CLARIVATE PLC, 10-Q filed on 11/6/2024
Quarterly Report
v3.24.3
Cover - shares
 9 Months Ended
Sep. 30, 2024
Oct. 31, 2024
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Sep. 30, 2024  
Document Transition Report false  
Entity File Number 001-38911  
Entity Registrant Name CLARIVATE PLC  
Entity Incorporation, State or Country Code Y9  
Entity Address, Address Line One 70 St. Mary Axe  
Entity Address, City or Town London  
Entity Address, Postal Zip Code EC3A 8BE  
Entity Address, Country GB  
Country Region 44  
City Area Code 207  
Local Phone Number 4334000  
Title of 12(b) Security Ordinary Shares, no par value  
Trading Symbol CLVT  
Security Exchange Name NYSE  
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  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   710,403,567
Entity Central Index Key 0001764046  
Amendment Flag false  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2024  
Document Fiscal Period Focus Q3  
Entity Tax Identification Number 00-0000000  
v3.24.3
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Current assets:    
Cash and cash equivalents, including restricted cash $ 388.5 $ 370.7
Accounts receivable, net 771.8 908.3
Prepaid expenses 97.7 88.5
Other current assets 81.1 68.0
Assets held for sale 0.0 26.7
Total current assets 1,339.1 1,462.2
Property and equipment, net 47.3 51.6
Other intangible assets, net 8,726.7 9,006.6
Goodwill 1,736.8 2,023.7
Other non-current assets 71.8 60.8
Deferred income taxes 50.8 46.7
Operating lease right-of-use assets 58.1 55.2
Total assets 12,030.6 12,706.8
Current liabilities:    
Accounts payable 126.5 144.1
Accrued compensation 111.7 126.5
Accrued expenses and other current liabilities 375.1 315.2
Current portion of deferred revenues 890.2 983.1
Current portion of operating lease liability 22.1 24.4
Liabilities held for sale 0.0 6.7
Total current liabilities 1,525.6 1,600.0
Long-term debt 4,632.5 4,721.1
Non-current portion of deferred revenues 21.6 38.7
Other non-current liabilities 52.5 41.9
Deferred income taxes 227.0 249.6
Operating lease liabilities 57.9 63.2
Total liabilities 6,517.1 6,714.5
Commitments and contingencies (Note 14)
Shareholders' equity:    
Preferred Shares, no par value; 14.4 shares authorized; 5.25% Mandatory Convertible Preferred Shares, Series A, zero and 14.4 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively 0.0 1,392.6
Ordinary Shares, no par value; unlimited shares authorized; 710.3 and 666.1 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively 13,069.0 11,740.5
Accumulated other comprehensive loss (433.8) (495.3)
Accumulated deficit (7,121.7) (6,645.5)
Total shareholders' equity 5,513.5 5,992.3
Total liabilities and shareholders' equity $ 12,030.6 $ 12,706.8
v3.24.3
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - $ / shares
 9 Months Ended
Sep. 30, 2024
Dec. 31, 2023
Statement of Financial Position [Abstract]    
Preferred stock, par value (in dollars per share) $ 0 $ 0
Preferred stock, authorized (in shares) 14,400,000 14,400,000
Preferred stock, dividend rate (as a percent) 5.25%  
Preferred stock, issued (in shares) 0 14,400,000
Preferred stock, outstanding (in shares) 0 14,400,000
Ordinary shares, par value (in dollars per share) $ 0 $ 0
Ordinary shares, issued (in shares) 710,300,000 666,100,000
Ordinary shares, outstanding (in shares) 710,300,000 666,100,000
v3.24.3
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)
shares in Millions, $ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Income Statement [Abstract]        
Revenues $ 622.2 $ 647.2 $ 1,893.7 $ 1,945.1
Operating Expenses:        
Cost of revenues 210.1 220.6 641.5 674.8
Selling, general and administrative costs 169.7 171.9 546.8 559.3
Depreciation and amortization 177.2 176.8 541.0 527.5
Goodwill and intangible asset impairments 13.8 0.0 316.6 135.2
Restructuring and other impairments 4.0 3.7 14.2 25.3
Other operating expense (income), net 25.7 (13.0) 46.9 (30.5)
Total operating expenses 600.5 560.0 2,107.0 1,891.6
Income (loss) from operations 21.7 87.2 (213.3) 53.5
Fair value adjustment of warrants 0.0 (12.6) (5.2) (14.4)
Interest expense, net 72.2 71.9 213.5 218.5
Income (loss) before income tax (50.5) 27.9 (421.6) (150.6)
Provision (benefit) for income taxes 15.1 15.6 23.3 (83.3)
Net income (loss) (65.6) 12.3 (444.9) (67.3)
Dividends on preferred shares 0.0 18.9 31.3 56.3
Net loss attributable to ordinary shares $ (65.6) $ (6.6) $ (476.2) $ (123.6)
Per share        
Basic (in dollars per share) $ (0.09) $ (0.01) $ (0.69) $ (0.18)
Diluted (in dollars per share) $ (0.09) $ (0.01) $ (0.69) $ (0.18)
Weighted average shares used to compute earnings per share:        
Basic (in shares) 718.7 670.9 690.5 673.9
Diluted (in shares) 718.7 670.9 690.5 673.9
v3.24.3
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Statement of Comprehensive Income [Abstract]        
Net income (loss) $ (65.6) $ 12.3 $ (444.9) $ (67.3)
Other comprehensive income (loss), net of tax:        
Interest rate swaps (13.0) (0.4) (10.8) (5.5)
Foreign currency translation adjustment 76.2 (169.7) 72.3 13.7
Other comprehensive income (loss), net of tax 63.2 (170.2) 61.5 8.1
Comprehensive income (loss) $ (2.4) $ (157.9) $ (383.4) $ (59.2)
v3.24.3
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED) (Parenthetical) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Statement of Comprehensive Income [Abstract]        
Interest rate swaps, tax $ (4.4) $ 0.3 $ (3.7) $ (1.4)
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax $ 0.0 $ 0.1 $ 0.0 $ 0.1
v3.24.3
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED) - USD ($)
$ in Millions
Total
Ordinary Shares
Preferred Shares
Accumulated Other Comprehensive Income (Loss)
Accumulated Deficit
Balance at beginning of the period (in shares) at Dec. 31, 2022   674,400,000 14,400,000    
Balance at beginning of the period at Dec. 31, 2022 $ 6,812.5 $ 11,744.7 $ 1,392.6 $ (665.9) $ (5,658.9)
Increase (Decrease) in Shareholders' Equity          
Vesting of restricted stock units (in shares)   1,800,000      
Share-based award activity (in shares)   (600,000)      
APIC, Share-Based Payment Arrangement, Increase for Cost Recognition 33.7 $ 33.7      
Dividends, Preferred Stock (18.8)       (18.8)
Net income (loss) 43.5       43.5
Other comprehensive income (loss) 88.4     88.4  
Balance at end of the period (in shares) at Mar. 31, 2023   675,600,000 14,400,000    
Balance at end of the period at Mar. 31, 2023 6,959.3 $ 11,778.4 $ 1,392.6 (577.5) (5,634.2)
Balance at beginning of the period (in shares) at Dec. 31, 2022   674,400,000 14,400,000    
Balance at beginning of the period at Dec. 31, 2022 6,812.5 $ 11,744.7 $ 1,392.6 (665.9) (5,658.9)
Increase (Decrease) in Shareholders' Equity          
Net income (loss) (67.3)        
Other comprehensive income (loss) 8.1        
Balance at end of the period (in shares) at Sep. 30, 2023   663,900,000 14,400,000    
Balance at end of the period at Sep. 30, 2023 6,682.1 $ 11,729.8 $ 1,392.6 (657.8) (5,782.5)
Balance at beginning of the period (in shares) at Dec. 31, 2022   674,400,000 14,400,000    
Balance at beginning of the period at Dec. 31, 2022 6,812.5 $ 11,744.7 $ 1,392.6 (665.9) (5,658.9)
Increase (Decrease) in Shareholders' Equity          
Stock Repurchased and Retired During Period, Value 100.0        
Balance at end of the period (in shares) at Dec. 31, 2023   666,100,000 14,400,000    
Balance at end of the period at Dec. 31, 2023 $ 5,992.3 $ 11,740.5 $ 1,392.6 (495.3) (6,645.5)
Increase (Decrease) in Shareholders' Equity          
Stock repurchased and retired (in shares) 13,800,000        
Balance at beginning of the period (in shares) at Mar. 31, 2023   675,600,000 14,400,000    
Balance at beginning of the period at Mar. 31, 2023 $ 6,959.3 $ 11,778.4 $ 1,392.6 (577.5) (5,634.2)
Increase (Decrease) in Shareholders' Equity          
Vesting of restricted stock units (in shares)   800,000      
Share-based award activity (in shares)   (300,000)      
APIC, Share-Based Payment Arrangement, Increase for Cost Recognition 30.8 $ 30.8      
Dividends, Preferred Stock (18.6)       (18.6)
Net income (loss) (123.1)       (123.1)
Other comprehensive income (loss) 89.9     89.9  
Balance at end of the period (in shares) at Jun. 30, 2023   676,100,000 14,400,000    
Balance at end of the period at Jun. 30, 2023 6,938.3 $ 11,809.2 $ 1,392.6 (487.6) (5,775.9)
Increase (Decrease) in Shareholders' Equity          
Vesting of restricted stock units (in shares)   2,400,000      
Share-based award activity (in shares)   (800,000)      
APIC, Share-Based Payment Arrangement, Increase for Cost Recognition 20.6 $ 20.6      
Stock Repurchased and Retired During Period, Value (100.0) $ (100.0)      
Dividends, Preferred Stock (18.9)       (18.9)
Net income (loss) 12.3       12.3
Other comprehensive income (loss) (170.2)     (170.2)  
Balance at end of the period (in shares) at Sep. 30, 2023   663,900,000 14,400,000    
Balance at end of the period at Sep. 30, 2023 6,682.1 $ 11,729.8 $ 1,392.6 (657.8) (5,782.5)
Increase (Decrease) in Shareholders' Equity          
Stock repurchased and retired (in shares)   (13,800,000)      
Balance at beginning of the period (in shares) at Dec. 31, 2023   666,100,000 14,400,000    
Balance at beginning of the period at Dec. 31, 2023 5,992.3 $ 11,740.5 $ 1,392.6 (495.3) (6,645.5)
Increase (Decrease) in Shareholders' Equity          
Vesting of restricted stock units (in shares)   3,300,000      
Share-based award activity (in shares)   (1,200,000)      
APIC, Share-Based Payment Arrangement, Increase for Cost Recognition 6.9 $ 6.9      
Dividends, Preferred Stock (18.8)       (18.8)
Net income (loss) (75.0)       (75.0)
Other comprehensive income (loss) (17.0)     (17.0)  
Balance at end of the period (in shares) at Mar. 31, 2024   668,200,000 14,400,000    
Balance at end of the period at Mar. 31, 2024 5,888.4 $ 11,747.4 $ 1,392.6 (512.3) (6,739.3)
Balance at beginning of the period (in shares) at Dec. 31, 2023   666,100,000 14,400,000    
Balance at beginning of the period at Dec. 31, 2023 5,992.3 $ 11,740.5 $ 1,392.6 (495.3) (6,645.5)
Increase (Decrease) in Shareholders' Equity          
Net income (loss) (444.9)        
Other comprehensive income (loss) 61.5        
Balance at end of the period (in shares) at Sep. 30, 2024   710,300,000 0    
Balance at end of the period at Sep. 30, 2024 5,513.5 $ 13,069.0 $ 0.0 (433.8) (7,121.7)
Balance at beginning of the period (in shares) at Mar. 31, 2024   668,200,000 14,400,000    
Balance at beginning of the period at Mar. 31, 2024 5,888.4 $ 11,747.4 $ 1,392.6 (512.3) (6,739.3)
Increase (Decrease) in Shareholders' Equity          
Vesting of restricted stock units (in shares)   700,000      
Share-based award activity (in shares)   (100,000)      
APIC, Share-Based Payment Arrangement, Increase for Cost Recognition 17.7 $ 17.7      
Dividends, Preferred Stock (12.5)       (12.5)
Net income (loss) (304.3)       (304.3)
Other comprehensive income (loss) 15.3     15.3  
Balance at end of the period (in shares) at Jun. 30, 2024   724,100,000 0    
Balance at end of the period at Jun. 30, 2024 5,604.6 $ 13,157.7 $ 0.0 (497.0) (7,056.1)
Increase (Decrease) in Shareholders' Equity          
Stock Issued During Period, Value, Conversion of Convertible Securities   $ 1,392.6 $ (1,392.6)    
Stock Issued During Period, Shares, Conversion of Convertible Securities   55,300,000 (14,400,000)    
Vesting of restricted stock units (in shares)   2,100,000      
Share-based award activity (in shares)   (700,000)      
APIC, Share-Based Payment Arrangement, Increase for Cost Recognition 11.3 $ 11.3      
Stock Repurchased and Retired During Period, Value (100.0) $ (100.0)      
Net income (loss) (65.6)       (65.6)
Other comprehensive income (loss) 63.2     63.2  
Balance at end of the period (in shares) at Sep. 30, 2024   710,300,000 0    
Balance at end of the period at Sep. 30, 2024 $ 5,513.5 $ 13,069.0 $ 0.0 $ (433.8) $ (7,121.7)
Increase (Decrease) in Shareholders' Equity          
Stock repurchased and retired (in shares) 15,200,000 (15,200,000)      
v3.24.3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash Flows From Operating Activities    
Net income (loss) $ (444.9) $ (67.3)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 541.0 527.5
Share-based compensation 48.9 97.1
Restructuring and other impairments, including goodwill 314.5 138.9
Gain on legal settlement 0.0 (49.4)
Deferred income taxes (28.8) (51.3)
Amortization of debt issuance costs 11.1 12.9
Other operating activities 36.1 2.4
Changes in operating assets and liabilities:    
Accounts receivable 148.2 110.3
Prepaid expenses (8.5) (10.6)
Other assets (9.8) 19.5
Accounts payable (16.5) (2.4)
Accrued expenses and other current liabilities 22.1 (33.8)
Deferred revenues (102.3) (56.9)
Operating leases, net (7.8) (6.2)
Other liabilities 2.0 (77.4)
Net cash provided by operating activities 505.3 553.3
Cash Flows From Investing Activities    
Capital expenditures (206.9) (178.6)
Payments for acquisitions, net of cash acquired (32.0) (2.3)
Proceeds from divestitures, net of cash divested (19.2) 10.5
Net cash provided by (used for) investing activities (258.1) (170.4)
Cash Flows From Financing Activities    
Principal payments on term loans (58.1) (150.0)
Payment of debt issuance costs and discounts (20.1) (0.1)
Payments for Repurchase of Equity 100.0 100.0
Cash dividends on preferred shares (37.7) (56.7)
Payments related to finance lease (0.7) (0.8)
Payments related to tax withholding for share-based compensation (13.9) (14.8)
Net cash provided by (used for) financing activities (230.5) (322.2)
Effects of exchange rates 1.1 (10.3)
Net change in cash and cash equivalents, including restricted cash 17.8 50.4
Cash and cash equivalents, including restricted cash, beginning of period 370.7 356.8
Cash and cash equivalents, including restricted cash, end of period $ 388.5 $ 407.2
v3.24.3
Nature of Operations and Summary of Significant Accounting Policies
 9 Months Ended
Sep. 30, 2024
Accounting Policies [Abstract]  
Nature of Operations and Summary of Significant Accounting Policies Nature of Operations and Summary of Significant Accounting Policies
Clarivate Plc (“Clarivate,” “us,” “we,” “our,” or the “Company”) is a public limited company incorporated under the laws of Jersey, Channel Islands.
We are a provider of proprietary and comprehensive information, analytics, professional services, and workflow software that enable users across government and academic institutions, life science and healthcare companies, corporations, and law firms to power the entire innovation lifecycle, from cultivating curiosity to protecting the world’s critical intellectual property assets. We have three reportable segments: Academia & Government (“A&G”), Intellectual Property (“IP”), and Life Sciences & Healthcare (“LS&H”). Our segment structure is organized based on the products we offer and the markets they serve. For additional information on our reportable segments, see Note 13 - Segment Information.
Basis of Presentation
The accompanying Condensed Consolidated Financial Statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and include our accounts and the accounts of our wholly owned subsidiaries. In our opinion, these interim statements reflect all adjustments necessary to a fair statement of the results for the periods presented, and such adjustments are of a normal, recurring nature. Results from interim periods should not be considered indicative of results for the full year. The financial statements included herein should be read in conjunction with the financial statements and notes included in our Form 10-K for the year ended December 31, 2023. The year-end condensed balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP. All significant intercompany transactions and balances have been eliminated in consolidation.
Certain reclassifications of prior period amounts have been made to conform to the current period presentation.
Significant Accounting Policies
Our significant accounting policies are those that we believe are important to the portrayal of our financial condition and results of operations, as well as those that involve significant judgments or estimates about matters that are inherently uncertain. There have been no material changes to the significant accounting policies discussed in Note 1 - Nature of Operations and Summary of Significant Accounting Policies included in Part II, Item 8 of our annual report on Form 10-K for the year ended December 31, 2023.
Recently Issued Accounting Standards
In November 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023-07, Improvements to Reportable Segment Disclosures, which requires disclosure of incremental segment information on an annual and interim basis. The amendments in this update are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024 on a retrospective basis. We do not expect that the adoption of this ASU will have a material impact on our consolidated financial statements.
In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures, which is designed to provide greater income tax disclosure transparency by requiring (1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. The amendments in this update are effective for fiscal years beginning after December 15, 2024 on a prospective basis. Early adoption is permitted. We are currently assessing the impact of this update on our related disclosures.
v3.24.3
Acquisitions and Divestitures
 9 Months Ended
Sep. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
Acquisitions and Divestitures Acquisitions and Divestitures
During the second quarter of 2023, we entered into a commercial agreement to sell a small product group within our IP segment for approximately $34, payable in annual installments over ten years. The fair value of this contingent consideration receivable is $28.2 as of September 30, 2024, of which almost all is classified as Other non-current assets in the Condensed Consolidated Balance Sheets. We will remeasure the fair value of contingent consideration on a recurring basis and record adjustments, as needed, based on the length of time remaining under the commercial agreement and changes in the amount to be realized each year based on actual financial results. Changes in fair value measurement of the contingent consideration is based on Level 3 inputs. The transaction closed on April 1, 2024 and a loss of $14.8 was recognized in connection with the sale, which is included in Other operating expense (income), net in the Condensed Consolidated Statements of Operations.
Prior to the held-for-sale determination and accompanying impairment testing as of June 30, 2023, the carrying amount of the expected assets to be disposed of consisted almost entirely of purchase-related identifiable customer relationship intangible assets of approximately $158. These intangible assets were reduced to estimated fair value of $26.1 based on the estimated present value of the consideration to be paid over ten years. The related impairment charge of $132.2 is included in Goodwill and intangible asset impairments in the Condensed Consolidated Statements of Operations for the nine months ended September 30, 2023.
On October 25, 2024, in connection with streamlining our A&G portfolio and focusing our efforts around our core A&G business assets, we entered into a commercial agreement to sell our ScholarOne business for $110.0 payable in cash at the closing of the transaction and a potential earnout payable in cash that we estimate may approach $20.0 contingent on the achievement of certain financial metrics through 2030. The sale is expected to close during the fourth quarter of 2024.
v3.24.3
Revenue
 9 Months Ended
Sep. 30, 2024
Revenue from Contract with Customer [Abstract]  
Revenue Revenue
We derive revenue through subscriptions to our product offerings, re-occurring contracts in our IP segment, and transactional sales that are typically quoted on a product, data set, or project basis.
•Subscription-based revenues are recurring revenues that we typically earn under annual contracts, pursuant to which we license the right to use our products to our customers or provide maintenance services over a contractual term. We invoice and collect the subscription fee at the beginning of the subscription period. For multi-year agreements, we generally invoice customers annually at the beginning of each annual coverage period. Cash received or receivable in advance of completing the performance obligations is included in deferred revenue. We recognize subscription revenue ratably over the contract term as the access or service is provided.
•Re-occurring revenues are derived solely from the patent and trademark maintenance services provided by our IP segment. Patents and trademarks are renewed regularly, and our services help customers maintain and protect those patents and trademarks in multiple jurisdictions around the world. Because of the re-occurring nature of the patent and trademark lifecycle, our customer base engages us to manage the renewal process on their behalf. These contracts typically include evergreen clauses or are multi-year agreements. We invoice and recognize revenue upon delivery of the service.
•Transactional and other revenues are earned for specific deliverables that are typically quoted on a product, data set, or project basis. Transactional and other revenues include content sales (including single-document and aggregated collection sales), consulting engagements, and other professional services such as software implementation services. We typically invoice and record revenue for this revenue stream upon delivery of the product, data set, or project, although for longer software implementation projects, we will periodically invoice and recognize revenue in connection with the completion of related performance obligations.
The following table presents our revenues disaggregated by transaction type (see Note 13 - Segment Information for our revenues disaggregated by segment):
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Subscription revenues$411.1 $408.1 $1,219.8 $1,207.3 
Re-occurring revenues106.7 106.8 317.8 325.5 
Transactional and other revenues104.4 132.3 356.1 412.3 
Revenues$622.2 $647.2 $1,893.7 $1,945.1 
The following table presents our contract balances:
September 30, 2024December 31, 2023
Accounts receivable, net771.8 908.3 
Current portion of deferred revenues890.2 983.1 
Non-current portion of deferred revenues21.6 38.7 
During the nine months ended September 30, 2024, we recognized revenues of $778.1 attributable to deferred revenues recorded at the beginning of the period, primarily consisting of subscription revenues recognized ratably over the contract term.
Our remaining performance obligations are included in the current or non-current portion of deferred revenues on the Condensed Consolidated Balance Sheets. The majority of these obligations relate to customer contracts where we license the right to use our products or provide maintenance services over a contractual term, generally one year or less.
v3.24.3
Other Intangible Assets, Net and Goodwill
 9 Months Ended
Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Other Intangible Assets, Net and Goodwill Other Intangible Assets, Net and Goodwill
Other intangible assets, net
The following table is a summary of the gross carrying amounts and accumulated amortization of our identifiable intangible assets by major class:
September 30, 2024December 31, 2023
GrossAccumulated AmortizationNetGrossAccumulated AmortizationNet
Customer relationships$7,850.2 $(1,445.1)$6,405.1 $7,819.9 $(1,177.2)$6,642.7 
Technology and content
2,858.8 (1,190.3)1,668.5 2,798.3 (1,009.1)1,789.2 
Computer software1,062.6 (598.5)464.1 897.9 (516.4)381.5 
Trade names and other
89.5 (57.4)32.1 88.9 (52.6)36.3 
Definite-lived intangible assets
$11,861.1 $(3,291.3)$8,569.8 $11,605.0 $(2,755.3)$8,849.7 
Indefinite-lived trade names
156.9 — 156.9 156.9 — 156.9 
Other intangible assets, net$12,018.0 $(3,291.3)$8,726.7 $11,761.9 $(2,755.3)$9,006.6 
During the three months ended September 30, 2024, and 2023, intangible assets amortization expense was $172.8 and $170.9, respectively, and during the nine months ended September 30, 2024, and 2023, intangible assets amortization expense was $527.2 and $510.3, respectively.
Goodwill
The following table is a summary of the change in the carrying amount of goodwill, both in total and as allocated to our reportable segments:
A&G
IP
LS&H
Total
Balance as of December 31, 2023$1,109.8 $— $913.9 $2,023.7 
Acquisition— 13.8 15.8 29.6 
Goodwill impairment
— (13.8)(302.8)(316.6)
Impact of foreign currency fluctuations
0.1 — — 0.1 
Balance as of September 30, 2024$1,109.9 $— $626.9 $1,736.8 
In the second quarter of 2024, primarily due to sustained declines in our share price, we determined that it was appropriate to perform an interim quantitative goodwill impairment assessment. We performed the assessment, consistent with our goodwill impairment testing policy and procedures, by comparing the estimated fair value to the carrying value for both of our segment reporting units carrying a goodwill balance. Based on the quantitative assessment performed, we concluded that the estimated fair value of the A&G reporting unit continues to be substantially in excess of its carrying value. For the LS&H reporting unit, we determined the carrying value exceeded its fair value; consequently, we recorded a goodwill impairment charge of $302.8 in the second quarter of 2024.
In the third quarter of 2024, we recorded $13.8 of goodwill associated with a small acquisition within the IP reporting unit. We recorded an impairment to the goodwill because the IP reporting unit’s fair value was significantly below its carrying value based on the results of our most recent interim quantitative impairment assessment described above.
v3.24.3
Derivative Instruments
 9 Months Ended
Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Instruments Derivative Instruments
We are exposed to various market risks, including foreign currency exchange rate risk and interest rate risk. We use derivative instruments to manage these risk exposures. We enter into foreign currency contracts and cross-currency swaps to help manage our exposure to foreign currency exchange rate risk, and we use interest rate swaps to mitigate interest rate risk. We assess the fair value of these instruments by considering current and anticipated movements in future interest rates and the relevant currency spot and future rates available in the market. Accordingly, these instruments are classified within Level 2 of the fair value hierarchy.
Interest Rate Swaps
We have interest rate swap arrangements with counterparties to reduce our exposure to variability in cash flows relating to interest payments on our outstanding term loan arrangements. We have designated the interest rate swaps as cash flow hedges of the risk associated with floating interest rates on designated future monthly interest payments. For additional information on our outstanding term loan facility, see Note 6 - Debt. As of September 30, 2024, our outstanding interest rate swaps have an aggregate notional value of $753.7 and mature in October 2026.
The fair value of the interest rate swaps is the estimated amount that we would receive or pay to terminate such agreements, taking into account market interest rates and the remaining time to maturities or using market inputs with mid-market pricing as a practical expedient for bid-ask spread. Changes in fair value are recorded in Accumulated other comprehensive loss (“AOCL”) in the Condensed Consolidated Balance Sheets with a related offset in derivative asset or liability, and the amounts reclassified out of AOCL are recorded to Interest expense, net in the Condensed Consolidated Statements of Operations. Any gain or loss will be subsequently reclassified into net earnings in the same period during which transactions affect earnings, or upon termination of the arrangements. For additional information on changes recorded to AOCL, see Note 7 - Shareholders' Equity. As of September 30, 2024, we estimate that approximately $6.5 of pre-tax gain related to interest rate swaps recorded in AOCL will be reclassified into earnings within the next 12 months.
Cross-Currency Swaps
In July 2023, we entered into a cross-currency swap that matures in 2026 to mitigate foreign currency exposure related to our net investment in various euro-functional-currency consolidated subsidiaries. This swap is designated and qualifies as a net investment hedge. We elected to assess the effectiveness of this net investment hedge based on changes in spot rates and are amortizing the portion of the net investment hedge that was excluded from the assessment of effectiveness over the life of the swap within Interest expense, net in the Condensed Consolidated Statements of Operations. The notional amount of the cross-currency swap associated with euro-denominated subsidiary net investments was €100.0 as of September 30, 2024.
Changes in fair value are recorded in AOCL (as a foreign currency translation adjustment) in the Condensed Consolidated Balance Sheets, with a related offset in derivative asset or liability. Any gain or loss will be subsequently reclassified into net earnings when the hedged net investment is either sold or substantially liquidated. For additional information on changes recorded to AOCL, see Note 7 - Shareholders' Equity.
Foreign Currency Forward Contracts
We periodically enter into foreign currency contracts, which generally do not exceed 180 days in duration, to help manage our exposure to foreign exchange rate risks. We have not designated these contracts as accounting hedges. We initially recognize these contracts at fair value on the execution date and subsequently remeasure the contracts to their fair value at the end of each reporting period. We assess the fair value of these instruments by considering current and anticipated movements in future interest rates and the relevant currency spot and future rates available in the market. We receive third-party valuation reports to corroborate our determination of fair value.
We recognize the associated realized and unrealized gains and losses in Other operating expense (income), net in the Condensed Consolidated Statements of Operations. We recognized a loss (gain) from the fair value adjustment of $(4.2) and $4.0, for the three months ended September 30, 2024 and 2023, respectively, and $(1.9) and $3.7, for the nine months ended September 30, 2024 and 2023, respectively. The notional amount of outstanding foreign currency contracts was $154.0 and $140.5 as of September 30, 2024 and December 31, 2023, respectively.
The following table provides information on the location and fair value amounts of our derivative instruments as of September 30, 2024 and December 31, 2023:
Balance Sheet ClassificationSeptember 30, 2024December 31, 2023
Asset Derivatives
Designated as accounting hedges:
Interest rate swapsOther current assets$— $4.1 
Interest rate swapsOther non-current assets7.4 17.7 
Not designated as accounting hedges:
Foreign currency forwardsOther current assets3.1 1.3 
Total Asset Derivatives$10.5 $23.1 
Liability Derivatives
Designated as accounting hedges:
Cross-currency swaps
Other non-current liabilities$2.9 $2.0 
Not designated as accounting hedges:
Foreign currency forwardsAccrued expenses and other current liabilities— 0.1 
Total Liability Derivatives$2.9 $2.1 
v3.24.3
Debt
 9 Months Ended
Sep. 30, 2024
Debt Disclosure [Abstract]  
Debt Debt
The following table summarizes our total indebtedness:
September 30, 2024December 31, 2023
TypeMaturityEffective
Interest
Rate		Carrying
Value		Effective
Interest
Rate		Carrying
Value
Senior Notes20294.875%921.4 4.875%921.4 
Senior Secured Notes20283.875%921.2 3.875%921.2 
Senior Secured Notes20264.500%700.0 4.500%700.0 
Revolving Credit Facility20297.595%— 8.206%— 
Term Loan Facility 20317.595%2,139.3 8.470%2,197.4 
Finance lease
20366.936%29.6 6.936%30.3 
Total debt outstanding$4,711.5 $4,770.3 
Debt discounts and issuance costs(56.2)(48.0)
Current portion of long-term debt(1)
(22.8)(1.2)
Long-term debt$4,632.5 $4,721.1 
(1) Included in Accrued expenses and other current liabilities on the Condensed Consolidated Balance Sheets.
Senior Notes (2029) and Senior Secured Notes (2028)
Interest on the Senior Notes due 2029 and the Senior Secured Notes due 2028 is payable semi-annually to holders of record on June 30 and December 30 of each year. The Senior Secured Notes due 2028 are secured on a first-lien pari passu basis with borrowings under our credit facilities and Senior Secured Notes due 2026. Both of these series of Notes are guaranteed on a joint and several basis by each of our indirect subsidiaries that is an obligor or guarantor under our credit facilities and Senior Secured Notes due 2026.
Senior Secured Notes (2026)
Interest on the Senior Secured Notes due 2026 is payable semi-annually to holders of record on May 1 and November 1 of each year. The Senior Secured Notes due 2026 are secured on a first-lien pari passu basis with borrowings under our credit facilities and Senior Secured Notes due 2028. These Notes are guaranteed on a joint and several basis by each of our indirect subsidiaries that is an obligor or guarantor under our credit facilities and are secured on a first-priority basis by the collateral
now owned or hereafter acquired by Camelot Finance S.A. (the issuer) and each of the guarantors that secures the issuer’s and such guarantor’s obligations under our credit facilities (subject to permitted liens and other exceptions).
The Credit Facilities
As further discussed below, in January 2024, we refinanced our existing credit facilities to provide improved financial flexibility, including extending our debt maturities and lowering our annual cash interest costs.
Revolving Credit Facility
Our revolving credit facility provides for revolving loans, same-day borrowings, and letters of credit. Proceeds of loans made under the revolving credit facility may be borrowed, repaid, and reborrowed prior to maturity.
As part of the January 2024 refinancing, we amended our $750.0 revolving credit facility by reducing it to a $700.0 facility (with a letter of credit sublimit of $77.0) and extending the maturity date to January 31, 2029, subject to a “springing” maturity date that is 91 days prior to the maturity date of the Senior Secured Notes due 2026 and the Senior Secured Notes due 2028, but only to the extent that those notes have not been refinanced or extended prior to their original maturity dates. All other terms related to the revolving credit facility were substantively unchanged.
As of September 30, 2024, letters of credit totaling $8.1 were collateralized by the revolving credit facility.
Term Loan Facility
As part of the January 2024 refinancing, we made a prepayment of $47.4 on the existing term loans due in 2026 and then refinanced the remaining term loans with a new $2,150.0 tranche of term loans maturing in 2031. The interest rate margin for the new term loan facility decreased from 300 to 275 basis points per annum in the case of loans bearing interest by reference to term SOFR. The term loans amortize in equal quarterly installments (the first installment was paid on June 28, 2024) equivalent to a rate of 1.00% per annum, with the balance due at maturity.
The carrying value of our variable interest rate debt, excluding unamortized debt issuance costs, approximates fair value due to the short-term nature of the interest rate benchmark rates. The fair value of the fixed rate debt is estimated based on market observable data for debt with similar prepayment features. The fair value of our debt was $4,617.0 and $4,615.3 as of September 30, 2024 and December 31, 2023, respectively, and is considered Level 2 under the fair value hierarchy.
v3.24.3
Shareholders' Equity
 9 Months Ended
Sep. 30, 2024
Equity [Abstract]  
Shareholders' Equity Shareholders' Equity
Conversion of Preferred Shares into Ordinary Shares
On June 3, 2024, all 14.4 million outstanding shares of our 5.25% Series A Mandatory Convertible Preferred Shares (“MCPS”) automatically converted into 55.3 million ordinary shares at a conversion rate of 3.8462 ordinary shares per MCPS share. All accumulated preferred dividends were paid prior to the conversion.
Share Repurchase Program
In May 2023, our Board of Directors authorized the purchase of up to $500.0 of our ordinary shares through December 31, 2024. We repurchased approximately 13.8 million ordinary shares for $100.0 at an average price of $7.22 per share during the year ended December 31, 2023 and approximately 15.2 million ordinary shares for $100.0 at an average price of $6.59 per share during the three months ended September 30, 2024. All repurchased shares were immediately retired and restored as authorized but unissued ordinary shares. As of September 30, 2024, we had $300.0 of availability remaining under the share repurchase program.
Accumulated Other Comprehensive Loss (“AOCL”)
The tables below provide information about the changes in AOCL by component and the related amounts reclassified to net earnings during the periods indicated (net of tax). The foreign currency translation adjustment component of AOCL represents the impact of translating foreign subsidiary asset and liability balances from their local currency to USD. The change in both periods below was primarily related to foreign subsidiaries whose local currency is GBP.
Nine Months Ended September 30, 2024
Interest rate swapsDefined benefit pension plansForeign currency translation adjustment
Total
Balance as of December 31, 2023$16.2 $0.4 $(511.9)$(495.3)
Other comprehensive income (loss) before reclassifications7.4 — 73.2 80.6 
Reclassifications from AOCL to net earnings(18.2)— (0.9)(19.1)
Net other comprehensive (loss) income(10.8)— 72.3 61.5 
Balance as of September 30, 2024$5.4 $0.4 $(439.6)$(433.8)
Nine Months Ended September 30, 2023
Interest rate swapsDefined benefit pension plansForeign currency translation adjustment
Total
Balance as of December 31, 2022$38.1 $1.5 $(705.5)$(665.9)
Other comprehensive income (loss) before reclassifications22.2 (0.1)14.0 36.1 
Reclassifications from AOCL to net earnings
(27.7)— (0.3)(28.0)
Net other comprehensive income (loss)(5.5)(0.1)13.7 8.1 
Balance as of September 30, 2023$32.6 $1.4 $(691.8)$(657.8)
v3.24.3
Private Placement Warrants
 9 Months Ended
Sep. 30, 2024
Other Liabilities Disclosure [Abstract]  
Private Placement Warrants Private Placement Warrants
In May 2024, the remaining 17.8 million private placement warrants expired unexercised. These warrants had an exercise price of $11.50 per share and were valued using a Black-Scholes option valuation model and classified as Level 3 financial instruments within the fair value hierarchy. The warrants were subject to remeasurement at each balance sheet date and represented a liability balance of zero and $5.1 as of September 30, 2024 and December 31, 2023, respectively, classified within Accrued expenses and other current liabilities in the Condensed Consolidated Balance Sheets. The change in fair value was recognized as a fair value adjustment of warrants in the Condensed Consolidated Statements of Operations.
v3.24.3
Restructuring and Other Impairments
 9 Months Ended
Sep. 30, 2024
Restructuring and Related Activities [Abstract]  
Restructuring and Other Impairments Restructuring and Other Impairments
We have engaged in various restructuring programs to strengthen our business and streamline our operations, including taking actions related to the location and use of leased facilities. Our recent restructuring programs include the following:
•Segment Optimization Program - During the second quarter of 2023, we approved a restructuring plan to streamline operations within targeted areas of the Company to reduce operational costs, with the primary cost savings driver being from a reduction in workforce.
•ProQuest Acquisition Integration Program - During the fourth quarter of 2021, we approved a restructuring plan to streamline operations within targeted areas of the Company to reduce operational costs, with the primary cost savings driver being from a reduction in workforce.
As of September 30, 2024, we have incurred $31.4 of cumulative costs associated with the Segment Optimization Program and we expect to incur approximately $4 of additional restructuring costs associated with this program, primarily within 2024.
The following table summarizes the pre-tax charges by activity and program during the periods indicated:
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Severance and related benefit costs:
ProQuest Acquisition Integration Program$— $(0.2)$(0.1)$16.7 
Segment Optimization Program4.2 2.6 16.3 4.9 
Total Severance and related benefit costs$4.2 $2.4 $16.2 $21.6 
Exit and disposal costs:
ProQuest Acquisition Integration Program$— $— $— $0.1 
Segment Optimization Program0.1 — 0.3 — 
Total Exit and disposal costs$0.1 $— $0.3 $0.1 
Lease abandonment costs:
Segment Optimization Program$(0.3)$1.4 $(2.3)$3.7 
Other Restructuring Programs— (0.1)— (0.1)
Total Lease abandonment costs$(0.3)$1.3 $(2.3)$3.6 
Restructuring and other impairments$4.0 $3.7 $14.2 $25.3 
The following table summarizes the pre-tax charges by program and segment during the periods indicated:
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Academia & Government:
ProQuest Acquisition Integration Program$— $(0.2)$(0.1)$9.1 
Segment Optimization Program1.7 1.4 5.5 3.0 
Other Restructuring Programs— (0.1)— (0.1)
Total A&G$1.7 $1.1 $5.4 $12.0 
Intellectual Property:
ProQuest Acquisition Integration Program$— $— $— $4.6 
Segment Optimization Program0.2 0.5 3.2 1.9 
Total IP$0.2 $0.5 $3.2 $6.5 
Life Sciences & Healthcare:
ProQuest Acquisition Integration Program$— $— $— $3.1 
Segment Optimization Program2.1 2.1 5.6 3.7 
Total LS&H$2.1 $2.1 $5.6 $6.8 
Restructuring and other impairments$4.0 $3.7 $14.2 $25.3 
The following table summarizes the changes in our restructuring reserves by activity during the periods indicated:
Severance and
related benefit costs
Exit, disposal,
and abandonment costs
Total
Reserve Balance as of December 31, 2023$5.9 $1.4 $7.3 
Expenses recorded16.2 (2.0)14.2 
Payments made(18.9)(4.7)(23.6)
Noncash items(1.0)5.3 4.3 
Reserve Balance as of September 30, 2024$2.2 $— $2.2 
Reserve Balance as of December 31, 2022$11.5 $0.1 $11.6 
Expenses recorded21.6 3.7 25.3 
Payments made(27.7)(2.4)(30.1)
Noncash items(2.9)— (2.9)
Reserve Balance as of September 30, 2023$2.5 $1.4 $3.9 
v3.24.3
Other Operating Expense (Income), Net
 9 Months Ended
Sep. 30, 2024
Other Income and Expenses [Abstract]  
Other Operating Expense (Income), Net Other Operating Expense (Income), Net
Other operating expense (income), net, consisted of the following for the three and nine months ended September 30, 2024 and 2023:
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Loss on divestiture(1)
$— $— $14.8 $— 
Gain on legal settlement(2)
— — — (49.4)
Net foreign exchange loss (gain)(3)
31.5 (17.0)36.1 15.3 
Miscellaneous expense (income), net(5.8)4.0 (4.0)3.6 
Other operating expense (income), net$25.7 $(13.0)$46.9 $(30.5)
(1) Refer to Note 2 - Acquisitions and Divestitures for further information.
(2) Refer to Note 14 - Commitments and Contingencies for further information.
(3) Relates to realized and unrealized gains and losses on foreign currency transactions, with the largest impacts derived from transactions denominated in GBP.
v3.24.3
Income Taxes
 9 Months Ended
Sep. 30, 2024
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
We compute our provision (benefit) for income taxes by applying the estimated annual effective tax rate to year-to-date pre-tax income (loss) and adjust the provision for discrete tax items recorded in the period.
The income tax provision of $15.1 and $15.6 for the three months ended September 30, 2024 and 2023, respectively, was primarily due to the mix of jurisdictions in which pre-tax profits and losses were recognized.
The income tax provision of $23.3 for the nine months ended September 30, 2024 was primarily due to the mix of jurisdictions in which pre-tax profits and losses were recognized, partially offset by a $14.2 tax benefit related to the goodwill impairment. The income tax benefit of $83.3 for the nine months ended September 30, 2023 was driven by a $70.4 tax benefit recorded on the settlement of an open tax dispute, a $33.0 tax benefit associated with the impairment of intangible assets, and a $17.1 tax benefit relating to the partial release of valuation allowance, partially offset by the mix of taxing jurisdictions in which pre-tax profits and losses were recognized.
v3.24.3
Earnings Per Share
 9 Months Ended
Sep. 30, 2024
Earnings Per Share [Abstract]  
Earnings Per Share Earnings Per Share
Basic earnings per share (“EPS”) is calculated by dividing net income (loss) attributable to ordinary shares by the weighted average number of ordinary shares outstanding for the applicable period. Diluted EPS is computed by dividing net income (loss) attributable to ordinary shares, adjusted for the change in fair value of the private placement warrants, by the weighted average number of ordinary shares and dilutive potential ordinary shares outstanding for the applicable period. Diluted EPS reflects the potential dilution that could occur if securities were exercised or converted into ordinary shares, as calculated using the treasury stock method.
The basic and diluted EPS computations for our ordinary shares are calculated as follows:
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Basic EPS
Net income (loss)$(65.6)$12.3 $(444.9)$(67.3)
Dividends on preferred shares— 18.9 31.3 56.3 
Net income (loss) attributable to ordinary shares$(65.6)$(6.6)$(476.2)$(123.6)
Weighted average shares, basic718.7 670.9 690.5 673.9 
Basic EPS$(0.09)$(0.01)$(0.69)$(0.18)
Diluted EPS
Net income (loss) attributable to ordinary shares$(65.6)$(6.6)$(476.2)$(123.6)
Change in fair value of private placement warrants— — — — 
Net income (loss) attributable to ordinary shares, diluted$(65.6)$(6.6)$(476.2)$(123.6)
Weighted average shares, basic718.7 670.9 690.5 673.9 
Weighted average effect of potentially dilutive shares— — — — 
Weighted average shares, diluted718.7 670.9 690.5 673.9 
Diluted EPS$(0.09)$(0.01)$(0.69)$(0.18)
Potential ordinary shares on a gross basis related to share-based awards and private placement warrants were excluded from diluted EPS in each period presented as their inclusion would have been antidilutive. Potential shares of 14.2 million and 29.4 million were excluded for the three months ended September 30, 2024 and 2023, respectively, and 22.3 million and 30.3 million were excluded for the nine months ended September 30, 2024 and 2023, respectively.
As a result of the MCPS conversion described in Note 7 - Shareholders' Equity, for the three and nine months ended September 30, 2024, the converted MCPS shares were included in basic EPS for the period subsequent to the conversion and were evaluated for inclusion in diluted EPS for the period prior to the conversion using the if-converted method. Because the pre-conversion weighted-average ordinary shares related to our MCPS would have been antidilutive for each period presented, they were excluded from the diluted EPS calculation for the pre-conversion portion within the three and nine months ended September 30, 2024 and the three and nine months ended September 30, 2023.
v3.24.3
Segment Information
 9 Months Ended
Sep. 30, 2024
Segment Reporting [Abstract]  
Segment Information Segment Information
Operating segments are components of an enterprise for which separate financial information is available that is evaluated regularly by the chief operating decision maker (“CODM”) in deciding how to allocate resources and in assessing performance. As discussed in Note 1 - Nature of Operations and Summary of Significant Accounting Policies, we have three reportable operating segments: Academia & Government (“A&G”), Intellectual Property (“IP”), and Life Sciences & Healthcare (“LS&H”). An overview of our segment structure, organized based on the products we offer and the markets they serve, is as follows:
•A&G: Trusted content, intelligence, and workflow solutions that help academic and government institutions advance knowledge to transform our world. Within the A&G segment, we provide Research and Analytics, Content Solutions, Books and Marketplaces, and Library Software Solutions.
•IP: Our comprehensive intellectual property data, software, and expertise helps companies drive innovation, law firms achieve practice excellence, and organizations worldwide effectively manage and protect critical IP assets. Within the IP segment, we provide IP Management Software, IP Services, Patent Intelligence, and Brand IP Intelligence.
•LS&H: Empowers customers to advance innovation and accelerate patient outcomes that improve patient lives and create a healthier tomorrow. Our intelligence solutions, transformative data, and technology equip our customers with the insight and foresight needed across the entire healthcare ecosystem. Within the LS&H segment, we provide solutions for Research and Development, Real World Data, MedTech, Market Access, and Commercialization.
Our Chief Executive Officer is identified as the CODM, who evaluates performance based primarily on segment revenues and Adjusted EBITDA. The CODM does not review assets by segment for the purpose of assessing performance or allocating resources.
Adjusted EBITDA represents Net income (loss) before the Provision (benefit) for income taxes, Depreciation and amortization, and Interest expense, net, adjusted to exclude acquisition and/or disposal-related transaction costs, share-based compensation, restructuring expenses, impairments, the impact of certain non-cash fair value adjustments on financial instruments, unrealized foreign currency gains/losses, legal settlements, and other items that are included in Net income (loss) for the period that we do not consider indicative of our ongoing operating performance.
The following table summarizes revenues by reportable segment for the periods indicated:
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Academia & Government$321.3 $327.2 $983.5 $983.9 
Intellectual Property199.8 211.7 602.3 637.1 
Life Sciences & Healthcare101.1 108.3 307.9 324.1 
Total Revenues$622.2 $647.2 $1,893.7 $1,945.1 
The following table presents segment profitability and a reconciliation to Net income (loss) for the periods indicated:
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Academia & Government$139.8 $144.0 $415.4 $416.2 
Intellectual Property91.0 98.5 263.2 293.2 
Life Sciences & Healthcare33.6 38.9 96.5 109.6 
Total Adjusted EBITDA$264.4 $281.4 $775.1 $819.0 
Provision (benefit) for income taxes(15.1)(15.6)(23.3)83.3 
Depreciation and amortization(177.2)(176.8)(541.0)(527.5)
Interest expense, net(72.2)(71.9)(213.5)(218.5)
Transaction related costs(6.1)(2.7)(13.6)(5.1)
Share-based compensation expense(15.4)(25.4)(49.7)(97.1)
Goodwill and intangible asset impairments(13.8)— (316.6)(135.2)
Restructuring and other impairments(4.0)(3.7)(14.2)(25.3)
Fair value adjustment of warrants— 12.6 5.2 14.4 
Other(1)
(26.2)14.4 (53.3)24.7 
Net income (loss)$(65.6)$12.3 $(444.9)$(67.3)
(1) Primarily reflects the net impact of foreign exchange gains and losses related to the remeasurement of balances and other items that do not reflect our ongoing operating performance. In addition to the net unrealized foreign exchange loss, the nine months ended September 30, 2024 also includes a $14.8 loss on the divestiture discussed in Note 2 - Acquisitions and Divestitures and the nine months ended September 30, 2023 includes a $49.4 gain on legal settlement discussed in Note 14 - Commitments and Contingencies.
v3.24.3
Commitments and Contingencies
 9 Months Ended
Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Lawsuits and Legal Claims
We are engaged in various legal proceedings, claims, audits, and investigations that have arisen in the ordinary course of business. These matters may include among others, antitrust/competition claims, intellectual property infringement claims, employment matters, and commercial matters. The outcomes of the matters against us are subject to future resolution, including the uncertainties of litigation.
From time to time, we are involved in litigation in the ordinary course of our business, including claims or contingencies that may arise related to matters occurring prior to our acquisition of businesses. At the present time, primarily because the matters are generally in early stages, we can give no assurance as to the outcome of any pending litigation to which we are currently a party, and we are unable to determine the ultimate resolution of these matters or the effect they may have on us.
We have and will continue to vigorously defend ourselves against these claims. We maintain appropriate levels of insurance, which we expect are likely to provide coverage for some of these liabilities or other losses that may arise from these litigation matters.
During the nine months ended September 30, 2023, we reached settlement related to a large legal claim, which was covered by insurance. We recognized a total gain on settlement of $49.4 which is included in Other operating expense (income), net in the Condensed Consolidated Statement of Operations.
Between January and March 2022, three putative securities class action complaints were filed in the United States District Court for the Eastern District of New York against Clarivate and certain of its executives and directors alleging that there were weaknesses in the Company’s internal controls over financial reporting and financial reporting procedures that it failed to disclose in violation of federal securities law. The complaints were consolidated into a single proceeding on May 18, 2022. On August 8, 2022, plaintiffs filed a consolidated amended complaint, seeking damages on behalf of a putative class of shareholders who acquired Clarivate securities between July 30, 2020, and February 2, 2022, and/or acquired Clarivate ordinary or preferred shares in connection with offerings on June 10, 2021, or Clarivate ordinary shares in connection with a September 13, 2021, offering. The amended complaint, like the prior complaints, references an error in the accounting treatment of an equity plan included in the Company’s 2020 business combination with CPA Global that was disclosed on December 27, 2021, and related restatements issued on February 3, 2022, of certain of the Company’s previously issued financial statements. The amended complaint also alleges that the Company and certain of its executives and directors made false or misleading statements relating to the Company’s product quality and expected organic revenues and organic growth rate, and that they failed to disclose significant known changes to the Company’s business model. Defendants moved to dismiss the amended complaint on October 7, 2022. Without deciding the motion, the court entered an order on June 23, 2023, allowing plaintiffs limited leave to amend, and plaintiffs filed an amended complaint on July 14, 2023. On August 10, 2023, the court issued an order deeming defendants’ prior motions and briefs to be directed at the amended complaint and permitting defendants to file supplemental briefs to address the new allegations in the amended complaint. Supplemental briefing on the motions was completed on September 8, 2023. Defendants’ motions to dismiss the amended complaint are currently pending.
In a separate but related litigation, on June 7, 2022, a class action was filed in Pennsylvania state court in the Court of Common Pleas of Philadelphia asserting claims under the Securities Act of 1933, based on substantially similar allegations, with respect to alleged misstatements and omissions in the offering documents for two issuances of Clarivate ordinary shares in June and September 2021. The Company moved to stay this proceeding on August 19, 2022, and filed its preliminary objections to the state court complaint on October 21, 2022. After granting a partial stay on January 4, 2023, the court denied a further stay of the proceedings on April 17, 2023. On April 24, 2024, the court sustained the Company’s preliminary objections, but permitted plaintiff leave to file an amended complaint, which plaintiff filed on May 28, 2024. On August 29, 2024, plaintiff filed a second amended complaint, to which the Company filed preliminary objections on September 30, 2024. Clarivate does not believe that the claims alleged in the complaints have merit and will vigorously defend against them. Given the early stage of the proceedings, we are unable to estimate the reasonably possible loss or range of loss, if any, arising from these matters.
v3.24.3
Pay vs Performance Disclosure - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Sep. 30, 2024
Sep. 30, 2023
Pay vs Performance Disclosure                
Net income (loss) $ (65.6) $ (304.3) $ (75.0) $ 12.3 $ (123.1) $ 43.5 $ (444.9) $ (67.3)
v3.24.3
Insider Trading Arrangements
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2024
Trading Arrangements, by Individual    
Non-Rule 10b5-1 Arrangement Adopted false  
Rule 10b5-1 Arrangement Terminated false  
Non-Rule 10b5-1 Arrangement Terminated false  
Bar Veinstein [Member]    
Trading Arrangements, by Individual    
Material Terms of Trading Arrangement  
During the quarter ended September 30, 2024, no director or officer (as defined in Rule 16a-1 under the Exchange Act) of the Company adopted or terminated a Rule 10b5-1 trading plan or adopted or terminated a non-Rule 10b5-1 trading arrangement (as such terms are defined in Item 408(a) of Regulation S-K).
v3.24.3
Nature of Operations and Summary of Significant Accounting Policies (Policies)
 9 Months Ended
Sep. 30, 2024
Accounting Policies [Abstract]  
Basis of Presentation
Basis of Presentation
The accompanying Condensed Consolidated Financial Statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and include our accounts and the accounts of our wholly owned subsidiaries. In our opinion, these interim statements reflect all adjustments necessary to a fair statement of the results for the periods presented, and such adjustments are of a normal, recurring nature. Results from interim periods should not be considered indicative of results for the full year. The financial statements included herein should be read in conjunction with the financial statements and notes included in our Form 10-K for the year ended December 31, 2023. The year-end condensed balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP. All significant intercompany transactions and balances have been eliminated in consolidation.
Certain reclassifications of prior period amounts have been made to conform to the current period presentation.
Recently Issued Accounting Standards
Recently Issued Accounting Standards
In November 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023-07, Improvements to Reportable Segment Disclosures, which requires disclosure of incremental segment information on an annual and interim basis. The amendments in this update are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024 on a retrospective basis. We do not expect that the adoption of this ASU will have a material impact on our consolidated financial statements.
In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures, which is designed to provide greater income tax disclosure transparency by requiring (1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. The amendments in this update are effective for fiscal years beginning after December 15, 2024 on a prospective basis. Early adoption is permitted. We are currently assessing the impact of this update on our related disclosures.
v3.24.3
Revenue (Tables)
 9 Months Ended
Sep. 30, 2024
Revenue from Contract with Customer [Abstract]  
Schedule of disaggregated revenues
The following table presents our revenues disaggregated by transaction type (see Note 13 - Segment Information for our revenues disaggregated by segment):
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Subscription revenues$411.1 $408.1 $1,219.8 $1,207.3 
Re-occurring revenues106.7 106.8 317.8 325.5 
Transactional and other revenues104.4 132.3 356.1 412.3 
Revenues$622.2 $647.2 $1,893.7 $1,945.1 
The following table summarizes revenues by reportable segment for the periods indicated:
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Academia & Government$321.3 $327.2 $983.5 $983.9 
Intellectual Property199.8 211.7 602.3 637.1 
Life Sciences & Healthcare101.1 108.3 307.9 324.1 
Total Revenues$622.2 $647.2 $1,893.7 $1,945.1 
Schedule of contract balances
The following table presents our contract balances:
September 30, 2024December 31, 2023
Accounts receivable, net771.8 908.3 
Current portion of deferred revenues890.2 983.1 
Non-current portion of deferred revenues21.6 38.7 
v3.24.3
Other Intangible Assets, Net and Goodwill (Tables)
 9 Months Ended
Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Identifiable Intangible Assets
The following table is a summary of the gross carrying amounts and accumulated amortization of our identifiable intangible assets by major class:
September 30, 2024December 31, 2023
GrossAccumulated AmortizationNetGrossAccumulated AmortizationNet
Customer relationships$7,850.2 $(1,445.1)$6,405.1 $7,819.9 $(1,177.2)$6,642.7 
Technology and content
2,858.8 (1,190.3)1,668.5 2,798.3 (1,009.1)1,789.2 
Computer software1,062.6 (598.5)464.1 897.9 (516.4)381.5 
Trade names and other
89.5 (57.4)32.1 88.9 (52.6)36.3 
Definite-lived intangible assets
$11,861.1 $(3,291.3)$8,569.8 $11,605.0 $(2,755.3)$8,849.7 
Indefinite-lived trade names
156.9 — 156.9 156.9 — 156.9 
Other intangible assets, net$12,018.0 $(3,291.3)$8,726.7 $11,761.9 $(2,755.3)$9,006.6 
Schedule of Goodwill
The following table is a summary of the change in the carrying amount of goodwill, both in total and as allocated to our reportable segments:
A&G
IP
LS&H
Total
Balance as of December 31, 2023$1,109.8 $— $913.9 $2,023.7 
Acquisition— 13.8 15.8 29.6 
Goodwill impairment
— (13.8)(302.8)(316.6)
Impact of foreign currency fluctuations
0.1 — — 0.1 
Balance as of September 30, 2024$1,109.9 $— $626.9 $1,736.8 
v3.24.3
Derivative Instruments (Tables)
 9 Months Ended
Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Fair Value of Derivative Instruments
The following table provides information on the location and fair value amounts of our derivative instruments as of September 30, 2024 and December 31, 2023:
Balance Sheet ClassificationSeptember 30, 2024December 31, 2023
Asset Derivatives
Designated as accounting hedges:
Interest rate swapsOther current assets$— $4.1 
Interest rate swapsOther non-current assets7.4 17.7 
Not designated as accounting hedges:
Foreign currency forwardsOther current assets3.1 1.3 
Total Asset Derivatives$10.5 $23.1 
Liability Derivatives
Designated as accounting hedges:
Cross-currency swaps
Other non-current liabilities$2.9 $2.0 
Not designated as accounting hedges:
Foreign currency forwardsAccrued expenses and other current liabilities— 0.1 
Total Liability Derivatives$2.9 $2.1 
v3.24.3
Debt (Tables)
 9 Months Ended
Sep. 30, 2024
Debt Disclosure [Abstract]  
Schedule of Debt
The following table summarizes our total indebtedness:
September 30, 2024December 31, 2023
TypeMaturityEffective
Interest
Rate		Carrying
Value		Effective
Interest
Rate		Carrying
Value
Senior Notes20294.875%921.4 4.875%921.4 
Senior Secured Notes20283.875%921.2 3.875%921.2 
Senior Secured Notes20264.500%700.0 4.500%700.0 
Revolving Credit Facility20297.595%— 8.206%— 
Term Loan Facility 20317.595%2,139.3 8.470%2,197.4 
Finance lease
20366.936%29.6 6.936%30.3 
Total debt outstanding$4,711.5 $4,770.3 
Debt discounts and issuance costs(56.2)(48.0)
Current portion of long-term debt(1)
(22.8)(1.2)
Long-term debt$4,632.5 $4,721.1 
(1) Included in Accrued expenses and other current liabilities on the Condensed Consolidated Balance Sheets.
v3.24.3
Shareholders' Equity (Tables)
 9 Months Ended
Sep. 30, 2024
Equity [Abstract]  
Schedule of Accumulated Other Comprehensive Income (Loss)
The tables below provide information about the changes in AOCL by component and the related amounts reclassified to net earnings during the periods indicated (net of tax). The foreign currency translation adjustment component of AOCL represents the impact of translating foreign subsidiary asset and liability balances from their local currency to USD. The change in both periods below was primarily related to foreign subsidiaries whose local currency is GBP.
Nine Months Ended September 30, 2024
Interest rate swapsDefined benefit pension plansForeign currency translation adjustment
Total
Balance as of December 31, 2023$16.2 $0.4 $(511.9)$(495.3)
Other comprehensive income (loss) before reclassifications7.4 — 73.2 80.6 
Reclassifications from AOCL to net earnings(18.2)— (0.9)(19.1)
Net other comprehensive (loss) income(10.8)— 72.3 61.5 
Balance as of September 30, 2024$5.4 $0.4 $(439.6)$(433.8)
Nine Months Ended September 30, 2023
Interest rate swapsDefined benefit pension plansForeign currency translation adjustment
Total
Balance as of December 31, 2022$38.1 $1.5 $(705.5)$(665.9)
Other comprehensive income (loss) before reclassifications22.2 (0.1)14.0 36.1 
Reclassifications from AOCL to net earnings
(27.7)— (0.3)(28.0)
Net other comprehensive income (loss)(5.5)(0.1)13.7 8.1 
Balance as of September 30, 2023$32.6 $1.4 $(691.8)$(657.8)
v3.24.3
Restructuring and Other Impairments (Tables)
 9 Months Ended
Sep. 30, 2024
Restructuring and Related Activities [Abstract]  
Restructuring and Related Costs
The following table summarizes the pre-tax charges by activity and program during the periods indicated:
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Severance and related benefit costs:
ProQuest Acquisition Integration Program$— $(0.2)$(0.1)$16.7 
Segment Optimization Program4.2 2.6 16.3 4.9 
Total Severance and related benefit costs$4.2 $2.4 $16.2 $21.6 
Exit and disposal costs:
ProQuest Acquisition Integration Program$— $— $— $0.1 
Segment Optimization Program0.1 — 0.3 — 
Total Exit and disposal costs$0.1 $— $0.3 $0.1 
Lease abandonment costs:
Segment Optimization Program$(0.3)$1.4 $(2.3)$3.7 
Other Restructuring Programs— (0.1)— (0.1)
Total Lease abandonment costs$(0.3)$1.3 $(2.3)$3.6 
Restructuring and other impairments$4.0 $3.7 $14.2 $25.3 
The following table summarizes the pre-tax charges by program and segment during the periods indicated:
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Academia & Government:
ProQuest Acquisition Integration Program$— $(0.2)$(0.1)$9.1 
Segment Optimization Program1.7 1.4 5.5 3.0 
Other Restructuring Programs— (0.1)— (0.1)
Total A&G$1.7 $1.1 $5.4 $12.0 
Intellectual Property:
ProQuest Acquisition Integration Program$— $— $— $4.6 
Segment Optimization Program0.2 0.5 3.2 1.9 
Total IP$0.2 $0.5 $3.2 $6.5 
Life Sciences & Healthcare:
ProQuest Acquisition Integration Program$— $— $— $3.1 
Segment Optimization Program2.1 2.1 5.6 3.7 
Total LS&H$2.1 $2.1 $5.6 $6.8 
Restructuring and other impairments$4.0 $3.7 $14.2 $25.3 
The following table summarizes the changes in our restructuring reserves by activity during the periods indicated:
Severance and
related benefit costs
Exit, disposal,
and abandonment costs
Total
Reserve Balance as of December 31, 2023$5.9 $1.4 $7.3 
Expenses recorded16.2 (2.0)14.2 
Payments made(18.9)(4.7)(23.6)
Noncash items(1.0)5.3 4.3 
Reserve Balance as of September 30, 2024$2.2 $— $2.2 
Reserve Balance as of December 31, 2022$11.5 $0.1 $11.6 
Expenses recorded21.6 3.7 25.3 
Payments made(27.7)(2.4)(30.1)
Noncash items(2.9)— (2.9)
Reserve Balance as of September 30, 2023$2.5 $1.4 $3.9 
v3.24.3
Other Operating Expense (Income), Net (Tables)
 9 Months Ended
Sep. 30, 2024
Other Income and Expenses [Abstract]  
Schedule of Other Operating Expense (Income), Net
Other operating expense (income), net, consisted of the following for the three and nine months ended September 30, 2024 and 2023:
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Loss on divestiture(1)
$— $— $14.8 $— 
Gain on legal settlement(2)
— — — (49.4)
Net foreign exchange loss (gain)(3)
31.5 (17.0)36.1 15.3 
Miscellaneous expense (income), net(5.8)4.0 (4.0)3.6 
Other operating expense (income), net$25.7 $(13.0)$46.9 $(30.5)
(1) Refer to Note 2 - Acquisitions and Divestitures for further information.
(2) Refer to Note 14 - Commitments and Contingencies for further information.
(3) Relates to realized and unrealized gains and losses on foreign currency transactions, with the largest impacts derived from transactions denominated in GBP.
v3.24.3
Earnings Per Share (Tables)
 9 Months Ended
Sep. 30, 2024
Earnings Per Share [Abstract]  
Schedule of Basic and Diluted EPS Computations for Ordinary Shares
The basic and diluted EPS computations for our ordinary shares are calculated as follows:
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Basic EPS
Net income (loss)$(65.6)$12.3 $(444.9)$(67.3)
Dividends on preferred shares— 18.9 31.3 56.3 
Net income (loss) attributable to ordinary shares$(65.6)$(6.6)$(476.2)$(123.6)
Weighted average shares, basic718.7 670.9 690.5 673.9 
Basic EPS$(0.09)$(0.01)$(0.69)$(0.18)
Diluted EPS
Net income (loss) attributable to ordinary shares$(65.6)$(6.6)$(476.2)$(123.6)
Change in fair value of private placement warrants— — — — 
Net income (loss) attributable to ordinary shares, diluted$(65.6)$(6.6)$(476.2)$(123.6)
Weighted average shares, basic718.7 670.9 690.5 673.9 
Weighted average effect of potentially dilutive shares— — — — 
Weighted average shares, diluted718.7 670.9 690.5 673.9 
Diluted EPS$(0.09)$(0.01)$(0.69)$(0.18)
v3.24.3
Segment Information (Tables)
 9 Months Ended
Sep. 30, 2024
Segment Reporting [Abstract]  
Schedule of Revenue by Reportable Segment
The following table presents our revenues disaggregated by transaction type (see Note 13 - Segment Information for our revenues disaggregated by segment):
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Subscription revenues$411.1 $408.1 $1,219.8 $1,207.3 
Re-occurring revenues106.7 106.8 317.8 325.5 
Transactional and other revenues104.4 132.3 356.1 412.3 
Revenues$622.2 $647.2 $1,893.7 $1,945.1 
The following table summarizes revenues by reportable segment for the periods indicated:
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Academia & Government$321.3 $327.2 $983.5 $983.9 
Intellectual Property199.8 211.7 602.3 637.1 
Life Sciences & Healthcare101.1 108.3 307.9 324.1 
Total Revenues$622.2 $647.2 $1,893.7 $1,945.1 
Schedule of Segment Reporting Information, by Segment
The following table presents segment profitability and a reconciliation to Net income (loss) for the periods indicated:
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Academia & Government$139.8 $144.0 $415.4 $416.2 
Intellectual Property91.0 98.5 263.2 293.2 
Life Sciences & Healthcare33.6 38.9 96.5 109.6 
Total Adjusted EBITDA$264.4 $281.4 $775.1 $819.0 
Provision (benefit) for income taxes(15.1)(15.6)(23.3)83.3 
Depreciation and amortization(177.2)(176.8)(541.0)(527.5)
Interest expense, net(72.2)(71.9)(213.5)(218.5)
Transaction related costs(6.1)(2.7)(13.6)(5.1)
Share-based compensation expense(15.4)(25.4)(49.7)(97.1)
Goodwill and intangible asset impairments(13.8)— (316.6)(135.2)
Restructuring and other impairments(4.0)(3.7)(14.2)(25.3)
Fair value adjustment of warrants— 12.6 5.2 14.4 
Other(1)
(26.2)14.4 (53.3)24.7 
Net income (loss)$(65.6)$12.3 $(444.9)$(67.3)
(1) Primarily reflects the net impact of foreign exchange gains and losses related to the remeasurement of balances and other items that do not reflect our ongoing operating performance. In addition to the net unrealized foreign exchange loss, the nine months ended September 30, 2024 also includes a $14.8 loss on the divestiture discussed in Note 2 - Acquisitions and Divestitures and the nine months ended September 30, 2023 includes a $49.4 gain on legal settlement discussed in Note 14 - Commitments and Contingencies.
v3.24.3
Nature of Operations and Summary of Significant Accounting Policies - General (Details)
 9 Months Ended
Sep. 30, 2024
segment
Accounting Policies [Abstract]  
Number of reportable segments 3
v3.24.3
Acquisitions and Divestitures - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Oct. 25, 2024
Dec. 31, 2023
Jun. 30, 2023
Business Acquisition [Line Items]              
Finite-lived intangible assets $ 8,569.8   $ 8,569.8     $ 8,849.7  
Customer relationships              
Business Acquisition [Line Items]              
Finite-lived intangible assets 6,405.1   6,405.1     $ 6,642.7  
Disposal Group, Held-for-sale, Not Discontinued Operations | Small Product Group within IP Segment              
Business Acquisition [Line Items]              
Consideration for divestiture             $ 34.0
Divestiture consideration period payable   10 years          
Disposal group, Intangible assets   $ 26.1   $ 26.1      
Impairment of definite-lived intangible assets       132.2      
Disposal Group, Held-for-sale, Not Discontinued Operations | Small Product Group within IP Segment | Noncurrent assets              
Business Acquisition [Line Items]              
Fair value of contingent consideration receivable 28.2   28.2        
Disposal Group, Held-for-sale, Not Discontinued Operations | Small Product Group within IP Segment | Customer relationships              
Business Acquisition [Line Items]              
Finite-lived intangible assets   158.0   158.0      
Disposal Group, Held-for-sale, Not Discontinued Operations | ScholarOne Business | Subsequent Event              
Business Acquisition [Line Items]              
Consideration for divestiture         $ 110.0    
Contingent consideration for divestiture         $ 20.0    
Discontinued Operations, Disposed of by Sale | MarkMonitor              
Business Acquisition [Line Items]              
Loss on divestiture $ 0.0 $ 0.0 $ 14.8 $ 0.0      
v3.24.3
Revenue - Disaggregated Revenues (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Disaggregation of Revenue [Line Items]        
Revenues $ 622.2 $ 647.2 $ 1,893.7 $ 1,945.1
Subscription revenues        
Disaggregation of Revenue [Line Items]        
Revenues 411.1 408.1 1,219.8 1,207.3
Re-occurring Revenues        
Disaggregation of Revenue [Line Items]        
Revenues 106.7 106.8 317.8 325.5
Transactional and other revenues        
Disaggregation of Revenue [Line Items]        
Revenues $ 104.4 $ 132.3 $ 356.1 $ 412.3
v3.24.3
Revenue - Contract Balances (Details) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2024
Dec. 31, 2023
Revenue from Contract with Customer [Abstract]    
Accounts receivable, net $ 771.8 $ 908.3
Current portion of deferred revenues 890.2 983.1
Non-current portion of deferred revenues 21.6 $ 38.7
Revenue recognized that was deferred at the beginning of the period $ 778.1  
v3.24.3
Other Intangible Assets, Net and Goodwill - Intangible Assets by Major Class (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Goodwill And Intangible Assets [Line Items]    
Definite-lived intangible assets, Gross $ 11,861.1 $ 11,605.0
Definite-lived intangible assets, Accumulated Amortization (3,291.3) (2,755.3)
Definite-lived intangible assets, Net 8,569.8 8,849.7
Total intangible assets, Gross 12,018.0 11,761.9
Other intangible assets, net 8,726.7 9,006.6
Trade names    
Goodwill And Intangible Assets [Line Items]    
Indefinite-lived intangible assets: 156.9 156.9
Customer relationships    
Goodwill And Intangible Assets [Line Items]    
Definite-lived intangible assets, Gross 7,850.2 7,819.9
Definite-lived intangible assets, Accumulated Amortization (1,445.1) (1,177.2)
Definite-lived intangible assets, Net 6,405.1 6,642.7
Technology and content    
Goodwill And Intangible Assets [Line Items]    
Definite-lived intangible assets, Gross 2,858.8 2,798.3
Definite-lived intangible assets, Accumulated Amortization (1,190.3) (1,009.1)
Definite-lived intangible assets, Net 1,668.5 1,789.2
Computer software    
Goodwill And Intangible Assets [Line Items]    
Definite-lived intangible assets, Gross 1,062.6 897.9
Definite-lived intangible assets, Accumulated Amortization (598.5) (516.4)
Definite-lived intangible assets, Net 464.1 381.5
Trade names and other    
Goodwill And Intangible Assets [Line Items]    
Definite-lived intangible assets, Gross 89.5 88.9
Definite-lived intangible assets, Accumulated Amortization (57.4) (52.6)
Definite-lived intangible assets, Net $ 32.1 $ 36.3
v3.24.3
Other Intangible Assets, Net and Goodwill - Other Intangible Assets, Net Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]        
Amortization of intangible assets $ 172.8 $ 170.9 $ 527.2 $ 510.3
v3.24.3
Other Intangible Assets, net and Goodwill - Change in the Carrying Amount of Goodwill (Details)
$ in Millions
 9 Months Ended
Sep. 30, 2024
USD ($)
Goodwill [Roll Forward]  
Goodwill, beginning balance $ 2,023.7
Acquisition 29.6
Goodwill impairment (316.6)
Impact of foreign currency fluctuations 0.1
Goodwill, ending balance 1,736.8
A&G Segment  
Goodwill [Roll Forward]  
Goodwill, beginning balance 1,109.8
Impact of foreign currency fluctuations 0.1
Goodwill, ending balance 1,109.9
IP Segment  
Goodwill [Roll Forward]  
Goodwill, beginning balance 0.0
Acquisition 13.8
Goodwill impairment (13.8)
Impact of foreign currency fluctuations 0.0
Goodwill, ending balance 0.0
Life Sciences & Healthcare  
Goodwill [Roll Forward]  
Goodwill, beginning balance 913.9
Acquisition 15.8
Impact of foreign currency fluctuations 0.0
Goodwill, ending balance 626.9
Life Sciences & Healthcare | Life Sciences & Healthcare  
Goodwill [Roll Forward]  
Goodwill impairment $ (302.8)
v3.24.3
Derivative Instruments - Narrative (Details)
€ in Millions, $ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
USD ($)
Sep. 30, 2023
USD ($)
Sep. 30, 2024
USD ($)
Sep. 30, 2023
USD ($)
Sep. 30, 2024
EUR (€)
Dec. 31, 2023
USD ($)
Interest rate swap            
Derivative [Line Items]            
Notional value $ 753.7   $ 753.7      
Pre-tax gain expected to be reclassified within 12 months     6.5      
Cross currency swap | Net Investment Hedging | Designated as Hedging Instrument            
Derivative [Line Items]            
Notional value | €         € 100.0  
Foreign Exchange Contract            
Derivative [Line Items]            
Notional value 154.0   154.0     $ 140.5
Loss (gain) from the mark to market adjustment $ (4.2) $ 4.0 $ (1.9) $ 3.7    
Foreign Exchange Contract | Maximum            
Derivative [Line Items]            
Term of contract 180 days          
v3.24.3
Derivative Instruments - Fair Value (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Derivatives, Fair Value [Line Items]    
Asset Derivatives $ 10.5 $ 23.1
Liability Derivatives 2.9 2.1
Interest rate swap | Other current assets | Designated as Hedging Instrument    
Derivatives, Fair Value [Line Items]    
Asset Derivatives 0.0 4.1
Interest rate swap | Noncurrent assets | Designated as Hedging Instrument    
Derivatives, Fair Value [Line Items]    
Asset Derivatives 7.4 17.7
Cross currency swap | Other non-current liabilities | Designated as Hedging Instrument    
Derivatives, Fair Value [Line Items]    
Liability Derivatives 2.9 2.0
Foreign currency forward | Not Designated as Hedging Instrument    
Derivatives, Fair Value [Line Items]    
Asset Derivatives 3.1 1.3
Foreign currency forward | Accrued expenses and other current liabilities | Not Designated as Hedging Instrument    
Derivatives, Fair Value [Line Items]    
Liability Derivatives $ 0.0 $ 0.1
v3.24.3
Debt - Summary of Indebtedness (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Debt Instrument [Line Items]    
Finance lease, Effective Interest Rate 6.936% 6.936%
Finance lease, Carrying Value $ 29.6 $ 30.3
Total debt outstanding 4,711.5 4,770.3
Debt discounts and issuance costs (56.2) (48.0)
Current portion of long-term debt (22.8) (1.2)
Long-term debt $ 4,632.5 $ 4,721.1
Senior Notes    
Debt Instrument [Line Items]    
Effective Interest Rate 4.875% 4.875%
Carrying Value $ 921.4 $ 921.4
Senior Secured Notes    
Debt Instrument [Line Items]    
Effective Interest Rate 3.875% 3.875%
Carrying Value $ 921.2 $ 921.2
Senior Secured Notes    
Debt Instrument [Line Items]    
Effective Interest Rate 4.50% 4.50%
Carrying Value $ 700.0 $ 700.0
Revolving Credit Facility    
Debt Instrument [Line Items]    
Effective Interest Rate 7.595% 8.206%
Carrying Value $ 0.0 $ 0.0
Term Loan Facility    
Debt Instrument [Line Items]    
Effective Interest Rate 7.595% 8.47%
Carrying Value $ 2,139.3 $ 2,197.4
v3.24.3
Debt - The Credit Facilities, Revolving Credit Facility and Term Loan Facility (2026) (Details) - USD ($)
$ in Millions
 1 Months Ended 3 Months Ended 9 Months Ended
Jan. 31, 2024
Mar. 31, 2024
Sep. 30, 2024
Sep. 30, 2023
Dec. 31, 2023
Debt Instrument [Line Items]          
Repayment of long-term debt     $ 58.1 $ 150.0  
Level 2          
Debt Instrument [Line Items]          
Fair vale of company's debt     4,617.0   $ 4,615.3
Revolving Credit Facility          
Debt Instrument [Line Items]          
Collateralized amount     8.1    
Revolving Credit Facility          
Debt Instrument [Line Items]          
Maximum borrowing capacity     700.0   $ 750.0
Letter of credit          
Debt Instrument [Line Items]          
Maximum borrowing capacity     $ 77.0    
Term Loan Facility          
Debt Instrument [Line Items]          
Repayment of long-term debt $ 47.4        
Debt face amount $ 2,150.0        
Interest rate spread (as a percent)   3.00% 2.75%    
Annual equivalent amortization percentage 1.00%        
v3.24.3
Shareholders' Equity - Narrative (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended 9 Months Ended 12 Months Ended
Jun. 03, 2024
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Dec. 31, 2023
May 31, 2023
Equity [Abstract]            
Preferred stock, outstanding (in shares) 14,400,000 0   0 14,400,000  
Preferred stock, dividend rate (as a percent) 5.25%     5.25%    
Stock Issued During Period, Shares, Conversion of Convertible Securities 55,300,000          
Preferred Stock, Convertible, Terms 3.8462          
Stock repurchase program, authorized amount           $ 500.0
Stock repurchased and retired (in shares)   15,200,000     13,800,000  
Stock Repurchased and Retired During Period, Value   $ 100.0 $ 100.0   $ (100.0)  
Treasury stock acquired, average cost per share (in dollars per share)   $ 6.59     $ 7.22  
Stock repurchase program, remaining authorized repurchase amount   $ 300.0   $ 300.0    
v3.24.3
Shareholders' Equity - Accumulated Other Comprehensive Income (Loss) Roll forward (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Sep. 30, 2024
Sep. 30, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]                
Balance at beginning of the period $ 5,604.6 $ 5,888.4 $ 5,992.3 $ 6,938.3 $ 6,959.3 $ 6,812.5 $ 5,992.3 $ 6,812.5
Other comprehensive income (loss) before reclassifications             80.6 36.1
Reclassifications from AOCI/ AOCL to net earnings             (19.1) (28.0)
Other comprehensive income (loss), net of tax 63.2 15.3 (17.0) (170.2) 89.9 88.4 61.5 8.1
Balance at end of the period 5,513.5 5,604.6 5,888.4 6,682.1 6,938.3 6,959.3 5,513.5 6,682.1
Accumulated Other Comprehensive Income (Loss)                
AOCI Attributable to Parent, Net of Tax [Roll Forward]                
Balance at beginning of the period (497.0) (512.3) (495.3) (487.6) (577.5) (665.9) (495.3) (665.9)
Other comprehensive income (loss), net of tax 63.2 15.3 (17.0) (170.2) 89.9 88.4    
Balance at end of the period (433.8) $ (497.0) (512.3) (657.8) $ (487.6) (577.5) (433.8) (657.8)
Interest rate swaps                
AOCI Attributable to Parent, Net of Tax [Roll Forward]                
Balance at beginning of the period     16.2     38.1 16.2 38.1
Other comprehensive income (loss) before reclassifications             7.4 22.2
Reclassifications from AOCI/ AOCL to net earnings             (18.2) (27.7)
Other comprehensive income (loss), net of tax             (10.8) (5.5)
Balance at end of the period 5.4     32.6     5.4 32.6
Defined benefit pension plans                
AOCI Attributable to Parent, Net of Tax [Roll Forward]                
Balance at beginning of the period     0.4     1.5 0.4 1.5
Other comprehensive income (loss) before reclassifications             0.0 (0.1)
Reclassifications from AOCI/ AOCL to net earnings             0.0 0.0
Other comprehensive income (loss), net of tax             0.0 (0.1)
Balance at end of the period 0.4     1.4     0.4 1.4
Foreign currency translation adjustment                
AOCI Attributable to Parent, Net of Tax [Roll Forward]                
Balance at beginning of the period     $ (511.9)     $ (705.5) (511.9) (705.5)
Other comprehensive income (loss) before reclassifications             73.2 14.0
Reclassifications from AOCI/ AOCL to net earnings             (0.9) (0.3)
Other comprehensive income (loss), net of tax             72.3 13.7
Balance at end of the period $ (439.6)     $ (691.8)     $ (439.6) $ (691.8)
v3.24.3
Private Placement Warrants - Narrative (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
Sep. 30, 2024
May 31, 2024
Dec. 31, 2023
Class of Warrant or Right [Line Items]      
Number of warrants expired (in shares)   17.8  
Warrant exercise price (usd per share)   $ 11.50  
Level 3 | Recurring      
Class of Warrant or Right [Line Items]      
Warrant outstanding $ 0.0   $ 5.1
v3.24.3
Restructuring and Other Impairments (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended 18 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Restructuring Reserve [Roll Forward]          
Restructuring Reserve, Beginning Balance     $ 7.3 $ 11.6  
Expenses recorded $ 4.0 $ 3.7 14.2 25.3  
Payments made     (23.6) (30.1)  
Noncash items     4.3 (2.9)  
Restructuring Reserve, Ending Balance 2.2 3.9 2.2 3.9 $ 2.2
Academia & Government          
Restructuring Reserve [Roll Forward]          
Expenses recorded 1.7 1.1 5.4 12.0  
Intellectual Property          
Restructuring Reserve [Roll Forward]          
Expenses recorded 0.2 0.5 3.2 6.5  
Life Sciences & Healthcare          
Restructuring Reserve [Roll Forward]          
Expenses recorded 2.1 2.1 5.6 6.8  
Severance and related benefit costs:          
Restructuring Reserve [Roll Forward]          
Restructuring Reserve, Beginning Balance     5.9 11.5  
Expenses recorded 4.2 2.4 16.2 21.6  
Payments made     (18.9) (27.7)  
Noncash items     (1.0) (2.9)  
Restructuring Reserve, Ending Balance 2.2 2.5 2.2 2.5 2.2
Exit and disposal costs:          
Restructuring Reserve [Roll Forward]          
Expenses recorded 0.1 0.0 0.3 0.1  
Lease abandonment costs:          
Restructuring Reserve [Roll Forward]          
Expenses recorded (0.3) 1.3 (2.3) 3.6  
Exit, Disposal and Abandonment Costs          
Restructuring Reserve [Roll Forward]          
Restructuring Reserve, Beginning Balance     1.4 0.1  
Expenses recorded     (2.0) 3.7  
Payments made     (4.7) (2.4)  
Noncash items     5.3 0.0  
Restructuring Reserve, Ending Balance 0.0 1.4 0.0 1.4 0.0
Segment Optimization Program          
Restructuring Cost and Reserve [Line Items]          
Expected additional restructuring costs 4.0   4.0   4.0
Restructuring Reserve [Roll Forward]          
Expenses recorded         $ 31.4
Segment Optimization Program | Academia & Government          
Restructuring Reserve [Roll Forward]          
Expenses recorded 1.7 1.4 5.5 3.0  
Segment Optimization Program | Intellectual Property          
Restructuring Reserve [Roll Forward]          
Expenses recorded 0.2 0.5 3.2 1.9  
Segment Optimization Program | Life Sciences & Healthcare          
Restructuring Reserve [Roll Forward]          
Expenses recorded 2.1 2.1 5.6 3.7  
Segment Optimization Program | Severance and related benefit costs:          
Restructuring Reserve [Roll Forward]          
Expenses recorded 4.2 2.6 16.3 4.9  
Segment Optimization Program | Exit and disposal costs:          
Restructuring Reserve [Roll Forward]          
Expenses recorded 0.1 0.0 0.3 0.0  
Segment Optimization Program | Lease abandonment costs:          
Restructuring Reserve [Roll Forward]          
Expenses recorded (0.3) 1.4 (2.3) 3.7  
ProQuest Acquisition Integration Program | Academia & Government          
Restructuring Reserve [Roll Forward]          
Expenses recorded 0.0 (0.2) (0.1) 9.1  
ProQuest Acquisition Integration Program | Intellectual Property          
Restructuring Reserve [Roll Forward]          
Expenses recorded 0.0 0.0 0.0 4.6  
ProQuest Acquisition Integration Program | Life Sciences & Healthcare          
Restructuring Reserve [Roll Forward]          
Expenses recorded 0.0 0.0 0.0 3.1  
ProQuest Acquisition Integration Program | Severance and related benefit costs:          
Restructuring Reserve [Roll Forward]          
Expenses recorded 0.0 (0.2) (0.1) 16.7  
ProQuest Acquisition Integration Program | Exit and disposal costs:          
Restructuring Reserve [Roll Forward]          
Expenses recorded 0.0 0.0 0.0 0.1  
Other Restructuring Plans | Academia & Government          
Restructuring Reserve [Roll Forward]          
Expenses recorded 0.0 (0.1) 0.0 (0.1)  
Other Restructuring Plans | Lease abandonment costs:          
Restructuring Reserve [Roll Forward]          
Expenses recorded $ 0.0 $ (0.1) $ 0.0 $ (0.1)  
v3.24.3
Other Operating Expense (Income), Net (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Gain on legal settlement $ 0.0 $ 0.0 $ 0.0 $ (49.4)
Net foreign exchange loss (gain) 31.5 (17.0) 36.1 15.3
Miscellaneous expense (income), net (5.8) 4.0 (4.0) 3.6
Other operating expense (income), net 25.7 (13.0) 46.9 (30.5)
Discontinued Operations, Disposed of by Sale | MarkMonitor        
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Loss on divestiture $ 0.0 $ 0.0 $ 14.8 $ 0.0
v3.24.3
Income Taxes (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Income Tax Disclosure [Abstract]        
Provision (benefit) for income taxes $ 15.1 $ 15.6 $ 23.3 $ (83.3)
Income (loss) before income taxes $ (50.5) $ 27.9 (421.6) (150.6)
Tax (benefit) on settlement of tax dispute       (70.4)
Income tax benefit due to impairment of intangible assets     $ 14.2 33.0
Tax (benefit) due to release in valuation allowance       $ (17.1)
v3.24.3
Earnings Per Share (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Sep. 30, 2024
Sep. 30, 2023
Basic EPS                
Net income (loss) $ (65.6) $ (304.3) $ (75.0) $ 12.3 $ (123.1) $ 43.5 $ (444.9) $ (67.3)
Dividends on preferred shares 0.0     18.9     31.3 56.3
Net income (loss) attributable to ordinary shares $ (65.6)     $ (6.6)     $ (476.2) $ (123.6)
Weighted average shares, basic (in shares) 718.7     670.9     690.5 673.9
Basic EPS (in dollars per share) $ (0.09)     $ (0.01)     $ (0.69) $ (0.18)
Diluted EPS                
Net income (loss) attributable to ordinary shares $ (65.6)     $ (6.6)     $ (476.2) $ (123.6)
Change in fair value of private placement warrants 0.0     0.0     0.0 0.0
Net income (loss) attributable to ordinary shares, diluted $ (65.6)     $ (6.6)     $ (476.2) $ (123.6)
Weighted average shares, basic (in shares) 718.7     670.9     690.5 673.9
Weighted average effect of potentially dilutive shares (in shares) 0.0     0.0     0.0 0.0
Weighted average shares, diluted (in shares) 718.7     670.9     690.5 673.9
Diluted EPS (in dollars per share) $ (0.09)     $ (0.01)     $ (0.69) $ (0.18)
v3.24.3
Earnings Per Share - Narrative (Details) - shares
shares in Millions
 3 Months Ended 9 Months Ended
Jun. 03, 2024
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]          
Preferred stock, dividend rate (as a percent) 5.25%     5.25%  
Warrant and share-based payment awards          
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]          
Antidilutive shares (in shares)   14.2 29.4 22.3 30.3
v3.24.3
Segment Information - Narrative (Details)
 9 Months Ended
Sep. 30, 2024
segment
Segment Reporting [Abstract]  
Number of reportable segments 3
v3.24.3
Segment Information - Revenue by Reportable Segment (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Disaggregation of Revenue        
Total Revenues $ 622.2 $ 647.2 $ 1,893.7 $ 1,945.1
Academia & Government        
Disaggregation of Revenue        
Total Revenues 321.3 327.2 983.5 983.9
Intellectual Property        
Disaggregation of Revenue        
Total Revenues 199.8 211.7 602.3 637.1
Life Sciences & Healthcare        
Disaggregation of Revenue        
Total Revenues $ 101.1 $ 108.3 $ 307.9 $ 324.1
v3.24.3
Segment Information - Adjusted EBITDA by Segment (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Sep. 30, 2024
Sep. 30, 2023
Segment Reporting Information [Line Items]                
People-related costs $ 264.4     $ 281.4     $ 775.1 $ 819.0
Provision (benefit) for income taxes (15.1)     (15.6)     (23.3) 83.3
Depreciation and amortization (177.2)     (176.8)     (541.0) (527.5)
Interest expense, net (72.2)     (71.9)     (213.5) (218.5)
Transaction related costs (6.1)     (2.7)     (13.6) (5.1)
Royalties and other product costs (15.4)     (25.4)     (49.7) (97.1)
Goodwill and intangible asset impairments (13.8)     0.0     (316.6) (135.2)
Restructuring and other impairments (4.0)     (3.7)     (14.2) (25.3)
Restructuring and other impairments (4.0)     (3.7)     (14.2) (25.3)
A&G Adjusted EBITDA 0.0     12.6     5.2 14.4
Other (26.2)     14.4     (53.3) 24.7
Net income (loss) (65.6) $ (304.3) $ (75.0) 12.3 $ (123.1) $ 43.5 (444.9) (67.3)
Dividends on preferred shares 0.0     (18.9)     (31.3) (56.3)
Net income (loss) attributable to ordinary shares (65.6)     (6.6)     (476.2) (123.6)
Gain on settlement 0.0     0.0     0.0 49.4
Discontinued Operations, Disposed of by Sale | MarkMonitor                
Segment Reporting Information [Line Items]                
Loss on divestiture 0.0     0.0     14.8 0.0
Academia & Government                
Segment Reporting Information [Line Items]                
People-related costs 139.8     144.0     415.4 416.2
Restructuring and other impairments (1.7)     (1.1)     (5.4) (12.0)
Intellectual Property                
Segment Reporting Information [Line Items]                
People-related costs 91.0     98.5     263.2 293.2
Restructuring and other impairments (0.2)     (0.5)     (3.2) (6.5)
Life Sciences & Healthcare                
Segment Reporting Information [Line Items]                
People-related costs 33.6     38.9     96.5 109.6
Restructuring and other impairments $ (2.1)     $ (2.1)     $ (5.6) $ (6.8)
v3.24.3
Commitments and Contingencies (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Loss Contingencies [Line Items]        
Gain on settlement $ 0.0 $ 0.0 $ 0.0 $ 49.4
One of the larger legal claims        
Loss Contingencies [Line Items]        
Gain on settlement       $ 49.4