Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Feb. 17, 2017 | Jun. 30, 2016 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | ManpowerGroup Inc. | ||
Entity Central Index Key | 871,763 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Public Float | $ 4,466,964,128 | ||
Entity Common Stock, Shares Outstanding | 67,640,669 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2016 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Statement [Abstract] | |||
Revenues from services | $ 19,654.1 | $ 19,329.9 | $ 20,762.8 |
Cost of services | 16,320.3 | 16,034.1 | 17,274.6 |
Gross profit | 3,333.8 | 3,295.8 | 3,488.2 |
Selling and administrative expenses | 2,583 | 2,606.9 | 2,768.3 |
Operating profit | 750.8 | 688.9 | 719.9 |
Interest and other expenses | 49.5 | 28.2 | 38.3 |
Earnings before income taxes | 701.3 | 660.7 | 681.6 |
Provision for income taxes | 257.6 | 241.5 | 254 |
Net earnings | $ 443.7 | $ 419.2 | $ 427.6 |
Net earnings per share - basic (in dollars per share) | $ 6.33 | $ 5.46 | $ 5.38 |
Net earnings per share - diluted (in dollars per share) | $ 6.27 | $ 5.40 | $ 5.30 |
Weighted average shares - basic (in shares) | 70.1 | 76.8 | 79.5 |
Weighted average shares - diluted (in shares) | 70.8 | 77.7 | 80.7 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Statement of Comprehensive Income [Abstract] | |||
Net earnings | $ 443.7 | $ 419.2 | $ 427.6 |
Other comprehensive loss: | |||
Foreign currency translation | (79.9) | (182.8) | (265.9) |
Translation adjustments on net investment hedge, net of income taxes of $8.4, $19.2 and $20.3, respectively | 14.8 | 34.5 | 36.1 |
Translation adjustments on long-term intercompany loans | (58.2) | (2.1) | 0.2 |
Unrealized gain on investments, net of income taxes of $0.4, $0.1 and $2.1, respectively | 1.6 | 0.3 | 5.2 |
Defined benefit pension plans and retiree health care plan, net of income taxes of $(5.8), $7.8 and $(8.6), respectively | (18.4) | 19.3 | (13) |
Total other comprehensive loss | (140.1) | (130.8) | (237.4) |
Comprehensive income | $ 303.6 | $ 288.4 | $ 190.2 |
CONSOLIDATED STATEMENTS OF COM4
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Other comprehensive loss: | |||
Income tax expense (benefit) on translation adjustments on net investment hedge | $ 8.4 | $ 19.2 | $ 20.3 |
Income tax expense (benefit) on unrealized gain (loss) on investments | 0.4 | 0.1 | 2.1 |
Income tax expense (benefit) on defined benefit pension plans and retiree health care plan | $ (5.8) | $ 7.8 | $ (8.6) |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Current Assets | ||
Cash and cash equivalents | $ 598.5 | $ 730.5 |
Accounts receivable, less allowance for doubtful accounts of $98.2 and $98.1, respectively | 4,413.1 | 4,243 |
Prepaid expenses and other assets | 121.3 | 119 |
Total current assets | 5,132.9 | 5,092.5 |
Other Assets | ||
Goodwill | 1,239.9 | 1,257.4 |
Intangible assets, less accumulated amortization of $299.8 and $266.6, respectively | 294.4 | 326.5 |
Other assets | 759.7 | 694 |
Total other assets | 2,294 | 2,277.9 |
Property and Equipment | ||
Land, buildings, leasehold improvements and equipment | 567 | 585.4 |
Less: accumulated depreciation and amortization | 419.7 | 438.3 |
Net property and equipment | 147.3 | 147.1 |
Total assets | 7,574.2 | 7,517.5 |
Current Liabilities | ||
Accounts payable | 1,914.4 | 1,659.2 |
Employee compensation payable | 208.1 | 211.4 |
Accrued liabilities | 398.6 | 483.7 |
Accrued payroll taxes and insurance | 649.2 | 613.8 |
Value added taxes payable | 448.7 | 438.7 |
Short-term borrowings and current maturities of long-term debt | 39.8 | 44.2 |
Total current liabilities | 3,658.8 | 3,451 |
Other liabilities | ||
Long-term debt | 785.6 | 810.9 |
Other long-term liabilities | 683.4 | 563.1 |
Total other liabilities | 1,469 | 1,374 |
Shareholders’ Equity | ||
Preferred stock, $.01 par value, authorized 25,000,000 shares, none issued | 0 | 0 |
Common stock, $.01 par value, authorized 125,000,000 shares, issued 115,115,748 and 114,504,928 shares, respectively | 1.2 | 1.2 |
Capital in excess of par value | 3,227.2 | 3,186.7 |
Retained earnings | 2,291.3 | 1,966 |
Accumulated other comprehensive loss | (426.1) | (286) |
Treasury stock at cost, 48,146,658 and 41,466,590 shares, respectively | (2,731.7) | (2,243.2) |
Total ManpowerGroup shareholders' equity | 2,361.9 | 2,624.7 |
Noncontrolling interests | 84.5 | 67.8 |
Total shareholders’ equity | 2,446.4 | 2,692.5 |
Total liabilities and shareholders’ equity | $ 7,574.2 | $ 7,517.5 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Current Assets | ||
Allowance for doubtful accounts | $ 98.2 | $ 98.1 |
Other Assets | ||
Accumulated amortization on intangible assets | $ 299.8 | $ 266.6 |
Shareholders' Equity | ||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, authorized (in shares) | 25,000,000 | 25,000,000 |
Preferred stock, issued (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, authorized (in shares) | 125,000,000 | 125,000,000 |
Common stock, issued (in shares) | 115,115,748 | 114,504,928 |
Treasury stock at cost (in shares) | 48,146,658 | 41,466,590 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Cash Flows from Operating Activities | |||
Net earnings | $ 443.7 | $ 419.2 | $ 427.6 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | |||
Depreciation and amortization | 85.3 | 77.7 | 83.8 |
Deferred income taxes | 74 | 91.2 | 54 |
Provision for doubtful accounts | 20.4 | 16.3 | 18.9 |
Share-based compensation | 27.1 | 31.1 | 40.6 |
Excess tax benefit on exercise of share-based awards | (0.8) | (7.4) | (4.5) |
Change in operating assets and liabilities, excluding the impact of acquisitions: | |||
Accounts receivable | (317.2) | (369.8) | (270.5) |
Other assets | (75.3) | (59.7) | (198.7) |
Other liabilities | 342.8 | 312.9 | 155 |
Cash provided by operating activities | 600 | 511.5 | 306.2 |
Cash Flows from Investing Activities | |||
Capital expenditures | (56.9) | (52.3) | (51.5) |
Acquisitions of businesses, net of cash acquired | (57.6) | (260.5) | (32) |
Proceeds from the sale of investments, property and equipment | 4.1 | 14.7 | 2.1 |
Cash used in investing activities | (110.4) | (298.1) | (81.4) |
Cash Flows from Financing Activities | |||
Net change in short-term borrowings | (0.3) | 4.1 | 16 |
Proceeds from long-term debt | 0 | 454 | 0 |
Repayments of long-term debt | (6.4) | (2) | (2.6) |
Payments for debt issuance costs | 0 | (2.5) | 0 |
Payments of contingent considerations for acquisitions | (2.9) | 0 | 0 |
Proceeds from share-based awards and other equity transactions | 18 | 104.1 | 25.5 |
Other share-based award transactions | (5.4) | (0.7) | (6.3) |
Repurchases of common stock | (482.2) | (580.2) | (143.5) |
Dividends paid | (118.4) | (121) | (77.3) |
Cash used in financing activities | (597.6) | (144.2) | (188.2) |
Effect of exchange rate changes on cash | (24) | (37.9) | (75) |
Net (decrease) increase in cash and cash equivalents | (132) | 31.3 | (38.4) |
Cash and cash equivalents, beginning of year | 730.5 | 699.2 | 737.6 |
Cash and cash equivalents, end of year | 598.5 | 730.5 | 699.2 |
Supplemental Cash Flow Information | |||
Interest paid | 36.6 | 32.2 | 36.6 |
Income taxes paid, net | $ 163.9 | $ 75.9 | $ 105.8 |
CONSOLIDATED STATEMENTS OF SHAR
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Millions | Total | Common Stock | Capital in Excess of Par Value | Retained Earnings | Accumulated Other Comprehensive (Loss) Income | Treasury Stock | Non- controlling Interests |
Balance at beginning of period (in shares) at Dec. 31, 2013 | 112,014,673 | ||||||
Balance at beginning of period at Dec. 31, 2013 | $ 2,914.2 | $ 1.1 | $ 3,014 | $ 1,317.5 | $ 82.2 | $ (1,500.6) | $ 0 |
Net earnings | 427.6 | 427.6 | |||||
Other comprehensive income (loss) | (237.4) | (237.4) | |||||
Issuances under equity plans, including tax benefits (in shares) | 861,879 | ||||||
Issuances under equity plans, including tax benefits | 18.8 | 29.6 | (10.8) | ||||
Share-based compensation expense | 40.6 | 40.6 | |||||
Dividends | (77.3) | (77.3) | |||||
Repurchases of common stock | (143.5) | (143.5) | |||||
Balance at end of period (in shares) at Dec. 31, 2014 | 112,876,552 | ||||||
Balance at end of period at Dec. 31, 2014 | 2,943 | $ 1.1 | 3,084.2 | 1,667.8 | (155.2) | (1,654.9) | 0 |
Net earnings | 419.2 | 419.2 | |||||
Other comprehensive income (loss) | (130.8) | (130.8) | |||||
Issuances under equity plans, including tax benefits (in shares) | 1,628,376 | ||||||
Issuances under equity plans, including tax benefits | 69.5 | $ 0.1 | 77.5 | (8.1) | |||
Share-based compensation expense | 31.1 | 31.1 | |||||
Dividends | (121) | (121) | |||||
Repurchases of common stock | (580.2) | (580.2) | |||||
Contribution from a noncontrolling interest and other noncontrolling interest transactions | 61.7 | (6.1) | 67.8 | ||||
Balance at end of period (in shares) at Dec. 31, 2015 | 114,504,928 | ||||||
Balance at end of period at Dec. 31, 2015 | 2,692.5 | $ 1.2 | 3,186.7 | 1,966 | (286) | (2,243.2) | 67.8 |
Net earnings | 443.7 | 443.7 | |||||
Other comprehensive income (loss) | (140.1) | (140.1) | |||||
Issuances under equity plans, including tax benefits (in shares) | 610,820 | ||||||
Issuances under equity plans, including tax benefits | 14.2 | 20.5 | (6.3) | ||||
Share-based compensation expense | 27.1 | 27.1 | |||||
Dividends | (118.4) | (118.4) | |||||
Repurchases of common stock | (482.2) | (482.2) | |||||
Noncontrolling interest transactions | 9.6 | (7.1) | 16.7 | ||||
Balance at end of period (in shares) at Dec. 31, 2016 | 115,115,748 | ||||||
Balance at end of period at Dec. 31, 2016 | $ 2,446.4 | $ 1.2 | $ 3,227.2 | $ 2,291.3 | $ (426.1) | $ (2,731.7) | $ 84.5 |
CONSOLIDATED STATEMENTS OF SHA9
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Statement of Stockholders' Equity [Abstract] | |||||||||||
Dividends per share (in dollars per share) | $ 0.86 | $ 0 | $ 0.86 | $ 0 | $ 0.80 | $ 0 | $ 0.80 | $ 0 | $ 1.72 | $ 1.60 | $ 0.98 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Nature of Operations ManpowerGroup Inc. is a world leader in the innovative workforce solutions and services industry. Our global network of nearly 2,800 offices in 80 countries and territories allows us to meet the needs of our global, multinational and local clients across all major industry segments. Our largest operations, based on revenues, are located in France, the United States, the United Kingdom and Italy. We specialize in permanent, temporary and contract recruitment and assessment; training and development; outsourcing; career management and workforce consulting services. We provide services to a wide variety of clients, none of which individually comprise a significant portion of revenues for us as a whole. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires us 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 for the reporting period. Actual results could differ from these estimates. Basis of Consolidation The Consolidated Financial Statements include our operating results and the operating results of all of our majority-owned subsidiaries and entities in which we have a controlling financial interest. We have a controlling financial interest if we own a majority of the outstanding voting common stock and the noncontrolling shareholders do not have substantive participating rights, or we have significant control over an entity through contractual or economic interests in which we are the primary beneficiary. For subsidiaries in which we have an ownership interest of 50% or less, but more than 20%, the Consolidated Financial Statements reflect our ownership share of those earnings using the equity method of accounting. These investments, as well as certain other relationships, are also evaluated for consolidation under the accounting guidance on consolidation of variable interest entities. These investments were $145.8 and $137.9 as of December 31, 2016 and 2015 , respectively, and are included in other assets in the Consolidated Balance Sheets. Included in shareholders’ equity as of December 31, 2016 and 2015 are $88.9 and $85.4 , respectively, of unremitted earnings from investments accounted for using the equity method. All significant intercompany accounts and transactions have been eliminated in consolidation. Revenues We generate revenues from sales of services by our company-owned branch operations and from fees earned on sales of services by our franchise operations. Revenues are recognized as services are performed. The majority of our revenues are generated by our recruitment business, where billings are generally negotiated and invoiced on a per-hour basis. Accordingly, as contingent workers are placed, we record revenues based on the hours worked. Permanent recruitment revenues are recorded as placements are made. Provisions for sales allowances, based on historical experience, are recognized at the time the related sale is recognized. Our franchise agreements generally state that franchise fees are calculated based on a percentage of revenues. We record franchise fee revenues monthly based on the amounts due under the franchise agreements for that month. Franchise fees, which are included in revenues from services, were $23.3 , $24.2 and $25.4 for the years ended December 31, 2016 , 2015 and 2014 , respectively. In our outplacement business, we recognize revenues from individual programs and for large projects over the estimated period in which services are rendered to candidates. In our consulting business, revenues are recognized upon the performance of the service under the consulting service contract. For performance-based contracts, we defer recognizing revenues until the performance criteria have been met. The amounts billed for outplacement, consulting services and performance-based contracts in excess of the amount recognized as revenues are recorded as deferred revenue and included in accrued liabilities for the current portion and other long-term liabilities for the long-term portion in our Consolidated Balance Sheets. As of December 31, 2016 and 2015 , the current portion of deferred revenue was $38.7 and $38.4 , respectively, and the long-term portion of deferred revenue was $2.4 and zero , respectively. The increase in these amounts is primarily related to new client contracts in 2016. W e record revenues from sales of services and the related direct costs in accordance with the accounting guidance on reporting revenue gross as a principal versus net as an agent. In situations where we act as a principal in the transaction, we report gross revenues and cost of services. When we act as an agent, we report the revenues on a net basis. Amounts billed to clients for out-of-pocket or other cost reimbursements are included in revenues from services, and the related costs are included in cost of services. Allowance for Doubtful Accounts We have an allowance for doubtful accounts recorded as an estimate of the accounts receivable balance that may not be collected. This allowance is calculated on an entity-by-entity basis with consideration for historical write-off experience, the current aging of receivables and a specific review for potential bad debts. Items that affect this balance mainly include bad debt expense and the write-off of accounts receivable balances. Bad debt expense is recorded as selling and administrative expenses in our Consolidated Statements of Operations and was $20.4 , $16.3 and $18.9 in 2016 , 2015 and 2014 , respectively. Factors that would cause this provision to increase primarily relate to increased bankruptcies by our clients and other difficulties collecting amounts billed. On the other hand, an improved write-off experience and aging of receivables would result in a decrease to the provision. Write-offs were $16.9 , $20.3 and $15.8 for 2016 , 2015 and 2014 , respectively. Advertising Costs We expense production costs of advertising as they are incurred. Advertising expenses were $24.4 , $28.8 and $25.7 in 2016 , 2015 and 2014 , respectively. Restructuring Costs We recorded net restructuring costs of $16.4 in 2015 in selling and administrative expenses, primarily related to severances and office closures and consolidations in multiple countries and territories. During 2016 and 2015 , we made payments of $11.9 and $12.9 , respectively, out of our restructuring reserve. We expect a majority of the remaining $4.5 reserve will be paid by the end of 2017 . Changes in the restructuring liability balances for each reportable segment and Corporate were as follows: Americas (1) Southern Europe (2) Northern Europe APME Right Management Corporate Total Balance, January 1, 2015 $1.1 $2.3 $5.8 $0.5 $2.3 $0.9 $12.9 Severance costs 2.5 — 8.6 0.9 1.1 — 13.1 Office closure costs 0.7 — 0.4 2.0 0.2 — 3.3 Costs paid or utilized (0.8 ) (0.6 ) (6.3 ) (1.7 ) (2.8 ) (0.7 ) (12.9 ) Balance, December 31, 2015 3.5 1.7 8.5 1.7 0.8 0.2 16.4 Costs paid or utilized (3.1 ) (0.4 ) (5.9 ) (1.6 ) (0.7 ) (0.2 ) (11.9 ) Balance, December 31, 2016 $0.4 $1.3 $2.6 $0.1 $0.1 $— $4.5 (1) Balance related to United States was $1.0 as of January 1, 2015. In 2015 , United States incurred $2.3 for severance costs and $0.7 for office closure costs and paid/utilized $1.1 , leaving a $2.9 liability as of December 31, 2015 . In 2016 , United States paid/utilized $2.5 , leaving a $0.4 liability as of December 31, 2016 . (2) Balance related to France was $2.1 as of January 1, 2015. In 2015 , France paid/utilized $0.6 , leaving a $1.5 liability as of December 31, 2015 . In 2016 , France paid/utilized $0.2 , leaving a $1.3 liability as of December 31, 2016 . Italy had no restructuring reserves recorded as of either January 1, 2015, December 31, 2015 or December 31, 2016 . Income Taxes We account for income taxes in accordance with the accounting guidance on income taxes. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between financial statement carrying amounts of existing assets and liabilities and their respective tax basis, and net operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. We record a valuation allowance against deferred tax assets to reduce the assets to the amounts more likely than not to be realized. Fair Value Measurements The assets and liabilities measured and recorded at fair value on a recurring basis were as follows: Fair Value Measurements Using Fair Value Measurements Using December 31, 2016 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) December 31, 2015 Quoted Prices in Significant Significant Assets Foreign currency forward contracts $— $— $— $— $0.1 $— $0.1 $— Deferred compensation plan assets 86.8 86.8 — — 84.1 84.1 — — $86.8 $86.8 $— $— $84.2 $84.1 $0.1 $— Liabilities Foreign currency forward contracts $0.2 $— $0.2 $— $0.5 $— $0.5 $— $0.2 $— $0.2 $— $0.5 $— $0.5 $— We determine the fair value of our deferred compensation plan assets, comprised of publicly traded securities, by using market quotes as of the last day of the period. The fair value of the foreign currency forward contracts is measured at the value from either directly or indirectly observable third parties. The carrying values of cash and cash equivalents, accounts receivable, accounts payable, and other current assets and liabilities approximate their fair values because of the short-term nature of these instruments. The carrying value of our variable-rate long-term debt approximates fair value. The fair value of the Euro-denominated notes, as observable at commonly quoted intervals (Level 2 inputs), was $831.6 and $858.2 as of December 31, 2016 and 2015 , respectively, compared to a carrying value of $785.2 and $810.2 , respectively. Goodwill and Other Intangible Assets We had goodwill, finite-lived intangible assets and indefinite-lived intangible assets as follows: 2016 2015 December 31 Gross Accumulated Amortization Net Gross Accumulated Amortization Net Goodwill (1) $ 1,239.9 $ — $ 1,239.9 $ 1,257.4 $ — $ 1,257.4 Intangible assets: Finite-lived: Customer relationships 426.2 287.2 139.0 425.6 256.7 168.9 Other 17.2 12.6 4.6 16.9 9.9 7.0 443.4 299.8 143.6 442.5 266.6 175.9 Indefinite-lived: Tradenames (2) 52.0 — 52.0 54.0 — 54.0 Reacquired franchise rights 98.8 — 98.8 96.6 — 96.6 150.8 — 150.8 150.6 — 150.6 Total intangible assets $ 594.2 $ 299.8 $ 294.4 $ 593.1 $ 266.6 $ 326.5 (1) Balances were net of accumulated impairment loss of $513.4 as of both December 31, 2016 and 2015 . (2) Balances were net of accumulated impairment loss of $139.5 as of both December 31, 2016 and 2015 . Amortization expense related to intangibles was $36.0 , $32.8 and $33.4 in 2016 , 2015 and 2014 , respectively. Amortization expense expected in each of the next five years related to acquisitions completed as of December 31, 2016 is as follows: 2017 - $32.6 , 2018 - $29.7 , 2019 - $25.8 , 2020 - $20.9 and 2021 - $10.5 . The weighted-average useful lives of the customer relationships and other are 13 and 4 years, respectively. The tradenames have been assigned an indefinite life based on our expectation of renewing the tradenames, as required, without material modifications and at a minimal cost, and our expectation of positive cash flows beyond the foreseeable future. The reacquired franchise rights result from our franchise acquisitions in the United States and Canada completed prior to 2009. In accordance with the accounting guidance on goodwill and other intangible assets, we perform an annual impairment test of goodwill at our reporting unit level and indefinite-lived intangible assets at our unit of account level during the third quarter, or more frequently if events or circumstances change that would more likely than not reduce the fair value of our reporting units below their carrying value. We performed our annual impairment test of our goodwill and indefinite-lived intangible assets during the third quarter of 2016 , 2015 and 2014 , and there was no impairment of our goodwill or indefinite-lived intangible as a result of our annual tests. We utilize a two-step method for determining goodwill impairment. In the first step, we determined the fair value of each reporting unit, generally by utilizing an income approach derived from a discounted cash flow methodology. For certain of our reporting units, a combination of the income approach (weighted 75% ) and the market approach (weighted 25% ) derived from comparable public companies was utilized. The income approach is developed from management’s forecasted cash flow data. Therefore, it represents an indication of fair market value reflecting management’s internal outlook for the reporting unit. The market approach utilizes the Guideline Public Company Method to quantify the respective reporting unit’s fair value based on revenues and earnings multiples realized by similar public companies. The market approach is more volatile as an indicator of fair value as compared to the income approach. We believe that each approach has its merits. However, in the instances where we have utilized both approaches, we have weighted the income approach more heavily than the market approach because we believe that management’s assumptions generally provide greater insight into the reporting unit’s fair value. Significant assumptions used in our goodwill impairment tests during 2016 , 2015 and 2014 included: expected revenue growth rates, operating unit profit margins, working capital levels, discount rates ranging from 10.8% to 15.3% for 2016 , and a terminal value multiple. The expected future revenue growth rates and the expected operating unit profit margins were determined after considering our historical revenue growth rates and operating unit profit margins, our assessment of future market potential, and our expectations of future business performance. If the reporting unit’s fair value is less than its carrying value, we are required to perform a second step. In the second step, we allocate the fair value of the reporting unit to all of the assets and liabilities of the reporting unit, including any unrecognized intangible assets, in a “hypothetical” calculation to determine the implied fair value of the goodwill. The impairment charge, if any, is measured as the difference between the implied fair value of the goodwill and its carrying value. Under the current accounting guidance, we are also required to test our indefinite-lived intangible assets for impairment by comparing the fair value of the intangible asset with its carrying value. If the intangible asset’s fair value is less than its carrying value, an impairment loss is recognized for the difference. Marketable Securities We account for our marketable security investments in accordance with the accounting guidance on investments in debt and equity securities, and have historically determined that all such investments are classified as available-for-sale. Accordingly, unrealized gains and unrealized losses that are determined to be temporary, net of related income taxes, are included in accumulated other comprehensive loss, which is a separate component of shareholders’ equity. Realized gains and losses, and unrealized losses determined to be other-than-temporary, are recorded in our Consolidated Statements of Operations. We hold a 49% interest in our Swiss franchise, accounted for under the equity method of accounting, which maintained an investment portfolio with a market value of $207.0 and $202.3 as of December 31, 2016 and 2015 , respectively. This portfolio is comprised of a wide variety of European and United States debt and equity securities as well as various professionally-managed funds, all of which are classified as available-for-sale. Our share of net realized gains and losses, and declines in value determined to be other-than-temporary, are included in our Consolidated Statements of Operations. For the years ended December 31, 2016 , 2015 and 2014 , realized gains totaled $2.9 , $2.3 and $2.5 , respectively, and realized losses totaled $1.0 , $1.1 and $0.5 , respectively. Other-than-temporary impairment amounts were net gains of $0.3 and $0.2 for 2016 and 2015, respectively, as previously impaired investments were sold for a gain, and a loss of $0.1 in 2014. Our share of net unrealized gains and unrealized losses that are determined to be temporary related to these investments are included in accumulated other comprehensive loss, with the offsetting amount increasing or decreasing our investment in the franchise. Capitalized Software for Internal Use We capitalize purchased software as well as internally developed software. Internal software development costs are capitalized from the time the internal use software is considered probable of completion until the software is ready for use. Business analysis, system evaluation, selection and software maintenance costs are expensed as incurred. Capitalized software costs are amortized using the straight-line method over the estimated useful life of the software which ranges from 3 to 10 years. The net capitalized software balance of $3.2 and $5.1 as of December 31, 2016 and 2015 , respectively, is included in other assets in the Consolidated Balance Sheets. Amortization expense related to the capitalized software costs was $1.9 , $1.7 and $2.2 for 2016 , 2015 and 2014 , respectively. Property and Equipment A summary of property and equipment as of December 31 is as follows: 2016 2015 Land $ 5.5 $ 5.4 Buildings 16.2 16.7 Furniture, fixtures, and autos 157.6 166.6 Computer equipment 117.8 133.2 Leasehold improvements 269.9 263.5 Property and equipment $ 567.0 $ 585.4 Property and equipment are stated at cost and are depreciated using primarily the straight-line method over the following estimated useful lives: buildings - up to 40 years; furniture, fixtures, autos and computer equipment - 2 to 13 years; leasehold improvements - lesser of life of asset or expected lease term. Expenditures for renewals and betterments are capitalized whereas expenditures for repairs and maintenance are charged to income as incurred. Upon sale or disposition of property and equipment, the difference between the unamortized cost and the proceeds is recorded as either a gain or a loss and is included in our Consolidated Statements of Operations. Long-lived assets are evaluated for impairment in accordance with the provisions of the accounting guidance on the impairment or disposal of long-lived assets. Derivative Financial Instruments We account for our derivative instruments in accordance with the accounting guidance on derivative instruments and hedging activities. Derivative instruments are recorded on the balance sheet as either an asset or liability measured at their fair value. If the derivative is designated as a fair value hedge, the changes in the fair value of the derivative and of the hedged item attributable to the hedged risk are recognized in earnings. If the derivative is designated as a cash flow hedge, the effective portions of the changes in the fair value of the derivative are recorded as a component of accumulated other comprehensive loss and recognized in the Consolidated Statements of Operations when the hedged item affects earnings. The ineffective portions of the changes in the fair value of cash flow hedges are recognized in earnings. Foreign Currency Translation The financial statements of our non-United States subsidiaries have been translated in accordance with the accounting guidance on foreign currency translation. Under the accounting guidance, asset and liability accounts are translated at the current exchange rates and income statement items are translated at the average exchange rates each month. The resulting translation adjustments are recorded as a component of accumulated other comprehensive loss, which is included in shareholders’ equity. A portion of our Euro-denominated notes is accounted for as a hedge of our net investment in our subsidiaries with a Euro-functional currency. For this portion of the Euro-denominated notes, since our net investment in these subsidiaries exceeds the amount of the related borrowings, net of tax, the related translation gains or losses are included as a component of accumulated other comprehensive loss. Shareholders’ Equity In July 2016, the Board of Directors authorized the repurchase of an additional 6.0 million shares of our common stock. This authorization was in addition to the October 2015 authorization to repurchase 6.0 million shares of our common stock and the December 2012 authorization to repurchase 8.0 million shares of our common stock. Share repurchases may be made from time to time through a variety of methods, including open market purchases, block transactions, privately negotiated transactions or similar facilities. In 2016, we repurchased a total of 6.6 million shares, comprised of 5.3 million shares under the 2015 authorization and 1.3 million shares under the 2016 authorization, at a total cost of $482.2 . In 2015, we repurchased a total of 6.7 million shares, comprised of 6.0 million shares under the 2012 authorization and 0.7 million shares under the 2015 authorization, at a total cost of $587.9 , including a nominal amount of shares at a cost of $7.7 that settled in January 2016. The share repurchases that settled in January were not reflected in the treasury stock in our Consolidated Balance Sheets as of December 31, 2015 . In 2014 , we repurchased 2.0 million shares under the 2012 authorization at a cost of $143.5 . As of December 31, 2016 , there were 4.8 million shares remaining authorized for repurchase under the 2016 authorization and no shares remaining under either of the 2015 or 2012 authorizations. During 2016 , 2015 and 2014 , the Board of Directors declared total cash dividends of $1.72 , $1.60 and $0.98 per share, respectively, resulting in total dividend payments of $118.4 , $121.0 and $77.3 , respectively. During the third quarter of 2015, we entered into a joint venture to expand our business in the Greater China region. We contributed a majority of the net assets of our China, Hong Kong, Macau and Taiwan operations and the noncontrolling shareholder contributed cash. The joint venture is included in our Consolidated Balance Sheets as we have a controlling financial interest. The noncontrolling equity interest is included in noncontrolling interests in total shareholders’ equity in our Consolidated Balance Sheets. Noncontrolling interests, included in total shareholders' equity in our Consolidated Balance Sheets, represent amounts related to majority-owned subsidiaries in which we have a controlling financial interest. Net earnings attributable to these noncontrolling interests were $10.1 and $6.6 for the year ended December 31, 2016 and 2015 , respectively, which were recorded as expenses in interest and other expenses in our Consolidated Statements of Operations. Cash and Cash Equivalents We consider all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. Payroll Tax Credit In January 2013, the French government passed legislation, Credit d’Impôt pour la Compétitivité et l’Emploi (“CICE”), that provides payroll tax credits based on a percentage of wages paid to employees receiving less than two-and-a-half times the French minimum wage. The payroll tax credit was equal to 4% of eligible wages in 2013, 6% of eligible wages from 2014 to 2016, and 7% starting in 2017. The CICE payroll tax credit is accounted for as a reduction of our cost of services in the period earned. The payroll tax credit is creditable against our current French income tax payable, with any remaining amount being paid after three years. Given the amount of our current income taxes payable, we would generally receive the vast majority of these payroll tax credits after the three-year period. In March 2016 and July 2015, we entered into an agreement to sell a portion of the credits earned in 2015 and 2014, respectively, for net proceeds of $143.1 ( €129.9 ) and $132.8 ( €120.1 ), respectively. We derecognized these receivables upon the sale as the terms of the agreement are such that the transaction qualifies for sale treatment according to the accounting guidance on the transfer and servicing of assets. The discount on the sale of these receivables was recorded as a reduction of the payroll tax credits earned in the respective years in cost of services. Recently Issued Accounting Standards In May 2014, the FASB issued new accounting guidance on revenue from contracts with customers. The core principle of this amendment is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. As amended, the new guidance is effective for us in 2018 and can be adopted either retrospectively to each prior reporting period presented or as a cumulative-effect adjustment as of the date of adoption, with early adoption permitted, but not before 2017. We are currently working through an adoption plan and completed a preliminary analysis of how we currently recognize revenue compared to the accounting treatment required under the new guidance. We will complete our adoption plan in the first half of 2017. This plan includes a review of client contracts and revenue transactions to determine the impact of the accounting treatment under the new guidance, evaluation of the adoption method, and completing a rollout plan for the new guidance. Based on our preliminary analysis, we currently do not believe the adoption of this guidance will have a material impact on our Consolidated Financial Statements. We will continue to evaluate the impact of this guidance on our Consolidated Financial Statements and our preliminary assessments are subject to change. We plan to adopt the new guidance beginning January 1, 2018. In September 2015, the FASB issued new accounting guidance on business combinations. The new guidance eliminates the requirement to restate prior period financial statements for measurement period adjustments following a business combination. It requires that the cumulative impact of a measurement period adjustment (including the impact on prior periods) be recognized in the reporting period in which the adjustment is identified. The prior period impact of the adjustment should be either presented separately on the face of the income statement or disclosed in the notes. We adopted this guidance effective January 1, 2016. There was no impact of this adoption on our Consolidated Financial Statements. In January 2016, the FASB issued new accounting guidance on financial instruments. The new guidance changes the accounting for equity investments, financial liability under the fair value option and the presentation and disclosure requirements for financial instruments. The guidance is effective for us in 2018. We are currently assessing the impact of the adoption of this guidance on our Consolidated Financial Statements. In February 2016, the FASB issued new accounting guidance on leases. The new guidance requires that a lessee recognize assets and liabilities on the balance sheet for leases with lease terms longer than 12 months. The recognition, measurement and presentation of lease expenses and cash flows by a lessee will depend on its classification as a finance or operating lease. The guidance also includes new disclosure requirements providing information on the amounts recorded in the financial statements. The new guidance is effective for us in 2019. We are currently assessing the impact of the adoption of this guidance on our Consolidated Financial Statements. In March 2016, the FASB issued new accounting guidance on employee share-based payment accounting. The new guidance is intended to simplify various aspects of the accounting for employee share-based payments, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The new guidance is effective for us in 2017. We do not expect the adoption of this guidance to have a material impact on our Consolidated Financial Statements. In June 2016, the FASB issued new accounting guidance on financial instruments. The new guidance requires an application of an impairment model known as the current expected credit loss ("CECL") model to certain financial instruments. Using the CECL model, an entity recognizes an allowance for expected credit losses based on historical experience, current conditions, and forecasted information rather than the current methodology of delaying recognition of credit losses until it is probable a loss has been incurred. The new guidance is effective for us in 2020. We do not expect the adoption of this guidance to have a material impact on our Consolidated Financial Statements. In August 2016, the FASB issued new accounting guidance on the cash flow statement. The new guidance is intended to reduce diversity in practice in how certain transactions are classified in the statement of cash flows. The new guidance is effective for us in 2018. We do not expect the adoption of this guidance to have a material impact on our Consolidated Financial Statements. In October 2016, the FASB issued new accounting guidance on tax accounting for intra-entity asset transfers. Under current GAAP, the tax effects of intra-entity asset transfers are deferred until the transferred asset is sold to a third party or otherwise recovered through use, which is an exception to the principle that generally requires comprehensive recognition of current and deferred income taxes. The new guidance eliminates the exception for all intra-entity sales of assets other than inventory. As a result, an entity would recognize the tax expense from the sale of the asset in the seller’s tax jurisdiction when the transfer occurs, and any deferred tax asset that arises in the buyer’s jurisdiction would also be recognized even though the pre-tax effects of that transaction are eliminated in consolidation. The guidance is effective for us in 2018. We are currently assessing the impact of the adoption of this guidance on our Consolidated Financial Statements. In October 2016, the FASB issued new accounting guidance on consolidation. The new guidance amends the consolidation requirements that apply to a single decision maker’s evaluation of interests held through related parties that are under common control when it is determining whether it is the primary beneficiary of a variable interest entity (“VIE”). Under the new guidance, a reporting entity considers its indirect economic interests in a VIE held through related parties that are under common control on a proportionate basis, in a manner consistent with its consideration of its indirect economic interests held through related parties that are not under common control. The guidance is effective for us in 2017. We do not expect the adoption of this guidance to have a material impact on our Consolidated Financial Statements. In January 2017, the FASB issued new guidance that revises the definition of a business. An integrated set of activities and assets (a “set”) is a business if it has, at a minimum, an input and a substantive process that together significantly contribute to the ability to create outputs. The new guidance provides a framework to evaluate when an input and a substantive process are present. To be a business without outputs, there will now need to be an organized workforce. The FASB noted that outputs are a key element of a business and included more stringent criteria for sets without outputs. The guidance is effective for us in 2018. We do not expect the adoption of this guidance to have a material impact on our Consolidated Financial Statements. In January 2017, the FASB issued new guidance that simplifies the accounting for goodwill impairment. The new guidance removes Step 2 of the goodwill impairment test, which requires a hypothetical purchase price all |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2016 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions From time to time, we acquire and invest in companies throughout the world, including franchises. The total cash consideration paid for acquisitions, net of cash acquired, for the years ended December 31, 2016 , 2015 and 2014 was $57.6 , $260.5 and $32.0 , respectively. Goodwill and intangible assets resulting from the 2016 acquisitions, the majority of which took place in the Netherlands and Norway, were $24.4 and $6.6 , respectively, as of December 31, 2016 . On September 3, 2015, we acquired 7S Group GmbH (“7S”), for total consideration, net of cash acquired, of $140.4 ( €125.3 ) plus contingent consideration based on the financial results of the company and other factors, which are being finalized. In addition, we incurred approximately $3.4 of transaction costs associated with the acquisition during the year ended December 31, 2015, which have been recorded in selling and administrative expenses. Based primarily in Germany, 7S is a highly specialized provider of human resource services focusing on a number of core sectors including skilled trades, engineering and IT. Of the $153.0 ( €136.5 ) of net acquired assets, $48.8 ( €43.5 ) was recorded as finite-lived intangible assets, of which $44.2 ( €39.4 ) was assigned to customer relationships and will be amortized over 10 years using the straight line method. The customer relationships were $41.4 ( €38.1 ) and $36.0 ( €34.2 ) as of December 31, 2015 and 2016, respectively. Total amortization expense related to this intangible asset in each of the next five years is $4.2 . The fair value of $119.1 ( €106.2 ), which was not directly attributable to any specific assets or liabilities, was assigned to goodwill as part of the Germany reporting unit. Goodwill and intangible assets resulting from the remaining 2015 acquisitions, the majority of which took place in Australia, Canada and the Netherlands, were $108.7 and $28.5 , respectively, as of December 31, 2015 . |
Share-Based Compensation Plans
Share-Based Compensation Plans | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-Based Compensation Plans | Share-Based Compensation Plans We account for share-based payments according to the accounting guidance on share-based payments. During 2016 , 2015 and 2014 , we recognized $27.1 , $31.1 and $40.6 , respectively, in share-based compensation expense related to stock options, deferred stock, restricted stock and performance share units, all of which is recorded in selling and administrative expenses. The total income tax benefit recognized related to share-based compensation during 2016 , 2015 and 2014 was $7.4 , $16.9 and $12.2 , respectively. Consideration received from share-based awards for 2016 , 2015 and 2014 was $19.7 , $70.1 and $25.5 , respectively. The excess income tax benefit recognized related to share-based compensation awards, which is recorded in capital in excess of par value, for 2016 , 2015 and 2014 was approximately $0.8 , $7.4 and $4.6 , respectively. We recognize compensation expense on grants of share-based compensation awards on a straight-line basis over the vesting period of each award. Stock Options All share-based compensation is granted under the 2011 Equity Incentive Plan of Manpower Inc. (“2011 Plan”). Options and stock appreciation rights are granted at a price not less than 100% of the fair market value of the common stock at the date of grant. Generally, options are granted with a ratable vesting period of up to four years and expire ten years from date of grant. No stock appreciation rights had been granted or were outstanding as of December 31, 2016 or 2015 . A summary of stock option activity is as follows: Shares (000) Wtd. Avg. Exercise Price Per Share Wtd. Avg. Remaining Contractual Term (years) Aggregate Intrinsic Value (in millions) Outstanding, January 1, 2014 2,783 $57 Granted 204 77 Exercised (473 ) 53 $13 Expired or cancelled (30 ) 43 Outstanding, December 31, 2014 2,484 $59 4.7 $28 Vested or expected to vest, December 31, 2014 2,476 $59 4.5 Exercisable, December 31, 2014 1,957 $59 3.7 $23 Outstanding, January 1, 2015 2,484 $59 Granted 147 77 Exercised (1,255 ) 56 $39 Expired or cancelled (104 ) 56 Outstanding, December 31, 2015 1,272 $64 5.2 $26 Vested or expected to vest, December 31, 2015 1,267 $64 5.2 Exercisable, December 31, 2015 911 $62 4.0 $20 Outstanding, January 1, 2016 1,272 $64 Granted 166 75 Exercised (279 ) 63 $5 Expired or cancelled (32 ) 67 Outstanding, December 31, 2016 1,127 $66 4.9 $26 Vested or expected to vest, December 31, 2016 1,122 $66 4.9 Exercisable, December 31, 2016 756 $62 3.3 $20 Options outstanding and exercisable as of December 31, 2016 were as follows: Options Outstanding Options Exercisable Exercise Price Shares (000) Weighted- Average Remaining Contractual Life (years) Weighted- Average Exercise Price Shares (000) Weighted-Average Exercise Price $27-$36 32 2.1 $31 32 $31 $37-$48 70 3.9 45 70 45 $49-$58 306 3.5 54 270 54 $59-$93 719 5.7 75 384 74 1,127 4.9 $66 756 $62 We have recognized expense of $3.0 , $3.2 and $6.8 related to stock options for the years ended December 31, 2016 , 2015 and 2014 , respectively. The total fair value of options vested during the same periods was $2.5 , $3.2 and $11.1 , respectively. As of December 31, 2016 , total unrecognized compensation cost was approximately $3.0 , net of estimated forfeitures, which we expect to recognize over a weighted-average period of approximately 1.3 years. We estimated the fair value of each stock option on the date of grant using the Black-Scholes option pricing model and the following assumptions: Year Ended December 31 2016 2015 2014 Average risk-free interest rate 1.4 % 1.6 % 1.8 % Expected dividend yield 2.1 % 1.5 % 1.2 % Expected volatility 33.0 % 32.0 % 37.0 % Expected term (years) 6.0 6.0 5.9 The average risk-free interest rate is based on the five -year United States Treasury security rate in effect as of the grant date. The expected dividend yield is based on the expected annual dividend as a percentage of the market value of our common stock as of the grant date. We determined expected volatility using a weighted average of daily historical volatility (weighted 75% ) of our stock price over the past five years and implied volatility (weighted 25% ) based upon exchange traded options for our common stock. We believe that a blend of historical volatility and implied volatility better reflects future market conditions and better indicates expected volatility than considering purely historical volatility. We determined the expected term of the stock options using historical data. The weighted-average grant-date fair value per option granted during the year was $19.68 , $21.66 and $25.64 in 2016 , 2015 and 2014 , respectively. Deferred Stock Our non-employee directors may elect to receive deferred stock in lieu of part or all of their annual cash retainer otherwise payable to them. The number of shares of deferred stock is determined pursuant to a formula set forth in the terms and conditions adopted under the 2011 Plan; the deferred stock is settled in shares of common stock according to these terms and conditions. As of December 31, 2016 , 2015 and 2014 , there were 39,805 , 36,091 and 33,985 , respectively, shares of deferred stock awarded under this arrangement, all of which are vested. Non-employee directors also receive an annual grant of deferred stock (or restricted stock, if they so elect) as additional compensation for board service. The award vests in equal quarterly installments over one year and the vested portion of the deferred stock is settled in shares of common stock either upon a director’s termination of service or three years after the date of grant (which may in most cases be extended at the directors’ election) in accordance with the terms and conditions under the 2011 Plan. As of December 31, 2016 , 2015 and 2014 , there were 8,388 , 7,920 and 5,199 , respectively, shares of deferred stock and 9,966 , 13,860 and 10,248 , respectively, shares of restricted stock granted under this arrangement, all of which are vested, except for 1,752 shares of restricted stock granted in 2015 that were cancelled. We recognized expense of $1.1 , $0.8 and $0.7 related to deferred stock in 2016 , 2015 and 2014 , respectively. Restricted Stock We grant restricted stock and restricted stock unit awards to certain employees and to non-employee directors who may elect to receive restricted stock rather than deferred stock as described above. Restrictions lapse over periods ranging up to six years, and in some cases upon retirement. We value restricted stock awards at the closing market value of our common stock on the date of grant. A summary of restricted stock activity is as follows: Shares (000) Wtd. Avg. Price Per Share Wtd. Avg. Remaining Contractual Term (years) Aggregate Intrinsic Value (in millions) Unvested, January 1, 2014 627 $54 1.3 Granted 169 77 Vested (283 ) 63 Forfeited (50 ) 53 Unvested, December 31, 2014 463 $57 1.2 Granted 179 $76 Vested (217 ) 59 Forfeited (20 ) 60 Unvested, December 31, 2015 405 $64 1.3 Granted 232 $75 Vested (172 ) 62 Forfeited (14 ) 76 Unvested, December 31, 2016 451 $70 1.4 $40 During 2016 , 2015 and 2014 , we recognized $13.8 , $9.9 and $12.9 , respectively, of expense related to restricted stock awards. As of December 31, 2016 , there was approximately $13.1 of total unrecognized compensation cost related to unvested restricted stock, which we expect to recognize over a weighted-average period of approximately 2.0 years. Performance Share Units Our 2011 Plan allows us to grant performance share units. We grant performance share units with a performance period ranging from one to three years. Vesting of units occurs at the end of the performance period or after a subsequent holding period, except in the case of termination of employment where the units are forfeited immediately. Upon retirement, a prorated number of units vest depending on the period worked from the grant date to retirement date or in certain cases all of the units vest. In the case of death or disability, the units immediately vest at the Target Award level if the death or disability date is during the performance period, or at the level determined by the performance criteria met during the performance period if the death or disability occurs during the subsequent holding period. The units are settled in shares of our common stock. A payout multiple is applied to the units awarded based on the performance criteria determined by the Executive Compensation and Human Resources Committee of the Board of Directors at the time of grant. In the event the performance criteria exceeds the Target Award level, an additional number of shares, up to the Outstanding Award level, may be granted. In the event the performance criteria falls below the Target Award level, a reduced number of shares, as low as the Threshold Award level, may be granted. If the performance criteria falls below the Threshold Award level, no shares will be granted. A summary of the performance share units detail by grant year is as follows: 2013 2014 2015 2016 Grant Date(s) February 14, 2013 February 11, February 11, 2015 February 16, 2016 Performance Period (years) 2013 2014-2016 2015-2017 2016-2018 Vesting Date(s) 50% on December 31, 2014 and 2015 100% in (a) 100% in (a) 100% in February, 2019 (a) Payout Levels (in units): Threshold Award 76,120 94,608 82,298 65,141 Target Award 152,240 189,215 164,595 130,282 Outstanding Award 304,480 378,430 329,190 260,564 Units Forfeited in 2016 (at Target Award level) — 10,928 7,796 — Shares Issued in 2016 56,059 — — — (a) 2014, 2015 and 2016 awards are scheduled to vest in February 2017, 2018, and 2019, respectively, when the Executive Compensation and Human Resources Committee of the Board of Directors determines the achievement of the performance criteria. We recognize and adjust compensation expense based on the likelihood of the performance criteria specified in the award being achieved. The compensation expense is recognized over the performance and holding periods and is recorded in selling and administrative expenses. We have recognized total compensation expense of $9.1 , $17.1 and $20.1 in 2016 , 2015 and 2014 , respectively, related to the performance share units. Other Stock Plans Under the 1990 Employee Stock Purchase Plan, designated employees meeting certain service requirements may purchase shares of our common stock through payroll deductions. These shares may be purchased at their fair market value on a monthly basis. The current plan is non-compensatory according to the accounting guidance on share-based payments. We also maintain the Savings Related Share Option Scheme for United Kingdom employees with at least one year of service. The employees are offered the opportunity to obtain an option for a specified number of shares of common stock at not less than 85% of its market value on the day prior to the offer to participate in the plan. Options vest after either three , five or seven years, but may lapse earlier. Funds used to purchase the shares are accumulated through specified payroll deductions over a 60 -month period. We recognized an expense of $0.1 for shares purchased under the plan in each of 2016 , 2015 and 2014 . |
Net Earnings Per Share
Net Earnings Per Share | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Net Earnings Per Share | Net Earnings Per Share The calculation of net earnings per share - basic and net earnings per share - diluted were as follows: Year Ended December 31 2016 2015 2014 Net earnings available to common shareholders: $443.7 $419.2 $427.6 Weighted-average common shares outstanding (in millions): Weighted-average common shares outstanding - basic 70.1 76.8 79.5 Effect of dilutive securities - stock options 0.2 0.5 0.6 Effect of other share-based awards 0.5 0.4 0.6 Weighted-average common shares outstanding - diluted 70.8 77.7 80.7 Net earnings per share - basic $6.33 $5.46 $5.38 Net earnings per share - diluted $6.27 $5.40 $5.30 There were certain share-based awards excluded from the calculation of net earnings per share - diluted for the year ended December 31, 2016 , 2015 and 2014 , respectively, as the exercise prices for these awards were greater than the average market price of the common shares during the period. The number, exercise prices and weighted-average remaining life of these antidilutive awards were as follows: 2016 2015 2014 Shares (in thousands) 20 20 692 Exercise price ranges $93 93 $76-$93 Weighted-average remaining life 0.4 years 1.4 years 4.1 years |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The provision for income taxes was as follows: Year Ended December 31 2016 2015 2014 Current United States Federal $35.6 ($8.4 ) $44.8 State 4.0 — 7.0 Non-United States 144.0 158.7 148.2 Total current 183.6 150.3 200.0 Deferred United States Federal 69.7 92.9 53.2 State 0.5 1.8 (1.9 ) Non-United States 3.8 (3.5 ) 2.7 Total deferred 74.0 91.2 54.0 Total provision $257.6 $241.5 $254.0 A reconciliation between taxes computed at the United States Federal statutory rate of 35% and the consolidated effective tax rate is as follows: Year Ended December 31 2016 2015 2014 Income tax based on statutory rate $245.5 $231.2 $238.6 Increase (decrease) resulting from: Non-United States tax rate difference 17.5 20.4 20.1 Repatriation of non-United States earnings (10.5 ) (16.9 ) (10.1 ) State income taxes, net of Federal benefit 2.2 2.7 2.9 Change in valuation allowance (6.0 ) 3.3 5.0 Other, net 8.9 0.8 (2.5 ) Tax provision $257.6 $241.5 $254.0 Included in non-United States tax rate difference are benefits of $1.8 , $1.5 and $2.8 for 2016 , 2015 and 2014 , respectively, related to the French CICE payroll tax credit because the CICE credit is tax-free for French tax purposes. The tax benefits related to the CICE credit in excess of these amounts are offset by related increases in United States tax expense. For United States tax purposes, certain French earnings impacted by the CICE credit are treated as a deemed dividend in the current year or future years, resulting in an increase in United States tax expense. Deferred income taxes are recorded on temporary differences at the tax rate expected to be in effect when the temporary differences reverse. Temporary differences, which gave rise to the deferred taxes, were as follows: December 31 2016 2015 Future Income Tax (Expense) Benefits Accrued payroll taxes and insurance $30.6 $31.5 Employee compensation payable 26.6 31.7 Pension and postretirement benefits 60.7 57.5 Intangible assets (146.8 ) (144.7 ) Repatriation of non-United States earnings (164.8 ) (132.0 ) Intercompany loans denominated in foreign currencies (74.2 ) (61.2 ) Net operating losses 92.7 106.5 Other 120.7 133.1 Valuation allowance (86.3 ) (95.9 ) Total future tax expense ($140.8 ) ($73.5 ) Deferred tax asset 81.4 83.9 Deferred tax liability (222.2 ) (157.4 ) Total future tax expense ($140.8 ) ($73.5 ) We had United States Federal and non-United States net operating loss carryforwards and United States state net operating loss carryforwards totaling $350.0 and $256.8 , respectively, as of December 31, 2016 . The net operating loss carryforwards expire as follows: United States Federal and Non-United States United States State 2017 $1.1 $3.8 2018 1.3 5.5 2019 7.0 3.8 2020 3.3 — 2021 4.4 — Thereafter 23.4 243.7 No expirations 309.5 — Total net operating loss carryforwards $350.0 $256.8 We have recorded a deferred tax asset of $92.7 as of December 31, 2016 , for the benefit of these net operating losses. Realization of this asset is dependent on generating sufficient taxable income prior to the expiration of the loss carryforwards. A related valuation allowance of $75.9 has been recorded as of December 31, 2016 , as management believes that realization of certain net operating loss carryforwards is unlikely. Pre-tax earnings of non-United States operations were $482.2 , $511.2 and $485.9 in 2016 , 2015 and 2014 , respectively. We have not provided United States income taxes or non-United States withholding taxes on $555.3 of unremitted earnings of non-United States subsidiaries that are considered to be permanently invested. As of December 31, 2016 , deferred taxes are provided on $774.7 of unremitted earnings of non-United States subsidiaries that may be remitted to the United States. As of December 31, 2016 and 2015 , we have recorded a deferred tax liability of $164.8 and $132.0 , respectively, related to these non-United States earnings that may be remitted. As of December 31, 2016 , we had gross unrecognized tax benefits related to various tax jurisdictions, including interest and penalties, of $44.0 that would favorably affect the effective tax rate if recognized. Our unrecognized tax benefits may decrease over the next 12 months pending resolution of certain tax audits during this time. As of December 31, 2015 , we had gross unrecognized tax benefits related to various tax jurisdictions, including interest and penalties, of $38.9 . We recognize accrued interest and penalties related to unrecognized tax benefits in income tax expense. We accrued net interest and penalties of $0.3 and $12.1 in 2016 and 2015 , respectively, and recorded a benefit of $0.6 in 2014 . The following table summarizes the activity related to our unrecognized tax benefits during 2016 , 2015 and 2014 : 2016 2015 2014 Gross unrecognized tax benefits, beginning of year $19.0 $23.0 $23.9 Increases in prior year tax positions 4.1 2.3 0.7 Decreases in prior year tax positions (1.7 ) (0.5 ) (1.2 ) Increases for current year tax positions 4.1 3.1 2.2 Expiration of statute of limitations and audit settlements (1.7 ) (8.9 ) (2.6 ) Gross unrecognized tax benefits, end of year $23.8 $19.0 $23.0 Potential interest and penalties 20.2 19.9 7.8 Balance, end of year $44.0 $38.9 $30.8 We conduct business globally in various countries and territories. We are routinely audited by the tax authorities of the various tax jurisdictions in which we operate. Generally, the tax years that could be subject to examination are 2009 through 2016 for our major operations in France, Germany, Japan, the United Kingdom and the United States. As of December 31, 2016 , we were subject to tax audits in Austria, Canada, Denmark, Germany, Italy, Portugal and the United States. We believe that the resolution of these audits will not have a material impact on earnings. |
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | Goodwill Changes in the carrying value of goodwill by reportable segment and Corporate were as follows: Americas (1) Southern Europe (2)(3) Northern Europe (3) APME Right Management Corporate (4) Total (5) Balance, January 1, 2015 $ 466.3 $ 102.5 $ 309.3 $ 70.1 $ 62.1 $ 64.9 $ 1,075.2 Goodwill acquired 52.9 2.6 163.3 9.2 — — 228.0 Currency impact and other (3.5 ) (7.9 ) (30.7 ) (3.7 ) — — (45.8 ) Balance, December 31, 2015 515.7 97.2 441.9 75.6 62.1 64.9 1,257.4 Goodwill acquired — — 22.3 1.5 — 0.6 24.4 Currency impact and other 0.7 (0.2 ) (42.3 ) (0.1 ) — — (41.9 ) Balance, December 31, 2016 $ 516.4 $ 97.0 $ 421.9 $ 77.0 $ 62.1 $ 65.5 $ 1,239.9 (1) Balances related to United States were $450.4 , $476.9 and $476.5 as of January 1, 2015 , December 31, 2015 and December 31, 2016 , respectively. (2) Balances related to France were $76.9 , $69.0 and $66.8 as of January 1, 2015 , December 31, 2015 and December 31, 2016 , respectively. Balances related to Italy were $5.0 , $4.5 and $4.4 as of January 1, 2015 , December 31, 2015 and December 31, 2016 , respectively. (3) Balance reflects realignment of our organizational structure in Europe as of January 1, 2016. See Note 14 to the Consolidated Financial Statements for further information. (4) The majority of the Corporate balance as of December 31, 2016 relates to goodwill attributable to our acquisition of Jefferson Wells ( $55.5 ) which is part of the United States reporting unit. For purposes of monitoring our total assets by segment, we do not allocate the Corporate balance to the respective reportable segments. We do, however, include these balances within the appropriate reporting units for our goodwill impairment testing. See the table below for the breakout of goodwill balances by reporting unit. (5) Balances were net of accumulated impairment loss of $513.4 as of January 1, 2015 , December 31, 2015 and December 31, 2016 . Goodwill balances by reporting unit were as follows: December 31 2016 2015 United States $532.0 $532.4 Germany 121.4 127.1 Netherlands 110.9 98.7 United Kingdom 81.4 101.1 France 66.8 69.0 Right Management 62.1 62.1 Other reporting units 265.3 267.0 Total goodwill $1,239.9 $1,257.4 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Debt | Debt Information concerning short-term borrowings is as follows: December 31 2016 2015 Short-term borrowings $39.5 $38.2 Weighted-average interest rates 11.1 % 17.8 % We maintain separate bank credit lines with financial institutions to meet working capital needs of our subsidiary operations. As of December 31, 2016 , such uncommitted credit lines totaled $281.5 , of which $241.3 was unused. Under our revolving credit agreement, total subsidiary borrowings cannot exceed $300.0 in the first, second and fourth quarters, and $600.0 in the third quarter of each year. A summary of long-term debt is as follows: December 31 2016 2015 Euro-denominated notes: €400 due September 2022 $417.7 $431.0 €350 due June 2018 367.5 379.2 Other 0.7 6.7 785.9 816.9 Less — current maturities 0.3 6.0 Long-term debt $785.6 $810.9 Euro Notes On September 11, 2015, we offered and sold €400.0 aggregate principal amount of the Company's 1.875% notes due September 11, 2022 (the "€400.0 Notes"). The net proceeds from the €400.0 Notes of €397.4 were used for general corporate purposes, including share repurchases and the acquisition of or investment in complementary businesses or other assets. The €400.0 Notes were issued at a price of 99.753% to yield an effective interest rate of 1.913% . Interest on the €400.0 Notes is payable in arrears on September 11 of each year. We may redeem the €400.0 Notes, in whole but not in part, at our option at any time for a redemption price determined in accordance with the term of the €400.0 Notes. We also have €350.0 aggregate principal amount 4.50% notes due June 22, 2018 (the “€350.0 Notes”), which were issued at a price of 99.974% to yield an effective interest rate of 4.505% . Interest on the €350.0 Notes is payable in arrears on June 22 of each year. We may redeem the €350.0 Notes, in whole but not in part, at our option at any time for a redemption price determined in accordance with the term of the €350.0 Notes. When the €400.0 Notes and €350.0 Notes mature, we plan to repay the amounts with available cash, borrowings under our $600.0 revolving credit facility or a new borrowing. The credit terms, including interest rate and facility fees, of any replacement borrowings will be dependent upon the condition of the credit markets at that time. We currently do not anticipate any problems accessing the credit markets should we decide to replace either the €400.0 Notes or the €350.0 Notes. Both the €400.0 Notes and €350.0 Notes contain certain customary non-financial restrictive covenants and events of default and are unsecured senior obligations and rank equally with all of our existing and future senior unsecured debt and other liabilities. A portion of these notes has been designated as a hedge of our net investment in subsidiaries with a Euro-functional currency as of December 31, 2016. For this portion of the Euro-denominated notes, since our net investment in these subsidiaries exceeds the respective amount of the designated borrowings, the related translation gains or losses are included as a component of accumulated other comprehensive loss. (See Note 12 to the Consolidated Financial Statements for further information.) Revolving Credit Agreement We have a Five Year Credit Agreement (the “Credit Agreement”) with a syndicate of commercial banks with a termination date of September 16, 2020. The Credit Agreement allows for borrowing of $600.0 in various currencies, and up to $150.0 may be used for the issuance of stand-by letters of credit. We had no borrowings under this facility as of both December 31, 2016 and 2015 . Outstanding letters of credit issued under the Credit Agreement totaled $0.8 and $0.9 as of December 31, 2016 and 2015 , respectively. Additional borrowings of $599.2 and $599.1 were available to us under the facility as of December 31, 2016 and 2015 , respectively. Under the Credit Agreement, a credit ratings-based pricing grid determines the facility fee and the credit spread that we add to the applicable interbank borrowing rate on all borrowings. At our current credit rating, the annual facility fee is 12.5 basis points paid on the entire facility and the credit spread is 100.0 basis points on any borrowings. The Credit Agreement contains customary restrictive covenants pertaining to our management and operations, including limitations on the amount of subsidiary debt that we may incur and limitations on our ability to pledge assets, as well as financial covenants requiring, among other things, that we comply with a leverage ratio (net Debt-to-EBITDA) of not greater than 3.5 to 1 and a fixed charge coverage ratio of not less than 1.5 to 1. The Credit Agreement also contains customary events of default, including, among others, payment defaults, material inaccuracy of representations and warranties, covenant defaults, bankruptcy or involuntary proceedings, certain monetary and non-monetary judgments, change of control and customary ERISA defaults. Debt Maturities The maturities of long-term debt payable within each of the four years subsequent to December 31, 2017 are as follows: 2018 — $367.8 , 2019 — $0.1 , 2020 — $0.0 , 2021 — $0.0 . |
Retirement and Deferred Compens
Retirement and Deferred Compensation Plans | 12 Months Ended |
Dec. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Retirement and Deferred Compensation Plans | Retirement and Deferred Compensation Plans For all of our United States defined benefit and retiree health care plans, we adopted the Society of Actuaries’ RP-2006 mortality table with MP-2016 projection scale in determining the plans’ benefit obligations as of December 31, 2016. Beginning in 2016, we changed the method we use to estimate the service and interest cost components of net periodic benefit cost for all of our United States defined benefit plans. Historically, the service and interest cost components had been estimated utilizing a single weighted-average discount rate derived from the yield curve used to measure the benefit obligation at the beginning of the year. For 2016, we utilized a full yield curve approach to estimate these components by applying specific spot rates along the yield curve used in the determination of the benefit obligation to the relevant projected cash flows. We made this change to improve the correlation between projected benefit cash flows and the corresponding yield curve spot rates and to provide a more precise measurement of service and interest costs. This change resulted in a decrease in the 2016 service costs and interest components with an equal offset to actuarial gains (losses) with no net impact on the total benefit obligation. This change was accounted for prospectively as a change in accounting estimate. For two of our United States defined benefit plans, we changed the amortization period for gains and losses as of December 31, 2015. We elected to use the average remaining life expectancy instead of the average remaining service period for recognizing the gain/loss amortization component of net periodic benefit cost, as almost all of the plans' participants are now inactive. The impact of this change was not material to the Consolidated Financial Statements. This change was accounted for prospectively as a change in accounting estimate. Defined Benefit Pension Plans We sponsor several qualified and nonqualified pensi on plans covering permanent employees. During 2016, we transitioned an additional German plan associated with the employees who were transferred in as part of a new client contract. The unfunded portion of this plan was $56.8 as of December 31, 2016 and will be funded by the client at the end of the contract. We have received a bank guarantee to cover the counterparty risk associated with this unfunded amount. The reconciliation of the changes in the plans’ benefit obligations and the fair value of plan assets and the funded status of the plans are as follows: United States Plans Non-United States Plans Year Ended December 31 2016 2015 2016 2015 Change in Benefit Obligation Benefit obligation, beginning of year $53.1 $56.6 $326.1 $385.4 Service cost — — 8.0 7.2 Interest cost 1.8 2.1 10.0 10.6 Curtailment and settlement — — (29.0 ) — Transfers — — 105.4 5.2 Actuarial loss (gain) 2.2 (1.7 ) 39.8 (43.2 ) Plan participant contributions — — 0.2 0.2 Benefits paid (4.0 ) (3.9 ) (7.7 ) (8.1 ) Currency exchange rate changes — — (36.8 ) (31.2 ) Benefit obligation, end of year $53.1 $53.1 $416.0 $326.1 United States Plans Non-United States Plans Year Ended December 31 2016 2015 2016 2015 Change in Plan Assets Fair value of plan assets, beginning of year $37.2 $40.6 $314.7 $349.1 Actual return on plan assets 1.7 (1.8 ) 44.6 (8.3 ) Settlement — — (26.1 ) — Transfers — — 34.9 — Plan participant contributions — — 0.2 0.2 Company contributions 2.4 2.3 0.5 8.5 Benefits paid (4.0 ) (3.9 ) (7.7 ) (8.1 ) Currency exchange rate changes — — (36.6 ) (26.7 ) Fair value of plan assets, end of year $37.3 $37.2 $324.5 $314.7 Funded Status at End of Year Funded status, end of year ($15.8 ) ($15.9 ) ($91.5 ) ($11.4 ) Amounts Recognized Noncurrent assets $14.3 $14.3 $30.4 $47.9 Current liabilities (2.5 ) (2.4 ) (0.8 ) (0.3 ) Noncurrent liabilities (27.6 ) (27.8 ) (121.1 ) (59.0 ) Net amount recognized ($15.8 ) ($15.9 ) ($91.5 ) ($11.4 ) Amounts recognized in accumulated other comprehensive loss, net of tax, consisted of: United States Plans Non-United States Plans Year Ended December 31 2016 2015 2016 2015 Net loss $13.0 $11.8 $32.7 $15.9 Prior service cost — — 4.7 4.9 Total $13.0 $11.8 $37.4 $20.8 The accumulated benefit obligation for our plans that have plan assets was $377.0 and $291.9 as of December 31, 2016 and 2015 , respectively. The accumulated benefit obligation for certain of our plans exceeded the fair value of plan assets as follows: December 31 2016 2015 Accumulated benefit obligation $107.9 $10.2 Plan assets 47.9 9.6 The projected benefit obligation for certain of our plans exceeded the fair value of plan assets as follows: December 31 2016 2015 Projected benefit obligation $113.9 $48.4 Plan assets 47.9 39.4 The new German plan that we transferred in during 2016 was underfunded, resulting in the significant increase in the amounts above. By their nature, certain of our plans do not have plan assets. The accumulated benefit obligation for these plans was $74.3 and $69.9 as of December 31, 2016 and 2015 , respectively. The components of the net periodic benefit cost and other amounts recognized in other comprehensive loss for all plans were as follows: Year Ended December 31 2016 2015 2014 Net Periodic Benefit Cost Service cost $8.0 $7.2 $8.3 Interest cost 11.8 12.7 15.8 Expected return on assets (10.9 ) (12.9 ) (15.6 ) Curtailment and settlement (6.9 ) — — Net loss 1.0 4.0 3.5 Prior service cost 0.4 0.4 0.6 Net periodic benefit cost 3.4 11.4 12.6 Other Changes in Plan Assets and Benefit Obligation Recognized in Other Comprehensive Loss Net loss (gain) 24.7 (22.9 ) 23.5 Prior service cost — — 1.3 Amortization of net loss (1.0 ) (4.0 ) (3.5 ) Amortization of prior service cost (0.4 ) (0.4 ) (0.6 ) Total recognized in other comprehensive loss 23.3 (27.3 ) 20.7 Total recognized in net periodic benefit cost and other comprehensive loss $26.7 ($15.9 ) $33.3 Effective July 1, 2016, we terminated a defined benefit plan in Northern Europe and transitioned our employees to a defined contribution plan, resulting in a curtailment and settlement gain of $ 6.9 . The estimated net loss and prior service cost for the defined benefit pension plans that will be amortized from accumulated other comprehensive loss into net periodic benefit cost during 2017 are $1.8 and $0.4 , respectively. The weighted-average assumptions used in the measurement of the benefit obligation were as follows: United States Plans Non-United States Plans Year Ended December 31 2016 2015 2016 2015 Discount rate 4.0 % 4.3 % 2.2 % 3.2 % Rate of compensation increase 3.0 % 3.0 % 1.7 % 2.2 % The weighted-average assumptions used in the measurement of the net periodic benefit cost were as follows: United States Plans Non-United States Plans Year Ended December 31 2016 2015 2014 2016 2015 2014 Discount rate - service cost 4.4 % 3.9 % 4.6 % 3.2 % 2.9 % 4.1 % Discount rate - interest cost 3.4 % 3.9 % 4.6 % 3.2 % 2.9 % 4.1 % Expected long-term return on plan assets 5.3 % 5.5 % 6.0 % 3.4 % 3.2 % 4.5 % Rate of compensation increase 3.0 % 3.0 % 3.0 % 2.2 % 2.6 % 3.8 % We determine our assumption for the discount rate based on an index of high-quality corporate bond yields and matched-funding yield curve analysis as of the end of each fiscal year. Our overall expected long-term rate of return used in the measurement of the 2016 net periodic benefit cost on United States plan assets was 5.3% , while the rates of return on our non-United States plans varied by country and ranged from 1.7% to 4.3% . For a majority of our plans, a building block approach has been employed to establish this return. Historical markets are studied and long-term historical relationships between equity securities and fixed income instruments are preserved consistent with the widely accepted capital market principle that assets with higher volatility generate a greater return over time. Current market factors such as inflation and interest rates are evaluated before long-term capital market assumptions are determined. The long-term portfolio return is established with proper consideration of diversification and rebalancing. We also use guaranteed insurance contracts for four of our foreign plans. Peer data and historical returns are reviewed to check for reasonableness and appropriateness of our expected rate of return. Projected salary levels utilized in the determination of the projected benefit obligation for the pension plans are based upon historical experience and the future expectations for each respective country. Our plans’ investment policies are to optimize the long-term return on plan assets at an acceptable level of risk and to maintain careful control of the risk level within each asset class. Our long-term objective is to minimize plan expenses and contributions by outperforming plan liabilities. We have historically used a balanced portfolio strategy based primarily on a target allocation of equity securities and fixed-income instruments, which vary by location. These target allocations, which are similar to the 2016 allocations, are determined based on the favorable risk tolerance characteristics of the plan and, at times, may be adjusted within a specified range to advance our overall objective. The fair values of our pension plan assets are primarily determined by using market quotes and other relevant information that is generated by market transactions involving identical or comparable assets, except for the insurance contracts and common contractual funds. The insurance contracts are measured at the present value of expected future benefit payments primarily using the Deutsche National Bank interest curve. For the common contractual funds, total fair value is based on significant unobservable inputs including assumptions where there is little, if any, market activity for the investment. Trust managers provide valuations of the investment. These valuations are reviewed for reasonableness and adjusted where appropriate, based on applicable market data. The fair value of our pension plan assets by asset category was as follows: United States Plans Non-United States Plans Fair Value Measurements Using Fair Value Measurements Using December 31, Quoted Significant Significant December 31, Quoted Significant Significant Asset Category Cash and cash equivalents (1) $0.2 $— $0.2 $— $9.7 $9.2 $0.5 $— Equity securities: United States companies 12.1 12.1 — — — — — — International companies — — — — 17.7 17.7 — — Fixed income securities: Government bonds (2) 14.7 — 14.7 — 27.5 — 27.5 — Corporate bonds 10.3 — 10.3 — 49.6 — 49.6 — Guaranteed insurance contracts — — — — 14.2 — 14.2 — Annuity contract — — — — 49.5 — 49.5 — Other types of investments: Unitized funds (3) — — — — 23.1 23.1 — — Real estate funds — — — — 7.0 — 7.0 — Common contractual funds — — — — 25.9 — — 25.9 Insurance contracts — — — — 100.3 — — 100.3 $37.3 $12.1 $25.2 $— $324.5 $50.0 $148.3 $126.2 (1)This category includes a prime obligations money market portfolio. (2)This category includes United States Treasury/Federal agency securities and foreign government securities. (3)This category includes investments in approximately 60% equity securities, 30% fixed income securities and 10% cash. United States Plans Non-United States Plans Fair Value Measurements Using Fair Value Measurements Using December 31, 2015 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) December 31, Quoted Significant Significant Asset Category Cash and cash equivalents (1) $0.4 $— $0.4 $— $0.4 $0.4 $— $— Equity securities: United States companies 12.7 12.7 — — — — — — International companies — — — — 17.8 17.8 — — Fixed income securities: Government bonds (2) 16.9 — 16.9 — 47.8 47.8 — — Corporate bonds 7.2 — 7.2 — 31.2 31.2 — — Guaranteed insurance contracts — — — — 38.9 — 38.9 — Annuity contract — — — — 51.9 — 51.9 — Other types of investments: Unitized funds (3) — — — — 26.4 26.4 — — Real estate funds — — — — 8.3 — 8.3 — Insurance contracts — — — — 92.0 — — 92.0 $37.2 $12.7 $24.5 $— $314.7 $123.6 $99.1 $92.0 (1) This category includes a prime obligations money market portfolio. (2) This category includes United States Treasury/Federal agency securities and foreign government securities. (3) This category includes investments in approximately 50% equity securities, 40% fixed income securities and 10% cash. The following table summarizes the changes in fair value of the pension assets that are measured using Level 3 inputs. In 2016, we transferred in common contractual funds as part of the pension assets associated with the new German plan. We determine that transfers between fair-value-measurement levels occur on the date of the event that caused the transfer. Year Ended December 31 2016 2015 Balance, beginning of year $92.0 $104.9 Transfers 27.3 — Actual return on plan assets 13.9 (2.2 ) Purchases, sales and settlements, net (2.1 ) — Currency exchange rate changes (4.9 ) (10.7 ) Balance, end of year $126.2 $92.0 Retiree Health Care Plan We provide medical and dental benefits to certain eligible retired employees in the United States. Due to the nature of the plan, there are no plan assets. The reconciliation of the changes in the plan’s benefit obligation and the statement of the funded status of the plan were as follows: Year Ended December 31 2016 2015 Change in Benefit Obligation Benefit obligation, beginning of year $16.4 $17.8 Interest cost 0.7 0.7 Actuarial loss (gain) 0.2 (0.5 ) Benefits paid (1.7 ) (1.6 ) Benefit obligation, end of year $15.6 $16.4 Funded Status at End of Year Funded status, end of year ($15.6 ) ($16.4 ) Amounts Recognized Current liabilities ($1.3 ) ($1.3 ) Noncurrent liabilities (14.3 ) (15.1 ) Net amount recognized ($15.6 ) ($16.4 ) The amount recognized in accumulated other comprehensive loss, net of tax, consists of a net loss of $1.7 for both 2016 and 2015 , and a prior service credit of $5.4 and $6.0 in 2016 and 2015 , respectively. The discount rate used in the measurement of the benefit obligation was 4.0% and 4.3% in 2016 and 2015 , respectively. The discount rate used in the measurement of net periodic benefit cost was 4.3% , 3.9% and 4.7% in 2016 , 2015 , and 2014 , respectively. The components of net periodic benefit cost and other amounts recognized in other comprehensive loss for this plan were as follows: 2016 2015 2014 Net Periodic Benefit Cost Interest cost $0.7 $0.7 $0.8 Net loss 0.1 0.1 0.1 Prior service credit (0.8 ) (0.8 ) (0.8 ) Net periodic benefit cost — — 0.1 Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Loss Net loss (gain) 0.2 (0.5 ) 0.2 Amortization of net loss (0.1 ) (0.1 ) (0.1 ) Amortization of prior service credit 0.8 0.8 0.8 Total recognized in other comprehensive loss 0.9 0.2 0.9 Total recognized in net periodic benefit cost and other comprehensive loss $0.9 $0.2 $1.0 The estimated net loss and prior service credit for the retiree health care plan that will be amortized from accumulated other comprehensive loss into net periodic benefit cost during 2017 is $0.1 and $0.8 , respectively. The health care cost trend rate is assumed to be 7.0% for 2017 , decreasing gradually to an ultimate rate of 5.0% in 2022 . Assumed health care cost trend rates could have a significant effect on the amounts reported. A one-percentage point change in the assumed health care cost trend rate would have the following effects: 1% Increase 1% Decrease Effect on total of service and interest cost components $— $— Effect on benefit obligation 0.3 (0.2 ) Future Contributions and Payments During 2017 , we plan to contribute approximately $4.2 to our pension plans and to fund our retiree health care payments as incurred. Projected benefit payments from the plans as of December 31, 2016 were estimated as follows: Year Pension Plans Retiree Health Care Plan 2017 $10.1 $1.3 2018 10.9 1.2 2019 11.4 1.2 2020 12.7 1.1 2021 13.8 1.1 2022–2026 89.0 5.2 Total projected benefit payments $147.9 $11.1 Defined Contribution Plans and Deferred Compensation Plans We have defined contribution plans covering substantially all permanent United States employees and various other employees throughout the world. Employees may elect to contribute a portion of their salary to the plans and we match a portion of their contributions up to a maximum percentage of the employee’s salary. In addition, profit sharing contributions are made if a targeted earnings level is reached. The total expense for our match and any profit sharing contributions was $21.4 , $19.6 and $19.8 for the years ended December 31, 2016 , 2015 and 2014 , respectively. We also have deferred compensation plans in the United States. One of the plans had an asset and liability of $85.7 and $82.9 as of December 31, 2016 and 2015 , respectively, with the remaining plans holding immaterial amounts of assets and liabilities. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 12 Months Ended |
Dec. 31, 2016 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss The components of accumulated other comprehensive loss, net of tax, were as follows: December 31 2016 2015 Foreign currency translation $ (289.1 ) $ (209.2 ) Translation gain on net investment hedge, net of income taxes of $11.2 and $2.8, respectively 24.8 10.0 Translation loss on long-term intercompany loans (133.7 ) (75.5 ) Unrealized gain on investments, net of income taxes of $4.2 and $3.8, respectively 18.6 17.0 Defined benefit pension plans, net of income taxes of $(27.8) and $(22.3), respectively (50.4 ) (32.6 ) Retiree health care plan, net of income taxes of $2.1 and $2.4 in 2016 and 2015, respectively 3.7 4.3 Accumulated other comprehensive loss $ (426.1 ) $ (286.0 ) |
Leases
Leases | 12 Months Ended |
Dec. 31, 2016 | |
Leases [Abstract] | |
Leases | Leases We lease property and equipment primarily under operating leases. Renewal options exist for substantially all leases. Future minimum payments, by year and in the aggregate, under noncancelable operating leases with any remaining terms consisted of the following as of December 31, 2016 : Year 2017 $156.4 2018 119.5 2019 90.1 2020 69.4 2021 56.2 Thereafter 100.7 Total minimum lease payments $592.3 Rental expense for all operating leases was $166.5 , $174.9 and $197.0 for the years ended December 31, 2016 , 2015 and 2014 , respectively. |
Interest and Other Expenses
Interest and Other Expenses | 12 Months Ended |
Dec. 31, 2016 | |
Other Nonoperating Income (Expense) [Abstract] | |
Interest and Other Expenses | Interest and Other Expenses Interest and other expenses consisted of the following: Year Ended December 31 2016 2015 2014 Interest expense $37.9 $36.0 $35.9 Interest income (3.6 ) (2.5 ) (4.4 ) Foreign exchange loss (gain) 2.8 (4.7 ) (2.2 ) Miscellaneous expense (income), net 12.4 (0.6 ) 9.0 Interest and other expenses $49.5 $28.2 $38.3 |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Derivative Financial Instruments We are exposed to various risks relating to our ongoing business operations. The primary risks, which are managed through the use of derivative instruments, are foreign currency exchange rate risk and interest rate risk. In certain circumstances, we enter into foreign currency forward exchange contracts (“forward contracts”) to reduce the effects of fluctuating foreign currency exchange rates on our cash flows denominated in foreign currencies. Our exposure to market risk for changes in interest rates relates primarily to our long-term debt obligations. We have historically managed interest rate risk through the use of a combination of fixed and variable rate borrowings. In accordance with the current accounting guidance for derivative instruments and hedging activities, we record all of our derivative instruments as either an asset or liability measured at their fair value. Foreign Currency Exchange Rate Risk Management A portion of the €400.0 Notes ( $417.7 ) and €350.0 ( $367.5 ) Notes was designated as a hedge of our net investment in our foreign subsidiaries with a Euro-functional currency as of December 31, 2016 . For this portion of the Euro-denominated notes, the gain or loss associated with foreign currency translation is recorded as a component of accumulated other comprehensive loss, net of taxes. As of December 31, 2016 and 2015 , we had an unrealized gain of $29.0 and $14.1 , respectively, included in accumulated other comprehensive loss, net of taxes, as the net investment hedge was deemed effective. On occasion, forward contracts are designated as a hedge of our net investment in our foreign subsidiaries. As of December 31, 2016 and 2015 , we had a translation loss of $4.2 and $4.1 , respectively, included in accumulated other comprehensive loss, net of taxes, as the net investment hedge was deemed effective. For our forward contracts that are not designated as hedges, any gain or loss resulting from the change in fair value is recognized in the current period earnings. These gains or losses are offset by the exposure related to receivables and payables with our foreign subsidiaries and to interest due on our Euro-denominated notes, which is paid annually in June and September. We recorded a loss of $1.6 for the year ended December 31, 2016 and a gain of $0.6 and $0.2 for the year ended December 31, 2015 and 2014 , respectively, associated with our forward contracts in interest and other expenses, which partially offset the net gain for the year ended December 31, 2016 and net loss for the years ended December 31, 2015 and 2014 recorded for the items noted above. The fair value measurements of these items recorded in our Consolidated Balance Sheets as of December 31, 2016 and 2015 are disclosed in Note 1 to the Consolidated Financial Statements. |
Contingencies
Contingencies | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | Contingencies Litigation In the normal course of business, the Company is named as a defendant in various legal proceedings in which claims are asserted against the Company. We record accruals for loss contingencies based on the circumstances of each claim, when it is probable that a loss has been incurred as of the balance sheet date and can be reasonably estimated. Although the outcome of litigation cannot be predicted with certainty, we believe the ultimate resolution of these legal proceedings will not have a material effect on our business or financial condition. In 2014, we recorded legal costs of $9.0 in the United States related to a settlement agreement in connection with a lawsuit in California involving allegations regarding our wage statements. The settlement agreement was approved by the court at a final hearing in June 2015. We believe that the settlement was in our best interest to avoid the costs and disruption of ongoing litigation. Guarantees We have entered into certain guarantee contracts and stand-by letters of credit that total $177.6 ( $130.7 for guarantees and $46.9 for stand-by letters of credit) as of December 31, 2016 . The guarantees primarily relate to operating leases and indebtedness. The stand-by letters of credit relate to insurance requirements and debt facilities. If certain conditions were met under these arrangements, we would be required to satisfy our obligation in cash. Due to the nature of these arrangements and our historical experience, we do not expect to make any significant payments under these arrangements. |
Segment Data
Segment Data | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Segment Data | Segment Data Effective January 1, 2016, we realigned our organizational structure in Europe. As a result, Other Southern Europe now includes several countries that were previously reported in Northern Europe. All previously reported results have been restated to conform to the current year presentation. We are organized and managed primarily on a geographic basis, with Right Management currently operating as a separate global business unit. Each country and business unit generally has its own distinct operations and management team, providing services under our global brands, and maintains its own financial reports. We have an executive sponsor for each global brand who is responsible for ensuring the integrity and consistency of delivery locally. We develop and implement global workforce solutions for our clients that deliver the outcomes that help them achieve their business strategy. Each operation reports directly or indirectly through a regional manager to a member of executive management. Given this reporting structure, all of our operations have been segregated into the following reporting segments: Americas, which includes United States and Other Americas; Southern Europe, which includes France, Italy and Other Southern Europe; Northern Europe; APME; and Right Management. The Americas, Southern Europe, Northern Europe and APME segments derive a significant majority of their revenues from the placement of contingent workers. The remaining revenues within these segments are derived from other workforce solutions and services, including ManpowerGroup Solutions (Recruitment Process Outsourcing (RPO), TAPFIN - Managed Service Provider (MSP), Proservia and Talent Based Outsourcing (TBO)), recruitment and assessment, and training and development. The Right Management segment revenues are derived from career management and talent management services. Segment revenues represent sales to external clients. We provide services to a wide variety of clients, none of which individually comprise a significant portion of revenues for us as a whole. Due to the nature of our business, we generally do not have export sales. The accounting policies of the segments are the same as those described in the summary of significant accounting policies. We evaluate performance based on operating unit profit, which is equal to segment revenues less direct costs and branch and national headquarters operating costs. This profit measure does not include goodwill and intangible asset impairment charges or amortization of intangible assets related to acquisitions, corporate expenses, interest and other income and expense amounts or income taxes. Total assets for the segments are reported after the elimination of investments in subsidiaries and intercompany accounts. Year Ended December 31 2016 2015 2014 Revenues from Services (a) Americas: United States (b) $ 2,836.8 $ 3,005.8 $ 3,086.4 Other Americas 1,460.4 1,486.2 1,497.3 4,297.2 4,492.0 4,583.7 Southern Europe: France 4,837.4 4,661.3 5,351.6 Italy 1,167.7 1,226.1 1,178.8 Other Southern Europe 1,492.5 1,404.1 1,502.1 7,497.6 7,291.5 8,032.5 Northern Europe 5,129.1 5,033.7 5,525.3 APME 2,471.3 2,239.1 2,327.1 Right Management 258.9 273.6 294.2 $ 19,654.1 $ 19,329.9 $ 20,762.8 Operating Unit Profit Americas: United States $ 142.9 $ 143.8 $ 125.4 Other Americas 53.6 57.0 56.2 196.5 200.8 181.6 Southern Europe: France 250.6 258.8 275.5 Italy 79.1 70.9 64.2 Other Southern Europe 47.2 39.9 42.9 376.9 369.6 382.6 Northern Europe 173.0 144.7 177.2 APME 88.5 79.3 84.2 Right Management 44.7 38.3 33.5 879.6 832.7 859.1 Corporate expenses (92.8 ) (111.0 ) (105.8 ) Intangible asset amortization expense (c) (36.0 ) (32.8 ) (33.4 ) Interest and other expenses (49.5 ) (28.2 ) (38.3 ) Earnings before income taxes $ 701.3 $ 660.7 $ 681.6 (a) Further breakdown of revenues from services by geographical region was as follows: Revenues from Services 2016 2015 2014 United States $ 2,950.2 $ 3,115.6 $ 3,190.6 France 4,857.3 4,684.1 5,378.6 Italy 1,170.7 1,230.2 1,183.4 United Kingdom 1,819.7 2,118.4 2,168.6 Total Foreign 16,703.9 16,214.3 17,572.2 (b) The United States revenues above represent revenues from our company-owned branches and franchise fees received from our franchise operations, which were $15.1 , $15.2 and $16.1 for 2016 , 2015 and 2014 , respectively. (c) Intangible asset amortization related to acquisitions is excluded from operating costs within the reportable segments and corporate expenses, and shown separately. Year Ended December 31 2016 2015 2014 Depreciation and Amortization Expense Americas: United States $ 9.9 $ 9.3 $ 9.4 Other Americas 2.7 2.9 4.1 12.6 12.2 13.5 Southern Europe: France 11.0 10.1 13.0 Italy 1.9 1.9 2.4 Other Southern Europe 3.5 3.2 3.2 16.4 15.2 18.6 Northern Europe 10.9 8.9 10.2 APME 5.3 4.7 4.4 Right Management 3.9 3.7 3.6 Corporate expenses 0.2 0.2 0.1 Amortization of intangible assets (a) 36.0 32.8 33.4 $ 85.3 $ 77.7 $ 83.8 Earnings from Equity Investments Americas: United States $ — $ — $ — Other Americas — — — — — — Southern Europe: France — 0.4 0.4 Italy — — — Other Southern Europe 3.6 7.5 5.6 3.6 7.9 6.0 Northern Europe — 0.1 (3.0 ) APME — — — Right Management — — — $ 3.6 $ 8.0 $ 3.0 (a) Intangible asset amortization related to acquisitions is excluded from operating costs within the reportable segments and corporate expenses, and shown separately. As of December 31 2016 2015 2014 Total Assets Americas: United States $ 1,718.9 $ 1,708.5 $ 1,532.7 Other Americas 314.4 304.9 284.1 2,033.3 2,013.4 1,816.8 Southern Europe: France 2,104.8 1,926.3 1,922.7 Italy 294.9 267.1 230.0 Other Southern Europe 490.1 484.7 467.1 2,889.8 2,678.1 2,619.8 Northern Europe 1,292.4 1,197.7 1,613.9 APME 612.8 533.6 501.4 Right Management 136.6 143.9 139.1 Corporate (a) 609.3 950.8 490.2 $ 7,574.2 $ 7,517.5 $ 7,181.2 Equity Investments Americas: United States $ — $ — $ — Other Americas — — — — — — Southern Europe: France 0.2 — 0.7 Italy 0.4 0.2 0.2 Other Southern Europe 139.1 136.3 129.7 139.7 136.5 130.6 Northern Europe 0.1 1.4 1.4 APME — — 0.3 Right Management — — — Corporate 6.0 — — $ 145.8 $ 137.9 $ 132.3 (a) Corporate assets include assets that were not used in the operations of any segment, the most significant of which were purchased intangibles and cash. As of and Year Ended December 31 2016 2015 2014 Long-lived Assets (a) Americas: United States $ 27.7 $ 26.0 $ 25.4 Other Americas 6.3 7.3 8.3 34.0 33.3 33.7 Southern Europe: France 39.7 39.2 44.6 Italy 4.4 4.7 4.7 Other Southern Europe 18.3 14.2 13.4 62.4 58.1 62.7 Northern Europe 25.4 30.5 26.7 APME 17.9 19.4 20.6 Right Management 10.7 10.5 10.6 Corporate 0.2 0.4 0.1 $ 150.6 $ 152.2 $ 154.4 Additions to Long-Lived Assets Americas: United States $ 11.9 $ 10.1 $ 9.1 Other Americas 1.9 2.4 3.9 13.8 12.5 13.0 Southern Europe: France 13.3 10.3 7.8 Italy 1.7 2.4 1.3 Other Southern Europe 8.9 5.4 5.9 23.9 18.1 15.0 Northern Europe 8.5 12.1 12.5 APME 3.9 4.5 7.9 Right Management 4.5 4.7 3.6 Corporate — 0.4 — $ 54.6 $ 52.3 $ 52.0 (a) Further breakdown of long-lived assets by geographical region was as follows: Long-Lived Assets 2016 2015 2014 United States $ 33.9 $ 32.3 $ 30.2 France 40.9 40.4 46.0 Italy 4.4 4.7 4.7 United Kingdom 9.0 10.3 10.3 Total Foreign 116.7 119.9 124.2 |
Quarterly Data (Unaudited)
Quarterly Data (Unaudited) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Data (Unaudited) | Quarterly Data (Unaudited) First Quarter Second Quarter Third Quarter Fourth Quarter Total Year Ended December 31, 2016 Revenues from services $ 4,587.7 $ 5,022.1 $ 5,088.2 $ 4,956.1 $ 19,654.1 Gross profit 773.8 860.7 858.3 841.0 3,333.8 Operating profit 131.7 196.0 211.1 212.0 750.8 Net earnings 71.7 115.4 129.2 127.4 443.7 Net earnings per share — basic $ 0.98 $ 1.61 $ 1.89 $ 1.89 $ 6.33 Net earnings per share — diluted 0.98 1.60 1.87 1.87 6.27 Dividends per share — 0.86 — 0.86 1.72 Market price: High $ 81.82 $ 85.38 $ 72.61 $ 92.83 Low 70.33 59.90 60.67 71.50 Year Ended December 31, 2015 Revenues from services $ 4,542.2 $ 4,861.3 $ 4,972.5 $ 4,953.9 $ 19,329.9 Gross profit 762.0 830.6 852.1 851.1 3,295.8 Operating profit (a) 122.8 178.7 206.3 181.1 688.9 Net earnings (b) 65.7 105.7 123.9 123.9 419.2 Net earnings per share — basic $ 0.83 $ 1.35 $ 1.63 $ 1.67 $ 5.46 Net earnings per share — diluted (c) 0.83 1.33 1.61 1.66 5.40 Dividends per share — 0.80 — 0.80 1.60 Market price: High $ 86.92 $ 92.00 $ 96.56 $ 93.24 Low 63.79 82.76 77.43 80.48 (a) Included restructuring costs of $16.4 recorded in the fourth quarter. (b) Included non-operating gains of $10.6 recorded in the fourth quarter. (c) Included in the results are restructuring costs per diluted share of $(0.17) and non-operating gains per diluted share of $0.15 for the fourth quarter. |
Schedule II VALUATION AND QUALI
Schedule II VALUATION AND QUALIFYING ACCOUNTS | 12 Months Ended |
Dec. 31, 2015 | |
Valuation and Qualifying Accounts [Abstract] | |
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS | SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS For the years ended December 31, 2016 , 2015 and 2014 , in millions: Allowance for Doubtful Accounts: Balance at Beginning of Year Provisions Charged to Earnings Write-Offs Translation Adjustments Reclassifications and Other Balance at End of Year 2016 $ 98.1 $ 20.4 $ (16.9 ) $ (3.2 ) $ (0.2 ) $ 98.2 2015 111.4 16.3 (20.3 ) (10.1 ) 0.8 98.1 2014 118.6 18.9 (15.8 ) (11.5 ) 1.2 111.4 |
Summary of Significant Accoun26
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires us 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 for the reporting period. Actual results could differ from these estimates. |
Basis of Consolidation | Basis of Consolidation The Consolidated Financial Statements include our operating results and the operating results of all of our majority-owned subsidiaries and entities in which we have a controlling financial interest. We have a controlling financial interest if we own a majority of the outstanding voting common stock and the noncontrolling shareholders do not have substantive participating rights, or we have significant control over an entity through contractual or economic interests in which we are the primary beneficiary. For subsidiaries in which we have an ownership interest of 50% or less, but more than 20%, the Consolidated Financial Statements reflect our ownership share of those earnings using the equity method of accounting. These investments, as well as certain other relationships, are also evaluated for consolidation under the accounting guidance on consolidation of variable interest entities. These investments were $145.8 and $137.9 as of December 31, 2016 and 2015 , respectively, and are included in other assets in the Consolidated Balance Sheets. Included in shareholders’ equity as of December 31, 2016 and 2015 are $88.9 and $85.4 , respectively, of unremitted earnings from investments accounted for using the equity method. All significant intercompany accounts and transactions have been eliminated in consolidation. |
Revenues | Revenues We generate revenues from sales of services by our company-owned branch operations and from fees earned on sales of services by our franchise operations. Revenues are recognized as services are performed. The majority of our revenues are generated by our recruitment business, where billings are generally negotiated and invoiced on a per-hour basis. Accordingly, as contingent workers are placed, we record revenues based on the hours worked. Permanent recruitment revenues are recorded as placements are made. Provisions for sales allowances, based on historical experience, are recognized at the time the related sale is recognized. Our franchise agreements generally state that franchise fees are calculated based on a percentage of revenues. We record franchise fee revenues monthly based on the amounts due under the franchise agreements for that month. Franchise fees, which are included in revenues from services, were $23.3 , $24.2 and $25.4 for the years ended December 31, 2016 , 2015 and 2014 , respectively. In our outplacement business, we recognize revenues from individual programs and for large projects over the estimated period in which services are rendered to candidates. In our consulting business, revenues are recognized upon the performance of the service under the consulting service contract. For performance-based contracts, we defer recognizing revenues until the performance criteria have been met. The amounts billed for outplacement, consulting services and performance-based contracts in excess of the amount recognized as revenues are recorded as deferred revenue and included in accrued liabilities for the current portion and other long-term liabilities for the long-term portion in our Consolidated Balance Sheets. As of December 31, 2016 and 2015 , the current portion of deferred revenue was $38.7 and $38.4 , respectively, and the long-term portion of deferred revenue was $2.4 and zero , respectively. The increase in these amounts is primarily related to new client contracts in 2016. W e record revenues from sales of services and the related direct costs in accordance with the accounting guidance on reporting revenue gross as a principal versus net as an agent. In situations where we act as a principal in the transaction, we report gross revenues and cost of services. When we act as an agent, we report the revenues on a net basis. Amounts billed to clients for out-of-pocket or other cost reimbursements are included in revenues from services, and the related costs are included in cost of services. |
Allowance for Doubtful Accounts | Allowance for Doubtful Accounts We have an allowance for doubtful accounts recorded as an estimate of the accounts receivable balance that may not be collected. This allowance is calculated on an entity-by-entity basis with consideration for historical write-off experience, the current aging of receivables and a specific review for potential bad debts. Items that affect this balance mainly include bad debt expense and the write-off of accounts receivable balances. Bad debt expense is recorded as selling and administrative expenses in our Consolidated Statements of Operations and was $20.4 , $16.3 and $18.9 in 2016 , 2015 and 2014 , respectively. Factors that would cause this provision to increase primarily relate to increased bankruptcies by our clients and other difficulties collecting amounts billed. On the other hand, an improved write-off experience and aging of receivables would result in a decrease to the provision. Write-offs were $16.9 , $20.3 and $15.8 for 2016 , 2015 and 2014 , respectively. |
Advertising Costs | Advertising Costs We expense production costs of advertising as they are incurred. Advertising expenses were $24.4 , $28.8 and $25.7 in 2016 , 2015 and 2014 , respectively. |
Restructuring Costs | Restructuring Costs We recorded net restructuring costs of $16.4 in 2015 in selling and administrative expenses, primarily related to severances and office closures and consolidations in multiple countries and territories. During 2016 and 2015 , we made payments of $11.9 and $12.9 , respectively, out of our restructuring reserve. We expect a majority of the remaining $4.5 reserve will be paid by the end of 2017 . Changes in the restructuring liability balances for each reportable segment and Corporate were as follows: Americas (1) Southern Europe (2) Northern Europe APME Right Management Corporate Total Balance, January 1, 2015 $1.1 $2.3 $5.8 $0.5 $2.3 $0.9 $12.9 Severance costs 2.5 — 8.6 0.9 1.1 — 13.1 Office closure costs 0.7 — 0.4 2.0 0.2 — 3.3 Costs paid or utilized (0.8 ) (0.6 ) (6.3 ) (1.7 ) (2.8 ) (0.7 ) (12.9 ) Balance, December 31, 2015 3.5 1.7 8.5 1.7 0.8 0.2 16.4 Costs paid or utilized (3.1 ) (0.4 ) (5.9 ) (1.6 ) (0.7 ) (0.2 ) (11.9 ) Balance, December 31, 2016 $0.4 $1.3 $2.6 $0.1 $0.1 $— $4.5 (1) Balance related to United States was $1.0 as of January 1, 2015. In 2015 , United States incurred $2.3 for severance costs and $0.7 for office closure costs and paid/utilized $1.1 , leaving a $2.9 liability as of December 31, 2015 . In 2016 , United States paid/utilized $2.5 , leaving a $0.4 liability as of December 31, 2016 . (2) Balance related to France was $2.1 as of January 1, 2015. In 2015 , France paid/utilized $0.6 , leaving a $1.5 liability as of December 31, 2015 . In 2016 , France paid/utilized $0.2 , leaving a $1.3 liability as of December 31, 2016 . Italy had no restructuring reserves recorded as of either January 1, 2015, December 31, 2015 or December 31, 2016 . |
Income Taxes | Income Taxes We account for income taxes in accordance with the accounting guidance on income taxes. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between financial statement carrying amounts of existing assets and liabilities and their respective tax basis, and net operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. We record a valuation allowance against deferred tax assets to reduce the assets to the amounts more likely than not to be realized. |
Fair Value Measurements | Fair Value Measurements The assets and liabilities measured and recorded at fair value on a recurring basis were as follows: Fair Value Measurements Using Fair Value Measurements Using December 31, 2016 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) December 31, 2015 Quoted Prices in Significant Significant Assets Foreign currency forward contracts $— $— $— $— $0.1 $— $0.1 $— Deferred compensation plan assets 86.8 86.8 — — 84.1 84.1 — — $86.8 $86.8 $— $— $84.2 $84.1 $0.1 $— Liabilities Foreign currency forward contracts $0.2 $— $0.2 $— $0.5 $— $0.5 $— $0.2 $— $0.2 $— $0.5 $— $0.5 $— We determine the fair value of our deferred compensation plan assets, comprised of publicly traded securities, by using market quotes as of the last day of the period. The fair value of the foreign currency forward contracts is measured at the value from either directly or indirectly observable third parties. The carrying values of cash and cash equivalents, accounts receivable, accounts payable, and other current assets and liabilities approximate their fair values because of the short-term nature of these instruments. The carrying value of our variable-rate long-term debt approximates fair value. The fair value of the Euro-denominated notes, as observable at commonly quoted intervals (Level 2 inputs), was $831.6 and $858.2 as of December 31, 2016 and 2015 , respectively, compared to a carrying value of $785.2 and $810.2 , respectively. |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets We had goodwill, finite-lived intangible assets and indefinite-lived intangible assets as follows: 2016 2015 December 31 Gross Accumulated Amortization Net Gross Accumulated Amortization Net Goodwill (1) $ 1,239.9 $ — $ 1,239.9 $ 1,257.4 $ — $ 1,257.4 Intangible assets: Finite-lived: Customer relationships 426.2 287.2 139.0 425.6 256.7 168.9 Other 17.2 12.6 4.6 16.9 9.9 7.0 443.4 299.8 143.6 442.5 266.6 175.9 Indefinite-lived: Tradenames (2) 52.0 — 52.0 54.0 — 54.0 Reacquired franchise rights 98.8 — 98.8 96.6 — 96.6 150.8 — 150.8 150.6 — 150.6 Total intangible assets $ 594.2 $ 299.8 $ 294.4 $ 593.1 $ 266.6 $ 326.5 (1) Balances were net of accumulated impairment loss of $513.4 as of both December 31, 2016 and 2015 . (2) Balances were net of accumulated impairment loss of $139.5 as of both December 31, 2016 and 2015 . Amortization expense related to intangibles was $36.0 , $32.8 and $33.4 in 2016 , 2015 and 2014 , respectively. Amortization expense expected in each of the next five years related to acquisitions completed as of December 31, 2016 is as follows: 2017 - $32.6 , 2018 - $29.7 , 2019 - $25.8 , 2020 - $20.9 and 2021 - $10.5 . The weighted-average useful lives of the customer relationships and other are 13 and 4 years, respectively. The tradenames have been assigned an indefinite life based on our expectation of renewing the tradenames, as required, without material modifications and at a minimal cost, and our expectation of positive cash flows beyond the foreseeable future. The reacquired franchise rights result from our franchise acquisitions in the United States and Canada completed prior to 2009. In accordance with the accounting guidance on goodwill and other intangible assets, we perform an annual impairment test of goodwill at our reporting unit level and indefinite-lived intangible assets at our unit of account level during the third quarter, or more frequently if events or circumstances change that would more likely than not reduce the fair value of our reporting units below their carrying value. We performed our annual impairment test of our goodwill and indefinite-lived intangible assets during the third quarter of 2016 , 2015 and 2014 , and there was no impairment of our goodwill or indefinite-lived intangible as a result of our annual tests. We utilize a two-step method for determining goodwill impairment. In the first step, we determined the fair value of each reporting unit, generally by utilizing an income approach derived from a discounted cash flow methodology. For certain of our reporting units, a combination of the income approach (weighted 75% ) and the market approach (weighted 25% ) derived from comparable public companies was utilized. The income approach is developed from management’s forecasted cash flow data. Therefore, it represents an indication of fair market value reflecting management’s internal outlook for the reporting unit. The market approach utilizes the Guideline Public Company Method to quantify the respective reporting unit’s fair value based on revenues and earnings multiples realized by similar public companies. The market approach is more volatile as an indicator of fair value as compared to the income approach. We believe that each approach has its merits. However, in the instances where we have utilized both approaches, we have weighted the income approach more heavily than the market approach because we believe that management’s assumptions generally provide greater insight into the reporting unit’s fair value. Significant assumptions used in our goodwill impairment tests during 2016 , 2015 and 2014 included: expected revenue growth rates, operating unit profit margins, working capital levels, discount rates ranging from 10.8% to 15.3% for 2016 , and a terminal value multiple. The expected future revenue growth rates and the expected operating unit profit margins were determined after considering our historical revenue growth rates and operating unit profit margins, our assessment of future market potential, and our expectations of future business performance. If the reporting unit’s fair value is less than its carrying value, we are required to perform a second step. In the second step, we allocate the fair value of the reporting unit to all of the assets and liabilities of the reporting unit, including any unrecognized intangible assets, in a “hypothetical” calculation to determine the implied fair value of the goodwill. The impairment charge, if any, is measured as the difference between the implied fair value of the goodwill and its carrying value. Under the current accounting guidance, we are also required to test our indefinite-lived intangible assets for impairment by comparing the fair value of the intangible asset with its carrying value. If the intangible asset’s fair value is less than its carrying value, an impairment loss is recognized for the difference. |
Marketable Securities | Marketable Securities We account for our marketable security investments in accordance with the accounting guidance on investments in debt and equity securities, and have historically determined that all such investments are classified as available-for-sale. Accordingly, unrealized gains and unrealized losses that are determined to be temporary, net of related income taxes, are included in accumulated other comprehensive loss, which is a separate component of shareholders’ equity. Realized gains and losses, and unrealized losses determined to be other-than-temporary, are recorded in our Consolidated Statements of Operations. We hold a 49% interest in our Swiss franchise, accounted for under the equity method of accounting, which maintained an investment portfolio with a market value of $207.0 and $202.3 as of December 31, 2016 and 2015 , respectively. This portfolio is comprised of a wide variety of European and United States debt and equity securities as well as various professionally-managed funds, all of which are classified as available-for-sale. Our share of net realized gains and losses, and declines in value determined to be other-than-temporary, are included in our Consolidated Statements of Operations. For the years ended December 31, 2016 , 2015 and 2014 , realized gains totaled $2.9 , $2.3 and $2.5 , respectively, and realized losses totaled $1.0 , $1.1 and $0.5 , respectively. Other-than-temporary impairment amounts were net gains of $0.3 and $0.2 for 2016 and 2015, respectively, as previously impaired investments were sold for a gain, and a loss of $0.1 in 2014. Our share of net unrealized gains and unrealized losses that are determined to be temporary related to these investments are included in accumulated other comprehensive loss, with the offsetting amount increasing or decreasing our investment in the franchise. |
Capitalized Software for Internal Use | Capitalized Software for Internal Use We capitalize purchased software as well as internally developed software. Internal software development costs are capitalized from the time the internal use software is considered probable of completion until the software is ready for use. Business analysis, system evaluation, selection and software maintenance costs are expensed as incurred. Capitalized software costs are amortized using the straight-line method over the estimated useful life of the software which ranges from 3 to 10 years. The net capitalized software balance of $3.2 and $5.1 as of December 31, 2016 and 2015 , respectively, is included in other assets in the Consolidated Balance Sheets. Amortization expense related to the capitalized software costs was $1.9 , $1.7 and $2.2 for 2016 , 2015 and 2014 , respectively. |
Property and Equipment | Property and Equipment A summary of property and equipment as of December 31 is as follows: 2016 2015 Land $ 5.5 $ 5.4 Buildings 16.2 16.7 Furniture, fixtures, and autos 157.6 166.6 Computer equipment 117.8 133.2 Leasehold improvements 269.9 263.5 Property and equipment $ 567.0 $ 585.4 Property and equipment are stated at cost and are depreciated using primarily the straight-line method over the following estimated useful lives: buildings - up to 40 years; furniture, fixtures, autos and computer equipment - 2 to 13 years; leasehold improvements - lesser of life of asset or expected lease term. Expenditures for renewals and betterments are capitalized whereas expenditures for repairs and maintenance are charged to income as incurred. Upon sale or disposition of property and equipment, the difference between the unamortized cost and the proceeds is recorded as either a gain or a loss and is included in our Consolidated Statements of Operations. Long-lived assets are evaluated for impairment in accordance with the provisions of the accounting guidance on the impairment or disposal of long-lived assets. |
Derivative Financial Instruments | Derivative Financial Instruments We account for our derivative instruments in accordance with the accounting guidance on derivative instruments and hedging activities. Derivative instruments are recorded on the balance sheet as either an asset or liability measured at their fair value. If the derivative is designated as a fair value hedge, the changes in the fair value of the derivative and of the hedged item attributable to the hedged risk are recognized in earnings. If the derivative is designated as a cash flow hedge, the effective portions of the changes in the fair value of the derivative are recorded as a component of accumulated other comprehensive loss and recognized in the Consolidated Statements of Operations when the hedged item affects earnings. The ineffective portions of the changes in the fair value of cash flow hedges are recognized in earnings. |
Foreign Currency Translation | Foreign Currency Translation The financial statements of our non-United States subsidiaries have been translated in accordance with the accounting guidance on foreign currency translation. Under the accounting guidance, asset and liability accounts are translated at the current exchange rates and income statement items are translated at the average exchange rates each month. The resulting translation adjustments are recorded as a component of accumulated other comprehensive loss, which is included in shareholders’ equity. A portion of our Euro-denominated notes is accounted for as a hedge of our net investment in our subsidiaries with a Euro-functional currency. For this portion of the Euro-denominated notes, since our net investment in these subsidiaries exceeds the amount of the related borrowings, net of tax, the related translation gains or losses are included as a component of accumulated other comprehensive loss. |
Shareholders' Equity | Shareholders’ Equity In July 2016, the Board of Directors authorized the repurchase of an additional 6.0 million shares of our common stock. This authorization was in addition to the October 2015 authorization to repurchase 6.0 million shares of our common stock and the December 2012 authorization to repurchase 8.0 million shares of our common stock. Share repurchases may be made from time to time through a variety of methods, including open market purchases, block transactions, privately negotiated transactions or similar facilities. In 2016, we repurchased a total of 6.6 million shares, comprised of 5.3 million shares under the 2015 authorization and 1.3 million shares under the 2016 authorization, at a total cost of $482.2 . In 2015, we repurchased a total of 6.7 million shares, comprised of 6.0 million shares under the 2012 authorization and 0.7 million shares under the 2015 authorization, at a total cost of $587.9 , including a nominal amount of shares at a cost of $7.7 that settled in January 2016. The share repurchases that settled in January were not reflected in the treasury stock in our Consolidated Balance Sheets as of December 31, 2015 . In 2014 , we repurchased 2.0 million shares under the 2012 authorization at a cost of $143.5 . As of December 31, 2016 , there were 4.8 million shares remaining authorized for repurchase under the 2016 authorization and no shares remaining under either of the 2015 or 2012 authorizations. During 2016 , 2015 and 2014 , the Board of Directors declared total cash dividends of $1.72 , $1.60 and $0.98 per share, respectively, resulting in total dividend payments of $118.4 , $121.0 and $77.3 , respectively. During the third quarter of 2015, we entered into a joint venture to expand our business in the Greater China region. We contributed a majority of the net assets of our China, Hong Kong, Macau and Taiwan operations and the noncontrolling shareholder contributed cash. The joint venture is included in our Consolidated Balance Sheets as we have a controlling financial interest. The noncontrolling equity interest is included in noncontrolling interests in total shareholders’ equity in our Consolidated Balance Sheets. Noncontrolling interests, included in total shareholders' equity in our Consolidated Balance Sheets, represent amounts related to majority-owned subsidiaries in which we have a controlling financial interest. Net earnings attributable to these noncontrolling interests were $10.1 and $6.6 for the year ended December 31, 2016 and 2015 , respectively, which were recorded as expenses in interest and other expenses in our Consolidated Statements of Operations. |
Cash and Cash Equivalents | Cash and Cash Equivalents We consider all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. |
Payroll Tax Credit | Payroll Tax Credit In January 2013, the French government passed legislation, Credit d’Impôt pour la Compétitivité et l’Emploi (“CICE”), that provides payroll tax credits based on a percentage of wages paid to employees receiving less than two-and-a-half times the French minimum wage. The payroll tax credit was equal to 4% of eligible wages in 2013, 6% of eligible wages from 2014 to 2016, and 7% starting in 2017. The CICE payroll tax credit is accounted for as a reduction of our cost of services in the period earned. The payroll tax credit is creditable against our current French income tax payable, with any remaining amount being paid after three years. Given the amount of our current income taxes payable, we would generally receive the vast majority of these payroll tax credits after the three-year period. In March 2016 and July 2015, we entered into an agreement to sell a portion of the credits earned in 2015 and 2014, respectively, for net proceeds of $143.1 ( €129.9 ) and $132.8 ( €120.1 ), respectively. We derecognized these receivables upon the sale as the terms of the agreement are such that the transaction qualifies for sale treatment according to the accounting guidance on the transfer and servicing of assets. The discount on the sale of these receivables was recorded as a reduction of the payroll tax credits earned in the respective years in cost of services. |
Recently Issued Accounting Standards | Recently Issued Accounting Standards In May 2014, the FASB issued new accounting guidance on revenue from contracts with customers. The core principle of this amendment is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. As amended, the new guidance is effective for us in 2018 and can be adopted either retrospectively to each prior reporting period presented or as a cumulative-effect adjustment as of the date of adoption, with early adoption permitted, but not before 2017. We are currently working through an adoption plan and completed a preliminary analysis of how we currently recognize revenue compared to the accounting treatment required under the new guidance. We will complete our adoption plan in the first half of 2017. This plan includes a review of client contracts and revenue transactions to determine the impact of the accounting treatment under the new guidance, evaluation of the adoption method, and completing a rollout plan for the new guidance. Based on our preliminary analysis, we currently do not believe the adoption of this guidance will have a material impact on our Consolidated Financial Statements. We will continue to evaluate the impact of this guidance on our Consolidated Financial Statements and our preliminary assessments are subject to change. We plan to adopt the new guidance beginning January 1, 2018. In September 2015, the FASB issued new accounting guidance on business combinations. The new guidance eliminates the requirement to restate prior period financial statements for measurement period adjustments following a business combination. It requires that the cumulative impact of a measurement period adjustment (including the impact on prior periods) be recognized in the reporting period in which the adjustment is identified. The prior period impact of the adjustment should be either presented separately on the face of the income statement or disclosed in the notes. We adopted this guidance effective January 1, 2016. There was no impact of this adoption on our Consolidated Financial Statements. In January 2016, the FASB issued new accounting guidance on financial instruments. The new guidance changes the accounting for equity investments, financial liability under the fair value option and the presentation and disclosure requirements for financial instruments. The guidance is effective for us in 2018. We are currently assessing the impact of the adoption of this guidance on our Consolidated Financial Statements. In February 2016, the FASB issued new accounting guidance on leases. The new guidance requires that a lessee recognize assets and liabilities on the balance sheet for leases with lease terms longer than 12 months. The recognition, measurement and presentation of lease expenses and cash flows by a lessee will depend on its classification as a finance or operating lease. The guidance also includes new disclosure requirements providing information on the amounts recorded in the financial statements. The new guidance is effective for us in 2019. We are currently assessing the impact of the adoption of this guidance on our Consolidated Financial Statements. In March 2016, the FASB issued new accounting guidance on employee share-based payment accounting. The new guidance is intended to simplify various aspects of the accounting for employee share-based payments, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The new guidance is effective for us in 2017. We do not expect the adoption of this guidance to have a material impact on our Consolidated Financial Statements. In June 2016, the FASB issued new accounting guidance on financial instruments. The new guidance requires an application of an impairment model known as the current expected credit loss ("CECL") model to certain financial instruments. Using the CECL model, an entity recognizes an allowance for expected credit losses based on historical experience, current conditions, and forecasted information rather than the current methodology of delaying recognition of credit losses until it is probable a loss has been incurred. The new guidance is effective for us in 2020. We do not expect the adoption of this guidance to have a material impact on our Consolidated Financial Statements. In August 2016, the FASB issued new accounting guidance on the cash flow statement. The new guidance is intended to reduce diversity in practice in how certain transactions are classified in the statement of cash flows. The new guidance is effective for us in 2018. We do not expect the adoption of this guidance to have a material impact on our Consolidated Financial Statements. In October 2016, the FASB issued new accounting guidance on tax accounting for intra-entity asset transfers. Under current GAAP, the tax effects of intra-entity asset transfers are deferred until the transferred asset is sold to a third party or otherwise recovered through use, which is an exception to the principle that generally requires comprehensive recognition of current and deferred income taxes. The new guidance eliminates the exception for all intra-entity sales of assets other than inventory. As a result, an entity would recognize the tax expense from the sale of the asset in the seller’s tax jurisdiction when the transfer occurs, and any deferred tax asset that arises in the buyer’s jurisdiction would also be recognized even though the pre-tax effects of that transaction are eliminated in consolidation. The guidance is effective for us in 2018. We are currently assessing the impact of the adoption of this guidance on our Consolidated Financial Statements. In October 2016, the FASB issued new accounting guidance on consolidation. The new guidance amends the consolidation requirements that apply to a single decision maker’s evaluation of interests held through related parties that are under common control when it is determining whether it is the primary beneficiary of a variable interest entity (“VIE”). Under the new guidance, a reporting entity considers its indirect economic interests in a VIE held through related parties that are under common control on a proportionate basis, in a manner consistent with its consideration of its indirect economic interests held through related parties that are not under common control. The guidance is effective for us in 2017. We do not expect the adoption of this guidance to have a material impact on our Consolidated Financial Statements. In January 2017, the FASB issued new guidance that revises the definition of a business. An integrated set of activities and assets (a “set”) is a business if it has, at a minimum, an input and a substantive process that together significantly contribute to the ability to create outputs. The new guidance provides a framework to evaluate when an input and a substantive process are present. To be a business without outputs, there will now need to be an organized workforce. The FASB noted that outputs are a key element of a business and included more stringent criteria for sets without outputs. The guidance is effective for us in 2018. We do not expect the adoption of this guidance to have a material impact on our Consolidated Financial Statements. In January 2017, the FASB issued new guidance that simplifies the accounting for goodwill impairment. The new guidance removes Step 2 of the goodwill impairment test, which requires a hypothetical purchase price allocation. A goodwill impairment will now be the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. All other goodwill impairment guidance will remain largely unchanged. The guidance is effective for us in 2020; however an early adoption is permitted for any impairment tests performed after January 1, 2017. We do not expect the adoption of this guidance to have a material impact on our Consolidated Financial Statements. |
Subsequent Events | Subsequent Events We have evaluated events and transactions occurring after the balance sheet date through our filing date and noted no events that are subject to recognition or disclosure. |
Summary of Significant Accoun27
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Schedule of changes in restructuring liability balance by segment | Changes in the restructuring liability balances for each reportable segment and Corporate were as follows: Americas (1) Southern Europe (2) Northern Europe APME Right Management Corporate Total Balance, January 1, 2015 $1.1 $2.3 $5.8 $0.5 $2.3 $0.9 $12.9 Severance costs 2.5 — 8.6 0.9 1.1 — 13.1 Office closure costs 0.7 — 0.4 2.0 0.2 — 3.3 Costs paid or utilized (0.8 ) (0.6 ) (6.3 ) (1.7 ) (2.8 ) (0.7 ) (12.9 ) Balance, December 31, 2015 3.5 1.7 8.5 1.7 0.8 0.2 16.4 Costs paid or utilized (3.1 ) (0.4 ) (5.9 ) (1.6 ) (0.7 ) (0.2 ) (11.9 ) Balance, December 31, 2016 $0.4 $1.3 $2.6 $0.1 $0.1 $— $4.5 (1) Balance related to United States was $1.0 as of January 1, 2015. In 2015 , United States incurred $2.3 for severance costs and $0.7 for office closure costs and paid/utilized $1.1 , leaving a $2.9 liability as of December 31, 2015 . In 2016 , United States paid/utilized $2.5 , leaving a $0.4 liability as of December 31, 2016 . (2) Balance related to France was $2.1 as of January 1, 2015. In 2015 , France paid/utilized $0.6 , leaving a $1.5 liability as of December 31, 2015 . In 2016 , France paid/utilized $0.2 , leaving a $1.3 liability as of December 31, 2016 . Italy had no restructuring reserves recorded as of either January 1, 2015, December 31, 2015 or December 31, 2016 . |
Schedule of fair value of assets and liabilities measured on a recurring basis | The assets and liabilities measured and recorded at fair value on a recurring basis were as follows: Fair Value Measurements Using Fair Value Measurements Using December 31, 2016 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) December 31, 2015 Quoted Prices in Significant Significant Assets Foreign currency forward contracts $— $— $— $— $0.1 $— $0.1 $— Deferred compensation plan assets 86.8 86.8 — — 84.1 84.1 — — $86.8 $86.8 $— $— $84.2 $84.1 $0.1 $— Liabilities Foreign currency forward contracts $0.2 $— $0.2 $— $0.5 $— $0.5 $— $0.2 $— $0.2 $— $0.5 $— $0.5 $— |
Schedule of goodwill, finite-lived intangible assets and indefinite-lived intangible assets | We had goodwill, finite-lived intangible assets and indefinite-lived intangible assets as follows: 2016 2015 December 31 Gross Accumulated Amortization Net Gross Accumulated Amortization Net Goodwill (1) $ 1,239.9 $ — $ 1,239.9 $ 1,257.4 $ — $ 1,257.4 Intangible assets: Finite-lived: Customer relationships 426.2 287.2 139.0 425.6 256.7 168.9 Other 17.2 12.6 4.6 16.9 9.9 7.0 443.4 299.8 143.6 442.5 266.6 175.9 Indefinite-lived: Tradenames (2) 52.0 — 52.0 54.0 — 54.0 Reacquired franchise rights 98.8 — 98.8 96.6 — 96.6 150.8 — 150.8 150.6 — 150.6 Total intangible assets $ 594.2 $ 299.8 $ 294.4 $ 593.1 $ 266.6 $ 326.5 (1) Balances were net of accumulated impairment loss of $513.4 as of both December 31, 2016 and 2015 . (2) Balances were net of accumulated impairment loss of $139.5 as of both December 31, 2016 and 2015 . |
Summary of property and equipment | A summary of property and equipment as of December 31 is as follows: 2016 2015 Land $ 5.5 $ 5.4 Buildings 16.2 16.7 Furniture, fixtures, and autos 157.6 166.6 Computer equipment 117.8 133.2 Leasehold improvements 269.9 263.5 Property and equipment $ 567.0 $ 585.4 |
Share-Based Compensation Plans
Share-Based Compensation Plans (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of stock option activity | A summary of stock option activity is as follows: Shares (000) Wtd. Avg. Exercise Price Per Share Wtd. Avg. Remaining Contractual Term (years) Aggregate Intrinsic Value (in millions) Outstanding, January 1, 2014 2,783 $57 Granted 204 77 Exercised (473 ) 53 $13 Expired or cancelled (30 ) 43 Outstanding, December 31, 2014 2,484 $59 4.7 $28 Vested or expected to vest, December 31, 2014 2,476 $59 4.5 Exercisable, December 31, 2014 1,957 $59 3.7 $23 Outstanding, January 1, 2015 2,484 $59 Granted 147 77 Exercised (1,255 ) 56 $39 Expired or cancelled (104 ) 56 Outstanding, December 31, 2015 1,272 $64 5.2 $26 Vested or expected to vest, December 31, 2015 1,267 $64 5.2 Exercisable, December 31, 2015 911 $62 4.0 $20 Outstanding, January 1, 2016 1,272 $64 Granted 166 75 Exercised (279 ) 63 $5 Expired or cancelled (32 ) 67 Outstanding, December 31, 2016 1,127 $66 4.9 $26 Vested or expected to vest, December 31, 2016 1,122 $66 4.9 Exercisable, December 31, 2016 756 $62 3.3 $20 |
Schedule of options outstanding and exercisable | Options outstanding and exercisable as of December 31, 2016 were as follows: Options Outstanding Options Exercisable Exercise Price Shares (000) Weighted- Average Remaining Contractual Life (years) Weighted- Average Exercise Price Shares (000) Weighted-Average Exercise Price $27-$36 32 2.1 $31 32 $31 $37-$48 70 3.9 45 70 45 $49-$58 306 3.5 54 270 54 $59-$93 719 5.7 75 384 74 1,127 4.9 $66 756 $62 |
Assumptions used to estimate fair value of share awards | We estimated the fair value of each stock option on the date of grant using the Black-Scholes option pricing model and the following assumptions: Year Ended December 31 2016 2015 2014 Average risk-free interest rate 1.4 % 1.6 % 1.8 % Expected dividend yield 2.1 % 1.5 % 1.2 % Expected volatility 33.0 % 32.0 % 37.0 % Expected term (years) 6.0 6.0 5.9 |
Summary of restricted stock activity | A summary of restricted stock activity is as follows: Shares (000) Wtd. Avg. Price Per Share Wtd. Avg. Remaining Contractual Term (years) Aggregate Intrinsic Value (in millions) Unvested, January 1, 2014 627 $54 1.3 Granted 169 77 Vested (283 ) 63 Forfeited (50 ) 53 Unvested, December 31, 2014 463 $57 1.2 Granted 179 $76 Vested (217 ) 59 Forfeited (20 ) 60 Unvested, December 31, 2015 405 $64 1.3 Granted 232 $75 Vested (172 ) 62 Forfeited (14 ) 76 Unvested, December 31, 2016 451 $70 1.4 $40 |
Summary of performance share units detail by grant year | A summary of the performance share units detail by grant year is as follows: 2013 2014 2015 2016 Grant Date(s) February 14, 2013 February 11, February 11, 2015 February 16, 2016 Performance Period (years) 2013 2014-2016 2015-2017 2016-2018 Vesting Date(s) 50% on December 31, 2014 and 2015 100% in (a) 100% in (a) 100% in February, 2019 (a) Payout Levels (in units): Threshold Award 76,120 94,608 82,298 65,141 Target Award 152,240 189,215 164,595 130,282 Outstanding Award 304,480 378,430 329,190 260,564 Units Forfeited in 2016 (at Target Award level) — 10,928 7,796 — Shares Issued in 2016 56,059 — — — (a) 2014, 2015 and 2016 awards are scheduled to vest in February 2017, 2018, and 2019, respectively, when the Executive Compensation and Human Resources Committee of the Board of Directors determines the achievement of the performance criteria. |
Net Earnings Per Share (Tables)
Net Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Calculation of net earnings per share - basic and net earnings per share - diluted | The calculation of net earnings per share - basic and net earnings per share - diluted were as follows: Year Ended December 31 2016 2015 2014 Net earnings available to common shareholders: $443.7 $419.2 $427.6 Weighted-average common shares outstanding (in millions): Weighted-average common shares outstanding - basic 70.1 76.8 79.5 Effect of dilutive securities - stock options 0.2 0.5 0.6 Effect of other share-based awards 0.5 0.4 0.6 Weighted-average common shares outstanding - diluted 70.8 77.7 80.7 Net earnings per share - basic $6.33 $5.46 $5.38 Net earnings per share - diluted $6.27 $5.40 $5.30 |
Schedule of antidilutive awards | The number, exercise prices and weighted-average remaining life of these antidilutive awards were as follows: 2016 2015 2014 Shares (in thousands) 20 20 692 Exercise price ranges $93 93 $76-$93 Weighted-average remaining life 0.4 years 1.4 years 4.1 years |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Schedule of provision for income taxes | The provision for income taxes was as follows: Year Ended December 31 2016 2015 2014 Current United States Federal $35.6 ($8.4 ) $44.8 State 4.0 — 7.0 Non-United States 144.0 158.7 148.2 Total current 183.6 150.3 200.0 Deferred United States Federal 69.7 92.9 53.2 State 0.5 1.8 (1.9 ) Non-United States 3.8 (3.5 ) 2.7 Total deferred 74.0 91.2 54.0 Total provision $257.6 $241.5 $254.0 |
Schedule of effective income tax rate reconciliation | A reconciliation between taxes computed at the United States Federal statutory rate of 35% and the consolidated effective tax rate is as follows: Year Ended December 31 2016 2015 2014 Income tax based on statutory rate $245.5 $231.2 $238.6 Increase (decrease) resulting from: Non-United States tax rate difference 17.5 20.4 20.1 Repatriation of non-United States earnings (10.5 ) (16.9 ) (10.1 ) State income taxes, net of Federal benefit 2.2 2.7 2.9 Change in valuation allowance (6.0 ) 3.3 5.0 Other, net 8.9 0.8 (2.5 ) Tax provision $257.6 $241.5 $254.0 |
Components of future income tax benefits (expense) | Deferred income taxes are recorded on temporary differences at the tax rate expected to be in effect when the temporary differences reverse. Temporary differences, which gave rise to the deferred taxes, were as follows: December 31 2016 2015 Future Income Tax (Expense) Benefits Accrued payroll taxes and insurance $30.6 $31.5 Employee compensation payable 26.6 31.7 Pension and postretirement benefits 60.7 57.5 Intangible assets (146.8 ) (144.7 ) Repatriation of non-United States earnings (164.8 ) (132.0 ) Intercompany loans denominated in foreign currencies (74.2 ) (61.2 ) Net operating losses 92.7 106.5 Other 120.7 133.1 Valuation allowance (86.3 ) (95.9 ) Total future tax expense ($140.8 ) ($73.5 ) Deferred tax asset 81.4 83.9 Deferred tax liability (222.2 ) (157.4 ) Total future tax expense ($140.8 ) ($73.5 ) |
Summary of net operating loss carryforwards | The net operating loss carryforwards expire as follows: United States Federal and Non-United States United States State 2017 $1.1 $3.8 2018 1.3 5.5 2019 7.0 3.8 2020 3.3 — 2021 4.4 — Thereafter 23.4 243.7 No expirations 309.5 — Total net operating loss carryforwards $350.0 $256.8 |
Summary of unrecognized tax benefit activity | The following table summarizes the activity related to our unrecognized tax benefits during 2016 , 2015 and 2014 : 2016 2015 2014 Gross unrecognized tax benefits, beginning of year $19.0 $23.0 $23.9 Increases in prior year tax positions 4.1 2.3 0.7 Decreases in prior year tax positions (1.7 ) (0.5 ) (1.2 ) Increases for current year tax positions 4.1 3.1 2.2 Expiration of statute of limitations and audit settlements (1.7 ) (8.9 ) (2.6 ) Gross unrecognized tax benefits, end of year $23.8 $19.0 $23.0 Potential interest and penalties 20.2 19.9 7.8 Balance, end of year $44.0 $38.9 $30.8 |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Changes in goodwill by reportable segment and corporate | Changes in the carrying value of goodwill by reportable segment and Corporate were as follows: Americas (1) Southern Europe (2)(3) Northern Europe (3) APME Right Management Corporate (4) Total (5) Balance, January 1, 2015 $ 466.3 $ 102.5 $ 309.3 $ 70.1 $ 62.1 $ 64.9 $ 1,075.2 Goodwill acquired 52.9 2.6 163.3 9.2 — — 228.0 Currency impact and other (3.5 ) (7.9 ) (30.7 ) (3.7 ) — — (45.8 ) Balance, December 31, 2015 515.7 97.2 441.9 75.6 62.1 64.9 1,257.4 Goodwill acquired — — 22.3 1.5 — 0.6 24.4 Currency impact and other 0.7 (0.2 ) (42.3 ) (0.1 ) — — (41.9 ) Balance, December 31, 2016 $ 516.4 $ 97.0 $ 421.9 $ 77.0 $ 62.1 $ 65.5 $ 1,239.9 (1) Balances related to United States were $450.4 , $476.9 and $476.5 as of January 1, 2015 , December 31, 2015 and December 31, 2016 , respectively. (2) Balances related to France were $76.9 , $69.0 and $66.8 as of January 1, 2015 , December 31, 2015 and December 31, 2016 , respectively. Balances related to Italy were $5.0 , $4.5 and $4.4 as of January 1, 2015 , December 31, 2015 and December 31, 2016 , respectively. (3) Balance reflects realignment of our organizational structure in Europe as of January 1, 2016. See Note 14 to the Consolidated Financial Statements for further information. (4) The majority of the Corporate balance as of December 31, 2016 relates to goodwill attributable to our acquisition of Jefferson Wells ( $55.5 ) which is part of the United States reporting unit. For purposes of monitoring our total assets by segment, we do not allocate the Corporate balance to the respective reportable segments. We do, however, include these balances within the appropriate reporting units for our goodwill impairment testing. See the table below for the breakout of goodwill balances by reporting unit. (5) Balances were net of accumulated impairment loss of $513.4 as of January 1, 2015 , December 31, 2015 and December 31, 2016 . |
Schedule of goodwill balances by reporting unit | Goodwill balances by reporting unit were as follows: December 31 2016 2015 United States $532.0 $532.4 Germany 121.4 127.1 Netherlands 110.9 98.7 United Kingdom 81.4 101.1 France 66.8 69.0 Right Management 62.1 62.1 Other reporting units 265.3 267.0 Total goodwill $1,239.9 $1,257.4 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of short-term borrowings | Information concerning short-term borrowings is as follows: December 31 2016 2015 Short-term borrowings $39.5 $38.2 Weighted-average interest rates 11.1 % 17.8 % |
Summary of long-term debt | A summary of long-term debt is as follows: December 31 2016 2015 Euro-denominated notes: €400 due September 2022 $417.7 $431.0 €350 due June 2018 367.5 379.2 Other 0.7 6.7 785.9 816.9 Less — current maturities 0.3 6.0 Long-term debt $785.6 $810.9 |
Retirement and Deferred Compe33
Retirement and Deferred Compensation Plans (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule of projected future benefit payments | Projected benefit payments from the plans as of December 31, 2016 were estimated as follows: Year Pension Plans Retiree Health Care Plan 2017 $10.1 $1.3 2018 10.9 1.2 2019 11.4 1.2 2020 12.7 1.1 2021 13.8 1.1 2022–2026 89.0 5.2 Total projected benefit payments $147.9 $11.1 |
Pension plans | |
Defined Benefit Plan Disclosure [Line Items] | |
Reconciliation of changes in benefit obligations and the statement of funded status of plan | The reconciliation of the changes in the plans’ benefit obligations and the fair value of plan assets and the funded status of the plans are as follows: United States Plans Non-United States Plans Year Ended December 31 2016 2015 2016 2015 Change in Benefit Obligation Benefit obligation, beginning of year $53.1 $56.6 $326.1 $385.4 Service cost — — 8.0 7.2 Interest cost 1.8 2.1 10.0 10.6 Curtailment and settlement — — (29.0 ) — Transfers — — 105.4 5.2 Actuarial loss (gain) 2.2 (1.7 ) 39.8 (43.2 ) Plan participant contributions — — 0.2 0.2 Benefits paid (4.0 ) (3.9 ) (7.7 ) (8.1 ) Currency exchange rate changes — — (36.8 ) (31.2 ) Benefit obligation, end of year $53.1 $53.1 $416.0 $326.1 United States Plans Non-United States Plans Year Ended December 31 2016 2015 2016 2015 Change in Plan Assets Fair value of plan assets, beginning of year $37.2 $40.6 $314.7 $349.1 Actual return on plan assets 1.7 (1.8 ) 44.6 (8.3 ) Settlement — — (26.1 ) — Transfers — — 34.9 — Plan participant contributions — — 0.2 0.2 Company contributions 2.4 2.3 0.5 8.5 Benefits paid (4.0 ) (3.9 ) (7.7 ) (8.1 ) Currency exchange rate changes — — (36.6 ) (26.7 ) Fair value of plan assets, end of year $37.3 $37.2 $324.5 $314.7 Funded Status at End of Year Funded status, end of year ($15.8 ) ($15.9 ) ($91.5 ) ($11.4 ) Amounts Recognized Noncurrent assets $14.3 $14.3 $30.4 $47.9 Current liabilities (2.5 ) (2.4 ) (0.8 ) (0.3 ) Noncurrent liabilities (27.6 ) (27.8 ) (121.1 ) (59.0 ) Net amount recognized ($15.8 ) ($15.9 ) ($91.5 ) ($11.4 ) |
Schedule of amounts recognized in accumulated other comprehensive loss, net of tax | Amounts recognized in accumulated other comprehensive loss, net of tax, consisted of: United States Plans Non-United States Plans Year Ended December 31 2016 2015 2016 2015 Net loss $13.0 $11.8 $32.7 $15.9 Prior service cost — — 4.7 4.9 Total $13.0 $11.8 $37.4 $20.8 |
Schedule of plans with accumulated benefit obligations in excess of fair value of plan assets | The accumulated benefit obligation for certain of our plans exceeded the fair value of plan assets as follows: December 31 2016 2015 Accumulated benefit obligation $107.9 $10.2 Plan assets 47.9 9.6 |
Schedule of plans with projected benefit obligation in excess of fair value of plan assets | The projected benefit obligation for certain of our plans exceeded the fair value of plan assets as follows: December 31 2016 2015 Projected benefit obligation $113.9 $48.4 Plan assets 47.9 39.4 |
Schedule of components of net periodic benefit cost and other amounts recognized in other comprehensive loss | The components of the net periodic benefit cost and other amounts recognized in other comprehensive loss for all plans were as follows: Year Ended December 31 2016 2015 2014 Net Periodic Benefit Cost Service cost $8.0 $7.2 $8.3 Interest cost 11.8 12.7 15.8 Expected return on assets (10.9 ) (12.9 ) (15.6 ) Curtailment and settlement (6.9 ) — — Net loss 1.0 4.0 3.5 Prior service cost 0.4 0.4 0.6 Net periodic benefit cost 3.4 11.4 12.6 Other Changes in Plan Assets and Benefit Obligation Recognized in Other Comprehensive Loss Net loss (gain) 24.7 (22.9 ) 23.5 Prior service cost — — 1.3 Amortization of net loss (1.0 ) (4.0 ) (3.5 ) Amortization of prior service cost (0.4 ) (0.4 ) (0.6 ) Total recognized in other comprehensive loss 23.3 (27.3 ) 20.7 Total recognized in net periodic benefit cost and other comprehensive loss $26.7 ($15.9 ) $33.3 |
Schedule of weighted-average assumptions used in measurement of benefit obligation and net periodic benefit cost | The weighted-average assumptions used in the measurement of the benefit obligation were as follows: United States Plans Non-United States Plans Year Ended December 31 2016 2015 2016 2015 Discount rate 4.0 % 4.3 % 2.2 % 3.2 % Rate of compensation increase 3.0 % 3.0 % 1.7 % 2.2 % The weighted-average assumptions used in the measurement of the net periodic benefit cost were as follows: United States Plans Non-United States Plans Year Ended December 31 2016 2015 2014 2016 2015 2014 Discount rate - service cost 4.4 % 3.9 % 4.6 % 3.2 % 2.9 % 4.1 % Discount rate - interest cost 3.4 % 3.9 % 4.6 % 3.2 % 2.9 % 4.1 % Expected long-term return on plan assets 5.3 % 5.5 % 6.0 % 3.4 % 3.2 % 4.5 % Rate of compensation increase 3.0 % 3.0 % 3.0 % 2.2 % 2.6 % 3.8 % |
Schedule of fair value of plan assets by asset category | The fair value of our pension plan assets by asset category was as follows: United States Plans Non-United States Plans Fair Value Measurements Using Fair Value Measurements Using December 31, Quoted Significant Significant December 31, Quoted Significant Significant Asset Category Cash and cash equivalents (1) $0.2 $— $0.2 $— $9.7 $9.2 $0.5 $— Equity securities: United States companies 12.1 12.1 — — — — — — International companies — — — — 17.7 17.7 — — Fixed income securities: Government bonds (2) 14.7 — 14.7 — 27.5 — 27.5 — Corporate bonds 10.3 — 10.3 — 49.6 — 49.6 — Guaranteed insurance contracts — — — — 14.2 — 14.2 — Annuity contract — — — — 49.5 — 49.5 — Other types of investments: Unitized funds (3) — — — — 23.1 23.1 — — Real estate funds — — — — 7.0 — 7.0 — Common contractual funds — — — — 25.9 — — 25.9 Insurance contracts — — — — 100.3 — — 100.3 $37.3 $12.1 $25.2 $— $324.5 $50.0 $148.3 $126.2 (1)This category includes a prime obligations money market portfolio. (2)This category includes United States Treasury/Federal agency securities and foreign government securities. (3)This category includes investments in approximately 60% equity securities, 30% fixed income securities and 10% cash. United States Plans Non-United States Plans Fair Value Measurements Using Fair Value Measurements Using December 31, 2015 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) December 31, Quoted Significant Significant Asset Category Cash and cash equivalents (1) $0.4 $— $0.4 $— $0.4 $0.4 $— $— Equity securities: United States companies 12.7 12.7 — — — — — — International companies — — — — 17.8 17.8 — — Fixed income securities: Government bonds (2) 16.9 — 16.9 — 47.8 47.8 — — Corporate bonds 7.2 — 7.2 — 31.2 31.2 — — Guaranteed insurance contracts — — — — 38.9 — 38.9 — Annuity contract — — — — 51.9 — 51.9 — Other types of investments: Unitized funds (3) — — — — 26.4 26.4 — — Real estate funds — — — — 8.3 — 8.3 — Insurance contracts — — — — 92.0 — — 92.0 $37.2 $12.7 $24.5 $— $314.7 $123.6 $99.1 $92.0 (1) This category includes a prime obligations money market portfolio. (2) This category includes United States Treasury/Federal agency securities and foreign government securities. (3) This category includes investments in approximately 50% equity securities, 40% fixed income securities and 10% cash. |
Schedule of changes in fair values of common contractual funds and insurance contracts | The following table summarizes the changes in fair value of the pension assets that are measured using Level 3 inputs. In 2016, we transferred in common contractual funds as part of the pension assets associated with the new German plan. We determine that transfers between fair-value-measurement levels occur on the date of the event that caused the transfer. Year Ended December 31 2016 2015 Balance, beginning of year $92.0 $104.9 Transfers 27.3 — Actual return on plan assets 13.9 (2.2 ) Purchases, sales and settlements, net (2.1 ) — Currency exchange rate changes (4.9 ) (10.7 ) Balance, end of year $126.2 $92.0 |
Retiree Health Care Plan | |
Defined Benefit Plan Disclosure [Line Items] | |
Reconciliation of changes in benefit obligations and the statement of funded status of plan | The reconciliation of the changes in the plan’s benefit obligation and the statement of the funded status of the plan were as follows: Year Ended December 31 2016 2015 Change in Benefit Obligation Benefit obligation, beginning of year $16.4 $17.8 Interest cost 0.7 0.7 Actuarial loss (gain) 0.2 (0.5 ) Benefits paid (1.7 ) (1.6 ) Benefit obligation, end of year $15.6 $16.4 Funded Status at End of Year Funded status, end of year ($15.6 ) ($16.4 ) Amounts Recognized Current liabilities ($1.3 ) ($1.3 ) Noncurrent liabilities (14.3 ) (15.1 ) Net amount recognized ($15.6 ) ($16.4 ) |
Schedule of components of net periodic benefit cost and other amounts recognized in other comprehensive loss | The components of net periodic benefit cost and other amounts recognized in other comprehensive loss for this plan were as follows: 2016 2015 2014 Net Periodic Benefit Cost Interest cost $0.7 $0.7 $0.8 Net loss 0.1 0.1 0.1 Prior service credit (0.8 ) (0.8 ) (0.8 ) Net periodic benefit cost — — 0.1 Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Loss Net loss (gain) 0.2 (0.5 ) 0.2 Amortization of net loss (0.1 ) (0.1 ) (0.1 ) Amortization of prior service credit 0.8 0.8 0.8 Total recognized in other comprehensive loss 0.9 0.2 0.9 Total recognized in net periodic benefit cost and other comprehensive loss $0.9 $0.2 $1.0 |
Schedule of effect of one-percentage-point change in assumed health care cost trend rates | A one-percentage point change in the assumed health care cost trend rate would have the following effects: 1% Increase 1% Decrease Effect on total of service and interest cost components $— $— Effect on benefit obligation 0.3 (0.2 ) |
Accumulated Other Comprehensi34
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Schedule of components of accumulated other comprehensive loss, net of tax | The components of accumulated other comprehensive loss, net of tax, were as follows: December 31 2016 2015 Foreign currency translation $ (289.1 ) $ (209.2 ) Translation gain on net investment hedge, net of income taxes of $11.2 and $2.8, respectively 24.8 10.0 Translation loss on long-term intercompany loans (133.7 ) (75.5 ) Unrealized gain on investments, net of income taxes of $4.2 and $3.8, respectively 18.6 17.0 Defined benefit pension plans, net of income taxes of $(27.8) and $(22.3), respectively (50.4 ) (32.6 ) Retiree health care plan, net of income taxes of $2.1 and $2.4 in 2016 and 2015, respectively 3.7 4.3 Accumulated other comprehensive loss $ (426.1 ) $ (286.0 ) |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Leases [Abstract] | |
Schedule of future minimum payments under noncancelable operating leases | Future minimum payments, by year and in the aggregate, under noncancelable operating leases with any remaining terms consisted of the following as of December 31, 2016 : Year 2017 $156.4 2018 119.5 2019 90.1 2020 69.4 2021 56.2 Thereafter 100.7 Total minimum lease payments $592.3 |
Interest and Other Expenses (Ta
Interest and Other Expenses (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Other Nonoperating Income (Expense) [Abstract] | |
Schedule of interest and other expenses | Interest and other expenses consisted of the following: Year Ended December 31 2016 2015 2014 Interest expense $37.9 $36.0 $35.9 Interest income (3.6 ) (2.5 ) (4.4 ) Foreign exchange loss (gain) 2.8 (4.7 ) (2.2 ) Miscellaneous expense (income), net 12.4 (0.6 ) 9.0 Interest and other expenses $49.5 $28.2 $38.3 |
Segment Data (Tables)
Segment Data (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Schedule of segment information - revenues from services, operating unit profit | Year Ended December 31 2016 2015 2014 Revenues from Services (a) Americas: United States (b) $ 2,836.8 $ 3,005.8 $ 3,086.4 Other Americas 1,460.4 1,486.2 1,497.3 4,297.2 4,492.0 4,583.7 Southern Europe: France 4,837.4 4,661.3 5,351.6 Italy 1,167.7 1,226.1 1,178.8 Other Southern Europe 1,492.5 1,404.1 1,502.1 7,497.6 7,291.5 8,032.5 Northern Europe 5,129.1 5,033.7 5,525.3 APME 2,471.3 2,239.1 2,327.1 Right Management 258.9 273.6 294.2 $ 19,654.1 $ 19,329.9 $ 20,762.8 Operating Unit Profit Americas: United States $ 142.9 $ 143.8 $ 125.4 Other Americas 53.6 57.0 56.2 196.5 200.8 181.6 Southern Europe: France 250.6 258.8 275.5 Italy 79.1 70.9 64.2 Other Southern Europe 47.2 39.9 42.9 376.9 369.6 382.6 Northern Europe 173.0 144.7 177.2 APME 88.5 79.3 84.2 Right Management 44.7 38.3 33.5 879.6 832.7 859.1 Corporate expenses (92.8 ) (111.0 ) (105.8 ) Intangible asset amortization expense (c) (36.0 ) (32.8 ) (33.4 ) Interest and other expenses (49.5 ) (28.2 ) (38.3 ) Earnings before income taxes $ 701.3 $ 660.7 $ 681.6 (a) Further breakdown of revenues from services by geographical region was as follows: Revenues from Services 2016 2015 2014 United States $ 2,950.2 $ 3,115.6 $ 3,190.6 France 4,857.3 4,684.1 5,378.6 Italy 1,170.7 1,230.2 1,183.4 United Kingdom 1,819.7 2,118.4 2,168.6 Total Foreign 16,703.9 16,214.3 17,572.2 (b) The United States revenues above represent revenues from our company-owned branches and franchise fees received from our franchise operations, which were $15.1 , $15.2 and $16.1 for 2016 , 2015 and 2014 , respectively. (c) Intangible asset amortization related to acquisitions is excluded from operating costs within the reportable segments and corporate expenses, and shown separately. |
Schedule of revenues from services by geographical region | Further breakdown of revenues from services by geographical region was as follows: Revenues from Services 2016 2015 2014 United States $ 2,950.2 $ 3,115.6 $ 3,190.6 France 4,857.3 4,684.1 5,378.6 Italy 1,170.7 1,230.2 1,183.4 United Kingdom 1,819.7 2,118.4 2,168.6 Total Foreign 16,703.9 16,214.3 17,572.2 |
Schedule of segment information - depreciation and amortization expense, earnings from equity investment, total assets, equity investments, long-lived assets and additions to long-lived assets | Year Ended December 31 2016 2015 2014 Depreciation and Amortization Expense Americas: United States $ 9.9 $ 9.3 $ 9.4 Other Americas 2.7 2.9 4.1 12.6 12.2 13.5 Southern Europe: France 11.0 10.1 13.0 Italy 1.9 1.9 2.4 Other Southern Europe 3.5 3.2 3.2 16.4 15.2 18.6 Northern Europe 10.9 8.9 10.2 APME 5.3 4.7 4.4 Right Management 3.9 3.7 3.6 Corporate expenses 0.2 0.2 0.1 Amortization of intangible assets (a) 36.0 32.8 33.4 $ 85.3 $ 77.7 $ 83.8 Earnings from Equity Investments Americas: United States $ — $ — $ — Other Americas — — — — — — Southern Europe: France — 0.4 0.4 Italy — — — Other Southern Europe 3.6 7.5 5.6 3.6 7.9 6.0 Northern Europe — 0.1 (3.0 ) APME — — — Right Management — — — $ 3.6 $ 8.0 $ 3.0 (a) Intangible asset amortization related to acquisitions is excluded from operating costs within the reportable segments and corporate expenses, and shown separately. As of December 31 2016 2015 2014 Total Assets Americas: United States $ 1,718.9 $ 1,708.5 $ 1,532.7 Other Americas 314.4 304.9 284.1 2,033.3 2,013.4 1,816.8 Southern Europe: France 2,104.8 1,926.3 1,922.7 Italy 294.9 267.1 230.0 Other Southern Europe 490.1 484.7 467.1 2,889.8 2,678.1 2,619.8 Northern Europe 1,292.4 1,197.7 1,613.9 APME 612.8 533.6 501.4 Right Management 136.6 143.9 139.1 Corporate (a) 609.3 950.8 490.2 $ 7,574.2 $ 7,517.5 $ 7,181.2 Equity Investments Americas: United States $ — $ — $ — Other Americas — — — — — — Southern Europe: France 0.2 — 0.7 Italy 0.4 0.2 0.2 Other Southern Europe 139.1 136.3 129.7 139.7 136.5 130.6 Northern Europe 0.1 1.4 1.4 APME — — 0.3 Right Management — — — Corporate 6.0 — — $ 145.8 $ 137.9 $ 132.3 (a) Corporate assets include assets that were not used in the operations of any segment, the most significant of which were purchased intangibles and cash. As of and Year Ended December 31 2016 2015 2014 Long-lived Assets (a) Americas: United States $ 27.7 $ 26.0 $ 25.4 Other Americas 6.3 7.3 8.3 34.0 33.3 33.7 Southern Europe: France 39.7 39.2 44.6 Italy 4.4 4.7 4.7 Other Southern Europe 18.3 14.2 13.4 62.4 58.1 62.7 Northern Europe 25.4 30.5 26.7 APME 17.9 19.4 20.6 Right Management 10.7 10.5 10.6 Corporate 0.2 0.4 0.1 $ 150.6 $ 152.2 $ 154.4 Additions to Long-Lived Assets Americas: United States $ 11.9 $ 10.1 $ 9.1 Other Americas 1.9 2.4 3.9 13.8 12.5 13.0 Southern Europe: France 13.3 10.3 7.8 Italy 1.7 2.4 1.3 Other Southern Europe 8.9 5.4 5.9 23.9 18.1 15.0 Northern Europe 8.5 12.1 12.5 APME 3.9 4.5 7.9 Right Management 4.5 4.7 3.6 Corporate — 0.4 — $ 54.6 $ 52.3 $ 52.0 (a) Further breakdown of long-lived assets by geographical region was as follows: Long-Lived Assets 2016 2015 2014 United States $ 33.9 $ 32.3 $ 30.2 France 40.9 40.4 46.0 Italy 4.4 4.7 4.7 United Kingdom 9.0 10.3 10.3 Total Foreign 116.7 119.9 124.2 |
Schedule of long-lived assets by geographical region | Further breakdown of long-lived assets by geographical region was as follows: Long-Lived Assets 2016 2015 2014 United States $ 33.9 $ 32.3 $ 30.2 France 40.9 40.4 46.0 Italy 4.4 4.7 4.7 United Kingdom 9.0 10.3 10.3 Total Foreign 116.7 119.9 124.2 |
Quarterly Data (Unaudited) (Tab
Quarterly Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of quarterly data | First Quarter Second Quarter Third Quarter Fourth Quarter Total Year Ended December 31, 2016 Revenues from services $ 4,587.7 $ 5,022.1 $ 5,088.2 $ 4,956.1 $ 19,654.1 Gross profit 773.8 860.7 858.3 841.0 3,333.8 Operating profit 131.7 196.0 211.1 212.0 750.8 Net earnings 71.7 115.4 129.2 127.4 443.7 Net earnings per share — basic $ 0.98 $ 1.61 $ 1.89 $ 1.89 $ 6.33 Net earnings per share — diluted 0.98 1.60 1.87 1.87 6.27 Dividends per share — 0.86 — 0.86 1.72 Market price: High $ 81.82 $ 85.38 $ 72.61 $ 92.83 Low 70.33 59.90 60.67 71.50 Year Ended December 31, 2015 Revenues from services $ 4,542.2 $ 4,861.3 $ 4,972.5 $ 4,953.9 $ 19,329.9 Gross profit 762.0 830.6 852.1 851.1 3,295.8 Operating profit (a) 122.8 178.7 206.3 181.1 688.9 Net earnings (b) 65.7 105.7 123.9 123.9 419.2 Net earnings per share — basic $ 0.83 $ 1.35 $ 1.63 $ 1.67 $ 5.46 Net earnings per share — diluted (c) 0.83 1.33 1.61 1.66 5.40 Dividends per share — 0.80 — 0.80 1.60 Market price: High $ 86.92 $ 92.00 $ 96.56 $ 93.24 Low 63.79 82.76 77.43 80.48 (a) Included restructuring costs of $16.4 recorded in the fourth quarter. (b) Included non-operating gains of $10.6 recorded in the fourth quarter. (c) Included in the results are restructuring costs per diluted share of $(0.17) and non-operating gains per diluted share of $0.15 for the fourth quarter. |
Summary of Significant Accoun39
Summary of Significant Accounting Policies - Nature of Operations (Details) | Dec. 31, 2016countryoffice |
Accounting Policies [Abstract] | |
Number of offices worldwide (nearly) | office | 2,800 |
Number of countries and territories | country | 80 |
Summary of Significant Accoun40
Summary of Significant Accounting Policies - Basis of Consolidation (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Accounting Policies [Abstract] | |||
Investments value | $ 145.8 | $ 137.9 | $ 132.3 |
Unremitted earning from investments | $ 88.9 | $ 85.4 |
Summary of Significant Accoun41
Summary of Significant Accounting Policies - Revenues (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Accounting Policies [Abstract] | |||
Franchise fees | $ 23,300,000 | $ 24,200,000 | $ 25,400,000 |
Current portion of deferred revenue | 38,700,000 | 38,400,000 | |
Long-term portion of deferred revenue | $ 2,400,000 | $ 0 |
Summary of Significant Accoun42
Summary of Significant Accounting Policies - Allowance for Doubtful Accounts (Details) - Allowance for doubtful accounts - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Bad debt expense | $ 20.4 | $ 16.3 | $ 18.9 |
Write-Offs | $ 16.9 | $ 20.3 | $ 15.8 |
Summary of Significant Accoun43
Summary of Significant Accounting Policies - Advertising Costs (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Accounting Policies [Abstract] | |||
Advertising expenses | $ 24.4 | $ 28.8 | $ 25.7 |
Summary of Significant Accoun44
Summary of Significant Accounting Policies - Restructuring Costs (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Restructuring Costs [Abstract] | ||
Restructuring costs | $ 16,400,000 | |
Restructuring reserve [Roll Forward] | ||
Balance at beginning of period | $ 16,400,000 | 12,900,000 |
Costs paid or utilized | (11,900,000) | (12,900,000) |
Severance Costs | 13,100,000 | |
Office closure costs | 3,300,000 | |
Balance at end of year | 4,500,000 | 16,400,000 |
Reportable segments | Americas | ||
Restructuring reserve [Roll Forward] | ||
Balance at beginning of period | 3,500,000 | 1,100,000 |
Costs paid or utilized | (3,100,000) | (800,000) |
Severance Costs | 2,500,000 | |
Office closure costs | 700,000 | |
Balance at end of year | 400,000 | 3,500,000 |
Reportable segments | Americas | United States | Reportable subsegments | ||
Restructuring reserve [Roll Forward] | ||
Balance at beginning of period | 2,900,000 | 1,000,000 |
Costs paid or utilized | (2,500,000) | (1,100,000) |
Severance Costs | 2,300,000 | |
Office closure costs | 700,000 | |
Balance at end of year | 400,000 | 2,900,000 |
Reportable segments | Southern Europe | ||
Restructuring reserve [Roll Forward] | ||
Balance at beginning of period | 1,700,000 | 2,300,000 |
Costs paid or utilized | (400,000) | (600,000) |
Severance Costs | 0 | |
Office closure costs | 0 | |
Balance at end of year | 1,300,000 | 1,700,000 |
Reportable segments | Southern Europe | France | Reportable subsegments | ||
Restructuring reserve [Roll Forward] | ||
Balance at beginning of period | 1,500,000 | 2,100,000 |
Costs paid or utilized | (200,000) | (600,000) |
Balance at end of year | 1,300,000 | 1,500,000 |
Reportable segments | Southern Europe | Italy | Reportable subsegments | ||
Restructuring reserve [Roll Forward] | ||
Balance at beginning of period | 0 | 0 |
Balance at end of year | 0 | 0 |
Reportable segments | Northern Europe(3) | ||
Restructuring reserve [Roll Forward] | ||
Balance at beginning of period | 8,500,000 | 5,800,000 |
Costs paid or utilized | (5,900,000) | (6,300,000) |
Severance Costs | 8,600,000 | |
Office closure costs | 400,000 | |
Balance at end of year | 2,600,000 | 8,500,000 |
Reportable segments | APME | ||
Restructuring reserve [Roll Forward] | ||
Balance at beginning of period | 1,700,000 | 500,000 |
Costs paid or utilized | (1,600,000) | (1,700,000) |
Severance Costs | 900,000 | |
Office closure costs | 2,000,000 | |
Balance at end of year | 100,000 | 1,700,000 |
Reportable segments | Right Management | ||
Restructuring reserve [Roll Forward] | ||
Balance at beginning of period | 800,000 | 2,300,000 |
Costs paid or utilized | (700,000) | (2,800,000) |
Severance Costs | 1,100,000 | |
Office closure costs | 200,000 | |
Balance at end of year | 100,000 | 800,000 |
Corporate | ||
Restructuring reserve [Roll Forward] | ||
Balance at beginning of period | 200,000 | 900,000 |
Costs paid or utilized | (200,000) | (700,000) |
Severance Costs | 0 | |
Office closure costs | 0 | |
Balance at end of year | $ 0 | $ 200,000 |
Summary of Significant Accoun45
Summary of Significant Accounting Policies - Fair Value Measurements (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Fair value measured on a recurring basis | ||
Assets | ||
Foreign currency forward contracts | $ 0 | $ 0.1 |
Deferred compensation plan assets | 86.8 | 84.1 |
Total assets measured at fair value | 86.8 | 84.2 |
Liabilities | ||
Foreign currency forward contracts | 0.2 | 0.5 |
Total liabilities measured at fair value | 0.2 | 0.5 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair value measured on a recurring basis | ||
Assets | ||
Foreign currency forward contracts | 0 | 0 |
Deferred compensation plan assets | 86.8 | 84.1 |
Total assets measured at fair value | 86.8 | 84.1 |
Liabilities | ||
Foreign currency forward contracts | 0 | 0 |
Total liabilities measured at fair value | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Estimate of fair value measurement | ||
Liabilities | ||
Euro-denominated notes | 831.6 | 858.2 |
Significant Other Observable Inputs (Level 2) | Carrying value | ||
Liabilities | ||
Euro-denominated notes | 785.2 | 810.2 |
Significant Other Observable Inputs (Level 2) | Fair value measured on a recurring basis | ||
Assets | ||
Foreign currency forward contracts | 0 | 0.1 |
Deferred compensation plan assets | 0 | 0 |
Total assets measured at fair value | 0 | 0.1 |
Liabilities | ||
Foreign currency forward contracts | 0.2 | 0.5 |
Total liabilities measured at fair value | 0.2 | 0.5 |
Significant Unobservable Inputs (Level 3) | Fair value measured on a recurring basis | ||
Assets | ||
Foreign currency forward contracts | 0 | 0 |
Deferred compensation plan assets | 0 | 0 |
Total assets measured at fair value | 0 | 0 |
Liabilities | ||
Foreign currency forward contracts | 0 | 0 |
Total liabilities measured at fair value | $ 0 | $ 0 |
Summary of Significant Accoun46
Summary of Significant Accounting Policies - Goodwill and Other Intangible Assets (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Goodwill [Line Items] | |||
Goodwill | $ 1,239.9 | $ 1,257.4 | $ 1,075.2 |
Accumulated impairment loss | 513.4 | 513.4 | 513.4 |
Finite-lived: | |||
Gross | 443.4 | 442.5 | |
Accumulated Amortization | 299.8 | 266.6 | |
Net | 143.6 | 175.9 | |
Indefinite-lived: | |||
Gross | 150.8 | 150.6 | |
Accumulated Amortization | 0 | 0 | |
Net | 150.8 | 150.6 | |
Total intangible assets | |||
Gross | 594.2 | 593.1 | |
Accumulated Amortization | 299.8 | 266.6 | |
Net | 294.4 | 326.5 | |
Amortization expense related to intangibles | 36 | 32.8 | $ 33.4 |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |||
2,017 | 32.6 | ||
2,018 | 29.7 | ||
2,019 | 25.8 | ||
2,020 | 20.9 | ||
2,021 | $ 10.5 | ||
Income approach weight for goodwill impairment for certain reporting units | 75.00% | ||
Market approach weight for goodwill impairment for certain reporting units | 25.00% | ||
Minimum | |||
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |||
Discount rate for goodwill impairment test (as a percent) | 10.80% | ||
Maximum | |||
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |||
Discount rate for goodwill impairment test (as a percent) | 15.30% | ||
Tradenames | |||
Indefinite-lived: | |||
Gross | $ 52 | 54 | |
Accumulated Amortization | 0 | 0 | |
Net | 52 | 54 | |
Accumulated impairment loss | 139.5 | 139.5 | |
Reacquired franchise rights | |||
Indefinite-lived: | |||
Gross | 98.8 | 96.6 | |
Accumulated Amortization | 0 | 0 | |
Net | 98.8 | 96.6 | |
Customer relationships | |||
Finite-lived: | |||
Gross | 426.2 | 425.6 | |
Accumulated Amortization | 287.2 | 256.7 | |
Net | $ 139 | 168.9 | |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |||
Weighted-average useful lives | 13 years | ||
Other | |||
Finite-lived: | |||
Gross | $ 17.2 | 16.9 | |
Accumulated Amortization | 12.6 | 9.9 | |
Net | $ 4.6 | $ 7 | |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |||
Weighted-average useful lives | 4 years |
Summary of Significant Accoun47
Summary of Significant Accounting Policies - Marketable Securities (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Accounting Policies [Abstract] | |||
Percentage of ownership in Swiss franchise | 49.00% | ||
Swiss franchise investment portfolio market value | $ 207 | $ 202.3 | |
Swiss franchise realized gains | 2.9 | 2.3 | $ 2.5 |
Swiss franchise realized losses | 1 | 1.1 | 0.5 |
Other-than-temporary impairment gains | $ (0.3) | $ (0.2) | |
Other-than-temporary impairment loss | $ 0.1 |
Summary of Significant Accoun48
Summary of Significant Accounting Policies - Capitalized Software for Internal Use (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Finite-Lived Intangible Assets [Line Items] | |||
Net capitalized software balance | $ 3.2 | $ 5.1 | |
Amortization expense related to capitalized software cost | $ 1.9 | $ 1.7 | $ 2.2 |
Computer software | Minimum | |||
Finite-Lived Intangible Assets [Line Items] | |||
Useful life | 3 years | ||
Computer software | Maximum | |||
Finite-Lived Intangible Assets [Line Items] | |||
Useful life | 10 years |
Summary of Significant Accoun49
Summary of Significant Accounting Policies - Property and Equipment (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Property, Plant and Equipment [Line Items] | ||
Property and equipment | $ 567 | $ 585.4 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 5.5 | 5.4 |
Buildings | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | $ 16.2 | 16.7 |
Buildings | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful lives | 40 years | |
Furniture, fixtures, and autos | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | $ 157.6 | 166.6 |
Furniture, fixtures, and autos | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful lives | 2 years | |
Furniture, fixtures, and autos | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful lives | 13 years | |
Computer equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | $ 117.8 | 133.2 |
Computer equipment | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful lives | 2 years | |
Computer equipment | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful lives | 13 years | |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | $ 269.9 | $ 263.5 |
Summary of Significant Accoun50
Summary of Significant Accounting Policies - Shareholders' Equity (Details) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 12 Months Ended | |||||
Jan. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Jul. 28, 2016 | Oct. 29, 2015 | Dec. 12, 2012 | |
Equity, Class of Treasury Stock [Line Items] | |||||||
Shares authorized to be repurchased (in shares) | 6,000,000 | 6,000,000 | 8,000,000 | ||||
Shares repurchased (in shares) | 6,600,000 | 6,700,000 | |||||
Total cost of shares repurchased | $ 7.7 | $ 482.2 | $ 587.9 | $ 143.5 | |||
Dividends declared (in dollars per share) | $ 1.72 | $ 1.60 | $ 0.98 | ||||
Total dividend payments | $ 118.4 | $ 121 | $ 77.3 | ||||
Net earnings, net of tax, attributable to noncontrolling interests | $ 10.1 | $ 6.6 | |||||
2012 Authorization | |||||||
Equity, Class of Treasury Stock [Line Items] | |||||||
Shares repurchased (in shares) | 6,000,000 | 2,000,000 | |||||
Shares remaining authorized for repurchase | 0 | ||||||
2015 Authorization | |||||||
Equity, Class of Treasury Stock [Line Items] | |||||||
Shares repurchased (in shares) | 5,300,000 | 700,000 | |||||
Shares remaining authorized for repurchase | 0 | ||||||
2016 Authorization | |||||||
Equity, Class of Treasury Stock [Line Items] | |||||||
Shares repurchased (in shares) | 1,300,000 | ||||||
Shares remaining authorized for repurchase | 4,800,000 |
Summary of Significant Accoun51
Summary of Significant Accounting Policies - Payroll Tax Credit (Details) € in Millions, $ in Millions | 1 Months Ended | 12 Months Ended | |||||||
Mar. 31, 2016USD ($) | Mar. 31, 2016EUR (€) | Jul. 31, 2015USD ($) | Jul. 31, 2015EUR (€) | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Accounting Policies [Abstract] | |||||||||
Multiplier for payroll tax credits | 2.5 | ||||||||
Payment period | 3 years | ||||||||
Net proceeds from sale of tax credits | $ 143.1 | € 129.9 | $ 132.8 | € 120.1 | |||||
Tax Credit Carryforward [Line Items] | |||||||||
Percentage of eligible wages for tax credit | 6.00% | 6.00% | 6.00% | 4.00% | |||||
Scenario, Forecast | |||||||||
Tax Credit Carryforward [Line Items] | |||||||||
Percentage of eligible wages for tax credit | 7.00% |
Acquisitions (Details)
Acquisitions (Details) € in Millions, $ in Millions | Sep. 03, 2015USD ($) | Sep. 03, 2015EUR (€) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2016EUR (€) | Dec. 31, 2015EUR (€) | Sep. 03, 2015EUR (€) |
Business Acquisition [Line Items] | ||||||||
Total cash consideration paid for acquisitions, net of cash acquired | $ 57.6 | $ 260.5 | $ 32 | |||||
Finite-lived intangible assets | 143.6 | 175.9 | ||||||
Amortization expense 2017 | 32.6 | |||||||
Amortization expense 2018 | 29.7 | |||||||
Amortization expense 2019 | 25.8 | |||||||
Amortization expense 2020 | 20.9 | |||||||
Amortization expense 2021 | 10.5 | |||||||
Goodwill | 1,239.9 | 1,257.4 | $ 1,075.2 | |||||
Goodwill acquired | $ 24.4 | 228 | ||||||
Customer relationships | ||||||||
Business Acquisition [Line Items] | ||||||||
Useful life | 13 years | |||||||
Finite-lived intangible assets | $ 139 | 168.9 | ||||||
7S | ||||||||
Business Acquisition [Line Items] | ||||||||
Total cash consideration paid for acquisitions, net of cash acquired | $ 140.4 | € 125.3 | ||||||
Transaction costs associated with acquisition | 3.4 | |||||||
Net acquired assets | 153 | € 136.5 | ||||||
Intangible assets acquired during the period | 48.8 | 43.5 | ||||||
Goodwill | $ 119.1 | € 106.2 | ||||||
7S | Customer relationships | ||||||||
Business Acquisition [Line Items] | ||||||||
Intangible assets acquired during the period | $ 44.2 | € 39.4 | ||||||
Useful life | 10 years | |||||||
Finite-lived intangible assets | $ 36 | 41.4 | € 34.2 | € 38.1 | ||||
Amortization expense 2017 | 4.2 | |||||||
Amortization expense 2018 | 4.2 | |||||||
Amortization expense 2019 | 4.2 | |||||||
Amortization expense 2020 | 4.2 | |||||||
Amortization expense 2021 | 4.2 | |||||||
Series of Individually Immaterial Business Acquisitions | ||||||||
Business Acquisition [Line Items] | ||||||||
Intangible assets acquired during the period | $ 6.6 | 28.5 | ||||||
Goodwill acquired | $ 108.7 |
Share-Based Compensation Plan53
Share-Based Compensation Plans - Share-Based Compensation Plans (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Share-based compensation | $ 27.1 | $ 31.1 | $ 40.6 |
Income tax benefit recognized related to share-based compensation | 7.4 | 16.9 | 12.2 |
Proceeds from share-based awards | 19.7 | 70.1 | 25.5 |
Excess income tax benefit recognized related to share-based compensation awards | $ 0.8 | $ 7.4 | $ 4.6 |
Share-Based Compensation Plan54
Share-Based Compensation Plans - Stock Options Narratives (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation | $ 27.1 | $ 31.1 | $ 40.6 |
Stock option | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based payment award vesting period | 4 years | ||
Expiration period | 10 years | ||
Share-based compensation | $ 3 | 3.2 | 6.8 |
Fair value of options vested | 2.5 | $ 3.2 | $ 11.1 |
Total unrecognized compensation cost, net of estimated forfeitures | $ 3 | ||
Total unrecognized compensation cost, weighted-average period for recognition | 1 year 3 months 18 days | ||
Risk-free interest rate term | 5 years | ||
Weighted average of daily historical volatility of Company's stock price, weight (as a percent) | 75.00% | ||
Implied volatility based on exchange traded options for Company's common stock, weight (as a percent) | 25.00% | ||
Weighted-average grant-date fair value of options granted (in dollars per share) | $ 19.68 | $ 21.66 | $ 25.64 |
Stock option | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Purchase price (as a percent) | 100.00% |
Share-Based Compensation Plan55
Share-Based Compensation Plans - Stock Option Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Shares | |||
Outstanding at beginning of period (in shares) | 1,272 | 2,484 | 2,783 |
Granted (in shares) | 166 | 147 | 204 |
Exercised (in shares) | (279) | (1,255) | (473) |
Expired or cancelled (in shares) | (32) | (104) | (30) |
Outstanding at end of period (in shares) | 1,127 | 1,272 | 2,484 |
Vested or expected to vest (in shares) | 1,122 | 1,267 | 2,476 |
Exercisable (in shares) | 756 | 911 | 1,957 |
Wtd. Avg. Exercise Price Per Share | |||
Outstanding at beginning of period (in dollars per share) | $ 64 | $ 59 | $ 57 |
Granted (in dollars per share) | 75 | 77 | 77 |
Exercised (in dollars per share) | 63 | 56 | 53 |
Expired or cancelled (in dollars per share) | 67 | 56 | 43 |
Outstanding at end of period (in dollars per share) | 66 | 64 | 59 |
Vested or expected to vest (in dollars per share) | 66 | 64 | 59 |
Exercisable (in dollars per share) | $ 62 | $ 62 | $ 59 |
Wtd. Avg. Remaining Contractual Term and Aggregate Intrinsic Value | |||
Outstanding (in years) | 4 years 10 months 24 days | 5 years 2 months 12 days | 4 years 8 months 12 days |
Vested or expected to vest (in years) | 4 years 10 months 24 days | 5 years 2 months 12 days | 4 years 6 months |
Exercisable (in years) | 3 years 3 months 18 days | 4 years | 3 years 8 months 12 days |
Exercised | $ 5 | $ 39 | $ 13 |
Outstanding | 26 | 26 | 28 |
Exercisable | $ 20 | $ 20 | $ 23 |
Share-Based Compensation Plan56
Share-Based Compensation Plans - Options Outstanding and Exercisable (Details) shares in Thousands | 12 Months Ended |
Dec. 31, 2016$ / sharesshares | |
$27-$36 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Exercise price range, lower range limit (in dollars per share) | $ 27 |
Exercise price range, upper range limit (in dollars per share) | 36 |
$37-$48 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Exercise price range, lower range limit (in dollars per share) | 37 |
Exercise price range, upper range limit (in dollars per share) | 48 |
$49-$58 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Exercise price range, lower range limit (in dollars per share) | 49 |
Exercise price range, upper range limit (in dollars per share) | 58 |
$59-$93 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Exercise price range, lower range limit (in dollars per share) | 59 |
Exercise price range, upper range limit (in dollars per share) | $ 93 |
Stock option | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Options outstanding, shares (in shares) | shares | 1,127 |
Options outstanding, weighted-average remaining contractual life | 4 years 10 months 24 days |
Options outstanding, weighted-average exercise price (in dollars per share) | $ 66 |
Options exercisable, shares (in shares) | shares | 756 |
Options exercisable, weighted-average exercise price (in dollars per share) | $ 62 |
Stock option | $27-$36 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Options outstanding, shares (in shares) | shares | 32 |
Options outstanding, weighted-average remaining contractual life | 2 years 1 month 6 days |
Options outstanding, weighted-average exercise price (in dollars per share) | $ 31 |
Options exercisable, shares (in shares) | shares | 32 |
Options exercisable, weighted-average exercise price (in dollars per share) | $ 31 |
Stock option | $37-$48 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Options outstanding, shares (in shares) | shares | 70 |
Options outstanding, weighted-average remaining contractual life | 3 years 10 months 24 days |
Options outstanding, weighted-average exercise price (in dollars per share) | $ 45 |
Options exercisable, shares (in shares) | shares | 70 |
Options exercisable, weighted-average exercise price (in dollars per share) | $ 45 |
Stock option | $49-$58 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Options outstanding, shares (in shares) | shares | 306 |
Options outstanding, weighted-average remaining contractual life | 3 years 6 months |
Options outstanding, weighted-average exercise price (in dollars per share) | $ 54 |
Options exercisable, shares (in shares) | shares | 270 |
Options exercisable, weighted-average exercise price (in dollars per share) | $ 54 |
Stock option | $59-$93 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Options outstanding, shares (in shares) | shares | 719 |
Options outstanding, weighted-average remaining contractual life | 5 years 8 months 12 days |
Options outstanding, weighted-average exercise price (in dollars per share) | $ 75 |
Options exercisable, shares (in shares) | shares | 384 |
Options exercisable, weighted-average exercise price (in dollars per share) | $ 74 |
Share-Based Compensation Plan57
Share-Based Compensation Plans - Estimated Fair Value of Share Awards (Details) - Stock option | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Average risk-free interest rate (as a percent) | 1.40% | 1.60% | 1.80% |
Expected dividend yield (as a percent) | 2.10% | 1.50% | 1.20% |
Expected volatility (as a percent) | 33.00% | 32.00% | 37.00% |
Expected term (years) | 6 years | 6 years | 5 years 10 months 24 days |
Share-Based Compensation Plan58
Share-Based Compensation Plans - Deferred Stock (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation | $ 27.1 | $ 31.1 | $ 40.6 |
Deferred stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation | 1.1 | 0.8 | 0.7 |
Restricted stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation | $ 13.8 | $ 9.9 | $ 12.9 |
In lieu of annual cash retainer | Deferred stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock units granted at period end (in shares) | 39,805 | 36,091 | 33,985 |
Additional compensation for board service | Deferred stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock units granted at period end (in shares) | 8,388 | 7,920 | 5,199 |
Additional compensation for board service | Restricted stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock units granted at period end (in shares) | 9,966 | 13,860 | 10,248 |
Stock units canceled | 1,752 |
Share-Based Compensation Plan59
Share-Based Compensation Plans - Restricted Stock Narratives (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation | $ 27.1 | $ 31.1 | $ 40.6 |
Restricted stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Term for restrictions to lapse | 6 years | ||
Share-based compensation | $ 13.8 | $ 9.9 | $ 12.9 |
Total unrecognized compensation cost, net of estimated forfeitures | $ 13.1 | ||
Total unrecognized compensation cost, weighted-average period for recognition | 2 years |
Share-Based Compensation Plan60
Share-Based Compensation Plans - Restricted Stock Activity (Details) - Restricted stock - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Shares | ||||
Unvested at beginning of period (in shares) | 405 | 463 | 627 | |
Granted (in shares) | 232 | 179 | 169 | |
Vested (in shares) | (172) | (217) | (283) | |
Forfeited (in shares) | (14) | (20) | (50) | |
Unvested at end of period (in shares) | 451 | 405 | 463 | 627 |
Wtd. Avg. Price Per Share | ||||
Unvested at beginning of period (in dollars per share) | $ 64 | $ 57 | $ 54 | |
Granted (in dollars per share) | 75 | 76 | 77 | |
Vested (in dollars per share) | 62 | 59 | 63 | |
Forfeited (in dollars per share) | 76 | 60 | 53 | |
Unvested at end of period (in dollars per share) | $ 70 | $ 64 | $ 57 | $ 54 |
Equity Other Than Options, Additional [Abstract] | ||||
Unvested (in years) | 1 year 4 months 24 days | 1 year 3 months 18 days | 1 year 2 months 12 days | 1 year 3 months 18 days |
Unvested | $ 40 |
Share-Based Compensation Plan61
Share-Based Compensation Plans - Performance Share Units (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Payout Levels (in units): | ||||
Share-based compensation | $ 27.1 | $ 31.1 | $ 40.6 | |
Performance share units | ||||
Payout Levels (in units): | ||||
Threshold Award (in shares) | 65,141 | 82,298 | 94,608 | 76,120 |
Target Award (in shares) | 130,282 | 164,595 | 189,215 | 152,240 |
Outstanding Award (in shares) | 260,564 | 329,190 | 378,430 | 304,480 |
Share-based compensation | $ 9.1 | $ 17.1 | $ 20.1 | |
Performance share units | February 11, 2014 and May 1, 2014 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting percentage | 100.00% | |||
Units Forfeited (at Target Award level) | 10,928 | |||
Performance share units | February 11, 2015 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting percentage | 100.00% | |||
Units Forfeited (at Target Award level) | 7,796 | |||
Performance share units | February 16, 2016 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting percentage | 100.00% | |||
Performance share units | February 14, 2013 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares Issued (in shares) | 56,059 | |||
Performance share units | December 31, 2014 | February 14, 2013 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting percentage | 50.00% | |||
Performance share units | December 31, 2015 | February 14, 2013 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting percentage | 50.00% | |||
Minimum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Performance period range | 1 year | |||
Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Performance period range | 3 years |
Share-Based Compensation Plan62
Share-Based Compensation Plans - Other Stock Plans (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation | $ 27.1 | $ 31.1 | $ 40.6 |
Savings Related Share Option Scheme for United Kingdom | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Requisite service period (in years) | 1 year | ||
Purchase price as percentage of market value (not less than) | 85.00% | ||
Payroll deduction period to accumulate funds used for share-based payment award | 60 months | ||
Share-based compensation | $ 0.1 | $ 0.1 | $ 0.1 |
Vesting period one | Savings Related Share Option Scheme for United Kingdom | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based payment award vesting period | 3 years | ||
Vesting period two | Savings Related Share Option Scheme for United Kingdom | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based payment award vesting period | 5 years | ||
Vesting period three | Savings Related Share Option Scheme for United Kingdom | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based payment award vesting period | 7 years |
Net Earnings Per Share - Calcul
Net Earnings Per Share - Calculation of Net Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||||||||||
Net earnings available to common shareholders | $ 127.4 | $ 129.2 | $ 115.4 | $ 71.7 | $ 123.9 | $ 123.9 | $ 105.7 | $ 65.7 | $ 443.7 | $ 419.2 | $ 427.6 |
Weighted-average common shares outstanding (in millions): | |||||||||||
Weighted-average common shares outstanding - basic (in shares) | 70.1 | 76.8 | 79.5 | ||||||||
Weighted-average common shares outstanding - diluted (in shares) | 70.8 | 77.7 | 80.7 | ||||||||
Net earnings per share - basic (in dollars per share) | $ 1.89 | $ 1.89 | $ 1.61 | $ 0.98 | $ 1.67 | $ 1.63 | $ 1.35 | $ 0.83 | $ 6.33 | $ 5.46 | $ 5.38 |
Net earnings per share - diluted (in dollars per share) | $ 1.87 | $ 1.87 | $ 1.60 | $ 0.98 | $ 1.66 | $ 1.61 | $ 1.33 | $ 0.83 | $ 6.27 | $ 5.40 | $ 5.30 |
Stock Options | |||||||||||
Weighted-average common shares outstanding (in millions): | |||||||||||
Effect of dilutive securities | 0.2 | 0.5 | 0.6 | ||||||||
Non-Stock Option Awards | |||||||||||
Weighted-average common shares outstanding (in millions): | |||||||||||
Effect of dilutive securities | 0.5 | 0.4 | 0.6 |
Net Earnings Per Share - Antidi
Net Earnings Per Share - Antidilutive Awards (Details) - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Exercise price ranges (in dollars per share) | $ 93 | $ 93 | |
Weighted-average remaining life | 4 months 24 days | 1 year 4 months 24 days | 4 years 1 month 6 days |
Minimum | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Exercise price ranges (in dollars per share) | $ 76 | ||
Maximum | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Exercise price ranges (in dollars per share) | $ 93 | ||
Share-based awards | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from the calculation of net earnings per share - diluted (in shares) | 20 | 20 | 692 |
Income Taxes - Income Tax Provi
Income Taxes - Income Tax Provision (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Current | |||
Federal | $ 35.6 | $ (8.4) | $ 44.8 |
State | 4 | 0 | 7 |
Non-United States | 144 | 158.7 | 148.2 |
Total current | 183.6 | 150.3 | 200 |
Deferred | |||
Federal | 69.7 | 92.9 | 53.2 |
State | 0.5 | 1.8 | (1.9) |
Non-United States | 3.8 | (3.5) | 2.7 |
Total deferred | 74 | 91.2 | 54 |
Total provision | $ 257.6 | $ 241.5 | $ 254 |
Income Taxes - Income Tax Recon
Income Taxes - Income Tax Reconciliation (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||
U.S. Federal statutory rate (as a percent) | 35.00% | ||
Income Tax Reconciliation [Abstract] | |||
Income tax based on statutory rate | $ 245.5 | $ 231.2 | $ 238.6 |
Increase (decrease) resulting from: | |||
Non-United States tax rate difference | 17.5 | 20.4 | 20.1 |
Repatriation of non-United States earnings | (10.5) | (16.9) | (10.1) |
State income taxes, net of Federal benefit | 2.2 | 2.7 | 2.9 |
Change in valuation allowance | (6) | 3.3 | 5 |
Other, net | 8.9 | 0.8 | (2.5) |
Total provision | $ 257.6 | $ 241.5 | $ 254 |
Income Taxes - Narratives (Deta
Income Taxes - Narratives (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||
Income tax benefit related to the CICE payroll tax credit | $ 1.8 | $ 1.5 | $ 2.8 |
Deferred tax asset | 81.4 | 83.9 | |
Deferred tax liability | 222.2 | 157.4 | |
Deferred tax asset on net operating losses | 92.7 | 106.5 | |
Valuation allowance, net operating losses | 75.9 | ||
Pretax income of non-United States operations | 482.2 | 511.2 | 485.9 |
Unremitted earnings of non-United States subsidiaries that are considered to be permanently invested | 555.3 | ||
Unremitted earnings of non-United States subsidiaries that may be remitted | 774.7 | ||
Deferred tax liability, undistributed foreign earnings | 164.8 | 132 | |
Interest and penalties related to unrecognized tax benefits | $ 0.3 | $ 12.1 | $ (0.6) |
Income Taxes - Deferred Income
Income Taxes - Deferred Income Taxes Temporary Differences (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Future Income Tax (Expense) Benefits | ||
Accrued payroll taxes and insurance | $ 30.6 | $ 31.5 |
Employee compensation payable | 26.6 | 31.7 |
Pension and postretirement benefits | 60.7 | 57.5 |
Intangible assets | (146.8) | (144.7) |
Repatriation of non-United States earnings | (164.8) | (132) |
Intercompany loans denominated in foreign currencies | (74.2) | (61.2) |
Net operating losses | 92.7 | 106.5 |
Other | 120.7 | 133.1 |
Valuation allowance | (86.3) | (95.9) |
Total future tax (expense) | (140.8) | (73.5) |
Deferred tax asset | 81.4 | 83.9 |
Deferred tax liability | (222.2) | (157.4) |
Total future tax (expense) | $ (140.8) | $ (73.5) |
Income Taxes - Operating Loss C
Income Taxes - Operating Loss Carryforwards (Details) $ in Millions | Dec. 31, 2016USD ($) |
United States Federal and Non-United States | |
Income Tax Contingency [Line Items] | |
2,017 | $ 1.1 |
2,018 | 1.3 |
2,019 | 7 |
2,020 | 3.3 |
2,021 | 4.4 |
Thereafter | 23.4 |
No expirations | 309.5 |
Total net operating loss carryforwards | 350 |
United States State | |
Income Tax Contingency [Line Items] | |
2,017 | 3.8 |
2,018 | 5.5 |
2,019 | 3.8 |
2,020 | 0 |
2,021 | 0 |
Thereafter | 243.7 |
No expirations | 0 |
Total net operating loss carryforwards | $ 256.8 |
Income Taxes - Unrecognized Tax
Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Gross unrecognized tax benefits, beginning of year | $ 19 | $ 23 | $ 23.9 |
Increases in prior year tax positions | 4.1 | 2.3 | 0.7 |
Decreases in prior year tax positions | (1.7) | (0.5) | (1.2) |
Increases for current year tax positions | 4.1 | 3.1 | 2.2 |
Expiration of statute of limitations and audit settlements | (1.7) | (8.9) | (2.6) |
Gross unrecognized tax benefits, end of year | 23.8 | 19 | 23 |
Potential interest and penalties | 20.2 | 19.9 | 7.8 |
Balance, end of year | $ 44 | $ 38.9 | $ 30.8 |
Goodwill - Changes in Goodwill
Goodwill - Changes in Goodwill by Reportable Segment (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Goodwill [Roll Forward] | |||
Balance at beginning of period | $ 1,257.4 | $ 1,075.2 | |
Goodwill acquired | 24.4 | 228 | |
Currency impact and other | (41.9) | (45.8) | |
Balance at end of period | 1,239.9 | 1,257.4 | |
Accumulated impairment loss | 513.4 | 513.4 | $ 513.4 |
Right Management | |||
Goodwill [Roll Forward] | |||
Balance at beginning of period | 62.1 | ||
Balance at end of period | 62.1 | 62.1 | |
Reportable segments | Americas | |||
Goodwill [Roll Forward] | |||
Balance at beginning of period | 515.7 | 466.3 | |
Goodwill acquired | 0 | 52.9 | |
Currency impact and other | 0.7 | (3.5) | |
Balance at end of period | 516.4 | 515.7 | |
Reportable segments | Americas | United States | Reportable subsegments | |||
Goodwill [Roll Forward] | |||
Balance at beginning of period | 476.9 | 450.4 | |
Balance at end of period | 476.5 | 476.9 | |
Reportable segments | Southern Europe | |||
Goodwill [Roll Forward] | |||
Balance at beginning of period | 97.2 | 102.5 | |
Goodwill acquired | 0 | 2.6 | |
Currency impact and other | (0.2) | (7.9) | |
Balance at end of period | 97 | 97.2 | |
Reportable segments | Southern Europe | France | Reportable subsegments | |||
Goodwill [Roll Forward] | |||
Balance at beginning of period | 69 | 76.9 | |
Balance at end of period | 66.8 | 69 | |
Reportable segments | Southern Europe | Italy | Reportable subsegments | |||
Goodwill [Roll Forward] | |||
Balance at beginning of period | 4.5 | 5 | |
Balance at end of period | 4.4 | 4.5 | |
Reportable segments | Northern Europe(3) | |||
Goodwill [Roll Forward] | |||
Balance at beginning of period | 441.9 | 309.3 | |
Goodwill acquired | 22.3 | 163.3 | |
Currency impact and other | (42.3) | (30.7) | |
Balance at end of period | 421.9 | 441.9 | |
Reportable segments | APME | |||
Goodwill [Roll Forward] | |||
Balance at beginning of period | 75.6 | 70.1 | |
Goodwill acquired | 1.5 | 9.2 | |
Currency impact and other | (0.1) | (3.7) | |
Balance at end of period | 77 | 75.6 | |
Reportable segments | Right Management | |||
Goodwill [Roll Forward] | |||
Balance at beginning of period | 62.1 | 62.1 | |
Goodwill acquired | 0 | 0 | |
Currency impact and other | 0 | 0 | |
Balance at end of period | 62.1 | 62.1 | |
Corporate | |||
Goodwill [Roll Forward] | |||
Balance at beginning of period | 64.9 | 64.9 | |
Goodwill acquired | 0.6 | 0 | |
Currency impact and other | 0 | 0 | |
Balance at end of period | 65.5 | $ 64.9 | |
Corporate | Jefferson Wells | |||
Goodwill [Roll Forward] | |||
Balance at end of period | $ 55.5 |
Goodwill - Goodwill by Reportin
Goodwill - Goodwill by Reporting Unit (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Goodwill [Line Items] | |||
Goodwill | $ 1,239.9 | $ 1,257.4 | $ 1,075.2 |
United States | |||
Goodwill [Line Items] | |||
Goodwill | 532 | 532.4 | |
Germany | |||
Goodwill [Line Items] | |||
Goodwill | 121.4 | 127.1 | |
Netherlands | |||
Goodwill [Line Items] | |||
Goodwill | 110.9 | 98.7 | |
United Kingdom | |||
Goodwill [Line Items] | |||
Goodwill | 81.4 | 101.1 | |
France | |||
Goodwill [Line Items] | |||
Goodwill | 66.8 | 69 | |
Right Management | |||
Goodwill [Line Items] | |||
Goodwill | 62.1 | 62.1 | |
Other reporting units | |||
Goodwill [Line Items] | |||
Goodwill | $ 265.3 | $ 267 |
Debt - Short-Term Debt (Details
Debt - Short-Term Debt (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Debt Disclosure [Abstract] | ||
Short-term borrowings | $ 39.5 | $ 38.2 |
Weighted-average interest rates (as a percent) | 11.10% | 17.80% |
Debt - Debt (Details)
Debt - Debt (Details) - Uncommitted credit lines | Dec. 31, 2016USD ($) |
Line of Credit Facility [Line Items] | |
Credit lines, maximum borrowing capacity | $ 281,500,000 |
Credit lines, remaining borrowing capacity | 241,300,000 |
First, second, and fourth quarters | |
Line of Credit Facility [Line Items] | |
Credit lines, maximum borrowing capacity | 300,000,000 |
Third quarter | |
Line of Credit Facility [Line Items] | |
Credit lines, maximum borrowing capacity | $ 600,000,000 |
Debt - Long-Term Debt (Details)
Debt - Long-Term Debt (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | ||
Long-term debt | $ 785.9 | $ 816.9 |
Less — current maturities | 0.3 | 6 |
Long-term debt | 785.6 | 810.9 |
€400 due September 2022 | ||
Debt Instrument [Line Items] | ||
Long-term debt | 417.7 | 431 |
€350 due June 2018 | ||
Debt Instrument [Line Items] | ||
Long-term debt | 367.5 | 379.2 |
Other | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 0.7 | $ 6.7 |
Debt - Euro Notes (Details)
Debt - Euro Notes (Details) - Senior notes - EUR (€) | Sep. 11, 2015 | Dec. 31, 2016 |
Notes due September 2022 | ||
Debt Instrument [Line Items] | ||
Principal amount | € 400,000,000 | |
Interest rate (as a percent) | 1.875% | |
Net proceeds from the notes | € 397,400,000 | |
Discounted issue price (as a percent) | 99.753% | |
Effective interest rate (as a percent) | 1.913% | |
Notes due June 2018 | ||
Debt Instrument [Line Items] | ||
Principal amount | € 350,000,000 | |
Interest rate (as a percent) | 4.50% | |
Discounted issue price (as a percent) | 99.974% | |
Effective interest rate (as a percent) | 4.505% |
Debt - Revolving Credit Agreeme
Debt - Revolving Credit Agreement (Details) - Revolving credit facility | Sep. 16, 2015 | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) |
Line of Credit Facility [Line Items] | |||
Credit lines, maximum borrowing capacity | $ 600,000,000 | ||
Five Year Credit Agreement | |||
Line of Credit Facility [Line Items] | |||
Credit agreement term | 5 years | ||
Credit lines, maximum borrowing capacity | 600,000,000 | ||
Portion which may be used for the issuance of stand-by letters of credit (up to) | 150,000,000 | ||
Borrowings under Credit Agreement | 0 | $ 0 | |
Outstanding letters of credit | 800,000 | 900,000 | |
Credit lines, remaining borrowing capacity | $ 599,200,000 | $ 599,100,000 | |
Facility fee (as a percent) | 0.125% | ||
Credit spread (as a percent) | 1.00% | ||
Maximum Debt-to-EBITDA ratio | 3.5 | ||
Minimum fixed charge coverage ratio | 1.5 |
Debt - Debt Maturities (Details
Debt - Debt Maturities (Details) $ in Millions | Dec. 31, 2016USD ($) |
Debt Disclosure [Abstract] | |
2,018 | $ 367.8 |
2,019 | 0.1 |
2,020 | 0 |
2,021 | $ 0 |
Retirement and Deferred Compe79
Retirement and Deferred Compensation Plans - Reconciliation of Changes (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
An Additional German Plan | |||
Funded Status at End of Year | |||
Funded status, end of year | $ (56.8) | ||
United States Plans | |||
Change in Benefit Obligation | |||
Benefit obligation, beginning of year | 53.1 | $ 56.6 | |
Service cost | 0 | 0 | |
Interest cost | 1.8 | 2.1 | |
Curtailment and settlement | 0 | 0 | |
Transfers | 0 | 0 | |
Actuarial loss (gain) | 2.2 | (1.7) | |
Plan participant contributions | 0 | 0 | |
Benefits paid | (4) | (3.9) | |
Currency exchange rate changes | 0 | 0 | |
Benefit obligation, end of year | 53.1 | 53.1 | $ 56.6 |
Change in Plan Assets | |||
Fair value of plan assets, beginning of year | 37.2 | 40.6 | |
Actual return on plan assets | 1.7 | (1.8) | |
Settlement | 0 | 0 | |
Transfers | 0 | 0 | |
Plan participant contributions | 0 | 0 | |
Company contributions | 2.4 | 2.3 | |
Benefits paid | (4) | (3.9) | |
Currency exchange rate changes | 0 | 0 | |
Fair value of plan assets, end of year | 37.3 | 37.2 | 40.6 |
Funded Status at End of Year | |||
Funded status, end of year | (15.8) | (15.9) | |
Amounts Recognized | |||
Noncurrent assets | 14.3 | 14.3 | |
Current liabilities | (2.5) | (2.4) | |
Noncurrent liabilities | (27.6) | (27.8) | |
Net amount recognized | (15.8) | (15.9) | |
Non-United States Plans | |||
Change in Benefit Obligation | |||
Benefit obligation, beginning of year | 326.1 | 385.4 | |
Service cost | 8 | 7.2 | |
Interest cost | 10 | 10.6 | |
Curtailment and settlement | (29) | 0 | |
Transfers | 105.4 | 5.2 | |
Actuarial loss (gain) | 39.8 | (43.2) | |
Plan participant contributions | 0.2 | 0.2 | |
Benefits paid | (7.7) | (8.1) | |
Currency exchange rate changes | (36.8) | (31.2) | |
Benefit obligation, end of year | 416 | 326.1 | 385.4 |
Change in Plan Assets | |||
Fair value of plan assets, beginning of year | 314.7 | 349.1 | |
Actual return on plan assets | 44.6 | (8.3) | |
Settlement | (26.1) | 0 | |
Transfers | 34.9 | 0 | |
Plan participant contributions | 0.2 | 0.2 | |
Company contributions | 0.5 | 8.5 | |
Benefits paid | (7.7) | (8.1) | |
Currency exchange rate changes | (36.6) | (26.7) | |
Fair value of plan assets, end of year | 324.5 | 314.7 | 349.1 |
Funded Status at End of Year | |||
Funded status, end of year | (91.5) | (11.4) | |
Amounts Recognized | |||
Noncurrent assets | 30.4 | 47.9 | |
Current liabilities | (0.8) | (0.3) | |
Noncurrent liabilities | (121.1) | (59) | |
Net amount recognized | (91.5) | (11.4) | |
Retiree Health Care Plan | |||
Change in Benefit Obligation | |||
Benefit obligation, beginning of year | 16.4 | 17.8 | |
Interest cost | 0.7 | 0.7 | 0.8 |
Actuarial loss (gain) | 0.2 | (0.5) | |
Benefits paid | (1.7) | (1.6) | |
Benefit obligation, end of year | 15.6 | 16.4 | $ 17.8 |
Change in Plan Assets | |||
Benefits paid | (1.7) | (1.6) | |
Funded Status at End of Year | |||
Funded status, end of year | (15.6) | (16.4) | |
Amounts Recognized | |||
Current liabilities | (1.3) | (1.3) | |
Noncurrent liabilities | (14.3) | (15.1) | |
Net amount recognized | $ (15.6) | $ (16.4) |
Retirement and Deferred Compe80
Retirement and Deferred Compensation Plans - Amounts Recognized in Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
United States Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net loss | $ 13 | $ 11.8 |
Prior service cost | 0 | 0 |
Total | 13 | 11.8 |
Non-United States Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net loss | 32.7 | 15.9 |
Prior service cost | 4.7 | 4.9 |
Total | $ 37.4 | $ 20.8 |
Retirement and Deferred Compe81
Retirement and Deferred Compensation Plans - Narratives (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016USD ($)insurance_contract | Dec. 31, 2015USD ($) | Dec. 31, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Number of foreign plans using guaranteed insurance contracts | insurance_contract | 4 | ||
Health care cost trend rate assumed for next fiscal year (as a percent) | 7.00% | ||
Ultimate health care cost trend rate (as a percent) | 5.00% | ||
Year that health care cost trend rate reaches ultimate trend rate | 2,022 | ||
Estimated employer contribution to pension plans during next fiscal year | $ 4.2 | ||
Pension plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Accumulated benefit obligation for plans that have plan assets | 377 | $ 291.9 | |
Accumulated benefit obligation for plans that do not have plan assets | 74.3 | 69.9 | |
Estimated net loss that will be amortized from AOCI into net periodic benefit cost during next fiscal year | 1.8 | ||
Estimated prior service cost (credit) that will be amortized from AOCI into net periodic benefit cost during next fiscal year | 0.4 | ||
Retiree Health Care Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Estimated net loss that will be amortized from AOCI into net periodic benefit cost during next fiscal year | 0.1 | ||
Estimated prior service cost (credit) that will be amortized from AOCI into net periodic benefit cost during next fiscal year | (0.8) | ||
Net loss recognized in Accumulated Other Comprehensive Loss | 1.7 | 1.7 | |
Prior service credit recognized in Accumulated Other Comprehensive Loss | $ (5.4) | $ (6) | |
Discount rate used in measurement of benefit obligation (as a percent) | 4.00% | 4.30% | |
Discount rate used in measurement of net periodic benefit cost (as a percent) | 4.30% | 3.90% | 4.70% |
United States Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net loss recognized in Accumulated Other Comprehensive Loss | $ 13 | $ 11.8 | |
Prior service credit recognized in Accumulated Other Comprehensive Loss | $ 0 | $ 0 | |
Discount rate used in measurement of benefit obligation (as a percent) | 4.00% | 4.30% | |
Non-United States Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Expected long-term rate of return, non-U.S., lowest (as a percent) | 1.70% | ||
Expected long-term rate of return, non-U.S., highest (as a percent) | 4.30% | ||
Net loss recognized in Accumulated Other Comprehensive Loss | $ 32.7 | $ 15.9 | |
Prior service credit recognized in Accumulated Other Comprehensive Loss | $ 4.7 | $ 4.9 | |
Discount rate used in measurement of benefit obligation (as a percent) | 2.20% | 3.20% |
Retirement and Deferred Compe82
Retirement and Deferred Compensation Plans - Plans with Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Compensation and Retirement Disclosure [Abstract] | ||
Accumulated benefit obligation | $ 107.9 | $ 10.2 |
Plan assets | $ 47.9 | $ 9.6 |
Retirement and Deferred Compe83
Retirement and Deferred Compensation Plans - Plans with Projected Benefit Obligation in Excess of Fair Value of Plan Assets (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Compensation and Retirement Disclosure [Abstract] | ||
Projected benefit obligation | $ 113.9 | $ 48.4 |
Plan assets | $ 47.9 | $ 39.4 |
Retirement and Deferred Compe84
Retirement and Deferred Compensation Plans - Components of Net Periodic Benefit Cost and Other Amounts Recognized in Other Comprehensive Loss (Income) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Pension plans | |||
Net Periodic Benefit Cost | |||
Service cost | $ 8 | $ 7.2 | $ 8.3 |
Interest cost | 11.8 | 12.7 | 15.8 |
Expected return on assets | (10.9) | (12.9) | (15.6) |
Curtailment and settlement | (6.9) | 0 | 0 |
Net loss | 1 | 4 | 3.5 |
Prior service cost (credit) | 0.4 | 0.4 | 0.6 |
Net periodic benefit cost | 3.4 | 11.4 | 12.6 |
Other Changes in Plan Assets and Benefit Obligation Recognized in Other Comprehensive Loss | |||
Net loss (gain) | 24.7 | (22.9) | 23.5 |
Prior service cost | 0 | 0 | 1.3 |
Amortization of net loss | (1) | (4) | (3.5) |
Amortization of prior service (cost) credit | (0.4) | (0.4) | (0.6) |
Total recognized in other comprehensive loss | 23.3 | (27.3) | 20.7 |
Total recognized in net periodic benefit cost and other comprehensive loss | 26.7 | (15.9) | 33.3 |
Retiree Health Care Plan | |||
Net Periodic Benefit Cost | |||
Interest cost | 0.7 | 0.7 | 0.8 |
Net loss | 0.1 | 0.1 | 0.1 |
Prior service cost (credit) | (0.8) | (0.8) | (0.8) |
Net periodic benefit cost | 0 | 0 | 0.1 |
Other Changes in Plan Assets and Benefit Obligation Recognized in Other Comprehensive Loss | |||
Net loss (gain) | 0.2 | (0.5) | 0.2 |
Amortization of net loss | (0.1) | (0.1) | (0.1) |
Amortization of prior service (cost) credit | 0.8 | 0.8 | 0.8 |
Total recognized in other comprehensive loss | 0.9 | 0.2 | 0.9 |
Total recognized in net periodic benefit cost and other comprehensive loss | $ 0.9 | $ 0.2 | $ 1 |
Retirement and Deferred Compe85
Retirement and Deferred Compensation Plans - Weighted-Average Assumptions (Details) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
United States Plans | |||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | |||
Discount rate | 4.00% | 4.30% | |
Rate of compensation increase | 3.00% | 3.00% | |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||
Discount rate - service cost | 4.40% | 3.90% | 4.60% |
Discount rate - interest cost | 3.40% | 3.90% | 4.60% |
Expected long-term return on plan assets (as a percent) | 5.30% | 5.50% | 6.00% |
Rate of compensation increase | 3.00% | 3.00% | 3.00% |
Non-United States Plans | |||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | |||
Discount rate | 2.20% | 3.20% | |
Rate of compensation increase | 1.70% | 2.20% | |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||
Discount rate - service cost | 3.20% | 2.90% | 4.10% |
Discount rate - interest cost | 3.20% | 2.90% | 4.10% |
Expected long-term return on plan assets (as a percent) | 3.40% | 3.20% | 4.50% |
Rate of compensation increase | 2.20% | 2.60% | 3.80% |
Retirement and Deferred Compe86
Retirement and Deferred Compensation Plans - Fair Value of Pension Plan Assets by Asset Category (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
United States Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 37.3 | $ 37.2 | $ 40.6 |
United States Plans | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 12.1 | 12.7 | |
United States Plans | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 25.2 | 24.5 | |
United States Plans | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
United States Plans | United States companies | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 12.1 | 12.7 | |
United States Plans | United States companies | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 12.1 | 12.7 | |
United States Plans | United States companies | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
United States Plans | United States companies | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
United States Plans | International companies | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
United States Plans | International companies | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
United States Plans | International companies | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
United States Plans | International companies | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
United States Plans | Government bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 14.7 | 16.9 | |
United States Plans | Government bonds | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
United States Plans | Government bonds | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 14.7 | 16.9 | |
United States Plans | Government bonds | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
United States Plans | Corporate bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 10.3 | 7.2 | |
United States Plans | Corporate bonds | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
United States Plans | Corporate bonds | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 10.3 | 7.2 | |
United States Plans | Corporate bonds | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
United States Plans | Guaranteed insurance contracts | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
United States Plans | Guaranteed insurance contracts | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
United States Plans | Guaranteed insurance contracts | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
United States Plans | Guaranteed insurance contracts | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
United States Plans | Annuity contract | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
United States Plans | Annuity contract | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
United States Plans | Annuity contract | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
United States Plans | Annuity contract | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
United States Plans | Unitized funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
United States Plans | Unitized funds | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
United States Plans | Unitized funds | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
United States Plans | Unitized funds | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
United States Plans | Real estate funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
United States Plans | Real estate funds | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
United States Plans | Real estate funds | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
United States Plans | Real estate funds | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
United States Plans | Common contractual funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
United States Plans | Common contractual funds | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
United States Plans | Common contractual funds | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
United States Plans | Common contractual funds | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
United States Plans | Insurance contracts | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
United States Plans | Insurance contracts | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
United States Plans | Insurance contracts | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
United States Plans | Insurance contracts | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Non-United States Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 324.5 | 314.7 | $ 349.1 |
Non-United States Plans | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 50 | 123.6 | |
Non-United States Plans | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 148.3 | 99.1 | |
Non-United States Plans | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 126.2 | 92 | |
Non-United States Plans | United States companies | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Non-United States Plans | United States companies | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Non-United States Plans | United States companies | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Non-United States Plans | United States companies | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Non-United States Plans | International companies | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 17.7 | 17.8 | |
Non-United States Plans | International companies | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 17.7 | 17.8 | |
Non-United States Plans | International companies | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Non-United States Plans | International companies | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Non-United States Plans | Government bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 27.5 | 47.8 | |
Non-United States Plans | Government bonds | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 47.8 | |
Non-United States Plans | Government bonds | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 27.5 | 0 | |
Non-United States Plans | Government bonds | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Non-United States Plans | Corporate bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 49.6 | 31.2 | |
Non-United States Plans | Corporate bonds | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 31.2 | |
Non-United States Plans | Corporate bonds | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 49.6 | 0 | |
Non-United States Plans | Corporate bonds | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Non-United States Plans | Guaranteed insurance contracts | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 14.2 | 38.9 | |
Non-United States Plans | Guaranteed insurance contracts | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Non-United States Plans | Guaranteed insurance contracts | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 14.2 | 38.9 | |
Non-United States Plans | Guaranteed insurance contracts | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Non-United States Plans | Annuity contract | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 49.5 | 51.9 | |
Non-United States Plans | Annuity contract | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Non-United States Plans | Annuity contract | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 49.5 | 51.9 | |
Non-United States Plans | Annuity contract | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Non-United States Plans | Unitized funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 23.1 | $ 26.4 | |
Non-United States Plans | Unitized funds | Equity securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Percentage of investment in plan assets | 60.00% | 50.00% | |
Non-United States Plans | Unitized funds | Fixed income funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Percentage of investment in plan assets | 30.00% | 40.00% | |
Non-United States Plans | Unitized funds | Cash | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Percentage of investment in plan assets | 10.00% | 10.00% | |
Non-United States Plans | Unitized funds | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 23.1 | $ 26.4 | |
Non-United States Plans | Unitized funds | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Non-United States Plans | Unitized funds | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Non-United States Plans | Real estate funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 7 | 8.3 | |
Non-United States Plans | Real estate funds | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Non-United States Plans | Real estate funds | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 7 | 8.3 | |
Non-United States Plans | Real estate funds | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Non-United States Plans | Common contractual funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 25.9 | ||
Non-United States Plans | Common contractual funds | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Non-United States Plans | Common contractual funds | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Non-United States Plans | Common contractual funds | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 25.9 | ||
Non-United States Plans | Insurance contracts | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 100.3 | 92 | |
Non-United States Plans | Insurance contracts | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Non-United States Plans | Insurance contracts | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Non-United States Plans | Insurance contracts | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 100.3 | 92 | |
Cash and cash equivalents | United States Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0.2 | 0.4 | |
Cash and cash equivalents | United States Plans | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Cash and cash equivalents | United States Plans | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0.2 | 0.4 | |
Cash and cash equivalents | United States Plans | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Cash and cash equivalents | Non-United States Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 9.7 | 0.4 | |
Cash and cash equivalents | Non-United States Plans | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 9.2 | 0.4 | |
Cash and cash equivalents | Non-United States Plans | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0.5 | 0 | |
Cash and cash equivalents | Non-United States Plans | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 0 | $ 0 |
Retirement and Deferred Compe87
Retirement and Deferred Compensation Plans - Changes in Fair Value of Pension Assets Measured Using Level 3 Inputs (Details) - Common contractual funds and insurance contracts - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Change in Plan Assets | ||
Fair value of plan assets, beginning of year | $ 92 | $ 104.9 |
Transfers | 27.3 | 0 |
Actual return on plan assets | 13.9 | (2.2) |
Purchases, sales and settlements, net | (2.1) | 0 |
Currency exchange rate changes | (4.9) | (10.7) |
Fair value of plan assets, end of year | $ 126.2 | $ 92 |
Retirement and Deferred Compe88
Retirement and Deferred Compensation Plans - Effect of One-Percentage Point Change in Assumed Health Care Cost Trend Rates (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Compensation and Retirement Disclosure [Abstract] | |
Effect of 1% increase on total of service and interest cost components | $ 0 |
Effect of 1% decrease on total of service and interest cost components | 0 |
Effect of 1% increase on benefit obligation | 0.3 |
Effect of 1% decrease on benefit obligation | $ (0.2) |
Retirement and Deferred Compe89
Retirement and Deferred Compensation Plans - Projected Benefit Payment Estimates (Details) $ in Millions | Dec. 31, 2016USD ($) |
Pension plans | |
Defined Benefit Plan Disclosure [Line Items] | |
2,017 | $ 10.1 |
2,018 | 10.9 |
2,019 | 11.4 |
2,020 | 12.7 |
2,021 | 13.8 |
2022-2026 | 89 |
Total projected benefit payments | 147.9 |
Retiree Health Care Plan | |
Defined Benefit Plan Disclosure [Line Items] | |
2,017 | 1.3 |
2,018 | 1.2 |
2,019 | 1.2 |
2,020 | 1.1 |
2,021 | 1.1 |
2022-2026 | 5.2 |
Total projected benefit payments | $ 11.1 |
Retirement and Deferred Compe90
Retirement and Deferred Compensation Plans - Defined Contribution Plans and Deferred Compensation Plans (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Compensation and Retirement Disclosure [Abstract] | |||
Total expense for employer match and profit sharing contributions | $ 21.4 | $ 19.6 | $ 19.8 |
Deferred compensation plans, asset and liability | $ 85.7 | $ 82.9 |
Accumulated Other Comprehensi91
Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||
Foreign currency translation | $ (289.1) | $ (209.2) |
Translation gain on net investment hedge, net of income taxes of $11.2 and $2.8, respectively | 24.8 | 10 |
Translation gain (loss) on net investment hedge, taxes | 11.2 | 2.8 |
Translation loss on long-term intercompany loans | (133.7) | (75.5) |
Unrealized gain on investments, net of income taxes of $4.2 and $3.8, respectively | 18.6 | 17 |
Unrealized gain on investments, taxes | 4.2 | 3.8 |
Defined Benefit Plan Disclosure [Line Items] | ||
Accumulated other comprehensive loss | (426.1) | (286) |
Defined benefit pension plans, net of income taxes of $(27.8) and $(22.3), respectively | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plans | (50.4) | (32.6) |
Defined benefit plans, taxes | (27.8) | (22.3) |
Retiree health care plan, net of income taxes of $2.1 and $2.4 in 2016 and 2015, respectively | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plans | 3.7 | 4.3 |
Defined benefit plans, taxes | $ 2.1 | $ 2.4 |
Leases (Details)
Leases (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Future minimum lease payments under noncancelable operating leases [Abstract] | |||
2,017 | $ 156.4 | ||
2,018 | 119.5 | ||
2,019 | 90.1 | ||
2,020 | 69.4 | ||
2,021 | 56.2 | ||
Thereafter | 100.7 | ||
Total minimum lease payments | 592.3 | ||
Rental expense [Abstract] | |||
Rental expense for all operating leases | $ 166.5 | $ 174.9 | $ 197 |
Interest and Other Expenses (De
Interest and Other Expenses (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Other Nonoperating Income (Expense) [Abstract] | |||
Interest expense | $ 37.9 | $ 36 | $ 35.9 |
Interest income | (3.6) | (2.5) | (4.4) |
Foreign exchange loss (gain) | 2.8 | (4.7) | (2.2) |
Miscellaneous expense (income), net | 12.4 | (0.6) | 9 |
Interest and other expenses | $ 49.5 | $ 28.2 | $ 38.3 |
Derivative Financial Instrume94
Derivative Financial Instruments (Details) $ in Millions | 12 Months Ended | |||
Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2016EUR (€) | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Long-term Debt | $ 785.9 | $ 816.9 | ||
Unrealized translation gain on net investment hedge included in accumulated other comprehensive (loss) income, net of taxes | 24.8 | 10 | ||
Euro-denominated notes | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Unrealized translation gain on net investment hedge included in accumulated other comprehensive (loss) income, net of taxes | 29 | 14.1 | ||
Designated as economic hedges | Forward contracts | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Unrealized translation gain on net investment hedge included in accumulated other comprehensive (loss) income, net of taxes | (4.2) | (4.1) | ||
Not designated as hedges | Forward contracts | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Loss associated with forward contracts included in interest and other expenses | 1.6 | |||
Gain associated with forward contracts included in interest and other expenses | 0.6 | $ 0.2 | ||
€400 due September 2022 | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Long-term Debt | 417.7 | 431 | ||
€400 due September 2022 | Designated as economic hedges | Euro-denominated notes | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Principal amount | 417.7 | € 400,000,000 | ||
€350 due June 2018 | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Long-term Debt | 367.5 | $ 379.2 | ||
€350 due June 2018 | Designated as economic hedges | Euro-denominated notes | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Principal amount | $ 367.5 | € 350,000,000 |
Contingencies (Details)
Contingencies (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2016 | |
Guarantees | ||
Loss Contingencies [Line Items] | ||
Loss contingency | $ 130.7 | |
Stand-by letters of credit | ||
Loss Contingencies [Line Items] | ||
Loss contingency | 46.9 | |
Guarantee contracts and stand-by letters of credit | ||
Loss Contingencies [Line Items] | ||
Loss contingency | $ 177.6 | |
2014 California lawsuit | ||
Loss Contingencies [Line Items] | ||
Legal costs | $ 9 |
Segment Data - Segment Informat
Segment Data - Segment Information (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||
Revenues from Services | $ 4,956.1 | $ 5,088.2 | $ 5,022.1 | $ 4,587.7 | $ 4,953.9 | $ 4,972.5 | $ 4,861.3 | $ 4,542.2 | $ 19,654.1 | $ 19,329.9 | $ 20,762.8 |
Operating Unit Profit | 879.6 | 832.7 | 859.1 | ||||||||
Intangible asset amortization expense | (36) | (32.8) | (33.4) | ||||||||
Interest and other expenses | (49.5) | (28.2) | (38.3) | ||||||||
Earnings before income taxes | 701.3 | 660.7 | 681.6 | ||||||||
Franchise fees | 23.3 | 24.2 | 25.4 | ||||||||
Depreciation and Amortization Expense | 85.3 | 77.7 | 83.8 | ||||||||
Earnings from Equity Investments | 3.6 | 8 | 3 | ||||||||
Total Assets | 7,574.2 | 7,517.5 | 7,574.2 | 7,517.5 | 7,181.2 | ||||||
Equity Investments | 145.8 | 137.9 | 145.8 | 137.9 | 132.3 | ||||||
Long-Lived Assets | 150.6 | 152.2 | 150.6 | 152.2 | 154.4 | ||||||
Reportable segments | Americas | |||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||
Revenues from Services | 4,297.2 | 4,492 | 4,583.7 | ||||||||
Operating Unit Profit | 196.5 | 200.8 | 181.6 | ||||||||
Depreciation and Amortization Expense | 12.6 | 12.2 | 13.5 | ||||||||
Earnings from Equity Investments | 0 | 0 | 0 | ||||||||
Total Assets | 2,033.3 | 2,013.4 | 2,033.3 | 2,013.4 | 1,816.8 | ||||||
Equity Investments | 0 | 0 | 0 | 0 | 0 | ||||||
Long-Lived Assets | 34 | 33.3 | 34 | 33.3 | 33.7 | ||||||
Reportable segments | Americas | United States | Reportable subsegments | |||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||
Revenues from Services | 2,836.8 | 3,005.8 | 3,086.4 | ||||||||
Operating Unit Profit | 142.9 | 143.8 | 125.4 | ||||||||
Franchise fees | 15.1 | 15.2 | 16.1 | ||||||||
Depreciation and Amortization Expense | 9.9 | 9.3 | 9.4 | ||||||||
Earnings from Equity Investments | 0 | 0 | 0 | ||||||||
Total Assets | 1,718.9 | 1,708.5 | 1,718.9 | 1,708.5 | 1,532.7 | ||||||
Equity Investments | 0 | 0 | 0 | 0 | 0 | ||||||
Long-Lived Assets | 27.7 | 26 | 27.7 | 26 | 25.4 | ||||||
Reportable segments | Americas | Other Americas | Reportable subsegments | |||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||
Revenues from Services | 1,460.4 | 1,486.2 | 1,497.3 | ||||||||
Operating Unit Profit | 53.6 | 57 | 56.2 | ||||||||
Depreciation and Amortization Expense | 2.7 | 2.9 | 4.1 | ||||||||
Earnings from Equity Investments | 0 | 0 | 0 | ||||||||
Total Assets | 314.4 | 304.9 | 314.4 | 304.9 | 284.1 | ||||||
Equity Investments | 0 | 0 | 0 | 0 | 0 | ||||||
Long-Lived Assets | 6.3 | 7.3 | 6.3 | 7.3 | 8.3 | ||||||
Reportable segments | Southern Europe | |||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||
Revenues from Services | 7,497.6 | 7,291.5 | 8,032.5 | ||||||||
Operating Unit Profit | 376.9 | 369.6 | 382.6 | ||||||||
Depreciation and Amortization Expense | 16.4 | 15.2 | 18.6 | ||||||||
Earnings from Equity Investments | 3.6 | 7.9 | 6 | ||||||||
Total Assets | 2,889.8 | 2,678.1 | 2,889.8 | 2,678.1 | 2,619.8 | ||||||
Equity Investments | 139.7 | 136.5 | 139.7 | 136.5 | 130.6 | ||||||
Long-Lived Assets | 62.4 | 58.1 | 62.4 | 58.1 | 62.7 | ||||||
Reportable segments | Southern Europe | France | Reportable subsegments | |||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||
Revenues from Services | 4,837.4 | 4,661.3 | 5,351.6 | ||||||||
Operating Unit Profit | 250.6 | 258.8 | 275.5 | ||||||||
Depreciation and Amortization Expense | 11 | 10.1 | 13 | ||||||||
Earnings from Equity Investments | 0 | 0.4 | 0.4 | ||||||||
Total Assets | 2,104.8 | 1,926.3 | 2,104.8 | 1,926.3 | 1,922.7 | ||||||
Equity Investments | 0.2 | 0 | 0.2 | 0 | 0.7 | ||||||
Long-Lived Assets | 39.7 | 39.2 | 39.7 | 39.2 | 44.6 | ||||||
Reportable segments | Southern Europe | Italy | Reportable subsegments | |||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||
Revenues from Services | 1,167.7 | 1,226.1 | 1,178.8 | ||||||||
Operating Unit Profit | 79.1 | 70.9 | 64.2 | ||||||||
Depreciation and Amortization Expense | 1.9 | 1.9 | 2.4 | ||||||||
Earnings from Equity Investments | 0 | 0 | 0 | ||||||||
Total Assets | 294.9 | 267.1 | 294.9 | 267.1 | 230 | ||||||
Equity Investments | 0.4 | 0.2 | 0.4 | 0.2 | 0.2 | ||||||
Long-Lived Assets | 4.4 | 4.7 | 4.4 | 4.7 | 4.7 | ||||||
Reportable segments | Southern Europe | Other Southern Europe | Reportable subsegments | |||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||
Revenues from Services | 1,492.5 | 1,404.1 | 1,502.1 | ||||||||
Operating Unit Profit | 47.2 | 39.9 | 42.9 | ||||||||
Depreciation and Amortization Expense | 3.5 | 3.2 | 3.2 | ||||||||
Earnings from Equity Investments | 3.6 | 7.5 | 5.6 | ||||||||
Total Assets | 490.1 | 484.7 | 490.1 | 484.7 | 467.1 | ||||||
Equity Investments | 139.1 | 136.3 | 139.1 | 136.3 | 129.7 | ||||||
Long-Lived Assets | 18.3 | 14.2 | 18.3 | 14.2 | 13.4 | ||||||
Reportable segments | Northern Europe(3) | |||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||
Revenues from Services | 5,129.1 | 5,033.7 | 5,525.3 | ||||||||
Operating Unit Profit | 173 | 144.7 | 177.2 | ||||||||
Depreciation and Amortization Expense | 10.9 | 8.9 | 10.2 | ||||||||
Earnings from Equity Investments | 0 | 0.1 | (3) | ||||||||
Total Assets | 1,292.4 | 1,197.7 | 1,292.4 | 1,197.7 | 1,613.9 | ||||||
Equity Investments | 0.1 | 1.4 | 0.1 | 1.4 | 1.4 | ||||||
Long-Lived Assets | 25.4 | 30.5 | 25.4 | 30.5 | 26.7 | ||||||
Reportable segments | APME | |||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||
Revenues from Services | 2,471.3 | 2,239.1 | 2,327.1 | ||||||||
Operating Unit Profit | 88.5 | 79.3 | 84.2 | ||||||||
Depreciation and Amortization Expense | 5.3 | 4.7 | 4.4 | ||||||||
Earnings from Equity Investments | 0 | 0 | 0 | ||||||||
Total Assets | 612.8 | 533.6 | 612.8 | 533.6 | 501.4 | ||||||
Equity Investments | 0 | 0 | 0 | 0 | 0.3 | ||||||
Long-Lived Assets | 17.9 | 19.4 | 17.9 | 19.4 | 20.6 | ||||||
Reportable segments | Right Management | |||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||
Revenues from Services | 258.9 | 273.6 | 294.2 | ||||||||
Operating Unit Profit | 44.7 | 38.3 | 33.5 | ||||||||
Depreciation and Amortization Expense | 3.9 | 3.7 | 3.6 | ||||||||
Earnings from Equity Investments | 0 | 0 | 0 | ||||||||
Total Assets | 136.6 | 143.9 | 136.6 | 143.9 | 139.1 | ||||||
Equity Investments | 0 | 0 | 0 | 0 | 0 | ||||||
Long-Lived Assets | 10.7 | 10.5 | 10.7 | 10.5 | 10.6 | ||||||
Corporate | |||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||
Corporate expenses | (92.8) | (111) | (105.8) | ||||||||
Depreciation and Amortization Expense | 0.2 | 0.2 | 0.1 | ||||||||
Total Assets | 609.3 | 950.8 | 609.3 | 950.8 | 490.2 | ||||||
Equity Investments | 6 | 0 | 6 | 0 | 0 | ||||||
Long-Lived Assets | $ 0.2 | $ 0.4 | 0.2 | 0.4 | 0.1 | ||||||
Additions to Long-Lived Assets | 0 | 0.4 | 0 | ||||||||
Segment reconciling items | |||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||
Intangible asset amortization expense | (36) | (32.8) | (33.4) | ||||||||
Interest and other expenses | (49.5) | (28.2) | (38.3) | ||||||||
Additions to Long-Lived Assets | 54.6 | 52.3 | 52 | ||||||||
Segment reconciling items | Americas | |||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||
Additions to Long-Lived Assets | 13.8 | 12.5 | 13 | ||||||||
Segment reconciling items | Americas | United States | |||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||
Additions to Long-Lived Assets | 11.9 | 10.1 | 9.1 | ||||||||
Segment reconciling items | Americas | Other Americas | |||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||
Additions to Long-Lived Assets | 1.9 | 2.4 | 3.9 | ||||||||
Segment reconciling items | Southern Europe | |||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||
Additions to Long-Lived Assets | 23.9 | 18.1 | 15 | ||||||||
Segment reconciling items | Southern Europe | France | |||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||
Additions to Long-Lived Assets | 13.3 | 10.3 | 7.8 | ||||||||
Segment reconciling items | Southern Europe | Italy | |||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||
Additions to Long-Lived Assets | 1.7 | 2.4 | 1.3 | ||||||||
Segment reconciling items | Southern Europe | Other Southern Europe | |||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||
Additions to Long-Lived Assets | 8.9 | 5.4 | 5.9 | ||||||||
Segment reconciling items | Northern Europe(3) | |||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||
Additions to Long-Lived Assets | 8.5 | 12.1 | 12.5 | ||||||||
Segment reconciling items | APME | |||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||
Additions to Long-Lived Assets | 3.9 | 4.5 | 7.9 | ||||||||
Segment reconciling items | Right Management | |||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||
Additions to Long-Lived Assets | $ 4.5 | $ 4.7 | $ 3.6 |
Segment Data - Segment Inform97
Segment Data - Segment Information by Geographical Region (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenues from Services | $ 4,956.1 | $ 5,088.2 | $ 5,022.1 | $ 4,587.7 | $ 4,953.9 | $ 4,972.5 | $ 4,861.3 | $ 4,542.2 | $ 19,654.1 | $ 19,329.9 | $ 20,762.8 |
Long-Lived Assets | 150.6 | 152.2 | 150.6 | 152.2 | 154.4 | ||||||
United States | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenues from Services | 2,950.2 | 3,115.6 | 3,190.6 | ||||||||
Long-Lived Assets | 33.9 | 32.3 | 33.9 | 32.3 | 30.2 | ||||||
France | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenues from Services | 4,857.3 | 4,684.1 | 5,378.6 | ||||||||
Long-Lived Assets | 40.9 | 40.4 | 40.9 | 40.4 | 46 | ||||||
Italy | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenues from Services | 1,170.7 | 1,230.2 | 1,183.4 | ||||||||
Long-Lived Assets | 4.4 | 4.7 | 4.4 | 4.7 | 4.7 | ||||||
United Kingdom | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenues from Services | 1,819.7 | 2,118.4 | 2,168.6 | ||||||||
Long-Lived Assets | 9 | 10.3 | 9 | 10.3 | 10.3 | ||||||
Total Foreign | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenues from Services | 16,703.9 | 16,214.3 | 17,572.2 | ||||||||
Long-Lived Assets | $ 116.7 | $ 119.9 | $ 116.7 | $ 119.9 | $ 124.2 |
Quarterly Data (Unaudited) (Det
Quarterly Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Revenues from services | $ 4,956.1 | $ 5,088.2 | $ 5,022.1 | $ 4,587.7 | $ 4,953.9 | $ 4,972.5 | $ 4,861.3 | $ 4,542.2 | $ 19,654.1 | $ 19,329.9 | $ 20,762.8 |
Gross profit | 841 | 858.3 | 860.7 | 773.8 | 851.1 | 852.1 | 830.6 | 762 | 3,333.8 | 3,295.8 | 3,488.2 |
Operating profit | 212 | 211.1 | 196 | 131.7 | 181.1 | 206.3 | 178.7 | 122.8 | 750.8 | 688.9 | 719.9 |
Net earnings | $ 127.4 | $ 129.2 | $ 115.4 | $ 71.7 | $ 123.9 | $ 123.9 | $ 105.7 | $ 65.7 | $ 443.7 | $ 419.2 | $ 427.6 |
Net earnings per share - basic (in dollars per share) | $ 1.89 | $ 1.89 | $ 1.61 | $ 0.98 | $ 1.67 | $ 1.63 | $ 1.35 | $ 0.83 | $ 6.33 | $ 5.46 | $ 5.38 |
Net earnings per share - diluted (in dollars per share) | 1.87 | 1.87 | 1.60 | 0.98 | 1.66 | 1.61 | 1.33 | 0.83 | 6.27 | 5.40 | 5.30 |
Dividends per share (in dollars per share) | 0.86 | 0 | 0.86 | 0 | 0.80 | 0 | 0.80 | 0 | $ 1.72 | $ 1.60 | $ 0.98 |
Market price: | |||||||||||
High (in dollars per share) | 92.83 | 72.61 | 85.38 | 81.82 | 93.24 | 96.56 | 92 | 86.92 | |||
Low (in dollars per share) | $ 71.50 | $ 60.67 | $ 59.90 | $ 70.33 | $ 80.48 | $ 77.43 | $ 82.76 | $ 63.79 | |||
Restructuring costs | $ 16.4 | ||||||||||
Non-operating gains | $ 10.6 | ||||||||||
Restructuring costs per diluted share (in dollars per share) | $ (0.17) | ||||||||||
Non-operating gains per diluted share (in dollars per share) | $ 0.15 |
Schedule II VALUATION AND QUA99
Schedule II VALUATION AND QUALIFYING ACCOUNTS (Details) - Allowance for Doubtful Accounts - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Year | $ 98.1 | $ 111.4 | $ 118.6 |
Provisions Charged to Earnings | 20.4 | 16.3 | 18.9 |
Write-Offs | (16.9) | (20.3) | (15.8) |
Translation Adjustments | (3.2) | (10.1) | (11.5) |
Reclassifications and Other | (0.2) | 0.8 | 1.2 |
Balance at End of Year | $ 98.2 | $ 98.1 | $ 111.4 |