Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended |
Sep. 30, 2013 | |
Document Information [Line Items] | ' |
Document Type | '10-Q |
Amendment Flag | 'false |
Document Period End Date | 30-Sep-13 |
Document Fiscal Year Focus | '2013 |
Document Fiscal Period Focus | 'Q3 |
Trading Symbol | 'RHI |
Entity Registrant Name | 'HALF ROBERT INTERNATIONAL INC /DE/ |
Entity Central Index Key | '0000315213 |
Current Fiscal Year End Date | '--12-31 |
Entity Filer Category | 'Large Accelerated Filer |
Entity Common Stock, Shares Outstanding | 138,596,928 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Cash and cash equivalents | $279,747 | $287,635 |
Accounts receivable, less allowances of $27,358 and $24,852 | 566,077 | 512,852 |
Current deferred income taxes | 113,281 | 102,993 |
Other current assets | 207,109 | 161,205 |
Total current assets | 1,166,214 | 1,064,685 |
Goodwill | 201,022 | 201,339 |
Other intangible assets, net | 956 | 2,256 |
Property and equipment, net | 102,801 | 107,680 |
Other assets | 3,711 | 5,311 |
Total assets | 1,474,704 | 1,381,271 |
LIABILITIES | ' | ' |
Accounts payable and accrued expenses | 144,060 | 139,879 |
Accrued payroll costs and retirement obligations | 397,926 | 361,641 |
Income taxes payable | 9,817 | ' |
Current portion of notes payable and other indebtedness | 125 | 117 |
Total current liabilities | 551,928 | 501,637 |
Notes payable and other indebtedness, less current portion | 1,333 | 1,428 |
Other liabilities | 22,659 | 36,195 |
Total liabilities | 575,920 | 539,260 |
Commitments and Contingencies (Note G) | ' | ' |
STOCKHOLDERS' EQUITY | ' | ' |
Preferred stock, $.001 par value authorized 5,000,000 shares; issued and outstanding zero shares | ' | ' |
Common stock, $.001 par value authorized 260,000,000 shares; issued and outstanding 138,285,804 shares and 139,438,603 shares | 138 | 139 |
Capital surplus | 847,718 | 798,093 |
Accumulated other comprehensive income | 39,293 | 43,779 |
Retained earnings | 11,635 | ' |
Total stockholders' equity | 898,784 | 842,011 |
Total liabilities and stockholders' equity | $1,474,704 | $1,381,271 |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Accounts receivable, allowances | $27,358 | $24,852 |
Preferred stock, par value | $0.00 | $0.00 |
Preferred stock, authorized | 5,000,000 | 5,000,000 |
Preferred stock, issued | 0 | 0 |
Preferred stock, outstanding | 0 | 0 |
Common stock, par value | $0.00 | $0.00 |
Common stock, authorized | 260,000,000 | 260,000,000 |
Common stock, issued | 138,285,804 | 139,438,603 |
Common stock, outstanding | 138,285,804 | 139,438,603 |
CONDENSED_CONSOLIDATED_STATEME2
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Net service revenues | $1,075,119 | $1,033,173 | $3,162,031 | $3,077,000 |
Direct costs of services, consisting of payroll, payroll taxes, insurance costs and reimbursable expenses | 637,641 | 617,924 | 1,882,155 | 1,844,365 |
Gross margin | 437,478 | 415,249 | 1,279,876 | 1,232,635 |
Selling, general and administrative expenses | 333,565 | 321,030 | 985,664 | 986,312 |
Amortization of intangible assets | 433 | 100 | 1,300 | 187 |
Interest income, net | -233 | -348 | -773 | -867 |
Income before income taxes | 103,713 | 94,467 | 293,685 | 247,003 |
Provision for income taxes | 37,355 | 36,807 | 108,375 | 95,680 |
Net income | 66,358 | 57,660 | 185,310 | 151,323 |
Net income available to common stockholders-diluted | $66,358 | $57,383 | $185,307 | $150,551 |
Net income per share (Note J): | ' | ' | ' | ' |
Basic | $0.49 | $0.42 | $1.36 | $1.09 |
Diluted | $0.48 | $0.41 | $1.35 | $1.08 |
Shares: | ' | ' | ' | ' |
Basic | 135,727 | 137,918 | 136,469 | 138,627 |
Diluted | 137,241 | 139,141 | 137,759 | 139,735 |
Cash dividends declared per share | $0.16 | $0.15 | $0.48 | $0.45 |
CONDENSED_CONSOLIDATED_STATEME3
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
COMPREHENSIVE INCOME: | ' | ' | ' | ' |
Net income | $66,358 | $57,660 | $185,310 | $151,323 |
Foreign currency translation adjustments, net of tax | 6,775 | 4,212 | -4,486 | 1,832 |
Total comprehensive income | $73,133 | $61,872 | $180,824 | $153,155 |
CONDENSED_CONSOLIDATED_STATEME4
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (USD $) | Total | COMMON STOCK: | CAPITAL SURPLUS: | ACCUMULATED OTHER COMPREHENSIVE INCOME: | RETAINED EARNINGS: |
In Thousands | |||||
Balance at beginning of period at Dec. 31, 2011 | ' | $142 | $759,476 | $40,887 | ' |
Balance at beginning of period, (in shares) at Dec. 31, 2011 | ' | 142,086 | ' | ' | ' |
Net issuances of restricted stock, (in shares) | ' | 1,264 | ' | ' | ' |
Repurchases of common stock, (in shares) | ' | -4,521 | ' | ' | ' |
Exercises of stock options, (in shares) | ' | 1,982 | ' | ' | ' |
Net issuances of restricted stock | ' | 1 | -1 | ' | ' |
Net income | 151,323 | ' | ' | ' | 151,323 |
Foreign currency translation adjustments, net of tax | 1,832 | ' | ' | 1,832 | ' |
Repurchases of common stock | ' | -4 | -7,715 | ' | -121,388 |
Cash dividends | ' | ' | -42,614 | ' | -21,250 |
Stock-based compensation expense | ' | ' | 30,891 | ' | ' |
Exercise of stock options | ' | 2 | 37,840 | ' | ' |
Tax impact of equity incentive plans | ' | ' | 6,450 | ' | ' |
Balance at end of period at Sep. 30, 2012 | ' | 141 | 784,327 | 42,719 | 8,685 |
Balance at end of period, (in shares) at Sep. 30, 2012 | ' | 140,811 | ' | ' | ' |
Balance at beginning of period at Dec. 31, 2012 | 842,011 | 139 | 798,093 | 43,779 | ' |
Balance at beginning of period, (in shares) at Dec. 31, 2012 | ' | 139,439 | ' | ' | ' |
Net issuances of restricted stock, (in shares) | ' | 959 | ' | ' | ' |
Repurchases of common stock, (in shares) | ' | -3,377 | ' | ' | ' |
Exercises of stock options, (in shares) | ' | 1,265 | ' | ' | ' |
Net issuances of restricted stock | ' | 1 | -1 | ' | ' |
Net income | 185,310 | ' | ' | ' | 185,310 |
Foreign currency translation adjustments, net of tax | -4,486 | ' | ' | -4,486 | ' |
Repurchases of common stock | ' | -3 | ' | ' | -118,957 |
Cash dividends | ' | ' | -12,256 | ' | -54,718 |
Stock-based compensation expense | ' | ' | 28,559 | ' | ' |
Exercise of stock options | ' | 1 | 29,895 | ' | ' |
Tax impact of equity incentive plans | ' | ' | 3,428 | ' | ' |
Balance at end of period at Sep. 30, 2013 | $898,784 | $138 | $847,718 | $39,293 | $11,635 |
Balance at end of period, (in shares) at Sep. 30, 2013 | ' | 138,286 | ' | ' | ' |
CONDENSED_CONSOLIDATED_STATEME5
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) (USD $) | 9 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
CAPITAL SURPLUS: | ' | ' |
Cash dividends, per share | $0.48 | $0.45 |
RETAINED EARNINGS: | ' | ' |
Cash dividends, per share | $0.48 | $0.45 |
CONDENSED_CONSOLIDATED_STATEME6
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' |
Net income | $185,310 | $151,323 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Amortization of intangible assets | 1,300 | 187 |
Depreciation expense | 34,995 | 36,323 |
Stock-based compensation expense-restricted stock and stock units | 28,559 | 30,891 |
Excess tax benefits from stock-based compensation | -1,564 | -3,104 |
Deferred income taxes | -23,540 | -19,544 |
Provision for doubtful accounts receivable | 6,173 | 7,657 |
Changes in assets and liabilities: | ' | ' |
Increase in accounts receivable | -61,039 | -68,578 |
Increase in accounts payable, accrued expenses, accrued payroll costs and retirement obligations | 27,842 | 19,201 |
Increase in income taxes payable | 11,015 | 37,019 |
Change in other assets, net of change in other liabilities | 2,006 | -121 |
Net cash flows provided by operating activities | 211,057 | 191,254 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Payment for acquisitions, net of cash acquired | ' | -1,525 |
Capital expenditures | -32,117 | -35,816 |
Increase in trusts for employee benefits and retirement plans | -38,479 | -5,752 |
Net cash flows used in investing activities | -70,596 | -43,093 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Repurchases of common stock | -106,782 | -117,468 |
Cash dividends paid | -65,612 | -62,691 |
Decrease in notes payable and other indebtedness | -4,430 | -76 |
Excess tax benefits from stock-based compensation | 1,564 | 3,104 |
Proceeds from exercises of stock options | 29,895 | 37,843 |
Net cash flows used in financing activities | -145,365 | -139,288 |
Effect of exchange rate changes on cash and cash equivalents | -2,984 | 1,219 |
Net (decrease) increase in cash and cash equivalents | -7,888 | 10,092 |
Cash and cash equivalents at beginning of period | 287,635 | 279,336 |
Cash and cash equivalents at end of period | 279,747 | 289,428 |
Non-cash items: | ' | ' |
Stock repurchases awaiting settlement | $12,178 | $11,639 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Summary of Significant Accounting Policies | ' | ||||||||||||||||
Note A—Summary of Significant Accounting Policies | |||||||||||||||||
Nature of Operations. Robert Half International Inc. (the “Company”) provides specialized staffing and risk consulting services through such divisions as Accountemps®, Robert Half® Finance & Accounting, OfficeTeam®, Robert Half®Technology, Robert Half® Management Resources, Robert Half® Legal, The Creative Group®, and Protiviti®. The Company, through its Accountemps, Robert Half Finance & Accounting, and Robert Half Management Resources divisions, is a specialized provider of temporary, full-time, and project professionals in the fields of accounting and finance. OfficeTeam specializes in highly skilled temporary administrative support personnel. Robert Half Technology provides information technology professionals. Robert Half Legal provides temporary, project, and full-time staffing of attorneys and specialized support personnel within law firms and corporate legal departments. The Creative Group provides project staffing in the advertising, marketing, and web design fields. Protiviti provides business consulting and internal audit services, and is a wholly-owned subsidiary of the Company. Revenues are predominantly derived from specialized staffing services. The Company operates in North America, South America, Europe, Asia and Australia. The Company is a Delaware corporation. | |||||||||||||||||
Basis of Presentation. The unaudited Condensed Consolidated Financial Statements (“Financial Statements”) of the Company are prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and the rules of the Securities and Exchange Commission (“SEC”). The comparative year-end condensed consolidated statement of financial position data presented was derived from audited financial statements. In the opinion of management, all adjustments (consisting of only normal recurring adjustments) necessary for a fair statement of the financial position and results of operations for the periods presented have been included. These Financial Statements should be read in conjunction with the audited Consolidated Financial Statements of the Company for the year ended December 31, 2012, included in its annual report on Form 10-K. The results of operations for any interim period are not necessarily indicative of, nor comparable to, the results of operations for a full year. | |||||||||||||||||
Principles of Consolidation. The Financial Statements include the accounts of the Company and its subsidiaries, all of which are wholly-owned. All intercompany balances have been eliminated. | |||||||||||||||||
Use of Estimates. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. As of September 30, 2013, such estimates included allowances for uncollectible accounts receivable, workers’ compensation losses, and income and other taxes. Management estimates are also utilized in the Company’s goodwill impairment assessment and in the valuation of stock grants subject to market conditions. | |||||||||||||||||
Advertising Costs. The Company expenses all advertising costs as incurred. Advertising costs for the three and nine months ended September 30, 2013 and 2012, are reflected in the following table (in thousands): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Advertising costs | $ | 9,522 | $ | 10,522 | $ | 29,103 | $ | 31,748 | |||||||||
Internal-use Software. The Company capitalizes direct costs incurred in the development of internal-use software. Amounts capitalized are reported as a component of computer software within property and equipment. Internal-use software development costs capitalized for the three and nine months ended September 30, 2013 and 2012 are reflected in the following table (in thousands): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Internal-use software development costs | $ | 3,913 | $ | 4,377 | $ | 7,980 | $ | 14,058 |
New_Accounting_Pronouncements
New Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2013 | |
New Accounting Pronouncements | ' |
Note B—New Accounting Pronouncements | |
Income Taxes. In September 2013, the Financial Accounting Standards Board (“FASB”) issued authoritative guidance in regards to the presentation of unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. The amendment states that an unrecognized tax benefit or a portion of the unrecognized tax benefit should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward. This authoritative guidance is to be applied for fiscal years, and interim periods within those years, beginning after December 15, 2013. The Company does not expect the adoption of this guidance to have a material impact on its Financial Statements. |
Other_Current_Assets
Other Current Assets | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Other Current Assets | ' | ||||||||
Note C—Other Current Assets | |||||||||
Other current assets consisted of the following (in thousands): | |||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
Deposits in trusts for employee benefits and retirement plans | $ | 141,830 | $ | 97,535 | |||||
Other | 65,279 | 63,670 | |||||||
$ | 207,109 | $ | 161,205 | ||||||
Deposits in trusts for employee benefits increased for the nine months ended September 30, 2013 due to changes in the Company’s broad-based Deferred Salary Savings Plan (the “Plan”) whereby previously unfunded employee accrual accounts were funded so that employees could direct the investments in their accounts. The Company’s executive officers do not participate in the Plan. |
Goodwill
Goodwill | 9 Months Ended | ||||
Sep. 30, 2013 | |||||
Goodwill | ' | ||||
Note D—Goodwill | |||||
The following table sets forth the activity in goodwill from December 31, 2012, through September 30, 2013 (in thousands): | |||||
Goodwill | |||||
Balance as of December 31, 2012 | $ | 201,339 | |||
Acquisitions | 13 | ||||
Foreign currency translation adjustments | (330 | ) | |||
Balance as of September 30, 2013 | $ | 201,022 | |||
Property_and_Equipment_Net
Property and Equipment, Net | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Property and Equipment, Net | ' | ||||||||
Note E—Property and Equipment, Net | |||||||||
Property and equipment consisted of the following (in thousands): | |||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
Computer hardware | $ | 138,709 | $ | 132,331 | |||||
Computer software | 281,848 | 269,917 | |||||||
Furniture and equipment | 110,130 | 114,623 | |||||||
Leasehold improvements | 116,716 | 122,060 | |||||||
Other | 11,358 | 12,884 | |||||||
Property and equipment, cost | 658,761 | 651,815 | |||||||
Accumulated depreciation | (555,960 | ) | (544,135 | ) | |||||
Property and equipment, net | $ | 102,801 | $ | 107,680 | |||||
Accrued_Payroll_Costs_and_Reti
Accrued Payroll Costs and Retirement Obligations | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Accrued Payroll Costs and Retirement Obligations | ' | ||||||||
Note F—Accrued Payroll Costs and Retirement Obligations | |||||||||
Accrued payroll costs and retirement obligations consisted of the following (in thousands): | |||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
Payroll and benefits | $ | 247,536 | $ | 196,569 | |||||
Employee retirement obligations | 94,664 | 92,233 | |||||||
Workers’ compensation | 31,245 | 28,595 | |||||||
Payroll taxes | 24,481 | 44,244 | |||||||
$ | 397,926 | $ | 361,641 | ||||||
Included in employee retirement obligations is the following (in thousands): | |||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
Deferred compensation plan and other benefits related to the Company’s Chief Executive Officer | $ | 75,512 | $ | 74,155 |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2013 | |
Commitments and Contingencies | ' |
Note G—Commitments and Contingencies | |
On April 23, 2010, Plaintiffs David Opalinski and James McCabe, on behalf of themselves and a putative class of similarly situated Staffing Managers, filed a Complaint in the United States District Court for the District of New Jersey naming the Company and one of its subsidiaries as Defendants. The Complaint alleges that salaried Staffing Managers located throughout the U.S. have been misclassified as exempt from the Fair Labor Standards Act’s overtime pay requirements. Plaintiffs seek an unspecified amount for unpaid overtime on behalf of themselves and the class they purport to represent. Plaintiffs also seek an unspecified amount for statutory penalties, attorneys’ fees and other damages. On October 6, 2011, the Court granted the Company’s motion to compel arbitration of the Plaintiffs’ allegations. At this stage, it is not feasible to predict the outcome of or a range of loss, should a loss occur, from these allegations and, accordingly, no amounts have been provided in the Company’s Financial Statements. The Company believes it has meritorious defenses to the allegations, and the Company intends to continue to vigorously defend against the allegations. | |
The Company is involved in a number of other lawsuits arising in the ordinary course of business. While management does not expect any of these other matters to have a material adverse effect on the Company’s results of operations, financial position or cash flows, litigation is subject to certain inherent uncertainties. | |
Legal costs associated with the resolution of claims, lawsuits and other contingencies are expensed as incurred. |
Stockholders_Equity
Stockholders' Equity | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Stockholders' Equity | ' | ||||||||
Note H—Stockholders’ Equity | |||||||||
Stock Repurchase Program. As of September 30, 2013, the Company is authorized to repurchase, from time to time, up to 8.6 million additional shares of the Company’s common stock on the open market or in privately negotiated transactions, depending on market conditions. The number and the cost of common stock shares repurchased during the nine months ended September 30, 2013 and 2012, are reflected in the following table (in thousands): | |||||||||
Nine months ended | |||||||||
September 30, | |||||||||
2013 | 2012 | ||||||||
Common stock repurchased (in shares) | 2,779 | 3,502 | |||||||
Common stock repurchased | $ | 97,594 | $ | 98,990 | |||||
Additional stock repurchases were made in connection with employee stock plans, whereby Company shares were tendered by employees for the payment of exercise price and applicable statutory withholding taxes. Repurchases of shares are funded with cash generated from operations. The number and the cost of employee stock plan repurchases made during the nine months ended September 30, 2013 and 2012, are reflected in the following table (in thousands): | |||||||||
Nine months ended | |||||||||
September 30, | |||||||||
2013 | 2012 | ||||||||
Employee stock plan repurchased (in shares) | 598 | 1,019 | |||||||
Employee stock plan repurchased | $ | 21,366 | $ | 30,117 | |||||
The repurchased shares are held in treasury and are presented as if constructively retired. Treasury stock is accounted for using the cost method. Repurchase activity for the nine months ended September 30, 2013 and 2012, is presented in the unaudited Condensed Consolidated Statements of Stockholders’ Equity. | |||||||||
Cash Dividends. The Company’s Board of Directors may at their discretion declare and pay dividends upon the shares of the Company’s stock either out of the Company’s retained earnings or capital surplus. The cash dividends declared during the nine months ended September 30, 2013 and 2012, are reflected in the following table: | |||||||||
Nine months ended | |||||||||
September 30, | |||||||||
2013 | 2012 | ||||||||
Cash dividends declared per share | $ | 0.48 | $ | 0.45 | |||||
Repurchases of shares and issuances of cash dividends are applied first to the extent of retained earnings and any remaining amounts are applied to capital surplus. As a result, the Company had $11.6 million in retained earnings as of September 30, 2013 and no retained earnings as of December 31, 2012. |
Stock_Plans
Stock Plans | 9 Months Ended |
Sep. 30, 2013 | |
Stock Plans | ' |
Note I—Stock Plans | |
Under various stock plans, officers, employees and outside directors have received or may receive grants of restricted stock, stock units, stock appreciation rights or options to purchase common stock. Grants have been made at the discretion of the Committees of the Board of Directors. Grants generally vest over three or four years. Shares offered under the plans are authorized but unissued shares or treasury shares. | |
Options currently outstanding under the plans have an exercise price equal to the fair market value of the Company’s common stock at the date of grant and consist of non-statutory stock options under the Internal Revenue Code, and generally have a term of 10 years. | |
Recipients of restricted stock do not pay any cash consideration to the Company for the shares, have the right to vote all shares subject to such grant, and for grants made prior to July 28, 2009, receive all dividends with respect to such shares on the dividend payment dates, whether or not the shares have vested as long as any performance condition has been met. Restricted stock grants made on or after July 28, 2009, contain forfeitable rights to dividends. Dividends for these grants are accrued on the dividend payment dates but are not paid until the shares vest, and dividends accrued for shares that ultimately do not vest are forfeited. Recipients of stock units do not pay any cash consideration for the units, do not have the right to vote, and do not receive dividends with respect to such units. | |
The Company recognizes compensation expense equal to the grant-date fair value for all stock-based payment awards that are expected to vest. This expense is recorded on a straight-line basis over the requisite service period of the entire award, unless the awards are subject to performance conditions, in which case the Company recognizes compensation expense over the requisite service period of each separate vesting tranche. The Company determines the grant-date fair value of its restricted stock and stock unit awards using the fair market value on the grant date, unless the awards are subject to market conditions, in which case the Company utilizes a binomial-lattice model (e.g., Monte Carlo simulation model). The Monte Carlo simulation model utilizes multiple input variables to determine the stock-based compensation expense. | |
During the first nine months of 2013, the Company granted performance shares to its executives in the form of restricted stock. The shares granted contain (1) a performance condition based on target net income per share, and (2) a market condition based on Total Shareholder Return (“TSR”). The TSR market condition measures the Company’s performance against a peer group. Shares will be delivered at the end of the three year vesting and TSR performance period based on the Company’s actual performance compared to the peer group. Actual shares earned will range from fifty percent (50%) to one hundred fifty percent (150%) of the target award after any adjustment made for the performance condition. The fair value of this award was determined using a Monte Carlo simulation. |
Net_Income_Per_Share
Net Income Per Share | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Net Income Per Share | ' | ||||||||||||||||
Note J—Net Income Per Share | |||||||||||||||||
The calculation of net income per share for the three and nine months ended September 30, 2013 and 2012 is reflected in the following table (in thousands, except per share amounts): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Basic net income per share: | |||||||||||||||||
Net income | $ | 66,358 | $ | 57,660 | $ | 185,310 | $ | 151,323 | |||||||||
Income allocated to participating securities—basic | — | 278 | 3 | 776 | |||||||||||||
Net income available to common stockholders—basic | $ | 66,358 | $ | 57,382 | $ | 185,307 | $ | 150,547 | |||||||||
Basic weighted average shares | 135,727 | 137,918 | 136,469 | 138,627 | |||||||||||||
Basic net income per share | $ | 0.49 | $ | 0.42 | $ | 1.36 | $ | 1.09 | |||||||||
Diluted net income per share: | |||||||||||||||||
Net income | $ | 66,358 | $ | 57,660 | $ | 185,310 | $ | 151,323 | |||||||||
Income allocated to participating securities—diluted | — | 277 | 3 | 772 | |||||||||||||
Net income available to common stockholders—diluted | $ | 66,358 | $ | 57,383 | $ | 185,307 | $ | 150,551 | |||||||||
Basic weighted average shares | 135,727 | 137,918 | 136,469 | 138,627 | |||||||||||||
Dilutive effect of potential common shares | 1,514 | 1,223 | 1,290 | 1,108 | |||||||||||||
Diluted weighted average shares | 137,241 | 139,141 | 137,759 | 139,735 | |||||||||||||
Diluted net income per share | $ | 0.48 | $ | 0.41 | $ | 1.35 | $ | 1.08 | |||||||||
Potential common shares include the dilutive effect of stock options, unvested performance-based restricted stock, restricted stock which contains forfeitable rights to dividends, and stock units. The weighted average diluted common shares outstanding for the three and nine months ended September 30, 2013 and 2012, excludes the effect of the following (in thousands): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Total number of anti-dilutive potential common shares | 386 | 406 | 188 | 231 | |||||||||||||
Employee stock options will have a dilutive effect under the treasury method only when the respective period’s average market value of the Company’s common stock exceeds the exercise proceeds. Under the treasury method, exercise proceeds include the amount the employee must pay for exercising stock options, the amount of compensation cost for future service that the Company has not yet recognized, and the amount of tax benefits that would be recorded in capital surplus, if the options were exercised and the stock units and performance-based restricted stock had vested. |
Business_Segments
Business Segments | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Business Segments | ' | ||||||||||||||||
Note K—Business Segments | |||||||||||||||||
The Company, which aggregates its operating segments based on the nature of services, has three reportable segments: temporary and consultant staffing, permanent placement staffing, and risk consulting and internal audit services. The temporary and consultant segment provides specialized staffing in the accounting and finance, administrative and office, information technology, legal, advertising, marketing and web design fields. The permanent placement segment provides full-time personnel in the accounting, finance, administrative and office, and information technology fields. The risk consulting segment provides business and technology risk consulting and internal audit services. | |||||||||||||||||
The accounting policies of the segments are set forth in Note A—“Summary of Significant Accounting Policies” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2012. The Company evaluates performance based on income or loss from operations before net interest income, intangible amortization expense, and income taxes. | |||||||||||||||||
The following table provides a reconciliation of revenue and operating income by reportable segment to consolidated results (in thousands): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Net service revenues | |||||||||||||||||
Temporary and consultant staffing | $ | 847,886 | $ | 831,922 | $ | 2,513,377 | $ | 2,490,587 | |||||||||
Permanent placement staffing | 88,222 | 81,757 | 261,946 | 253,760 | |||||||||||||
Risk consulting and internal audit services | 139,011 | 119,494 | 386,708 | 332,653 | |||||||||||||
$ | 1,075,119 | $ | 1,033,173 | $ | 3,162,031 | $ | 3,077,000 | ||||||||||
Operating income | |||||||||||||||||
Temporary and consultant staffing | $ | 76,532 | $ | 75,832 | $ | 226,293 | $ | 196,654 | |||||||||
Permanent placement staffing | 13,691 | 12,538 | 41,753 | 44,162 | |||||||||||||
Risk consulting and internal audit services | 13,690 | 5,849 | 26,166 | 5,507 | |||||||||||||
103,913 | 94,219 | 294,212 | 246,323 | ||||||||||||||
Amortization of intangible assets | 433 | 100 | 1,300 | 187 | |||||||||||||
Interest income, net | (233 | ) | (348 | ) | (773 | ) | (867 | ) | |||||||||
Income before income taxes | $ | 103,713 | $ | 94,467 | $ | 293,685 | $ | 247,003 | |||||||||
Subsequent_Events
Subsequent Events | 9 Months Ended | ||||
Sep. 30, 2013 | |||||
Subsequent Events | ' | ||||
Note L—Subsequent Events | |||||
On October 30, 2013, the Company announced the following: | |||||
Quarterly dividend per share | $0.16 | ||||
Declaration date | October 30, 2013 | ||||
Record date | November 25, 2013 | ||||
Payment date | December 16, 2013 |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Nature of Operations | ' | ||||||||||||||||
Nature of Operations. Robert Half International Inc. (the “Company”) provides specialized staffing and risk consulting services through such divisions as Accountemps®, Robert Half® Finance & Accounting, OfficeTeam®, Robert Half®Technology, Robert Half® Management Resources, Robert Half® Legal, The Creative Group®, and Protiviti®. The Company, through its Accountemps, Robert Half Finance & Accounting, and Robert Half Management Resources divisions, is a specialized provider of temporary, full-time, and project professionals in the fields of accounting and finance. OfficeTeam specializes in highly skilled temporary administrative support personnel. Robert Half Technology provides information technology professionals. Robert Half Legal provides temporary, project, and full-time staffing of attorneys and specialized support personnel within law firms and corporate legal departments. The Creative Group provides project staffing in the advertising, marketing, and web design fields. Protiviti provides business consulting and internal audit services, and is a wholly-owned subsidiary of the Company. Revenues are predominantly derived from specialized staffing services. The Company operates in North America, South America, Europe, Asia and Australia. The Company is a Delaware corporation. | |||||||||||||||||
Basis of Presentation | ' | ||||||||||||||||
Basis of Presentation. The unaudited Condensed Consolidated Financial Statements (“Financial Statements”) of the Company are prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and the rules of the Securities and Exchange Commission (“SEC”). The comparative year-end condensed consolidated statement of financial position data presented was derived from audited financial statements. In the opinion of management, all adjustments (consisting of only normal recurring adjustments) necessary for a fair statement of the financial position and results of operations for the periods presented have been included. These Financial Statements should be read in conjunction with the audited Consolidated Financial Statements of the Company for the year ended December 31, 2012, included in its annual report on Form 10-K. The results of operations for any interim period are not necessarily indicative of, nor comparable to, the results of operations for a full year. | |||||||||||||||||
Principles of Consolidation | ' | ||||||||||||||||
Principles of Consolidation. The Financial Statements include the accounts of the Company and its subsidiaries, all of which are wholly-owned. All intercompany balances have been eliminated. | |||||||||||||||||
Use of Estimates | ' | ||||||||||||||||
Use of Estimates. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. As of September 30, 2013, such estimates included allowances for uncollectible accounts receivable, workers’ compensation losses, and income and other taxes. Management estimates are also utilized in the Company’s goodwill impairment assessment and in the valuation of stock grants subject to market conditions. | |||||||||||||||||
Advertising Costs | ' | ||||||||||||||||
Advertising Costs. The Company expenses all advertising costs as incurred. Advertising costs for the three and nine months ended September 30, 2013 and 2012, are reflected in the following table (in thousands): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Advertising costs | $ | 9,522 | $ | 10,522 | $ | 29,103 | $ | 31,748 | |||||||||
Internal-use Software | ' | ||||||||||||||||
Internal-use Software. The Company capitalizes direct costs incurred in the development of internal-use software. Amounts capitalized are reported as a component of computer software within property and equipment. Internal-use software development costs capitalized for the three and nine months ended September 30, 2013 and 2012 are reflected in the following table (in thousands): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Internal-use software development costs | $ | 3,913 | $ | 4,377 | $ | 7,980 | $ | 14,058 | |||||||||
New Accounting Pronouncements | ' | ||||||||||||||||
Income Taxes. In September 2013, the Financial Accounting Standards Board (“FASB”) issued authoritative guidance in regards to the presentation of unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. The amendment states that an unrecognized tax benefit or a portion of the unrecognized tax benefit should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward. This authoritative guidance is to be applied for fiscal years, and interim periods within those years, beginning after December 15, 2013. The Company does not expect the adoption of this guidance to have a material impact on its Financial Statements. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Advertising Costs | ' | ||||||||||||||||
Advertising costs for the three and nine months ended September 30, 2013 and 2012, are reflected in the following table (in thousands): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Advertising costs | $ | 9,522 | $ | 10,522 | $ | 29,103 | $ | 31,748 | |||||||||
Internal-Use Software Development Costs Capitalized | ' | ||||||||||||||||
Internal-use software development costs capitalized for the three and nine months ended September 30, 2013 and 2012 are reflected in the following table (in thousands): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Internal-use software development costs | $ | 3,913 | $ | 4,377 | $ | 7,980 | $ | 14,058 |
Other_Current_Assets_Tables
Other Current Assets (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Other Current Assets | ' | ||||||||
Other current assets consisted of the following (in thousands): | |||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
Deposits in trusts for employee benefits and retirement plans | $ | 141,830 | $ | 97,535 | |||||
Other | 65,279 | 63,670 | |||||||
$ | 207,109 | $ | 161,205 | ||||||
Goodwill_Tables
Goodwill (Tables) | 9 Months Ended | ||||
Sep. 30, 2013 | |||||
Activity in Goodwill | ' | ||||
The following table sets forth the activity in goodwill from December 31, 2012, through September 30, 2013 (in thousands): | |||||
Goodwill | |||||
Balance as of December 31, 2012 | $ | 201,339 | |||
Acquisitions | 13 | ||||
Foreign currency translation adjustments | (330 | ) | |||
Balance as of September 30, 2013 | $ | 201,022 | |||
Property_and_Equipment_Net_Tab
Property and Equipment, Net (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Components of Property and Equipment | ' | ||||||||
Property and equipment consisted of the following (in thousands): | |||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
Computer hardware | $ | 138,709 | $ | 132,331 | |||||
Computer software | 281,848 | 269,917 | |||||||
Furniture and equipment | 110,130 | 114,623 | |||||||
Leasehold improvements | 116,716 | 122,060 | |||||||
Other | 11,358 | 12,884 | |||||||
Property and equipment, cost | 658,761 | 651,815 | |||||||
Accumulated depreciation | (555,960 | ) | (544,135 | ) | |||||
Property and equipment, net | $ | 102,801 | $ | 107,680 | |||||
Accrued_Payroll_Costs_and_Reti1
Accrued Payroll Costs and Retirement Obligations (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Accrued Payroll Costs and Retirement Obligations | ' | ||||||||
Accrued payroll costs and retirement obligations consisted of the following (in thousands): | |||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
Payroll and benefits | $ | 247,536 | $ | 196,569 | |||||
Employee retirement obligations | 94,664 | 92,233 | |||||||
Workers’ compensation | 31,245 | 28,595 | |||||||
Payroll taxes | 24,481 | 44,244 | |||||||
$ | 397,926 | $ | 361,641 | ||||||
Employee Retirement Obligations | ' | ||||||||
Included in employee retirement obligations is the following (in thousands): | |||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
Deferred compensation plan and other benefits related to the Company’s Chief Executive Officer | $ | 75,512 | $ | 74,155 |
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Number and Cost of Common Stock Shares Repurchased | ' | ||||||||
The number and the cost of common stock shares repurchased during the nine months ended September 30, 2013 and 2012, are reflected in the following table (in thousands): | |||||||||
Nine months ended | |||||||||
September 30, | |||||||||
2013 | 2012 | ||||||||
Common stock repurchased (in shares) | 2,779 | 3,502 | |||||||
Common stock repurchased | $ | 97,594 | $ | 98,990 | |||||
Number and Cost of Employee Stock Plan Repurchases | ' | ||||||||
The number and the cost of employee stock plan repurchases made during the nine months ended September 30, 2013 and 2012, are reflected in the following table (in thousands): | |||||||||
Nine months ended | |||||||||
September 30, | |||||||||
2013 | 2012 | ||||||||
Employee stock plan repurchased (in shares) | 598 | 1,019 | |||||||
Employee stock plan repurchased | $ | 21,366 | $ | 30,117 | |||||
Cash Dividends Declared | ' | ||||||||
The cash dividends declared during the nine months ended September 30, 2013 and 2012, are reflected in the following table: | |||||||||
Nine months ended | |||||||||
September 30, | |||||||||
2013 | 2012 | ||||||||
Cash dividends declared per share | $ | 0.48 | $ | 0.45 |
Net_Income_Per_Share_Tables
Net Income Per Share (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Calculation of Net Income Per Share | ' | ||||||||||||||||
The calculation of net income per share for the three and nine months ended September 30, 2013 and 2012 is reflected in the following table (in thousands, except per share amounts): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Basic net income per share: | |||||||||||||||||
Net income | $ | 66,358 | $ | 57,660 | $ | 185,310 | $ | 151,323 | |||||||||
Income allocated to participating securities—basic | — | 278 | 3 | 776 | |||||||||||||
Net income available to common stockholders—basic | $ | 66,358 | $ | 57,382 | $ | 185,307 | $ | 150,547 | |||||||||
Basic weighted average shares | 135,727 | 137,918 | 136,469 | 138,627 | |||||||||||||
Basic net income per share | $ | 0.49 | $ | 0.42 | $ | 1.36 | $ | 1.09 | |||||||||
Diluted net income per share: | |||||||||||||||||
Net income | $ | 66,358 | $ | 57,660 | $ | 185,310 | $ | 151,323 | |||||||||
Income allocated to participating securities—diluted | — | 277 | 3 | 772 | |||||||||||||
Net income available to common stockholders—diluted | $ | 66,358 | $ | 57,383 | $ | 185,307 | $ | 150,551 | |||||||||
Basic weighted average shares | 135,727 | 137,918 | 136,469 | 138,627 | |||||||||||||
Dilutive effect of potential common shares | 1,514 | 1,223 | 1,290 | 1,108 | |||||||||||||
Diluted weighted average shares | 137,241 | 139,141 | 137,759 | 139,735 | |||||||||||||
Diluted net income per share | $ | 0.48 | $ | 0.41 | $ | 1.35 | $ | 1.08 | |||||||||
Weighted Average Diluted Common Shares Outstanding | ' | ||||||||||||||||
The weighted average diluted common shares outstanding for the three and nine months ended September 30, 2013 and 2012, excludes the effect of the following (in thousands): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Total number of anti-dilutive potential common shares | 386 | 406 | 188 | 231 |
Business_Segments_Tables
Business Segments (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Reconciliation of Revenue and Operating Income by Reportable Segment to Consolidated Results | ' | ||||||||||||||||
The following table provides a reconciliation of revenue and operating income by reportable segment to consolidated results (in thousands): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Net service revenues | |||||||||||||||||
Temporary and consultant staffing | $ | 847,886 | $ | 831,922 | $ | 2,513,377 | $ | 2,490,587 | |||||||||
Permanent placement staffing | 88,222 | 81,757 | 261,946 | 253,760 | |||||||||||||
Risk consulting and internal audit services | 139,011 | 119,494 | 386,708 | 332,653 | |||||||||||||
$ | 1,075,119 | $ | 1,033,173 | $ | 3,162,031 | $ | 3,077,000 | ||||||||||
Operating income | |||||||||||||||||
Temporary and consultant staffing | $ | 76,532 | $ | 75,832 | $ | 226,293 | $ | 196,654 | |||||||||
Permanent placement staffing | 13,691 | 12,538 | 41,753 | 44,162 | |||||||||||||
Risk consulting and internal audit services | 13,690 | 5,849 | 26,166 | 5,507 | |||||||||||||
103,913 | 94,219 | 294,212 | 246,323 | ||||||||||||||
Amortization of intangible assets | 433 | 100 | 1,300 | 187 | |||||||||||||
Interest income, net | (233 | ) | (348 | ) | (773 | ) | (867 | ) | |||||||||
Income before income taxes | $ | 103,713 | $ | 94,467 | $ | 293,685 | $ | 247,003 | |||||||||
Subsequent_Events_Tables
Subsequent Events (Tables) | 9 Months Ended | ||||
Sep. 30, 2013 | |||||
Subsequent Events | ' | ||||
On October 30, 2013, the Company announced the following: | |||||
Quarterly dividend per share | $0.16 | ||||
Declaration date | October 30, 2013 | ||||
Record date | November 25, 2013 | ||||
Payment date | December 16, 2013 |
Advertising_Costs_Detail
Advertising Costs (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Advertising costs | $9,522 | $10,522 | $29,103 | $31,748 |
InternalUse_Software_Developme
Internal-Use Software Development Costs Capitalized (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Internal-use software development costs | $3,913 | $4,377 | $7,980 | $14,058 |
Other_Current_Assets_Detail
Other Current Assets (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Other Assets, Current [Line Items] | ' | ' |
Deposits in trusts for employee benefits and retirement plans | $141,830 | $97,535 |
Other | 65,279 | 63,670 |
Other current assets | $207,109 | $161,205 |
Activity_in_Goodwill_Detail
Activity in Goodwill (Detail) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 |
Goodwill [Line Items] | ' |
Beginning balance | $201,339 |
Acquisitions | 13 |
Foreign currency translation adjustments | -330 |
Ending balance | $201,022 |
Components_of_Property_and_Equ
Components of Property and Equipment (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Computer hardware | $138,709 | $132,331 |
Computer software | 281,848 | 269,917 |
Furniture and equipment | 110,130 | 114,623 |
Leasehold improvements | 116,716 | 122,060 |
Other | 11,358 | 12,884 |
Property and equipment, cost | 658,761 | 651,815 |
Accumulated depreciation | -555,960 | -544,135 |
Property and equipment, net | $102,801 | $107,680 |
Accrued_Payroll_Costs_and_Reti2
Accrued Payroll Costs and Retirement Obligations (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Accrued Liabilities [Line Items] | ' | ' |
Payroll and benefits | $247,536 | $196,569 |
Employee retirement obligations | 94,664 | 92,233 |
Workers' compensation | 31,245 | 28,595 |
Payroll taxes | 24,481 | 44,244 |
Total accrued payroll costs and retirement obligations | $397,926 | $361,641 |
Employee_Retirement_Obligation
Employee Retirement Obligations (Detail) (Chief Executive Officer, USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Chief Executive Officer | ' | ' |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ' | ' |
Deferred compensation plan and other benefits related to the Company's Chief Executive Officer | $75,512 | $74,155 |
Stockholders_Equity_Additional
Stockholders' Equity - Additional Information (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, except Share data in Millions, unless otherwise specified | ||
Shareholders Equity [Line Items] | ' | ' |
Maximum number of shares authorized to be repurchased | 8.6 | ' |
Retained earnings | $11,635 | ' |
Number_and_Cost_of_Common_Stoc
Number and Cost of Common Stock Shares Repurchased (Detail) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Stockholders Equity Note [Line Items] | ' | ' |
Common stock repurchased (in shares) | 2,779 | 3,502 |
Common stock repurchased | $97,594 | $98,990 |
Number_and_Cost_of_Employee_St
Number and Cost of Employee Stock Plan Repurchases (Detail) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Stockholders Equity Note [Line Items] | ' | ' |
Employee stock plan repurchased (in shares) | 598 | 1,019 |
Employee stock plan repurchased | $21,366 | $30,117 |
Cash_Dividends_Declared_Detail
Cash Dividends Declared (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Stockholders Equity Note [Line Items] | ' | ' | ' | ' |
Cash dividends declared per share | $0.16 | $0.15 | $0.48 | $0.45 |
Stock_Plans_Additional_Informa
Stock Plans - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Term of options outstanding (in years) | '10 years |
Minimum | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Vesting period for grants (in years) | '3 years |
Actual shares earned, possible percentage on target award | 50.00% |
Maximum | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Vesting period for grants (in years) | '4 years |
Actual shares earned, possible percentage on target award | 150.00% |
Total Shareholder Return | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Vesting period for grants (in years) | '3 years |
Calculation_of_Net_Income_Per_
Calculation of Net Income Per Share (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Schedule of Earnings Per Share, Basic and Diluted, by Common Class [Line Items] | ' | ' | ' | ' |
Net income | $66,358 | $57,660 | $185,310 | $151,323 |
Income allocated to participating securities-basic | ' | 278 | 3 | 776 |
Net income available to common stockholders-basic | 66,358 | 57,382 | 185,307 | 150,547 |
Basic weighted average shares | 135,727 | 137,918 | 136,469 | 138,627 |
Basic net income per share | $0.49 | $0.42 | $1.36 | $1.09 |
Net income | 66,358 | 57,660 | 185,310 | 151,323 |
Income allocated to participating securities-diluted | ' | 277 | 3 | 772 |
Net income available to common stockholders-diluted | $66,358 | $57,383 | $185,307 | $150,551 |
Basic weighted average shares | 135,727 | 137,918 | 136,469 | 138,627 |
Dilutive effect of potential common shares | 1,514 | 1,223 | 1,290 | 1,108 |
Diluted weighted average shares | 137,241 | 139,141 | 137,759 | 139,735 |
Diluted net income per share | $0.48 | $0.41 | $1.35 | $1.08 |
Weighted_Average_Diluted_Commo
Weighted Average Diluted Common Shares Outstanding (Detail) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Total number of anti-dilutive potential common shares | 386 | 406 | 188 | 231 |
Business_Segments_Additional_I
Business Segments - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2013 | |
Segment | |
Segment Reporting Information [Line Items] | ' |
Number of reportable segments | 3 |
Reconciliation_of_Revenue_and_
Reconciliation of Revenue and Operating Income by Reportable Segment to Consolidated Results (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net service revenues | $1,075,119 | $1,033,173 | $3,162,031 | $3,077,000 |
Operating income | 103,913 | 94,219 | 294,212 | 246,323 |
Amortization of intangible assets | 433 | 100 | 1,300 | 187 |
Interest income, net | -233 | -348 | -773 | -867 |
Income before income taxes | 103,713 | 94,467 | 293,685 | 247,003 |
Temporary and consultant staffing | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net service revenues | 847,886 | 831,922 | 2,513,377 | 2,490,587 |
Operating income | 76,532 | 75,832 | 226,293 | 196,654 |
Permanent placement staffing | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net service revenues | 88,222 | 81,757 | 261,946 | 253,760 |
Operating income | 13,691 | 12,538 | 41,753 | 44,162 |
Risk consulting and internal audit services | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net service revenues | 139,011 | 119,494 | 386,708 | 332,653 |
Operating income | $13,690 | $5,849 | $26,166 | $5,507 |
Dividend_Announced_Detail
Dividend Announced (Detail) (Subsequent Event, Dividend Declared, USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Subsequent Event | Dividend Declared | ' |
Subsequent Event [Line Items] | ' |
Quarterly dividend per share | $0.16 |
Declaration date | 30-Oct-13 |
Record date | 25-Nov-13 |
Payment date | 16-Dec-13 |