 565,436,000 |
Investing activities: | |||
Additions to property, equipment and leasehold improvements | (59,834,000) | (83,888,000) | (149,016,000) |
Acquisitions - cash paid (net of cash acquired) | (22,939,000) | 0 | (25,989,000) |
Other | 2,306,000 | 0 | 0 |
Proceeds from the sale of an equity security | 0 | 0 | 14,120,000 |
Cash used in investing activities | (80,467,000) | (83,888,000) | (160,885,000) |
Financing activities: | |||
Proceeds from employee stock purchase plan | 18,173,000 | 18,085,000 | 17,629,000 |
Proceeds from borrowings | 600,000,000 | 2,000,000,000 | 5,000,000 |
Early redemption premium payment | 0 | (30,752,000) | 0 |
Payments for deferred financing fees | (7,320,000) | (25,786,000) | 0 |
Proceeds from revolving credit facility | 0 | 332,000,000 | 309,000,000 |
Payments on revolving credit facility | (5,000,000) | (475,000,000) | (316,000,000) |
Payments on borrowings | (107,915,000) | (2,058,469,000) | (102,579,000) |
Purchases of treasury stock | (1,655,547,000) | (176,302,000) | (199,042,000) |
Cash used in financing activities | (1,157,609,000) | (416,224,000) | (285,992,000) |
Net increase in cash and cash equivalents and restricted cash | 74,394,000 | 403,166,000 | 118,559,000 |
Effects of exchange rates on cash and cash equivalents and restricted cash | (26,375,000) | 28,581,000 | 3,614,000 |
Cash and cash equivalents and restricted cash, beginning of year | 712,583,000 | 280,836,000 | 158,663,000 |
Cash and cash equivalents and restricted cash, end of year | 760,602,000 | 712,583,000 | 280,836,000 |
Cash paid during the year for: | |||
Interest | 101,885,000 | 112,249,000 | 102,298,000 |
Income taxes, net of refunds received | $ 253,379,000 | $ 33,921,000 | $ 119,156,000 |
Business and Significant Accoun
Business and Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Business and Significant Accounting Policies | Business and Significant Accounting Policies Business. Gartner, Inc. (NYSE: IT) delivers actionable, objective insight to executives and their teams. Our expert guidance and tools enable faster, smarter decisions and stronger performance on an organization’s mission critical priorities. We are a trusted advisor and an objective resource for more than 15,000 enterprises in approximately 100 countries and territories — across all major functions, in every industry and enterprise size. Segments. Gartner delivers its products and services globally through three business segments: Research, Conferences and Consulting. Note 9 — Revenue and Related Matters and Note 16 — Segment Information describe the products and services offered by each of our segments and provide additional financial information for those segments. Basis of presentation. The accompanying Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”), as defined in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”), for financial information and with the applicable instructions of U.S. Securities and Exchange Commission (“SEC”) Regulation S-X. The fiscal year of Gartner is the twelve-month period from January 1 through December 31. All references to 2021, 2020 and 2019 herein refer to the fiscal year unless otherwise indicated. When used in these notes, the terms “Gartner,” the “Company,” “we,” “us” or “our” refer to Gartner, Inc. and its consolidated subsidiaries. Principles of consolidation. The accompanying Consolidated Financial Statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany transactions and balances have been eliminated. Use of estimates. The preparation of the accompanying Consolidated Financial Statements requires management to make estimates and assumptions about future events. These estimates and the underlying assumptions affect the amounts of assets and liabilities reported, disclosures about contingent assets and liabilities, and reported amounts of revenues and expenses. Such estimates include the valuation of fees receivable, goodwill, intangible assets and other long-lived assets, as well as tax accruals and other liabilities. In addition, estimates are used in revenue recognition, income tax expense or benefit, performance-based compensation charges, depreciation and amortization. Management believes its use of estimates in the accompanying Consolidated Financial Statements to be reasonable. Management continually evaluates and revises its estimates using historical experience and other factors, including the general economic environment and actions it may take in the future. Management adjusts these estimates when facts and circumstances dictate. However, these estimates may involve significant uncertainties and judgments and cannot be determined with precision. In addition, these estimates are based on management’s best judgment at a point in time. As a result, differences between our estimates and actual results could be material and would be reflected in the Company’s Consolidated Financial Statements in future periods. In December 2019, a novel coronavirus disease (“COVID-19”) was reported in Wuhan, China and on March 11, 2020, the World Health Organization characterized COVID-19 as a pandemic. Any future asset impairment charges or restructuring charges could be more likely if the negative effects of the COVID-19 pandemic continue and will be dependent on the severity and duration of this crisis. Business acquisitions. The Company accounts for business acquisitions in accordance with the acquisition method of accounting as prescribed by FASB ASC Topic 805, Business Combinations . The acquisition method of accounting requires the Company to record the assets acquired and liabilities assumed based on their estimated fair values as of the acquisition date, with certain exceptions. Any excess of the consideration transferred over the estimated fair value of the net assets acquired, including identifiable intangible assets, is recorded as goodwill. Under the acquisition method, the operating results of acquired companies are included in the Company’s Consolidated Financial Statements beginning on the date of acquisition. The Company completed business acquisitions in both 2021 and 2019. Note 2 — Acquisitions provides additional information regarding those business acquisitions. The determination of the fair values of intangible and other assets acquired in an acquisition requires management judgment and the consideration of a number of factors, including the historical financial performance of acquired businesses and their projected future performance, and estimates surrounding customer turnover, as well as assumptions regarding the level of competition and the costs necessary to reproduce certain assets. Establishing the useful lives of intangible assets also requires management judgment and the evaluation of a number of factors, including the expected use of an asset, historical client retention rates, consumer awareness and trade name history, as well as any contractual provisions that could limit or extend an asset’s useful life. Charges that are directly related to the Company’s acquisitions are expensed as incurred and classified as Acquisition and integration charges in the Consolidated Statements of Operations. Note 2 — Acquisitions provides additional information regarding the Company’s Acquisition and integration charges. Revenue recognition. The Company’s revenue by significant source is accounted for as follows: • Research revenues are mainly derived from subscription contracts for research products. The related revenues are deferred and recognized ratably over the applicable contract term. Fees derived from assisting organizations in selecting the right business software for their needs are recognized when the leads are provided to vendors. • Conferences revenues are deferred and recognized upon the completion of the related conference or meeting. • Consulting revenues are principally generated from fixed fee or time and materials engagements. Revenues from fixed fee contracts are recognized as the Company works to satisfy its performance obligations. Revenues from time and materials engagements are recognized as work is delivered and/or services are provided. Revenues related to contract optimization engagements are contingent in nature and are only recognized upon satisfaction of all conditions related to their payment. The majority of the Company’s Research contracts are billable upon signing, absent special terms granted on a limited basis from time to time. Research contracts are generally non-cancelable and non-refundable, except for government contracts that may have cancellation or fiscal funding clauses. It is the Company’s policy to record the amount of a subscription contract that is billable as a fee receivable at the time the contract is signed with a corresponding amount as deferred revenue because the contract represents a legally enforceable claim. Note 9 — Revenue and Related Matters provides additional information regarding the Company’s business and revenues. Allowance for losses. On January 1, 2020, the Company adopted ASU No. 2016-13, Financial Instruments—Credit Losses. ASU No. 2016-13 amended the previous financial instrument impairment model by requiring entities to use a forward-looking approach based on expected losses to estimate credit losses on certain types of financial instruments, including trade receivables. The Company applied the expected credit loss model to its fees receivable balance on January 1, 2020 using a historical loss rate method. Prior to January 1, 2020, the Company recognized the allowance for losses on bad debts in accordance with then-existing U.S. GAAP under FASB ASC Topic 310, Receivables . Cost of services and product development ( “COS” ). COS expense includes the direct costs incurred in the creation and delivery of the Company’s products and services. These costs primarily relate to personnel. Selling, general and administrative ( “SG&A” ). SG&A expense includes direct and indirect selling costs, general and administrative costs, facility costs and bad debt expense. Commission expense. The Company records deferred commissions upon signing a customer contract and amortizes the deferred amount over a period that aligns with the transfer to the customer of the services to which the commissions relate. Note 9 — Revenue and Related Matters provides additional information regarding deferred commissions and the amortization of such costs. Stock-based compensation expense. The Company accounts for stock-based compensation awards in accordance with FASB ASC Topics 505 and 718 and SEC Staff Accounting Bulletins No. 107 and No. 110. Stock-based compensation expense for equity awards is based on the fair value of the award on the date of grant. The Company recognizes stock-based compensation expense over the period that the related service is performed, which is generally the same as the vesting period of the underlying award. Forfeitures are recognized as they occur. A change in any of the terms or conditions of stock-based compensation awards is accounted for as a modification of the award. Incremental compensation cost is measured as the excess, if any, of the fair value of the modified award over the fair value of the original award immediately before its terms are modified, measured based on the fair value of the awards at the modification date. For vested awards, the Company recognizes incremental compensation cost in the period the modification occurs. For unvested awards, the Company recognizes any incremental compensation expense at the modification date or ratably over the requisite remaining service period, as appropriate. If the fair value of the modified award is lower than the fair value of the original award immediately before modification, the minimum compensation cost the Company recognizes is the cost of the original award. Note 10 — Stock-Based Compensation provides additional information regarding the Company’s stock-based compensation activity. Other income (expense), net. During 2019, the Company sold a minority equity investment for $14.1 million in cash and recognized a pretax gain of $9.1 million that was recorded in Other income (expense), net in the Consolidated Statements of Operations. Income taxes. The Company uses the asset and liability method of accounting for income taxes. The Company estimates its income taxes in each of the jurisdictions where it operates. This process involves estimating the Company’s current tax expense or benefit together with assessing temporary differences resulting from differing treatment of items for tax and accounting purposes. These differences result in deferred tax assets and liabilities, which are included in the Consolidated Balance Sheets. When assessing the realizability of deferred tax assets, the Company considers if it is more likely than not that some or all of the deferred tax assets will not be realized. In making this assessment, the Company considers the availability of loss carryforwards, projected reversals of deferred tax liabilities, projected future taxable income, and ongoing prudent and feasible tax planning strategies. The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained based on the technical merits of the position. Recognized tax positions are measured at the largest amount of benefit with greater than a 50% likelihood of being realized. The Company uses estimates in determining the amount of unrecognized tax benefits associated with uncertain tax positions. Significant judgment is required in evaluating tax law and measuring the benefits likely to be realized. Uncertain tax positions are periodically re-evaluated and adjusted as more information about their ultimate realization becomes available. Note 12 — Income Taxes provides additional information regarding the Company’s income taxes. Cash and cash equivalents and restricted cash. Cash and cash equivalents includes cash and all highly liquid investments with original maturities of three months or less, which are considered to be cash equivalents. The carrying value of cash equivalents approximates fair value due to the short-term maturity of such instruments. Investments with maturities of more than three months are classified as marketable securities. Interest earned is recorded in Interest income in the Consolidated Statements of Operations. U.S. GAAP requires that amounts generally described as restricted cash and restricted cash equivalents be presented with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts presented on an entity’s statement of cash flows. Below is a table presenting the beginning-of-period and end-of-period cash amounts from the Company’s Consolidated Balance Sheets and the total cash amounts presented in the Consolidated Statements of Cash Flows (in thousands). December 31, 2021 2020 2019 2018 Cash and cash equivalents $ 756,493 $ 712,583 $ 280,836 $ 156,368 Restricted cash classified in (1): Prepaid expenses and other current assets 4,109 — — 2,295 Cash and cash equivalents and restricted cash per the Consolidated Statements of Cash Flows $ 760,602 $ 712,583 $ 280,836 $ 158,663 (1) Restricted cash consists of escrow accounts established in connection with certain of the Company’s business acquisitions. Generally, such cash is restricted to use due to provisions contained in the underlying stock or asset purchase agreement. The Company will disburse the restricted cash to the sellers of the businesses upon satisfaction of any contingencies described in such agreements (e.g., potential indemnification claims, etc.). Leases. ASC 842 requires accounting for leases under a right-of-use model whereby a lessee must record a right-of-use asset and a related lease liability on its balance sheet for most of its leases. Under ASC 842, leases are classified as either operating or finance arrangements, with such classification affecting the pattern of expense recognition in an entity’s income statement. For operating leases, ASC 842 requires recognition in an entity’s income statement of a single lease cost, calculated so that the cost of the lease is allocated over the lease term, generally on a straight-line basis. In the fourth quarter of the year ended December 31, 2021, as a result and in consideration of the changing nature of the Company’s use of office space for its workforce and the impacts of the COVID-19 pandemic, the Company evaluated its existing real estate lease portfolio. As a result of the evaluation, the Company recognized an impairment loss of $49.5 million. Note 7 — Leases provides additional information regarding the Company’s leases. Property, equipment and leasehold improvements. Equipment, leasehold improvements and other fixed assets owned by the Company are recorded at cost less accumulated depreciation and amortization. Fixed assets, other than leasehold improvements, are depreciated using the straight-line method over the estimated useful life of the underlying asset. Leasehold improvements are amortized using the straight-line method over the shorter of the estimated useful life of the improvement or the remaining term of the related lease. Depreciation and amortization expense for fixed assets was $102.8 million, $93.9 million and $82.1 million in 2021, 2020 and 2019, respectively. Property, equipment and leasehold improvements, net are presented in the table below (in thousands). Useful Life December 31, Category (Years) 2021 2020 Computer equipment and software 2 - 7 $ 304,386 $ 277,973 Furniture and equipment 3 - 8 97,050 114,622 Leasehold improvements 2 - 15 253,451 283,773 Total cost 654,887 676,368 Less — accumulated depreciation and amortization (381,325) (339,603) Property, equipment and leasehold improvements, net $ 273,562 $ 336,765 The Company incurs costs to develop internal-use software used in its operations. Certain of those costs that meet the criteria in FASB ASC Topic 350, Intangibles - Goodwill and Other are capitalized and amortized over future periods. Net capitalized internal-use software development costs were $65.5 million and $58.2 million at December 31, 2021 and 2020, respectively, and are included in Computer equipment and software in the table above. Amortization expense for capitalized internal-use software development costs, which is included with Depreciation in the Consolidated Statements of Operations, totaled $34.6 million, $28.9 million and $20.0 million in 2021, 2020 and 2019, respectively. 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 the Company performs a quantitative impairment test. Evaluating the recoverability of goodwill requires judgments and assumptions regarding future trends and events. As a result, both the precision and reliability of management 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, 2021 that indicated no impairment. Subsequent to completing the 2021 annual impairment test, no events or changes in circumstances were noted that required an interim goodwill impairment test. Note 3 — Goodwill and Intangible Assets provides additional information regarding the Company’s goodwill. Finite-lived intangible assets. The Company has finite-lived intangible assets that are amortized using the straight-line method over the expected useful life of the underlying asset. Note 3 — Goodwill and Intangible Assets provides additional information regarding the Company’s finite-lived intangible assets. Impairment of long-lived assets. The Company’s long-lived assets primarily consist of intangible assets other than goodwill, right-of-use assets and property, equipment and leasehold improvements. The Company reviews its long-lived asset groups for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or an asset group may not be recoverable. Such evaluation may be based on a number of factors, including current and projected operating results and cash flows, and changes in management’s strategic direction as well as external economic and market factors. The Company evaluates the recoverability of assets and asset groups by determining whether their carrying values can be recovered through undiscounted future operating cash flows. If events or circumstances indicate that the carrying values might not be recoverable based on undiscounted future operating cash flows, an impairment loss may be recognized. The amount of impairment is measured based on the difference between the projected discounted future operating cash flows, using a discount rate reflecting the Company’s average cost of funds, and the carrying value of the asset or asset group. Debt. The Company presents amounts borrowed in the Consolidated Balance Sheets, net of deferred financing fees. Interest accrued on amounts borrowed is recorded as Interest expense in the Consolidated Statements of Operations. Note 6 — Debt provides additional information regarding the Company’s debt arrangements. Foreign currency exposure. The functional currency of the Company’s foreign subsidiaries is typically the local currency. All assets and liabilities of foreign subsidiaries are translated into U.S. dollars at exchange rates in effect at the balance sheet date. Income and expense items are translated at average exchange rates throughout the year. The resulting translation adjustments are recorded as foreign currency translation adjustments, a component of Accumulated other comprehensive loss, net within Stockholders’ Equity on the Consolidated Balance Sheets. Currency transaction gains or losses arising from transactions denominated in currencies other than the functional currency of a subsidiary are recognized in results of operations as part of Other income (expense), net in the Consolidated Statements of Operations. The Company had net currency transaction (losses) gains of $(3.7) million, $12.5 million and $(1.1) million in 2021, 2020 and 2019, respectively. The Company enters into foreign currency forward exchange contracts to mitigate the effects of adverse fluctuations in foreign currency exchange rates on certain transactions. Those contracts generally have short durations and are recorded at fair value with both realized and unrealized gains and losses recorded in Other income (expense), net. The net loss from foreign currency forward exchange contracts was $1.4 million, $14.1 million and $2.5 million in 2021, 2020 and 2019, respectively. Note 13 — Derivatives and Hedging provides additional information regarding the Company’s foreign currency forward exchange contracts. Fair value disclosures. The Company has a limited number of assets and liabilities that are adjusted to fair value at each balance sheet date. The Company’s required fair value disclosures are provided at Note 14 — Fair Value Disclosures. Concentrations of credit risk. Assets that may subject the Company to concentration of credit risk consist primarily of short-term, highly liquid investments classified as cash equivalents, fees receivable, contract assets, interest rate swaps and a pension reinsurance asset. The majority of the Company’s cash equivalent investments and its interest rate swap contracts are with investment grade commercial banks. Fees receivable and contract asset balances deemed to be collectible from customers have limited concentration of credit risk due to the Company’s diverse customer base and geographic dispersion. The Company’s pension reinsurance asset (see Note 15 — Employee Benefits) is maintained with a large international insurance company that was rated investment grade as of December 31, 2021 and 2020. Stock repurchase programs. The Company records the cost to repurchase shares of its own common stock as treasury stock. Shares repurchased by the Company are added to treasury shares and are not retired. Note 8 — Stockholders’ Equity provides additional information regarding the Company’s common stock repurchase activity. Gain on event cancellation insurance claims. During the year ended December 31, 2021, the Company received $166.9 million of proceeds related to 2020 event cancellation insurance claims, and recorded a pre-tax gain of $152.3 million. The Company does not record any gain on insurance claims in excess of expenses incurred until the receipt of the insurance proceeds is deemed to be realizable. Adoption of new accounting standards . The Company adopted the accounting standard described below during 2021. Simplifying the Accounting for Income Taxes — In December 2019, the FASB issued ASU No. 2019-12, Income Taxes—Simplifying the Accounting for Income Taxes (“ASU No. 2019-12”). ASU No. 2019-12 provided new guidance to simplify the accounting for income taxes in certain areas, changed the accounting for select income tax transactions and made minor ASC improvements. Gartner adopted ASU No. 2019-12 on January 1, 2021. The adoption of ASU No. 2019-12 did not have a material impact on the Company’s Consolidated Financial Statements. Accounting standards issued but not yet adopted. The FASB has issued accounting standards that had not yet become effective as of December 31, 2021 and may impact the Company’s Consolidated Financial Statements or related disclosures in future periods. Those standards and their potential impact are discussed below. Accounting standard effective immediately upon voluntary election by Gartner Reference Rate Reform — In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform—Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU No. 2020-04”). ASU No. 2020-04 provides that an entity can elect not to apply certain required modification accounting in U.S. GAAP to contracts where all changes to the critical terms relate to reference rate reform (e.g., the expected discontinuance of LIBOR and the transition to an alternative reference interest rate, etc.). In addition, the rule provides optional expedients and exceptions that enable entities to continue to apply hedge accounting for hedging relationships where one or more of the critical terms change due to reference rate reform. The rule became effective for all entities as of March 12, 2020 and will generally no longer be available to apply after December 31, 2022. The Company is currently evaluating the potential impact of ASU No. 2020-04 on its Consolidated Financial Statements, including the rule’s potential impact on any debt modifications or other contractual changes in the future that may result from reference rate reform. However, the Company does not expect the adoption of ASU 2020-04 to have a material impact on the Company’s Consolidated Financial Statements. Accounting standard effective in 2022 Government Assistance — In November 2021, the FASB issued ASU No. 2021-10, Government Assistance (Topic 832), Disclosures by Business Entities about Government Assistance (“ASU No. 2021-10”). ASU No, 2021-10 requires business entities to annually disclose information about certain government assistance they receive. The rule will be effective for public entities for annual periods beginning after December 15, 2021. The adoption of ASU No. 2021-10 is currently not expected to have a material impact on the Company’s financial statement disclosures. Accounting standard effective in 2023 Business Combinations — In October 2021, the FASB issued ASU No. 2021-08, Business Combinations, Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (“ASU No. 2021-08”). ASU No. 2021-08 provides guidance for a business combination on how to recognize and measure contract assets and contract liabilities from revenue contracts with customers and other contracts that apply the provisions of ASC Topic 606, Revenue from Contracts with Customers . Specifically, the proposed amendments would require that an entity (acquirer) recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with ASC Topic 606. Generally, this would result in an acquirer recognizing and measuring the acquired contract assets and contract liabilities consistent with how they were recognized and measured in the acquiree’s financial statements (if the acquiree prepared financial statements in accordance with U.S. GAAP). The rule will be effective for public entities on January 1, 2023, with early adoption permitted. Gartner has elected to adopt ASU No. 2021-08 effective January 1, 2022. ASU No. 2021-08 will not impact acquired contract assets or liabilities from business combinations occurring prior to January 1, 2022, and the impact in future periods will depend on the contract assets and contract liabilities acquired in future business combinations. |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2021 | |
Business Combination and Asset Acquisition [Abstract] | |
Acquisitions | Acquisitions Acquisitions Year Ended December 31, 2021 On June 17, 2021, the Company acquired 100% of the outstanding capital stock of Pulse Q&A Inc. (“Pulse”), a privately-held company based in San Francisco, California, for an aggregate purchase price of $29.1 million. Pulse is a technology-enabled community platform. For cash flow reporting purposes, the Company paid $22.9 million in cash for Pulse after considering the cash acquired with the business, amounts held in escrow and certain other purchase price adjustments. In addition to the purchase price, the Company may also be required to pay up to $4.5 million in cash in the future based on the continuing employment of certain key employees. Such amount will be recognized as compensation expense over three years and reported in Acquisition and integration charges in the Consolidated Statements of Operations. The Company recorded $31.0 million of goodwill and finite-lived intangible assets for Pulse and $1.9 million of liabilities on a net basis. The Company believes that the recorded goodwill is supported by the anticipated synergies resulting from the acquisition. None of the recorded goodwill will be deductible for tax purposes. The fair value measurement of the finite-lived intangible assets was based on income valuation methodologies, primarily an incremental profits approach, which included significant unobservable inputs and thus represented a Level 3 measurement as defined in FASB ASC Topic 820. The allocation of the purchase price is preliminary with respect to certain tax matters. The operating results of the acquired Pulse business and the related goodwill are being reported as part of the Company’s Research segment. T he operating results of Pulse have been included in the Company’s consolidated financial statements since the date of acquisition; however, such operating results were not material to the Company’s consolidated operating results and segment results. Had the Company acquired Pulse in prior periods, the impact on the Company’s operating results would not have been material and, as a result, pro forma financial information for prior periods has not been presented herein. Year Ended December 31, 2019 On October 1, 2019, the Company acquired 100% of the outstanding membership interests of TOPO Research LLC (“TOPO”), a privately-held company based in Redwood City, California, for $25.0 million. TOPO was a subscription-based research and advisory business. The acquisition of TOPO expanded the Company’s market presence, product offerings and other business opportunities. For cash flow reporting purposes, the Company paid $23.7 million in cash for TOPO after considering the cash acquired with the business and certain other purchase price adjustments. In addition to the purchase price, the Company paid $6.5 million cash in total to certain key employees based on their continuing employment. Such amount was recognized as compensation expense over two years and reported in Acquisition and integration charges in the Consolidated Statements of Operations. The Company recorded $24.5 million of goodwill and finite-lived intangible assets for TOPO and $0.5 million of other assets on a net basis. The Company believes that the recorded goodwill was supported by the anticipated synergies resulting from the acquisition. All of the recorded goodwill is deductible for tax purposes. The fair value measurement of the finite-lived intangible assets was based on income valuation methodologies, which included significant unobservable inputs and thus represented a Level 3 measurement as defined in FASB ASC Topic 820. The operating results of the acquired TOPO business and the related goodwill are being reported as part of the Company’s Research and Conferences segment. T he operating results of TOPO have been included in the Company’s consolidated financial statements since the date of acquisition; however, such operating results were not material to the Company’s consolidated operating results and segment results. Had the Company acquired TOPO in prior periods, the impact on the Company’s operating results would not have been material and, as a result, pro forma financial information for prior periods has not been presented herein. During 2019, the Company also paid $2.3 million of restricted cash for deferred consideration from a 2017 acquisition. Acquisition and Integration Charges The Company recognized $6.1 million, $6.3 million and $9.5 million of Acquisition and integration charges during 2021, 2020 and 2019, respectively. Acquisition and integration charges reflect additional costs and expenses resulting from the Company’s acquisitions and include, among other items, professional fees, severance and stock-based compensation charges. During 2021, the Company received $2.3 million cash proceeds from deferred consideration related to a 2018 divestiture. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Goodwill and Intangible Assets Goodwill. The table below presents changes to the carrying amount of goodwill by segment during the two-year period ended December 31, 2021 (in thousands). Research Conferences Consulting Total Balance at December 31, 2019 (1) $ 2,651,060 $ 189,641 $ 97,025 $ 2,937,726 Foreign currency translation impact 13,672 (5,550) (301) 7,821 Balance at December 31, 2020 (1) 2,664,732 184,091 96,724 2,945,547 Additions due to an acquisition (2) 11,486 — — 11,486 Foreign currency translation impact (5,284) (70) (362) (5,716) Balance at December 31, 2021 (1) $ 2,670,934 $ 184,021 $ 96,362 $ 2,951,317 (1) The Company does not have any accumulated goodwill impairment losses. (2) The additions were due to the acquisition of Pulse on June 17, 2021. See Note 2 — Acquisitions for additional information. Finite-lived intangible assets. Changes in finite-lived intangible assets during the two-year period ended December 31, 2021 are presented in the tables below (in thousands). December 31, 2021 Customer Technology-related Content Other Total Gross cost at December 31, 2020 $ 1,154,210 $ 110,597 $ 3,965 $ 10,614 $ 1,279,386 Additions due to an acquisition (1) 7,980 11,200 — 320 19,500 Intangible assets fully amortized (61,422) (60,685) (3,965) (498) (126,570) Foreign currency translation impact (4,410) 104 — — (4,306) Gross cost 1,096,358 61,216 — 10,436 1,168,010 Accumulated amortization (2) (413,266) (35,727) — (4,599) (453,592) Balance at December 31, 2021 $ 683,092 $ 25,489 $ — $ 5,837 $ 714,418 December 31, 2020 Customer Technology-related Content Other Total Gross cost at December 31, 2019 $ 1,145,109 $ 111,033 $ 14,140 $ 30,838 $ 1,301,120 Intangible assets fully amortized (2,394) (787) (9,929) (20,152) (33,262) Foreign currency translation impact 11,495 351 (246) (72) 11,528 Gross cost 1,154,210 110,597 3,965 10,614 1,279,386 Accumulated amortization (2) (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) The additions were due to the acquisition of Pulse on June 17, 2021. See Note 2 — Acquisitions for additional information. (2) Finite-lived intangible assets are amortized using the straight-line method over the following periods: Customer relationships—6 to 13 years; Technology-related—3 to 7 years; Content—2 to 3 years; and Other —2 to 11 years. Amortization expense related to finite-lived intangible assets was $109.6 million, $125.1 million and $129.7 million in 2021, 2020 and 2019, respectively. The estimated future amortization expense by year for finite-lived intangible assets is presented in the table below (in thousands). 2022 $ 100,687 2023 100,672 2024 93,479 2025 82,946 2026 80,271 2027 and thereafter 256,363 $ 714,418 |
Other Assets
Other Assets | 12 Months Ended |
Dec. 31, 2021 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Other Assets | Other Assets The Company’s other assets are summarized in the table below (in thousands). December 31, 2021 2020 Benefit plan-related assets $ 113,553 $ 98,536 Non-current deferred tax assets 140,004 103,559 Other 55,132 54,221 Total other assets $ 308,689 $ 256,316 |
Accounts Payable and Accrued an
Accounts Payable and Accrued and Other Liabilities | 12 Months Ended |
Dec. 31, 2021 | |
Payables and Accruals [Abstract] | |
Accounts Payable and Accrued and Other Liabilities | Accounts Payable and Accrued and Other LiabilitiesThe Company’s Accounts payable and accrued liabilities are summarized in the table below (in thousands). December 31, 2021 2020 Accounts payable $ 49,277 $ 38,588 Payroll and employee benefits payable 233,704 216,033 Bonus payable 243,459 224,763 Commissions payable 201,397 130,306 Income tax payable 18,717 29,550 VAT payable 48,834 58,496 Current portion of operating lease liabilities 89,754 83,995 Other accrued liabilities, including the short-term portion of fair value of interest rate swap contracts 249,672 170,700 Total accounts payable and accrued liabilities $ 1,134,814 $ 952,431 The Company’s Other liabilities are summarized in the table below (in thousands). December 31, 2021 2020 Non-current deferred revenues $ 48,176 $ 26,754 Long-term taxes payable 76,806 86,751 Benefit plan-related liabilities 139,097 128,199 Non-current deferred tax liabilities 181,789 173,233 Other, including long-term portion of fair value of interest rate swap contracts 66,019 124,656 Total other liabilities $ 511,887 $ 539,593 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Debt | Debt The Company’s total outstanding borrowings are summarized in the table below (in thousands). December 31, Description 2021 2020 2020 Credit Agreement - Term loan facility (1) $ 287,600 $ 395,000 2020 Credit Agreement - Revolving credit facility (1), (2) — 5,000 Senior Notes due 2028 (“2028 Notes”) (3) 800,000 800,000 Senior Notes due 2029 (“2029 Notes”) (4) 600,000 — Senior Notes due 2030 (“2030 Notes”) (5) 800,000 800,000 Other (6) 5,531 6,046 Principal amount outstanding (7) 2,493,131 2,006,046 Less: deferred financing fees (8) (30,367) (27,245) Net balance sheet carrying amount $ 2,462,764 $ 1,978,801 (1) The contractual annualized interest rate as of December 31, 2021 on the 2020 Credit Agreement Term loan facility and the Revolving credit facility was 1.50%, which consisted of a floating Eurodollar base rate of 0.125% plus a margin of 1.375% . However, the Company has interest rate swap contracts that effectively convert the floating Eurodollar base rates on outstanding amounts to a fixed base rate. (2) The Company had approximately $1.0 billion of available borrowing capacity on the 2020 Credit Agreement revolver (not including the expansion feature) as of December 31, 2021. (3) Consists of $800.0 million principal amount of 2028 Notes outstanding. The 2028 Notes bear interest at a fixed rate of 4.50% and mature on July 1, 2028. (4) Consists of $600.0 million principal amount of 2029 Notes outstanding. The 2029 Notes bear interest at a fixed rate of 3.625% and mature on June 15, 2029. (5) Consists of $800.0 million principal amount of 2030 Notes outstanding. The 2030 Notes bear interest at a fixed rate of 3.75% and mature on October 1, 2030. (6) Consists of two State of Connecticut economic development loans. One of the loans originated in 2012, has a 10-year maturity and the outstanding balance of $0.5 million as of December 31, 2021 bears interest at a fixed rate of 3.00%. The second loan, originated in 2019, has a 10-year maturity and bears interest at a fixed rate of 1.75%. Both of these loans may be repaid at any time by the Company without penalty. (7) The weighted average annual effective rate on the Company’s outstanding debt for 2021, including the effects of its interest rate swaps discussed below, was 4.87%. (8) Deferred financing fees are being amortized to Interest expense over the term of the related debt obligation. 2029 Notes On June 18, 2021, the Company issued $600.0 million aggregate principal amount of 3.625% Senior Notes due 2029. The 2029 Notes were issued pursuant to an indenture, dated as of June 18, 2021 (the “2029 Note Indenture”), among the Company, the guarantors party thereto and U.S. Bank National Association, as trustee. The 2029 Notes were issued at an issue price of 100.0% and bear interest at a rate of 3.625% per annum. Interest on the 2029 Notes is payable on June 15 and December 15 of each year, beginning on December 15, 2021. The 2029 Notes will mature on June 15, 2029. The Company used a portion of the net proceeds of the 2029 Notes (i) to repay $100.0 million of the outstanding borrowings under the Company’s existing term loan facility and (ii) to pay related fees and expenses. The Company intends to use the remaining net proceeds of the 2029 Notes for general corporate purposes. The Company may redeem some or all of the 2029 Notes at any time on or after June 15, 2024 for cash at the redemption prices set forth in the 2029 Notes Indenture, plus accrued and unpaid interest to, but excluding, the redemption date. Prior to June 15, 2024, the Company may redeem up to 40% of the aggregate principal amount of the 2029 Notes with the proceeds of certain equity offerings at a redemption price of 103.625% plus accrued and unpaid interest to, but excluding, the redemption date. In addition, the Company may redeem some or all of the 2029 Notes prior to June 15, 2024, at a redemption price of 100% of the principal amount of the 2029 Notes plus accrued and unpaid interest to, but excluding, the redemption date, plus a “make-whole” premium. If the Company experiences specific kinds of change of control and a ratings decline, it will be required to offer to repurchase the 2029 Notes at a price equal to 101% of the principal amount thereof plus accrued and unpaid interest to, but excluding, the repurchase date. The 2029 Notes are the Company’s general unsecured senior obligations, and are effectively subordinated to all of the Company’s existing and future secured indebtedness to the extent of the value of the collateral securing such indebtedness, structurally subordinated to all existing and future indebtedness and other liabilities of the Company’s non-guarantor subsidiaries, equal in right of payment to all of the Company’s and Company’s guarantor subsidiaries’ existing and future senior indebtedness and senior in right of payment to all of the Company’s future subordinated indebtedness, if any. The 2029 Notes are jointly and severally guaranteed on a senior unsecured basis by certain of the Company’s domestic subsidiaries that have outstanding indebtedness or guarantee other specified indebtedness. The 2029 Notes Indenture contains covenants that limit, among other things, the Company’s ability and the ability of some of the Company’s subsidiaries to: • create liens; and • merge or consolidate with other entities. These covenants will be subject to a number of exceptions and qualifications. The 2029 Notes Indenture also provides for events of default, which, if any of them occurs, would permit or require the principal, premium, if any, and interest on all the then outstanding 2029 Notes issued under the Indenture to be due and payable. 2030 Notes On September 28, 2020, the Company issued $800.0 million aggregate principal amount of 3.75% Senior Notes due 2030. The 2030 Notes were issued pursuant to an indenture, dated as of September 28, 2020 (the “2030 Note Indenture”), among the Company, the guarantors party thereto and U.S. Bank National Association, as trustee. The 2030 Notes were issued at an issue price of 100.0% and bear interest at a rate of 3.75% per annum. Interest on the 2030 Notes is payable on April 1 and October 1 of each year, beginning on April 1, 2021. The 2030 Notes will mature on October 1, 2030. The Company may redeem some or all of the 2030 Notes at any time on or after October 1, 2025 for cash at the redemption prices set forth in the 2030 Note Indenture, plus accrued and unpaid interest to, but excluding, the redemption date. Prior to October 1, 2025, the Company may redeem up to 40% of the aggregate principal amount of the 2030 Notes in connection with certain equity offerings, or some or all of the 2030 Notes with a “make-whole” premium, in each case subject to the terms set forth in the 2030 Note Indenture. 2028 Notes On June 22, 2020, the Company issued $800.0 million aggregate principal amount of 4.50% Senior Notes due 2028. The 2028 Notes were issued pursuant to an indenture, dated as of June 22, 2020 (the “2028 Note Indenture”), among the Company, the guarantors party thereto and U.S. Bank National Association, as trustee. The 2028 Notes were issued at an issue price of 100.0% and bear interest at a rate of 4.50% per annum. Interest on the 2028 Notes is payable on January 1 and July 1 of each year, beginning on January 1, 2021. The 2028 Notes will mature on July 1, 2028. The Company may redeem some or all of the 2028 Notes at any time on or after July 1, 2023 for cash at the redemption prices set forth in the 2028 Note Indenture, plus accrued and unpaid interest to, but excluding, the redemption date. Prior to July 1, 2023, the Company may redeem up to 40% of the aggregate principal amount of the 2028 Notes in connection with certain equity offerings, or some or all of the 2028 Notes with a “make-whole” premium, in each case subject to the terms set forth in the 2028 Note Indenture. 2020 Credit Agreement On September 28, 2020, the Company entered into an agreement among the Company, as borrower, the lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent (the “Administrative Agent,” and such agreement, the “2020 Credit Agreement”), which amended and restated the Company’s existing credit facility, dated as of June 17, 2016 (as amended, supplemented or otherwise modified from time to time, the “2016 Credit Agreement”). The 2020 Credit Agreement provides for a $400.0 million senior secured five-year term loan facility and a $1.0 billion senior secured five-year revolving facility. The term and revolving facilities may be increased, at the Company’s option and under certain conditions, by up to an additional $1.0 billion in the aggregate plus additional amounts subject to the satisfaction of certain conditions, including a maximum secured leverage ratio. The term loan will be repaid in consecutive quarterly installments commencing December 31, 2020, plus a final payment due on September 28, 2025, and may be prepaid at any time without penalty or premium (other than applicable breakage costs) at the option of the Company. The revolving credit facility may be used for loans, and up to $75.0 million may be used for letters of credit. The revolving loans may be borrowed, repaid and re-borrowed until September 28, 2025, at which time all amounts borrowed must be repaid. On September 28, 2020, the Company drew down $400.0 million in term loans. The initial drawdown was used to refinance the outstanding amounts under the 2016 Credit Agreement. Additional amounts drawn down under the 2020 Credit Agreement will be used for general corporate purposes, including the funding of acquisitions, payment of capital expenditures and the repurchase of shares. The Company used a portion of the net proceeds from the issuance of the 2029 Notes to repay $100.0 million of the outstanding borrowings under the term loan facility in June 2021. The Company’s obligations under the 2020 Credit Agreement are guaranteed, on a secured basis, by certain existing and future direct and indirect U.S. subsidiaries. The Company’s obligations under the 2020 Credit Agreement and the guarantees of the subsidiary guarantors are secured by first priority security interests in substantially all of the assets of the Company and the subsidiary guarantors. The security and pledges are subject to certain exceptions. Loans under the 2020 Credit Agreement bear interest at a rate equal to, at the Company’s option, either (i) the greatest of: (x) the Wall Street Journal prime rate; (y) the average rate on Federal Reserve Board of New York rate plus 1/2 of 1%; and (z) and the adjusted LIBO rate (adjusted for statutory reserves) for a one-month interest period plus 1%, in each case plus a margin equal to between 0.125% and 1.25% depending on the Company’s consolidated leverage ratio as of the end of the four consecutive fiscal quarters most recently ended, or (ii) the adjusted LIBO rate (adjusted for statutory reserves) plus a margin equal to between 1.125% and 2.25%, depending on the Company’s leverage ratio as of the end of the four consecutive fiscal quarters most recently ended. The commitment fee payable on the unused portion of the revolving credit facility is equal to between 0.175% and 0.40% based on utilization of the revolving credit facility. The Company has also agreed to pay customary letter of credit fees. The 2020 Credit Agreement contains certain customary restrictive loan covenants, including, among others, a financial covenant requiring a maximum leverage ratio, and covenants limiting the Company’s ability to incur indebtedness, grant liens, make acquisitions, be acquired, dispose of assets, pay dividends, repurchase stock, make capital expenditures, make investments and enter into certain transactions with affiliates. The Company was in compliance with all financial covenants as of December 31, 2021. Interest Rate Swaps As of December 31, 2021, the Company had four fixed-for-floating interest rate swap contracts with a total notional value of $1.4 billion that mature through 2025. The Company pays base fixed rates on these swaps ranging from 2.13% to 3.04% and in return receives a floating Eurodollar base rate on 30-day notional borrowings. As a result of the payment under the then outstanding 2016 Credit Agreement term loan and revolving credit facility, the Company de-designated all of its interest rate swaps effective June 30, 2020. Accordingly, hedge accounting is not applicable, and subsequent changes to the fair value of the interest rate swaps are recorded in Other income (expense), net. The amounts previously recorded in Accumulated other comprehensive loss are amortized into Interest expense over the terms of the hedged forecasted interest payments. As of December 31, 2021, $75.0 million is remaining in Accumulated other comprehensive loss, net. The interest rate swaps had negative unrealized fair values (liabilities) of $53.7 million and $109.2 million as of December 31, 2021 and December 31, 2020, respectively, of which $56.3 million and $78.1 million were recorded in Accumulated other comprehensive loss, net of tax effect, as of December 31, 2021 and December 31, 2020, respectively. See Note 12 — Fair Value Disclosures for the determination of the fair values of Company’s interest rate swaps. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Leases | Leases The Company’s leasing activities are primarily for facilities under cancelable and non-cancelable lease agreements expiring during 2022 and through 2038. These facilities support the Company’s executive and administrative activities, research and consulting, sales, systems support, operations, and other functions. The Company also has leases for office equipment and other assets, which are not significant. Certain of the Company’s lease agreements include (i) renewal options to extend the lease term for up to ten years and/or (ii) options to terminate the agreement within one year. Additionally, certain of the Company’s lease agreements provide standard recurring escalations of lease payments for, among other things, increases in a lessor’s maintenance costs and taxes. Under some lease agreements, the Company may be entitled to allowances, free rent, lessor-financed tenant improvements and other incentives. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. The Company subleases certain office space that it does not intend to occupy. Such sublease arrangements expire during 2022 and through 2032 and primarily relate to facilities in Arlington, Virginia. Certain of the Company’s sublease agreements: (i) include renewal and termination options; (ii) provide for customary escalations of lease payments in the normal course of business; and (iii) grant the subtenant certain allowances, free rent, Gartner-financed tenant improvements and other incentives. Lease Accounting under ASC 842 Under ASC 842, a lease is a contract or an agreement, or a part of another arrangement, between two or more parties that, at its inception, creates enforceable rights and obligations that conveys the right to control the use of identified property, plant or equipment for a period of time in exchange for consideration. Right-of-use assets represent a right to use an underlying asset for the lease term and the related lease liability represents an obligation to make lease payments pursuant to the contractual terms of the lease agreement. Right-of-use assets and lease liabilities are initially recognized on the lease commencement date based on the present value of the lease payments over the lease term. For all of the Company’s facilities leases, the Company accounts for both lease components and nonlease components (e.g., common area maintenance charges, etc.) as a single lease component when determining the present value of the Company’s lease payments. Variable lease payments that are not dependent on an index or a rate are excluded from the determination of right-of-use assets and lease liabilities and such payments are recognized as expense in the period when the related obligation is incurred. The Company’s lease agreements do not provide implicit interest rates. Instead, the Company uses an incremental borrowing rate determined on the lease commencement date to calculate the present value of future lease payments. The incremental borrowing rate is calculated for each individual lease and represents the rate of interest that the Company would have to pay to borrow on a collateralized basis (in the currency that the lease is denominated) over a similar term an amount equal to the lease payments in a similar economic environment. Right-of-use assets also include any initial direct costs incurred by the Company and lease payments made to a lessor on or before the related lease commencement date, less any lease incentives received directly from the lessor. Certain of the Company’s facility lease agreements include options to extend or terminate the lease. When it is reasonably certain that the Company will exercise a renewal or termination option, the present value of the lease payments for the affected lease is adjusted accordingly. Leases with a term of twelve months or less are accounted for in the same manner as long-term lease arrangements, including any related disclosures. Lease expense for operating leases is generally recognized on a straight-line basis over the lease term, unless the related right-of-use asset was previously impaired. All of the Company’s existing sublease arrangements have been classified as operating leases with sublease income recognized on a straight-line basis over the term of the sublease arrangement. To measure the Company’s periodic sublease income, the Company elected to use a practical expedient under ASC 842 to aggregate nonlease components with the related lease components when (i) the timing and pattern of transfer for the nonlease components and the related lease components are the same and (ii) the lease components, if accounted for separately, would be classified as an operating lease. This practical expedient applies to all of the Company’s existing sublease arrangements. When the projected lease cost for the term of a sublease exceeds the anticipated sublease income for that same period, the Company treats that circumstance as an indicator that the carrying amount of the related right-of-use asset may not be fully recoverable. In those situations, the Company performs an impairment analysis and, if indicated, the Company records a charge against earnings to reduce the right-of-use asset to the amount deemed to be recoverable in the future. On the Consolidated Balance Sheet, right-of-use assets are classified and reported in Operating lease right-of-use assets, and the related lease liabilities are included in Accounts payable and accrued liabilities (current) and Operating lease liabilities (long-term). On the Consolidated Statement of Cash Flows, the reduction in the carrying amount of right-of-use assets is presented separately and the change in operating lease liabilities is included under Accounts payable and accrued and other liabilities in the reconciliation of net income to cash provided by operating activities. All of the Company’s leasing and subleasing activities are recognized in Selling, general and administrative expense in the Consolidated Statements of Operations. The table below presents the Company’s net lease cost and certain other information related to the Company’s leasing activities as of and for the years ended December 31, 2021, 2020 and 2019 (dollars in thousands). Year Ended December 31, Description 2021 2020 2019 Operating lease cost (1) $ 130,383 $ 140,829 $ 144,727 Variable lease cost (2) 17,940 17,463 16,404 Sublease income (42,801) (38,925) (38,901) Total lease cost, net (3) (4) $ 105,522 $ 119,367 $ 122,230 Cash paid for amounts included in the measurement of operating lease $ 140,571 $ 137,790 $ 135,799 Cash receipts from sublease arrangements $ 42,374 $ 38,565 $ 34,441 Right-of-use assets obtained in exchange for new operating lease liabilities $ 33,113 $ 27,258 $ 136,997 As of December 31, 2021 2020 2019 Weighted average remaining lease term for operating leases (in years) 8.7 9.6 10.2 Weighted average discount rate for operating leases 6.5 % 6.6 % 6.7 % (1) Included in operating lease cost was $42.3 million, $42.2 million and $43.2 million of costs for subleasing activities during 2021, 2020, and 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 initial direct costs for operating leases during 2021, 2020, or 2019. (4) Amount excludes a right-of-use asset impairment charge of $49.5 million, as discussed below. As of December 31, 2021, 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 2022 $ 137,188 $ 48,721 2023 138,332 50,054 2024 127,399 41,793 2025 113,226 42,172 2026 112,937 42,941 Thereafter 415,242 67,060 Total future minimum operating lease payments and estimated sublease cash receipts (1) 1,044,324 $ 292,741 Imputed interest (256,804) Total operating lease liabilities per the Consolidated Balance Sheet $ 787,520 (1) Approximately 79% of the operating lease payments pertain to properties in the United States. The table below indicates where the discounted operating lease payments from the above table are classified in the Consolidated Balance Sheet (in thousands). December 31, Description 2021 2020 Accounts payable and accrued liabilities $ 89,754 $ 83,995 Operating lease liabilities 697,766 780,166 Total operating lease liabilities per the Consolidated Balance Sheet $ 787,520 $ 864,161 As of December 31, 2021, the Company had additional operating leases for facilities that have not yet commenced. These operating leases, which aggregated $8.5 million of undiscounted lease payments, are scheduled to commence during 2022 with lease terms of up to six years. In the fourth quarter of the year ended December 31, 2021, as a result and in consideration of the changing nature of the Company’s use of office space for its workforce and the impacts of the COVID-19 pandemic, the Company evaluated its existing real estate lease portfolio. This evaluation included the decision to abandon a portion of one leased office space and the cease-use of certain other leased office spaces that the Company intends to sublease. In connection with this evaluation, the Company reviewed certain of its right-of-use assets and related other long-lived assets for impairment under ASC 360. As a result of the evaluation, the Company recognized an impairment loss during the fourth quarter of the year ended December 31, 2021 of $49.5 million, which is included as a component of Selling, general and administrative expenses in the accompanying Consolidated Statements of Operations. The impairment loss recorded includes $50.9 million related to right-of-use assets, $17.9 million related to other long-lived assets, primarily leasehold improvements and a $19.3 million reduction in lease liabilities. The fair values for the asset groups relating to the impaired long-lived assets were estimated primarily using discounted cash flow models (income approach) with Level 3 inputs. The significant assumptions used in estimating fair value include the expected downtime prior to the commencement of future subleases, projected sublease income over the remaining lease periods and discount rates that reflect the level of risk associated with receiving future cash flows. |
Leases | Leases The Company’s leasing activities are primarily for facilities under cancelable and non-cancelable lease agreements expiring during 2022 and through 2038. These facilities support the Company’s executive and administrative activities, research and consulting, sales, systems support, operations, and other functions. The Company also has leases for office equipment and other assets, which are not significant. Certain of the Company’s lease agreements include (i) renewal options to extend the lease term for up to ten years and/or (ii) options to terminate the agreement within one year. Additionally, certain of the Company’s lease agreements provide standard recurring escalations of lease payments for, among other things, increases in a lessor’s maintenance costs and taxes. Under some lease agreements, the Company may be entitled to allowances, free rent, lessor-financed tenant improvements and other incentives. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. The Company subleases certain office space that it does not intend to occupy. Such sublease arrangements expire during 2022 and through 2032 and primarily relate to facilities in Arlington, Virginia. Certain of the Company’s sublease agreements: (i) include renewal and termination options; (ii) provide for customary escalations of lease payments in the normal course of business; and (iii) grant the subtenant certain allowances, free rent, Gartner-financed tenant improvements and other incentives. Lease Accounting under ASC 842 Under ASC 842, a lease is a contract or an agreement, or a part of another arrangement, between two or more parties that, at its inception, creates enforceable rights and obligations that conveys the right to control the use of identified property, plant or equipment for a period of time in exchange for consideration. Right-of-use assets represent a right to use an underlying asset for the lease term and the related lease liability represents an obligation to make lease payments pursuant to the contractual terms of the lease agreement. Right-of-use assets and lease liabilities are initially recognized on the lease commencement date based on the present value of the lease payments over the lease term. For all of the Company’s facilities leases, the Company accounts for both lease components and nonlease components (e.g., common area maintenance charges, etc.) as a single lease component when determining the present value of the Company’s lease payments. Variable lease payments that are not dependent on an index or a rate are excluded from the determination of right-of-use assets and lease liabilities and such payments are recognized as expense in the period when the related obligation is incurred. The Company’s lease agreements do not provide implicit interest rates. Instead, the Company uses an incremental borrowing rate determined on the lease commencement date to calculate the present value of future lease payments. The incremental borrowing rate is calculated for each individual lease and represents the rate of interest that the Company would have to pay to borrow on a collateralized basis (in the currency that the lease is denominated) over a similar term an amount equal to the lease payments in a similar economic environment. Right-of-use assets also include any initial direct costs incurred by the Company and lease payments made to a lessor on or before the related lease commencement date, less any lease incentives received directly from the lessor. Certain of the Company’s facility lease agreements include options to extend or terminate the lease. When it is reasonably certain that the Company will exercise a renewal or termination option, the present value of the lease payments for the affected lease is adjusted accordingly. Leases with a term of twelve months or less are accounted for in the same manner as long-term lease arrangements, including any related disclosures. Lease expense for operating leases is generally recognized on a straight-line basis over the lease term, unless the related right-of-use asset was previously impaired. All of the Company’s existing sublease arrangements have been classified as operating leases with sublease income recognized on a straight-line basis over the term of the sublease arrangement. To measure the Company’s periodic sublease income, the Company elected to use a practical expedient under ASC 842 to aggregate nonlease components with the related lease components when (i) the timing and pattern of transfer for the nonlease components and the related lease components are the same and (ii) the lease components, if accounted for separately, would be classified as an operating lease. This practical expedient applies to all of the Company’s existing sublease arrangements. When the projected lease cost for the term of a sublease exceeds the anticipated sublease income for that same period, the Company treats that circumstance as an indicator that the carrying amount of the related right-of-use asset may not be fully recoverable. In those situations, the Company performs an impairment analysis and, if indicated, the Company records a charge against earnings to reduce the right-of-use asset to the amount deemed to be recoverable in the future. On the Consolidated Balance Sheet, right-of-use assets are classified and reported in Operating lease right-of-use assets, and the related lease liabilities are included in Accounts payable and accrued liabilities (current) and Operating lease liabilities (long-term). On the Consolidated Statement of Cash Flows, the reduction in the carrying amount of right-of-use assets is presented separately and the change in operating lease liabilities is included under Accounts payable and accrued and other liabilities in the reconciliation of net income to cash provided by operating activities. All of the Company’s leasing and subleasing activities are recognized in Selling, general and administrative expense in the Consolidated Statements of Operations. The table below presents the Company’s net lease cost and certain other information related to the Company’s leasing activities as of and for the years ended December 31, 2021, 2020 and 2019 (dollars in thousands). Year Ended December 31, Description 2021 2020 2019 Operating lease cost (1) $ 130,383 $ 140,829 $ 144,727 Variable lease cost (2) 17,940 17,463 16,404 Sublease income (42,801) (38,925) (38,901) Total lease cost, net (3) (4) $ 105,522 $ 119,367 $ 122,230 Cash paid for amounts included in the measurement of operating lease $ 140,571 $ 137,790 $ 135,799 Cash receipts from sublease arrangements $ 42,374 $ 38,565 $ 34,441 Right-of-use assets obtained in exchange for new operating lease liabilities $ 33,113 $ 27,258 $ 136,997 As of December 31, 2021 2020 2019 Weighted average remaining lease term for operating leases (in years) 8.7 9.6 10.2 Weighted average discount rate for operating leases 6.5 % 6.6 % 6.7 % (1) Included in operating lease cost was $42.3 million, $42.2 million and $43.2 million of costs for subleasing activities during 2021, 2020, and 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 initial direct costs for operating leases during 2021, 2020, or 2019. (4) Amount excludes a right-of-use asset impairment charge of $49.5 million, as discussed below. As of December 31, 2021, 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 2022 $ 137,188 $ 48,721 2023 138,332 50,054 2024 127,399 41,793 2025 113,226 42,172 2026 112,937 42,941 Thereafter 415,242 67,060 Total future minimum operating lease payments and estimated sublease cash receipts (1) 1,044,324 $ 292,741 Imputed interest (256,804) Total operating lease liabilities per the Consolidated Balance Sheet $ 787,520 (1) Approximately 79% of the operating lease payments pertain to properties in the United States. The table below indicates where the discounted operating lease payments from the above table are classified in the Consolidated Balance Sheet (in thousands). December 31, Description 2021 2020 Accounts payable and accrued liabilities $ 89,754 $ 83,995 Operating lease liabilities 697,766 780,166 Total operating lease liabilities per the Consolidated Balance Sheet $ 787,520 $ 864,161 As of December 31, 2021, the Company had additional operating leases for facilities that have not yet commenced. These operating leases, which aggregated $8.5 million of undiscounted lease payments, are scheduled to commence during 2022 with lease terms of up to six years. In the fourth quarter of the year ended December 31, 2021, as a result and in consideration of the changing nature of the Company’s use of office space for its workforce and the impacts of the COVID-19 pandemic, the Company evaluated its existing real estate lease portfolio. This evaluation included the decision to abandon a portion of one leased office space and the cease-use of certain other leased office spaces that the Company intends to sublease. In connection with this evaluation, the Company reviewed certain of its right-of-use assets and related other long-lived assets for impairment under ASC 360. As a result of the evaluation, the Company recognized an impairment loss during the fourth quarter of the year ended December 31, 2021 of $49.5 million, which is included as a component of Selling, general and administrative expenses in the accompanying Consolidated Statements of Operations. The impairment loss recorded includes $50.9 million related to right-of-use assets, $17.9 million related to other long-lived assets, primarily leasehold improvements and a $19.3 million reduction in lease liabilities. The fair values for the asset groups relating to the impaired long-lived assets were estimated primarily using discounted cash flow models (income approach) with Level 3 inputs. The significant assumptions used in estimating fair value include the expected downtime prior to the commencement of future subleases, projected sublease income over the remaining lease periods and discount rates that reflect the level of risk associated with receiving future cash flows. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Stockholders' Equity | Stockholders’ Equity Common stock. Holders of Gartner’s common stock, par value $0.0005 per share, are entitled to one vote per share on all matters to be voted by stockholders. The Company does not currently pay cash dividends on its common stock. Also, the 2020 Credit Agreement contains a negative covenant that may limit the Company’s ability to pay dividends. The table below summarizes transactions relating to the Company’s common stock for the three years ended December 31, 2021. Issued Treasury Balance at December 31, 2018 163,602,067 73,899,977 Issuances under stock plans — (825,115) Purchases for treasury (1), (2) — 1,369,426 Balance at December 31, 2019 163,602,067 74,444,288 Issuances under stock plans — (820,065) Purchases for treasury (1), (2) — 1,135,762 Balance at December 31, 2020 163,602,067 74,759,985 Issuances under stock plans — (807,320) Purchases for treasury (1) — 7,252,839 Balance at December 31, 2021 163,602,067 81,205,504 (1) The Company used a total of $1,655.5 million, $176.3 million and $199.0 million in cash for share repurchases during 2021, 2020 and 2019, respectively. (2) The number of shares repurchased in all periods presented above included those that were settled in January of the following year due to timing. Share repurchase authorization. In 2015, the Company’s Board of Directors (the “Board”) authorized a share repurchase program to repurchase up to $1.2 billion of the Company’s common stock. The Board authorized incremental share repurchases of up to an additional $300 million, $500 million and $800 million of the Company’s common stock in February 2021, April 2021 and July 2021, respectively. $591 million remained available as of December 31, 2021. The Company may repurchase its common stock from time-to-time in amounts, at prices and in the manner that the Company deems appropriate, subject to the availability of stock, prevailing market conditions, the trading price of the stock, the Company’s financial performance and other conditions. Repurchases may be made through open market purchases (which may include repurchase plans designed to comply with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended), accelerated share repurchases, private transactions or other transactions and will be funded by cash on hand and borrowings. Repurchases may also be made from time-to-time in connection with the settlement of the Company’s stock-based compensation awards. See Note 19 — Subsequent Event for a discussion regarding an increase in the Company’s share repurchase authorization. Accumulated Other Comprehensive Income (Loss), net (“AOCI/L”) The tables below provide information about the changes in AOCI/L by component and the related amounts reclassified out of AOCI/L to income during the years indicated (net of tax, in thousands) (1). Year Ended December 31, 2021 Interest Rate Swaps Defined Benefit Pension Plans Foreign Currency Translation Adjustments Total Balance - December 31, 2020 $ (78,104) $ (9,309) $ (11,815) $ (99,228) Other comprehensive income (loss) activity during the year: Change in AOCI/L before reclassifications to income — 2,232 (6,621) (4,389) Reclassifications from AOCI/L to income (2), (3) 21,781 405 — 22,186 Other comprehensive income (loss), net for the year 21,781 2,637 (6,621) 17,797 Balance - December 31, 2021 $ (56,323) $ (6,672) $ (18,436) $ (81,431) Year Ended December 31, 2020 Interest Rate Swaps Defined Benefit Pension Plans Foreign Currency Translation Adjustments Total Balance - December 31, 2019 $ (47,164) $ (8,584) $ (22,190) $ (77,938) Other comprehensive income (loss) activity during the year: Change in AOCI/L before reclassifications to income (56,862) (1,057) 10,375 (47,544) Reclassifications from AOCI/L to income (2), (3) 25,922 332 — 26,254 Other comprehensive income (loss), net for the year (30,940) (725) 10,375 (21,290) Balance - December 31, 2020 $ (78,104) $ (9,309) $ (11,815) $ (99,228) (1) Amounts in parentheses represent debits (deferred losses). (2) $29.1 million and $24.9 million of the reclassifications related to interest rate swaps (cash flow hedges) were recorded in Interest expense for the year ended December 31, 2021 and 2020, respectively. $10.3 million of the reclassifications related to interest rate swaps (cash flow hedges) were recorded in Other income (expense), net for the year ended December 31, 2020. See Note 6 — Debt and Note 13 — Derivatives and Hedging for information regarding the cash flow hedges. (3) The reclassifications related to defined benefit pension plans were primarily recorded in Selling, general and administrative expense, net of tax effect. See Note 15 — Employee Benefits for information regarding the Company’s defined benefit pension plans. The estimated net amount of the existing losses on the Company’s interest rate swaps that are reported in Accumulated other comprehensive loss, net at December 31, 2021 that is expected to be reclassified into earnings within the next 12 months is $22.6 million. |
Revenue and Related Matters
Revenue and Related Matters | 12 Months Ended |
Dec. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue and Related Matters | Revenue and Related Matters Our Business and Revenues Gartner delivers its products and services globally through three business segments: Research, Conferences and Consulting. Revenues from those business segments are discussed below. Research Research equips executives and their teams from every function and across all industries with actionable, objective insight, guidance and tools. Our experienced experts deliver all this value informed by a combination of practitioner-sourced and data-driven research to help our clients address their mission critical priorities. Research revenues are mainly derived from subscription contracts for research products, representing approximately 91% of the segment’s revenue. The related revenues are deferred and recognized ratably over the applicable contract term (i.e., as services are provided over the contract period). Fees derived from assisting organizations in selecting the right business software for their needs are recognized at a point in time (i.e., when the lead is provided to the vendor). The Company enters into subscription contracts for research products that generally are for twelve-month periods or longer. Approximately 80% to 85% of the Company’s annual and multi-year Research subscription contracts provide for billing of the first full service period upon signing. In subsequent years, multi-year subscription contracts are normally billed prior to the contract’s anniversary date. Other Research subscription contracts are usually invoiced in advance, commencing with the contract signing, on (i) a quarterly, monthly or other recurring basis or (ii) in accordance with a customized invoicing schedule. Research contracts are generally non-cancelable and non-refundable, except for government contracts that may have cancellation or fiscal funding clauses, which have not historically resulted in material cancellations. It is the Company’s policy to record the amount of a subscription contract that is billable as a fee receivable at the time the contract is signed with a corresponding amount as deferred revenue because the contract represents a legally enforceable claim. Conferences Conferences provides executives and teams across an organization the opportunity to learn, share and network. From our Gartner Symposium/Xpo series, to industry-leading conferences focused on specific business roles and topics, to peer-driven sessions, our offerings enable attendees to experience the best of Gartner insight and guidance. The Company earns revenues from both the attendees and exhibitors at Gartner conferences and meetings. Attendees are generally invoiced for the full attendance fee upon their completion of an online registration form or their signing of a contract, while exhibitors typically make several individual payments commencing with the signing of a contract. Almost all of the invoiced amounts are collected in advance of the related activity, resulting in the recording of deferred revenue. Both the attendee and exhibitor revenues are recognized as the related performance obligations are satisfied (i.e., when the related activity is held). The Company defers certain costs directly related to specific conferences and meetings and expenses those costs in the period during which the related activity occurs. The Company’s policy is to defer only those costs that are incremental and directly attributable to a specific activity, primarily prepaid site and production services costs. Other costs of organizing and producing conference activities, primarily Company personnel and non-conference specific expenses, are expensed in the period incurred. Consulting Consulting serves senior executives leading technology-driven strategic initiatives leveraging the power of Gartner’s actionable, objective insight. Through custom analysis and on-the-ground support we enable optimized technology investments and stronger performance on our clients’ mission critical priorities. Consulting revenues, primarily derived from custom consulting and measurement services, are principally generated from fixed fee or time and materials engagements. Revenues from fixed fee engagements are recognized as the Company works to satisfy its performance obligations, while revenues from time and materials engagements are recognized as work is delivered and/or services are provided. In both of these circumstances, performance obligations are satisfied and control of the services are passed to customers over time (i.e., during the duration of the contract or consulting engagement). On a contract-by-contract basis, the Company typically uses actual labor hours incurred compared to total expected labor hours to measure the Company’s performance in respect of fixed fee engagements. If labor and other costs on an individual contract are expected to exceed the total contract value or the contract’s funded ceiling amount, the Company reflects an adjustment to the contract’s overall profitability in the period determined. Revenues related to contract optimization engagements are contingent in nature and are only recognized at the point in time when all of the conditions related to their payment have been satisfied. Consulting customers are invoiced based on the specific terms and conditions in their underlying contracts. They are typically invoiced after the Company has satisfied some or all of the related performance obligations and the related revenue has been recognized. The Company records fees receivable for amounts that are billed or billable. Contract assets are also recorded representing amounts for which the Company has recognized revenue but lacks the unconditional right to payment as of the balance sheet date due to the required continued performance under the relevant contract, progress billing milestones or other billing-related restrictions. Disaggregated Revenue Disaggregated revenue by reportable segment is presented in the tables below for the years indicated (in thousands). By Primary Geographic Market (1) Year Ended December 31, 2021 Primary Geographic Market Research Conferences Consulting Total United States and Canada $ 2,655,534 $ 146,707 $ 246,661 $ 3,048,902 Europe, Middle East and Africa 958,339 47,883 124,757 1,130,979 Other International 487,519 19,859 46,703 554,081 Total revenues $ 4,101,392 $ 214,449 $ 418,121 $ 4,733,962 Year Ended December 31, 2020 Primary Geographic Market Research Conferences Consulting Total United States and Canada $ 2,339,482 $ 75,024 $ 223,318 $ 2,637,824 Europe, Middle East and Africa 826,752 28,108 111,413 966,273 Other International 436,658 17,008 41,640 495,306 Total revenues $ 3,602,892 $ 120,140 $ 376,371 $ 4,099,403 Year Ended December 31, 2019 Primary Geographic Market Research Conferences Consulting Total United States and Canada $ 2,199,008 $ 295,857 $ 239,625 $ 2,734,490 Europe, Middle East and Africa 751,267 122,591 122,146 996,004 Other International 424,273 58,421 32,133 514,827 Total revenues $ 3,374,548 $ 476,869 $ 393,904 $ 4,245,321 (1) Revenue is reported based on where the sale is fulfilled. The Company’s revenue is generated primarily through direct sales to clients by domestic and international sales forces and a network of independent international sales agents. Most of the Company’s products and services are provided on an integrated worldwide basis and, because of this integrated delivery approach, it is not practical to precisely separate Company’s revenue by geographic location. Accordingly, revenue information presented in the above tables is based on internal allocations, which involve certain management estimates and judgments. By Timing of Revenue Recognition Year Ended December 31, 2021 Timing of Revenue Recognition Research Conferences Consulting Total Transferred over time (1) $ 3,740,694 $ — $ 334,945 $ 4,075,639 Transferred at a point in time (2) 360,698 214,449 83,176 658,323 Total revenues $ 4,101,392 $ 214,449 $ 418,121 $ 4,733,962 Year Ended December 31, 2020 Timing of Revenue Recognition Research Conferences Consulting Total Transferred over time (1) $ 3,313,111 $ — $ 296,546 $ 3,609,657 Transferred at a point in time (2) 289,781 120,140 79,825 489,746 Total revenues $ 3,602,892 $ 120,140 $ 376,371 $ 4,099,403 Year Ended December 31, 2019 Timing of Revenue Recognition Research Conferences Consulting Total Transferred over time (1) $ 3,083,936 $ — $ 316,042 $ 3,399,978 Transferred at a point in time (2) 290,612 476,869 77,862 845,343 Total revenues $ 3,374,548 $ 476,869 $ 393,904 $ 4,245,321 (1) Research revenues were recognized in connection with performance obligations that were satisfied over time using a time-elapsed output method to measure progress. Consulting revenues were recognized over time using labor hours as an input measurement basis. (2) The revenues in this category were recognized in connection with performance obligations that were satisfied at the point in time that the contractual deliverables were provided to the customer. Determining a measure of progress for performance obligations that are satisfied over time and when control transfers for performance obligations that are satisfied at a point in time requires management to make judgments that affect the timing of revenue recognition. A key factor in this determination is when the customer can direct the use of, and can obtain substantially all of the benefits from, the deliverable. For performance obligations recognized in accordance with a time-elapsed output method, the Company’s efforts are expended consistently throughout the contractual period and the Company transfers control evenly by providing stand-ready services. For performance obligations satisfied under Consulting fixed fee or time and materials engagements, the Company believes that labor hours are the best measure of depicting the Company’s progress because labor output corresponds directly to the value of the Company’s performance to date as control is transferred. For customer contracts that are greater than one year in duration, the aggregate amount of the transaction price allocated to performance obligations that are unsatisfied (or partially unsatisfied) as of December 31, 2021 was approximately $4.4 billion. The Company expects to recognize $2.6 billion, $1.5 billion and $362.6 million of this revenue (most of which pertains to Research) during the year ending December 31, 2022, the year ending December 31, 2023 and thereafter, respectively. The Company applies a practical expedient allowed in ASC 606 and, accordingly, it does not disclose such performance obligation information for customer contracts that have original durations of one year or less. The Company’s performance obligations for contracts meeting this ASC 606 disclosure exclusion primarily include: (i) stand-ready services under Research subscription contracts; (ii) holding conferences and meetings where attendees and exhibitors can participate; and (iii) providing customized Consulting solutions for clients under fixed fee or time and materials engagements. The remaining duration of these performance obligations is generally less than one year, which aligns with the period that the parties have enforceable rights and obligations under the affected contracts. Customer Contract Assets and Liabilities The payment terms and conditions in the Company’s customer contracts vary. In some cases, customers prepay and, in other cases, after the Company conducts a credit evaluation, payment may be due in arrears. Because the timing of the Company’s service delivery typically differs from the timing of customer payments, the Company recognizes either a contract asset (the Company performs either fully or partially under the contract but a contingency remains) or a contract liability (upfront customer payments precede the Company’s performance, resulting in deferred revenue). Amounts recorded as contract assets are reclassified to fees receivable when all of the outstanding conditions have been resolved and the Company’s right to payment becomes unconditional. Contracts with payments due in arrears are also recognized as fees receivable. As contractual performance obligations are satisfied, the Company correspondingly relieves its contract liabilities and records the associated revenue. The table below provides information regarding certain of the Company’s balance sheet accounts that pertain to its contracts with customers (in thousands). December 31, 2021 2020 Assets: Fees receivable, gross (1) $ 1,371,680 $ 1,251,508 Contract assets recorded in Prepaid expenses and other current assets (2) $ 20,054 $ 14,440 Contract liabilities: Deferred revenues (current liability) (3) $ 2,238,035 $ 1,974,548 Non-current deferred revenues recorded in Other liabilities (3) 48,176 26,754 Total contract liabilities $ 2,286,211 $ 2,001,302 (1) Fees receivable represent an unconditional right of payment from the Company’s customers and include both billed and unbilled amounts. (2) Contract assets represent recognized revenue for which the Company does 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 the Company’s performance obligation(s). The Company recognized revenue of $1,613.3 million, $1,494.0 million and $1,436.9 million during 2021, 2020 and 2019 respectively, which was attributable to deferred revenues that were recorded at the beginning of each such year. Those amounts primarily consisted of (i) Research revenues and (ii) Conferences revenues pertaining to conferences and meetings that occurred during the reporting periods. During 2021, 2020 and 2019, the Company did not record any material impairments related to its contract assets. Costs of Obtaining and Fulfilling a Customer Contract When the Company concludes that a liability should be recognized for the costs of obtaining a customer contract and determines how such liability should be measured, certain commissions are capitalized as a recoverable direct incremental cost of obtaining the underlying contract. No other amounts are capitalized as a cost of obtaining or fulfilling a customer contract because no expenditures have been identified that meet the requisite capitalization criteria. For Research and Consulting, the Company amortizes deferred commissions on a systematic basis that aligns with the transfer to customers of the services to which the commissions relate. For Conferences, deferred commissions are expensed during the period when the related conference or meeting occurs. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation The Company grants stock-based compensation awards as an incentive for employees and directors to contribute to the Company’s long-term success. The Company currently awards stock-settled stock appreciation rights, service-based and performance-based restricted stock units, and common stock equivalents. As of December 31, 2021, the Company had 4.3 million shares of its common stock, par value $0.0005 per share, (the “Common Stock”) available for stock-based compensation awards under its 2014 Long-Term Incentive Plan (the “Plan”). Currently, the Company issues treasury shares upon the exercise, release or settlement of stock-based compensation awards. Determining the appropriate fair value model and calculating the fair value of stock-based compensation awards requires the use of certain subjective assumptions, including the expected life of a stock-based compensation award and Common Stock price volatility. In addition, determining the appropriate periodic stock-based compensation expense requires management to estimate the likelihood of the achievement of certain performance targets. The assumptions used in calculating the fair values of stock-based compensation awards and the related periodic expense represent management’s best estimates, which involve inherent uncertainties and the application of judgment. As a result, if circumstances change and the Company deems it necessary in the future to modify the assumptions it made or to use different assumptions, or if the quantity and nature of the Company’s stock-based compensation awards changes, then the amount of expense may need to be adjusted and future stock-based compensation expense could be materially different from what has been recorded in the current year. Stock-Based Compensation Expense The tables below summarize the Company’s stock-based compensation expense by award type and expense category line item during the years ended December 31 (in millions). Award type 2021 2020 2019 Stock appreciation rights $ 8.2 $ 7.8 $ 6.7 Restricted stock units (1) 89.6 54.1 61.6 Common stock equivalents 0.8 0.7 0.7 Total (2) $ 98.6 $ 62.6 $ 69.0 Expense category line item 2021 2020 2019 Cost of services and product development $ 35.0 $ 29.7 $ 29.1 Selling, general and administrative 63.6 32.9 39.4 Acquisition and integration charges (3) — — 0.5 Total (1) (2) $ 98.6 $ 62.6 $ 69.0 (1) On February 5, 2020, prior to the COVID-19 related shutdown in the U.S., the Compensation Committee (“Committee”) of the Board of Directors of the Company established performance measures for the performance-based restricted stock units (the “PSUs”) awarded to the Company’s executive officers in 2020 under the Plan. Based on preliminary corporate performance results for the 2020 performance measures, the 2020 PSUs would have been earned at 50% of target. However, on February 3, 2021, the Committee determined to use its discretion under the Plan to approve a payout at 95% of target. In deciding to exercise this discretion to adjust the performance-based RSU payout, the Committee considered the Company’s strong overall performance in 2020 despite the significant negative impact of the COVID-19 pandemic. As a result of the modification, the Company recognized $6.5 million of incremental compensation cost during the year ended December 31, 2021. (2) Includes charges of $41.2 million, $17.9 million and $21.5 million during 2021, 2020 and 2019, respectively, for awards to retirement-eligible employees. Those awards vest on an accelerated basis. (3) These charges were the result of restricted stock units granted in connection with the CEB integration process. As of December 31, 2021, the Company had $103.0 million of total unrecognized stock-based compensation cost, which is expected to be expensed over the remaining weighted average service period of approximately 2.4 years. Stock-Based Compensation Awards The disclosures presented below provide information regarding the Company’s stock-based compensation awards, all of which have been classified as equity awards in accordance with FASB ASC Topic 505. Stock Appreciation Rights Stock-settled stock appreciation rights (“SARs”) permit the holder to participate in the appreciation of the value of the Common Stock. After the applicable vesting criteria have been satisfied, SARs are settled in shares of Common Stock upon exercise by the employee. SARs vest ratably over a four-year service period and expire seven years from the date of grant. The fair value of a SARs award is recognized as compensation expense on a straight-line basis over four years. SARs have only been awarded to the Company’s executive officers. When SARs are exercised, the number of shares of Common Stock issued is calculated as follows: (1) the total proceeds from the exercise of the SARs award (calculated as the closing price of the Common Stock as reported on the New York Stock Exchange on the date of exercise less the exercise price of the SARs award, multiplied by the number of SARs exercised) is divided by (2) the closing price of the Common Stock on the date of exercise. Upon exercise, the Company withholds a portion of the shares of the Common Stock to satisfy statutory tax withholding requirements. SARs recipients do not have any stockholder rights until the shares of Common Stock are issued in respect of the award, which is subject to the prior satisfaction of the vesting and other criteria relating to such grants. The table below summarizes changes in SARs outstanding during the year ended December 31, 2021. Units of SARs Per Share Per Share Weighted Average Outstanding at December 31, 2020 1.0 $ 123.59 $ 27.76 4.37 Granted 0.2 180.64 49.13 6.11 Exercised (0.4) 103.53 22.97 n/a Outstanding at December 31, 2021 (1) (2) 0.8 $ 145.36 $ 34.72 4.45 Vested and exercisable at December 31, 2021 (2) 0.3 $ 125.20 $ 28.17 3.44 n/a = not applicable (1) As of December 31, 2021, 0.5 million of the total SARs outstanding were unvested. The Company expects that substantially all of those unvested awards will vest in future periods. (2) As of December 31, 2021, the total SARs outstanding had an intrinsic value of $156.1 million. On such date, SARs vested and exercisable had an intrinsic value of $62.8 million. The fair value of a SARs award is determined on the date of grant using the Black-Scholes-Merton valuation model with the following weighted average assumptions for the years ended December 31: 2021 2020 2019 Expected dividend yield (1) — % — % — % Expected stock price volatility (2) 31 % 23 % 21 % Risk-free interest rate (3) 0.4 % 1.5 % 2.5 % Expected life in years (4) 4.74 4.68 4.59 (1) The expected dividend yield assumption was based on both the Company’s historical and anticipated dividend payouts. Historically, the Company has not paid cash dividends on its Common Stock. (2) The determination of expected stock price volatility was based on both historical Common Stock prices and implied volatility from publicly traded options in the Common Stock. (3) The risk-free interest rate was based on the yield of a U.S. Treasury security with a maturity similar to the expected life of the award. (4) The expected life represents the Company’s estimate of the weighted average period of time the SARs are expected to be outstanding (that is, the period between the service inception date and the expected exercise date). Restricted Stock Units Restricted stock units (“RSUs”) give the awardee the right to receive shares of Common Stock when the vesting conditions are met and certain restrictions lapse. Each RSU that vests entitles the awardee to one share of Common Stock. RSU awardees do not have any of the rights of a Gartner stockholder, including voting rights and the right to receive dividends and distributions, until the shares are released. The fair value of an RSU award is determined on the date of grant based on the closing price of the Common Stock as reported on the New York Stock Exchange on that date. Service-based RSUs vest ratably over four years and are expensed on a straight-line basis over the vesting period. Performance-based RSUs are subject to the satisfaction of both performance and service conditions, vest ratably over four years and are expensed on an accelerated basis over the vesting period. The table below summarizes the changes in RSUs outstanding during the year ended December 31, 2021. Units of RSUs Per Share Outstanding at December 31, 2020 1.2 $ 136.09 Granted (1) 0.5 188.02 Vested and released (0.5) 127.77 Forfeited (0.1) 153.68 Outstanding at December 31, 2021 (2) (3) 1.1 $ 160.04 (1) The 0.5 million of RSUs granted during 2021 consisted of 0.1 million of performance-based RSUs awarded to executives and 0.4 million of service-based RSUs awarded to non-executive employees and non-management board members. The performance-based awards include RSUs in final adjustments of 2020 grants and approximately 0.1 million of RSUs representing the target amount of the grant for 2021 that is tied to an increase in Gartner’s total contract value for such year. The number of performance-based RSUs for 2021 that holders could receive ranges from 0% to 200% of the target amount based on the extent to which the corresponding performance goals have been achieved and subject to certain other conditions. Any adjustments in the number of performance-based RSUs under the 2021 grant will be made in 2022. (2) The Company expects that substantially all of the RSUs outstanding will vest in future periods. (3) As of December 31, 2021, the weighted average remaining contractual term of the RSUs outstanding was approximately 1.1 years. Common Stock Equivalents Common stock equivalents (“CSEs”) are convertible into Common Stock. Each CSE entitles the holder to one share of Common Stock. Members of the Company’s Board of Directors receive their directors’ fees in CSEs unless they opt to receive up to 50% of those fees in cash. Generally, CSEs have no defined term and are converted into shares of Common Stock when service as a director terminates unless the director has elected an accelerated release. The fair value of a CSE award is determined on the date of grant based on the closing price of the Common Stock as reported on the New York Stock Exchange on that date. CSEs vest immediately and, as a result, they are recorded as expense on the date of grant. The table below summarizes the changes in CSEs outstanding during the year ended December 31, 2021. Units of CSEs Per Share Outstanding at December 31, 2020 113,540 $ 28.80 Granted 2,810 255.93 Converted to shares of Common Stock upon grant (2,032) 211.00 Outstanding at December 31, 2021 114,318 $ 31.15 Employee Stock Purchase Plan The Company has an employee stock purchase plan (the “ESP Plan”) wherein eligible employees are permitted to purchase shares of Common Stock through payroll deductions, which may not exceed 10% of an employee’s compensation, or $23,750 in any calendar year, at a price equal to 95% of the closing price of the Common Stock as reported on the New York Stock Exchange at the end of each offering period. As of December 31, 2021, the Company had 3.3 million shares available for purchase under the ESP Plan. The ESP Plan is considered non-compensatory under FASB ASC Topic 718 and, as a result, the Company does not record stock-based compensation expense for employee share purchases. The Company received $18.2 million, $18.1 million and $17.6 million in cash from employee share purchases under the ESP Plan during 2021, 2020 and 2019, respectively. |
Computation of Earnings Per Sha
Computation of Earnings Per Share | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Computation of Earnings Per Share | Computation of Earnings Per Share Basic earnings per share (“EPS”) is computed by dividing net income by the weighted average number of shares of Common Stock outstanding during the period. Diluted EPS reflects the potential dilution of securities that could share in earnings. Potential shares of common stock are excluded from the computation of diluted earnings per share when their effect would be anti-dilutive. The table below sets forth the calculation of basic and diluted income per share for the years ended December 31 (in thousands, except per share data). 2021 2020 2019 Numerator: Net income used for calculating basic and diluted income per share $ 793,560 $ 266,745 $ 233,290 Denominator: Weighted average common shares used in the calculation of basic income per share 85,026 89,315 89,817 Dilutive effect of outstanding awards associated with stock-based compensation plans 1,151 702 1,154 Shares used in the calculation of diluted income per share 86,177 90,017 90,971 Income per share (1): Basic $ 9.33 $ 2.99 $ 2.60 Diluted $ 9.21 $ 2.96 $ 2.56 (1) Both basic and diluted income per share for 2021, 2020 and 2019 included a tax benefit of approximately $0.63, $0.31 and $0.42 per share, respectively, related to intercompany sales of certain intellectual property (see Note 12 — Income Taxes). The table below presents the number of outstanding awards associated with stock-based compensation plans that were not included in the computations of diluted income per share in the above table because the effect would have been anti-dilutive. During years with net income, the outstanding awards were anti-dilutive because their exercise prices were greater than the average market price per share of Common Stock during such year. Year Ended December 31, 2021 2020 2019 Anti-dilutive outstanding awards associated with stock-based compensation plans (in millions) (1) — 0.5 0.2 Average market price per share of Common Stock during the year $ 252.07 $ 130.95 $ 148.38 (1) The number of anti-dilutive common stock equivalents for 2021 was de minimis. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Below is a summary of the components of the Company’s income before income taxes for the years ended December 31 (in thousands). 2021 2020 2019 U.S. $ 485,472 $ 111,880 $ 115,543 Non-U.S. 484,398 214,253 160,196 Income before income taxes $ 969,870 $ 326,133 $ 275,739 The components of the expense (benefit) for income taxes on the above income are summarized in the table below (in thousands). 2021 2020 2019 Current tax expense: U.S. federal $ 117,024 $ 14,480 $ 30,208 State and local 36,266 16,360 11,630 Foreign 64,835 62,993 53,105 Total current 218,125 93,833 94,943 Deferred tax (benefit) expense: U.S. federal (4,640) (7,206) (16,389) State and local 3,156 (13,121) (6,897) Foreign (33,389) (22,673) (48,186) Total deferred (34,873) (43,000) (71,472) Total current and deferred 183,252 50,833 23,471 (Expense) benefit relating to interest rate swaps used to increase equity (7,281) 8,257 17,666 Benefit from stock transactions with employees used to increase equity 78 56 54 Benefit relating to defined-benefit pension adjustments used to increase equity 261 242 1,258 Total tax expense $ 176,310 $ 59,388 $ 42,449 The components of long-term deferred tax assets (liabilities) are summarized in the table below (in thousands). December 31, 2021 2020 Accrued liabilities $ 90,384 $ 81,302 Operating leases 60,226 51,450 Loss and credit carryforwards 31,662 23,852 Assets relating to equity compensation 15,863 14,981 Other assets 12,195 16,290 Gross deferred tax assets 210,330 187,875 Valuation allowance (23,331) (15,717) Net deferred tax assets 186,999 172,158 Property, equipment and leasehold improvements (14,576) (9,852) Intangible assets (123,523) (172,723) Prepaid expenses (70,149) (46,105) Other liabilities (20,536) (13,152) Gross deferred tax liabilities (228,784) (241,832) Net deferred tax liabilities $ (41,785) $ (69,674) Net deferred tax assets and net deferred tax liabilities were $140.0 million and $181.8 million as of December 31, 2021, respectively, and $103.6 million and $173.2 million as of December 31, 2020, respectively. These amounts are reported in Other assets and Other liabilities in the Consolidated Balance Sheets. Management has concluded it is more likely than not that the reversal of deferred tax liabilities and results of future operations will generate sufficient taxable income to realize the deferred tax assets, net of the valuation allowance at December 31, 2021. The valuation allowances of $23.3 million and $15.7 million as of December 31, 2021 and 2020, respectively, primarily related to loss and credit carryovers that are not likely to be realized. As of December 31, 2021, the Company had state and local tax net operating loss carryforwards of $12.6 million, of which $0.3 million expires within six sixteen five “Income Taxes—Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists.” The items comprising the differences between the U.S. federal statutory income tax rate and the Company’s effective tax rate on income before income taxes for the years ended December 31 are summarized in the table below. 2021 2020 2019 Statutory tax rate 21.0 % 21.0 % 21.0 % State income taxes, net of federal benefit 2.8 1.7 1.5 Effect of non-U.S. operations (3.4) (1.8) 2.7 Intercompany sale of intellectual property (5.6) (8.7) (13.8) Net activity in recognized tax benefits 1.3 6.4 4.7 Law changes 1.3 1.8 — Stock-based compensation expense (2.0) (2.8) (3.9) Nondeductible meals and entertainment costs — 0.3 1.7 Limitation on executive compensation 1.7 1.3 2.4 Global intangible low-taxed income, net of foreign tax credits 1.7 1.4 1.9 Foreign-derived intangible income (0.3) (0.8) (1.0) Other items, net (0.3) (1.6) (1.8) Effective tax rate 18.2 % 18.2 % 15.4 % The Company completed intercompany sales of certain intellectual property in 2021, 2020 and 2019. As a result, the Company recorded net tax benefits of approximately $54.1 million, $28.3 million and $38.1 million during 2021, 2020 and 2019, respectively. These benefits represent the value of future tax deductions for amortization of the assets in the acquiring jurisdiction, net of any tax recognized in the selling jurisdiction. The Company’s intellectual property footprint continues to evolve and may result in tax rate volatility in the future. As of December 31, 2021 and 2020, the Company had gross unrecognized tax benefits of $150.0 million and $127.1 million, respectively. The increase is primarily due to positions taken with respect to certain intercompany transactions. The gross unrecognized tax benefits at December 31, 2021 related primarily to transfer pricing on intercompany transactions, calculations of taxable earnings and profits and related foreign tax credits, the exclusion of stock-based compensation expense from the Company’s cost sharing agreement, and the ability to realize certain refund claims. It is reasonably possible that gross unrecognized tax benefits will decrease by approximately $30.0 million within the next twelve months due to the anticipated closure of audits and the expiration of certain statutes of limitation. Included in the balance of gross unrecognized tax benefits at December 31, 2021 are potential benefits of $141.5 million that, if recognized, would reduce our effective tax rate on income from continuing operations. Also included in the balance of gross unrecognized tax benefits at December 31, 2021 are potential benefits of $8.5 million that, if recognized, would result in adjustments to other tax accounts, primarily deferred taxes. The table below is a reconciliation of the beginning and ending amounts of gross unrecognized tax benefits, excluding interest and penalties, for the years ended December 31 (in thousands). 2021 2020 Beginning balance $ 127,080 $ 102,770 Additions based on tax positions related to the current year 29,636 20,177 Additions for tax positions of prior years 2,756 14,085 Reductions for tax positions of prior years (4,592) (2,301) Reductions for expiration of statutes (3,240) (8,191) Settlements (147) (390) Change in foreign currency exchange rates (1,469) 930 Ending balance $ 150,024 $ 127,080 The Company accrues interest and penalties related to gross unrecognized tax benefits in its income tax provision. As of December 31, 2021 and 2020, the Company had $14.3 million and $10.2 million, respectively, of accrued interest and penalties related to gross unrecognized tax benefits. These amounts are in addition to the gross unrecognized tax benefits disclosed above. The total amount of interest and penalties recognized in the income tax provision during 2021 and 2020 was $4.2 million and $2.0 million, respectively. The number of years with open statutes of limitation varies depending on the tax jurisdiction. The Company’s statutes are open with respect to the U.S. federal jurisdiction for 2018 and forward, India for 2004 and forward, and Ireland for 2017 and forward. For other major taxing jurisdictions, including U.S. states, the United Kingdom, Canada, Japan, and France, the Company’s statutes vary and are open as far back as 2011. Under U.S. GAAP, no provision for income taxes that may result from the remittance of earnings held overseas is required if the Company has the ability and intent to indefinitely reinvest such funds overseas. The Company continues to assert its intention to reinvest all accumulated undistributed foreign earnings in its non-U.S. operations, except in instances where the repatriation of those earnings would result in minimal additional tax. Consequently, the Company has not recognized income tax expense that would result from the remittance of those earnings. The accumulated undistributed earnings of non-U.S. subsidiaries were approximately $120.1 million as of December 31, 2021. As a result of the U.S. Tax Cuts and Jobs Act of 2017, the income tax that would be payable if such earnings were not indefinitely invested is estimated to be minimal. |
Derivatives and Hedging
Derivatives and Hedging | 12 Months Ended |
Dec. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives and Hedging | Derivatives and Hedging The Company enters into a limited number of derivative contracts to mitigate the cash flow risk associated with changes in interest rates on variable-rate debt and changes in foreign exchange rates on forecasted foreign currency transactions. The Company accounts for its outstanding derivative contracts in accordance with FASB ASC Topic 815, which requires all derivatives, including derivatives designated as accounting hedges, to be recorded on the balance sheet at fair value. The tables below provide information regarding the Company’s outstanding derivative contracts as of the dates indicated (in thousands, except for number of contracts). December 31, 2021 Derivative Contract Type Number of Notional Fair Value Balance Sheet Unrealized Interest rate swaps (1) 4 $ 1,400,000 $ (31,942) Other liabilities $ (56,323) (21,795) Accrued liabilities Foreign currency forwards (2) 138 533,506 (91) Accrued liabilities — Total 142 $ 1,933,506 $ (53,828) $ (56,323) December 31, 2020 Derivative Contract Type Number of Notional Fair Value Balance Sheet Unrealized Interest rate swaps (1) 4 $ 1,400,000 $ (74,289) Other liabilities $ (78,104) (34,886) Accrued liabilities Foreign currency forwards (2) 163 430,063 (1,514) Accrued liabilities — Total 167 $ 1,830,063 $ (110,689) $ (78,104) (1) As a result of the payment under the then outstanding 2016 Credit Agreement term loan and revolving credit facility, the Company de-designated all of its interest rate swaps effective June 30, 2020. Accordingly, hedge accounting is not applicable, and subsequent changes to fair value of the interest rate swaps are recorded in Other income (expense), net. The amounts previously recorded in Accumulated other comprehensive loss are amortized into Interest expense over the terms of the hedged forecasted interest payments. Note 6 — Debt provides additional information regarding the Company’s interest rate swap contracts. (2) The Company has foreign exchange transaction risk because it typically enters into transactions in the normal course of business that are denominated in foreign currencies that differ from the local functional currency. The Company enters into short-term foreign currency forward exchange contracts to mitigate the cash flow risk associated with changes in foreign currency rates on forecasted foreign currency transactions. These contracts are accounted for at fair value with realized and unrealized gains and losses recognized in Other income (expense), net because the Company does not designate these contracts as hedges for accounting purposes. All of the outstanding foreign currency forward exchange contracts at December 31, 2021 matured before January 31, 2022. (3) See Note 14 — Fair Value Disclosures for the determination of the fair values of these instruments. At December 31, 2021, all of the Company’s derivative counterparties were investment grade financial institutions. The Company did not have any collateral arrangements with its derivative counterparties and none of the derivative contracts contained credit-risk related contingent features. The table below provides information regarding amounts recognized in the Consolidated Statements of Operations for derivative contracts for the years ended December 31 (in thousands). Amount Recorded In 2021 2020 2019 Interest expense (income), net (1) $ 29,061 $ 24,880 $ (3,361) Other (income) expense, net (2) (18,844) 22,300 2,488 Total expense (income), net $ 10,217 $ 47,180 $ (873) (1) Consists of interest expense (income) from interest rate swap contracts. (2) Consists of net realized and unrealized gains and losses on foreign currency forward contracts, gains and losses on de-designated interest rate swaps. For the year ended December 31, 2020, Other (income) expense, net included $10.3 million expense on interest rate swap contracts due to forecasted interest payments no longer being probable as a result of the payment under the then outstanding 2016 Credit Agreement term loan and revolving credit facility on June 30, 2020. . |
Fair Value Disclosures
Fair Value Disclosures | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures | Fair Value Disclosures The Company’s financial instruments include cash equivalents, fees receivable from customers, accounts payable and accrued liabilities, all of which are normally short-term in nature. The Company believes that the carrying amounts of these financial instruments reasonably approximate their fair values due to their short-term nature. The Company’s financial instruments also include its outstanding variable-rate borrowings under the 2020 Credit Agreement. The Company believes that the carrying amounts of its variable-rate borrowings reasonably approximate their fair values because the rates of interest on those borrowings reflect current market rates of interest for similar instruments with comparable maturities. The Company enters into a limited number of derivatives transactions but does not enter into repurchase agreements, securities lending transactions or master netting arrangements. Receivables or payables that result from derivatives transactions are recorded gross in the Consolidated Balance Sheets. FASB ASC Topic 820 provides a framework for the measurement of fair value and a valuation hierarchy based on the transparency of inputs used in the valuation of assets and liabilities. Classification within the valuation hierarchy is based on the lowest level of input that is significant to the resulting fair value measurement. The valuation hierarchy contains three levels. Level 1 measurements consist of quoted prices in active markets for identical assets or liabilities. Level 2 measurements include significant other observable inputs such as quoted prices for similar assets or liabilities in active markets; identical assets or liabilities in inactive markets; observable inputs such as interest rates and yield curves; and other market-corroborated inputs. Level 3 measurements include significant unobservable inputs such as internally-created valuation models. Generally, the Company does not utilize Level 3 valuation inputs to remeasure any of its assets or liabilities. However, Level 3 inputs may be used by the Company when certain long-lived assets, including identifiable intangible assets, goodwill, and right-of-use assets are measured at fair value on a nonrecurring basis when there are indicators of impairment. Additionally, Level 3 inputs may be used by the Company in its required annual impairment review of goodwill. Information regarding the periodic assessment of the Company’s goodwill is included in Note 1 — Business and Significant Accounting Policies. The Company does not typically transfer assets or liabilities between different levels of the valuation hierarchy. The table below presents the fair value of certain financial assets and liabilities that are recorded at fair value and measured on a recurring basis in the Company’s Consolidated Balance Sheets (in thousands). December 31, Description 2021 2020 Assets: Values based on Level 1 inputs: Deferred compensation plan assets (1) $ 7,428 $ 2,589 Total Level 1 inputs 7,428 2,589 Values based on Level 2 inputs: Deferred compensation plan assets (1) 96,627 85,932 Foreign currency forward contracts (2) 1,122 885 Total Level 2 inputs 97,749 86,817 Total Assets $ 105,177 $ 89,406 Liabilities: Values based on Level 2 inputs: Deferred compensation plan liabilities (1) $ 110,861 $ 94,538 Foreign currency forward contracts (2) 1,213 2,399 Interest rate swap contracts (3) 53,737 109,175 Total Level 2 inputs 165,811 206,112 Total Liabilities $ 165,811 $ 206,112 (1) The Company has a deferred compensation plan for the benefit of certain highly compensated officers, managers and other key employees (see Note 15 — Employee Benefits). The assets consist of investments in money market funds, mutual funds and company-owned life insurance contracts. The money market funds consist of cash equivalents while the mutual fund investments consist of publicly-traded and quoted equity shares. The Company considers the fair values of these assets to be based on Level 1 inputs, and such assets had fair values of $7.4 million and $2.6 million as of December 31, 2021 and 2020, respectively. The carrying amounts of the life insurance contracts equal their cash surrender values. Cash surrender value represents the estimated amount that the Company would receive upon termination of a contract, which approximates fair value. The Company considers life insurance contracts to be valued based on Level 2 inputs, and such assets had fair values of $96.6 million and $85.9 million at December 31, 2021 and 2020, respectively. The related deferred compensation plan liabilities are recorded at fair value, or the estimated amount needed to settle the liability, which the Company considers to be a Level 2 input. (2) The Company enters into foreign currency forward exchange contracts to hedge the effects of adverse fluctuations in foreign currency exchange rates (see Note 13 — Derivatives and Hedging). Valuation of these contracts is based on observable foreign currency exchange rates in active markets, which the Company considers to be a Level 2 input. (3) The Company has interest rate swap contracts that hedge the risk of variability from interest payments on its borrowings (see Note 6 — Debt). The fair values of interest rate swaps are based on mark-to-market valuations prepared by a third-party broker. Those valuations are based on observable interest rates from recently executed market transactions and other observable market data, which the Company considers to be Level 2 inputs. The Company independently corroborates the reasonableness of the valuations prepared by the third-party broker by using an electronic quotation service. The table below presents the carrying amounts (net of deferred financing costs) and fair values of financial instruments that are not recorded at fair value in the Company’s Consolidated Balance Sheets (in thousands). The estimated fair value of the financial instruments was derived from quoted market prices provided by an independent dealer, which the Company considers to be a Level 2 input. Carrying Amount Fair Value December 31, December 31, Description 2021 2020 2021 2020 2028 Notes $ 791,833 $ 790,783 $ 836,632 $ 846,296 2029 Notes 593,139 — 608,346 — 2030 Notes 791,491 790,690 816,208 843,800 Total $ 2,176,463 $ 1,581,473 $ 2,261,186 $ 1,690,096 Assets Measured at Fair Value on a Nonrecurring Basis The Company’s certain long-lived assets, including identifiable intangible assets, goodwill, and right-of-use assets assets are measured at fair value on a nonrecurring basis when there are indicators of impairment. In the fourth quarter of the year ended December 31, 2021, the Company recorded impairment charges of $49.5 million on right-of-use assets and other long-lived assets primarily related to certain office leases that the Company determined will no longer be used, net of a reduction in the related lease liabilities. The impairment was derived by comparing the fair value of the impacted assets to the carrying value of those assets as of the impairment measurement date, as required under ASC Topic 360 using Level 3 inputs. See Note 7 — Leases for additional discussion related to these impairment charges. There were no impairment charges recognized during the years ended December 31, 2020 and 2019. Additionally, see Note 2 — Acquisitions for fair value measurements of certain assets and liabilities acquired in business combinations that are recorded at fair value on a nonrecurring basis. |
Employee Benefits
Employee Benefits | 12 Months Ended |
Dec. 31, 2021 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | |
Employee Benefits | Employee Benefits Defined contribution plans. The Company has savings and investment plans (the “401(k) Plans”) covering substantially all U.S. employees. Company contributions are based on the level of employee contributions, up to a maximum of 4% of an employee’s eligible salary, subject to an annual maximum. For 2021, the maximum Company match was $7,200. Amounts expensed in connection with the 401(k) Plans totaled $44.1 million, $43.9 million and $44.1 million in 2021, 2020 and 2019, respectively. Deferred compensation plans. The Company has supplemental deferred compensation plans for the benefit of certain highly compensated officers, managers and other key employees. The plans’ investment assets are recorded at fair value in Other assets on the Consolidated Balance Sheets. The value of those assets was $104.1 million and $88.5 million at December 31, 2021 and 2020, respectively (see Note 14 — Fair Value Disclosures for fair value information). The related deferred compensation plan liabilities, which were $110.9 million and $94.5 million at December 31, 2021 and 2020, respectively, are carried at fair value and are adjusted with a corresponding charge or credit to compensation expense to reflect the fair value of the amount owed to the employees. Deferred compensation plan liabilities are recorded in Other liabilities on the Consolidated Balance Sheets. Compensation expense recognized for all of the Company’s deferred compensation plans was $1.3 million, $1.9 million and $0.6 million in 2021, 2020 and 2019, respectively. Defined benefit pension plans. The Company has defined benefit pension plans at several of its international locations. Benefits earned and paid under those plans are generally based on years of service and level of employee compensation. The Company’s vested benefit obligation is the actuarial present value of the vested benefits to which an employee is entitled based on the employee’s expected date of separation or retirement. The Company’s defined benefit pension plans are accounted for in accordance with FASB ASC Topics 715 and 960. The table below presents the components of the Company’s defined benefit pension plan expense for the years ended December 31 (in thousands). The components of pension expense, other than service cost, are recorded in Other income (expense), net in the Consolidated Statements of Operations. 2021 2020 2019 Service cost $ 4,511 $ 4,421 $ 3,659 Interest cost 605 718 851 Expected return on plan assets (350) (493) (517) Recognition of actuarial loss 576 474 237 Recognition of loss due to settlements 286 — — Total defined benefit pension plan expense $ 5,628 $ 5,120 $ 4,230 The table below presents the key assumptions used in the computation of pension expense for the years ended December 31. 2021 2020 2019 Weighted average discount rate (1) 0.94 % 1.28 % 1.81 % Expected return on plan assets 1.19 % 2.04 % 2.54 % Average compensation increase 2.58 % 2.58 % 2.58 % Cash balance interest credit rate 0.80 % 1.20 % 1.90 % (1) Discount rates are typically determined by using the yields on long-term corporate or government bonds in the relevant country with a duration consistent with the expected term of the underlying pension obligations. The table below provides information regarding changes in the projected benefit obligation of the Company’s defined benefit pension plans for the years ended December 31 (in thousands). 2021 2020 2019 Projected benefit obligation at beginning of year $ 62,297 $ 52,503 $ 44,890 Service cost 4,511 4,421 3,659 Interest cost 605 718 851 Actuarial (gain) loss due to assumption changes and plan experience (1) (2,230) 1,516 4,524 Benefits payments (2) (1,198) (1,438) (830) Plan amendments 269 — — Settlements (1,606) — — Foreign currency impact (4,675) 4,577 (591) Projected benefit obligation at end of year (3) $ 57,973 $ 62,297 $ 52,503 The table below presents the key assumptions used in determining the projected benefit obligations at December 31. 2021 2020 2019 Weighted average discount rate (4) 1.24 % 0.94 % 1.28 % Average compensation increase 2.57 % 2.58 % 2.58 % Cash balance interest credit rate 1.20 % 0.80 % 1.20 % (1) The actuarial (gain) losses were primarily due to changes in the weighted average discount rate assumption. (2) The Company projects benefit payments will be made in future years directly to plan participants as follows: $1.6 million in 2022; $1.7 million in 2023; $1.9 million in 2024; $2.1 million in 2025; $2.3 million in 2026; and $15.9 million in total in the five years thereafter. (3) Measured as of December 31. (4) Discount rates are typically determined by using the yields on long-term corporate or government bonds in the relevant country with a duration consistent with the expected term of the underlying pension obligations. The tables below provide information regarding the funded status of the Company’s defined benefit pension plans and the related amounts recorded in the Consolidated Balance Sheets as of December 31 (in thousands). Funded status of the plans 2021 2020 2019 Projected benefit obligation $ 57,973 $ 62,297 $ 52,503 Pension plan assets at fair value (1) (29,737) (28,636) (23,444) Funded status – shortfall (2) $ 28,236 $ 33,661 $ 29,059 Accumulated benefit obligation $ 54,701 $ 58,963 $ 49,485 Amounts recorded in the Consolidated Balance Sheets for the plans Other liabilities – accrued pension obligation (2) $ 28,236 $ 33,661 $ 29,059 Stockholders’ equity – deferred actuarial loss (3) $ (6,672) $ (9,309) $ (8,584) (1) The pension plan assets are held by third-party trustees and are invested in a diversified portfolio of equities, high-quality government and corporate bonds, and other investments. The assets are primarily valued based on Level 1 and Level 2 inputs under the fair value hierarchy in FASB ASC Topic 820, with the majority of the invested assets considered to be of low-to-medium investment risk. The Company projects a future long-term rate of return on these plan assets of 1.58%, which it believes is reasonable based on the composition of the assets and both current and projected market conditions. Additional information regarding pension plan asset activity is provided below. (2) Funded status – shortfall represents the amount of the projected benefit obligation that the Company has not funded with a third-party trustee. These liabilities of the Company are recorded in Other liabilities on the Consolidated Balance Sheets. The level of future contributions by the Company will vary and is dependent on a number of factors including investment returns, interest rate fluctuations, plan demographics, funding regulations and the results of the final actuarial valuation. (3) The deferred actuarial loss as of December 31, 2021 is recorded in AOCI/L and will be reclassified out of AOCI/L and recognized as pension expense over approximately 13 years, subject to certain limitations set forth in FASB ASC Topic 715. The amortization of deferred actuarial losses from AOCI/L to pension expense in each of the years ended December 31, 2021, 2020 and 2019 was immaterial. The table below provides a rollforward of the Company’s defined benefit pension plans assets for the years ended December 31 (in thousands). 2021 2020 2019 Pension plan assets at the beginning of the year $ 28,636 $ 23,444 $ 19,460 Company contributions 4,865 3,924 4,405 Benefit payments (1,198) (1,438) (830) Actual return on plan assets 1,066 684 714 Settlements (1,606) — — Foreign currency impact (2,026) 2,022 (305) Pension plan assets at the end of the year $ 29,737 $ 28,636 $ 23,444 The Company also has a reinsurance asset arrangement with a large international insurance company that is intended to fund benefit payments for one of its plans. The reinsurance asset is not a pension plan asset but is an asset of the Company. At December 31, 2021 and 2020, the reinsurance asset was recorded at its cash surrender value of $9.5 million and $10.0 million, respectively, and recorded in Other assets on the Consolidated Balance Sheets. The Company believes that cash surrender value approximates fair value and is equivalent to a Level 2 input under the FASB’s fair value hierarchy in FASB ASC Topic 820. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information The Company’s products and services are delivered through three segments – Research, Conferences and Consulting, as described below. • Research equips executives and their teams from every function and across all industries with actionable, objective insight, guidance and tools. Our experienced experts deliver all this value informed by a combination of practitioner-sourced and data-driven research to help our clients address their mission critical priorities. • Conferences provides executives and teams across an organization the opportunity to learn, share and network. From our Gartner Symposium/Xpo series, to industry-leading conferences focused on specific business roles and topics, to peer-driven sessions, our offerings enable attendees to experience the best of Gartner insight and guidance. • Consulting serves senior executives leading technology-driven strategic initiatives leveraging the power of Gartner’s actionable, objective insight. Through custom analysis and on-the-ground support we enable optimized technology investments and stronger performance on our clients’ mission critical priorities. The Company evaluates segment performance and allocates resources based on gross contribution margin. Gross contribution, as presented in the table below, is defined as operating income or loss excluding certain Cost of services and product development expenses, Selling, general and administrative expenses, Depreciation, Amortization of intangibles, and Acquisition and integration charges. Certain bonus and fringe benefit costs included in consolidated Cost of services and product development are not allocated to segment expense. The accounting policies used by the reportable segments are the same as those used by the Company. There are no intersegment revenues. The Company does not identify or allocate tangible assets, including capital expenditures, by reportable segment. Accordingly, tangible assets are not reported by segment because the information is not available by segment and is not reviewed in the evaluation of segment performance or in making decisions regarding the allocation of resources. The Company earns revenue from clients in many countries. Other than the United States, there is no individual country where revenues from external clients represent 10% or more of the Company’s consolidated revenues. Additionally, no single client accounted for 10% or more of the Company’s consolidated revenues and the loss of a single client, in management’s opinion, would not have a material adverse effect on revenues. The tables below present information about the Company’s reportable segments for the years ended December 31 (in thousands). Research Conferences Consulting Consolidated 2021 Revenues $ 4,101,392 $ 214,449 $ 418,121 $ 4,733,962 Gross contribution 3,036,925 133,748 158,843 3,329,516 Corporate and other expenses (2,413,765) Operating income $ 915,751 2020 Revenues $ 3,602,892 $ 120,140 $ 376,371 $ 4,099,403 Gross contribution 2,597,852 57,302 115,744 2,770,898 Corporate and other expenses (2,280,748) Operating income $ 490,150 2019 Revenues $ 3,374,548 $ 476,869 $ 393,904 $ 4,245,321 Gross contribution 2,351,720 241,757 118,450 2,711,927 Corporate and other expenses (2,341,840) Operating income $ 370,087 The table below provides a reconciliation of total segment gross contribution to net income for the years ended December 31 (in thousands). 2021 2020 2019 Total segment gross contribution $ 3,329,516 $ 2,770,898 $ 2,711,927 Costs and expenses: Cost of services and product development - unallocated (1) 39,647 16,519 17,174 Selling, general and administrative 2,155,658 2,038,963 2,103,424 Depreciation and amortization 212,405 218,984 211,779 Acquisition and integration charges 6,055 6,282 9,463 Operating income 915,751 490,150 370,087 Interest expense and other, net (98,191) (119,203) (92,273) Gain on event cancellation insurance claims 152,310 — — Loss from divested operations — — (2,075) Loss on extinguishment of debt — (44,814) — Less: Provision for income taxes 176,310 59,388 42,449 Net income $ 793,560 $ 266,745 $ 233,290 (1) The unallocated amounts consist of certain bonus and fringe costs recorded in consolidated Cost of services and product development that are not allocated to segment expense. The Company’s policy is to allocate bonuses to segments at 100% of a segment employee’s target bonus. Amounts above or below 100% are absorbed by corporate. Disaggregated revenue information by reportable segment for the three years ended December 31, 2021 is presented in Note 9 — Revenue and Related Matters. Long-lived asset information by geographic location as of December 31 is summarized in the table below (in thousands). 2021 2020 Long-lived assets (1): United States and Canada $ 706,854 $ 820,973 Europe, Middle East and Africa 298,083 265,782 Other International 125,572 153,609 Total long-lived assets $ 1,130,509 $ 1,240,364 |
Contingencies
Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | Contingencies Legal Matters. The Company is involved in legal proceedings and litigation arising in the ordinary course of business. The Company records a provision for pending litigation in its consolidated financial statements when it is determined that an unfavorable outcome is probable and the amount of the loss can be reasonably estimated. The Company believes that the potential liability, if any, in excess of amounts already accrued from all proceedings, claims and litigation will not have a material effect on its financial position, cash flows or results of operations when resolved in a future period. Indemnifications. The Company has various agreements that may obligate it to indemnify the other party with respect to certain matters. Generally, these indemnification clauses are included in contracts arising in the normal course of business under which the Company customarily agrees to hold the other party harmless against losses arising from a breach of representations related to matters such as title to assets sold and licensed or certain intellectual property rights. It is not possible to predict the maximum potential amount of future payments under these indemnification agreements due to the conditional nature of the Company’s obligations and the unique facts of each particular agreement. Historically, payments made by the Company under these agreements have not been material. As of December 31, 2021, the Company did not have any material payment obligations under any such indemnification agreements. |
Valuation and Qualifying Accoun
Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2021 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Valuation and Qualifying Accounts | Valuation and Qualifying AccountsThe Company maintains an allowance for bad debt. The table below summarizes the activity in the Company’s allowance for losses for the years ended December 31 (in thousands). Balance at Additions Deductions Balance at 2021 $ 10,000 $ 2,800 $ (6,300) $ 6,500 2020 $ 8,000 $ 16,000 $ (14,000) $ 10,000 2019 $ 7,700 $ 14,000 $ (13,700) $ 8,000 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent EventOn February 3, 2022, the Company’s Board of Directors authorized incremental share repurchases of up to an additional $500.0 million of Gartner’s common stock. This authorization is in addition to the previously authorized repurchases of up to $2.8 billion, which as of the end of January 2022 had approximately $527.0 million remaining. |
Business and Significant Acco_2
Business and Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Segments | Segments. Gartner delivers its products and services globally through three business segments: Research, Conferences and Consulting. |
Basis of presentation | Basis of presentation. The accompanying Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”), as defined in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”), for financial information and with the applicable instructions of U.S. Securities and Exchange Commission (“SEC”) Regulation S-X. The fiscal year of Gartner is the twelve-month period from January 1 through December 31. All references to 2021, 2020 and 2019 herein refer to the fiscal year unless otherwise indicated. When used in these notes, the terms “Gartner,” the “Company,” “we,” “us” or “our” refer to Gartner, Inc. and its consolidated subsidiaries. |
Principles of consolidation | Principles of consolidation. The accompanying Consolidated Financial Statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany transactions and balances have been eliminated. |
Use of estimates | Use of estimates. The preparation of the accompanying Consolidated Financial Statements requires management to make estimates and assumptions about future events. These estimates and the underlying assumptions affect the amounts of assets and liabilities reported, disclosures about contingent assets and liabilities, and reported amounts of revenues and expenses. Such estimates include the valuation of fees receivable, goodwill, intangible assets and other long-lived assets, as well as tax accruals and other liabilities. In addition, estimates are used in revenue recognition, income tax expense or benefit, performance-based compensation charges, depreciation and amortization. Management believes its use of estimates in the accompanying Consolidated Financial Statements to be reasonable. Management continually evaluates and revises its estimates using historical experience and other factors, including the general economic environment and actions it may take in the future. Management adjusts these estimates when facts and circumstances dictate. However, these estimates may involve significant uncertainties and judgments and cannot be determined with precision. In addition, these estimates are based on management’s best judgment at a point in time. As a result, differences between our estimates and actual results could be material and would be reflected in the Company’s Consolidated Financial Statements in future periods. In December 2019, a novel coronavirus disease (“COVID-19”) was reported in Wuhan, China and on March 11, 2020, the World Health Organization characterized COVID-19 as a pandemic. Any future asset impairment charges or restructuring charges could be more likely if the negative effects of the COVID-19 pandemic continue and will be dependent on the severity and duration of this crisis. |
Business acquisitions | Business acquisitions. The Company accounts for business acquisitions in accordance with the acquisition method of accounting as prescribed by FASB ASC Topic 805, Business Combinations . The acquisition method of accounting requires the Company to record the assets acquired and liabilities assumed based on their estimated fair values as of the acquisition date, with certain exceptions. Any excess of the consideration transferred over the estimated fair value of the net assets acquired, including identifiable intangible assets, is recorded as goodwill. Under the acquisition method, the operating results of acquired companies are included in the Company’s Consolidated Financial Statements beginning on the date of acquisition. The Company completed business acquisitions in both 2021 and 2019. Note 2 — Acquisitions provides additional information regarding those business acquisitions. The determination of the fair values of intangible and other assets acquired in an acquisition requires management judgment and the consideration of a number of factors, including the historical financial performance of acquired businesses and their projected future performance, and estimates surrounding customer turnover, as well as assumptions regarding the level of |
Revenue recognition | Revenue recognition. The Company’s revenue by significant source is accounted for as follows: • Research revenues are mainly derived from subscription contracts for research products. The related revenues are deferred and recognized ratably over the applicable contract term. Fees derived from assisting organizations in selecting the right business software for their needs are recognized when the leads are provided to vendors. • Conferences revenues are deferred and recognized upon the completion of the related conference or meeting. • Consulting revenues are principally generated from fixed fee or time and materials engagements. Revenues from fixed fee contracts are recognized as the Company works to satisfy its performance obligations. Revenues from time and materials engagements are recognized as work is delivered and/or services are provided. Revenues related to contract optimization engagements are contingent in nature and are only recognized upon satisfaction of all conditions related to their payment. The majority of the Company’s Research contracts are billable upon signing, absent special terms granted on a limited basis from time to time. Research contracts are generally non-cancelable and non-refundable, except for government contracts that may have cancellation or fiscal funding clauses. It is the Company’s policy to record the amount of a subscription contract that is billable as a fee receivable at the time the contract is signed with a corresponding amount as deferred revenue because the contract represents a legally enforceable claim. |
Allowance for losses | Allowance for losses. On January 1, 2020, the Company adopted ASU No. 2016-13, Financial Instruments—Credit Losses. ASU No. 2016-13 amended the previous financial instrument impairment model by requiring entities to use a forward-looking approach based on expected losses to estimate credit losses on certain types of financial instruments, including trade receivables. The Company applied the expected credit loss model to its fees receivable balance on January 1, 2020 using a historical loss rate method. Prior to January 1, 2020, the Company recognized the allowance for losses on bad debts in accordance with then-existing U.S. GAAP under FASB ASC Topic 310, Receivables |
Cost of services and product development | Cost of services and product development ( “COS” ). COS expense includes the direct costs incurred in the creation and delivery of the Company’s products and services. These costs primarily relate to personnel. |
Selling, general and administrative | Selling, general and administrative ( “SG&A” ). SG&A expense includes direct and indirect selling costs, general and administrative costs, facility costs and bad debt expense. |
Commission expense | Commission expense. The Company records deferred commissions upon signing a customer contract and amortizes the deferred amount over a period that aligns with the transfer to the customer of the services to which the commissions relate. |
Stock-based compensation expense | Stock-based compensation expense. The Company accounts for stock-based compensation awards in accordance with FASB ASC Topics 505 and 718 and SEC Staff Accounting Bulletins No. 107 and No. 110. Stock-based compensation expense for equity awards is based on the fair value of the award on the date of grant. The Company recognizes stock-based compensation expense over the period that the related service is performed, which is generally the same as the vesting period of the underlying award. Forfeitures are recognized as they occur. A change in any of the terms or conditions of stock-based compensation awards is accounted for as a modification of the award. Incremental compensation cost is measured as the excess, if any, of the fair value of the modified award over the fair value of the original award immediately before its terms are modified, measured based on the fair value of the awards at the modification date. For vested awards, the Company recognizes incremental compensation cost in the period the modification occurs. For unvested awards, the Company recognizes any incremental compensation expense at the modification date or ratably over the requisite remaining service period, as appropriate. If the fair value of the modified award is lower than the fair value of the original award immediately before |
Income taxes | Income taxes. The Company uses the asset and liability method of accounting for income taxes. The Company estimates its income taxes in each of the jurisdictions where it operates. This process involves estimating the Company’s current tax expense or benefit together with assessing temporary differences resulting from differing treatment of items for tax and accounting purposes. These differences result in deferred tax assets and liabilities, which are included in the Consolidated Balance Sheets. When assessing the realizability of deferred tax assets, the Company considers if it is more likely than not that some or all of the deferred tax assets will not be realized. In making this assessment, the Company considers the availability of loss carryforwards, projected reversals of deferred tax liabilities, projected future taxable income, and ongoing prudent and feasible tax planning strategies. The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained based on the technical merits of the position. Recognized tax positions are measured at the largest amount of benefit with greater than a 50% likelihood of being realized. The Company uses estimates in determining the amount of unrecognized tax benefits associated with uncertain tax positions. Significant judgment is required in evaluating tax law and measuring the benefits likely to be realized. Uncertain tax positions are periodically re-evaluated and adjusted as more information about their ultimate realization becomes available. |
Cash and cash equivalents and restricted cash | Cash and cash equivalents and restricted cash. Cash and cash equivalents includes cash and all highly liquid investments with original maturities of three months or less, which are considered to be cash equivalents. The carrying value of cash equivalents approximates fair value due to the short-term maturity of such instruments. Investments with maturities of more than three months are classified as marketable securities. Interest earned is recorded in Interest income in the Consolidated Statements of Operations. |
Leases | Leases. ASC 842 requires accounting for leases under a right-of-use model whereby a lessee must record a right-of-use asset and a related lease liability on its balance sheet for most of its leases. Under ASC 842, leases are classified as either operating or finance arrangements, with such classification affecting the pattern of expense recognition in an entity’s income statement. For operating leases, ASC 842 requires recognition in an entity’s income statement of a single lease cost, calculated so that the cost of the lease is allocated over the lease term, generally on a straight-line basis. In the fourth quarter of the year ended December 31, 2021, as a result and in consideration of the changing nature of the Company’s use of office space for its workforce and the impacts of the COVID-19 pandemic, the Company evaluated its existing real estate lease portfolio. As a result of the evaluation, the Company recognized an impairment loss of $49.5 million. Note 7 — Leases provides additional information regarding the Company’s leases. |
Property, equipment and leasehold improvements | Property, equipment and leasehold improvements. Equipment, leasehold improvements and other fixed assets owned by the Company are recorded at cost less accumulated depreciation and amortization. Fixed assets, other than leasehold improvements, are depreciated using the straight-line method over the estimated useful life of the underlying asset. Leasehold improvements are amortized using the straight-line method over the shorter of the estimated useful life of the improvement or the remaining term of the related lease. |
Goodwill | 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 the Company performs a quantitative impairment test. Evaluating the recoverability of goodwill requires judgments and assumptions regarding future trends and events. As a result, both the precision and reliability of management 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, 2021 that indicated no impairment. Subsequent to completing the 2021 annual impairment test, no events or changes in circumstances were noted that required an interim goodwill impairment test. Note 3 — Goodwill and Intangible Assets provides additional information regarding the Company’s goodwill. |
Finite-Lived Intangible assets | Finite-lived intangible assets. The Company has finite-lived intangible assets that are amortized using the straight-line method over the expected useful life of the underlying asset. |
Impairment of long-lived assets | Impairment of long-lived assets. The Company’s long-lived assets primarily consist of intangible assets other than goodwill, right-of-use assets and property, equipment and leasehold improvements. The Company reviews its long-lived asset groups for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or an asset group may not be recoverable. Such evaluation may be based on a number of factors, including current and projected operating results and cash flows, and changes in management’s strategic direction as well as external economic and market factors. The Company evaluates the recoverability of assets and asset groups by determining whether their carrying values can be recovered through undiscounted future operating cash flows. If events or circumstances indicate that the carrying values might not be recoverable based on undiscounted future operating cash flows, an impairment loss may be recognized. The amount of impairment is measured based on the difference between the projected discounted future operating cash flows, using a discount rate reflecting the Company’s average cost of funds, and the carrying value of the asset or asset group. |
Debt | Debt. The Company presents amounts borrowed in the Consolidated Balance Sheets, net of deferred financing fees. Interest accrued on amounts borrowed is recorded as Interest expense in the Consolidated Statements of Operations. |
Foreign currency exposure | Foreign currency exposure. The functional currency of the Company’s foreign subsidiaries is typically the local currency. All assets and liabilities of foreign subsidiaries are translated into U.S. dollars at exchange rates in effect at the balance sheet date. Income and expense items are translated at average exchange rates throughout the year. The resulting translation adjustments are recorded as foreign currency translation adjustments, a component of Accumulated other comprehensive loss, net within Stockholders’ Equity on the Consolidated Balance Sheets. |
Fair value disclosures | Fair value disclosures. The Company has a limited number of assets and liabilities that are adjusted to fair value at each balance sheet date. |
Concentrations of credit risk | Concentrations of credit risk. Assets that may subject the Company to concentration of credit risk consist primarily of short-term, highly liquid investments classified as cash equivalents, fees receivable, contract assets, interest rate swaps and a pension reinsurance asset. The majority of the Company’s cash equivalent investments and its interest rate swap contracts are with investment grade commercial banks. Fees receivable and contract asset balances deemed to be collectible from customers have limited concentration of credit risk due to the Company’s diverse customer base and geographic dispersion. The Company’s pension reinsurance asset (see Note 15 — Employee Benefits) is maintained with a large international insurance company that was rated investment grade as of December 31, 2021 and 2020. |
Stock repurchase programs | Stock repurchase programs. The Company records the cost to repurchase shares of its own common stock as treasury stock. Shares repurchased by the Company are added to treasury shares and are not retired. Note 8 — Stockholders’ Equity provides additional information regarding the Company’s common stock repurchase activity. |
Adoption of new accounting standards | Adoption of new accounting standards . The Company adopted the accounting standard described below during 2021. Simplifying the Accounting for Income Taxes — In December 2019, the FASB issued ASU No. 2019-12, Income Taxes—Simplifying the Accounting for Income Taxes (“ASU No. 2019-12”). ASU No. 2019-12 provided new guidance to simplify the accounting for income taxes in certain areas, changed the accounting for select income tax transactions and made minor ASC improvements. Gartner adopted ASU No. 2019-12 on January 1, 2021. The adoption of ASU No. 2019-12 did not have a material impact on the Company’s Consolidated Financial Statements. Accounting standards issued but not yet adopted. The FASB has issued accounting standards that had not yet become effective as of December 31, 2021 and may impact the Company’s Consolidated Financial Statements or related disclosures in future periods. Those standards and their potential impact are discussed below. Accounting standard effective immediately upon voluntary election by Gartner Reference Rate Reform — In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform—Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU No. 2020-04”). ASU No. 2020-04 provides that an entity can elect not to apply certain required modification accounting in U.S. GAAP to contracts where all changes to the critical terms relate to reference rate reform (e.g., the expected discontinuance of LIBOR and the transition to an alternative reference interest rate, etc.). In addition, the rule provides optional expedients and exceptions that enable entities to continue to apply hedge accounting for hedging relationships where one or more of the critical terms change due to reference rate reform. The rule became effective for all entities as of March 12, 2020 and will generally no longer be available to apply after December 31, 2022. The Company is currently evaluating the potential impact of ASU No. 2020-04 on its Consolidated Financial Statements, including the rule’s potential impact on any debt modifications or other contractual changes in the future that may result from reference rate reform. However, the Company does not expect the adoption of ASU 2020-04 to have a material impact on the Company’s Consolidated Financial Statements. Accounting standard effective in 2022 Government Assistance — In November 2021, the FASB issued ASU No. 2021-10, Government Assistance (Topic 832), Disclosures by Business Entities about Government Assistance (“ASU No. 2021-10”). ASU No, 2021-10 requires business entities to annually disclose information about certain government assistance they receive. The rule will be effective for public entities for annual periods beginning after December 15, 2021. The adoption of ASU No. 2021-10 is currently not expected to have a material impact on the Company’s financial statement disclosures. Accounting standard effective in 2023 Business Combinations — In October 2021, the FASB issued ASU No. 2021-08, Business Combinations, Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (“ASU No. 2021-08”). ASU No. 2021-08 provides guidance for a business combination on how to recognize and measure contract assets and contract liabilities from revenue contracts with customers and other contracts that apply the provisions of ASC Topic 606, Revenue from Contracts with Customers . Specifically, the proposed amendments would require that an entity (acquirer) recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with ASC Topic 606. Generally, this would result in an acquirer recognizing and measuring the acquired contract assets and contract liabilities consistent with how they were recognized and measured in the acquiree’s financial statements (if the acquiree prepared financial statements in accordance with U.S. GAAP). The rule will be effective for public entities on January 1, 2023, with early adoption permitted. Gartner has elected to adopt ASU No. 2021-08 effective January 1, 2022. ASU No. 2021-08 will not impact acquired contract assets or liabilities from business combinations occurring prior to January 1, 2022, and the impact in future periods will depend on the contract assets and contract liabilities acquired in future business combinations. |
Business and Significant Acco_3
Business and Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Cash and Cash Equivalents | Below is a table presenting the beginning-of-period and end-of-period cash amounts from the Company’s Consolidated Balance Sheets and the total cash amounts presented in the Consolidated Statements of Cash Flows (in thousands). December 31, 2021 2020 2019 2018 Cash and cash equivalents $ 756,493 $ 712,583 $ 280,836 $ 156,368 Restricted cash classified in (1): Prepaid expenses and other current assets 4,109 — — 2,295 Cash and cash equivalents and restricted cash per the Consolidated Statements of Cash Flows $ 760,602 $ 712,583 $ 280,836 $ 158,663 (1) Restricted cash consists of escrow accounts established in connection with certain of the Company’s business acquisitions. Generally, such cash is restricted to use due to provisions contained in the underlying stock or asset purchase agreement. The Company will disburse the restricted cash to the sellers of the businesses upon satisfaction of any contingencies described in such agreements (e.g., potential indemnification claims, etc.). |
Schedule of Restricted Cash | Below is a table presenting the beginning-of-period and end-of-period cash amounts from the Company’s Consolidated Balance Sheets and the total cash amounts presented in the Consolidated Statements of Cash Flows (in thousands). December 31, 2021 2020 2019 2018 Cash and cash equivalents $ 756,493 $ 712,583 $ 280,836 $ 156,368 Restricted cash classified in (1): Prepaid expenses and other current assets 4,109 — — 2,295 Cash and cash equivalents and restricted cash per the Consolidated Statements of Cash Flows $ 760,602 $ 712,583 $ 280,836 $ 158,663 (1) Restricted cash consists of escrow accounts established in connection with certain of the Company’s business acquisitions. Generally, such cash is restricted to use due to provisions contained in the underlying stock or asset purchase agreement. The Company will disburse the restricted cash to the sellers of the businesses upon satisfaction of any contingencies described in such agreements (e.g., potential indemnification claims, etc.). |
Schedule of Property, Plant and Equipment | Property, equipment and leasehold improvements, net are presented in the table below (in thousands). Useful Life December 31, Category (Years) 2021 2020 Computer equipment and software 2 - 7 $ 304,386 $ 277,973 Furniture and equipment 3 - 8 97,050 114,622 Leasehold improvements 2 - 15 253,451 283,773 Total cost 654,887 676,368 Less — accumulated depreciation and amortization (381,325) (339,603) Property, equipment and leasehold improvements, net $ 273,562 $ 336,765 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of changes to the carrying amount of goodwill by segment | The table below presents changes to the carrying amount of goodwill by segment during the two-year period ended December 31, 2021 (in thousands). Research Conferences Consulting Total Balance at December 31, 2019 (1) $ 2,651,060 $ 189,641 $ 97,025 $ 2,937,726 Foreign currency translation impact 13,672 (5,550) (301) 7,821 Balance at December 31, 2020 (1) 2,664,732 184,091 96,724 2,945,547 Additions due to an acquisition (2) 11,486 — — 11,486 Foreign currency translation impact (5,284) (70) (362) (5,716) Balance at December 31, 2021 (1) $ 2,670,934 $ 184,021 $ 96,362 $ 2,951,317 (1) The Company does not have any accumulated goodwill impairment losses. (2) The additions were due to the acquisition of Pulse on June 17, 2021. See Note 2 — Acquisitions for additional information. |
Schedule of changes in finite-lived intangible assets | Finite-lived intangible assets. Changes in finite-lived intangible assets during the two-year period ended December 31, 2021 are presented in the tables below (in thousands). December 31, 2021 Customer Technology-related Content Other Total Gross cost at December 31, 2020 $ 1,154,210 $ 110,597 $ 3,965 $ 10,614 $ 1,279,386 Additions due to an acquisition (1) 7,980 11,200 — 320 19,500 Intangible assets fully amortized (61,422) (60,685) (3,965) (498) (126,570) Foreign currency translation impact (4,410) 104 — — (4,306) Gross cost 1,096,358 61,216 — 10,436 1,168,010 Accumulated amortization (2) (413,266) (35,727) — (4,599) (453,592) Balance at December 31, 2021 $ 683,092 $ 25,489 $ — $ 5,837 $ 714,418 December 31, 2020 Customer Technology-related Content Other Total Gross cost at December 31, 2019 $ 1,145,109 $ 111,033 $ 14,140 $ 30,838 $ 1,301,120 Intangible assets fully amortized (2,394) (787) (9,929) (20,152) (33,262) Foreign currency translation impact 11,495 351 (246) (72) 11,528 Gross cost 1,154,210 110,597 3,965 10,614 1,279,386 Accumulated amortization (2) (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) The additions were due to the acquisition of Pulse on June 17, 2021. See Note 2 — Acquisitions for additional information. (2) Finite-lived intangible assets are amortized using the straight-line method over the following periods: Customer relationships—6 to 13 years; Technology-related—3 to 7 years; Content—2 to 3 years; and Other —2 to 11 years. |
Schedule of estimated future amortization expense | The estimated future amortization expense by year for finite-lived intangible assets is presented in the table below (in thousands). 2022 $ 100,687 2023 100,672 2024 93,479 2025 82,946 2026 80,271 2027 and thereafter 256,363 $ 714,418 |
Other Assets (Tables)
Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of Other Assets | The Company’s other assets are summarized in the table below (in thousands). December 31, 2021 2020 Benefit plan-related assets $ 113,553 $ 98,536 Non-current deferred tax assets 140,004 103,559 Other 55,132 54,221 Total other assets $ 308,689 $ 256,316 |
Accounts Payable and Accrued _2
Accounts Payable and Accrued and Other Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Payables and Accruals [Abstract] | |
Schedule of Accounts Payable and Accrued Liabilities | The Company’s Accounts payable and accrued liabilities are summarized in the table below (in thousands). December 31, 2021 2020 Accounts payable $ 49,277 $ 38,588 Payroll and employee benefits payable 233,704 216,033 Bonus payable 243,459 224,763 Commissions payable 201,397 130,306 Income tax payable 18,717 29,550 VAT payable 48,834 58,496 Current portion of operating lease liabilities 89,754 83,995 Other accrued liabilities, including the short-term portion of fair value of interest rate swap contracts 249,672 170,700 Total accounts payable and accrued liabilities $ 1,134,814 $ 952,431 |
Schedule of Other Liabilities | The Company’s Other liabilities are summarized in the table below (in thousands). December 31, 2021 2020 Non-current deferred revenues $ 48,176 $ 26,754 Long-term taxes payable 76,806 86,751 Benefit plan-related liabilities 139,097 128,199 Non-current deferred tax liabilities 181,789 173,233 Other, including long-term portion of fair value of interest rate swap contracts 66,019 124,656 Total other liabilities $ 511,887 $ 539,593 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | The Company’s total outstanding borrowings are summarized in the table below (in thousands). December 31, Description 2021 2020 2020 Credit Agreement - Term loan facility (1) $ 287,600 $ 395,000 2020 Credit Agreement - Revolving credit facility (1), (2) — 5,000 Senior Notes due 2028 (“2028 Notes”) (3) 800,000 800,000 Senior Notes due 2029 (“2029 Notes”) (4) 600,000 — Senior Notes due 2030 (“2030 Notes”) (5) 800,000 800,000 Other (6) 5,531 6,046 Principal amount outstanding (7) 2,493,131 2,006,046 Less: deferred financing fees (8) (30,367) (27,245) Net balance sheet carrying amount $ 2,462,764 $ 1,978,801 (1) The contractual annualized interest rate as of December 31, 2021 on the 2020 Credit Agreement Term loan facility and the Revolving credit facility was 1.50%, which consisted of a floating Eurodollar base rate of 0.125% plus a margin of 1.375% . However, the Company has interest rate swap contracts that effectively convert the floating Eurodollar base rates on outstanding amounts to a fixed base rate. (2) The Company had approximately $1.0 billion of available borrowing capacity on the 2020 Credit Agreement revolver (not including the expansion feature) as of December 31, 2021. (3) Consists of $800.0 million principal amount of 2028 Notes outstanding. The 2028 Notes bear interest at a fixed rate of 4.50% and mature on July 1, 2028. (4) Consists of $600.0 million principal amount of 2029 Notes outstanding. The 2029 Notes bear interest at a fixed rate of 3.625% and mature on June 15, 2029. (5) Consists of $800.0 million principal amount of 2030 Notes outstanding. The 2030 Notes bear interest at a fixed rate of 3.75% and mature on October 1, 2030. (6) Consists of two State of Connecticut economic development loans. One of the loans originated in 2012, has a 10-year maturity and the outstanding balance of $0.5 million as of December 31, 2021 bears interest at a fixed rate of 3.00%. The second loan, originated in 2019, has a 10-year maturity and bears interest at a fixed rate of 1.75%. Both of these loans may be repaid at any time by the Company without penalty. (7) The weighted average annual effective rate on the Company’s outstanding debt for 2021, including the effects of its interest rate swaps discussed below, was 4.87%. (8) Deferred financing fees are being amortized to Interest expense over the term of the related debt obligation. |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Lease costs | The table below presents the Company’s net lease cost and certain other information related to the Company’s leasing activities as of and for the years ended December 31, 2021, 2020 and 2019 (dollars in thousands). Year Ended December 31, Description 2021 2020 2019 Operating lease cost (1) $ 130,383 $ 140,829 $ 144,727 Variable lease cost (2) 17,940 17,463 16,404 Sublease income (42,801) (38,925) (38,901) Total lease cost, net (3) (4) $ 105,522 $ 119,367 $ 122,230 Cash paid for amounts included in the measurement of operating lease $ 140,571 $ 137,790 $ 135,799 Cash receipts from sublease arrangements $ 42,374 $ 38,565 $ 34,441 Right-of-use assets obtained in exchange for new operating lease liabilities $ 33,113 $ 27,258 $ 136,997 As of December 31, 2021 2020 2019 Weighted average remaining lease term for operating leases (in years) 8.7 9.6 10.2 Weighted average discount rate for operating leases 6.5 % 6.6 % 6.7 % (1) Included in operating lease cost was $42.3 million, $42.2 million and $43.2 million of costs for subleasing activities during 2021, 2020, and 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 initial direct costs for operating leases during 2021, 2020, or 2019. (4) Amount excludes a right-of-use asset impairment charge of $49.5 million, as discussed below. |
Operating lease maturity schedule | As of December 31, 2021, 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 2022 $ 137,188 $ 48,721 2023 138,332 50,054 2024 127,399 41,793 2025 113,226 42,172 2026 112,937 42,941 Thereafter 415,242 67,060 Total future minimum operating lease payments and estimated sublease cash receipts (1) 1,044,324 $ 292,741 Imputed interest (256,804) Total operating lease liabilities per the Consolidated Balance Sheet $ 787,520 (1) Approximately 79% 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 Consolidated Balance Sheet (in thousands). December 31, Description 2021 2020 Accounts payable and accrued liabilities $ 89,754 $ 83,995 Operating lease liabilities 697,766 780,166 Total operating lease liabilities per the Consolidated Balance Sheet $ 787,520 $ 864,161 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Schedule of Transactions Relating to Common Stock | The table below summarizes transactions relating to the Company’s common stock for the three years ended December 31, 2021. Issued Treasury Balance at December 31, 2018 163,602,067 73,899,977 Issuances under stock plans — (825,115) Purchases for treasury (1), (2) — 1,369,426 Balance at December 31, 2019 163,602,067 74,444,288 Issuances under stock plans — (820,065) Purchases for treasury (1), (2) — 1,135,762 Balance at December 31, 2020 163,602,067 74,759,985 Issuances under stock plans — (807,320) Purchases for treasury (1) — 7,252,839 Balance at December 31, 2021 163,602,067 81,205,504 (1) The Company used a total of $1,655.5 million, $176.3 million and $199.0 million in cash for share repurchases during 2021, 2020 and 2019, respectively. |
Schedule of Accumulated Other Comprehensive (Loss) Income, Net by Components | The tables below provide information about the changes in AOCI/L by component and the related amounts reclassified out of AOCI/L to income during the years indicated (net of tax, in thousands) (1). Year Ended December 31, 2021 Interest Rate Swaps Defined Benefit Pension Plans Foreign Currency Translation Adjustments Total Balance - December 31, 2020 $ (78,104) $ (9,309) $ (11,815) $ (99,228) Other comprehensive income (loss) activity during the year: Change in AOCI/L before reclassifications to income — 2,232 (6,621) (4,389) Reclassifications from AOCI/L to income (2), (3) 21,781 405 — 22,186 Other comprehensive income (loss), net for the year 21,781 2,637 (6,621) 17,797 Balance - December 31, 2021 $ (56,323) $ (6,672) $ (18,436) $ (81,431) Year Ended December 31, 2020 Interest Rate Swaps Defined Benefit Pension Plans Foreign Currency Translation Adjustments Total Balance - December 31, 2019 $ (47,164) $ (8,584) $ (22,190) $ (77,938) Other comprehensive income (loss) activity during the year: Change in AOCI/L before reclassifications to income (56,862) (1,057) 10,375 (47,544) Reclassifications from AOCI/L to income (2), (3) 25,922 332 — 26,254 Other comprehensive income (loss), net for the year (30,940) (725) 10,375 (21,290) Balance - December 31, 2020 $ (78,104) $ (9,309) $ (11,815) $ (99,228) (1) Amounts in parentheses represent debits (deferred losses). (2) $29.1 million and $24.9 million of the reclassifications related to interest rate swaps (cash flow hedges) were recorded in Interest expense for the year ended December 31, 2021 and 2020, respectively. $10.3 million of the reclassifications related to interest rate swaps (cash flow hedges) were recorded in Other income (expense), net for the year ended December 31, 2020. See Note 6 — Debt and Note 13 — Derivatives and Hedging for information regarding the cash flow hedges. (3) The reclassifications related to defined benefit pension plans were primarily recorded in Selling, general and administrative expense, net of tax effect. See Note 15 — Employee Benefits for information regarding the Company’s defined benefit pension plans. |
Revenue and Related Matters (Ta
Revenue and Related Matters (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Disaggregation of Revenue by Reportable Segment | Disaggregated revenue by reportable segment is presented in the tables below for the years indicated (in thousands). By Primary Geographic Market (1) Year Ended December 31, 2021 Primary Geographic Market Research Conferences Consulting Total United States and Canada $ 2,655,534 $ 146,707 $ 246,661 $ 3,048,902 Europe, Middle East and Africa 958,339 47,883 124,757 1,130,979 Other International 487,519 19,859 46,703 554,081 Total revenues $ 4,101,392 $ 214,449 $ 418,121 $ 4,733,962 Year Ended December 31, 2020 Primary Geographic Market Research Conferences Consulting Total United States and Canada $ 2,339,482 $ 75,024 $ 223,318 $ 2,637,824 Europe, Middle East and Africa 826,752 28,108 111,413 966,273 Other International 436,658 17,008 41,640 495,306 Total revenues $ 3,602,892 $ 120,140 $ 376,371 $ 4,099,403 Year Ended December 31, 2019 Primary Geographic Market Research Conferences Consulting Total United States and Canada $ 2,199,008 $ 295,857 $ 239,625 $ 2,734,490 Europe, Middle East and Africa 751,267 122,591 122,146 996,004 Other International 424,273 58,421 32,133 514,827 Total revenues $ 3,374,548 $ 476,869 $ 393,904 $ 4,245,321 (1) Revenue is reported based on where the sale is fulfilled. |
Schedule of Disaggregation of Revenue | Year Ended December 31, 2021 Timing of Revenue Recognition Research Conferences Consulting Total Transferred over time (1) $ 3,740,694 $ — $ 334,945 $ 4,075,639 Transferred at a point in time (2) 360,698 214,449 83,176 658,323 Total revenues $ 4,101,392 $ 214,449 $ 418,121 $ 4,733,962 Year Ended December 31, 2020 Timing of Revenue Recognition Research Conferences Consulting Total Transferred over time (1) $ 3,313,111 $ — $ 296,546 $ 3,609,657 Transferred at a point in time (2) 289,781 120,140 79,825 489,746 Total revenues $ 3,602,892 $ 120,140 $ 376,371 $ 4,099,403 Year Ended December 31, 2019 Timing of Revenue Recognition Research Conferences Consulting Total Transferred over time (1) $ 3,083,936 $ — $ 316,042 $ 3,399,978 Transferred at a point in time (2) 290,612 476,869 77,862 845,343 Total revenues $ 3,374,548 $ 476,869 $ 393,904 $ 4,245,321 (1) Research revenues were recognized in connection with performance obligations that were satisfied over time using a time-elapsed output method to measure progress. Consulting revenues were recognized over time using labor hours as an input measurement basis. (2) The revenues in this category were recognized in connection with performance obligations that were satisfied at the point in time that 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). December 31, 2021 2020 Assets: Fees receivable, gross (1) $ 1,371,680 $ 1,251,508 Contract assets recorded in Prepaid expenses and other current assets (2) $ 20,054 $ 14,440 Contract liabilities: Deferred revenues (current liability) (3) $ 2,238,035 $ 1,974,548 Non-current deferred revenues recorded in Other liabilities (3) 48,176 26,754 Total contract liabilities $ 2,286,211 $ 2,001,302 (1) Fees receivable represent an unconditional right of payment from the Company’s customers and include both billed and unbilled amounts. (2) Contract assets represent recognized revenue for which the Company does 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 the Company’s performance obligation(s). |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of Stock-based Compensation Expense by Award Type | The tables below summarize the Company’s stock-based compensation expense by award type and expense category line item during the years ended December 31 (in millions). Award type 2021 2020 2019 Stock appreciation rights $ 8.2 $ 7.8 $ 6.7 Restricted stock units (1) 89.6 54.1 61.6 Common stock equivalents 0.8 0.7 0.7 Total (2) $ 98.6 $ 62.6 $ 69.0 |
Schedule of Stock-based Compensation Expense by Expense Category | Expense category line item 2021 2020 2019 Cost of services and product development $ 35.0 $ 29.7 $ 29.1 Selling, general and administrative 63.6 32.9 39.4 Acquisition and integration charges (3) — — 0.5 Total (1) (2) $ 98.6 $ 62.6 $ 69.0 (1) On February 5, 2020, prior to the COVID-19 related shutdown in the U.S., the Compensation Committee (“Committee”) of the Board of Directors of the Company established performance measures for the performance-based restricted stock units (the “PSUs”) awarded to the Company’s executive officers in 2020 under the Plan. Based on preliminary corporate performance results for the 2020 performance measures, the 2020 PSUs would have been earned at 50% of target. However, on February 3, 2021, the Committee determined to use its discretion under the Plan to approve a payout at 95% of target. In deciding to exercise this discretion to adjust the performance-based RSU payout, the Committee considered the Company’s strong overall performance in 2020 despite the significant negative impact of the COVID-19 pandemic. As a result of the modification, the Company recognized $6.5 million of incremental compensation cost during the year ended December 31, 2021. (2) Includes charges of $41.2 million, $17.9 million and $21.5 million during 2021, 2020 and 2019, respectively, for awards to retirement-eligible employees. Those awards vest on an accelerated basis. (3) These charges were the result of restricted stock units granted in connection with the CEB integration process. |
Schedule of Fair Value Assumptions of SARS | The fair value of a SARs award is determined on the date of grant using the Black-Scholes-Merton valuation model with the following weighted average assumptions for the years ended December 31: 2021 2020 2019 Expected dividend yield (1) — % — % — % Expected stock price volatility (2) 31 % 23 % 21 % Risk-free interest rate (3) 0.4 % 1.5 % 2.5 % Expected life in years (4) 4.74 4.68 4.59 (1) The expected dividend yield assumption was based on both the Company’s historical and anticipated dividend payouts. Historically, the Company has not paid cash dividends on its Common Stock. (2) The determination of expected stock price volatility was based on both historical Common Stock prices and implied volatility from publicly traded options in the Common Stock. (3) The risk-free interest rate was based on the yield of a U.S. Treasury security with a maturity similar to the expected life of the award. (4) The expected life represents the Company’s estimate of the weighted average period of time the SARs are expected to be outstanding (that is, the period between the service inception date and the expected exercise date). |
Stock appreciation rights | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of Summary of the Changes in SARS, RSUs, and CSEs Outstanding | The table below summarizes changes in SARs outstanding during the year ended December 31, 2021. Units of SARs Per Share Per Share Weighted Average Outstanding at December 31, 2020 1.0 $ 123.59 $ 27.76 4.37 Granted 0.2 180.64 49.13 6.11 Exercised (0.4) 103.53 22.97 n/a Outstanding at December 31, 2021 (1) (2) 0.8 $ 145.36 $ 34.72 4.45 Vested and exercisable at December 31, 2021 (2) 0.3 $ 125.20 $ 28.17 3.44 n/a = not applicable (1) As of December 31, 2021, 0.5 million of the total SARs outstanding were unvested. The Company expects that substantially all of those unvested awards will vest in future periods. (2) As of December 31, 2021, the total SARs outstanding had an intrinsic value of $156.1 million. On such date, SARs vested and exercisable had an intrinsic value of $62.8 million. |
Restricted stock units | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of Summary of the Changes in SARS, RSUs, and CSEs Outstanding | The table below summarizes the changes in RSUs outstanding during the year ended December 31, 2021. Units of RSUs Per Share Outstanding at December 31, 2020 1.2 $ 136.09 Granted (1) 0.5 188.02 Vested and released (0.5) 127.77 Forfeited (0.1) 153.68 Outstanding at December 31, 2021 (2) (3) 1.1 $ 160.04 (1) The 0.5 million of RSUs granted during 2021 consisted of 0.1 million of performance-based RSUs awarded to executives and 0.4 million of service-based RSUs awarded to non-executive employees and non-management board members. The performance-based awards include RSUs in final adjustments of 2020 grants and approximately 0.1 million of RSUs representing the target amount of the grant for 2021 that is tied to an increase in Gartner’s total contract value for such year. The number of performance-based RSUs for 2021 that holders could receive ranges from 0% to 200% of the target amount based on the extent to which the corresponding performance goals have been achieved and subject to certain other conditions. Any adjustments in the number of performance-based RSUs under the 2021 grant will be made in 2022. (2) The Company expects that substantially all of the RSUs outstanding will vest in future periods. (3) As of December 31, 2021, the weighted average remaining contractual term of the RSUs outstanding was approximately 1.1 years. |
Common stock equivalents | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of Summary of the Changes in SARS, RSUs, and CSEs Outstanding | The table below summarizes the changes in CSEs outstanding during the year ended December 31, 2021. Units of CSEs Per Share Outstanding at December 31, 2020 113,540 $ 28.80 Granted 2,810 255.93 Converted to shares of Common Stock upon grant (2,032) 211.00 Outstanding at December 31, 2021 114,318 $ 31.15 |
Computation of Earnings Per S_2
Computation of Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Reconciliation of the Basic and Diluted Earnings Per Share Computations | The table below sets forth the calculation of basic and diluted income per share for the years ended December 31 (in thousands, except per share data). 2021 2020 2019 Numerator: Net income used for calculating basic and diluted income per share $ 793,560 $ 266,745 $ 233,290 Denominator: Weighted average common shares used in the calculation of basic income per share 85,026 89,315 89,817 Dilutive effect of outstanding awards associated with stock-based compensation plans 1,151 702 1,154 Shares used in the calculation of diluted income per share 86,177 90,017 90,971 Income per share (1): Basic $ 9.33 $ 2.99 $ 2.60 Diluted $ 9.21 $ 2.96 $ 2.56 (1) Both basic and diluted income per share for 2021, 2020 and 2019 included a tax benefit of approximately $0.63, $0.31 and $0.42 per share, respectively, related to intercompany sales of certain intellectual property (see Note 12 — Income Taxes). |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | The table below presents the number of outstanding awards associated with stock-based compensation plans that were not included in the computations of diluted income per share in the above table because the effect would have been anti-dilutive. During years with net income, the outstanding awards were anti-dilutive because their exercise prices were greater than the average market price per share of Common Stock during such year. Year Ended December 31, 2021 2020 2019 Anti-dilutive outstanding awards associated with stock-based compensation plans (in millions) (1) — 0.5 0.2 Average market price per share of Common Stock during the year $ 252.07 $ 130.95 $ 148.38 (1) The number of anti-dilutive common stock equivalents for 2021 was de minimis. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income before Income Taxes | Below is a summary of the components of the Company’s income before income taxes for the years ended December 31 (in thousands). 2021 2020 2019 U.S. $ 485,472 $ 111,880 $ 115,543 Non-U.S. 484,398 214,253 160,196 Income before income taxes $ 969,870 $ 326,133 $ 275,739 |
Schedule of Components of Income Tax | The components of the expense (benefit) for income taxes on the above income are summarized in the table below (in thousands). 2021 2020 2019 Current tax expense: U.S. federal $ 117,024 $ 14,480 $ 30,208 State and local 36,266 16,360 11,630 Foreign 64,835 62,993 53,105 Total current 218,125 93,833 94,943 Deferred tax (benefit) expense: U.S. federal (4,640) (7,206) (16,389) State and local 3,156 (13,121) (6,897) Foreign (33,389) (22,673) (48,186) Total deferred (34,873) (43,000) (71,472) Total current and deferred 183,252 50,833 23,471 (Expense) benefit relating to interest rate swaps used to increase equity (7,281) 8,257 17,666 Benefit from stock transactions with employees used to increase equity 78 56 54 Benefit relating to defined-benefit pension adjustments used to increase equity 261 242 1,258 Total tax expense $ 176,310 $ 59,388 $ 42,449 |
Schedule of Deferred Tax Assets and Liabilities | The components of long-term deferred tax assets (liabilities) are summarized in the table below (in thousands). December 31, 2021 2020 Accrued liabilities $ 90,384 $ 81,302 Operating leases 60,226 51,450 Loss and credit carryforwards 31,662 23,852 Assets relating to equity compensation 15,863 14,981 Other assets 12,195 16,290 Gross deferred tax assets 210,330 187,875 Valuation allowance (23,331) (15,717) Net deferred tax assets 186,999 172,158 Property, equipment and leasehold improvements (14,576) (9,852) Intangible assets (123,523) (172,723) Prepaid expenses (70,149) (46,105) Other liabilities (20,536) (13,152) Gross deferred tax liabilities (228,784) (241,832) Net deferred tax liabilities $ (41,785) $ (69,674) |
Schedule of Effective Income Tax Rate Reconciliation | The items comprising the differences between the U.S. federal statutory income tax rate and the Company’s effective tax rate on income before income taxes for the years ended December 31 are summarized in the table below. 2021 2020 2019 Statutory tax rate 21.0 % 21.0 % 21.0 % State income taxes, net of federal benefit 2.8 1.7 1.5 Effect of non-U.S. operations (3.4) (1.8) 2.7 Intercompany sale of intellectual property (5.6) (8.7) (13.8) Net activity in recognized tax benefits 1.3 6.4 4.7 Law changes 1.3 1.8 — Stock-based compensation expense (2.0) (2.8) (3.9) Nondeductible meals and entertainment costs — 0.3 1.7 Limitation on executive compensation 1.7 1.3 2.4 Global intangible low-taxed income, net of foreign tax credits 1.7 1.4 1.9 Foreign-derived intangible income (0.3) (0.8) (1.0) Other items, net (0.3) (1.6) (1.8) Effective tax rate 18.2 % 18.2 % 15.4 % |
Schedule of Reconciliation of Beginning and Ending Unrecognized Tax Benefits | The table below is a reconciliation of the beginning and ending amounts of gross unrecognized tax benefits, excluding interest and penalties, for the years ended December 31 (in thousands). 2021 2020 Beginning balance $ 127,080 $ 102,770 Additions based on tax positions related to the current year 29,636 20,177 Additions for tax positions of prior years 2,756 14,085 Reductions for tax positions of prior years (4,592) (2,301) Reductions for expiration of statutes (3,240) (8,191) Settlements (147) (390) Change in foreign currency exchange rates (1,469) 930 Ending balance $ 150,024 $ 127,080 |
Derivatives and Hedging (Tables
Derivatives and Hedging (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Notional Amounts of Outstanding Derivative Positions | Derivative Contract Type Number of Notional Fair Value Balance Sheet Unrealized Interest rate swaps (1) 4 $ 1,400,000 $ (31,942) Other liabilities $ (56,323) (21,795) Accrued liabilities Foreign currency forwards (2) 138 533,506 (91) Accrued liabilities — Total 142 $ 1,933,506 $ (53,828) $ (56,323) December 31, 2020 Derivative Contract Type Number of Notional Fair Value Balance Sheet Unrealized Interest rate swaps (1) 4 $ 1,400,000 $ (74,289) Other liabilities $ (78,104) (34,886) Accrued liabilities Foreign currency forwards (2) 163 430,063 (1,514) Accrued liabilities — Total 167 $ 1,830,063 $ (110,689) $ (78,104) (1) As a result of the payment under the then outstanding 2016 Credit Agreement term loan and revolving credit facility, the Company de-designated all of its interest rate swaps effective June 30, 2020. Accordingly, hedge accounting is not applicable, and subsequent changes to fair value of the interest rate swaps are recorded in Other income (expense), net. The amounts previously recorded in Accumulated other comprehensive loss are amortized into Interest expense over the terms of the hedged forecasted interest payments. Note 6 — Debt provides additional information regarding the Company’s interest rate swap contracts. (2) The Company has foreign exchange transaction risk because it typically enters into transactions in the normal course of business that are denominated in foreign currencies that differ from the local functional currency. The Company enters into short-term foreign currency forward exchange contracts to mitigate the cash flow risk associated with changes in foreign currency rates on forecasted foreign currency transactions. These contracts are accounted for at fair value with realized and unrealized gains and losses recognized in Other income (expense), net because the Company does not designate these contracts as hedges for accounting purposes. All of the outstanding foreign currency forward exchange contracts at December 31, 2021 matured before January 31, 2022. (3) See Note 14 — Fair Value Disclosures for the determination of the fair values of these instruments. |
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | The table below provides information regarding amounts recognized in the Consolidated Statements of Operations for derivative contracts for the years ended December 31 (in thousands). Amount Recorded In 2021 2020 2019 Interest expense (income), net (1) $ 29,061 $ 24,880 $ (3,361) Other (income) expense, net (2) (18,844) 22,300 2,488 Total expense (income), net $ 10,217 $ 47,180 $ (873) (1) Consists of interest expense (income) from interest rate swap contracts. |
Fair Value Disclosures (Tables)
Fair Value Disclosures (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets and Liabilities Measured to Fair Value on Recurring Basis | The table below presents the fair value of certain financial assets and liabilities that are recorded at fair value and measured on a recurring basis in the Company’s Consolidated Balance Sheets (in thousands). December 31, Description 2021 2020 Assets: Values based on Level 1 inputs: Deferred compensation plan assets (1) $ 7,428 $ 2,589 Total Level 1 inputs 7,428 2,589 Values based on Level 2 inputs: Deferred compensation plan assets (1) 96,627 85,932 Foreign currency forward contracts (2) 1,122 885 Total Level 2 inputs 97,749 86,817 Total Assets $ 105,177 $ 89,406 Liabilities: Values based on Level 2 inputs: Deferred compensation plan liabilities (1) $ 110,861 $ 94,538 Foreign currency forward contracts (2) 1,213 2,399 Interest rate swap contracts (3) 53,737 109,175 Total Level 2 inputs 165,811 206,112 Total Liabilities $ 165,811 $ 206,112 (1) The Company has a deferred compensation plan for the benefit of certain highly compensated officers, managers and other key employees (see Note 15 — Employee Benefits). The assets consist of investments in money market funds, mutual funds and company-owned life insurance contracts. The money market funds consist of cash equivalents while the mutual fund investments consist of publicly-traded and quoted equity shares. The Company considers the fair values of these assets to be based on Level 1 inputs, and such assets had fair values of $7.4 million and $2.6 million as of December 31, 2021 and 2020, respectively. The carrying amounts of the life insurance contracts equal their cash surrender values. Cash surrender value represents the estimated amount that the Company would receive upon termination of a contract, which approximates fair value. The Company considers life insurance contracts to be valued based on Level 2 inputs, and such assets had fair values of $96.6 million and $85.9 million at December 31, 2021 and 2020, respectively. The related deferred compensation plan liabilities are recorded at fair value, or the estimated amount needed to settle the liability, which the Company considers to be a Level 2 input. (2) The Company enters into foreign currency forward exchange contracts to hedge the effects of adverse fluctuations in foreign currency exchange rates (see Note 13 — Derivatives and Hedging). Valuation of these contracts is based on observable foreign currency exchange rates in active markets, which the Company considers to be a Level 2 input. (3) The Company has interest rate swap contracts that hedge the risk of variability from interest payments on its borrowings (see Note 6 — Debt). The fair values of interest rate swaps are based on mark-to-market valuations prepared by a third-party broker. Those valuations are based on observable interest rates from recently executed market transactions and other observable market data, which the Company considers to be Level 2 inputs. The Company independently corroborates the reasonableness of the valuations prepared by the third-party broker by using an electronic quotation service. |
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments | The table below presents the carrying amounts (net of deferred financing costs) and fair values of financial instruments that are not recorded at fair value in the Company’s Consolidated Balance Sheets (in thousands). The estimated fair value of the financial instruments was derived from quoted market prices provided by an independent dealer, which the Company considers to be a Level 2 input. Carrying Amount Fair Value December 31, December 31, Description 2021 2020 2021 2020 2028 Notes $ 791,833 $ 790,783 $ 836,632 $ 846,296 2029 Notes 593,139 — 608,346 — 2030 Notes 791,491 790,690 816,208 843,800 Total $ 2,176,463 $ 1,581,473 $ 2,261,186 $ 1,690,096 |
Employee Benefits (Tables)
Employee Benefits (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | |
Schedule of Components of Defined Benefit Pension Expense | The table below presents the components of the Company’s defined benefit pension plan expense for the years ended December 31 (in thousands). The components of pension expense, other than service cost, are recorded in Other income (expense), net in the Consolidated Statements of Operations. 2021 2020 2019 Service cost $ 4,511 $ 4,421 $ 3,659 Interest cost 605 718 851 Expected return on plan assets (350) (493) (517) Recognition of actuarial loss 576 474 237 Recognition of loss due to settlements 286 — — Total defined benefit pension plan expense $ 5,628 $ 5,120 $ 4,230 |
Schedule of Assumptions Used in the Computation of Pension Expense | The table below presents the key assumptions used in the computation of pension expense for the years ended December 31. 2021 2020 2019 Weighted average discount rate (1) 0.94 % 1.28 % 1.81 % Expected return on plan assets 1.19 % 2.04 % 2.54 % Average compensation increase 2.58 % 2.58 % 2.58 % Cash balance interest credit rate 0.80 % 1.20 % 1.90 % (1) Discount rates are typically determined by using the yields on long-term corporate or government bonds in the relevant country with a duration consistent with the expected term of the underlying pension obligations. |
Schedule of Changes in the Projected Benefit Obligation | The table below provides information regarding changes in the projected benefit obligation of the Company’s defined benefit pension plans for the years ended December 31 (in thousands). 2021 2020 2019 Projected benefit obligation at beginning of year $ 62,297 $ 52,503 $ 44,890 Service cost 4,511 4,421 3,659 Interest cost 605 718 851 Actuarial (gain) loss due to assumption changes and plan experience (1) (2,230) 1,516 4,524 Benefits payments (2) (1,198) (1,438) (830) Plan amendments 269 — — Settlements (1,606) — — Foreign currency impact (4,675) 4,577 (591) Projected benefit obligation at end of year (3) $ 57,973 $ 62,297 $ 52,503 The table below presents the key assumptions used in determining the projected benefit obligations at December 31. 2021 2020 2019 Weighted average discount rate (4) 1.24 % 0.94 % 1.28 % Average compensation increase 2.57 % 2.58 % 2.58 % Cash balance interest credit rate 1.20 % 0.80 % 1.20 % (1) The actuarial (gain) losses were primarily due to changes in the weighted average discount rate assumption. (2) The Company projects benefit payments will be made in future years directly to plan participants as follows: $1.6 million in 2022; $1.7 million in 2023; $1.9 million in 2024; $2.1 million in 2025; $2.3 million in 2026; and $15.9 million in total in the five years thereafter. (3) Measured as of December 31. (4) Discount rates are typically determined by using the yields on long-term corporate or government bonds in the relevant country with a duration consistent with the expected term of the underlying pension obligations. |
Schedule of Funded Status of the Plans and Related Amounts Recorded in Consolidated Balance Sheet | The tables below provide information regarding the funded status of the Company’s defined benefit pension plans and the related amounts recorded in the Consolidated Balance Sheets as of December 31 (in thousands). Funded status of the plans 2021 2020 2019 Projected benefit obligation $ 57,973 $ 62,297 $ 52,503 Pension plan assets at fair value (1) (29,737) (28,636) (23,444) Funded status – shortfall (2) $ 28,236 $ 33,661 $ 29,059 Accumulated benefit obligation $ 54,701 $ 58,963 $ 49,485 Amounts recorded in the Consolidated Balance Sheets for the plans Other liabilities – accrued pension obligation (2) $ 28,236 $ 33,661 $ 29,059 Stockholders’ equity – deferred actuarial loss (3) $ (6,672) $ (9,309) $ (8,584) (1) The pension plan assets are held by third-party trustees and are invested in a diversified portfolio of equities, high-quality government and corporate bonds, and other investments. The assets are primarily valued based on Level 1 and Level 2 inputs under the fair value hierarchy in FASB ASC Topic 820, with the majority of the invested assets considered to be of low-to-medium investment risk. The Company projects a future long-term rate of return on these plan assets of 1.58%, which it believes is reasonable based on the composition of the assets and both current and projected market conditions. Additional information regarding pension plan asset activity is provided below. (2) Funded status – shortfall represents the amount of the projected benefit obligation that the Company has not funded with a third-party trustee. These liabilities of the Company are recorded in Other liabilities on the Consolidated Balance Sheets. The level of future contributions by the Company will vary and is dependent on a number of factors including investment returns, interest rate fluctuations, plan demographics, funding regulations and the results of the final actuarial valuation. (3) The deferred actuarial loss as of December 31, 2021 is recorded in AOCI/L and will be reclassified out of AOCI/L and recognized as pension expense over approximately 13 years, subject to certain limitations set forth in FASB ASC Topic 715. The amortization of deferred actuarial losses from AOCI/L to pension expense in each of the years ended December 31, 2021, 2020 and 2019 was immaterial. |
Schedule of Defined Benefit Pension Plans Assets | The table below provides a rollforward of the Company’s defined benefit pension plans assets for the years ended December 31 (in thousands). 2021 2020 2019 Pension plan assets at the beginning of the year $ 28,636 $ 23,444 $ 19,460 Company contributions 4,865 3,924 4,405 Benefit payments (1,198) (1,438) (830) Actual return on plan assets 1,066 684 714 Settlements (1,606) — — Foreign currency impact (2,026) 2,022 (305) Pension plan assets at the end of the year $ 29,737 $ 28,636 $ 23,444 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information by Segment | The tables below present information about the Company’s reportable segments for the years ended December 31 (in thousands). Research Conferences Consulting Consolidated 2021 Revenues $ 4,101,392 $ 214,449 $ 418,121 $ 4,733,962 Gross contribution 3,036,925 133,748 158,843 3,329,516 Corporate and other expenses (2,413,765) Operating income $ 915,751 2020 Revenues $ 3,602,892 $ 120,140 $ 376,371 $ 4,099,403 Gross contribution 2,597,852 57,302 115,744 2,770,898 Corporate and other expenses (2,280,748) Operating income $ 490,150 2019 Revenues $ 3,374,548 $ 476,869 $ 393,904 $ 4,245,321 Gross contribution 2,351,720 241,757 118,450 2,711,927 Corporate and other expenses (2,341,840) Operating income $ 370,087 |
Schedule of Reconciliation of Segment Gross Contribution to Net Income | The table below provides a reconciliation of total segment gross contribution to net income for the years ended December 31 (in thousands). 2021 2020 2019 Total segment gross contribution $ 3,329,516 $ 2,770,898 $ 2,711,927 Costs and expenses: Cost of services and product development - unallocated (1) 39,647 16,519 17,174 Selling, general and administrative 2,155,658 2,038,963 2,103,424 Depreciation and amortization 212,405 218,984 211,779 Acquisition and integration charges 6,055 6,282 9,463 Operating income 915,751 490,150 370,087 Interest expense and other, net (98,191) (119,203) (92,273) Gain on event cancellation insurance claims 152,310 — — Loss from divested operations — — (2,075) Loss on extinguishment of debt — (44,814) — Less: Provision for income taxes 176,310 59,388 42,449 Net income $ 793,560 $ 266,745 $ 233,290 (1) The unallocated amounts consist of certain bonus and fringe costs recorded in consolidated Cost of services and product development that are not allocated to segment expense. The Company’s policy is to allocate bonuses to segments at 100% of a segment employee’s target bonus. Amounts above or below 100% are absorbed by corporate. |
Schedule of Revenue from External Customers and Long-Lived Assets by Geographical Areas | Disaggregated revenue information by reportable segment for the three years ended December 31, 2021 is presented in Note 9 — Revenue and Related Matters. Long-lived asset information by geographic location as of December 31 is summarized in the table below (in thousands). 2021 2020 Long-lived assets (1): United States and Canada $ 706,854 $ 820,973 Europe, Middle East and Africa 298,083 265,782 Other International 125,572 153,609 Total long-lived assets $ 1,130,509 $ 1,240,364 |
Valuation and Qualifying Acco_2
Valuation and Qualifying Accounts (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Summary of Valuation Allowance | The table below summarizes the activity in the Company’s allowance for losses for the years ended December 31 (in thousands). Balance at Additions Deductions Balance at 2021 $ 10,000 $ 2,800 $ (6,300) $ 6,500 2020 $ 8,000 $ 16,000 $ (14,000) $ 10,000 2019 $ 7,700 $ 14,000 $ (13,700) $ 8,000 |
Business and Significant Acco_4
Business and Significant Accounting Policies - Additional Information (Details) | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2021USD ($)enterprisecountry | Dec. 31, 2021USD ($)segmententerprisecountry | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Business and Significant Accounting Policies [Line Items] | ||||
Number of enterprises served | enterprise | 15,000 | 15,000 | ||
Number of countries in which entity operates | country | 100 | 100 | ||
Number of reportable segments | segment | 3 | |||
Proceeds from the sale of an equity security | $ 0 | $ 0 | $ 14,120,000 | |
Gain on sale of minority equity investment | 0 | 0 | 9,120,000 | |
Loss on impairment of lease related assets, net | $ 50,900,000 | 49,537,000 | 0 | 0 |
Depreciation expense | 102,802,000 | 93,925,000 | 82,066,000 | |
Net capitalized development costs for internal use software | 65,500,000 | 65,500,000 | 58,200,000 | |
Amortization of capitalized internal software development costs | 34,600,000 | 28,900,000 | 20,000,000 | |
Goodwill, impairment loss | 0 | |||
Foreign currency transaction gain (loss) | (3,700,000) | 12,500,000 | (1,100,000) | |
Derivative instruments, gain (loss) recognized in income, net | (10,217,000) | (47,180,000) | 873,000 | |
Proceeds related to event cancellation insurance claims | 166,900,000 | |||
Gain on event cancellation insurance claims | 152,310,000 | 0 | 0 | |
Selling, general and administrative | ||||
Business and Significant Accounting Policies [Line Items] | ||||
Loss on impairment of lease related assets, net | $ 49,500,000 | |||
Foreign currency exchange contracts | ||||
Business and Significant Accounting Policies [Line Items] | ||||
Derivative instruments, gain (loss) recognized in income, net | $ (1,400,000) | $ (14,100,000) | $ (2,500,000) |
Business and Significant Acco_5
Business and Significant Accounting Policies - Schedule of Cash and Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract] | ||||
Cash and cash equivalents | $ 756,493 | $ 712,583 | $ 280,836 | $ 156,368 |
Restricted cash classified in: | ||||
Prepaid expenses and other current assets | 4,109 | 0 | 0 | 2,295 |
Cash and cash equivalents and restricted cash per the Consolidated Statements of Cash Flows | $ 760,602 | $ 712,583 | $ 280,836 | $ 158,663 |
Business and Significant Acco_6
Business and Significant Accounting Policies - Property, Equipment and Leasehold Improvements, Less Accumulated Depreciation and Amortization (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Property, Plant and Equipment [Line Items] | ||
Property, equipment and leasehold improvements, gross | $ 654,887 | $ 676,368 |
Less — accumulated depreciation and amortization | (381,325) | (339,603) |
Property, equipment and leasehold improvements, net | 273,562 | 336,765 |
Computer equipment and software | ||
Property, Plant and Equipment [Line Items] | ||
Property, equipment and leasehold improvements, gross | $ 304,386 | 277,973 |
Computer equipment and software | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Useful Life | 2 years | |
Computer equipment and software | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Useful Life | 7 years | |
Furniture and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, equipment and leasehold improvements, gross | $ 97,050 | 114,622 |
Furniture and equipment | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Useful Life | 3 years | |
Furniture and equipment | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Useful Life | 8 years | |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, equipment and leasehold improvements, gross | $ 253,451 | $ 283,773 |
Leasehold improvements | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Useful Life | 2 years | |
Leasehold improvements | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Useful Life | 15 years |
Acquisitions and Divestitures -
Acquisitions and Divestitures - Additional Information (Details) - USD ($) | Jun. 17, 2021 | Oct. 01, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Business Acquisition [Line Items] | |||||
Net cash paid for acquisition | $ 22,939,000 | $ 0 | $ 25,989,000 | ||
Deferred consideration | 2,300,000 | 2,300,000 | |||
Acquisition and integration charges | $ 6,055,000 | $ 6,282,000 | $ 9,463,000 | ||
Pulse Q A Inc | |||||
Business Acquisition [Line Items] | |||||
Percentage of voting interests acquired | 100.00% | ||||
Aggregate purchase price | $ 29,100,000 | ||||
Net cash paid for acquisition | 22,900,000 | ||||
Future compensation expense | $ 4,500,000 | ||||
Future compensation expense, recognition period | 3 years | ||||
Acquired finite lived intangible assets and goodwill | $ 31,000,000 | ||||
Acquired other liabilities | 1,900,000 | ||||
Tax deductible goodwill | $ 0 | ||||
TOPO | |||||
Business Acquisition [Line Items] | |||||
Percentage of voting interests acquired | 100.00% | ||||
Aggregate purchase price | $ 25,000,000 | ||||
Net cash paid for acquisition | 23,700,000 | ||||
Acquired finite lived intangible assets and goodwill | 24,500,000 | ||||
Acquired other liabilities | 500,000 | ||||
Future compensation expense (up to) | $ 6,500,000 | ||||
Period of recognition | 2 years |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Changes to the Carrying Amount of Goodwill by Segment (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Goodwill [Roll Forward] | ||
Beginning Balance | $ 2,945,547 | $ 2,937,726 |
Additions due to acquisition | 11,486 | |
Foreign currency translation impact and other | (5,716) | 7,821 |
Ending Balance | 2,951,317 | 2,945,547 |
Research | ||
Goodwill [Roll Forward] | ||
Beginning Balance | 2,664,732 | 2,651,060 |
Additions due to acquisition | 11,486 | |
Foreign currency translation impact and other | (5,284) | 13,672 |
Ending Balance | 2,670,934 | 2,664,732 |
Conferences | ||
Goodwill [Roll Forward] | ||
Beginning Balance | 184,091 | 189,641 |
Additions due to acquisition | 0 | |
Foreign currency translation impact and other | (70) | (5,550) |
Ending Balance | 184,021 | 184,091 |
Consulting | ||
Goodwill [Roll Forward] | ||
Beginning Balance | 96,724 | 97,025 |
Additions due to acquisition | 0 | |
Foreign currency translation impact and other | (362) | (301) |
Ending Balance | $ 96,362 | $ 96,724 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Carrying Amounts of Amortizable Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Finite-lived Intangible Assets [Roll Forward] | ||
Gross cost, beginning balance | $ 1,279,386 | $ 1,301,120 |
Additions due to an acquisition | 19,500 | |
Intangible assets fully amortized | (126,570) | (33,262) |
Foreign currency translation impact | (4,306) | 11,528 |
Gross cost, ending balance | 1,168,010 | 1,279,386 |
Accumulated amortization | (453,592) | (472,388) |
Finite-lived intangible assets, net | 714,418 | 806,998 |
Customer Relationships | ||
Finite-lived Intangible Assets [Roll Forward] | ||
Gross cost, beginning balance | 1,154,210 | 1,145,109 |
Additions due to an acquisition | 7,980 | |
Intangible assets fully amortized | (61,422) | (2,394) |
Foreign currency translation impact | (4,410) | 11,495 |
Gross cost, ending balance | 1,096,358 | 1,154,210 |
Accumulated amortization | (413,266) | (381,776) |
Finite-lived intangible assets, net | $ 683,092 | 772,434 |
Customer Relationships | Minimum | ||
Finite-lived Intangible Assets [Roll Forward] | ||
Remaining amortization period | 6 years | |
Customer Relationships | Maximum | ||
Finite-lived Intangible Assets [Roll Forward] | ||
Remaining amortization period | 13 years | |
Technology-related | ||
Finite-lived Intangible Assets [Roll Forward] | ||
Gross cost, beginning balance | $ 110,597 | 111,033 |
Additions due to an acquisition | 11,200 | |
Intangible assets fully amortized | (60,685) | (787) |
Foreign currency translation impact | 104 | 351 |
Gross cost, ending balance | 61,216 | 110,597 |
Accumulated amortization | (35,727) | (83,320) |
Finite-lived intangible assets, net | $ 25,489 | 27,277 |
Technology-related | Minimum | ||
Finite-lived Intangible Assets [Roll Forward] | ||
Remaining amortization period | 3 years | |
Technology-related | Maximum | ||
Finite-lived Intangible Assets [Roll Forward] | ||
Remaining amortization period | 7 years | |
Content | ||
Finite-lived Intangible Assets [Roll Forward] | ||
Gross cost, beginning balance | $ 3,965 | 14,140 |
Additions due to an acquisition | 0 | |
Intangible assets fully amortized | (3,965) | (9,929) |
Foreign currency translation impact | 0 | (246) |
Gross cost, ending balance | 0 | 3,965 |
Accumulated amortization | 0 | (3,595) |
Finite-lived intangible assets, net | $ 0 | 370 |
Content | Minimum | ||
Finite-lived Intangible Assets [Roll Forward] | ||
Remaining amortization period | 2 years | |
Content | Maximum | ||
Finite-lived Intangible Assets [Roll Forward] | ||
Remaining amortization period | 3 years | |
Other | ||
Finite-lived Intangible Assets [Roll Forward] | ||
Gross cost, beginning balance | $ 10,614 | 30,838 |
Additions due to an acquisition | 320 | |
Intangible assets fully amortized | (498) | (20,152) |
Foreign currency translation impact | 0 | (72) |
Gross cost, ending balance | 10,436 | 10,614 |
Accumulated amortization | (4,599) | (3,697) |
Finite-lived intangible assets, net | $ 5,837 | $ 6,917 |
Other | Minimum | ||
Finite-lived Intangible Assets [Roll Forward] | ||
Remaining amortization period | 2 years | |
Other | Maximum | ||
Finite-lived Intangible Assets [Roll Forward] | ||
Remaining amortization period | 11 years |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets - Estimated Future Amortization Expense By Year From Amortizable Intangibles (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization of intangibles | $ 109,603 | $ 125,059 | $ 129,713 |
Finite-Lived Intangible Assets, Estimated Future Amortization Expense | |||
2022 | 100,687 | ||
2023 | 100,672 | ||
2024 | 93,479 | ||
2025 | 82,946 | ||
2026 | 80,271 | ||
2027 and thereafter | 256,363 | ||
Finite-lived intangible assets, net | $ 714,418 | $ 806,998 |
Other Assets - Composition of O
Other Assets - Composition of Other Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Benefit plan-related assets | $ 113,553 | $ 98,536 |
Non-current deferred tax assets | 140,004 | 103,559 |
Other | 55,132 | 54,221 |
Total other assets | $ 308,689 | $ 256,316 |
Accounts Payable and Accrued _3
Accounts Payable and Accrued and Other Liabilities - Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Payables and Accruals [Abstract] | ||
Accounts payable | $ 49,277 | $ 38,588 |
Payroll and employee benefits payable | 233,704 | 216,033 |
Bonus payable | 243,459 | 224,763 |
Commissions payable | 201,397 | 130,306 |
Income tax payable | 18,717 | 29,550 |
VAT payable | 48,834 | 58,496 |
Current portion of operating lease liabilities | 89,754 | 83,995 |
Other accrued liabilities, including the short-term portion of fair value of interest rate swap contracts | 249,672 | 170,700 |
Total accounts payable and accrued liabilities | $ 1,134,814 | $ 952,431 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | Total accounts payable and accrued liabilities | Total accounts payable and accrued liabilities |
Accounts Payable and Accrued _4
Accounts Payable and Accrued and Other Liabilities - Other Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Payables and Accruals [Abstract] | ||
Non-current deferred revenues | $ 48,176 | $ 26,754 |
Long-term taxes payable | 76,806 | 86,751 |
Benefit plan-related liabilities | 139,097 | 128,199 |
Non-current deferred tax liabilities | 181,789 | 173,233 |
Other, including long-term portion of fair value of interest rate swap contracts | 66,019 | 124,656 |
Total other liabilities | $ 511,887 | $ 539,593 |
Debt - Borrowings (Details)
Debt - Borrowings (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
Principal amount outstanding | $ 2,493,131 | $ 2,006,046 |
Less: deferred financing fees | (30,367) | (27,245) |
Net balance sheet carrying amount | 2,462,764 | 1,978,801 |
Other | ||
Debt Instrument [Line Items] | ||
Principal amount outstanding | 5,531 | 6,046 |
2020 Credit Agreement | Term Loan Facility | ||
Debt Instrument [Line Items] | ||
Principal amount outstanding | 287,600 | 395,000 |
2020 Credit Agreement | Revolving Credit Facility | Line of Credit | ||
Debt Instrument [Line Items] | ||
Principal amount outstanding | 0 | 5,000 |
Senior Notes Due 2028 | Senior Notes | ||
Debt Instrument [Line Items] | ||
Principal amount outstanding | 800,000 | 800,000 |
Senior Notes Due 2029 | Senior Notes | ||
Debt Instrument [Line Items] | ||
Principal amount outstanding | 600,000 | 0 |
Senior Notes Due 2030 | Senior Notes | ||
Debt Instrument [Line Items] | ||
Principal amount outstanding | $ 800,000 | $ 800,000 |
Debt - Debt Outstanding Footnot
Debt - Debt Outstanding Footnotes (Details) | Sep. 28, 2020USD ($) | Dec. 31, 2021USD ($)loan | Jun. 18, 2021USD ($) | Dec. 31, 2020USD ($) | Jun. 22, 2020USD ($) |
Debt Instrument [Line Items] | |||||
Principal amount outstanding | $ 2,493,131,000 | $ 2,006,046,000 | |||
Weighted average annual effective rate | 4.87% | ||||
Connecticut Economic Development Program | |||||
Debt Instrument [Line Items] | |||||
Number of loans | loan | 2 | ||||
2020 Credit Agreement | Term Loan Facility | |||||
Debt Instrument [Line Items] | |||||
Contractual annualized interest rate | 1.50% | ||||
Floating eurodollar base rate | 0.125% | ||||
Additional interest above base rate | 1.375% | ||||
Aggregate principal amount | $ 400,000,000 | ||||
Debt instrument term | 5 years | ||||
Principal amount outstanding | $ 287,600,000 | 395,000,000 | |||
2020 Credit Agreement | Revolving Credit Facility | Line of Credit | |||||
Debt Instrument [Line Items] | |||||
Remaining borrowing capacity | 1,000,000,000 | ||||
Debt instrument term | 5 years | ||||
Principal amount outstanding | 0 | 5,000,000 | |||
Senior Notes Due 2028 | Senior notes | |||||
Debt Instrument [Line Items] | |||||
Aggregate principal amount | 800,000,000 | $ 800,000,000 | |||
Debt instrument, fixed interest rate | 4.50% | ||||
Principal amount outstanding | 800,000,000 | 800,000,000 | |||
Senior Notes Due 2029 | Senior notes | |||||
Debt Instrument [Line Items] | |||||
Aggregate principal amount | $ 600,000,000 | ||||
Debt instrument, fixed interest rate | 3.625% | ||||
Principal amount outstanding | 600,000,000 | 0 | |||
Senior Notes Due 2029 | Senior notes | Redemption period two | |||||
Debt Instrument [Line Items] | |||||
Aggregate principal amount | 600,000,000 | ||||
Debt instrument, fixed interest rate | 3.625% | ||||
Senior Notes Due 2030 | Senior notes | |||||
Debt Instrument [Line Items] | |||||
Aggregate principal amount | $ 800,000,000 | 800,000,000 | |||
Debt instrument, fixed interest rate | 3.75% | ||||
Principal amount outstanding | $ 800,000,000 | $ 800,000,000 | |||
Economic Development Loan 1 | Connecticut Economic Development Program | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, fixed interest rate | 3.00% | ||||
Debt instrument term | 10 years | ||||
Principal amount outstanding | $ 500,000 | ||||
Economic Development Loan 2 | Connecticut Economic Development Program | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, fixed interest rate | 1.75% | ||||
Debt instrument term | 10 years |
Debt - Narrative (Details)
Debt - Narrative (Details) - USD ($) | Jun. 18, 2021 | Sep. 28, 2020 | Jun. 22, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | ||||||
Repayments of long-term debt | $ 107,915,000 | $ 2,058,469,000 | $ 102,579,000 | |||
Proceeds from borrowings | 600,000,000 | $ 2,000,000,000 | $ 5,000,000 | |||
2020 Credit Agreement | Variable Rate Component One | LIBOR | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 1.00% | |||||
2020 Credit Agreement | Variable Rate Component One | Base Rate | Minimum | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 0.125% | |||||
2020 Credit Agreement | Variable Rate Component One | Base Rate | Maximum | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 1.25% | |||||
2020 Credit Agreement | Variable Rate Component One | Federal Reserve Board of New York Rate | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 0.50% | |||||
2020 Credit Agreement | Variable Rate Component Two | LIBOR | Minimum | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 1.125% | |||||
2020 Credit Agreement | Variable Rate Component Two | LIBOR | Maximum | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 2.25% | |||||
Senior notes | Senior Notes Due 2029 | ||||||
Debt Instrument [Line Items] | ||||||
Aggregate principal amount | $ 600,000,000 | |||||
Debt instrument, fixed interest rate | 3.625% | |||||
Issue price, percent | 100.00% | |||||
Repayments of long-term debt | $ 100,000,000 | |||||
Senior notes | Senior Notes Due 2030 | ||||||
Debt Instrument [Line Items] | ||||||
Aggregate principal amount | $ 800,000,000 | 800,000,000 | ||||
Debt instrument, fixed interest rate | 3.75% | |||||
Issue price, percent | 100.00% | |||||
Percentage of principal amount redeemed | 40.00% | |||||
Senior notes | Senior Notes Due 2028 | ||||||
Debt Instrument [Line Items] | ||||||
Aggregate principal amount | $ 800,000,000 | $ 800,000,000 | ||||
Debt instrument, fixed interest rate | 4.50% | |||||
Issue price, percent | 100.00% | |||||
Percentage of principal amount redeemed | 40.00% | |||||
Senior notes | Redemption Option One | Senior Notes Due 2029 | ||||||
Debt Instrument [Line Items] | ||||||
Percentage of principal amount redeemed | 40.00% | |||||
Redemption price percentage | 103.625% | |||||
Senior notes | Redemption Option Two | Senior Notes Due 2029 | ||||||
Debt Instrument [Line Items] | ||||||
Redemption price percentage | 100.00% | |||||
Senior notes | Redemption Option Three | Senior Notes Due 2029 | ||||||
Debt Instrument [Line Items] | ||||||
Redemption price percentage | 101.00% | |||||
Term Loan Facility | 2020 Credit Agreement | ||||||
Debt Instrument [Line Items] | ||||||
Aggregate principal amount | $ 400,000,000 | |||||
Repayments of long-term debt | $ 100,000,000 | |||||
Debt instrument term | 5 years | |||||
Proceeds from borrowings | $ 400,000,000 | |||||
Line of Credit | 2020 Credit Agreement | Revolving Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument term | 5 years | |||||
Line of credit facility, maximum borrowing capacity | $ 1,000,000,000 | |||||
Line of credit facility, accordion feature, increase limit | $ 1,000,000,000 | |||||
Line of Credit | 2020 Credit Agreement | Revolving Credit Facility | Minimum | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 0.175% | |||||
Line of Credit | 2020 Credit Agreement | Revolving Credit Facility | Maximum | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 0.40% | |||||
Line of Credit | 2020 Credit Agreement | Letter of Credit | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit facility, maximum borrowing capacity | $ 75,000,000 |
Debt - Interest Rate Swaps (Det
Debt - Interest Rate Swaps (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021USD ($)contract | Dec. 31, 2020USD ($)contract | |
Derivative [Line Items] | ||
Number of contracts | contract | 142 | 167 |
Contract notional amount | $ 1,933,506 | $ 1,830,063 |
Interest rate swap | ||
Derivative [Line Items] | ||
Number of contracts | contract | 4 | |
Contract notional amount | $ 1,400,000 | |
Derivative, term of contract | 30 days | |
Loss on release of interest rate swap recognized in AOCI | $ 75,000 | |
Interest rate derivative hedge, asset (liability), net | 53,700 | 109,200 |
Interest rate swap | Accumulated Other Comprehensive Loss, Net | ||
Derivative [Line Items] | ||
Interest rate derivative hedge, asset (liability), net | $ 56,300 | $ 78,100 |
Interest rate swap | Minimum | ||
Derivative [Line Items] | ||
Derivative, fixed interest rate | 2.13% | |
Interest rate swap | Maximum | ||
Derivative [Line Items] | ||
Derivative, fixed interest rate | 3.04% |
Leases - Narrative (Details)
Leases - Narrative (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Lessee, Lease, Description [Line Items] | ||||
Renewal term | 10 years | 10 years | ||
Option to terminate, term | 1 year | |||
Leases not yet commenced, undiscounted lease payments | $ 8,500,000 | $ 8,500,000 | ||
Lease not yet commenced, term | 6 years | |||
Loss on impairment of lease related assets, net | 50,900,000 | $ 49,537,000 | $ 0 | $ 0 |
Impairment of leasehold improvement | 17,900,000 | |||
Increase (decrease) in operating lease liability | (19,300,000) | |||
Selling, general and administrative | ||||
Lessee, Lease, Description [Line Items] | ||||
Loss on impairment of lease related assets, net | $ 49,500,000 |
Leases - Net Lease Costs (Detai
Leases - Net Lease Costs (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Leases [Abstract] | ||||
Operating lease cost | $ 130,383,000 | $ 140,829,000 | $ 144,727,000 | |
Variable lease cost | 17,940,000 | 17,463,000 | 16,404,000 | |
Sublease income | (42,801,000) | (38,925,000) | (38,901,000) | |
Total lease cost, net | 105,522,000 | 119,367,000 | 122,230,000 | |
Cash paid for amounts included in the measurement of operating lease liabilities | 140,571,000 | 137,790,000 | 135,799,000 | |
Cash receipts from sublease arrangements | 42,374,000 | 38,565,000 | 34,441,000 | |
Right-of-use assets obtained in exchange for new operating lease liabilities | $ 33,113,000 | $ 27,258,000 | $ 136,997,000 | |
Weighted average remaining lease term for operating leases (in years) | 8 years 8 months 12 days | 8 years 8 months 12 days | 9 years 7 months 6 days | 10 years 2 months 12 days |
Weighted average discount rate for operating leases | 6.50% | 6.50% | 6.60% | 6.70% |
Cost of subleasing activities | $ 42,300,000 | $ 42,200,000 | $ 43,200,000 | |
Loss on impairment of lease related assets, net | $ 50,900,000 | $ 49,537,000 | $ 0 | $ 0 |
Leases - Lease Maturity (Detail
Leases - Lease Maturity (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Operating Lease Payments | ||
2022 | $ 137,188 | |
2023 | 138,332 | |
2024 | 127,399 | |
2025 | 113,226 | |
2026 | 112,937 | |
Thereafter | 415,242 | |
Total future minimum operating lease payments | 1,044,324 | |
Imputed interest | (256,804) | |
Total operating lease liabilities per the Consolidated Balance Sheet | 787,520 | $ 864,161 |
Sublease Cash Receipts | ||
2022 | 48,721 | |
2023 | 50,054 | |
2024 | 41,793 | |
2025 | 42,172 | |
2026 | 42,941 | |
Thereafter | 67,060 | |
Total future estimated sublease cash receipts | $ 292,741 | |
UNITED STATES | ||
Lessee, Lease, Description [Line Items] | ||
Percentage of lease payments | 79.00% |
Leases - Supplemental Balance S
Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Leases [Abstract] | ||
Accounts payable and accrued liabilities | $ 89,754 | $ 83,995 |
Operating lease liabilities | 697,766 | 780,166 |
Total operating lease liabilities per the Consolidated Balance Sheet | $ 787,520 | $ 864,161 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | Accounts payable and accrued liabilities | Accounts payable and accrued liabilities |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Details) $ / shares in Units, $ in Millions | Dec. 31, 2021USD ($)vote$ / shares | Jul. 31, 2021USD ($) | Apr. 30, 2021USD ($) | Feb. 28, 2021USD ($) | Dec. 31, 2020$ / shares | Dec. 31, 2015USD ($) |
Equity [Abstract] | ||||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.0005 | $ 0.0005 | ||||
Common stock, number of votes per share | vote | 1 | |||||
Share repurchase program, authorized amount | $ 1,200 | |||||
Stock repurchase program, additional authorized amount | $ 800 | $ 500 | $ 300 | |||
Stock repurchase program, remaining authorized repurchase amount | $ 591 | |||||
Losses expected to be reclassified in next twelve months | $ 22.6 |
Stockholders' Equity - Summary
Stockholders' Equity - Summary of Transactions Relating to Common Stock (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Common Stock Outstanding Roll Forward [Roll Forward] | |||
Payments for purchases of treasury stock | $ 1,655,547 | $ 176,302 | $ 199,042 |
Common Stock | |||
Common Stock Outstanding Roll Forward [Roll Forward] | |||
Beginning balance (in shares) | 163,602,067 | 163,602,067 | 163,602,067 |
Issuances under stock plans (in shares) | 0 | 0 | 0 |
Purchases for treasury (in shares) | 0 | 0 | 0 |
Ending balance (in shares) | 163,602,067 | 163,602,067 | 163,602,067 |
Treasury Stock | |||
Common Stock Outstanding Roll Forward [Roll Forward] | |||
Beginning balance (in shares) | 74,759,985 | 74,444,288 | 73,899,977 |
Issuances under stock plans (in shares) | (807,320) | (820,065) | (825,115) |
Purchases for treasury (in shares) | 7,252,839 | 1,135,762 | 1,369,426 |
Ending balance (in shares) | 81,205,504 | 74,759,985 | 74,444,288 |
Stockholders' Equity - Changes
Stockholders' Equity - Changes in AOCL/I by Component (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Accumulated Other Comprehensive (Loss) Income, Net of Tax [Roll Forward] | |||
Beginning Balance | $ 1,090,428 | $ 938,593 | $ 850,757 |
Other comprehensive income (loss) activity during the year: | |||
Change in AOCI/L before reclassifications to income | (4,389) | (47,544) | |
Reclassifications from AOCI/L to income | 22,186 | 26,254 | |
Other comprehensive income (loss), net for the year | 17,797 | (21,290) | (38,071) |
Ending Balance | 371,058 | 1,090,428 | 938,593 |
Derivative reclassifications | (10,217) | (47,180) | 873 |
Interest rate swap | Interest Income (Expense) | |||
Other comprehensive income (loss) activity during the year: | |||
Derivative reclassifications | 29,100 | 24,900 | |
Interest Rate Swaps | |||
Accumulated Other Comprehensive (Loss) Income, Net of Tax [Roll Forward] | |||
Beginning Balance | (78,104) | (47,164) | |
Other comprehensive income (loss) activity during the year: | |||
Change in AOCI/L before reclassifications to income | 0 | (56,862) | |
Reclassifications from AOCI/L to income | 21,781 | 25,922 | |
Other comprehensive income (loss), net for the year | 21,781 | (30,940) | |
Ending Balance | (56,323) | (78,104) | (47,164) |
Defined Benefit Pension Plans | |||
Accumulated Other Comprehensive (Loss) Income, Net of Tax [Roll Forward] | |||
Beginning Balance | (9,309) | (8,584) | |
Other comprehensive income (loss) activity during the year: | |||
Change in AOCI/L before reclassifications to income | 2,232 | (1,057) | |
Reclassifications from AOCI/L to income | 405 | 332 | |
Other comprehensive income (loss), net for the year | 2,637 | (725) | |
Ending Balance | (6,672) | (9,309) | (8,584) |
Foreign Currency Translation Adjustments | |||
Accumulated Other Comprehensive (Loss) Income, Net of Tax [Roll Forward] | |||
Beginning Balance | (11,815) | (22,190) | |
Other comprehensive income (loss) activity during the year: | |||
Change in AOCI/L before reclassifications to income | (6,621) | 10,375 | |
Reclassifications from AOCI/L to income | 0 | 0 | |
Other comprehensive income (loss), net for the year | (6,621) | 10,375 | |
Ending Balance | (18,436) | (11,815) | (22,190) |
AOCI Attributable to Parent | |||
Accumulated Other Comprehensive (Loss) Income, Net of Tax [Roll Forward] | |||
Beginning Balance | (99,228) | (77,938) | (39,867) |
Other comprehensive income (loss) activity during the year: | |||
Other comprehensive income (loss), net for the year | 17,797 | (21,290) | (38,071) |
Ending Balance | $ (81,431) | $ (99,228) | $ (77,938) |
Revenue and Related Matters - N
Revenue and Related Matters - Narrative (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021USD ($)segment | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Disaggregation of Revenue [Line Items] | |||
Number of reportable segments | segment | 3 | ||
Revenue recognized previously attributable to deferred revenues | $ 1,613.3 | $ 1,494 | $ 1,436.9 |
Amortization of deferred sales commissions | $ 472.5 | $ 440.5 | $ 369.5 |
Research | Product Concentration Risk | Revenue from Contract with Customer Benchmark | |||
Disaggregation of Revenue [Line Items] | |||
Concentration risk percentage | 91.00% | ||
Minimum | |||
Disaggregation of Revenue [Line Items] | |||
Percentage of subscription contracts billable upon signing for twelve months of service | 80.00% | ||
Maximum | |||
Disaggregation of Revenue [Line Items] | |||
Percentage of subscription contracts billable upon signing for twelve months of service | 85.00% |
Revenue and Related Matters - D
Revenue and Related Matters - Disaggregation of Revenue by Geographic Area (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disaggregation of Revenue [Line Items] | |||
Total revenues | $ 4,733,962 | $ 4,099,403 | $ 4,245,321 |
United States and Canada | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 3,048,902 | 2,637,824 | 2,734,490 |
Europe, Middle East and Africa | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 1,130,979 | 966,273 | 996,004 |
Other International | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 554,081 | 495,306 | 514,827 |
Research | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 4,101,392 | 3,602,892 | 3,374,548 |
Research | United States and Canada | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 2,655,534 | 2,339,482 | 2,199,008 |
Research | Europe, Middle East and Africa | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 958,339 | 826,752 | 751,267 |
Research | Other International | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 487,519 | 436,658 | 424,273 |
Conferences | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 214,449 | 120,140 | 476,869 |
Conferences | United States and Canada | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 146,707 | 75,024 | 295,857 |
Conferences | Europe, Middle East and Africa | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 47,883 | 28,108 | 122,591 |
Conferences | Other International | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 19,859 | 17,008 | 58,421 |
Consulting | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 418,121 | 376,371 | 393,904 |
Consulting | United States and Canada | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 246,661 | 223,318 | 239,625 |
Consulting | Europe, Middle East and Africa | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 124,757 | 111,413 | 122,146 |
Consulting | Other International | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | $ 46,703 | $ 41,640 | $ 32,133 |
Revenue and Related Matters - T
Revenue and Related Matters - Timing Of Revenue Recognition Liabilities per Segment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disaggregation of Revenue [Line Items] | |||
Total revenues | $ 4,733,962 | $ 4,099,403 | $ 4,245,321 |
Transferred over time | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 4,075,639 | 3,609,657 | 3,399,978 |
Transferred at a point in time | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 658,323 | 489,746 | 845,343 |
Research | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 4,101,392 | 3,602,892 | 3,374,548 |
Research | Transferred over time | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 3,740,694 | 3,313,111 | 3,083,936 |
Research | Transferred at a point in time | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 360,698 | 289,781 | 290,612 |
Conferences | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 214,449 | 120,140 | 476,869 |
Conferences | Transferred over time | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 0 | 0 | 0 |
Conferences | Transferred at a point in time | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 214,449 | 120,140 | 476,869 |
Consulting | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 418,121 | 376,371 | 393,904 |
Consulting | Transferred over time | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 334,945 | 296,546 | 316,042 |
Consulting | Transferred at a point in time | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | $ 83,176 | $ 79,825 | $ 77,862 |
Revenue and Related Matters - R
Revenue and Related Matters - Revenue Remaining Performance Obligation (Details) $ in Millions | Dec. 31, 2021USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 4,400 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |
Revenue from Contract with Customer [Abstract] | |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 2,600 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Revenue from Contract with Customer [Abstract] | |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 1,500 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Revenue from Contract with Customer [Abstract] | |
Revenue, remaining performance obligation, expected timing of satisfaction, period | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 362.6 |
Revenue and Related Matters - S
Revenue and Related Matters - Schedule of Contract with Customer, Asset and Liability (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Assets: | ||
Fees receivable, gross | $ 1,371,680 | $ 1,251,508 |
Contract assets recorded in Prepaid expenses and other current assets | 20,054 | 14,440 |
Contract liabilities: | ||
Deferred revenues (current liability) | 2,238,035 | 1,974,548 |
Non-current deferred revenues recorded in Other liabilities | 48,176 | 26,754 |
Total contract liabilities | $ 2,286,211 | $ 2,001,302 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares available for grant | 4,300,000 | ||
Common stock, par value (in dollars per share) | $ 0.0005 | $ 0.0005 | |
Total share-based compensation cost not yet recognized | $ 103,000,000 | ||
Remaining weighted average service period | 2 years 4 months 24 days | ||
Proceeds from employee stock purchase plan | $ 18,173,000 | $ 18,085,000 | $ 17,629,000 |
Employee Stock Purchase Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Employee stock purchase plan, stock purchases as a percentage of employee compensation, maximum | 10.00% | ||
Maximum share value authorized for purchase under employee stock purchase plan | $ 23,750 | ||
Exercisable price percentage of closing price of another class of stock | 95.00% | ||
Maximum number of shares that may be purchased by eligible participants | 3,300,000 | ||
Proceeds from employee stock purchase plan | $ 18,200,000 | $ 18,100,000 | $ 17,600,000 |
Stock appreciation rights | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Remaining weighted average service period | 6 years 1 month 9 days | ||
Award vesting period | 4 years | ||
Award expiry period from date of grant | 7 years | ||
Total compensation cost not yet recognized, period for recognition | 4 years | ||
Restricted stock units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Common shares per vested award (in shares) | 1 | ||
Restricted stock units | Service-based Awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period | 4 years | ||
Restricted stock units | Performance Shares | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period | 4 years | ||
CSEs | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Common shares per vested award (in shares) | 1 | ||
Base fee percentage | 50.00% |
Stock-Based Compensation - Stoc
Stock-Based Compensation - Stock-Based Compensation Expense By Award Type (Details) - USD ($) $ in Millions | Feb. 03, 2021 | Feb. 05, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock-based compensation expense | $ 98.6 | $ 62.6 | $ 69 | ||
Stock appreciation rights | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock-based compensation expense | 8.2 | 7.8 | 6.7 | ||
Restricted stock units | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock-based compensation expense | 89.6 | 54.1 | 61.6 | ||
Common stock equivalents | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock-based compensation expense | 0.8 | $ 0.7 | $ 0.7 | ||
Performance Shares | Executives | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock-based compensation expense | $ 6.5 | ||||
Target performance percentage | 95.00% | 50.00% |
Stock-Based Compensation - St_2
Stock-Based Compensation - Stock-Based Compensation Expense Recognized In Consolidated Statements of Operations (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Stock-based compensation expense | $ 98.6 | $ 62.6 | $ 69 |
Retirement Eligible Employees Equity Award | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Stock-based compensation expense | 41.2 | 17.9 | 21.5 |
Cost of services and product development | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Stock-based compensation expense | 35 | 29.7 | 29.1 |
Selling, general and administrative | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Stock-based compensation expense | 63.6 | 32.9 | 39.4 |
Acquisition and integration charges | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Stock-based compensation expense | $ 0 | $ 0 | $ 0.5 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Changes in SARs Outstanding (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Weighted Average Remaining Contractual Term (Years) | ||
Granted | 2 years 4 months 24 days | |
Stock appreciation rights | ||
SARs | ||
Outstanding, Beginning Balance (in shares) | 1 | |
Granted (in shares) | 0.2 | |
Exercised (in shares) | (0.4) | |
Outstanding, Ending Balance (in shares) | 0.8 | 1 |
Vested and exercisable, ending balance (in shares) | 0.3 | |
Per Share Weighted Average Exercise Price | ||
Outstanding, Beginning Balance (in dollars per share) | $ 123.59 | |
Granted (in dollars per share) | 180.64 | |
Exercised (in dollars per share) | 103.53 | |
Outstanding, Ending Balance (in dollars per share) | 145.36 | $ 123.59 |
Vested and exercisable, ending balance (in Dollars per share) | 125.20 | |
Per Share Weighted Average Grant Date Fair Value | ||
Outstanding, Beginning Balance (in dollars per share) | 27.76 | |
Granted (in dollars per share) | 49.13 | |
Exercised (in Dollars per share) | 22.97 | |
Outstanding, Ending Balance (in dollars per share) | 34.72 | $ 27.76 |
Vested and exercisable, ending balance (in Dollars per share) | $ 28.17 | |
Weighted Average Remaining Contractual Term (Years) | ||
Weighted average remaining contractual terms | 4 years 5 months 12 days | 4 years 4 months 13 days |
Granted | 6 years 1 month 9 days | |
Weighted average remaining contractual terms vested and exercisable | 3 years 5 months 8 days | |
Unvested SARs (in shares) | 0.8 | 1 |
Aggregate intrinsic value of outstanding shares | $ 156.1 | |
Aggregate intrinsic value of shares vested and exercisable | $ 62.8 | |
Stock appreciation rights | Unvested | ||
SARs | ||
Outstanding, Ending Balance (in shares) | 0.5 | |
Weighted Average Remaining Contractual Term (Years) | ||
Unvested SARs (in shares) | 0.5 |
Stock-Based Compensation - Weig
Stock-Based Compensation - Weighted-Average Assumptions Used to Determine Fair Value of SARs Grants on Date of Grant Using Black-Scholes-Merton Valuation Model (Details) - Stock appreciation rights | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected dividend yield | 0.00% | 0.00% | 0.00% |
Expected stock price volatility | 31.00% | 23.00% | 21.00% |
Risk-free interest rate | 0.40% | 1.50% | 2.50% |
Expected life | 4 years 8 months 26 days | 4 years 8 months 4 days | 4 years 7 months 2 days |
Stock-Based Compensation - Su_2
Stock-Based Compensation - Summary of Changes in RSUs Outstanding (Details) - Restricted stock units shares in Millions | 12 Months Ended |
Dec. 31, 2021$ / sharesshares | |
Restricted Stock Units (RSUs) | |
Outstanding, Beginning Balance (in shares) | 1.2 |
Granted (in shares) | 0.5 |
Vested and released (in shares) | (0.5) |
Forfeited (in shares) | (0.1) |
Outstanding, Ending Balance (in shares) | 1.1 |
Per Share Weighted Average Grant Date Fair Value | |
Outstanding, Beginning Balance (in dollars per share) | $ / shares | $ 136.09 |
Granted (in dollars per share) | $ / shares | 188.02 |
Vested and released (in dollars per share) | $ / shares | 127.77 |
Forfeited (in dollars per share) | $ / shares | 153.68 |
Outstanding, Ending Balance (in dollars per share) | $ / shares | $ 160.04 |
Weighted average remaining contractual term | 1 year 1 month 6 days |
Performance Shares | |
Restricted Stock Units (RSUs) | |
Granted (in shares) | 0.1 |
Minimum | Performance Shares | |
Per Share Weighted Average Grant Date Fair Value | |
Target performance percentage | 0.00% |
Maximum | Performance Shares | |
Per Share Weighted Average Grant Date Fair Value | |
Target performance percentage | 200.00% |
Executives | Performance Shares | |
Restricted Stock Units (RSUs) | |
Granted (in shares) | 0.1 |
Non-executive employees | Service-based Awards | |
Restricted Stock Units (RSUs) | |
Granted (in shares) | 0.4 |
Stock-Based Compensation - Su_3
Stock-Based Compensation - Summary of Changes in CSEs Outstanding (Details) - CSEs | 12 Months Ended |
Dec. 31, 2021$ / sharesshares | |
Units of CSEs | |
Outstanding, Beginning Balance (in shares) | shares | 113,540 |
Granted (in shares) | shares | 2,810 |
Converted to shares of Common Stock upon grant (in shares) | shares | (2,032) |
Outstanding, Ending Balance (in shares) | shares | 114,318 |
Per Share Weighted Average Grant Date Fair Value | |
Outstanding, Beginning Balance (in dollars per share) | $ / shares | $ 28.80 |
Granted (in dollars per share) | $ / shares | 255.93 |
Converted to shares of Common Stock upon grant (in dollars per share) | $ / shares | 211 |
Outstanding, Ending Balance (in dollars per share) | $ / shares | $ 31.15 |
Computation of Earnings Per S_3
Computation of Earnings Per Share - Calculations Of Basic And Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Numerator: | |||
Net income used for calculating basic and diluted income per share | $ 793,560 | $ 266,745 | $ 233,290 |
Denominator: | |||
Weighted average common shares used in the calculation of basic income per share (in shares) | 85,026 | 89,315 | 89,817 |
Dilutive effect of outstanding awards associated with stock-based compensation plans (in shares) | 1,151 | 702 | 1,154 |
Shares used in the calculation of diluted income per share (in shares) | 86,177 | 90,017 | 90,971 |
Income per share: | |||
Basic (in dollars per share) | $ 9.33 | $ 2.99 | $ 2.60 |
Diluted (in dollars per share) | 9.21 | 2.96 | 2.56 |
Sale of intellectual property, income tax benefit (in dollars per share) | $ 0.63 | $ 0.31 | $ 0.42 |
Computation of Earnings Per S_4
Computation of Earnings Per Share - Common Share Equivalents Not Included in the Computation of Diluted EPS (Details) - $ / shares shares in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |||
Anti-dilutive outstanding awards associated with stock-based compensation plans (in shares) | 0 | 0.5 | 0.2 |
Average market price per share of Common Stock during the year (in dollars per share) | $ 252.07 | $ 130.95 | $ 148.38 |
Income Taxes - Summary of Compo
Income Taxes - Summary of Components of Income Before Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest [Abstract] | |||
U.S. | $ 485,472 | $ 111,880 | $ 115,543 |
Non-U.S. | 484,398 | 214,253 | 160,196 |
Income before income taxes | $ 969,870 | $ 326,133 | $ 275,739 |
Income Taxes - Components of In
Income Taxes - Components of Income Tax Expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Current tax expense: | |||
U.S. federal | $ 117,024 | $ 14,480 | $ 30,208 |
State and local | 36,266 | 16,360 | 11,630 |
Foreign | 64,835 | 62,993 | 53,105 |
Total current | 218,125 | 93,833 | 94,943 |
Deferred tax (benefit) expense: | |||
U.S. federal | (4,640) | (7,206) | (16,389) |
State and local | 3,156 | (13,121) | (6,897) |
Foreign | (33,389) | (22,673) | (48,186) |
Total deferred | (34,873) | (43,000) | (71,472) |
Total current and deferred | 183,252 | 50,833 | 23,471 |
Total tax expense | 176,310 | 59,388 | 42,449 |
(Expense) benefit relating to interest rate swaps used to increase equity | |||
Deferred tax (benefit) expense: | |||
Other tax benefit (expense) | (7,281) | 8,257 | 17,666 |
Benefit from stock transactions with employees used to increase equity | |||
Deferred tax (benefit) expense: | |||
Other tax benefit (expense) | 78 | 56 | 54 |
Benefit relating to defined-benefit pension adjustments used to increase equity | |||
Deferred tax (benefit) expense: | |||
Other tax benefit (expense) | $ 261 | $ 242 | $ 1,258 |
Income Taxes - Current and Long
Income Taxes - Current and Long-Term Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Income Tax Disclosure [Abstract] | ||
Accrued liabilities | $ 90,384 | $ 81,302 |
Operating leases | 60,226 | 51,450 |
Loss and credit carryforwards | 31,662 | 23,852 |
Assets relating to equity compensation | 15,863 | 14,981 |
Other assets | 12,195 | 16,290 |
Gross deferred tax assets | 210,330 | 187,875 |
Valuation allowance | (23,331) | (15,717) |
Net deferred tax assets | 186,999 | 172,158 |
Property, equipment and leasehold improvements | (14,576) | (9,852) |
Intangible assets | (123,523) | (172,723) |
Prepaid expenses | (70,149) | (46,105) |
Other liabilities | (20,536) | (13,152) |
Gross deferred tax liabilities | (228,784) | (241,832) |
Net deferred tax liabilities | $ (41,785) | $ (69,674) |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax [Line Items] | |||
Non-current deferred tax assets | $ 140,004 | $ 103,559 | |
Non-current deferred tax liabilities | 181,789 | 173,233 | |
Valuation allowance | 23,331 | 15,717 | |
Benefits of future tax deductions for amortization | 54,100 | 28,300 | $ 38,100 |
Unrecognized tax benefits | 150,024 | 127,080 | $ 102,770 |
Unrecognized tax benefits reductions resulting from anticipated closure of audits and the expiration of certain statutes of limitation | 30,000 | ||
Unrecognized tax benefits that would impact effective tax rate | 141,500 | ||
Unrecognized tax benefits that would result adjustments to other tax accounts | 8,500 | ||
Income tax penalties and interest expense | 14,300 | 10,200 | |
Income tax examination, penalties and interest expense | 4,200 | 2,000 | |
Accumulated undistributed earnings of non-US subsidiaries | 120,100 | ||
State and local jurisdiction | |||
Income Tax [Line Items] | |||
Operating loss carryforwards | 12,600 | ||
Tax credit carryforwards | $ 6,700 | ||
State and local jurisdiction | Minimum | |||
Income Tax [Line Items] | |||
Tax credit carryforwards, expiration period | 5 years | ||
State and local jurisdiction | Maximum | |||
Income Tax [Line Items] | |||
Tax credit carryforwards, expiration period | 6 years | ||
State and local jurisdiction | Expire within six to fifteen years | |||
Income Tax [Line Items] | |||
Operating loss carryforwards | $ 300 | ||
State and local jurisdiction | Expire within six to fifteen years | Minimum | |||
Income Tax [Line Items] | |||
Operating loss carryforwards expiration period | 6 years | ||
State and local jurisdiction | Expire within six to fifteen years | Maximum | |||
Income Tax [Line Items] | |||
Operating loss carryforwards expiration period | 15 years | ||
State and local jurisdiction | Expire within sixteen to twenty years | |||
Income Tax [Line Items] | |||
Operating loss carryforwards | $ 12,300 | ||
State and local jurisdiction | Expire within sixteen to twenty years | Minimum | |||
Income Tax [Line Items] | |||
Operating loss carryforwards expiration period | 16 years | ||
State and local jurisdiction | Expire within sixteen to twenty years | Maximum | |||
Income Tax [Line Items] | |||
Operating loss carryforwards expiration period | 20 years | ||
Foreign Tax Authority | |||
Income Tax [Line Items] | |||
Operating loss carryforwards | $ 5,700 | ||
Tax credit carryforwards | 15,200 | ||
Foreign Tax Authority | Expire over next twenty years | |||
Income Tax [Line Items] | |||
Operating loss carryforwards | $ 100 | ||
Operating loss carryforwards expiration period | 20 years | ||
Foreign Tax Authority | Carried forward indefinitely | |||
Income Tax [Line Items] | |||
Operating loss carryforwards | $ 5,600 | ||
Other assets | |||
Income Tax [Line Items] | |||
Non-current deferred tax assets | 140,000 | 103,600 | |
Other liabilities | |||
Income Tax [Line Items] | |||
Non-current deferred tax liabilities | $ 181,800 | $ 173,200 |
Income Taxes - Differences Betw
Income Taxes - Differences Between U.S. Federal Statutory Income Tax Rate and Effective Tax Rate on Income Before Income Taxes (Details) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
Statutory tax rate | 21.00% | 21.00% | 21.00% |
State income taxes, net of federal benefit | 2.80% | 1.70% | 1.50% |
Effect of non-U.S. operations | (3.40%) | (1.80%) | 2.70% |
Intercompany sale of intellectual property | (5.60%) | (8.70%) | (13.80%) |
Net activity in recognized tax benefits | 1.30% | 6.40% | 4.70% |
Law changes | 0.013 | 0.018 | 0 |
Stock-based compensation expense | (2.00%) | (2.80%) | (3.90%) |
Nondeductible meals and entertainment costs | 0.00% | 0.30% | 1.70% |
Limitation on executive compensation | 1.70% | 1.30% | 2.40% |
Global intangible low-taxed income, net of foreign tax credits | 1.70% | 1.40% | 1.90% |
Foreign-derived intangible income | (0.30%) | (0.80%) | (1.00%) |
Other items, net | (0.30%) | (1.60%) | (1.80%) |
Effective tax rate | 18.20% | 18.20% | 15.40% |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits, Excluding Interest and Penalties (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||
Beginning balance | $ 127,080 | $ 102,770 |
Additions based on tax positions related to the current year | 29,636 | 20,177 |
Additions for tax positions of prior years | 2,756 | 14,085 |
Reductions for tax positions of prior years | (4,592) | (2,301) |
Reductions for expiration of statutes | (3,240) | (8,191) |
Settlements | (147) | (390) |
Change in foreign currency exchange rates | (1,469) | |
Change in foreign currency exchange rates | 930 | |
Ending balance | $ 150,024 | $ 127,080 |
Derivatives and Hedging - Outst
Derivatives and Hedging - Outstanding Derivatives Contracts (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021USD ($)contract | Dec. 31, 2020USD ($)contract | |
Derivatives, Fair Value [Line Items] | ||
Number of Contracts | contract | 142 | 167 |
Notional Amounts | $ 1,933,506 | $ 1,830,063 |
Fair Value Asset (Liability), Net | (53,828) | (110,689) |
Unrealized Loss Recorded in AOCI/L | $ (56,323) | $ (78,104) |
Interest rate swaps | ||
Derivatives, Fair Value [Line Items] | ||
Number of Contracts | contract | 4 | |
Notional Amounts | $ 1,400,000 | |
Other liabilities | Interest rate swaps | Designated as hedging instrument | ||
Derivatives, Fair Value [Line Items] | ||
Number of Contracts | contract | 4 | 4 |
Notional Amounts | $ 1,400,000 | $ 1,400,000 |
Fair Value Asset (Liability), Net | (31,942) | (74,289) |
Unrealized Loss Recorded in AOCI/L | (56,323) | (78,104) |
Accrued liabilities | Interest rate swaps | Designated as hedging instrument | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value Asset (Liability), Net | $ (21,795) | $ (34,886) |
Accrued liabilities | Foreign currency forward contracts | Not Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Number of Contracts | contract | 138 | 163 |
Notional Amounts | $ 533,506 | $ 430,063 |
Fair Value Asset (Liability), Net | (91) | (1,514) |
Unrealized Loss Recorded in AOCI/L | $ 0 | $ 0 |
Derivatives and Hedging - Deriv
Derivatives and Hedging - Derivative Gains And Losses That Have Been Recognized In Condensed Consolidated Statements Of Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total expense (income), net | $ (10,217) | $ (47,180) | $ 873 |
Interest rate swaps - net change in deferred gain or loss | 21,781 | (30,940) | (39,394) |
Interest (income) expense, net | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total expense (income), net | (29,061) | (24,880) | 3,361 |
Other expense (income), net | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total expense (income), net | 18,844 | $ (22,300) | $ (2,488) |
Other Expense | Interest rate swap | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Interest rate swaps - net change in deferred gain or loss | $ 10,300 |
Fair Value Disclosures - Assets
Fair Value Disclosures - Assets And Liabilities Measured At Fair Value On Recurring Basis (Details) - Fair Value, Recurring - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Assets: | ||
Total Assets | $ 105,177 | $ 89,406 |
Liabilities: | ||
Total Liabilities | 165,811 | 206,112 |
Level 1 | ||
Assets: | ||
Total Assets | 7,428 | 2,589 |
Level 1 | Deferred compensation plan assets | ||
Assets: | ||
Total Assets | 7,428 | 2,589 |
Level 2 | ||
Assets: | ||
Total Assets | 97,749 | 86,817 |
Liabilities: | ||
Total Liabilities | 165,811 | 206,112 |
Level 2 | Foreign currency forward contracts | ||
Assets: | ||
Total Assets | 1,122 | 885 |
Liabilities: | ||
Total Liabilities | 1,213 | 2,399 |
Level 2 | Interest rate swap contracts | ||
Liabilities: | ||
Total Liabilities | 53,737 | 109,175 |
Level 2 | Deferred compensation plan assets | ||
Assets: | ||
Total Assets | 96,627 | 85,932 |
Level 2 | Deferred compensation plan liabilities | ||
Liabilities: | ||
Total Liabilities | $ 110,861 | $ 94,538 |
Fair Value Disclosures - Additi
Fair Value Disclosures - Additional Information (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | ||||
Money market funds at carrying value | $ 7,400,000 | $ 7,400,000 | $ 2,600,000 | |
Cash surrender value of life insurance | 96,600,000 | 96,600,000 | 85,900,000 | |
Loss on impairment of lease related assets, net | $ 50,900,000 | $ 49,537,000 | $ 0 | $ 0 |
Fair Value Disclosures - Fair V
Fair Value Disclosures - Fair Value of Debt Instruments (Details) - Senior Notes - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Amount | $ 2,176,463 | $ 1,581,473 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 2,261,186 | 1,690,096 |
Senior Notes Due 2028 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Amount | 791,833 | 790,783 |
Senior Notes Due 2028 | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 836,632 | 846,296 |
Senior Notes Due 2029 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Amount | 593,139 | 0 |
Senior Notes Due 2029 | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 608,346 | 0 |
Senior Notes Due 2030 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Amount | 791,491 | 790,690 |
Senior Notes Due 2030 | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | $ 816,208 | $ 843,800 |
Employee Benefits - Additional
Employee Benefits - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Employer matching contribution, percent | 4.00% | ||
Maximum annual contribution per employee, amount | $ 7,200 | ||
Defined contribution plan cost recognized | 44,100,000 | $ 43,900,000 | $ 44,100,000 |
Compensation expense related to deferred compensation plan | 1,300,000 | 1,900,000 | $ 600,000 |
Other assets | 9,500,000 | 10,000,000 | |
Other assets | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Deferred compensation plan assets | 104,100,000 | 88,500,000 | |
Other liabilities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Deferred compensation liability | $ 110,900,000 | $ 94,500,000 |
Employee Benefits - Components
Employee Benefits - Components of Net Periodic Pension Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Service cost | $ 4,511 | $ 4,421 | $ 3,659 |
Interest cost | 605 | 718 | 851 |
Expected return on plan assets | (350) | (493) | (517) |
Recognition of actuarial loss | 576 | 474 | 237 |
Recognition of loss due to settlements | 286 | 0 | 0 |
Total defined benefit pension expense | $ 5,628 | $ 5,120 | $ 4,230 |
Employee Benefits - Assumptions
Employee Benefits - Assumptions Used in Computation of Net Periodic Pension Expense (Details) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | |||
Weighted-average discount rate | 0.94% | 1.28% | 1.81% |
Expected return on plan assets | 1.19% | 2.04% | 2.54% |
Average compensation increase | 2.58% | 2.58% | 2.58% |
Cash balance interest credit rate | 0.80% | 1.20% | 1.90% |
Employee Benefits - Information
Employee Benefits - Information Related to Changes in Projected Benefit Obligation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Projected benefit obligation at beginning of year | $ 62,297 | $ 52,503 | $ 44,890 |
Service cost | 4,511 | 4,421 | 3,659 |
Interest cost | 605 | 718 | 851 |
Actuarial loss (gain) due to assumption changes and plan experience | (2,230) | 1,516 | 4,524 |
Benefits payments | (1,198) | (1,438) | (830) |
Plan amendments | 269 | 0 | 0 |
Settlements | (1,606) | 0 | 0 |
Foreign currency impact | (4,675) | 4,577 | (591) |
Projected benefit obligation at end of year | $ 57,973 | $ 62,297 | $ 52,503 |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | |||
Weighted average discount rate | 1.24% | 0.94% | 1.28% |
Average compensation increase | 2.57% | 2.58% | 2.58% |
Cash balance interest credit rate | 1.20% | 0.80% | 1.20% |
Expected future benefit payments, in 2021 | $ 1,600 | ||
Expected future benefit payments, in 2022 | 1,700 | ||
Expected future benefit payments, in 2023 | 1,900 | ||
Expected future benefit payments, in 2024 | 2,100 | ||
Expected future benefit payments, in 2025 | 2,300 | ||
Expected future benefit payments in the five years thereafter | $ 15,900 |
Employee Benefits - Benefit Pla
Employee Benefits - Benefit Plans and Related Amounts Recorded in Consolidated Balance Sheets (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | ||||
Projected benefit obligation | $ 57,973 | $ 62,297 | $ 52,503 | $ 44,890 |
Pension plan assets at fair value | (29,737) | (28,636) | (23,444) | $ (19,460) |
Funded status – shortfall | 28,236 | 33,661 | 29,059 | |
Accumulated benefit obligation | 54,701 | 58,963 | 49,485 | |
Amounts recorded in the Consolidated Balance Sheets for the plans | ||||
Other liabilities — accrued pension obligation | 28,236 | 33,661 | 29,059 | |
Stockholders’ equity — deferred actuarial loss | $ (6,672) | $ (9,309) | $ (8,584) | |
Future long-term rate of return on plan assets | 1.58% | |||
Weighted average amortization period | 13 years |
Employee Benefits - Rollforward
Employee Benefits - Rollforward of Defined Benefit Pension Plans Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Pension plan assets at the beginning of the year | $ 28,636 | $ 23,444 | $ 19,460 |
Company contributions | 4,865 | 3,924 | 4,405 |
Benefit payments | (1,198) | (1,438) | (830) |
Actual return on plan assets | 1,066 | 684 | 714 |
Settlements | (1,606) | 0 | 0 |
Foreign currency impact | (2,026) | 2,022 | (305) |
Pension plan assets at the end of the year | $ 29,737 | $ 28,636 | $ 23,444 |
Segment Information - Additiona
Segment Information - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2021segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 3 |
Segment Information - Informati
Segment Information - Information About Reportable Segments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | |||
Operating income | $ 915,751 | $ 490,150 | $ 370,087 |
Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Revenues | 4,733,962 | 4,099,403 | 4,245,321 |
Operating income | 3,329,516 | 2,770,898 | 2,711,927 |
Operating Segments | Research | |||
Segment Reporting Information [Line Items] | |||
Revenues | 4,101,392 | 3,602,892 | 3,374,548 |
Operating income | 3,036,925 | 2,597,852 | 2,351,720 |
Operating Segments | Conferences | |||
Segment Reporting Information [Line Items] | |||
Revenues | 214,449 | 120,140 | 476,869 |
Operating income | 133,748 | 57,302 | 241,757 |
Operating Segments | Consulting | |||
Segment Reporting Information [Line Items] | |||
Revenues | 418,121 | 376,371 | 393,904 |
Operating income | 158,843 | 115,744 | 118,450 |
Corporate and Reconciling Items | |||
Segment Reporting Information [Line Items] | |||
Operating income | $ (2,413,765) | $ (2,280,748) | $ (2,341,840) |
Segment Information - Reconcili
Segment Information - Reconciliation of Segment Gross Contribution to Net Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Costs and expenses: | |||
Cost of services and product development | $ 1,444,093 | $ 1,345,024 | $ 1,550,568 |
Selling, general and administrative | 2,155,658 | 2,038,963 | 2,103,424 |
Acquisition and integration charges | 6,055 | 6,282 | 9,463 |
Operating income | 915,751 | 490,150 | 370,087 |
Interest expense and other, net | (98,191) | (119,203) | (92,273) |
Gain on event cancellation insurance claims | 152,310 | 0 | 0 |
Loss from divested operations | 0 | 0 | (2,075) |
Loss on extinguishment of debt | 0 | (44,814) | 0 |
Provision for income taxes | 176,310 | 59,388 | 42,449 |
Net income | $ 793,560 | 266,745 | 233,290 |
Maximum | |||
Costs and expenses: | |||
Percent of target bonus charges allocated to segments | 100.00% | ||
Operating Segments | |||
Costs and expenses: | |||
Operating income | $ 3,329,516 | 2,770,898 | 2,711,927 |
Corporate and Reconciling Items | |||
Costs and expenses: | |||
Cost of services and product development | 39,647 | 16,519 | 17,174 |
Selling, general and administrative | 2,155,658 | 2,038,963 | 2,103,424 |
Depreciation and amortization | 212,405 | 218,984 | 211,779 |
Acquisition and integration charges | 6,055 | 6,282 | 9,463 |
Operating income | $ (2,413,765) | $ (2,280,748) | $ (2,341,840) |
Segment Information - Summarize
Segment Information - Summarized Information by Geographic Location (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Long-lived assets: | ||
Long-lived assets | $ 1,130,509 | $ 1,240,364 |
United States and Canada | ||
Long-lived assets: | ||
Long-lived assets | 706,854 | 820,973 |
Europe, Middle East and Africa | ||
Long-lived assets: | ||
Long-lived assets | 298,083 | 265,782 |
Other International | ||
Long-lived assets: | ||
Long-lived assets | $ 125,572 | $ 153,609 |
Valuation and Qualifying Acco_3
Valuation and Qualifying Accounts - Summarized Activity in Allowances (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Year | $ 10,000 | $ 8,000 | $ 7,700 |
Additions Charged to Expense | 2,800 | 16,000 | 14,000 |
Deductions from the Reserve | (6,300) | (14,000) | (13,700) |
Balance at End of Year | $ 6,500 | $ 10,000 | $ 8,000 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ in Millions | Feb. 03, 2022 | Jan. 31, 2022 | Dec. 31, 2021 | Jul. 31, 2021 | Apr. 30, 2021 | Feb. 28, 2021 | Dec. 31, 2015 |
Subsequent Event [Line Items] | |||||||
Stock repurchase program, additional authorized amount | $ 800 | $ 500 | $ 300 | ||||
Share repurchase program, authorized amount | $ 1,200 | ||||||
Stock repurchase program, remaining authorized repurchase amount | $ 591 | ||||||
Subsequent Event | |||||||
Subsequent Event [Line Items] | |||||||
Stock repurchase program, additional authorized amount | $ 500 | ||||||
Share repurchase program, authorized amount | $ 2,800 | ||||||
Stock repurchase program, remaining authorized repurchase amount | $ 527 |