Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2018 | Aug. 01, 2018 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | ManpowerGroup Inc. | |
Entity Central Index Key | 871,763 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 64,894,602 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q2 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2018 |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions | Jun. 30, 2018 | Dec. 31, 2017 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 767.5 | $ 689 |
Accounts receivable, less allowance for doubtful accounts of $112.5 and $110.8, respectively | 5,363.9 | 5,370.5 |
Prepaid Expense and Other Assets, Current | 137.9 | 111.7 |
Total current assets | 6,269.3 | 6,171.2 |
OTHER ASSETS: | ||
Goodwill | 1,321.9 | 1,343 |
Intangible assets, less accumulated amortization of $353.5 and $339.9, respectively | 264.6 | 284 |
Other assets | 807.7 | 927.7 |
Total other assets | 2,394.2 | 2,554.7 |
PROPERTY AND EQUIPMENT: | ||
Land, buildings, leasehold improvements and equipment | 624.2 | 633.4 |
Less: accumulated depreciation and amortization | 474.9 | 475.7 |
Net property and equipment | 149.3 | 157.7 |
Total assets | 8,812.8 | 8,883.6 |
CURRENT LIABILITIES: | ||
Accounts payable | 2,303.3 | 2,279.4 |
Employee compensation payable | 188.1 | 230.6 |
Accrued liabilities | 451.2 | 490.9 |
Accrued payroll taxes and insurance | 726.7 | 794.7 |
Value added taxes payable | 522.3 | 545.4 |
Short-term borrowings and current maturities of long-term debt | 43.4 | 469.4 |
Total current liabilities | 4,235 | 4,810.4 |
OTHER LIABILITIES: | ||
Long-term debt | 1,045.2 | 478.1 |
Other long-term liabilities | 685.1 | 737.5 |
Total other liabilities | 1,730.3 | 1,215.6 |
ManpowerGroup 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 116,778,224 and 116,303,729 shares, respectively | 1.2 | 1.2 |
Capital in excess of par value | 3,320.1 | 3,302.6 |
Retained earnings | 2,902.7 | 2,713 |
Accumulated other comprehensive loss | (375.9) | (288.2) |
Treasury stock at cost, 51,433,302 and 50,226,525 shares, respectively | (3,084.1) | (2,953.7) |
Total ManpowerGroup shareholders’ equity | 2,764 | 2,774.9 |
Noncontrolling interests | 83.5 | 82.7 |
Total shareholders’ equity | 2,847.5 | 2,857.6 |
Total liabilities and shareholders’ equity | $ 8,812.8 | $ 8,883.6 |
Consolidated Balance Sheets (U3
Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions | Jun. 30, 2018 | Dec. 31, 2017 |
CURRENT ASSETS: | ||
Allowance for doubtful accounts | $ 112.5 | $ 110.8 |
OTHER ASSETS: | ||
Accumulated amortization on intangible assets | $ 353.5 | $ 339.9 |
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) | 116,778,224 | 116,303,729 |
Treasury stock at cost (in shares) | 51,433,302 | 50,226,525 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Income Statement [Abstract] | ||||
Revenues from services | $ 5,656.9 | $ 5,174.8 | $ 11,179.3 | $ 9,932 |
Cost of services | 4,734.2 | 4,313.1 | 9,371.2 | 8,282.5 |
Gross profit | 922.7 | 861.7 | 1,808.1 | 1,649.5 |
Selling and administrative expenses | 714.4 | 666.5 | 1,446 | 1,326.4 |
Operating profit | 208.3 | 195.2 | 362.1 | 323.1 |
Interest and other expenses | 10.5 | 11 | 26.6 | 26.8 |
Earnings before income taxes | 197.8 | 184.2 | 335.5 | 296.3 |
Provision for income taxes | 54.4 | 67.2 | 95.1 | 104.9 |
Net earnings | $ 143.4 | $ 117 | $ 240.4 | $ 191.4 |
Net earnings per share - basic (in dollars per share) | $ 2.18 | $ 1.74 | $ 3.65 | $ 2.83 |
Net earnings per share - diluted (in dollars per share) | $ 2.17 | $ 1.72 | $ 3.62 | $ 2.80 |
Weighted average shares - basic (in shares) | 65.7 | 67.4 | 65.8 | 67.5 |
Weighted average shares - diluted (in shares) | 66.1 | 68 | 66.4 | 68.3 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Statement of Comprehensive Income [Abstract] | ||||
Net earnings | $ 143.4 | $ 117 | $ 240.4 | $ 191.4 |
Other comprehensive (loss) income: | ||||
Foreign currency translation adjustments | (140.3) | 93.8 | (92.6) | 134.1 |
Translation adjustments on net investment hedge, net of income taxes of $10.6, $(18.4), $5.8 and $(21.7), respectively | 36.5 | (33) | 20.1 | (38.7) |
Translation adjustments of long-term intercompany loans | (7.7) | (1.2) | (0.1) | 2.3 |
Unrealized gain on investments, net of income taxes of $0.1 and $0.6, respectively, for 2017 | 0 | 0.6 | 0 | 3 |
Reclassification of unrealized cumulative gain on investments, net of income taxes of $(3.4), included in retained earnings as of January 1, 2018 upon adoption of new accounting guidance on financial instruments (See Note 12 to the Consolidated Financial Statements) | 0 | 0 | (15.3) | 0 |
Defined benefit pension plans and retiree health care plan, net of income taxes of $(0.1), $0.2, $0.1 and $0.2, respectively | (0.3) | 0.5 | 0.2 | 0.7 |
Total other comprehensive (loss) income | (111.8) | 60.7 | (87.7) | 101.4 |
Comprehensive income | $ 31.6 | $ 177.7 | $ 152.7 | $ 292.8 |
Consolidated Statements of Com6
Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Other comprehensive (loss) income: | ||||
Income tax expense (benefit) on translation adjustments on net investment hedge | $ 10.6 | $ (18.4) | $ 5.8 | $ (21.7) |
Income tax expense (benefit) on unrealized gain on investments | 0.1 | 0.6 | ||
Income tax expense (benefit) on defined benefit pension plans and retiree health care plan | $ (0.1) | $ 0.2 | 0.1 | $ 0.2 |
Income tax expense (benefit) on reclassification of unrealized cumulative gain on investments | $ (3.4) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net earnings | $ 240.4 | $ 191.4 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Depreciation and amortization | 42.9 | 40.7 |
Deferred income taxes | (16.6) | 26.1 |
Provision for doubtful accounts | 10.9 | 10 |
Share-based compensation | 12.8 | 14.8 |
Changes in operating assets and liabilities, excluding the impact of acquisitions: | ||
Accounts receivable | (132) | (258.8) |
Other assets | 85.9 | 36 |
Other liabilities | (68.7) | 87.8 |
Cash provided by operating activities | 175.6 | 148 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Capital expenditures | (26.8) | (25.5) |
Acquisitions of businesses, net of cash acquired | (8.2) | (21.2) |
Proceeds from the sale of investments, property and equipment | 6.7 | 3.1 |
Cash used in investing activities | (28.3) | (43.6) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Net change in short-term borrowings | (4.5) | (4.2) |
Proceeds from long-term debt | 583.3 | 0 |
Repayments of long-term debt | (408.1) | (0.2) |
Payments of debt issuance costs | (2.4) | 0 |
Payments of contingent consideration for acquisitions | (15.1) | (12.9) |
Proceeds from share-based awards and other equity transactions | 4 | 34.1 |
Payments to noncontrolling interests | (1.9) | 0 |
Other share-based award transactions | (17.3) | (16.3) |
Repurchases of common stock | (113.2) | (115.8) |
Dividends paid | (66) | (62.2) |
Cash used in financing activities | (41.2) | (177.5) |
Effect of exchange rate changes on cash | (27.6) | 47.7 |
Change in cash and cash equivalents | 78.5 | (25.4) |
Cash and cash equivalents, beginning of year | 689 | 598.5 |
Cash and cash equivalents, end of period | 767.5 | 573.1 |
SUPPLEMENTAL CASH FLOW INFORMATION: | ||
Interest paid | 31.1 | 22.7 |
Income taxes paid, net | $ 106.7 | $ 56.4 |
Basis of Presentation and Accou
Basis of Presentation and Accounting Policies | 6 Months Ended |
Jun. 30, 2018 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Accounting Policies | Basis of Presentation and Accounting Policies Basis of Presentation Certain information and footnote disclosures normally included in the financial statements prepared in accordance with United States Generally Accepted Accounting Principles ("GAAP") have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission, although we believe that the disclosures are adequate to make the information presented not misleading. These Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements included in our 2017 Annual Report on Form 10-K. The information furnished reflects all adjustments that, in the opinion of management, were necessary for a fair statement of the Consolidated Financial Statements for the periods presented. Such adjustments were of a normal recurring nature, unless otherwise disclosed. Payroll Tax Credit In April 2018, we sold substantially all of our French payroll tax credits earned in 2017 for net proceeds of $234.5 ( €190.9 ). In March 2017, we sold a portion of our French payroll tax credits earned in 2016 for net proceeds of $143.5 ( €133.0 ). We derecognized these receivables upon the sale date 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 in cost of services as a reduction of the payroll tax credits. Subsequent Events We have evaluated events and transactions occurring after the balance sheet date through our filing date and have accrued or disclosed, if appropriate. |
Recently Issued Accounting Stan
Recently Issued Accounting Standards | 6 Months Ended |
Jun. 30, 2018 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Recently Issued Accounting Standards | Recently Issued Accounting Standards In February 2016, the Financial Accounting Standards Board ("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 guidance can be adopted using the modified retrospective approach applying to the earliest comparative period presented, or by recognizing a cumulative-effect adjustment to retained earnings in the period of adoption without restating prior periods. We have not decided on an adoption approach. The new guidance is effective for us in 2019. Based on a preliminary assessment, we expect the adoption of this guidance to have a material impact on our assets and liabilities due to the recognition of right-of-use assets and lease liabilities on our Consolidated Balance Sheets. However, we do not believe the adoption will have a material impact on our Consolidated Statements of Operations, but we are still assessing the impact. We have completed a preliminary qualitative assessment of our lease portfolio and are in the process of implementing a new lease software system, collecting lease data and designing processes and controls to account for our leases in accordance with the new guidance. In August 2017, the FASB issued new guidance on hedge accounting. The amendments in this guidance include the elimination of the concept of recognizing periodic hedge ineffectiveness for cash flow and net investment hedges, recognition and presentation of changes in the fair value of the hedging instrument, recognition and presentation of components excluded from an entity's hedge effectiveness assessment, addition of the ability to elect to perform subsequent effectiveness assessments qualitatively, and addition of new disclosure requirements. The 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 February 2018, the FASB issued new guidance on reporting comprehensive income. The new guidance allows a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the United States Tax Cuts and Jobs Act of 2017 (the "Tax Act"). The 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 June 2018, the FASB issued new guidance on the accounting for share-based payment awards. The guidance will make the accounting for share-based payment awards issued to nonemployees largely consistent with the accounting for share-based payment awards issued to employees. The guidance is effective for us in 2019. We do not expect the adoption of this guidance to have a material impact on our Consolidated Financial Statements. |
Revenue Recognition (Notes)
Revenue Recognition (Notes) | 6 Months Ended |
Jun. 30, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | (3) Revenue Recognition Adoption of New Accounting Guidance on Revenue Recognition As of January 1, 2018, we adopted the new accounting guidance on revenue recognition using the modified retrospective approach applied to those contracts that were not completed as of January 1, 2018. Results for reporting periods beginning after January 1, 2018 are presented under the new guidance, while prior periods continue to be reported in accordance with previous accounting guidance. We determined that no cumulative effect adjustment to retained earnings was necessary upon adoption as there were no significant revenue recognition differences identified between the new and previous accounting guidance. Revenue Recognition We recognize revenues when control of the promised services is transferred to our clients, in an amount that reflects the consideration we expect to be entitled to receive in exchange for those services. Our revenues are recorded net of any sales, value added, or other taxes collected from our clients. A performance obligation is a promise in a contract to transfer a distinct service to the client, and it is the unit of account in the new accounting guidance for revenue recognition. The majority of our contracts have a single performance obligation as the promise to transfer the individual services is not separately identifiable from other promises in our contracts and, therefore, is not distinct. However, we have multiple performance obligations within our Recruitment Process Outsourcing (RPO) contracts as discussed below. For performance obligations that we satisfy over time, revenues are recognized by consistently applying a method of measuring progress toward satisfaction of that performance obligation. We generally utilize an input measure of time (e.g., hours, weeks, months) of service provided, which most accurately depicts the progress toward completion of each performance obligation. We generally determine standalone selling prices based on the prices included in the client contracts, using expected costs plus margin, or other observable prices. The price as specified in our client contracts is generally considered the standalone selling price as it is an observable input that depicts the price as if sold to a similar client in similar circumstances. Certain client contracts have variable consideration, including credits, sales allowances, rebates or other similar items that generally reduce the transaction price. We estimate variable consideration using whichever method, either the expected value method or most likely amount method, better predicts the amount of consideration to which we will become entitled based on the terms of the client contract and historical evidence. These amounts may be constrained and are only included in revenues to the extent we do not expect a significant reversal when the uncertainty associated with the variable consideration is resolved. Our variable consideration amounts are not material, and we do not believe that there will be significant changes to our estimates. Our client contracts generally include standard payment terms acceptable in each of the countries and territories in which we operate. The payment terms vary by the type and location of our clients and services offered. Client payments are typically due approximately 60 days after invoicing, but may be a shorter or longer term depending on the contract. Our client contracts are generally short-term in nature with a term of one year or less. The timing between satisfaction of the performance obligation, invoicing and payment is not significant. For certain services and client types, we may require payment prior to delivery of services to the client, for which deferred revenue is recorded. Principal vs. Agent In certain scenarios where a third-party vendor is involved in our revenue transactions with our clients, we evaluate whether we are the principal or the agent in the transaction. In situations where we act as principal in the transaction, we control the performance obligation prior to transfer to the client, and we report the related amounts as gross revenues and cost of services. When we act as agent in the transaction, we do not control the performance obligation prior to transfer to the client, and we report the related amounts as revenues on a net basis. A majority of these agent transactions occur within our TAPFIN - Managed Service Provider (MSP) programs where our performance obligation is to manage our client’s contingent workforce, and we earn a commission based on the amount of staffing services that are managed through the program. We are the agent in these transactions as we do not control the third-party providers' staffing services provided to the client through our MSP program prior to those services being transferred to the client. Practical Expedients and Exemptions For certain client contracts where we recognize revenues over time, we recognize the amount that we have the right to invoice, which corresponds directly to the value provided to the client of our performance to date. As allowed under the new guidance, we do not disclose the amount of unsatisfied performance obligations for client contracts with an original expected length of one year or less and those client contracts for which we recognize revenues at the amount to which we have the right to invoice for services performed. We have other contracts with revenues expected to be recognized subsequent to June 30, 2018 related to remaining performance obligations, which are not material. Revenue Service Types The following is a description of our revenue service types, including Staffing and Interim, Outcome-Based Solutions and Consulting, Permanent Recruitment and Other services. Staffing and Interim Staffing and Interim services include the augmentation of clients’ workforce with our contingent employees performing services under the client’s supervision, which provides our clients with a source of flexible labor. Staffing and Interim client contracts are generally short-term in nature and we generally enter into contracts that include only a single performance obligation. We recognize revenues over time based on a fixed amount for each hour of Staffing and Interim service provided as our clients benefit from our services as we provide them. Outcome-Based Solutions and Consulting Our Outcome-Based Solutions and Consulting services include utilizing consultants and contingent employees who are generally experts in a specific field advising the client to help find strategic solutions to specific matters or achieve a particular outcome. Our services may also include managing certain processes and functions within the client’s organization. We recognize revenues over time based on (i) our clients benefiting from our services as we are providing them, (ii) our clients controlling an asset as it is created or enhanced, or (iii) our performance not creating an asset with an alternative use and having an enforceable right to payment for the services we have provided to date. We generally utilize an input measure of time for the service provided, which most accurately depicts the progress toward completion of these performance obligations. The price as specified in our client contracts is generally considered the standalone selling price as it is an observable input which depicts the price as if sold to a similar client in similar circumstances. Permanent Recruitment Permanent Recruitment services include providing qualified candidates to our clients to hire on a permanent basis. We recognize revenues for our Permanent Recruitment services at a point in time when we place the qualified candidate, because we have determined that control of the performance obligation has transferred to the client (i.e. - service performed) as we have the right to payment for our service and the client has accepted our service of providing a qualified candidate to fill a permanent position. Revenues recognized from our Permanent Recruitment services are based upon either a fixed fee per placement or as a percentage of the candidate’s salary. Our RPO services are also included in our Permanent Recruitment revenues. RPO services include the various activities of managing a client's permanent workforce, which can include candidate assessments, screening, conducting candidate interviews, providing sourcing technology, and providing our marketing and recruiting expertise. We perform these activities to fulfill the overall obligation to provide permanent workforce management services, so they are not individually distinct and therefore we account for them as a single performance obligation. We generally utilize an input measure of time in months, but we do have a few contracts for which we use labor hours of management services provided as this more accurately depicts the progress toward completion of the performance obligation. We recognize revenues over time for each month of management services provided, as each month of management services is distinct and the client benefits from each month of management services as we provide them. We consider the RPO management services and placement services to be distinct and, therefore, separate performance obligations within our RPO contracts as (i) our clients can benefit from each service on its own, and (ii) each service is separately identifiable within the client contract. The prices as specified in our contracts will generally be broken out between management fees and placement fees, which we consider the standalone selling price of each service as they are the observable inputs which depict the prices as if they were sold to a similar client in similar circumstances. The consideration from our client contracts is allocated to each performance obligation based on the relative standalone selling price. Other Services Other services include revenues from outplacement services, MSP services, training services and franchise fees. • Outplacement services include assisting our clients in managing their workforce transitions and their employees in managing career changes by developing additional skills and finding new employment. We recognize revenues over time as we provide the service (i.e. - transfer control of the performance obligation) using the input measure of hours of service to measure progress toward completion of the performance obligation. • MSP services include overall program management of our clients’ contingent workforce and generally include various activities such as reporting and tracking, supplier selection and management and order distribution, depending on each client contract. We provide these services to fulfill the overall obligation of contingent workforce management services so the individual activities are not distinct and therefore we account for them as a single performance obligation. We recognize revenues over time for each month of MSP services provided, as each month of MSP services is distinct and the client benefits from each month of MSP services as we provide it. • Training services include teaching skills that relate to specific competencies in order for our client’s workforce to acquire knowledge and develop skills proficiencies. We recognize revenues over time for each hour of training service provided as our clients benefit from our services as we provide them. • Our franchise fees include the performance obligation of providing the right to use our intellectual property in a specifically defined exclusive territory as defined in a franchise agreement. Our franchise agreements generally state that franchise fees are calculated based on a percentage of revenues earned by the franchise operations and are payable on a monthly basis. As such, we record franchise fee revenues monthly over time calculated based on the specific fee percentage and the monthly revenues of the franchise operations. Disaggregation of Revenues In the following table, revenue is disaggregated by service types and timing of revenue recognition, and includes a reconciliation of the disaggregated revenues by reportable segment. 3 Months Ended June 30, 2018 Service Types Americas Southern Europe Northern Europe APME Right Management Total Staffing and Interim $ 951.4 $ 2,234.5 $ 1,234.0 $ 599.5 $ — $ 5,019.4 Outcome-Based Solutions and Consulting 46.9 144.6 106.1 69.0 12.5 379.1 Permanent Recruitment 30.9 38.8 45.0 52.0 — 166.7 Other 23.3 16.1 8.1 4.3 39.9 91.7 $ 1,052.5 $ 2,434.0 $ 1,393.2 $ 724.8 $ 52.4 $ 5,656.9 3 Months Ended June 30, 2018 Timing of Revenue Recognition Americas Southern Europe Northern Europe APME Right Management Total Services transferred over time $ 1,034.5 $ 2,398.6 $ 1,354.8 $ 689.5 $ 52.4 $ 5,529.8 Services transferred at a point in time 18.0 35.4 38.4 35.3 — 127.1 $ 1,052.5 $ 2,434.0 $ 1,393.2 $ 724.8 $ 52.4 $ 5,656.9 6 Months Ended June 30, 2018 Service Types Americas Southern Europe Northern Europe APME Right Management Total Staffing and Interim $ 1,882.8 $ 4,344.8 $ 2,489.2 $ 1,198.7 $ — $ 9,915.5 Outcome-Based Solutions and Consulting 87.4 292.9 215.9 137.4 24.0 757.6 Permanent Recruitment 58.7 77.4 89.5 101.0 — 326.6 Other 46.2 30.9 16.2 7.9 78.4 179.6 $ 2,075.1 $ 4,746.0 $ 2,810.8 $ 1,445.0 $ 102.4 $ 11,179.3 6 Months Ended June 30, 2018 Timing of Revenue Recognition Americas Southern Europe Northern Europe APME Right Management Total Services transferred over time $ 2,040.9 $ 4,675.1 $ 2,734.0 $ 1,378.4 $ 102.4 $ 10,930.8 Services transferred at a point in time 34.2 70.9 76.8 66.6 — 248.5 $ 2,075.1 $ 4,746.0 $ 2,810.8 $ 1,445.0 $ 102.4 $ 11,179.3 Accounts Receivable, Contract Assets and Contract Liabilities We record accounts receivable when our right to consideration becomes unconditional. Contract assets primarily relate to our rights to consideration for services provided that they are conditional on satisfaction of future performance obligations. We record contract liabilities (deferred revenue) when payments are made or due prior to the related performance obligations being satisfied. The current portion of our contract liabilities is included in accrued liabilities in our Consolidated Balance Sheets. We do not have any material contract assets or long-term contract liabilities. Our deferred revenue was $35.1 at June 30, 2018 and $48.0 at December 31, 2017 . The decrease is due to $32.2 of revenues recognized related to amounts that were included in the December 31, 2017 balance, partially offset by payments or amounts due in advance of satisfying our performance obligations in the first half of 2018. |
Share-Based Compensation Plans
Share-Based Compensation Plans | 6 Months Ended |
Jun. 30, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-Based Compensation Plans | Share-Based Compensation Plans During the three months ended June 30, 2018 and 2017, we recognized share-based compensation expense of $5.3 and $7.6 , respectively, and $12.8 and $14.8 for the six months ended June 30, 2018 and 2017, respectively. The expense relates to stock options, deferred stock, restricted stock and performance share units. We recognize share-based compensation expense in selling and administrative expenses on a straight-line basis over the service period of each award. Consideration received from share-based awards was $4.0 and $36.1 for the six months ended June 30, 2018 and 2017, respectively. |
Acquisitions
Acquisitions | 6 Months Ended |
Jun. 30, 2018 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions From time to time, we acquire and invest in companies throughout the world, including franchises. For the six months ended June 30, 2018 , the total cash consideration for acquisitions, net of cash acquired, was $47.4 , the majority of which took place in the Netherlands. This balance includes initial acquisition payments of $8.2 and contingent consideration payments of $39.2 ( $15.1 of which was recognized as a liability at the acquisition date). During the six months ended June 30, 2017 , the total cash consideration for acquisitions, net of cash acquired, was $34.1 , which includes initial acquisition payments of $21.2 and contingent consideration related to previous acquisitions of $12.9 , of which $10.3 was related to our 2015 acquisition of 7S Group GmbH ("7S") in Germany. On April 26, 2017, the sellers of 7S formally disputed the contingent consideration related to the acquisition and are claiming an additional $24.3 ( €20.8 ), plus interest. We believe no further amounts are due and intend to vigorously dispute their claims in arbitration. We are not currently able to predict the outcome of the arbitration or the timing of any resolution, and consequently, no amounts have been recorded in the Consolidated Financial Statements. As of January 1, 2018, we adopted the new accounting guidance on statement of cash flows. The guidance provides classification requirements for certain cash receipts and cash payments. During the first half of 2018, we classified $24.1 of payments which were in excess of the contingent consideration liabilities recognized on the acquisition date as operating cash flows. The excess cash payments for contingent consideration liabilities made during the first half of 2017 were not material. |
Restructuring Costs
Restructuring Costs | 6 Months Ended |
Jun. 30, 2018 | |
Restructuring and Related Activities [Abstract] | |
Restructuring Costs | Restructuring Costs We recorded net restructuring costs of $39.3 and $34.5 during the six months ended June 30, 2018 and 2017 , respectively, in selling and administrative expenses, primarily related to severances and office closures and consolidations in multiple countries and territories. During the six months ended June 30, 2018 , we made payments of $20.3 out of our restructuring reserve. We expect a majority of the remaining $32.5 reserve will be paid by the end of 2018 . Changes in the restructuring reserve by reportable segment and Corporate are shown below. Americas (1) Southern Europe (2) Northern Europe APME Right Management Corporate Total Balance, January 1, 2018 $ 1.7 $ 0.9 $ 9.6 $ — $ 1.2 $ 0.1 $ 13.5 Severance costs 0.3 5.4 25.8 — 0.3 — 31.8 Office closure costs and other — — 7.5 — — — 7.5 Costs paid or utilized (1.6 ) (2.3 ) (15.6 ) — (0.7 ) (0.1 ) (20.3 ) Balance, June 30, 2018 $ 0.4 $ 4.0 $ 27.3 $ — $ 0.8 $ — $ 32.5 (1) Balances related to the United States were $1.5 and $0.4 as of January 1, 2018 and June 30, 2018 , respectively. (2) Balances related to France were $0.9 as of both January 1, 2018 and June 30, 2018 . Italy had no balance as of January 1, 2018 and $1.4 as of June 30, 2018 . |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes We recorded income tax expense at an effective rate of 27.5% for the three months ended June 30, 2018 , as compared to an effective rate of 36.5% for the three months ended June 30, 2017 . The 2018 rate was favorably impacted by the enactment of the Tax Act in December 2017. The 27.5% effective tax rate in the quarter was higher than the United States Federal statutory rate of 21% primarily due to the French business tax. We recorded income tax expense at an effective rate of 28.3% for the six months ended June 30, 2018 as compared to an effective rate of 35.4% for the six months ended June 30, 2017 . The 2018 rate was favorably impacted by the enactment of the Tax Act in December 2017. The 28.3% effective tax rate for the six months ended June 30, 2018 was higher than the United States Federal statutory rate of 21% primarily due to the French business tax. We currently expect a 2018 annual effective tax rate of approximately 27% to 28% . The Tax Act made broad changes to the United States tax code including a reduction of the United States federal corporate income tax rate from 35% to 21% effective January 1, 2018 and a transition to a territorial tax regime resulting in a one-time transition tax on the mandatory deemed repatriation of unremitted post-1986 non-United States earnings. The Tax Act also established new provisions related to global intangible low-taxed income ("GILTI"), foreign derived intangible income and a base erosion and anti-abuse tax. The computation of these new provisions is highly complex, and our estimates could significantly change as a result of new rules or guidance from the various standard-setting bodies. Our accounting for certain elements of the Tax Act was incomplete as of December 31, 2017, and remains incomplete as of June 30, 2018 . However, we were able to make reasonable estimates of the impact of the Tax Act as of December 31, 2017 and, therefore, recorded provisional estimates for these items, including the one-time transition tax and the revaluation of our deferred tax assets and liabilities. In accordance with accounting guidance, we are allowed to make an accounting policy choice to either treat taxes due on future inclusions in United States taxable income related to GILTI as a current-period expense when incurred or factor such amounts into our measurement of deferred taxes. We have not made a policy decision regarding whether to record deferred taxes on GILTI and have included estimates of this provision as current period expenses for the six months ended June 30, 2018 . During the first half of 2018, the Internal Revenue Service issued new guidance affecting the computation of our 2017 transition tax liability. As a result of the new guidance and additional analysis of the impacts of the Tax Act, we revised our provisional estimates and recorded a tax benefit of $1.8 related to the Tax Act during the first half of 2018. The ultimate impact of the Tax Act may differ from our estimates as of June 30, 2018 , possibly materially, due to changes in interpretations and assumptions we have made, future guidance that may be issued and actions we may take as a result of the Tax Act. As of June 30, 2018 , we had gross unrecognized tax benefits related to various tax jurisdictions, including interest and penalties, of $72.6 that would favorably impact the effective tax rate if recognized. As of December 31, 2017 , we had gross unrecognized tax benefits related to various tax jurisdictions, including interest and penalties, of $66.5 . We do not expect our unrecognized tax benefits to change significantly over the next 12 months. 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 2010 through 2017 for our major operations in France, Germany, Japan, the United Kingdom and the United States. As of June 30, 2018 , we are subject to tax audits in Austria, Canada, Denmark, France, Germany and the United States. We believe that the resolution of these audits will not have a material impact on earnings. |
Net Earnings Per Share
Net Earnings Per Share | 6 Months Ended |
Jun. 30, 2018 | |
Earnings Per Share [Abstract] | |
Net Earnings Per Share | Net Earnings Per Share The calculations of net earnings per share – basic and net earnings per share – diluted were as follows: 3 Months Ended 6 Months Ended June 30, June 30, 2018 2017 2018 2017 Net earnings available to common shareholders $ 143.4 $ 117.0 $ 240.4 $ 191.4 Weighted-average common shares outstanding (in millions) Weighted-average common shares outstanding - basic 65.7 67.4 65.8 67.5 Effect of dilutive securities - stock options 0.1 0.2 0.2 0.2 Effect of other share-based awards 0.3 0.4 0.4 0.6 Weighted-average common shares outstanding - diluted 66.1 68.0 66.4 68.3 Net earnings per share - basic $ 2.18 $ 1.74 $ 3.65 $ 2.83 Net earnings per share - diluted $ 2.17 $ 1.72 $ 3.62 $ 2.80 There were 0.3 million and 0.1 million share-based awards excluded from the calculation of net earnings per share – diluted for the three months ended June 30, 2018 and 2017 , respectively, and the calculation of net earnings per share – diluted for the six months ended June 30, 2018 and 2017 , respectively, because their impact was anti-dilutive. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 6 Months Ended |
Jun. 30, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets We have goodwill, finite-lived intangible assets and indefinite-lived intangible assets as follows: June 30, 2018 December 31, 2017 Gross Accumulated Amortization Net Gross Accumulated Amortization Net Goodwill (1) $ 1,321.9 $ — $ 1,321.9 $ 1,343.0 $ — $ 1,343.0 Intangible assets: Finite-lived: Customer relationships $ 448.6 $ 338.0 $ 110.6 $ 453.6 $ 325.2 $ 128.4 Other 18.7 15.5 3.2 19.3 14.7 4.6 467.3 353.5 113.8 472.9 339.9 133.0 Indefinite-lived: Tradenames (2) 52.0 — 52.0 52.0 — 52.0 Reacquired franchise rights 98.8 — 98.8 99.0 — 99.0 150.8 — 150.8 151.0 — 151.0 Total intangible assets $ 618.1 $ 353.5 $ 264.6 $ 623.9 $ 339.9 $ 284.0 (1) Balances were net of accumulated impairment loss of $513.4 as of both June 30, 2018 and December 31, 2017 . (2) Balances were net of accumulated impairment loss of $139.5 as of both June 30, 2018 and December 31, 2017 . Total consolidated amortization expense related to intangible assets for the remainder of 2018 is expected to be $16.5 and in each of the next five years is expected to be as follows: 2019 - $29.3 , 2020 - $24.7 , 2021 - $13.7 , 2022 - $10.1 and 2023 - $7.9 . Changes in the carrying value of goodwill by reportable segment and Corporate were as follows: Americas (1) Southern Europe (2) Northern Europe APME Right Management Corporate (3) Total Balance, January 1, 2018 $ 519.2 $ 121.9 $ 468.1 $ 106.2 $ 62.1 $ 65.5 $ 1,343.0 Goodwill acquired 4.6 — — — — — 4.6 Currency and other impacts (2.2 ) (7.5 ) (12.7 ) (3.3 ) — — (25.7 ) Balance, June 30, 2018 $ 521.6 $ 114.4 $ 455.4 $ 102.9 $ 62.1 $ 65.5 $ 1,321.9 (1) Balances related to the United States were $476.5 as of both January 1, 2018 and June 30, 2018 . (2) Balances related to France were $76.3 and $70.2 as of January 1, 2018 and June 30, 2018 , respectively. Balances related to Italy were $5.0 and $4.8 as of January 1, 2018 and June 30, 2018 , respectively. (3) The majority of the Corporate balance relates to goodwill attributable to our acquisition of Jefferson Wells ( $55.5 ) which is now 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 as this is commensurate with how we operate our business. We do, however, include these balances within the appropriate reporting units for our goodwill impairment testing. See table below for the breakout of goodwill balances by reporting unit. Goodwill balances by reporting unit were as follows: June 30, January 1, 2018 2018 United States $ 532.0 $ 532.0 Germany 131.9 135.4 Netherlands 123.2 126.5 United Kingdom 87.2 89.2 France 70.2 76.3 Right Management 62.1 62.1 Other reporting units 315.3 321.5 Total goodwill $ 1,321.9 $ 1,343.0 |
Debt
Debt | 6 Months Ended |
Jun. 30, 2018 | |
Debt Disclosure [Abstract] | |
Debt | Debt On June 18, 2018, we amended and restated our Five Year Credit Agreement (the “Amended Agreement”) with a syndicate of commercial banks, principally to revise the termination date of the facility from September 16, 2020 to June 18, 2023. The remaining material terms and conditions of the Amended Agreement are substantially similar to the material terms and conditions of our Amended and Restated Five Year Credit Agreement dated September 16, 2015. On June 22, 2018, we offered and sold €500.0 aggregate principal amount of the Company’s 1.750% notes due June 22, 2026 (the “Notes”). The net proceeds from the Notes of €495.7 were used to repay our €350.0 notes due June 22, 2018, with the remaining balance to be used for general corporate purposes, which may include share repurchases and the acquisition of or investment in complementary businesses or other assets. The Notes were issued at a price of 99.564% to yield an effective interest rate of 1.809% . Interest on the Notes is payable in arrears on June 22 of each year. The Notes are unsecured senior obligations and will rank equally with all of the Company’s existing and future senior unsecured debt and other liabilities. |
Retirement Plans
Retirement Plans | 6 Months Ended |
Jun. 30, 2018 | |
Retirement Benefits [Abstract] | |
Retirement Plans | Retirement Plans The components of the net periodic benefit cost for our plans were as follows: Defined Benefit Pension Plans 3 Months Ended 6 Months Ended June 30, June 30, 2018 2017 2018 2017 Service cost $ 2.8 $ 2.4 $ 5.6 $ 4.8 Interest cost 2.9 2.8 5.9 5.5 Expected return on assets (2.7 ) (2.6 ) (5.5 ) (5.2 ) Other 0.3 0.7 0.7 1.3 Total benefit cost $ 3.3 $ 3.3 $ 6.7 $ 6.4 Retiree Health Care Plan 3 Months Ended 6 Months Ended June 30, June 30, 2018 2017 2018 2017 Interest cost $ 0.1 $ 0.2 $ 0.2 $ 0.3 Prior service credit (0.2 ) (0.2 ) (0.4 ) (0.3 ) Total benefit (credit) cost $ (0.1 ) $ — $ (0.2 ) $ — During the three and six months ended June 30, 2018 , contributions made to our pension plans were $2.3 and $4.2 , respectively, and contributions made to our retiree health care plan were $0.3 and $0.6 , respectively. During 2018 , we expect to make total contributions of approximately $12.3 to our pension plans and to fund our retiree health care payments as incurred. As of January 1, 2018, we adopted the new guidance on the presentation of net periodic pension and postretirement benefit cost ("net benefit cost"). The new guidance requires bifurcation of net benefit cost, which used to be reported as an employee cost within operating income under the old guidance. The service cost component is still presented with other employee compensation cost in operating income or capitalized in assets in rare circumstances. The other components are now reported separately outside of operations, and are not eligible for capitalization. We have reclassified the 2017 non-service cost components of net benefit cost to interest and other expenses from selling and administrative expenses to conform to the current period presentation. For the three months ended June 30, 2018 and 2017, the non-service component was a cost of $0.4 and $0.6 , respectively. For the six months ended June 30, 2018 and 2017, the non-service component was a cost of $0.9 and $1.5 , respectively. For the year ended December 31, 2017, the non-service component was a cost of $1.0 . |
Shareholders' Equity
Shareholders' Equity | 6 Months Ended |
Jun. 30, 2018 | |
Equity [Abstract] | |
Shareholders' Equity | Shareholders’ Equity The components of accumulated other comprehensive loss, net of tax, were as follows: June 30, December 31, 2018 2017 Foreign currency translation $ (180.3 ) $ (87.7 ) Translation loss on net investment hedge, net of income taxes of $(17.3) and $(23.1), respectively (19.8 ) (39.9 ) Translation loss on long-term intercompany loans (128.9 ) (128.8 ) Unrealized gain on investments, net of income taxes of $3.4 for 2017 — 15.3 Defined benefit pension plans, net of income taxes of $(27.6) and $(27.8), respectively (50.0 ) (50.5 ) Retiree health care plan, net of income taxes of $1.9 and $2.0, respectively 3.1 3.4 Accumulated other comprehensive loss $ (375.9 ) $ (288.2 ) As of January 1, 2018, we adopted the new accounting guidance on financial instruments. The new guidance requires equity investments (except those accounted for under the equity method of accounting or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net earnings. Upon adoption, we reclassified $15.3 , the cumulative unrealized gain on our Swiss franchise's investment portfolio as of December 31, 2017, from accumulated other comprehensive loss to retained earnings. Going forward, we will recognize the changes in fair value on the investment portfolio in the current period earnings as opposed to other comprehensive loss. Noncontrolling Interests Noncontrolling interests, included in total shareholders' equity in our Consolidated Balance Sheets, represent amounts related to majority-owned subsidiaries for which we have a controlling financial interest. Net earnings attributable to these noncontrolling interests were $1.0 and $2.2 for the three months ended June 30, 2018 and 2017 , respectively, and $2.2 and $4.4 for the six months ended June 30, 2018 and 2017 , respectively, which were recorded as expenses in interest and other expenses in our Consolidated Statements of Operations. Dividends On May 4, 2018 and May 2, 2017 , the Board of Directors declared a semi-annual cash dividend of $1.01 and $0.93 per share, respectively. The 2018 dividends were paid on June 15, 2018 to shareholders of record on June 1, 2018 . The 2017 dividends were paid on June 15, 2017 to shareholders of record on June 1, 2017 . Share Repurchases In August 2018, the Board of Directors authorized the repurchase of an additional 6.0 million shares of our common stock, with terms consistent with the previous authorization. This authorization is in addition to the July 2016 Board authorization to repurchase 6.0 million shares of our common stock, of which 1.8 million shares remained authorized for repurchase as of June 30, 2018 . 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. During the first half of 2018 , we repurchased a total of 1.0 million shares at a cost of $113.2 . During the first half of 2017 , we repurchased 1.1 million shares at a cost of $115.8 . |
Interest and Other Expenses
Interest and Other Expenses | 6 Months Ended |
Jun. 30, 2018 | |
Other Nonoperating Income (Expense) [Abstract] | |
Interest and Other Expenses | Interest and Other Expenses Interest and other expenses consisted of the following: 3 Months Ended 6 Months Ended June 30, June 30, 2018 2017 2018 2017 Interest expense $ 13.3 $ 11.9 $ 26.9 $ 23.8 Interest income (1.4 ) (1.2 ) (2.6 ) (2.2 ) Foreign exchange (gain) loss (0.1 ) 0.2 (0.2 ) 0.3 Miscellaneous (income) expense, net (1.3 ) 0.1 2.5 4.9 Interest and other expenses $ 10.5 $ 11.0 $ 26.6 $ 26.8 |
Derivative Financial Instrument
Derivative Financial Instruments and Fair Value Measurements | 6 Months Ended |
Jun. 30, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments and Fair Value Measurements | Derivative Financial Instruments and Fair Value Measurements We are exposed to various risks relating to our ongoing business operations. Among these risks are foreign currency exchange rate risk and interest rate risk, which can be managed through the use of derivative instruments. 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 accounting guidance on derivative instruments and hedging activities, we record all of our derivative instruments as either an asset or liability measured at their fair value. A portion of the €400.0 ( $465.2 ) notes due September 2022 and the €500.0 ( $579.2 ) notes due June 2026 was designated as a hedge of our net investment in our foreign subsidiaries with a Euro-functional currency as of June 30, 2018 . 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 June 30, 2018 and December 31, 2017 , we had an unrealized loss of $15.6 and $35.7 , 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. We had a translation loss of $4.2 as of both June 30, 2018 and December 31, 2017 , 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 gain of $2.1 and no gain or loss for the three months ended June 30, 2018 and 2017 , respectively, and a gain of $2.1 and $0.1 for the six months ended June 30, 2018 and 2017 , respectively, in interest and other expenses associated with those forward contracts, which offset the loss and gain recorded for the items noted above. The fair value measurements of those items recorded in our Consolidated Balance Sheets as of June 30, 2018 and December 31, 2017 were as follows: Fair Value Measurements Using June 30, Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Deferred compensation plan assets $ 99.3 $ 99.3 $ — $ — Foreign currency forward contracts 0.2 — 0.2 — $ 99.5 $ 99.3 $ 0.2 $ — Fair Value Measurements Using December 31, Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Deferred compensation plan assets $ 99.1 $ 99.1 $ — $ — $ 99.1 $ 99.1 $ — $ — Liabilities Foreign currency forward contracts $ 0.1 $ — $ 0.1 $ — $ 0.1 $ — $ 0.1 $ — 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 inputs from third parties. The carrying value of long-term debt approximates fair value, except for the Euro-denominated notes. The fair value of the Euro-denominated notes, as observable at commonly quoted intervals (level 2 inputs), was $1,086.2 and $939.9 as of June 30, 2018 and December 31, 2017 , respectively, compared to a carrying value of $1,044.4 and $897.8 , respectively. |
Segment Data
Segment Data | 6 Months Ended |
Jun. 30, 2018 | |
Segment Reporting [Abstract] | |
Segment Data | Segment Data Effective January 1, 2018, we adopted new accounting guidance on the presentation of net benefit cost. Under the new guidance, we are required to present non-service cost components of net benefit cost in interest and other expenses, as opposed to selling and administrative expenses. 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. 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 our staffing and interim services. The remaining revenues within these segments are derived from our outcome-based solutions and consulting services, permanent recruitment services and other services. The Right Management segment revenues are derived from outplacement 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. 3 Months Ended 6 Months Ended June 30, June 30, 2018 2017 2018 2017 Revenues from services: Americas: United States (a) $ 640.5 $ 671.3 $ 1,256.8 $ 1,332.8 Other Americas 412.0 385.6 818.3 750.3 1,052.5 1,056.9 2,075.1 2,083.1 Southern Europe: France 1,512.5 1,356.3 2,936.5 2,493.8 Italy 443.0 366.5 856.6 660.9 Other Southern Europe 478.5 412.9 952.9 784.9 2,434.0 2,135.7 4,746.0 3,939.6 Northern Europe 1,393.2 1,281.7 2,810.8 2,520.4 APME 724.8 643.4 1,445.0 1,275.8 Right Management 52.4 57.1 102.4 113.1 Consolidated (b) $ 5,656.9 $ 5,174.8 $ 11,179.3 $ 9,932.0 Operating unit profit: (c) Americas: United States $ 38.2 $ 44.5 $ 64.9 $ 70.8 Other Americas 18.5 13.0 34.7 25.4 56.7 57.5 99.6 96.2 Southern Europe: France 73.0 70.7 130.7 121.3 Italy 31.9 27.6 57.1 45.8 Other Southern Europe 16.8 12.5 31.6 25.2 121.7 110.8 219.4 192.3 Northern Europe 24.7 33.1 41.3 44.9 APME 29.2 23.3 55.1 43.4 Right Management 10.5 8.5 16.9 17.3 242.8 233.2 432.3 394.1 Corporate expenses (25.9 ) (29.6 ) (52.7 ) (54.2 ) Intangible asset amortization expense (8.6 ) (8.4 ) (17.5 ) (16.8 ) Operating profit 208.3 195.2 362.1 323.1 Interest and other expenses (10.5 ) (11.0 ) (26.6 ) (26.8 ) Earnings before income taxes $ 197.8 $ 184.2 $ 335.5 $ 296.3 (a) In the United States, where a majority of our franchises operate, revenues from services included fees received from the related franchise offices of $3.9 and $3.6 for the three months ended June 30, 2018 and 2017 , respectively, and $7.1 for both the six months ended June 30, 2018 and 2017 . These fees are primarily based on revenues generated by the franchise offices, which were $166.7 and $155.6 for the three months ended June 30, 2018 and 2017 , respectively, and $315.7 and $323.3 for the six months ended June 30, 2018 and 2017 , respectively. (b) Our consolidated revenues from services include fees received from our franchise offices of $6.2 and $5.8 for the three months ended June 30, 2018 and 2017 , respectively, and $11.4 and $11.1 for the six months ended June 30, 2018 and 2017 , respectively. These fees are primarily based on revenues generated by the franchise offices, which were $273.9 and $247.3 for the three months ended June 30, 2018 and 2017 , respectively, and $510.7 and $486.4 for the six months ended June 30, 2018 and 2017 , respectively. (c) We evaluate segment performance based on operating unit profit (“OUP”), which is equal to segment revenues less cost of services and branch and national headquarters operating costs. This profit measure does not include goodwill and intangible asset impairment charges or amortization of intangibles related to acquisitions, interest and other income and expense amounts or income taxes. |
Basis of Presentation and Acc23
Basis of Presentation and Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2018 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation Certain information and footnote disclosures normally included in the financial statements prepared in accordance with United States Generally Accepted Accounting Principles ("GAAP") have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission, although we believe that the disclosures are adequate to make the information presented not misleading. These Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements included in our 2017 Annual Report on Form 10-K. The information furnished reflects all adjustments that, in the opinion of management, were necessary for a fair statement of the Consolidated Financial Statements for the periods presented. Such adjustments were of a normal recurring nature, unless otherwise disclosed. Payroll Tax Credit In April 2018, we sold substantially all of our French payroll tax credits earned in 2017 for net proceeds of $234.5 ( €190.9 ). In March 2017, we sold a portion of our French payroll tax credits earned in 2016 for net proceeds of $143.5 ( €133.0 ). We derecognized these receivables upon the sale date 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 in cost of services as a reduction of the payroll tax credits. Subsequent Events We have evaluated events and transactions occurring after the balance sheet date through our filing date and have accrued or disclosed, if appropriate. |
Recently Issued Accounting St24
Recently Issued Accounting Standards (Policies) | 6 Months Ended |
Jun. 30, 2018 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Recently Issued Accounting Standards | Recently Issued Accounting Standards In February 2016, the Financial Accounting Standards Board ("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 guidance can be adopted using the modified retrospective approach applying to the earliest comparative period presented, or by recognizing a cumulative-effect adjustment to retained earnings in the period of adoption without restating prior periods. We have not decided on an adoption approach. The new guidance is effective for us in 2019. Based on a preliminary assessment, we expect the adoption of this guidance to have a material impact on our assets and liabilities due to the recognition of right-of-use assets and lease liabilities on our Consolidated Balance Sheets. However, we do not believe the adoption will have a material impact on our Consolidated Statements of Operations, but we are still assessing the impact. We have completed a preliminary qualitative assessment of our lease portfolio and are in the process of implementing a new lease software system, collecting lease data and designing processes and controls to account for our leases in accordance with the new guidance. In August 2017, the FASB issued new guidance on hedge accounting. The amendments in this guidance include the elimination of the concept of recognizing periodic hedge ineffectiveness for cash flow and net investment hedges, recognition and presentation of changes in the fair value of the hedging instrument, recognition and presentation of components excluded from an entity's hedge effectiveness assessment, addition of the ability to elect to perform subsequent effectiveness assessments qualitatively, and addition of new disclosure requirements. The 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 February 2018, the FASB issued new guidance on reporting comprehensive income. The new guidance allows a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the United States Tax Cuts and Jobs Act of 2017 (the "Tax Act"). The 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 June 2018, the FASB issued new guidance on the accounting for share-based payment awards. The guidance will make the accounting for share-based payment awards issued to nonemployees largely consistent with the accounting for share-based payment awards issued to employees. The guidance is effective for us in 2019. We do not expect the adoption of this guidance to have a material impact on our Consolidated Financial Statements. |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | In the following table, revenue is disaggregated by service types and timing of revenue recognition, and includes a reconciliation of the disaggregated revenues by reportable segment. 3 Months Ended June 30, 2018 Service Types Americas Southern Europe Northern Europe APME Right Management Total Staffing and Interim $ 951.4 $ 2,234.5 $ 1,234.0 $ 599.5 $ — $ 5,019.4 Outcome-Based Solutions and Consulting 46.9 144.6 106.1 69.0 12.5 379.1 Permanent Recruitment 30.9 38.8 45.0 52.0 — 166.7 Other 23.3 16.1 8.1 4.3 39.9 91.7 $ 1,052.5 $ 2,434.0 $ 1,393.2 $ 724.8 $ 52.4 $ 5,656.9 3 Months Ended June 30, 2018 Timing of Revenue Recognition Americas Southern Europe Northern Europe APME Right Management Total Services transferred over time $ 1,034.5 $ 2,398.6 $ 1,354.8 $ 689.5 $ 52.4 $ 5,529.8 Services transferred at a point in time 18.0 35.4 38.4 35.3 — 127.1 $ 1,052.5 $ 2,434.0 $ 1,393.2 $ 724.8 $ 52.4 $ 5,656.9 6 Months Ended June 30, 2018 Service Types Americas Southern Europe Northern Europe APME Right Management Total Staffing and Interim $ 1,882.8 $ 4,344.8 $ 2,489.2 $ 1,198.7 $ — $ 9,915.5 Outcome-Based Solutions and Consulting 87.4 292.9 215.9 137.4 24.0 757.6 Permanent Recruitment 58.7 77.4 89.5 101.0 — 326.6 Other 46.2 30.9 16.2 7.9 78.4 179.6 $ 2,075.1 $ 4,746.0 $ 2,810.8 $ 1,445.0 $ 102.4 $ 11,179.3 6 Months Ended June 30, 2018 Timing of Revenue Recognition Americas Southern Europe Northern Europe APME Right Management Total Services transferred over time $ 2,040.9 $ 4,675.1 $ 2,734.0 $ 1,378.4 $ 102.4 $ 10,930.8 Services transferred at a point in time 34.2 70.9 76.8 66.6 — 248.5 $ 2,075.1 $ 4,746.0 $ 2,810.8 $ 1,445.0 $ 102.4 $ 11,179.3 |
Restructuring Costs (Tables)
Restructuring Costs (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Restructuring and Related Activities [Abstract] | |
Changes in restructuring reserve by reportable segment and Corporate | Changes in the restructuring reserve by reportable segment and Corporate are shown below. Americas (1) Southern Europe (2) Northern Europe APME Right Management Corporate Total Balance, January 1, 2018 $ 1.7 $ 0.9 $ 9.6 $ — $ 1.2 $ 0.1 $ 13.5 Severance costs 0.3 5.4 25.8 — 0.3 — 31.8 Office closure costs and other — — 7.5 — — — 7.5 Costs paid or utilized (1.6 ) (2.3 ) (15.6 ) — (0.7 ) (0.1 ) (20.3 ) Balance, June 30, 2018 $ 0.4 $ 4.0 $ 27.3 $ — $ 0.8 $ — $ 32.5 (1) Balances related to the United States were $1.5 and $0.4 as of January 1, 2018 and June 30, 2018 , respectively. (2) Balances related to France were $0.9 as of both January 1, 2018 and June 30, 2018 . Italy had no balance as of January 1, 2018 and $1.4 as of June 30, 2018 . |
Net Earnings Per Share (Tables)
Net Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Earnings Per Share [Abstract] | |
Calculations of net earnings per share basic and diluted | The calculations of net earnings per share – basic and net earnings per share – diluted were as follows: 3 Months Ended 6 Months Ended June 30, June 30, 2018 2017 2018 2017 Net earnings available to common shareholders $ 143.4 $ 117.0 $ 240.4 $ 191.4 Weighted-average common shares outstanding (in millions) Weighted-average common shares outstanding - basic 65.7 67.4 65.8 67.5 Effect of dilutive securities - stock options 0.1 0.2 0.2 0.2 Effect of other share-based awards 0.3 0.4 0.4 0.6 Weighted-average common shares outstanding - diluted 66.1 68.0 66.4 68.3 Net earnings per share - basic $ 2.18 $ 1.74 $ 3.65 $ 2.83 Net earnings per share - diluted $ 2.17 $ 1.72 $ 3.62 $ 2.80 |
Goodwill and Other Intangible28
Goodwill and Other Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of goodwill and intangible assets | We have goodwill, finite-lived intangible assets and indefinite-lived intangible assets as follows: June 30, 2018 December 31, 2017 Gross Accumulated Amortization Net Gross Accumulated Amortization Net Goodwill (1) $ 1,321.9 $ — $ 1,321.9 $ 1,343.0 $ — $ 1,343.0 Intangible assets: Finite-lived: Customer relationships $ 448.6 $ 338.0 $ 110.6 $ 453.6 $ 325.2 $ 128.4 Other 18.7 15.5 3.2 19.3 14.7 4.6 467.3 353.5 113.8 472.9 339.9 133.0 Indefinite-lived: Tradenames (2) 52.0 — 52.0 52.0 — 52.0 Reacquired franchise rights 98.8 — 98.8 99.0 — 99.0 150.8 — 150.8 151.0 — 151.0 Total intangible assets $ 618.1 $ 353.5 $ 264.6 $ 623.9 $ 339.9 $ 284.0 (1) Balances were net of accumulated impairment loss of $513.4 as of both June 30, 2018 and December 31, 2017 . (2) Balances were net of accumulated impairment loss of $139.5 as of both June 30, 2018 and December 31, 2017 . |
Changes in the carrying value of 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) Northern Europe APME Right Management Corporate (3) Total Balance, January 1, 2018 $ 519.2 $ 121.9 $ 468.1 $ 106.2 $ 62.1 $ 65.5 $ 1,343.0 Goodwill acquired 4.6 — — — — — 4.6 Currency and other impacts (2.2 ) (7.5 ) (12.7 ) (3.3 ) — — (25.7 ) Balance, June 30, 2018 $ 521.6 $ 114.4 $ 455.4 $ 102.9 $ 62.1 $ 65.5 $ 1,321.9 (1) Balances related to the United States were $476.5 as of both January 1, 2018 and June 30, 2018 . (2) Balances related to France were $76.3 and $70.2 as of January 1, 2018 and June 30, 2018 , respectively. Balances related to Italy were $5.0 and $4.8 as of January 1, 2018 and June 30, 2018 , respectively. (3) The majority of the Corporate balance relates to goodwill attributable to our acquisition of Jefferson Wells ( $55.5 ) which is now 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 as this is commensurate with how we operate our business. We do, however, include these balances within the appropriate reporting units for our goodwill impairment testing. See table below for the breakout of goodwill balances by reporting unit. |
Schedule of goodwill balances by reporting unit | Goodwill balances by reporting unit were as follows: June 30, January 1, 2018 2018 United States $ 532.0 $ 532.0 Germany 131.9 135.4 Netherlands 123.2 126.5 United Kingdom 87.2 89.2 France 70.2 76.3 Right Management 62.1 62.1 Other reporting units 315.3 321.5 Total goodwill $ 1,321.9 $ 1,343.0 |
Retirement Plans (Tables)
Retirement Plans (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Retirement Benefits [Abstract] | |
Components of net periodic benefit cost | The components of the net periodic benefit cost for our plans were as follows: Defined Benefit Pension Plans 3 Months Ended 6 Months Ended June 30, June 30, 2018 2017 2018 2017 Service cost $ 2.8 $ 2.4 $ 5.6 $ 4.8 Interest cost 2.9 2.8 5.9 5.5 Expected return on assets (2.7 ) (2.6 ) (5.5 ) (5.2 ) Other 0.3 0.7 0.7 1.3 Total benefit cost $ 3.3 $ 3.3 $ 6.7 $ 6.4 Retiree Health Care Plan 3 Months Ended 6 Months Ended June 30, June 30, 2018 2017 2018 2017 Interest cost $ 0.1 $ 0.2 $ 0.2 $ 0.3 Prior service credit (0.2 ) (0.2 ) (0.4 ) (0.3 ) Total benefit (credit) cost $ (0.1 ) $ — $ (0.2 ) $ — |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Equity [Abstract] | |
Components of accumulated other comprehensive loss, net of tax | The components of accumulated other comprehensive loss, net of tax, were as follows: June 30, December 31, 2018 2017 Foreign currency translation $ (180.3 ) $ (87.7 ) Translation loss on net investment hedge, net of income taxes of $(17.3) and $(23.1), respectively (19.8 ) (39.9 ) Translation loss on long-term intercompany loans (128.9 ) (128.8 ) Unrealized gain on investments, net of income taxes of $3.4 for 2017 — 15.3 Defined benefit pension plans, net of income taxes of $(27.6) and $(27.8), respectively (50.0 ) (50.5 ) Retiree health care plan, net of income taxes of $1.9 and $2.0, respectively 3.1 3.4 Accumulated other comprehensive loss $ (375.9 ) $ (288.2 ) |
Interest and Other Expenses (Ta
Interest and Other Expenses (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Other Nonoperating Income (Expense) [Abstract] | |
Schedule of interest and other expenses | Interest and other expenses consisted of the following: 3 Months Ended 6 Months Ended June 30, June 30, 2018 2017 2018 2017 Interest expense $ 13.3 $ 11.9 $ 26.9 $ 23.8 Interest income (1.4 ) (1.2 ) (2.6 ) (2.2 ) Foreign exchange (gain) loss (0.1 ) 0.2 (0.2 ) 0.3 Miscellaneous (income) expense, net (1.3 ) 0.1 2.5 4.9 Interest and other expenses $ 10.5 $ 11.0 $ 26.6 $ 26.8 |
Derivative Financial Instrume32
Derivative Financial Instruments and Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of fair value measurements | The fair value measurements of those items recorded in our Consolidated Balance Sheets as of June 30, 2018 and December 31, 2017 were as follows: Fair Value Measurements Using June 30, Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Deferred compensation plan assets $ 99.3 $ 99.3 $ — $ — Foreign currency forward contracts 0.2 — 0.2 — $ 99.5 $ 99.3 $ 0.2 $ — Fair Value Measurements Using December 31, Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Deferred compensation plan assets $ 99.1 $ 99.1 $ — $ — $ 99.1 $ 99.1 $ — $ — Liabilities Foreign currency forward contracts $ 0.1 $ — $ 0.1 $ — $ 0.1 $ — $ 0.1 $ — |
Segment Data (Tables)
Segment Data (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Segment Reporting [Abstract] | |
Schedule of segment reporting information | 3 Months Ended 6 Months Ended June 30, June 30, 2018 2017 2018 2017 Revenues from services: Americas: United States (a) $ 640.5 $ 671.3 $ 1,256.8 $ 1,332.8 Other Americas 412.0 385.6 818.3 750.3 1,052.5 1,056.9 2,075.1 2,083.1 Southern Europe: France 1,512.5 1,356.3 2,936.5 2,493.8 Italy 443.0 366.5 856.6 660.9 Other Southern Europe 478.5 412.9 952.9 784.9 2,434.0 2,135.7 4,746.0 3,939.6 Northern Europe 1,393.2 1,281.7 2,810.8 2,520.4 APME 724.8 643.4 1,445.0 1,275.8 Right Management 52.4 57.1 102.4 113.1 Consolidated (b) $ 5,656.9 $ 5,174.8 $ 11,179.3 $ 9,932.0 Operating unit profit: (c) Americas: United States $ 38.2 $ 44.5 $ 64.9 $ 70.8 Other Americas 18.5 13.0 34.7 25.4 56.7 57.5 99.6 96.2 Southern Europe: France 73.0 70.7 130.7 121.3 Italy 31.9 27.6 57.1 45.8 Other Southern Europe 16.8 12.5 31.6 25.2 121.7 110.8 219.4 192.3 Northern Europe 24.7 33.1 41.3 44.9 APME 29.2 23.3 55.1 43.4 Right Management 10.5 8.5 16.9 17.3 242.8 233.2 432.3 394.1 Corporate expenses (25.9 ) (29.6 ) (52.7 ) (54.2 ) Intangible asset amortization expense (8.6 ) (8.4 ) (17.5 ) (16.8 ) Operating profit 208.3 195.2 362.1 323.1 Interest and other expenses (10.5 ) (11.0 ) (26.6 ) (26.8 ) Earnings before income taxes $ 197.8 $ 184.2 $ 335.5 $ 296.3 (a) In the United States, where a majority of our franchises operate, revenues from services included fees received from the related franchise offices of $3.9 and $3.6 for the three months ended June 30, 2018 and 2017 , respectively, and $7.1 for both the six months ended June 30, 2018 and 2017 . These fees are primarily based on revenues generated by the franchise offices, which were $166.7 and $155.6 for the three months ended June 30, 2018 and 2017 , respectively, and $315.7 and $323.3 for the six months ended June 30, 2018 and 2017 , respectively. (b) Our consolidated revenues from services include fees received from our franchise offices of $6.2 and $5.8 for the three months ended June 30, 2018 and 2017 , respectively, and $11.4 and $11.1 for the six months ended June 30, 2018 and 2017 , respectively. These fees are primarily based on revenues generated by the franchise offices, which were $273.9 and $247.3 for the three months ended June 30, 2018 and 2017 , respectively, and $510.7 and $486.4 for the six months ended June 30, 2018 and 2017 , respectively. (c) We evaluate segment performance based on operating unit profit (“OUP”), which is equal to segment revenues less cost of services and branch and national headquarters operating costs. This profit measure does not include goodwill and intangible asset impairment charges or amortization of intangibles related to acquisitions, interest and other income and expense amounts or income taxes. |
Basis of Presentation and Acc34
Basis of Presentation and Accounting Policies - Payroll Tax Credit (Details) € in Millions, $ in Millions | 1 Months Ended | |||
Apr. 30, 2018USD ($) | Apr. 30, 2018EUR (€) | Mar. 31, 2017USD ($) | Mar. 31, 2017EUR (€) | |
Accounting Policies [Abstract] | ||||
Net proceeds from sale of tax credits | $ 234.5 | € 190.9 | $ 143.5 | € 133 |
Revenue Recognition Narrative (
Revenue Recognition Narrative (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2018 | Dec. 31, 2017 | |
Revenue from Contract with Customer [Abstract] | ||
Payment Terms | 60 days | |
Deferred Revenue | $ 35.1 | $ 48 |
Revenue recognized related to amounts reported as deferred revenue at prior year end | $ 32.2 |
Revenue Recognition (Details)
Revenue Recognition (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended |
Jun. 30, 2018 | Jun. 30, 2018 | |
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 5,656.9 | $ 11,179.3 |
Americas | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,052.5 | 2,075.1 |
Southern Europe | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 2,434 | 4,746 |
Northern Europe | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,393.2 | 2,810.8 |
APME | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 724.8 | 1,445 |
Right Management | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 52.4 | 102.4 |
Staffing and Interim | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 5,019.4 | 9,915.5 |
Staffing and Interim | Americas | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 951.4 | 1,882.8 |
Staffing and Interim | Southern Europe | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 2,234.5 | 4,344.8 |
Staffing and Interim | Northern Europe | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,234 | 2,489.2 |
Staffing and Interim | APME | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 599.5 | 1,198.7 |
Staffing and Interim | Right Management | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 |
Outcome-Based Solutions and Consulting | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 379.1 | 757.6 |
Outcome-Based Solutions and Consulting | Americas | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 46.9 | 87.4 |
Outcome-Based Solutions and Consulting | Southern Europe | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 144.6 | 292.9 |
Outcome-Based Solutions and Consulting | Northern Europe | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 106.1 | 215.9 |
Outcome-Based Solutions and Consulting | APME | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 69 | 137.4 |
Outcome-Based Solutions and Consulting | Right Management | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 12.5 | 24 |
Permanent Recruitment | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 166.7 | 326.6 |
Permanent Recruitment | Americas | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 30.9 | 58.7 |
Permanent Recruitment | Southern Europe | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 38.8 | 77.4 |
Permanent Recruitment | Northern Europe | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 45 | 89.5 |
Permanent Recruitment | APME | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 52 | 101 |
Permanent Recruitment | Right Management | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 |
Products and Services, Other | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 91.7 | 179.6 |
Products and Services, Other | Americas | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 23.3 | 46.2 |
Products and Services, Other | Southern Europe | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 16.1 | 30.9 |
Products and Services, Other | Northern Europe | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 8.1 | 16.2 |
Products and Services, Other | APME | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 4.3 | 7.9 |
Products and Services, Other | Right Management | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 39.9 | 78.4 |
Transferred over time | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 5,529.8 | 10,930.8 |
Transferred over time | Americas | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,034.5 | 2,040.9 |
Transferred over time | Southern Europe | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 2,398.6 | 4,675.1 |
Transferred over time | Northern Europe | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,354.8 | 2,734 |
Transferred over time | APME | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 689.5 | 1,378.4 |
Transferred over time | Right Management | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 52.4 | 102.4 |
Transferred at point in time | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 127.1 | 248.5 |
Transferred at point in time | Americas | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 18 | 34.2 |
Transferred at point in time | Southern Europe | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 35.4 | 70.9 |
Transferred at point in time | Northern Europe | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 38.4 | 76.8 |
Transferred at point in time | APME | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 35.3 | 66.6 |
Transferred at point in time | Right Management | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 0 | $ 0 |
Share-Based Compensation Plans
Share-Based Compensation Plans (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||
Share-based compensation expense | $ 5.3 | $ 7.6 | $ 12.8 | $ 14.8 |
Consideration received from share-based awards | $ 4 | $ 36.1 |
Acquisitions (Details)
Acquisitions (Details) € in Millions | Apr. 26, 2017USD ($) | Apr. 26, 2017EUR (€) | Jun. 30, 2018USD ($) | Jun. 30, 2017USD ($) |
Business Acquisition [Line Items] | ||||
Total cash consideration for acquisitions, net of cash acquired | $ 47,400,000 | $ 34,100,000 | ||
Initial acquisition payments | 8,200,000 | 21,200,000 | ||
Payments of contingent consideration for acquisitions | 39,200,000 | |||
Payment for contingent consideration liability, financing activities | 15,100,000 | 12,900,000 | ||
Payment for contingent consideration liability, operating activities | 24,100,000 | |||
7S Group GmbH | ||||
Business Acquisition [Line Items] | ||||
Payment for contingent consideration liability, financing activities | $ 10,300,000 | |||
7S Group GmbH | ||||
Business Acquisition [Line Items] | ||||
Loss contingency, additional consideration sought from the seller of 7S | $ 24,300,000 | € 20.8 | ||
Loss Contingency, Estimate of Possible Loss | $ 0 |
Restructuring Costs (Details)
Restructuring Costs (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Restructuring Cost [Abstract] | ||
Net restructuring costs | $ 39.3 | $ 34.5 |
Restructuring reserve [Roll Forward] | ||
Balance, beginning of period | 13.5 | |
Severance Costs | 31.8 | |
Office closure costs and other | 7.5 | |
Costs paid or utilized | (20.3) | |
Balance, end of period | 32.5 | |
Reportable segments | Americas | ||
Restructuring reserve [Roll Forward] | ||
Balance, beginning of period | 1.7 | |
Severance Costs | 0.3 | |
Office closure costs and other | 0 | |
Costs paid or utilized | (1.6) | |
Balance, end of period | 0.4 | |
Reportable segments | Americas | United States | Reportable subsegments | ||
Restructuring reserve [Roll Forward] | ||
Balance, beginning of period | 1.5 | |
Balance, end of period | 0.4 | |
Reportable segments | Southern Europe | ||
Restructuring reserve [Roll Forward] | ||
Balance, beginning of period | 0.9 | |
Severance Costs | 5.4 | |
Office closure costs and other | 0 | |
Costs paid or utilized | (2.3) | |
Balance, end of period | 4 | |
Reportable segments | Southern Europe | France | Reportable subsegments | ||
Restructuring reserve [Roll Forward] | ||
Balance, beginning of period | 0.9 | |
Balance, end of period | 0.9 | |
Reportable segments | Southern Europe | Italy | Reportable subsegments | ||
Restructuring reserve [Roll Forward] | ||
Balance, beginning of period | 0 | |
Balance, end of period | 1.4 | |
Reportable segments | Northern Europe | ||
Restructuring reserve [Roll Forward] | ||
Balance, beginning of period | 9.6 | |
Severance Costs | 25.8 | |
Office closure costs and other | 7.5 | |
Costs paid or utilized | (15.6) | |
Balance, end of period | 27.3 | |
Reportable segments | APME | ||
Restructuring reserve [Roll Forward] | ||
Balance, beginning of period | 0 | |
Severance Costs | 0 | |
Office closure costs and other | 0 | |
Costs paid or utilized | 0 | |
Balance, end of period | 0 | |
Reportable segments | Right Management | ||
Restructuring reserve [Roll Forward] | ||
Balance, beginning of period | 1.2 | |
Severance Costs | 0.3 | |
Office closure costs and other | 0 | |
Costs paid or utilized | (0.7) | |
Balance, end of period | 0.8 | |
Corporate | ||
Restructuring reserve [Roll Forward] | ||
Balance, beginning of period | 0.1 | |
Severance Costs | 0 | |
Office closure costs and other | 0 | |
Costs paid or utilized | (0.1) | |
Balance, end of period | $ 0 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||||
Effective income tax rate (as percent) | 27.50% | 36.50% | 28.30% | 35.40% | |
U.S. Federal statutory rate (as percent) | 21.00% | ||||
Income Tax [Line Items] | |||||
Tax Cuts and Jobs Act of 2017, Transition Tax for Accumulated Foreign Earnings, Income Tax Expense (Benefit) | $ (1.8) | ||||
Gross unrecognized tax benefits, including interest and penalties | $ 72.6 | $ 72.6 | $ 66.5 | ||
Minimum | |||||
Income Tax [Line Items] | |||||
Expected annual effective income tax rate (as percent) | 27.00% | ||||
Maximum | |||||
Income Tax [Line Items] | |||||
Expected annual effective income tax rate (as percent) | 28.00% |
Net Earnings Per Share (Details
Net Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||||
Net earnings available to common shareholders | $ 143.4 | $ 117 | $ 240.4 | $ 191.4 |
Weighted-average common shares outstanding (in millions) | ||||
Weighted-average common shares outstanding - basic (in shares) | 65.7 | 67.4 | 65.8 | 67.5 |
Weighted-average common shares outstanding - diluted (in shares) | 66.1 | 68 | 66.4 | 68.3 |
Net earnings per share - basic (in dollars per share) | $ 2.18 | $ 1.74 | $ 3.65 | $ 2.83 |
Net earnings per share - diluted (in dollars per share) | $ 2.17 | $ 1.72 | $ 3.62 | $ 2.80 |
Share-Based Awards | ||||
Weighted-average common shares outstanding (in millions) | ||||
Antidilutive securities excluded from the calculation of net earnings per share - diluted (in shares) | 0.3 | 0.1 | 0.3 | 0.1 |
Stock Options | ||||
Weighted-average common shares outstanding (in millions) | ||||
Effect of dilutive securities | 0.1 | 0.2 | 0.2 | 0.2 |
Non-Stock Option Awards | ||||
Weighted-average common shares outstanding (in millions) | ||||
Effect of dilutive securities | 0.3 | 0.4 | 0.4 | 0.6 |
Goodwill and Other Intangible42
Goodwill and Other Intangible Assets - Goodwill and Intangible Assets (Details) - USD ($) $ in Millions | Jun. 30, 2018 | Dec. 31, 2017 |
Goodwill [Line Items] | ||
Goodwill | $ 1,321.9 | $ 1,343 |
Finite-lived: | ||
Gross | 467.3 | 472.9 |
Accumulated Amortization | 353.5 | 339.9 |
Net | 113.8 | 133 |
Indefinite-lived: | ||
Gross | 150.8 | 151 |
Net | 150.8 | 151 |
Total intangible assets | ||
Gross | 618.1 | 623.9 |
Accumulated Amortization | 353.5 | 339.9 |
Net | 264.6 | 284 |
Accumulated impairment loss | 513.4 | 513.4 |
Intangible Assets, Future Amortization Expense by Fiscal Year [Abstract] | ||
Estimated amortization expense, remainder of 2018 | 16.5 | |
Estimated amortization expense, 2019 | 29.3 | |
Estimated amortization expense, 2020 | 24.7 | |
Estimated amortization expense, 2021 | 13.7 | |
Estimated amortization expense, 2022 | 10.1 | |
Estimated amortization expense, 2023 | 7.9 | |
Tradenames | ||
Indefinite-lived: | ||
Gross | 52 | 52 |
Net | 52 | 52 |
Accumulated impairment loss | 139.5 | 139.5 |
Reacquired franchise rights | ||
Indefinite-lived: | ||
Gross | 98.8 | 99 |
Net | 98.8 | 99 |
Customer relationships | ||
Finite-lived: | ||
Gross | 448.6 | 453.6 |
Accumulated Amortization | 338 | 325.2 |
Net | 110.6 | 128.4 |
Other | ||
Finite-lived: | ||
Gross | 18.7 | 19.3 |
Accumulated Amortization | 15.5 | 14.7 |
Net | $ 3.2 | $ 4.6 |
Goodwill and Other Intangible43
Goodwill and Other Intangible Assets - Changes in Goodwill by Reportable Segment (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2018USD ($) | |
Goodwill [Roll Forward] | |
Balance, January 1, 2018 | $ 1,343 |
Goodwill acquired | 4.6 |
Currency and other impacts | (25.7) |
Balance, June 30, 2018 | 1,321.9 |
Right Management | |
Goodwill [Roll Forward] | |
Balance, January 1, 2018 | 62.1 |
Balance, June 30, 2018 | 62.1 |
Reportable segments | Americas | |
Goodwill [Roll Forward] | |
Balance, January 1, 2018 | 519.2 |
Goodwill acquired | 4.6 |
Currency and other impacts | (2.2) |
Balance, June 30, 2018 | 521.6 |
Reportable segments | Americas | United States | Reportable subsegments | |
Goodwill [Roll Forward] | |
Balance, January 1, 2018 | 476.5 |
Balance, June 30, 2018 | 476.5 |
Reportable segments | Southern Europe | |
Goodwill [Roll Forward] | |
Balance, January 1, 2018 | 121.9 |
Goodwill acquired | 0 |
Currency and other impacts | (7.5) |
Balance, June 30, 2018 | 114.4 |
Reportable segments | Southern Europe | France | Reportable subsegments | |
Goodwill [Roll Forward] | |
Balance, January 1, 2018 | 76.3 |
Balance, June 30, 2018 | 70.2 |
Reportable segments | Southern Europe | Italy | Reportable subsegments | |
Goodwill [Roll Forward] | |
Balance, January 1, 2018 | 5 |
Balance, June 30, 2018 | 4.8 |
Reportable segments | Northern Europe | |
Goodwill [Roll Forward] | |
Balance, January 1, 2018 | 468.1 |
Goodwill acquired | 0 |
Currency and other impacts | (12.7) |
Balance, June 30, 2018 | 455.4 |
Reportable segments | APME | |
Goodwill [Roll Forward] | |
Balance, January 1, 2018 | 106.2 |
Goodwill acquired | 0 |
Currency and other impacts | (3.3) |
Balance, June 30, 2018 | 102.9 |
Reportable segments | Right Management | |
Goodwill [Roll Forward] | |
Balance, January 1, 2018 | 62.1 |
Goodwill acquired | 0 |
Currency and other impacts | 0 |
Balance, June 30, 2018 | 62.1 |
Corporate | |
Goodwill [Roll Forward] | |
Balance, January 1, 2018 | 65.5 |
Goodwill acquired | 0 |
Currency and other impacts | 0 |
Balance, June 30, 2018 | 65.5 |
Corporate | Jefferson Wells | |
Goodwill [Roll Forward] | |
Balance, June 30, 2018 | $ 55.5 |
Goodwill and Other Intangible44
Goodwill and Other Intangible Assets - Goodwill by Reporting Unit (Details) - USD ($) $ in Millions | Jun. 30, 2018 | Dec. 31, 2017 |
Goodwill [Line Items] | ||
Goodwill | $ 1,321.9 | $ 1,343 |
United States | ||
Goodwill [Line Items] | ||
Goodwill | 532 | 532 |
Germany | ||
Goodwill [Line Items] | ||
Goodwill | 131.9 | 135.4 |
Netherlands | ||
Goodwill [Line Items] | ||
Goodwill | 123.2 | 126.5 |
United Kingdom | ||
Goodwill [Line Items] | ||
Goodwill | 87.2 | 89.2 |
France | ||
Goodwill [Line Items] | ||
Goodwill | 70.2 | 76.3 |
Right Management | ||
Goodwill [Line Items] | ||
Goodwill | 62.1 | 62.1 |
Other reporting units | ||
Goodwill [Line Items] | ||
Goodwill | $ 315.3 | $ 321.5 |
Debt (Details)
Debt (Details) | Jun. 22, 2018EUR (€) |
Debt Instrument [Line Items] | |
Proceeds from debt | € 495,700,000 |
Senior Notes | Notes Due June 2026 - 1.750% | |
Debt Instrument [Line Items] | |
Principal amount | € 500,000,000 |
Interest rate | 1.75% |
Debt instrument, discount percentage | 99.564% |
Effective rate | 1.809% |
Senior Notes | Notes due June 2018 | |
Debt Instrument [Line Items] | |
Principal amount | € 350,000,000 |
Retirement Plans (Details)
Retirement Plans (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Net Periodic Benefit Cost | |||||
Non-service component cost | $ 0.4 | $ 0.6 | $ 0.9 | $ 1.5 | $ 1 |
Defined Benefit Pension Plans | |||||
Net Periodic Benefit Cost | |||||
Service cost | 2.8 | 2.4 | 5.6 | 4.8 | |
Interest cost | 2.9 | 2.8 | 5.9 | 5.5 | |
Expected return on assets | (2.7) | (2.6) | (5.5) | (5.2) | |
Other | 0.3 | 0.7 | 0.7 | 1.3 | |
Total benefit cost | 3.3 | 3.3 | 6.7 | 6.4 | |
Contributions to pension plans | 2.3 | 4.2 | |||
Estimated employer contribution to pension plans during current fiscal year | 12.3 | 12.3 | |||
Retiree Health Care Plan | |||||
Net Periodic Benefit Cost | |||||
Interest cost | 0.1 | 0.2 | 0.2 | 0.3 | |
Prior service credit | (0.2) | (0.2) | (0.4) | (0.3) | |
Total benefit cost | (0.1) | $ 0 | (0.2) | $ 0 | |
Contributions to retiree health care plan | $ 0.3 | $ 0.6 |
Shareholders' Equity - Compone
Shareholders' Equity - Components of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions | Jan. 01, 2018 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 |
Defined Benefit Plan Disclosure [Line Items] | ||||||
Foreign currency translation | $ (180.3) | $ (180.3) | $ (87.7) | |||
Translation loss on net investment hedge, net of income taxes of $(17.3) and $(23.1), respectively | (19.8) | (19.8) | (39.9) | |||
Translation loss on long-term intercompany loans | (128.9) | (128.9) | (128.8) | |||
Unrealized gain on investments, net of income taxes of $3.4 for 2017 | 0 | 0 | 15.3 | |||
Accumulated other comprehensive loss | (375.9) | (375.9) | (288.2) | |||
Accumulated other comprehensive income translation gain (loss) on net investment hedge, tax | (17.3) | (17.3) | (23.1) | |||
Unrealized gain (loss) on investments, tax | 3.4 | |||||
Reclassification of unrealized cumulative gain on investments | $ 15.3 | 0 | $ 0 | 15.3 | $ 0 | |
Defined benefit pension plans, net of income taxes of $(27.6) and $(27.8), respectively | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined benefit plans | (50) | (50) | (50.5) | |||
Pension and other postretirement benefit plans, accumulated other comprehensive income (loss), tax | (27.6) | (27.6) | (27.8) | |||
Retiree health care plan, net of income taxes of $1.9 and $2.0, respectively | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined benefit plans | 3.1 | 3.1 | 3.4 | |||
Pension and other postretirement benefit plans, accumulated other comprehensive income (loss), tax | $ 1.9 | $ 1.9 | $ 2 |
Shareholders' Equity - Noncont
Shareholders' Equity - Noncontrolling Interests (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Equity [Abstract] | ||||
Net earnings attributable to noncontrolling interests | $ 1 | $ 2.2 | $ 2.2 | $ 4.4 |
Shareholders' Equity - Dividen
Shareholders' Equity - Dividends (Details) - $ / shares | Jun. 15, 2018 | May 04, 2018 | Jun. 15, 2017 | May 02, 2017 |
Dividends [Abstract] | ||||
Dividends declared (in dollars per share) | $ 1.01 | $ 0.93 | ||
Dividends paid (in dollars per share) | $ 1.01 | $ 0.93 |
Shareholders' Equity - Share R
Shareholders' Equity - Share Repurchases (Details) - USD ($) $ in Millions | 6 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Aug. 03, 2018 | Jul. 31, 2016 | |
Equity, Class of Treasury Stock [Line Items] | ||||
Shares repurchased during period (in shares) | 1,000,000 | 1,100,000 | ||
Total cost of shares repurchased | $ 113.2 | $ 115.8 | ||
2016 Authorization | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Shares authorized to be repurchased (in shares) | 6,000,000 | |||
Shares remaining authorized for repurchase (in shares) | 1,800,000 | |||
Subsequent Event | Common Stock Repurchase 2018 Authorization | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Shares authorized to be repurchased (in shares) | 6,000,000 |
Interest and Other Expenses (De
Interest and Other Expenses (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Other Nonoperating Income (Expense) [Abstract] | ||||
Interest expense | $ 13.3 | $ 11.9 | $ 26.9 | $ 23.8 |
Interest income | (1.4) | (1.2) | (2.6) | (2.2) |
Foreign exchange (gain) loss | (0.1) | 0.2 | (0.2) | 0.3 |
Miscellaneous (income) expense, net | (1.3) | 0.1 | 2.5 | 4.9 |
Interest and other expenses | $ 10.5 | $ 11 | $ 26.6 | $ 26.8 |
Derivative Financial Instrume52
Derivative Financial Instruments and Fair Value Measurements (Details) | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2018USD ($) | Jun. 30, 2017USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2017USD ($) | Jun. 30, 2018EUR (€) | Dec. 31, 2017USD ($) | |
Net investment hedges [Abstract] | ||||||
Translation gain (loss) on net investment hedge | $ (19,800,000) | $ (19,800,000) | $ (39,900,000) | |||
Fair value measured on a recurring basis | ||||||
Assets | ||||||
Deferred compensation plan assets | 99,300,000 | 99,300,000 | 99,100,000 | |||
Foreign currency forward contracts | 200,000 | 200,000 | ||||
Total assets measured at fair value | 99,500,000 | 99,500,000 | 99,100,000 | |||
Liabilities | ||||||
Foreign currency forward contracts | 100,000 | |||||
Total liabilities measured at fair value | 100,000 | |||||
Fair value measured on a recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||||||
Assets | ||||||
Deferred compensation plan assets | 99,300,000 | 99,300,000 | 99,100,000 | |||
Foreign currency forward contracts | 0 | 0 | ||||
Total assets measured at fair value | 99,300,000 | 99,300,000 | 99,100,000 | |||
Liabilities | ||||||
Foreign currency forward contracts | 0 | |||||
Total liabilities measured at fair value | 0 | |||||
Fair value measured on a recurring basis | Significant Other Observable Inputs (Level 2) | ||||||
Assets | ||||||
Deferred compensation plan assets | 0 | 0 | 0 | |||
Foreign currency forward contracts | 200,000 | 200,000 | ||||
Total assets measured at fair value | 200,000 | 200,000 | 0 | |||
Liabilities | ||||||
Foreign currency forward contracts | 100,000 | |||||
Total liabilities measured at fair value | 100,000 | |||||
Fair value measured on a recurring basis | Significant Unobservable Inputs (Level 3) | ||||||
Assets | ||||||
Deferred compensation plan assets | 0 | 0 | 0 | |||
Foreign currency forward contracts | 0 | 0 | ||||
Total assets measured at fair value | 0 | 0 | 0 | |||
Liabilities | ||||||
Foreign currency forward contracts | 0 | |||||
Total liabilities measured at fair value | 0 | |||||
Euro-denominated notes | ||||||
Net investment hedges [Abstract] | ||||||
Translation gain (loss) on net investment hedge | (15,600,000) | (15,600,000) | (35,700,000) | |||
Forward contracts | Designated as hedging instrument | ||||||
Net investment hedges [Abstract] | ||||||
Translation gain (loss) on net investment hedge | (4,200,000) | (4,200,000) | (4,200,000) | |||
Forward contracts | Not designated as hedging instrument | ||||||
Net investment hedges [Abstract] | ||||||
Gain associated with forward contracts included in interest and other expenses | 2,100,000 | $ 0 | 2,100,000 | $ 100,000 | ||
Fair value | Euro-denominated notes | Significant Other Observable Inputs (Level 2) | ||||||
Liabilities | ||||||
Carrying value of long-term debt | 1,086,200,000 | 1,086,200,000 | 939,900,000 | |||
Carrying value | Euro-denominated notes | ||||||
Liabilities | ||||||
Carrying value of long-term debt | 1,044,400,000 | 1,044,400,000 | $ 897,800,000 | |||
Notes due September 2022 | Euro-denominated notes | Designated as hedging instrument | ||||||
Net investment hedges [Abstract] | ||||||
Long-term debt | 465,200,000 | 465,200,000 | € 400,000,000 | |||
Notes due June 2018 | Euro-denominated notes | Designated as hedging instrument | ||||||
Net investment hedges [Abstract] | ||||||
Long-term debt | $ 579,200,000 | $ 579,200,000 | € 500,000,000 |
Segment Data (Details)
Segment Data (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Segment Reporting Information [Line Items] | ||||
Revenues from services | $ 5,656.9 | $ 5,174.8 | $ 11,179.3 | $ 9,932 |
Operating unit profit | 242.8 | 233.2 | 432.3 | 394.1 |
Operating profit | 208.3 | 195.2 | 362.1 | 323.1 |
Interest and other expenses | (10.5) | (11) | (26.6) | (26.8) |
Earnings before income taxes | 197.8 | 184.2 | 335.5 | 296.3 |
Franchise fees | 6.2 | 5.8 | 11.4 | 11.1 |
Franchise revenue | 273.9 | 247.3 | 510.7 | 486.4 |
Reportable segments | Americas | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from services | 1,052.5 | 1,056.9 | 2,075.1 | 2,083.1 |
Operating unit profit | 56.7 | 57.5 | 99.6 | 96.2 |
Reportable segments | Americas | United States | Reportable subsegments | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from services | 640.5 | 671.3 | 1,256.8 | 1,332.8 |
Operating unit profit | 38.2 | 44.5 | 64.9 | 70.8 |
Franchise fees | 3.9 | 3.6 | 7.1 | 7.1 |
Franchise revenue | 166.7 | 155.6 | 315.7 | 323.3 |
Reportable segments | Americas | Other Americas | Reportable subsegments | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from services | 412 | 385.6 | 818.3 | 750.3 |
Operating unit profit | 18.5 | 13 | 34.7 | 25.4 |
Reportable segments | Southern Europe | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from services | 2,434 | 2,135.7 | 4,746 | 3,939.6 |
Operating unit profit | 121.7 | 110.8 | 219.4 | 192.3 |
Reportable segments | Southern Europe | France | Reportable subsegments | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from services | 1,512.5 | 1,356.3 | 2,936.5 | 2,493.8 |
Operating unit profit | 73 | 70.7 | 130.7 | 121.3 |
Reportable segments | Southern Europe | Italy | Reportable subsegments | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from services | 443 | 366.5 | 856.6 | 660.9 |
Operating unit profit | 31.9 | 27.6 | 57.1 | 45.8 |
Reportable segments | Southern Europe | Other Southern Europe | Reportable subsegments | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from services | 478.5 | 412.9 | 952.9 | 784.9 |
Operating unit profit | 16.8 | 12.5 | 31.6 | 25.2 |
Reportable segments | Northern Europe | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from services | 1,393.2 | 1,281.7 | 2,810.8 | 2,520.4 |
Operating unit profit | 24.7 | 33.1 | 41.3 | 44.9 |
Reportable segments | APME | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from services | 724.8 | 643.4 | 1,445 | 1,275.8 |
Operating unit profit | 29.2 | 23.3 | 55.1 | 43.4 |
Reportable segments | Right Management | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from services | 52.4 | 57.1 | 102.4 | 113.1 |
Operating unit profit | 10.5 | 8.5 | 16.9 | 17.3 |
Segment Reconciling Items | ||||
Segment Reporting Information [Line Items] | ||||
Corporate expenses | (25.9) | (29.6) | (52.7) | (54.2) |
Intangible asset amortization expense | $ (8.6) | $ (8.4) | $ (17.5) | $ (16.8) |