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, 2025 (in thousands).
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| | Insights | | Conferences | | Consulting | | Other | | Total |
| Balance at December 31, 2023 | $ | 2,460,448 | | | $ | 183,997 | | | $ | 95,714 | | | $ | 197,101 | | | $ | 2,937,260 | |
| Additions due to an acquisition | | | | | | | | | |
| Foreign currency translation impact | (6,568) | | | (77) | | | (410) | | | — | | | (7,055) | |
| Balance at December 31, 2024 | 2,453,880 | | | 183,920 | | | 95,304 | | | 197,101 | | | 2,930,205 | |
| Impairment loss (1) | — | | | — | | | — | | | (150,000) | | | (150,000) | |
| Reclassified as held-for-sale (2) | — | | | — | | | — | | | (49,057) | | | (49,057) | |
| Foreign currency translation impact | 6,435 | | | 132 | | | 1,131 | | | 1,956 | | | 9,654 | |
| Balance at December 31, 2025 | $ | 2,460,315 | | | $ | 184,052 | | | $ | 96,435 | | | $ | — | | | $ | 2,740,802 | |
| | | | | | | | | |
| Accumulated impairment loss (1) | $ | — | | | $ | — | | | $ | — | | | $ | (150,000) | | | $ | (150,000) | |
(1)The Company recognized an impairment loss of $150.0 million during the year ended December 31, 2025.
(2)Represents amounts reclassified to Assets held-for-sale due to the pending divestiture of the Company’s Digital Markets business. See Note 19 — Subsequent Events for additional information.
Finite-lived intangible assets. Changes in finite-lived intangible assets during the two-year period ended December 31, 2025 are presented in the tables below (in thousands).
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| December 31, 2025 | | Customer
Relationships | | Other | | Total |
| Gross cost at December 31, 2024 | | 1,071,917 | | | 10,200 | | | $ | 1,082,117 | |
| | | | | | |
| Intangible assets fully amortized | | (73,589) | | | — | | | (73,589) | |
| | | | | | |
| Foreign currency translation impact | | 23,429 | | | — | | | 23,429 | |
| Gross cost | | 1,021,757 | | | 10,200 | | | 1,031,957 | |
| Accumulated amortization (1) | | (687,416) | | | (8,238) | | | (695,654) | |
| Balance at December 31, 2025 | | $ | 334,341 | | | $ | 1,962 | | | $ | 336,303 | |
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| December 31, 2024 | | Customer
Relationships | | Technology-related | | Other | | Total |
| Gross cost at December 31, 2023 | | $ | 1,077,183 | | | $ | 11,200 | | | $ | 10,200 | | | $ | 1,098,583 | |
| | | | | | | | |
| Intangible assets fully amortized | | — | | | (11,200) | | | — | | | (11,200) | |
| Foreign currency translation impact | | (5,266) | | | — | | | — | | | (5,266) | |
| Gross cost | | 1,071,917 | | | — | | | 10,200 | | | 1,082,117 | |
| Accumulated amortization (1) | | (665,131) | | | — | | | (7,297) | | | (672,428) | |
| Balance at December 31, 2024 | | $ | 406,786 | | | $ | — | | | $ | 2,903 | | | $ | 409,689 | |
(1)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; and Other —11 years.
Amortization expense related to finite-lived intangible assets was $82.3 million, $90.2 million and $92.5 million in 2025, 2024 and 2023, respectively. The estimated future amortization expense by year for finite-lived intangible assets is presented in the table below (in thousands).
| | | | | |
| 2026 | $ | 80,193 | |
| 2027 | 79,585 | |
| 2028 | 78,114 | |
| 2029 | 78,035 | |
| 2030 | 20,376 | |
| | $ | 336,303 | |
About Goodwill & Intangibles Disclosures
Goodwill and intangible asset disclosures reveal the premium paid in acquisitions and how management assesses whether that premium retains its value. Since goodwill is no longer amortized under US GAAP, the annual impairment test is the only mechanism that adjusts carrying values downward — making the assumptions behind that test critically important for investors.
Key signals: a history of goodwill impairments suggests management consistently overpays for acquisitions. Watch the gap between reporting unit fair value and carrying amount — when fair value exceeds carrying amount by less than 10-20%, a small decline in business performance could trigger a write-down. For finite-lived intangibles, examine useful life assumptions across customer relationships, technology, and trade names; aggressive estimates inflate near-term earnings. Compare total intangibles-to-total-assets ratios against peers to assess acquisition dependency. Rising goodwill as a percentage of equity can signal balance sheet fragility.