Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 28, 2015 | Jul. 24, 2015 | |
Document Information [Line Items] | ||
Entity Registrant Name | Kelly Services Inc | |
Document Type | 10-Q | |
Current Fiscal Year End Date | --01-03 | |
Amendment Flag | false | |
Entity Central Index Key | 55,135 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Accelerated Filer | |
Document Period End Date | Jun. 28, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q2 | |
Class A Common Stock | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 34,403,801 | |
Class B Common Stock | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 3,451,261 |
Consolidated Statements of Earn
Consolidated Statements of Earnings (Unaudited) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 28, 2015 | Jun. 29, 2014 | Jun. 28, 2015 | Jun. 29, 2014 | |
Income Statement [Abstract] | ||||
Revenue from services | $ 1,385 | $ 1,410.5 | $ 2,705.6 | $ 2,741.3 |
Cost of services | 1,162.7 | 1,182.4 | 2,263 | 2,290.9 |
Gross profit | 222.3 | 228.1 | 442.6 | 450.4 |
Selling, general and administrative expenses | 210.8 | 222.2 | 419 | 438.2 |
Earnings from operations | 11.5 | 5.9 | 23.6 | 12.2 |
Other expense, net | 1 | 0.3 | 3.5 | 2 |
Earnings before taxes | 10.5 | 5.6 | 20.1 | 10.2 |
Income tax expense | 3.7 | 2.8 | 9.6 | 4.9 |
Net earnings | $ 6.8 | $ 2.8 | $ 10.5 | $ 5.3 |
Basic earnings per share (in dollars per share) | $ 0.18 | $ 0.07 | $ 0.27 | $ 0.14 |
Diluted earnings per share (in dollars per share) | 0.18 | 0.07 | 0.27 | 0.14 |
Dividends per share (in dollars per share) | $ 0.05 | $ 0.05 | $ 0.10 | $ 0.10 |
Average shares outstanding (millions): | ||||
Basic (in shares) | 37.7 | 37.4 | 37.7 | 37.4 |
Diluted (in shares) | 37.8 | 37.4 | 37.8 | 37.4 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 28, 2015 | Jun. 29, 2014 | Jun. 28, 2015 | Jun. 29, 2014 | |
Statement of Comprehensive Income [Abstract] | ||||
Net earnings | $ 6.8 | $ 2.8 | $ 10.5 | $ 5.3 |
Other comprehensive income, net of tax: | ||||
Foreign currency translation adjustments, net of tax expense of $0.1 million, expense of $0.1 million, tax benefit of $0.2 million, and tax expense of $0.3 million, respectively | 2.7 | 1.8 | (5.7) | 2.2 |
Less: Reclassification adjustments included in net earnings | 0 | 0 | (0.2) | 0 |
Foreign currency translation adjustments | 2.7 | 1.8 | (5.9) | 2.2 |
Unrealized gains on investment, net of tax expense of $2.1 million, $6.5 million, $3.8 million and $6.2 million, respectively | 3.5 | 10.6 | 6.6 | 10.5 |
Other comprehensive income | 6.2 | 12.4 | 0.7 | 12.7 |
Comprehensive income | $ 13 | $ 15.2 | $ 11.2 | $ 18 |
Consolidated Statements of Com4
Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 28, 2015 | Jun. 29, 2014 | Jun. 28, 2015 | Jun. 29, 2014 | |
Statement of Comprehensive Income [Abstract] | ||||
Foreign currency translation adjustments, tax expense (benefit) | $ 0.1 | $ 0.1 | $ (0.2) | $ 0.3 |
Unrealized gains (losses) on investments, tax expense (benefit) | $ 2.1 | $ 6.5 | $ 3.8 | $ 6.2 |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions | Jun. 28, 2015 | Dec. 28, 2014 |
CURRENT ASSETS: | ||
Cash and equivalents | $ 48.7 | $ 83.1 |
Trade accounts receivable, less allowances of $9.4 and $10.7, respectively | 1,152.3 | 1,122.8 |
Prepaid expenses and other current assets | 50.6 | 47.9 |
Deferred taxes | 35.8 | 34.4 |
Total current assets | 1,287.4 | 1,288.2 |
PROPERTY AND EQUIPMENT: | ||
Property and equipment | 361.4 | 360 |
Accumulated depreciation | (272.8) | (267) |
Net property and equipment | 88.6 | 93 |
NONCURRENT DEFERRED TAXES | 144.6 | 146.3 |
GOODWILL, NET | 90.3 | 90.3 |
OTHER ASSETS | 321.7 | 300.1 |
TOTAL ASSETS | 1,932.6 | 1,917.9 |
CURRENT LIABILITIES: | ||
Short-term borrowings | 89.9 | 91.9 |
Accounts payable and accrued liabilities | 380.4 | 364 |
Accrued payroll and related taxes | 296.5 | 308.5 |
Accrued insurance | 27.1 | 26.9 |
Income and other taxes | 62.8 | 68.8 |
Total current liabilities | 856.7 | 860.1 |
NONCURRENT LIABILITIES: | ||
Accrued insurance | 44.3 | 43.9 |
Accrued retirement benefits | 146.5 | 140.8 |
Other long-term liabilities | 40.6 | 39.4 |
Total noncurrent liabilities | $ 231.4 | $ 224.1 |
Commitments and Contingencies | ||
Treasury stock, at cost | ||
Paid-in capital | $ 27.5 | $ 24.9 |
Earnings invested in the business | 774.1 | 767.4 |
Accumulated other comprehensive income | 51.8 | 51.1 |
Total stockholders’ equity | 844.5 | 833.7 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | 1,932.6 | 1,917.9 |
Class A Common Stock | ||
Capital stock, $1.00 par value | ||
Common stock, value | 36.6 | 36.6 |
Treasury stock, at cost | ||
Treasury stock, value | (48.4) | (49.2) |
Class B Common Stock | ||
Capital stock, $1.00 par value | ||
Common stock, value | 3.5 | 3.5 |
Treasury stock, at cost | ||
Treasury stock, value | $ (0.6) | $ (0.6) |
Consolidated Balance Sheets (U6
Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) shares in Millions, $ in Millions | Jun. 28, 2015 | Dec. 28, 2014 |
Allowance for trade accounts receivables | $ 9.4 | $ 10.7 |
Class A Common Stock | ||
Capital stock, par value (in dollars per share) | $ 1 | $ 1 |
Common stock, shares issued (in shares) | 36.6 | 36.6 |
Treasury stock, common stock (in shares) | 2.3 | 2.4 |
Class B Common Stock | ||
Capital stock, par value (in dollars per share) | $ 1 | $ 1 |
Common stock, shares issued (in shares) | 3.5 | 3.5 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Millions | Total | Common StockCapital Stock, Class A common stock | Common StockCapital Stock, Class B common stock | Treasury StockTreasury Stock, Class A common stock | Treasury StockTreasury Stock, Class B common stock | Paid-in Capital | Earnings Invested in the Business | Accumulated Other Comprehensive Income |
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures | $ 0.7 | $ 0 | $ 3 | |||||
Beginning balance at Dec. 29, 2013 | $ 36.6 | $ 3.5 | (55.6) | (0.6) | 26 | $ 751.3 | $ 61.4 | |
Increase (Decrease) in Stockholders' Equity | ||||||||
Net earnings | $ 5.3 | 5.3 | ||||||
Dividends | (3.8) | |||||||
Other comprehensive income, net of tax | 12.7 | 12.7 | ||||||
Ending balance at Jun. 29, 2014 | 840.5 | 36.6 | 3.5 | (54.9) | (0.6) | 29 | 752.8 | 74.1 |
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures | 0.5 | 0 | 1.5 | |||||
Beginning balance at Mar. 30, 2014 | 36.6 | 3.5 | (55.4) | (0.6) | 27.5 | 751.9 | 61.7 | |
Increase (Decrease) in Stockholders' Equity | ||||||||
Net earnings | 2.8 | 2.8 | ||||||
Dividends | (1.9) | |||||||
Other comprehensive income, net of tax | 12.4 | 12.4 | ||||||
Ending balance at Jun. 29, 2014 | 840.5 | 36.6 | 3.5 | (54.9) | (0.6) | 29 | 752.8 | 74.1 |
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures | 0.8 | 0 | 2.6 | |||||
Beginning balance at Dec. 28, 2014 | 833.7 | 36.6 | 3.5 | (49.2) | (0.6) | 24.9 | 767.4 | 51.1 |
Increase (Decrease) in Stockholders' Equity | ||||||||
Net earnings | 10.5 | 10.5 | ||||||
Dividends | (3.8) | |||||||
Other comprehensive income, net of tax | 0.7 | 0.7 | ||||||
Ending balance at Jun. 28, 2015 | 844.5 | 36.6 | 3.5 | (48.4) | (0.6) | 27.5 | 774.1 | 51.8 |
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures | 0.7 | 0 | 1.6 | |||||
Beginning balance at Mar. 29, 2015 | 36.6 | 3.5 | (49.1) | (0.6) | 25.9 | 769.2 | 45.6 | |
Increase (Decrease) in Stockholders' Equity | ||||||||
Net earnings | 6.8 | 6.8 | ||||||
Dividends | (1.9) | |||||||
Other comprehensive income, net of tax | 6.2 | 6.2 | ||||||
Ending balance at Jun. 28, 2015 | $ 844.5 | $ 36.6 | $ 3.5 | $ (48.4) | $ (0.6) | $ 27.5 | $ 774.1 | $ 51.8 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 28, 2015 | Jun. 29, 2014 | |
Cash flows from operating activities: | ||
Net earnings | $ 10.5 | $ 5.3 |
Noncash adjustments: | ||
Depreciation and amortization | 11 | 10.8 |
Provision for bad debts | 2.1 | 2.6 |
Stock-based compensation | 3.1 | 3.5 |
Other, net | (0.3) | 0.7 |
Changes in operating assets and liabilities | (52.9) | (130.4) |
Net cash used in operating activities | (26.5) | (107.5) |
Cash flows from investing activities: | ||
Capital expenditures | (6.7) | (8.9) |
Investment in equity affiliate | (0.5) | (5.4) |
Other investing activities | (0.1) | 0.4 |
Net cash used in investing activities | (7.3) | (13.9) |
Cash flows from financing activities: | ||
Net change in short-term borrowings | (1.4) | 61.2 |
Dividend payments | (3.8) | (3.8) |
Net cash (used in) from financing activities | (5.2) | 57.4 |
Effect of exchange rates on cash and equivalents | 4.6 | 1.1 |
Net change in cash and equivalents | (34.4) | (62.9) |
Cash and equivalents at beginning of period | 83.1 | 125.7 |
Cash and equivalents at end of period | $ 48.7 | $ 62.8 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 28, 2015 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited consolidated financial statements of Kelly Services, Inc. (the “Company,” “Kelly,” “we” or “us”) have been prepared in accordance with Rule 10-01 of Regulation S-X and do not include all the information and notes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments, including normal recurring adjustments, necessary for a fair statement of the results of the interim periods, have been made. The results of operations for such interim periods are not necessarily indicative of results of operations for a full year. The unaudited consolidated financial statements should be read in conjunction with the Company’s consolidated financial statements and notes thereto for the fiscal year ended December 28, 2014 , included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission on February 12, 2015 (the 2014 consolidated financial statements). The Company’s second fiscal quarter ended on June 28, 2015 ( 2015 ) and June 29, 2014 ( 2014 ), each of which contained 13 weeks. The corresponding June year to date periods for 2015 and 2014 each contained 26 weeks. The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 28, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements Trade accounts receivable, accounts payable, accrued liabilities, accrued payroll and related taxes and short-term borrowings approximate their fair values due to the short-term maturities of these assets and liabilities. Assets Measured at Fair Value on a Recurring Basis The following tables present assets measured at fair value on a recurring basis on the consolidated balance sheet as of second quarter-end 2015 and year-end 2014 by fair value hierarchy level, as described below. Level 1 measurements consist of unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 measurements include quoted prices in markets that are not active or model inputs that are observable either directly or indirectly for substantially the full term of the asset or liability. Level 3 measurements include significant unobservable inputs. Fair Value Measurements on a Recurring Basis Description Total Level 1 Level 2 Level 3 (In millions of dollars) Money market funds $ 3.3 $ 3.3 $ — $ — Available-for-sale investment 107.8 107.8 — — Total assets at fair value $ 111.1 $ 111.1 $ — $ — Fair Value Measurements on a Recurring Basis Description Total Level 1 Level 2 Level 3 (In millions of dollars) Money market funds $ 3.3 $ 3.3 $ — $ — Available-for-sale investment 97.9 97.9 — — Total assets at fair value $ 101.2 $ 101.2 $ — $ — Money market funds as of second quarter-end 2015 and as of year-end 2014 represent investments in money market accounts, all of which are restricted as to use and are included in other assets on the consolidated balance sheet. The valuations were based on quoted market prices of those accounts as of the respective period end. Available-for-sale investment represents the Company’s investment in Temp Holdings Co., Ltd. (“Temp Holdings”), a leading integrated human resources company in Japan, and is included in other assets on the consolidated balance sheet. The valuation is based on the quoted market price of Temp Holdings stock on the Tokyo Stock Exchange as of the period end. The unrealized gain, net of tax, of $3.5 million for the second quarter of 2015 and the unrealized gain, net of tax, of $10.6 million for the second quarter of 2014 was recorded in other comprehensive income, and in accumulated other comprehensive income, a component of stockholders’ equity. The unrealized gain, net of tax, of $6.6 million for June year to date 2015 and the unrealized gain, net of tax, of $10.5 million for June year to date 2014 was recorded in other comprehensive income, as well as in accumulated other comprehensive income. The cost of this yen-denominated investment, which fluctuates based on foreign exchange rates, was $16.7 million as of the second quarter-end 2015 and $17.2 million at year-end 2014 . |
Restructuring
Restructuring | 6 Months Ended |
Jun. 28, 2015 | |
Restructuring and Related Activities [Abstract] | |
Restructuring | Restructuring A summary of our global restructuring balance sheet accrual, primarily included in accrued payroll and related taxes, is detailed below (in millions of dollars): Balance as of year-end 2014 $ 6.9 Reductions for cash payments related to all restructuring activities (4.2 ) Balance as of first quarter-end 2015 2.7 Reductions for cash payments related to all restructuring activities (1.1 ) Balance as of second quarter-end 2015 $ 1.6 The remaining balance of $1.6 million as of the 2015 second quarter end represents primarily severance costs and the majority is expected to be paid in 2015. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 6 Months Ended |
Jun. 28, 2015 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive Income | Accumulated Other Comprehensive Income The changes in accumulated other comprehensive income by component, net of tax, for the second quarter and June year to date 2015 and 2014 are included in the tables below. Amounts in parentheses indicate debits. Reclassification adjustments out of accumulated other comprehensive income, as shown in the tables below, were recorded in the other expense, net line item in the consolidated statement of earnings. Second Quarter 2015 Foreign Unrealized Pension Total (In millions of dollars) Beginning balance $ (11.6 ) $ 59.4 $ (2.2 ) $ 45.6 Other comprehensive income 2.7 3.5 — 6.2 Ending balance $ (8.9 ) $ 62.9 $ (2.2 ) $ 51.8 June Year to Date 2015 Foreign Unrealized Pension Total (In millions of dollars) Beginning balance $ (3.0 ) $ 56.3 $ (2.2 ) $ 51.1 Other comprehensive income (loss) before reclassifications (5.7 ) 6.6 — 0.9 Amounts reclassified from accumulated other comprehensive income (0.2 ) — — (0.2 ) Net current-period other comprehensive income (loss) (5.9 ) 6.6 — 0.7 Ending balance $ (8.9 ) $ 62.9 $ (2.2 ) $ 51.8 Second Quarter 2014 Foreign Unrealized Pension Total (In millions of dollars) Beginning balance $ 18.5 $ 44.7 $ (1.5 ) $ 61.7 Other comprehensive income 1.8 10.6 — 12.4 Ending balance $ 20.3 $ 55.3 $ (1.5 ) $ 74.1 June Year to Date 2014 Foreign Currency Translation Adjustments Unrealized Gains and Losses on Investment Pension Liability Adjustments Total (In millions of dollars) Beginning balance $ 18.1 $ 44.8 $ (1.5 ) $ 61.4 Other comprehensive income 2.2 10.5 — 12.7 Ending balance $ 20.3 $ 55.3 $ (1.5 ) $ 74.1 |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 28, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share The reconciliation of basic and diluted earnings per share on common stock for the second quarter and June year to date 2015 and 2014 follows (in millions of dollars except per share data): Second Quarter June Year to Date 2015 2014 2015 2014 Net earnings $ 6.8 $ 2.8 $ 10.5 $ 5.3 Less: earnings allocated to participating securities (0.2 ) (0.1 ) (0.3 ) (0.2 ) Net earnings available to common shareholders $ 6.6 $ 2.7 $ 10.2 $ 5.1 Basic earnings per share on common stock $ 0.18 $ 0.07 $ 0.27 $ 0.14 Diluted earnings per share on common stock $ 0.18 $ 0.07 $ 0.27 $ 0.14 Average common shares outstanding (millions): Basic 37.7 37.4 37.7 37.4 Diluted 37.8 37.4 37.8 37.4 Stock options excluded from the computation of diluted earnings per share due to their anti-dilutive effect for the second quarter 2015 and June year to date 2015 were not significant. Stock options representing 0.1 million shares for the second quarter of 2014 and 0.1 million for June year to date 2014 were excluded from the computation of diluted earnings per share due to their anti-dilutive effect. |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jun. 28, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation Performance Shares Under the Equity Incentive Plan, amended and restated February 12, 2015 and approved by the stockholders of the Company on May 6, 2015, the Company granted performance awards associated with the Company’s Class A stock to certain senior officers. The payment of performance shares, which will be satisfied with the issuance of shares out of treasury stock, is contingent upon the achievement of specific performance goals over a stated period of time. The maximum number of performance shares that may be earned is 750,000 , of which two-thirds may be earned upon the achievement of certain financial goals and one-third may be earned based on the Company’s total shareholder return (“TSR”) relative to the S&P SmallCap 600 Index. No dividends are paid on these performance shares. The performance shares associated with the financial goals, which have a weighted average grant date fair value of $16.31 , have a one -year performance measure and vest after the completion of an additional two -year service period. The performance shares related to relative TSR have a three -year performance measure with vesting at the end of the performance period. These shares have an estimated fair value of $16.01 , which was computed using a Monte Carlo simulation model incorporating assumptions for inputs of expected stock price volatility, dividend yield and risk-free interest rate. For June year to date 2015, total compensation expense related to performance shares totaled $0.3 million , and the related tax benefit was $0.1 million . |
Other Expense, Net
Other Expense, Net | 6 Months Ended |
Jun. 28, 2015 | |
Other Income and Expenses [Abstract] | |
Other Expense, Net | Other Expense, Net Included in other expense, net for the second quarter and June year to date 2015 and 2014 are the following: Second Quarter June Year to Date 2015 2014 2015 2014 (In millions of dollars) Interest income $ 0.1 $ 0.1 $ 0.2 $ 0.2 Interest expense (0.9 ) (0.7 ) (1.8 ) (1.3 ) Dividend income 0.4 0.4 0.4 0.4 Net loss on equity investment (0.5 ) (0.4 ) (0.6 ) (0.8 ) Foreign exchange (losses) gains (0.1 ) 0.3 (1.7 ) (0.5 ) Other expense, net $ (1.0 ) $ (0.3 ) $ (3.5 ) $ (2.0 ) |
Contingencies
Contingencies | 6 Months Ended |
Jun. 28, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | Contingencies The Company is continuously engaged in litigation arising in the ordinary course of its business, typically matters alleging employment discrimination, alleging wage and hour violations or enforcing the restrictive covenants in the Company’s employment agreements. While there is no expectation that any of these matters will have a material adverse effect on the Company’s results of operations, financial position or cash flows, litigation is always subject to inherent uncertainty and the Company is not able to reasonably predict if any matter will be resolved in a manner that is materially adverse to the Company. |
Segment Disclosures
Segment Disclosures | 6 Months Ended |
Jun. 28, 2015 | |
Segment Reporting [Abstract] | |
Segment Disclosures | Segment Disclosures The Company’s segments are based on the organizational structure for which financial results are regularly evaluated by the Company’s chief operating decision makers (the Company’s Chief Executive Officer and Chief Operating Officer) to determine resource allocation and assess performance. The Company’s seven reporting segments are: (1) Americas Commercial, (2) Americas Professional and Technical (“Americas PT”), (3) Europe, Middle East and Africa Commercial (“EMEA Commercial”), (4) Europe, Middle East and Africa Professional and Technical (“EMEA PT”), (5) Asia Pacific Commercial (“APAC Commercial”), (6) Asia Pacific Professional and Technical (“APAC PT”) and (7) Outsourcing and Consulting Group (“OCG”). The Commercial business segments within the Americas, EMEA and APAC regions represent traditional office services, contact-center staffing, marketing, electronic assembly, light industrial and, in the Americas, substitute teachers. The PT segments encompass a wide range of highly skilled temporary employees, including scientists, financial professionals, attorneys, engineers, IT specialists and healthcare workers. OCG includes recruitment process outsourcing (“RPO”), contingent workforce outsourcing (“CWO”), business process outsourcing (“BPO”), payroll process outsourcing (“PPO”), executive placement and career transition/outplacement services. Corporate expenses that directly support the operating units have been allocated to the Americas, EMEA and APAC regions and OCG based on a work effort, volume or, in the absence of a readily available measurement process, proportionately based on revenue from services. The following tables present information about the reported revenue from services and gross profit of the Company by segment, along with a reconciliation to consolidated earnings before taxes, for the second quarter and June year to date 2015 and 2014 . Asset information by reportable segment is not presented, since the Company does not produce such information internally nor does it use such data to manage its business. Second Quarter June Year to Date 2015 2014 2015 2014 (In millions of dollars) Revenue from Services: Americas Commercial $ 651.3 $ 661.1 $ 1,292.7 $ 1,274.3 Americas PT 246.2 244.2 479.0 480.6 Total Americas Commercial and PT 897.5 905.3 1,771.7 1,754.9 EMEA Commercial 195.7 237.0 374.0 458.9 EMEA PT 42.9 49.7 83.2 97.4 Total EMEA Commercial and PT 238.6 286.7 457.2 556.3 APAC Commercial 90.3 86.5 175.9 169.5 APAC PT 10.3 10.0 20.8 18.6 Total APAC Commercial and PT 100.6 96.5 196.7 188.1 OCG 165.0 137.9 314.5 272.3 Less: Intersegment revenue (16.7 ) (15.9 ) (34.5 ) (30.3 ) Consolidated Total $ 1,385.0 $ 1,410.5 $ 2,705.6 $ 2,741.3 Second Quarter June Year to Date 2015 2014 2015 2014 (In millions of dollars) Earnings from Operations: Americas Commercial gross profit $ 95.9 $ 96.5 $ 193.7 $ 188.3 Americas PT gross profit 42.1 39.0 81.0 78.8 Americas Region gross profit 138.0 135.5 274.7 267.1 Americas Region SG&A expenses (112.6 ) (112.6 ) (226.1 ) (222.1 ) Americas Region Earnings from Operations 25.4 22.9 48.6 45.0 EMEA Commercial gross profit 26.8 34.5 51.4 67.4 EMEA PT gross profit 9.1 11.3 17.8 22.4 EMEA Region gross profit 35.9 45.8 69.2 89.8 EMEA Region SG&A expenses (34.2 ) (43.1 ) (67.7 ) (85.0 ) EMEA Region Earnings from Operations 1.7 2.7 1.5 4.8 APAC Commercial gross profit 11.2 11.7 24.2 24.0 APAC PT gross profit 2.7 3.3 5.6 6.1 APAC Region gross profit 13.9 15.0 29.8 30.1 APAC Region SG&A expenses (12.3 ) (15.8 ) (24.4 ) (30.1 ) APAC Region Earnings from Operations 1.6 (0.8 ) 5.4 — OCG gross profit 35.7 32.9 71.2 65.5 OCG SG&A expenses (32.2 ) (31.1 ) (64.9 ) (62.5 ) OCG Earnings from Operations 3.5 1.8 6.3 3.0 Less: Intersegment gross profit (1.2 ) (1.1 ) (2.3 ) (2.1 ) Less: Intersegment SG&A expenses 1.2 1.1 2.3 2.1 Net Intersegment Activity — — — — Corporate (20.7 ) (20.7 ) (38.2 ) (40.6 ) Consolidated Total 11.5 5.9 23.6 12.2 Other Expense, Net 1.0 0.3 3.5 2.0 Earnings Before Taxes $ 10.5 $ 5.6 $ 20.1 $ 10.2 |
New Accounting Pronouncements
New Accounting Pronouncements | 6 Months Ended |
Jun. 28, 2015 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
New Accounting Pronouncements | New Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued new revenue recognition guidance under Accounting Standards Update (“ASU”) 2014-09 that will supersede the existing revenue recognition guidance under U.S. Generally Accepted Accounting Principles. The new standard focuses on creating a single source of revenue guidance for revenue arising from contracts with customers for all industries. The objective of the new standard is for companies to recognize revenue when it transfers the promised goods or services to its customers at an amount that represents what the company expects to be entitled to in exchange for those goods or services. In July 2015, the FASB deferred the effective date by one year. This ASU will now be effective for annual periods, and interim periods within those annual periods, beginning on or after December 15, 2017. Early adoption is permitted, but not before the original effective date of December 15, 2016. We are currently evaluating the impact of the new guidance on our consolidated financial statements and related disclosures. In August 2014, the FASB issued ASU 2014-15 requiring management to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity’s ability to continue as a going concern, which is currently performed by the external auditors. Management will be required to perform this assessment for both interim and annual reporting periods and must make certain disclosures if it concludes that substantial doubt exists. This ASU is effective for annual periods, and interim periods within those annual periods, beginning on or after December 15, 2016. The adoption of this guidance is not expected to have a material effect on our financial statements. In April 2015, the FASB issued ASU 2015-03 amending current guidance for debt issuance costs. The new guidance requires debt issuance costs to be presented as a deduction from the carrying amount of the related debt liability rather than as an asset. This ASU is effective for annual periods, and interim periods within those annual periods, beginning on or after December 15, 2015 and early adoption is permitted. The new guidance will be applied retrospectively to all prior periods presented. The adoption of this guidance is not expected to have a material effect on our financial statements. Management has evaluated other recently issued accounting pronouncements and does not believe that any of these pronouncements will have a significant impact on our consolidated financial statements and related disclosures. |
New Accounting Pronouncements (
New Accounting Pronouncements (Policies) | 6 Months Ended |
Jun. 28, 2015 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
New Accounting Pronouncements | In May 2014, the Financial Accounting Standards Board (“FASB”) issued new revenue recognition guidance under Accounting Standards Update (“ASU”) 2014-09 that will supersede the existing revenue recognition guidance under U.S. Generally Accepted Accounting Principles. The new standard focuses on creating a single source of revenue guidance for revenue arising from contracts with customers for all industries. The objective of the new standard is for companies to recognize revenue when it transfers the promised goods or services to its customers at an amount that represents what the company expects to be entitled to in exchange for those goods or services. In July 2015, the FASB deferred the effective date by one year. This ASU will now be effective for annual periods, and interim periods within those annual periods, beginning on or after December 15, 2017. Early adoption is permitted, but not before the original effective date of December 15, 2016. We are currently evaluating the impact of the new guidance on our consolidated financial statements and related disclosures. In August 2014, the FASB issued ASU 2014-15 requiring management to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity’s ability to continue as a going concern, which is currently performed by the external auditors. Management will be required to perform this assessment for both interim and annual reporting periods and must make certain disclosures if it concludes that substantial doubt exists. This ASU is effective for annual periods, and interim periods within those annual periods, beginning on or after December 15, 2016. The adoption of this guidance is not expected to have a material effect on our financial statements. In April 2015, the FASB issued ASU 2015-03 amending current guidance for debt issuance costs. The new guidance requires debt issuance costs to be presented as a deduction from the carrying amount of the related debt liability rather than as an asset. This ASU is effective for annual periods, and interim periods within those annual periods, beginning on or after December 15, 2015 and early adoption is permitted. The new guidance will be applied retrospectively to all prior periods presented. The adoption of this guidance is not expected to have a material effect on our financial statements. Management has evaluated other recently issued accounting pronouncements and does not believe that any of these pronouncements will have a significant impact on our consolidated financial statements and related disclosures. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 28, 2015 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value Assets Measured on Recurring Basis | Fair Value Measurements on a Recurring Basis Description Total Level 1 Level 2 Level 3 (In millions of dollars) Money market funds $ 3.3 $ 3.3 $ — $ — Available-for-sale investment 107.8 107.8 — — Total assets at fair value $ 111.1 $ 111.1 $ — $ — Fair Value Measurements on a Recurring Basis Description Total Level 1 Level 2 Level 3 (In millions of dollars) Money market funds $ 3.3 $ 3.3 $ — $ — Available-for-sale investment 97.9 97.9 — — Total assets at fair value $ 101.2 $ 101.2 $ — $ — |
Restructuring (Tables)
Restructuring (Tables) | 6 Months Ended |
Jun. 28, 2015 | |
Restructuring and Related Activities [Abstract] | |
Summary of Restructuring Reserve | A summary of our global restructuring balance sheet accrual, primarily included in accrued payroll and related taxes, is detailed below (in millions of dollars): Balance as of year-end 2014 $ 6.9 Reductions for cash payments related to all restructuring activities (4.2 ) Balance as of first quarter-end 2015 2.7 Reductions for cash payments related to all restructuring activities (1.1 ) Balance as of second quarter-end 2015 $ 1.6 |
Accumulated Other Comprehensi22
Accumulated Other Comprehensive Income (Tables) | 6 Months Ended |
Jun. 28, 2015 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Schedule of Accumulated Other Comprehensive Income by Component, Net of Tax | Second Quarter 2015 Foreign Unrealized Pension Total (In millions of dollars) Beginning balance $ (11.6 ) $ 59.4 $ (2.2 ) $ 45.6 Other comprehensive income 2.7 3.5 — 6.2 Ending balance $ (8.9 ) $ 62.9 $ (2.2 ) $ 51.8 June Year to Date 2015 Foreign Unrealized Pension Total (In millions of dollars) Beginning balance $ (3.0 ) $ 56.3 $ (2.2 ) $ 51.1 Other comprehensive income (loss) before reclassifications (5.7 ) 6.6 — 0.9 Amounts reclassified from accumulated other comprehensive income (0.2 ) — — (0.2 ) Net current-period other comprehensive income (loss) (5.9 ) 6.6 — 0.7 Ending balance $ (8.9 ) $ 62.9 $ (2.2 ) $ 51.8 Second Quarter 2014 Foreign Unrealized Pension Total (In millions of dollars) Beginning balance $ 18.5 $ 44.7 $ (1.5 ) $ 61.7 Other comprehensive income 1.8 10.6 — 12.4 Ending balance $ 20.3 $ 55.3 $ (1.5 ) $ 74.1 June Year to Date 2014 Foreign Currency Translation Adjustments Unrealized Gains and Losses on Investment Pension Liability Adjustments Total (In millions of dollars) Beginning balance $ 18.1 $ 44.8 $ (1.5 ) $ 61.4 Other comprehensive income 2.2 10.5 — 12.7 Ending balance $ 20.3 $ 55.3 $ (1.5 ) $ 74.1 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 28, 2015 | |
Earnings Per Share [Abstract] | |
Reconciliation of Basic and Diluted Earnings Per Share | The reconciliation of basic and diluted earnings per share on common stock for the second quarter and June year to date 2015 and 2014 follows (in millions of dollars except per share data): Second Quarter June Year to Date 2015 2014 2015 2014 Net earnings $ 6.8 $ 2.8 $ 10.5 $ 5.3 Less: earnings allocated to participating securities (0.2 ) (0.1 ) (0.3 ) (0.2 ) Net earnings available to common shareholders $ 6.6 $ 2.7 $ 10.2 $ 5.1 Basic earnings per share on common stock $ 0.18 $ 0.07 $ 0.27 $ 0.14 Diluted earnings per share on common stock $ 0.18 $ 0.07 $ 0.27 $ 0.14 Average common shares outstanding (millions): Basic 37.7 37.4 37.7 37.4 Diluted 37.8 37.4 37.8 37.4 |
Other Expense, Net (Tables)
Other Expense, Net (Tables) | 6 Months Ended |
Jun. 28, 2015 | |
Other Income and Expenses [Abstract] | |
Schedule of Other Nonoperating Income (Expense) | Included in other expense, net for the second quarter and June year to date 2015 and 2014 are the following: Second Quarter June Year to Date 2015 2014 2015 2014 (In millions of dollars) Interest income $ 0.1 $ 0.1 $ 0.2 $ 0.2 Interest expense (0.9 ) (0.7 ) (1.8 ) (1.3 ) Dividend income 0.4 0.4 0.4 0.4 Net loss on equity investment (0.5 ) (0.4 ) (0.6 ) (0.8 ) Foreign exchange (losses) gains (0.1 ) 0.3 (1.7 ) (0.5 ) Other expense, net $ (1.0 ) $ (0.3 ) $ (3.5 ) $ (2.0 ) |
Segment Disclosures (Tables)
Segment Disclosures (Tables) | 6 Months Ended |
Jun. 28, 2015 | |
Segment Reporting [Abstract] | |
Segment Revenue Per Service | Second Quarter June Year to Date 2015 2014 2015 2014 (In millions of dollars) Revenue from Services: Americas Commercial $ 651.3 $ 661.1 $ 1,292.7 $ 1,274.3 Americas PT 246.2 244.2 479.0 480.6 Total Americas Commercial and PT 897.5 905.3 1,771.7 1,754.9 EMEA Commercial 195.7 237.0 374.0 458.9 EMEA PT 42.9 49.7 83.2 97.4 Total EMEA Commercial and PT 238.6 286.7 457.2 556.3 APAC Commercial 90.3 86.5 175.9 169.5 APAC PT 10.3 10.0 20.8 18.6 Total APAC Commercial and PT 100.6 96.5 196.7 188.1 OCG 165.0 137.9 314.5 272.3 Less: Intersegment revenue (16.7 ) (15.9 ) (34.5 ) (30.3 ) Consolidated Total $ 1,385.0 $ 1,410.5 $ 2,705.6 $ 2,741.3 |
Segment Earnings From Operations | Second Quarter June Year to Date 2015 2014 2015 2014 (In millions of dollars) Earnings from Operations: Americas Commercial gross profit $ 95.9 $ 96.5 $ 193.7 $ 188.3 Americas PT gross profit 42.1 39.0 81.0 78.8 Americas Region gross profit 138.0 135.5 274.7 267.1 Americas Region SG&A expenses (112.6 ) (112.6 ) (226.1 ) (222.1 ) Americas Region Earnings from Operations 25.4 22.9 48.6 45.0 EMEA Commercial gross profit 26.8 34.5 51.4 67.4 EMEA PT gross profit 9.1 11.3 17.8 22.4 EMEA Region gross profit 35.9 45.8 69.2 89.8 EMEA Region SG&A expenses (34.2 ) (43.1 ) (67.7 ) (85.0 ) EMEA Region Earnings from Operations 1.7 2.7 1.5 4.8 APAC Commercial gross profit 11.2 11.7 24.2 24.0 APAC PT gross profit 2.7 3.3 5.6 6.1 APAC Region gross profit 13.9 15.0 29.8 30.1 APAC Region SG&A expenses (12.3 ) (15.8 ) (24.4 ) (30.1 ) APAC Region Earnings from Operations 1.6 (0.8 ) 5.4 — OCG gross profit 35.7 32.9 71.2 65.5 OCG SG&A expenses (32.2 ) (31.1 ) (64.9 ) (62.5 ) OCG Earnings from Operations 3.5 1.8 6.3 3.0 Less: Intersegment gross profit (1.2 ) (1.1 ) (2.3 ) (2.1 ) Less: Intersegment SG&A expenses 1.2 1.1 2.3 2.1 Net Intersegment Activity — — — — Corporate (20.7 ) (20.7 ) (38.2 ) (40.6 ) Consolidated Total 11.5 5.9 23.6 12.2 Other Expense, Net 1.0 0.3 3.5 2.0 Earnings Before Taxes $ 10.5 $ 5.6 $ 20.1 $ 10.2 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Assets Measured at Fair Value on a Recurring Basis (Details) - Measured on Recurring Basis - USD ($) $ in Millions | Jun. 28, 2015 | Dec. 28, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Money market funds | $ 3.3 | $ 3.3 |
Available-for-sale investment | 107.8 | 97.9 |
Total assets at fair value | 111.1 | 101.2 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Money market funds | 3.3 | 3.3 |
Available-for-sale investment | 107.8 | 97.9 |
Total assets at fair value | 111.1 | 101.2 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Money market funds | 0 | 0 |
Available-for-sale investment | 0 | 0 |
Total assets at fair value | 0 | 0 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Money market funds | 0 | 0 |
Available-for-sale investment | 0 | 0 |
Total assets at fair value | $ 0 | $ 0 |
Fair Value Measurements - Narra
Fair Value Measurements - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 28, 2015 | Jun. 29, 2014 | Jun. 28, 2015 | Jun. 29, 2014 | Dec. 28, 2014 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Unrealized gain on available-for-sale investments, net of tax | $ 3.5 | $ 10.6 | $ 6.6 | $ 10.5 | |
Cost of available-for-sale investments | 16.7 | 16.7 | $ 17.2 | ||
Temp Holdings Investment | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Unrealized gain on available-for-sale investments, net of tax | $ 3.5 | $ 10.6 | $ 6.6 | $ 10.5 |
Restructuring - Summary of Rest
Restructuring - Summary of Restructuring Reserve (Details) - USD ($) $ in Millions | 3 Months Ended | |
Jun. 28, 2015 | Mar. 29, 2015 | |
Restructuring Reserve [Roll Forward] | ||
Beginning balance | $ 2.7 | $ 6.9 |
Reductions for cash payments related to all restructuring activities | (1.1) | (4.2) |
Ending balance | $ 1.6 | $ 2.7 |
Restructuring - Narrative (Deta
Restructuring - Narrative (Details) - USD ($) $ in Millions | Jun. 28, 2015 | Mar. 29, 2015 | Dec. 28, 2014 |
Restructuring and Related Activities [Abstract] | |||
Restructuring reserve | $ 1.6 | $ 2.7 | $ 6.9 |
Accumulated Other Comprehensi30
Accumulated Other Comprehensive Income - Schedule of Accumulated Other Comprehensive Income by Component, Net of Tax (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 28, 2015 | Jun. 29, 2014 | Jun. 28, 2015 | Jun. 29, 2014 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | $ 833.7 | |||
Other comprehensive income | $ 6.2 | $ 12.4 | 0.7 | $ 12.7 |
Ending balance | 844.5 | 840.5 | 844.5 | 840.5 |
Foreign Currency Translation Adjustments | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | (11.6) | 18.5 | (3) | 18.1 |
Other comprehensive income (loss) before reclassifications | (5.7) | |||
Amounts reclassified from accumulated other comprehensive income | (0.2) | |||
Other comprehensive income | 2.7 | 1.8 | (5.9) | 2.2 |
Ending balance | (8.9) | 20.3 | (8.9) | 20.3 |
Unrealized Gains and Losses on Investment | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | 59.4 | 44.7 | 56.3 | 44.8 |
Other comprehensive income (loss) before reclassifications | 6.6 | |||
Amounts reclassified from accumulated other comprehensive income | 0 | |||
Other comprehensive income | 3.5 | 10.6 | 6.6 | 10.5 |
Ending balance | 62.9 | 55.3 | 62.9 | 55.3 |
Pension Liability Adjustments | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | (2.2) | (1.5) | (2.2) | (1.5) |
Other comprehensive income (loss) before reclassifications | 0 | |||
Amounts reclassified from accumulated other comprehensive income | 0 | |||
Other comprehensive income | 0 | 0 | 0 | 0 |
Ending balance | (2.2) | (1.5) | (2.2) | (1.5) |
Accumulated Other Comprehensive Income | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | 45.6 | 61.7 | 51.1 | 61.4 |
Other comprehensive income (loss) before reclassifications | 0.9 | |||
Amounts reclassified from accumulated other comprehensive income | (0.2) | |||
Other comprehensive income | 6.2 | 12.4 | 0.7 | 12.7 |
Ending balance | $ 51.8 | $ 74.1 | $ 51.8 | $ 74.1 |
Earnings Per Share - Reconcilia
Earnings Per Share - Reconciliation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 28, 2015 | Jun. 29, 2014 | Jun. 28, 2015 | Jun. 29, 2014 | |
Earnings Per Share [Abstract] | ||||
Net earnings | $ 6.8 | $ 2.8 | $ 10.5 | $ 5.3 |
Less: earnings allocated to participating securities | (0.2) | (0.1) | (0.3) | (0.2) |
Net earnings available to common shareholders | $ 6.6 | $ 2.7 | $ 10.2 | $ 5.1 |
Basic earnings per share on common stock (in dollars per share) | $ 0.18 | $ 0.07 | $ 0.27 | $ 0.14 |
Diluted earnings per share on common stock (in dollars per share) | $ 0.18 | $ 0.07 | $ 0.27 | $ 0.14 |
Average common shares outstanding (millions): | ||||
Basic (in shares) | 37.7 | 37.4 | 37.7 | 37.4 |
Diluted (in shares) | 37.8 | 37.4 | 37.8 | 37.4 |
Earnings Per Share - Narrative
Earnings Per Share - Narrative (Details) - Jun. 29, 2014 - shares shares in Millions | Total | Total |
Stock Option | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from the computation of diluted earnings per share (in shares) | 0.1 | 0.1 |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Millions | May. 06, 2015 | Jun. 28, 2015 |
Performance Shares | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of shares authorized | 750,000 | |
Compensation expense | $ 0.3 | |
Related tax benefit | $ 0.1 | |
Performance Shares, Financial Goals | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Weighted average grant date fair value (in dollars per share) | $ 16.31 | |
Award vesting which may be earned | 66.67% | |
Performance measurement period | 1 year | |
Additional requisite service period | 2 years | |
Total Shareholder Return (TSR) | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Award vesting which may be earned | 33.33% | |
Performance measurement period | 3 years | |
Monte Carlo Fair Value [Member] | Total Shareholder Return (TSR) | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Weighted average grant date fair value (in dollars per share) | $ 16.01 |
Other Expense, Net - Schedule o
Other Expense, Net - Schedule of Other Nonoperating Income (Expense) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 28, 2015 | Jun. 29, 2014 | Jun. 28, 2015 | Jun. 29, 2014 | |
Other Income and Expenses [Abstract] | ||||
Interest income | $ 0.1 | $ 0.1 | $ 0.2 | $ 0.2 |
Interest expense | (0.9) | (0.7) | (1.8) | (1.3) |
Dividend income | 0.4 | 0.4 | 0.4 | 0.4 |
Net loss on equity investment | (0.5) | (0.4) | (0.6) | (0.8) |
Foreign exchange (losses) gains | (0.1) | 0.3 | (1.7) | (0.5) |
Other expense, net | $ (1) | $ (0.3) | $ (3.5) | $ (2) |
Segment Disclosures - Narrative
Segment Disclosures - Narrative (Details) | 6 Months Ended |
Jun. 28, 2015segment | |
Segment Reporting [Abstract] | |
Number of reporting segments | 7 |
Segment Disclosures - Segment R
Segment Disclosures - Segment Revenue Per Service (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 28, 2015 | Jun. 29, 2014 | Jun. 28, 2015 | Jun. 29, 2014 | |
Revenue from Services | ||||
Segment Revenue from Services | $ 1,385 | $ 1,410.5 | $ 2,705.6 | $ 2,741.3 |
Less: Intersegment revenue | ||||
Revenue from Services | ||||
Segment Revenue from Services | (16.7) | (15.9) | (34.5) | (30.3) |
Total Americas Commercial and PT | Reporting Segments | ||||
Revenue from Services | ||||
Segment Revenue from Services | 897.5 | 905.3 | 1,771.7 | 1,754.9 |
Total EMEA Commercial and PT | Reporting Segments | ||||
Revenue from Services | ||||
Segment Revenue from Services | 238.6 | 286.7 | 457.2 | 556.3 |
Total APAC Commercial and PT | Reporting Segments | ||||
Revenue from Services | ||||
Segment Revenue from Services | 100.6 | 96.5 | 196.7 | 188.1 |
Americas Commercial | Reporting Segments | ||||
Revenue from Services | ||||
Segment Revenue from Services | 651.3 | 661.1 | 1,292.7 | 1,274.3 |
Americas PT | Reporting Segments | ||||
Revenue from Services | ||||
Segment Revenue from Services | 246.2 | 244.2 | 479 | 480.6 |
EMEA Commercial | Reporting Segments | ||||
Revenue from Services | ||||
Segment Revenue from Services | 195.7 | 237 | 374 | 458.9 |
EMEA PT | Reporting Segments | ||||
Revenue from Services | ||||
Segment Revenue from Services | 42.9 | 49.7 | 83.2 | 97.4 |
APAC Commercial | Reporting Segments | ||||
Revenue from Services | ||||
Segment Revenue from Services | 90.3 | 86.5 | 175.9 | 169.5 |
APAC PT | Reporting Segments | ||||
Revenue from Services | ||||
Segment Revenue from Services | 10.3 | 10 | 20.8 | 18.6 |
OCG | Reporting Segments | ||||
Revenue from Services | ||||
Segment Revenue from Services | $ 165 | $ 137.9 | $ 314.5 | $ 272.3 |
Segment Disclosures - Segment E
Segment Disclosures - Segment Earnings From Operations (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 28, 2015 | Jun. 29, 2014 | Jun. 28, 2015 | Jun. 29, 2014 | |
Earnings from Operations | ||||
Gross Profit | $ 222.3 | $ 228.1 | $ 442.6 | $ 450.4 |
SG&A Expenses | (210.8) | (222.2) | (419) | (438.2) |
Earnings from operations | 11.5 | 5.9 | 23.6 | 12.2 |
Other Expense, Net | 1 | 0.3 | 3.5 | 2 |
Earnings before taxes | 10.5 | 5.6 | 20.1 | 10.2 |
Less: Intersegment | ||||
Earnings from Operations | ||||
Gross Profit | (1.2) | (1.1) | (2.3) | (2.1) |
SG&A Expenses | 1.2 | 1.1 | 2.3 | 2.1 |
Earnings from operations | 0 | 0 | 0 | 0 |
Corporate | ||||
Earnings from Operations | ||||
Earnings from operations | (20.7) | (20.7) | (38.2) | (40.6) |
Total Americas Commercial and PT | ||||
Earnings from Operations | ||||
Gross Profit | 138 | 135.5 | 274.7 | 267.1 |
SG&A Expenses | (112.6) | (112.6) | (226.1) | (222.1) |
Earnings from operations | 25.4 | 22.9 | 48.6 | 45 |
Total EMEA Commercial and PT | Reporting Segments | ||||
Earnings from Operations | ||||
Gross Profit | 35.9 | 45.8 | 69.2 | 89.8 |
SG&A Expenses | (34.2) | (43.1) | (67.7) | (85) |
Earnings from operations | 1.7 | 2.7 | 1.5 | 4.8 |
Total APAC Commercial and PT | Reporting Segments | ||||
Earnings from Operations | ||||
Gross Profit | 13.9 | 15 | 29.8 | 30.1 |
SG&A Expenses | (12.3) | (15.8) | (24.4) | (30.1) |
Earnings from operations | 1.6 | (0.8) | 5.4 | 0 |
Americas Commercial | Reporting Segments | ||||
Earnings from Operations | ||||
Gross Profit | 95.9 | 96.5 | 193.7 | 188.3 |
Americas PT | Reporting Segments | ||||
Earnings from Operations | ||||
Gross Profit | 42.1 | 39 | 81 | 78.8 |
EMEA Commercial | Reporting Segments | ||||
Earnings from Operations | ||||
Gross Profit | 26.8 | 34.5 | 51.4 | 67.4 |
EMEA PT | Reporting Segments | ||||
Earnings from Operations | ||||
Gross Profit | 9.1 | 11.3 | 17.8 | 22.4 |
APAC Commercial | Reporting Segments | ||||
Earnings from Operations | ||||
Gross Profit | 11.2 | 11.7 | 24.2 | 24 |
APAC PT | Reporting Segments | ||||
Earnings from Operations | ||||
Gross Profit | 2.7 | 3.3 | 5.6 | 6.1 |
OCG | Reporting Segments | ||||
Earnings from Operations | ||||
Gross Profit | 35.7 | 32.9 | 71.2 | 65.5 |
SG&A Expenses | (32.2) | (31.1) | (64.9) | (62.5) |
Earnings from operations | $ 3.5 | $ 1.8 | $ 6.3 | $ 3 |