Company Quick10K Filing
Gartner
Price143.89 EPS2
Shares91 P/E79
MCap13,107 P/FCF27
Net Debt1,875 EBIT239
TEV14,982 TEV/EBIT63
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-08-04
10-Q 2020-03-31 Filed 2020-05-07
10-K 2019-12-31 Filed 2020-02-19
10-Q 2019-09-30 Filed 2019-10-31
10-Q 2019-06-30 Filed 2019-07-30
10-Q 2019-03-31 Filed 2019-05-07
10-K 2018-12-31 Filed 2019-02-22
10-Q 2018-09-30 Filed 2018-11-01
10-Q 2018-06-30 Filed 2018-08-01
10-Q 2018-03-31 Filed 2018-05-08
10-K 2017-12-31 Filed 2018-02-22
10-Q 2017-09-30 Filed 2017-11-02
10-Q 2017-06-30 Filed 2017-08-08
10-Q 2017-03-31 Filed 2017-05-04
10-K 2016-12-31 Filed 2017-02-22
10-Q 2016-09-30 Filed 2016-11-03
10-Q 2016-06-30 Filed 2016-08-04
10-Q 2016-03-31 Filed 2016-05-05
10-K 2015-12-31 Filed 2016-02-24
10-Q 2015-11-05 Filed 2015-11-05
10-Q 2015-06-30 Filed 2015-07-30
10-Q 2015-05-07 Filed 2015-05-07
10-K 2014-12-31 Filed 2015-02-27
10-Q 2014-11-06 Filed 2014-11-06
10-Q 2014-06-30 Filed 2014-08-05
10-Q 2014-03-31 Filed 2014-05-01
10-K 2013-12-31 Filed 2014-02-26
10-Q 2013-09-30 Filed 2013-11-07
10-Q 2013-06-30 Filed 2013-08-02
10-Q 2013-03-31 Filed 2013-05-02
10-K 2012-12-31 Filed 2013-02-22
10-Q 2012-06-30 Filed 2012-08-03
10-Q 2012-03-31 Filed 2012-05-03
10-K 2011-12-31 Filed 2012-02-23
10-Q 2011-09-30 Filed 2011-11-01
10-Q 2011-06-30 Filed 2011-08-02
10-Q 2011-03-31 Filed 2011-05-05
10-K 2010-12-31 Filed 2011-02-15
10-Q 2010-09-30 Filed 2010-11-03
10-Q 2010-06-30 Filed 2010-08-09
10-Q 2010-03-31 Filed 2010-05-05
10-K 2009-12-31 Filed 2010-02-19
8-K 2020-08-04 Earnings, Regulation FD, Exhibits
8-K 2020-07-01 Officers, Regulation FD
8-K 2020-06-22
8-K 2020-06-18
8-K 2020-06-08
8-K 2020-05-07
8-K 2020-03-25
8-K 2020-03-09
8-K 2020-02-04
8-K 2020-01-30
8-K 2019-10-31
8-K 2019-07-30
8-K 2019-05-30
8-K 2019-05-07
8-K 2019-04-01
8-K 2019-02-14
8-K 2019-02-05
8-K 2018-11-01
8-K 2018-08-20
8-K 2018-08-01
8-K 2018-05-24
8-K 2018-05-08
8-K 2018-04-03
8-K 2018-02-15
8-K 2018-02-06

IT 10Q Quarterly Report

Part I. Financial Information
Item 1. Financial Statements
Note 1 - Business and Basis of Presentation
Note 2 - Revenue and Related Matters
Note 3 - Computation of Earnings per Share
Note 4 - Stock - Based Compensation
Note 5 - Segment Information
Note 6 - Goodwill and Intangible Assets
Note 7 - Debt
Note 8 - Equity
Note 9 - Income Taxes
Note 10 - Derivatives and Hedging
Note 11 - Fair Value Disclosures
Note 12 - Employee Benefits
Note 13 - Contingencies
Note 14 - Leases
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits
EX-31.1 it-06302020xex311.htm
EX-31.2 it-06302020xex312.htm
EX-32 it-06302020xex32.htm

Gartner Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
10.08.05.93.91.8-0.22012201420172020
Assets, Equity
1.10.90.60.40.1-0.12012201420172020
Rev, G Profit, Net Income
1.80.90.0-0.8-1.7-2.62012201420172020
Ops, Inv, Fin

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.
 
For the quarterly period ended June 30, 2020
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.
Commission File Number 1-14443
Gartner, Inc.
(Exact name of Registrant as specified in its charter)
Delaware04-3099750
(State or other jurisdiction of(I.R.S. Employer
incorporation or organization)Identification Number)
  
P.O. Box 1021206902-7700
56 Top Gallant Road(Zip Code)
Stamford, 
Connecticut
(Address of principal executive offices) 
Registrant’s telephone number, including area code: (203) 316-1111
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Common Stock, $.0005 par value per shareITNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer Accelerated filerNon-accelerated filer
Smaller reporting company Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No
As of July 31, 2020, 89,232,595 shares of the registrant’s common shares were outstanding.



Table of Contents


 Page
 
 
PART II. OTHER INFORMATION
 

2


PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

GARTNER, INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(Unaudited; in thousands, except share data)
 June 30,December 31,
20202019
Assets  
Current assets:  
Cash and cash equivalents$356,633  $280,836  
Fees receivable, net of allowances of $11,000 and $8,000, respectively1,048,519  1,326,012  
Deferred commissions233,402  265,867  
Prepaid expenses and other current assets128,631  146,026  
Total current assets1,767,185  2,018,741  
Property, equipment and leasehold improvements, net343,563  344,579  
Operating lease right-of-use assets668,510  702,916  
Goodwill2,935,609  2,937,726  
Intangible assets, net847,375  925,087  
Other assets248,052  222,245  
Total Assets$6,810,294  $7,151,294  
Liabilities and Stockholders’ Equity   
Current liabilities:  
Accounts payable and accrued liabilities$736,039  $788,796  
Deferred revenues1,765,264  1,928,020  
Current portion of long-term debt38,019  139,718  
Total current liabilities2,539,322  2,856,534  
Long-term debt, net of deferred financing fees 1,937,232  2,043,888  
Operating lease liabilities802,119  832,533  
Other liabilities540,402  479,746  
Total Liabilities5,819,075  6,212,701  
Stockholders’ Equity   
Preferred stock, $0.01 par value, 5,000,000 shares authorized; none issued or outstanding    
Common stock, $0.0005 par value, 250,000,000 shares authorized; 163,602,067 shares issued for both periods82  82  
Additional paid-in capital1,941,509  1,899,273  
Accumulated other comprehensive loss, net(142,175) (77,938) 
Accumulated earnings2,118,896  1,988,722  
Treasury stock, at cost, 74,249,510 and 74,444,288 common shares, respectively(2,927,093) (2,871,546) 
Total Stockholders’ Equity 991,219  938,593  
Total Liabilities and Stockholders’ Equity $6,810,294  $7,151,294  
 

See the accompanying notes to condensed consolidated financial statements.
3


GARTNER, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Operations
(Unaudited; in thousands, except per share data)

Three Months EndedSix Months Ended
 June 30,June 30,
 2020201920202019
Revenues:
Research$875,329  $826,055  $1,784,620  $1,651,429  
Conferences317  141,174  14,187  193,106  
Consulting97,489  103,653  193,219  196,791  
Total revenues973,135  1,070,882  1,992,026  2,041,326  
Costs and expenses:
Cost of services and product development322,551  387,999  663,829  734,644  
Selling, general and administrative494,840  514,976  991,479  1,033,746  
Depreciation22,728  20,099  45,245  39,874  
Amortization of intangibles31,208  32,164  63,387  65,847  
Acquisition and integration charges (credits)2,157  (358) 3,716  2,414  
Total costs and expenses873,484  954,880  1,767,656  1,876,525  
Operating income 99,651  116,002  224,370  164,801  
Interest expense, net(30,296) (24,749) (56,644) (49,596) 
Loss from divested operations      (2,075) 
Other expense, net(10,399) (247) (11,915) (1,071) 
Income before income taxes58,956  91,006  155,811  112,059  
Provision (benefit) for income taxes3,879  (12,400) 25,637  (12,142) 
Net income $55,077  $103,406  $130,174  $124,201  
Net income per share: 
Basic$0.62  $1.15  $1.46  $1.38  
Diluted$0.61  $1.13  $1.45  $1.36  
Weighted average shares outstanding:
Basic89,323  90,112  89,271  89,997  
Diluted89,780  91,188  89,967  91,146  

See the accompanying notes to condensed consolidated financial statements.
4


GARTNER, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Comprehensive Income
(Unaudited; in thousands)

Three Months EndedSix Months Ended
 June 30,June 30,
 2020201920202019
Net income $55,077  $103,406  $130,174  $124,201  
Other comprehensive (loss) income, net of tax: 
Foreign currency translation adjustments23,817  12,761  (22,564) 5,525  
Interest rate swaps – net change in deferred gain or loss2,900  (24,715) (41,832) (39,220) 
Pension plans – net change in deferred actuarial loss80  41  159  83  
Other comprehensive loss, net of tax26,797  (11,913) (64,237) (33,612) 
Comprehensive income$81,874  $91,493  $65,937  $90,589  

See the accompanying notes to condensed consolidated financial statements.
5


GARTNER, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Changes in Stockholders' Equity
(Unaudited; in thousands)

Three and Six Months Ended June 30, 2020
Common StockAdditional Paid-In CapitalAccumulated Other Comprehensive Loss, NetAccumulated EarningsTreasury StockTotal
Balance at December 31, 2019$82  $1,899,273  $(77,938) $1,988,722  $(2,871,546) $938,593  
Net income—  —  —  75,097  —  75,097  
Other comprehensive loss—  —  (91,034) —  —  (91,034) 
Issuances under stock plans—  (1,794) —  —  7,448  5,654  
Common share repurchases—  —  —  —  (63,164) (63,164) 
Stock-based compensation expense —  25,129  —  —  —  25,129  
Balance at March 31, 2020$82  $1,922,608  $(168,972) $2,063,819  $(2,927,262) $890,275  
Net income—  —  —  55,077  —  55,077  
Other comprehensive loss—  —  26,797  —  —  26,797  
Issuances under stock plans—  3,223  —  —  867  4,090  
Common share repurchases—  —  —  —  (698) (698) 
Stock-based compensation expense—  15,678  —  —  —  15,678  
Balance at June 30, 2020$82  $1,941,509  $(142,175) $2,118,896  $(2,927,093) $991,219  

Three and Six Months Ended June 30, 2019
Common StockAdditional Paid-In CapitalAccumulated Other Comprehensive Loss, NetAccumulated EarningsTreasury StockTotal
Balance at December 31, 2018$82  $1,823,710  $(39,867) $1,755,432  $(2,688,600) $850,757  
Net income—  —  —  20,795  —  20,795  
Other comprehensive loss—  —  (21,699) —  —  (21,699) 
Issuances under stock plans—  (2,911) —  —  7,973  5,062  
Common share repurchases—  —  —  —  (29,837) (29,837) 
Stock-based compensation expense —  31,819  —  —  —  31,819  
Balance at March 31, 2019$82  $1,852,618  $(61,566) $1,776,227  $(2,710,464) $856,897  
Net income—  —  —  103,406  —  103,406  
Other comprehensive loss—  —  (11,913) —  —  (11,913) 
Issuances under stock plans—  3,140  —  —  875  4,015  
Common share repurchases—  —  —  —  (1,723) (1,723) 
Stock-based compensation expense—  13,120  —  —  —  13,120  
Balance at June 30, 2019$82  $1,868,878  $(73,479) $1,879,633  $(2,711,312) $963,802  

6


GARTNER, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(Unaudited; in thousands)

Six Months Ended
 June 30,
 20202019
Operating activities:  
Net income $130,174  $124,201  
Adjustments to reconcile net income to cash provided by operating activities:  
Depreciation and amortization 108,632  105,721  
Stock-based compensation expense40,807  44,939  
Deferred taxes(1,813) (49,414) 
Loss from divested operations  2,075  
Reduction in the carrying amount of operating lease right-of-use assets43,256  42,556  
Amortization and write-off of deferred financing fees5,392  3,238  
Amortization of deferred swap losses from de-designation10,320    
Changes in assets and liabilities:  
     Fees receivable, net261,124  140,841  
Deferred commissions31,255  22,974  
Prepaid expenses and other current assets14,202  16,734  
Other assets(932) (49,524) 
Deferred revenues(149,615) 47,923  
Accounts payable and accrued and other liabilities(93,885) (189,186) 
Cash provided by operating activities398,917  263,078  
Investing activities:  
     Additions to property, equipment and leasehold improvements(45,865) (59,479) 
Acquisitions - cash paid (net of cash acquired)  (2,295) 
Cash used in investing activities(45,865) (61,774) 
Financing activities:  
     Proceeds from employee stock purchase plan9,719  9,077  
     Proceeds from borrowings 800,000  5,000  
     Payments of deferred financing fees(10,516)   
     Proceeds from revolving credit facility327,000  253,000  
     Payments on revolving credit facility(475,000) (316,000) 
     Payments on borrowings(853,094) (46,647) 
     Purchases of treasury stock(73,862) (46,558) 
Cash used in financing activities(275,753) (142,128) 
Net increase in cash and cash equivalents 77,299  59,176  
Effects of exchange rates on cash and cash equivalents (1,502) 614  
Cash and cash equivalents and restricted cash, beginning of period 280,836  158,663  
Cash and cash equivalents, end of period $356,633  $218,453  

See the accompanying notes to condensed consolidated financial statements.

7


GARTNER, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
 
Note 1 — Business and Basis of Presentation

Business. Gartner, Inc. (NYSE: IT) is the world’s leading research and advisory company and a member of the S&P 500. We equip business leaders with indispensable insights, advice and tools to achieve their mission–critical priorities today and build the successful organizations of tomorrow. We believe our unmatched combination of expert-led, practitioner-sourced and data-driven research steers clients toward the right decisions on the issues that matter most. We are a trusted advisor and an objective resource for more than 14,000 enterprises in more than 100 countries — 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. Revenues and other financial information for our segments are discussed in Note 5 — Segment Information.

Basis of presentation. The accompanying interim condensed 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 Financial Accounting Standards Board ("FASB") Accounting Standards Codification (“ASC”) Topic 270 for interim financial information and with the applicable instructions of U.S. Securities and Exchange Commission (“SEC”) Rule 10-01 of Regulation S-X on Form 10-Q, and should be read in conjunction with the consolidated financial statements and related notes of the Company in its Annual Report on Form 10-K for the year ended December 31, 2019.

The fiscal year of Gartner is the twelve-month period from January 1 through December 31. In the opinion of management, all normal recurring accruals and adjustments considered necessary for a fair presentation of financial position, results of operations and cash flows at the dates and for the periods presented herein have been included. The results of operations for the three and six months ended June 30, 2020 may not be indicative of the results of operations for the remainder of 2020 or beyond. 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 interim condensed 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 interim condensed 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 these interim condensed 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, increase in allowance for doubtful accounts, 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. To date, the Company has not observed any material impairments of its assets or a significant change in the fair value of assets due to the COVID-19 pandemic.

8


Revenue recognition. Revenue is recognized in accordance with the requirements of FASB ASC Topic 606, Revenue from Contracts with Customers (“ASC Topic 606”). Revenue is only recognized when all of the required criteria for revenue recognition have been met. The accompanying Condensed Consolidated Statements of Operations present revenue net of any sales or value-added taxes that we collect from customers and remit to government authorities. ASC Topic 270 requires certain disclosures in interim financial statements around the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. Note 2 — Revenue and Related Matters provides additional information regarding the Company's revenues.

Acquisition and divestiture activities. The Company recognized $2.2 million and $(0.4) million of Acquisition and integration charges during the three months ended June 30, 2020 and 2019, respectively. Acquisition and integration charges reflect additional costs and expenses resulting from our acquisitions and include, among other items, professional fees, severance and stock-based compensation charges. Although the Company did not complete any business acquisitions during the six months ended June 30, 2020 or 2019, it paid $2.3 million of restricted cash in 2019 for deferred consideration from a 2017 acquisition.

During the six months ended June 30, 2019, the Company recorded a pretax Loss from divested operations of $2.1 million, primarily due to adjustments of certain working capital balances related to divestitures that were completed in 2018.

Adoption of new accounting standards. The Company adopted the accounting standards described below during the six months ended June 30, 2020.

Implementation Costs in a Cloud Computing Arrangement — In August 2018, the FASB issued ASU No. 2018-15, Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract ("ASU No. 2018-15"). ASU No. 2018-15 aligns the requirements for capitalizing implementation costs incurred in a cloud computing arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. Costs that are capitalized under ASU No. 2018-15 will be expensed over the term of the cloud computing arrangement. Gartner adopted ASU No. 2018-15 on January 1, 2020 on a prospective basis. The adoption of ASU No. 2018-15 did not have a material impact on the Company's condensed consolidated financial statements.

Fair Value Measurement Disclosures — In August 2018, the FASB issued ASU No. 2018-13, Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement ("ASU No. 2018-13"). ASU No. 2018-13, which is part of the FASB's broader disclosure framework project, modifies and supplements the current U.S. GAAP disclosure requirements pertaining to fair value measurements, with an emphasis on Level 3 disclosures of the valuation hierarchy. Gartner adopted ASU No. 2018-13 on January 1, 2020. The adoption of ASU No. 2018-13 did not have a material impact on the Company's condensed consolidated financial statements.

Goodwill Impairment — In January 2017, the FASB issued ASU No. 2017-04, Intangibles—Goodwill and Other - Simplifying the Test for Goodwill Impairment ("ASU No. 2017-04"). ASU No. 2017-04 simplifies the determination of the amount of goodwill to be potentially charged off by eliminating Step 2 of the goodwill impairment test under current U.S. GAAP. Gartner adopted ASU No. 2017-04 on January 1, 2020. The adoption of ASU No. 2017-04 did not have a material impact on the Company's condensed consolidated financial statements.

Financial Instrument Credit Losses — In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses ("ASU No. 2016-13"). ASU No. 2016-13 amends the current 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. Gartner adopted ASU No. 2016-13 on January 1, 2020 with no cumulative effect adjustment to the Company's opening retained earnings. The Company applied the expected credit loss model to its fees receivable balance on January 1, 2020 using a historical loss rate method. The Company’s trade receivables are collected fairly quickly and its credit losses have historically been low. The adoption of ASU No. 2016-13 did not have a material impact on the Company's condensed consolidated financial statements.

Accounting standards issued but not yet adopted. The FASB has issued accounting standards that have not yet become effective 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

9


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.

Accounting standard effective in the fourth quarter of 2020

Defined Benefit Plan Disclosures — In August 2018, the FASB issued ASU No. 2018-14, Disclosure Framework—Changes to the Disclosure Requirements for Defined Benefit Plans ("ASU No. 2018-14"). ASU No. 2018-14, which is part of the FASB's broader disclosure framework project, modifies and supplements the current U.S. GAAP annual disclosure requirements for employers that sponsor defined benefit pension plans. ASU No. 2018-14 is effective for Gartner in the fourth quarter of 2020. ASU No. 2018-14 must be adopted on a retroactive basis and applied to each comparative period presented in an entity's financial statements. The adoption of ASU No. 2018-14 is currently not expected to have a material impact on the Company's financial statement disclosures.

Accounting standard effective in 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 provides new guidance to simplify the accounting for income taxes in certain areas, changes the accounting for select income tax transactions and makes minor ASC improvements. ASU No. 2019-12 is effective for Gartner on January 1, 2021, including interim periods in the year of adoption. Early adoption is permitted. The method of adoption varies depending on the component of the new rule that is being adopted. The Company is currently evaluating the potential impact of ASU No. 2019-12 on our consolidated financial statements.

Note 2 — Revenue and Related Matters

Disaggregated Revenue — The Company's disaggregated revenue by reportable segment is presented in the tables below for the periods indicated (in thousands).

By Primary Geographic Market (1)

Three Months Ended June 30, 2020
Primary Geographic MarketResearchConferencesConsultingTotal
United States and Canada$573,245  $317  $58,017  $631,579  
Europe, Middle East and Africa196,854    30,114  226,968  
Other International105,230    9,358  114,588  
Total revenues $875,329  $317  $97,489  $973,135  


Three Months Ended June 30, 2019
Primary Geographic MarketResearchConferencesConsultingTotal
United States and Canada$528,461  $100,596  $61,499  $690,556  
Europe, Middle East and Africa193,666  25,827  33,948  253,441  
Other International103,928  14,751  8,206  126,885  
Total revenues $826,055  $141,174  $103,653  $1,070,882  



10


Six Months Ended June 30, 2020
Primary Geographic MarketResearchConferencesConsultingTotal
United States and Canada$1,163,400  $6,297  $112,181  $1,281,878  
Europe, Middle East and Africa402,794