Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Feb. 20, 2019 | Jun. 30, 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 Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Public Float | $ 5,623,583,987 | ||
Entity Common Stock, Shares Outstanding | 60,382,667 | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2018 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Statement [Abstract] | |||
Revenues from services | $ 21,991.2 | $ 21,034.3 | $ 19,654.1 |
Cost of services | 18,412.2 | 17,549.7 | 16,320.3 |
Gross profit | 3,579 | 3,484.6 | 3,333.8 |
Selling and administrative expenses | 2,782.3 | 2,695.4 | 2,588.3 |
Operating profit | 796.7 | 789.2 | 745.5 |
Interest and other expenses | 42 | 51.9 | 44.2 |
Earnings before income taxes | 754.7 | 737.3 | 701.3 |
Provision for income taxes | 198 | 191.9 | 257.6 |
Net earnings | $ 556.7 | $ 545.4 | $ 443.7 |
Net earnings per share - basic (in dollars per share) | $ 8.62 | $ 8.13 | $ 6.33 |
Net earnings per share - diluted (in dollars per share) | $ 8.56 | $ 8.04 | $ 6.27 |
Weighted average shares - basic (in shares) | 64.6 | 67.1 | 70.1 |
Weighted average shares - diluted (in shares) | 65.1 | 67.9 | 70.8 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statement of Comprehensive Income [Abstract] | |||
Net earnings | $ 556.7 | $ 545.4 | $ 443.7 |
Other comprehensive (loss) income: | |||
Foreign currency translation | (135.5) | 201.4 | (79.9) |
Translation adjustments on net investment hedge, net of income taxes of $10.2, $(34.3) and $8.4, respectively | 35.2 | (64.7) | 14.8 |
Translation adjustments on long-term intercompany loans | (8.4) | 4.9 | (58.2) |
Unrealized (loss) gain on investments, net of income taxes of $0.0, $(0.8) and $0.4, respectively | 0 | (3.3) | 1.6 |
Defined benefit pension plans and retiree health care plan, net of income taxes of $4.6, $(0.1) and $(5.8), respectively | 12.4 | (0.4) | (18.4) |
Total other comprehensive (loss) income | (96.3) | 137.9 | (140.1) |
Comprehensive income | $ 460.4 | $ 683.3 | $ 303.6 |
CONSOLIDATED STATEMENTS OF CO_2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Other comprehensive (loss) income: | |||
Income tax expense (benefit) on translation adjustments on net investment hedge | $ 10.2 | $ (34.3) | $ 8.4 |
Income tax expense (benefit) on unrealized gain (loss) on investments | 0 | (0.8) | 0.4 |
Income tax expense (benefit) on defined benefit pension plans and retiree health care plan | $ 4.6 | $ (0.1) | $ (5.8) |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Current Assets | ||
Cash and cash equivalents | $ 591.9 | $ 689 |
Accounts receivable, less allowance for doubtful accounts of $115.7 and $110.8, respectively | 5,276.1 | 5,370.5 |
Prepaid expenses and other assets | 129.1 | 111.7 |
Total current assets | 5,997.1 | 6,171.2 |
Other Assets | ||
Goodwill | 1,297.1 | 1,343 |
Intangible assets, less accumulated amortization of $367.7 and $339.9, respectively | 246.3 | 284 |
Other assets | 826.7 | 927.7 |
Total other assets | 2,370.1 | 2,554.7 |
Property and Equipment | ||
Land, buildings, leasehold improvements and equipment | 613.6 | 633.4 |
Less: accumulated depreciation and amortization | 461 | 475.7 |
Net property and equipment | 152.6 | 157.7 |
Total assets | 8,519.8 | 8,883.6 |
Current Liabilities | ||
Accounts payable | 2,266.7 | 2,279.4 |
Employee compensation payable | 209.7 | 230.6 |
Accrued liabilities | 411 | 490.9 |
Accrued payroll taxes and insurance | 729.8 | 794.7 |
Value added taxes payable | 508.6 | 545.4 |
Short-term borrowings and current maturities of long-term debt | 50.1 | 469.4 |
Total current liabilities | 4,175.9 | 4,810.4 |
Other liabilities | ||
Long-term debt | 1,025.3 | 478.1 |
Other long-term liabilities | 620.1 | 737.5 |
Total other liabilities | 1,645.4 | 1,215.6 |
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 116,795,899 and 116,303,729 shares, respectively | 1.2 | 1.2 |
Capital in excess of par value | 3,337.5 | 3,302.6 |
Retained earnings | 3,157.7 | 2,713 |
Accumulated other comprehensive loss | (399.8) | (288.2) |
Treasury stock at cost, 56,044,485 and 50,226,525 shares, respectively | (3,471.7) | (2,953.7) |
Total ManpowerGroup shareholders' equity | 2,624.9 | 2,774.9 |
Noncontrolling interests | 73.6 | 82.7 |
Total shareholders’ equity | 2,698.5 | 2,857.6 |
Total liabilities and shareholders’ equity | $ 8,519.8 | $ 8,883.6 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Current Assets | ||
Allowance for doubtful accounts | $ 115.7 | $ 110.8 |
Other Assets | ||
Accumulated amortization on intangible assets | $ 367.7 | $ 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) | 116,795,899 | 116,303,729 |
Treasury stock at cost (in shares) | 56,044,485 | 50,226,525 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Cash Flows from Operating Activities | |||
Net earnings | $ 556.7 | $ 545.4 | $ 443.7 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | |||
Depreciation and amortization | 85.8 | 84.4 | 85.3 |
Deferred income taxes | (11.9) | (196.8) | 74 |
Provision for doubtful accounts | 23 | 18.1 | 20.4 |
Share-based compensation | 27.8 | 28.7 | 27.1 |
Excess tax benefit on exercise of share-based awards | 0 | 0 | (0.8) |
Change in operating assets and liabilities, excluding the impact of acquisitions: | |||
Accounts receivable | (146.4) | (544.9) | (317.2) |
Other assets | 58.7 | (68.6) | (75.3) |
Other liabilities | (110.6) | 534.6 | 342.8 |
Cash provided by operating activities | 483.1 | 400.9 | 600 |
Cash Flows from Investing Activities | |||
Capital expenditures | (64.7) | (54.7) | (56.9) |
Acquisitions of businesses, net of cash acquired | (9.1) | (32.7) | (57.6) |
Proceeds from the sale of investments, property and equipment | 18.9 | 12.9 | 4.1 |
Cash used in investing activities | (54.9) | (74.5) | (110.4) |
Cash Flows from Financing Activities | |||
Net change in short-term borrowings | 3.5 | 5.5 | (0.3) |
Proceeds from long-term debt | 583.3 | 0.1 | 0 |
Repayments of long-term debt | (408.6) | (0.4) | (6.4) |
Payments for debt issuance costs | (2.5) | 0 | 0 |
Payments of contingent consideration for acquisitions | (18.6) | (13) | (2.9) |
Proceeds from share-based awards and other equity transactions | 5.2 | 44.2 | 18 |
Payments to noncontrolling interests | (1.9) | (10) | 0 |
Other share-based award transactions | (17.3) | (18.1) | (5.4) |
Repurchases of common stock | (500.7) | (203.9) | (482.2) |
Dividends paid | (127.3) | (123.7) | (118.4) |
Cash used in financing activities | (484.9) | (319.3) | (597.6) |
Effect of exchange rate changes on cash | (40.4) | 83.4 | (24) |
Net (decrease) increase in cash and cash equivalents | (97.1) | 90.5 | (132) |
Cash and cash equivalents, beginning of year | 689 | 598.5 | 730.5 |
Cash and cash equivalents, end of year | 591.9 | 689 | 598.5 |
Supplemental Cash Flow Information | |||
Interest paid | 49.9 | 37 | 36.6 |
Income taxes paid, net | $ 184.6 | $ 127.1 | $ 163.9 |
CONSOLIDATED STATEMENTS OF SHAR
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Millions | Total | Common Stock | Capital in Excess of Par Value | Retained Earnings | Accumulated Other Comprehensive (Loss) Income | Treasury Stock | Non- controlling Interests |
Balance at beginning of period (in shares) at Dec. 31, 2015 | 114,504,928 | ||||||
Balance at beginning of period at Dec. 31, 2015 | $ 2,692.5 | $ 1.2 | $ 3,186.7 | $ 1,966 | $ (286) | $ (2,243.2) | $ 67.8 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net earnings | 443.7 | 443.7 | |||||
Other comprehensive income (loss) | (140.1) | (140.1) | |||||
Issuances under equity plans (in shares) | 610,820 | ||||||
Issuances under equity plans | 14.2 | 20.5 | (6.3) | ||||
Share-based compensation expense | 27.1 | 27.1 | |||||
Dividends | (118.4) | (118.4) | |||||
Repurchases of common stock | (482.2) | (482.2) | |||||
Contribution from a noncontrolling interest and other noncontrolling interest transactions | 9.6 | (7.1) | 16.7 | ||||
Balance at end of period (in shares) at Dec. 31, 2016 | 115,115,748 | ||||||
Balance at end of period at Dec. 31, 2016 | 2,446.4 | $ 1.2 | 3,227.2 | 2,291.3 | (426.1) | (2,731.7) | 84.5 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net earnings | 545.4 | 545.4 | |||||
Other comprehensive income (loss) | 137.9 | 137.9 | |||||
Issuances under equity plans (in shares) | 1,187,981 | ||||||
Issuances under equity plans | 26.1 | 44.2 | (18.1) | ||||
Share-based compensation expense | 28.7 | 28.7 | |||||
Dividends | (123.7) | (123.7) | |||||
Repurchases of common stock | (203.9) | (203.9) | |||||
Noncontrolling interest transactions | 0.7 | 2.5 | (1.8) | ||||
Balance at end of period (in shares) at Dec. 31, 2017 | 116,303,729 | ||||||
Balance at end of period at Dec. 31, 2017 | 2,857.6 | $ 1.2 | 3,302.6 | 2,713 | (288.2) | (2,953.7) | 82.7 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net earnings | 556.7 | 556.7 | |||||
Other comprehensive income (loss) | (96.3) | (96.3) | |||||
Issuances under equity plans (in shares) | 492,170 | ||||||
Issuances under equity plans | (12.1) | 5.2 | (17.3) | ||||
Share-based compensation expense | 27.8 | 27.8 | |||||
Dividends | (127.3) | (127.3) | |||||
Repurchases of common stock | (500.7) | (500.7) | |||||
Noncontrolling interest transactions | (7.2) | 1.9 | (9.1) | ||||
Balance at end of period (in shares) at Dec. 31, 2018 | 116,795,899 | ||||||
Balance at end of period at Dec. 31, 2018 | $ 2,698.5 | $ 1.2 | $ 3,337.5 | $ 3,157.7 | $ (399.8) | $ (3,471.7) | $ 73.6 |
CONSOLIDATED STATEMENTS OF SH_2
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statement of Stockholders' Equity [Abstract] | |||||||||||
Dividends per share (in dollars per share) | $ 1.01 | $ 0 | $ 1.01 | $ 0 | $ 0.93 | $ 0 | $ 0.93 | $ 0 | $ 2.02 | $ 1.86 | $ 1.72 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Nature of Operations ManpowerGroup Inc. is a world leader in the innovative workforce solutions and services industry. Our global network of nearly 2,600 offices in 80 countries and territories allows us to meet the needs of our global, multinational and local clients across all major industry segments. Our largest operations, based on revenues, are located in France, the United States, Italy and the United Kingdom. We specialize in permanent, temporary and contract recruitment and assessment; training and development; outsourcing; career management and workforce consulting services. We provide services to a wide variety of clients, none of which individually comprise a significant portion of revenues for us as a whole. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses for the reporting period. Actual results could differ from these estimates. Basis of Consolidation The Consolidated Financial Statements include our operating results and the operating results of all of our majority-owned subsidiaries and entities in which we have a controlling financial interest. We have a controlling financial interest if we own a majority of the outstanding voting common stock and the noncontrolling shareholders do not have substantive participating rights, or we have significant control over an entity through contractual or economic interests in which we are the primary beneficiary. We account for equity investments in companies over which we have the ability to exercise significant influence, but not control, using the equity method of accounting. We recognize our ownership share of earnings of these equity method investments, amortization of basis differences, and related gains or losses in the Consolidated Financial Statements. These investments, as well as certain other relationships, are also evaluated for consolidation under the accounting guidance on consolidation of variable interest entities. These investments were $161.4 and $158.7 as of December 31, 2018 and 2017 , respectively, and are included in other assets in the Consolidated Balance Sheets. Included in shareholders’ equity as of December 31, 2018 and 2017 are $105.2 and $103.9 , respectively, of unremitted earnings from investments accounted for using the equity method. All significant intercompany accounts and transactions have been eliminated in consolidation. Allowance for Doubtful Accounts We have an allowance for doubtful accounts recorded as an estimate of the accounts receivable balance that may not be collected. This allowance is calculated on an entity-by-entity basis with consideration for historical write-off experience, the current aging of receivables and a specific review for potential bad debts. Items that affect this balance mainly include bad debt expense and the write-off of accounts receivable balances. Bad debt expense is recorded as selling and administrative expenses in our Consolidated Statements of Operations and was $23.0 , $18.1 and $20.4 in 2018 , 2017 and 2016 , respectively. Factors that would cause this provision to increase primarily relate to increased bankruptcies by our clients and other difficulties collecting amounts billed. On the other hand, an improved write-off experience and aging of receivables would result in a decrease to the provision. Write-offs were $12.0 , $17.6 and $16.9 for 2018 , 2017 and 2016 , respectively. Advertising Costs We expense production costs of advertising as they are incurred. Advertising expenses were $27.9 , $26.6 and $24.4 in 2018 , 2017 and 2016 , respectively. Restructuring Costs We recorded net restructuring costs of $39.3 and $34.5 in 2018 and 2017 , respectively, in selling and administrative expenses, primarily related to severances and office closures and consolidations in multiple countries and territories. During 2018 and 2017 , we made payments of $37.3 and $25.5 , respectively, out of our restructuring reserve. We expect a majority of the remaining $15.5 reserve will be paid by the end of 2019 . Changes in the restructuring liability balances for each reportable segment and Corporate were as follows: Americas (1) Southern Europe (2) Northern Europe APME Right Management Corporate Total Balance, January 1, 2017 $0.4 $1.3 $2.6 $0.1 $0.1 $— $4.5 Severance costs 5.8 — 15.6 0.9 1.4 1.0 24.7 Office closure costs 0.5 — 8.2 0.5 0.6 — 9.8 Costs paid or utilized (5.0 ) (0.4 ) (16.8 ) (1.5 ) (0.9 ) (0.9 ) (25.5 ) Balance, December 31, 2017 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 — — 7.5 — — — 7.5 Costs paid or utilized (1.7 ) (4.6 ) (29.8 ) — (1.1 ) (0.1 ) (37.3 ) Balance, December 31, 2018 $0.3 $1.7 $13.1 $— $0.4 $— $15.5 (1) Balance related to United States was $0.4 as of January 1, 2017. In 2017 , United States incurred $3.7 for severance costs and $0.5 for office closure costs and paid/utilized $3.1 , leaving a $1.5 liability as of December 31, 2017. In 2018 , United States paid/utilized $1.2 , leaving a $0.3 liability as of December 31, 2018 . (2) Balance related to France was $1.3 as of January 1, 2017. In 2017 , France paid/utilized $0.4 , leaving a $0.9 liability as of both December 31, 2017 and 2018 . Italy had no restructuring reserves recorded as of either January 1, 2017 or December 31, 2017 . In 2018, Italy incurred $1.9 for severance costs and paid/utilized $1.4 , leaving a $0.5 liability as of December 31, 2018 . Income Taxes We account for income taxes in accordance with the accounting guidance on income taxes. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between financial statement carrying amounts of existing assets and liabilities and their respective tax basis, and net operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. We record a valuation allowance against deferred tax assets to reduce the assets to the amounts more likely than not to be realized. Fair Value Measurements The assets and liabilities measured and recorded at fair value on a recurring basis were as follows: Fair Value Measurements Using Fair Value Measurements Using December 31, 2018 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) December 31, 2017 Quoted Prices in Significant Significant Assets Deferred compensation plan assets $89.5 $89.5 $— $— $99.1 $99.1 $— $— Foreign currency forward contracts 0.1 — 0.1 — — — — — $89.6 $89.5 $0.1 $— $99.1 $99.1 $— $— Liabilities Foreign currency forward contracts $0.1 $— $0.1 $— $0.1 $— $0.1 $— $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 third parties. The carrying values of cash and cash equivalents, accounts receivable, accounts payable, and other current assets and liabilities approximate their fair values because of the short-term nature of these instruments. The carrying value of our variable-rate long-term debt approximates fair value. The fair value of the Euro-denominated notes, as observable at commonly quoted intervals (Level 2 inputs), was $1,052.9 and $939.9 as of December 31, 2018 and 2017 , respectively, compared to a carrying value of $1,024.6 and $897.8 , respectively. Goodwill and Other Intangible Assets We had goodwill, finite-lived intangible assets and indefinite-lived intangible assets as follows: December 31, 2018 December 31, 2017 Gross Accumulated Amortization Net Gross Accumulated Amortization Net Goodwill (1) $ 1,297.1 $ — $ 1,297.1 $ 1,343.0 $ — $ 1,343.0 Intangible assets: Finite-lived: Customer relationships $ 444.8 $ 351.7 $ 93.1 $ 453.6 $ 325.2 $ 128.4 Other 18.5 16.0 2.5 19.3 14.7 4.6 463.3 367.7 95.6 472.9 339.9 133.0 Indefinite-lived: Tradenames (2) 52.0 — 52.0 52.0 — 52.0 Reacquired franchise rights 98.7 — 98.7 99.0 — 99.0 150.7 — 150.7 151.0 — 151.0 Total intangible assets $ 614.0 $ 367.7 $ 246.3 $ 623.9 $ 339.9 $ 284.0 (1) Balances were net of accumulated impairment loss of $513.4 as of both December 31, 2018 and 2017 . (2) Balances were net of accumulated impairment loss of $139.5 as of both December 31, 2018 and 2017 . Amortization expense related to intangibles was $35.1 , $34.6 and $36.0 in 2018 , 2017 and 2016 , respectively. Amortization expense expected in each of the next five years related to acquisitions completed as of December 31, 2018 is as follows: 2019 - $29.0 , 2020 - $24.2 , 2021 - $13.4 , 2022 - $9.9 and 2023 - $7.7 . The weighted-average useful lives of the customer relationships and other are approximately 13 and 4 years, respectively. The tradenames have been assigned an indefinite life based on our expectation of renewing the tradenames, as required, without material modifications and at a minimal cost, and our expectation of positive cash flows beyond the foreseeable future. The reacquired franchise rights result from our franchise acquisitions in the United States and Canada completed prior to 2009. In accordance with the accounting guidance on goodwill and other intangible assets, we perform an annual impairment test of goodwill at our reporting unit level and indefinite-lived intangible assets at our unit of account level during the third quarter, or more frequently if events or circumstances change that would more likely than not reduce the fair value of our reporting units below their carrying value. We performed our annual impairment test of our goodwill and indefinite-lived intangible assets during the third quarter of 2018 , 2017 and 2016 , and determined that there was no impairment of our goodwill or indefinite-lived intangible as a result of our annual tests. For our goodwill impairment testing procedures, we determined the fair value of each reporting unit generally by utilizing an income approach derived from a discounted cash flow methodology. For certain of our reporting units, a combination of the income approach (weighted 75% ) and the market approach (weighted 25% ) derived from comparable public companies was utilized. The income approach is developed from management’s forecasted cash flow data. Therefore, it represents an indication of fair market value reflecting management’s internal outlook for the reporting unit. The market approach utilizes the Guideline Public Company Method to quantify the respective reporting unit’s fair value based on revenues and earnings multiples realized by similar public companies. The market approach is more volatile as an indicator of fair value as compared to the income approach. We believe that each approach has its merits. However, in the instances where we have utilized both approaches, we have weighted the income approach more heavily than the market approach because we believe that management’s assumptions generally provide greater insight into the reporting unit’s fair value. Significant assumptions used in our goodwill impairment tests during 2018 , 2017 and 2016 included: expected revenue growth rates, operating unit profit margins, working capital levels, discount rates ranging from 10.6% to 14.2% for 2018 , and a terminal value multiple. The expected future revenue growth rates and the expected operating unit profit margins were determined after taking into consideration our historical revenue growth rates and operating unit profit margins, our assessment of future market potential, and our expectations of future business performance. We would record a goodwill impairment charge by the amount for which a reporting unit's carrying value exceeds its fair value, not to exceed the carrying amount of the goodwill. Under the current accounting guidance, we are also required to test our indefinite-lived intangible assets for impairment by comparing the fair value of the intangible asset with its carrying value. If the intangible asset’s fair value is less than its carrying value, an impairment loss is recognized for the difference. Marketable Securities We account for our marketable security investments in accordance with the accounting guidance on investments in debt and equity securities, and have historically determined that all such investments are classified as available-for-sale. As of January 1, 2018, we adopted the new accounting guidance on financial instruments, which 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 (See Note 10 to the Consolidated Financial Statements for further information). We hold a 49% interest in our Swiss franchise, accounted for under the equity method of accounting, which maintains an investment portfolio with a market value of $219.9 and $234.8 as of December 31, 2018 and 2017 , respectively. The portfolio is comprised of a wide variety of European and United States debt and equity securities and various professionally-managed funds, all of which are classified as available-for-sale, as well as cash and cash equivalents. Since January 1, 2018, u pon adoption of the new accounting guidance, we have recognized all the changes in fair value on the investment portfolio in the current period earnings. Prior to January 1, 2018, only our share of net realized gains and losses, and declines in value determined to be other-than-temporary, was included in our Consolidated Statements of Operations. Our share of net unrealized gains and unrealized losses that were determined to be temporary related to these investments was included in accumulated other comprehensive loss, with the offsetting amount increasing or decreasing our investment in the franchise. For the years ended December 31, 2018 , 2017 and 2016 , realized gains totaled $12.7 , $14.7 and $2.9 , respectively, and realized losses totaled $2.1 , $3.8 and $1.0 , respectively. Other-than-temporary impairment amounts were net gains of $0.1 , $1.6 and $0.3 for 2018, 2017 and 2016, respectively, as previously impaired investments were sold for a gain. Capitalized Software for Internal Use We capitalize purchased software as well as internally developed software. Internal software development costs are capitalized from the time the internal use software is considered probable of completion until the software is ready for use. Business analysis, system evaluation, selection and software maintenance costs are expensed as incurred. Capitalized software costs are amortized using the straight-line method over the estimated useful life of the software which ranges from 3 to 10 years. The net capitalized software balance of $7.4 and $3.5 as of December 31, 2018 and 2017 , respectively, is included in other assets in the Consolidated Balance Sheets. Amortization expense related to the capitalized software costs was $1.5 , $1.3 and $1.9 for 2018 , 2017 and 2016 , respectively. Property and Equipment A summary of property and equipment as of December 31 is as follows: 2018 2017 Land $ 3.4 $ 3.4 Buildings 12.0 14.5 Furniture, fixtures, and autos 167.3 172.3 Computer equipment 128.7 137.1 Leasehold improvements 302.2 306.1 Property and equipment $ 613.6 $ 633.4 Property and equipment are stated at cost and are depreciated using primarily the straight-line method over the following estimated useful lives: buildings - up to 40 years; furniture, fixtures, autos and computer equipment - 2 to 15 years; leasehold improvements - lesser of life of asset or expected lease term. Expenditures for renewals and betterments are capitalized whereas expenditures for repairs and maintenance are charged to income as incurred. Upon sale or disposition of property and equipment, the difference between the unamortized cost and the proceeds is recorded as either a gain or a loss and is included in our Consolidated Statements of Operations. Long-lived assets are evaluated for impairment in accordance with the provisions of the accounting guidance on the impairment or disposal of long-lived assets. Derivative Financial Instruments We account for our derivative instruments in accordance with the accounting guidance on derivative instruments and hedging activities. Derivative instruments are recorded on the balance sheet as either an asset or liability measured at their fair value. If the derivative is designated as a fair value hedge, the changes in the fair value of the derivative and of the hedged item attributable to the hedged risk are recognized in earnings. If the derivative is designated as a cash flow hedge, the effective portions of the changes in the fair value of the derivative are recorded as a component of accumulated other comprehensive loss and recognized in the Consolidated Statements of Operations when the hedged item affects earnings. The ineffective portions of the changes in the fair value of cash flow hedges are recognized in earnings. Foreign Currency Translation The financial statements of our non-United States subsidiaries have been translated in accordance with the accounting guidance on foreign currency translation. Under the accounting guidance, asset and liability accounts are translated at the current exchange rates and income statement items are translated at the average exchange rates each month. The resulting translation adjustments are recorded as a component of accumulated other comprehensive loss, which is included in shareholders’ equity. As of July 1, 2018, the Argentina economy was designated as highly-inflationary and was treated as such for accounting purposes starting in the third quarter of 2018. A portion of our Euro-denominated notes is accounted for as a hedge of our net investment in our subsidiaries with a Euro-functional currency. For this portion of the Euro-denominated notes, since our net investment in these subsidiaries exceeds the amount of the related borrowings, net of tax, the related translation gains or losses are included as a component of accumulated other comprehensive loss. Shareholders’ Equity The Board of Directors authorized the repurchase of 6.0 million shares of our common stock in each of August 2018, July 2016 and October 2015. Share repurchases may be made from time to time through a variety of methods, including open market purchases, block transactions, privately negotiated transactions or similar facilities. In 2018, we repurchased a total of 5.7 million shares, comprised of 2.9 million shares under the 2018 authorization and 2.8 million shares under the 2016 authorization, at a total cost of $500.7 . In 2017, we repurchased a total of 1.9 million shares at a total cost of $203.9 under the 2016 authorization. In 2016, we repurchased a total of 6.6 million shares, comprised of 1.3 million shares under the 2016 authorization and 5.3 million shares under the 2015 authorization, at a total cost of $482.2 . As of December 31, 2018 , there were 3.1 million shares remaining authorized for repurchase under the 2018 authorization and no shares remaining under the 2016 and 2015 authorizations. During 2018 , 2017 and 2016 , the Board of Directors declared total cash dividends of $2.02 , $1.86 and $1.72 per share, respectively, resulting in total dividend payments of $127.3 , $123.7 and $118.4 , respectively. Noncontrolling interests, included in total shareholders' equity in our Consolidated Balance Sheets, represent amounts related to majority-owned subsidiaries in which we have a controlling financial interest. Net earnings attributable to these noncontrolling interests are recorded in interest and other expenses in our Consolidated Statements of Operations. We recorded income of $4.9 for 2018 and expenses of $6.5 and $10.1 for 2017 and 2016 , respectively. The income recorded in 2018 was due to a revision in one of our joint venture agreements. Cash and Cash Equivalents We consider all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. Payroll Tax Credit In January 2013, the French government passed legislation, Credit d’Impôt pour la Compétitivité et l’Emploi (“CICE”), that provides payroll tax credits based on a percentage of wages paid to employees receiving less than two-and-a-half times the French minimum wage. The payroll tax credit was equal to 4% of eligible wages in 2013, 6% of eligible wages in 2014 to 2016, 7% of eligible wages in 2017, and 6% of eligible wages in 2018. The CICE payroll tax credit was accounted for as a reduction of our cost of services in the period earned. The payroll tax credit is creditable against our current French income tax payable, with any remaining amount being paid after three years. Given the amount of our current income taxes payable, we would generally receive the vast majority of these payroll tax credits after the three -year period. In April 2018, March 2017 and March 2016, we entered into an agreement to sell substantially all of the credits earned in 2017, 2016 and 2015, respectively, for net proceeds of $234.5 ( €190.9 ), $143.5 ( €133.0 ) and $143.1 ( €129.9 ), respectively. We derecognized these receivables upon the sale as the terms of the agreement are such that the transaction qualifies for sale treatment according to the accounting guidance on the transfer and servicing of assets. The discount on the sale of these receivables was recorded in cost of services as a reduction of the payroll tax credits earned in the respective year. 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 right-of-use (“ROU”) assets and lease liabilities on the balance sheet for leases with lease terms longer than 12 months. Similar to the current guidance, the recognition, measurement and presentation of lease expenses and cash flows depends on its classification by the lessee as a finance or operating lease. The new guidance also includes new disclosure requirements providing information on the amounts recorded in the financial statements. We adopted the new lease guidance effective January 1, 2019, and will recognize any cumulative effect adjustment to retained earnings as of the effective date, without restating prior periods. We elected the package of three practical expedients which lessens the transitional burden of implementing the new guidance. Accordingly, we will not reassess: 1) whether any expired or existing contracts are or contain leases; 2) the lease classification for any expired or existing leases; or 3) initial direct costs for any existing leases. We also elected the land easements practical expedient allowing us to not reassess whether existing or expired land easements not accounted for as leases under previous guidance are or contain a lease under new guidance. We implemented internal controls and key system functionality, including a new global lease software system, to enable the preparation of financial information upon adoption. The new lease guidance will have a material impact on our Consolidated Balance Sheets, but will not have a significant impact on our Consolidated Statements of Operations. The most significant impact will be the recognition of ROU assets and lease liabilities and related deferred tax balances for operating leases; our accounting for financing leases will remain substantially unchanged. At the transition date, we expect the amounts of the new ROU assets and lease liabilities to be within a range of $450 to $500 . The impact on retained earnings is expected to be immaterial. The adoption of the new lease guidance is not expected to significantly impact our Consolidated Statements of Cash Flows. 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 do not expect the adoption of this guidance to have a material impact 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 Tax Act. The guidance was effective for us as of January 1, 2019. We elected not to adopt this optional reclassification. 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 la rgely 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. In August 2018, the FASB issued new guidance on disclosures related to fair value measurements. The guidance is intended to improve the effectiveness of the notes to financial statements by facilitating clearer communication, and it includes multiple new, eliminated and modified disclosure requirements. The guidance is effective for us in 2020. The adoption of this guidance will have no impact on our Consolidated Financial Statements. In August 2018, the FASB issued new guidance on disclosures related to defined benefit plans. The guidance amends the current disclosure requirements to add, remove and clarify disclosure requirements for defined benefit pension and other postretirement plans. The guidance is effective for us in 2021. The adoption of this guidance will have no impact on our Consolidated Financial Statements. In August 2018, the FASB issued new guidance on the accounting for internal-use software. The guidance aligns the accounting for costs incurred to implement a cloud computing arrangement that is a service arrangement with the guidance on capitalizing costs associated with developing or obtaining internal-use software. The guidance is effective for us in 2020. We are assessing the impact of the adoption of this guidance on our Consolidated Financial Statements. Subsequent Events We have evaluated events and transactions occurring after the balance sheet date through our filing date and noted no events that are subject to recognition or disclosure. |
Acquisitions and Disposals
Acquisitions and Disposals | 12 Months Ended |
Dec. 31, 2018 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions and Disposals From time to time, we acquire and invest in companies throughout the world, including franchises. The total cash consideration paid for acquisitions, net of cash acquired, for the years ended December 31, 2018 , 2017 and 2016 was $51.8 , $45.7 and $60.5 , respectively. The 2018 balance includes initial acquisition payments of $9.1 and contingent consideration payments of $42.7 , of which $ 18.6 had been recognized as a liability at the acquisition date. The 2017 balance includes initial acquisition payments of $32.7 and contingent consideration related to previous acquisitions of $13.0 , of which $10.3 was related to our 2015 acquisition of 7S Group GmbH ("7S") in Germany. The 2016 balance includes initial acquisition payments of $57.6 and contingent consideration payments of $2.9 . As of December 31, 2018 , goodwill and intangible assets resulting from the 2018 acquisitions were $6.1 and $0.7 , respectively. As of December 31, 2017, goodwill and intangible assets resulting from the 2017 acquisitions were $35.0 and $13.3 , respectively, the majority of which took place in India and Hong Kong. On April 26, 2017, the sellers of 7S formally disputed the contingent consideration related to the acquisition and are claiming an additional $23.9 ( €20.8 ), plus interest. T he dispute has been heard by an arbitration tribunal in Germany, which is expected to render its decision during 2019. We have vigorously defended these claims in the arbitration, and we believe no further amounts are due. We are not currently able to predict the outcome of the arbitration, 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. In 2018, we classified $24.1 of payments which were in excess of the contingent consideration liabilities initially recognized on the acquisition date as operating cash flows. The excess cash payments for contingent consideration liabilities made during in 2017 and 2016 were not material. Occasionally, we dispose of parts of our operations in order to optimize our global strategic positioning and synergies. In December 2018, we sold one of our business units in the Netherlands for an after tax net gain of $3.8 and divested a majority interest in a fully consolidated entity in China for an immaterial gain. |
Revenue Recognition
Revenue Recognition | 12 Months Ended |
Dec. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | 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 December 31, 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 that 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 them. • 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. Franchise fees were $24.1 , $23.7 and $23.3 for the years ended December 31, 2018 , 2017 and 2016 , respectively. 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. Year Ended December 31, 2018 Service Types Americas (1) Southern Europe (1) Northern Europe APME Right Management Total Staffing and Interim $ 3,769.4 $ 8,588.5 $ 4,746.3 $ 2,394.0 $ — $ 19,498.2 Outcome-Based Solutions and Consulting 176.9 579.3 426.2 284.9 49.9 1,517.2 Permanent Recruitment 117.6 145.6 164.4 196.3 — 623.9 Other 95.4 58.2 33.6 15.1 149.6 351.9 Total $ 4,159.3 $ 9,371.6 $ 5,370.5 $ 2,890.3 $ 199.5 $ 21,991.2 (1) Additional breakdown of Service Type revenue for Americas and Southern Europe are as follows: Year Ended December 31, 2018 Services Types United States Other Americas France Italy Other Southern Europe Staffing and Interim $ 2,208.3 $ 1,561.1 $ 5,526.5 $ 1,565.6 $ 1,496.4 Outcome-Based Solutions and Consulting 129.7 47.2 224.7 48.4 306.2 Permanent Recruitment 92.9 24.7 54.9 35.9 54.8 Other 91.4 4.0 21.6 20.7 15.9 Total $ 2,522.3 $ 1,637.0 $ 5,827.7 $ 1,670.6 $ 1,873.3 Year Ended December 31, 2018 Timing of Revenue Recognition Americas (1) Southern Europe (1) Northern Europe APME Right Management Total Services transferred over time $ 4,090.7 $ 9,239.9 $ 5,229.1 $ 2,758.3 $ 199.5 $ 21,517.5 Services transferred at a point in time 68.6 131.7 141.4 132.0 — 473.7 Total $ 4,159.3 $ 9,371.6 $ 5,370.5 $ 2,890.3 $ 199.5 $ 21,991.2 (1) Additional breakdown of Timing of Revenue Recognition for Americas and Southern Europe are as follows: Year Ended December 31, 2018 Timing of Revenue Recognition United States Other Americas France Italy Other Southern Europe Services transferred over time $ 2,471.0 $ 1,619.7 $ 5,775.1 $ 1,637.1 $ 1,827.7 Services transferred at a point in time 51.3 17.3 52.6 33.5 45.6 Total $ 2,522.3 $ 1,637.0 $ 5,827.7 $ 1,670.6 $ 1,873.3 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 $42.8 at December 31, 2018 and $48.0 at December 31, 2017. We recognized the entire amount of the deferred revenue balance as of December 31, 2017 as revenue during the year ended December 31, 2018. |
Share-Based Compensation Plans
Share-Based Compensation Plans | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-Based Compensation Plans | Share-Based Compensation Plans During 2018 , 2017 and 2016 , we recognized $27.8 , $28.7 and $27.1 , respectively, in share-based compensation expense related to stock options, deferred stock, restricted stock and performance share units, all of which is recorded in selling and administrative expenses. Consideration received from share-based awards for 2018 , 2017 and 2016 was $5.2 , $44.2 and $19.7 , respectively. The total income tax benefit recognized related to share-based compensation during 2018 , 2017 and 2016 was $4.5 , $23.7 and $7.4 , respectively. We recognize compensation expense on grants of share-based compensation awards on a straight-line basis over the vesting period of each award. Stock Options All share-based compensation is granted under the 2011 Equity Incentive Plan of Manpower Inc. (“2011 Plan”). Options and stock appreciation rights are granted at a price not less than 100% of the fair market value of the common stock at the date of grant. Generally, options are granted with a ratable vesting period of up to four years and expire ten years from date of grant. No stock appreciation rights had been granted or were outstanding as of December 31, 2018 or 2017 . A summary of stock option activity is as follows: Shares (000) Wtd. Avg. Exercise Price Per Share Wtd. Avg. Remaining Contractual Term (years) Aggregate Intrinsic Value (in millions) Outstanding, January 1, 2016 1,272 $64 Granted 166 75 Exercised (279 ) 63 $5 Expired or cancelled (32 ) 67 Outstanding, December 31, 2016 1,127 $66 4.9 $26 Vested or expected to vest, December 31, 2016 1,122 $66 4.9 Exercisable, December 31, 2016 756 $62 3.3 $20 Outstanding, January 1, 2017 1,127 $66 Granted 145 97 Exercised (680 ) 64 $24 Expired or cancelled (18 ) 75 Outstanding, December 31, 2017 574 $77 7.1 $28 Vested or expected to vest, December 31, 2017 571 $77 7.1 Exercisable, December 31, 2017 220 $65 5.3 $14 Outstanding, January 1, 2018 574 $77 Granted 122 123 Exercised (24 ) 78 $1 Expired or cancelled — — Outstanding, December 31, 2018 672 $85 5.9 $1 Vested or expected to vest, December 31, 2018 670 $85 5.9 Exercisable, December 31, 2018 401 $76 4.5 $1 Options outstanding and exercisable as of December 31, 2018 were as follows: Options Outstanding Options Exercisable Exercise Price Shares (000) Weighted- Average Remaining Contractual Life (years) Weighted- Average Exercise Price Shares (000) Weighted-Average Exercise Price $27-$49 35 1.8 $39 35 $39 $50-$73 67 2.8 55 67 55 $74-$85 309 5.8 77 223 77 $86-$123 261 7.4 109 76 105 672 5.9 $85 401 $76 We have recognized expense of $4.0 , $3.7 and $3.0 related to stock options for the years ended December 31, 2018 , 2017 and 2016 , respectively. The total fair value of options vested during the same periods was $3.1 , $2.3 and $2.5 , respectively. As of December 31, 2018 , total unrecognized compensation cost was approximately $3.6 , net of estimated forfeitures, which we expect to recognize over a weighted-average period of approximately 1.7 years. We estimated the fair value of each stock option on the date of grant using the Black-Scholes option pricing model and the following assumptions: Year Ended December 31 2018 2017 2016 Average risk-free interest rate 2.6 % 2.0 % 1.4 % Expected dividend yield 1.6 % 2.0 % 2.1 % Expected volatility 27.0 % 31.0 % 33.0 % Expected term (years) 6.0 6.0 6.0 The average risk-free interest rate is based on United States Treasury security rates corresponding to the expected term in effect as of the grant date. The expected dividend yield is based on the expected annual dividend as a percentage of the market value of our common stock as of the grant date. We determined expected volatility using a weighted average of daily historical volatility (weighted 75% ) of our stock price over the past five years and implied volatility (weighted 25% ) based upon exchange traded options for our common stock. We believe that a blend of historical volatility and implied volatility better reflects future market conditions and better indicates expected volatility than considering purely historical volatility. We determined the expected term of the stock options using historical data. The weighted-average grant-date fair value per option granted during the year was $31.46 , $25.58 and $19.68 in 2018 , 2017 and 2016 , respectively. Deferred Stock Our non-employee directors may elect to receive deferred stock in lieu of part or all of their annual cash retainer otherwise payable to them. The number of shares of deferred stock is determined pursuant to a formula set forth in the terms and conditions adopted under the 2011 Plan; the deferred stock is settled in shares of common stock according to these terms and conditions. During December 31, 2018 , 2017 and 2016 , there were 5,551 , 3,647 and 3,714 , respectively, shares of deferred stock awarded under this arrangement, all of which are vested. Non-employee directors also receive an annual grant of deferred stock (or restricted stock, if they so elect) as additional compensation for board service. The award vests in equal quarterly installments over one year and the vested portion of the deferred stock is settled in shares of common stock either upon a director’s termination of service or three years after the date of grant (which may in most cases be extended at the directors’ election) in accordance with the terms and conditions under the 2011 Plan. During 2018 , 2017 and 2016 , there were 10,152 , 9,857 and 8,388 , respectively, shares of deferred stock and 6,345 , 9,792 and 9,966 , respectively, shares of restricted stock granted under this arrangement, all of which are vested except for 1,666 shares of restricted stock granted in 2018 that were cancelled. We recognized expense of $1.9 , $1.4 and $1.1 related to deferred stock in 2018 , 2017 and 2016 , respectively. Restricted Stock We grant restricted stock and restricted stock unit awards to certain employees and to non-employee directors who may elect to receive restricted stock rather than deferred stock as described above. Restrictions lapse over periods ranging up to six years, and in some cases upon retirement. We value restricted stock awards at the closing market value of our common stock on the date of grant. A summary of restricted stock activity is as follows: Shares (000) Wtd. Avg. Price Per Share Wtd. Avg. Remaining Contractual Term (years) Aggregate Intrinsic Value (in millions) Unvested, January 1, 2016 405 $64 1.3 Granted 232 75 Vested (172 ) 62 Forfeited (14 ) 76 Unvested, December 31, 2016 451 $70 1.4 Granted 167 $98 Vested (133 ) 79 Forfeited (37 ) 80 Unvested, December 31, 2017 448 $77 1.2 Granted 145 $119 Vested (174 ) 77 Forfeited (23 ) 89 Unvested, December 31, 2018 396 $92 1.3 $26 During 2018 , 2017 and 2016 , we recognized $13.3 , $12.3 and $13.8 , respectively, of expense related to restricted stock awards. As of December 31, 2018 , there was approximately $15.2 of total unrecognized compensation cost related to unvested restricted stock, which we expect to recognize over a weighted-average period of approximately 2.0 years . Performance Share Units Our 2011 Plan allows us to grant performance share units. We grant performance share units typically with a performance period of three years. Vesting of units occurs at the end of the performance period or after a subsequent holding period, except in the case of termination of employment where the units are forfeited immediately. Upon retirement, a prorated number of units vest depending on the period worked from the grant date to retirement date or in certain cases all of the units vest. In the case of death or disability, the units immediately vest at the Target Award level if the death or disability date is during the performance period, or at the level determined by the performance criteria met during the performance period if the death or disability occurs during the subsequent holding period. The units are settled in shares of our common stock. A payout multiple is applied to the units awarded based on the performance criteria determined by the Executive Compensation and Human Resources Committee of the Board of Directors at the time of grant. In the event the performance criteria exceeds the Target Award level, an additional number of shares, up to the Outstanding Award level, may be granted. In the event the performance criteria falls below the Target Award level, a reduced number of shares, as low as the Threshold Award level, may be granted. If the performance criteria falls below the Threshold Award level, no shares will be granted. A summary of the performance share units detail by grant year is as follows: 2015 2016 2017 2018 Grant Date(s) February 11, 2015 February 16, 2016 February 9, 2017 February 15, 2018 Performance Period (years) 2015-2017 2016-2018 2017-2019 2018-2020 Vesting Date February 2018 February 2019 (a) February 2020 (a) February 2021 (a) Payout Levels (in units): Threshold Award 82,298 65,141 57,563 47,003 Target Award 164,595 130,282 115,125 94,005 Outstanding Award 329,190 260,564 230,250 188,010 Shares Issued in 2018 219,519 — — — Payout Achieved Over Performance Period — 123,767 — — (a) 2016, 2017 and 2018 awards are scheduled to vest in February 2019, 2020, and 2021, respectively, when the Executive Compensation and Human Resources Committee of the Board of Directors determines the achievement of the performance criteria. We recognize and adjust compensation expense based on the likelihood of the performance criteria specified in the award being achieved. The compensation expense is recognized over the performance and holding periods and is recorded in selling and administrative expenses. We have recognized total compensation expense of $8.4 , $10.8 and $9.1 in 2018 , 2017 and 2016 , respectively, related to the performance share units. Other Stock Plans Under the 1990 Employee Stock Purchase Plan, designated employees meeting certain service requirements may purchase shares of our common stock through payroll deductions. These shares may be purchased at their fair market value on a monthly basis. The current plan is non-compensatory according to the accounting guidance on share-based payments. We also maintain the Savings Related Share Option Scheme for United Kingdom employees with at least one year of service. The employees are offered the opportunity to obtain an option for a specified number of shares of common stock at not less than 85% of its market value on the day prior to the offer to participate in the plan. Options vest after either three or five years, but may lapse earlier. Funds used to purchase the shares are accumulated through specified payroll deductions over a 60 -month period. We recognized an expense of $0.2 , $0.5 and $0.1 for shares purchased under the plan in 2018 , 2017 and 2016 , respectively. Adoption of New Accounting Guidance on Share-Based Payment Awards As of January 1, 2018, we adopted the new accounting guidance on share-based payment awards. The guidance clarifies when to account for a change to the terms or conditions of a share-based payment award as a modification. Under the guidance, modification accounting is required only if the fair value, vesting conditions or the classification of the award (as equity or liability) changes as a result of the change in terms or conditions. Adoption of this guidance had no impact on our Consolidated Financial Statements. |
Net Earnings Per Share
Net Earnings Per Share | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Net Earnings Per Share | Net Earnings Per Share The calculation of net earnings per share - basic and net earnings per share - diluted were as follows: Year Ended December 31 2018 2017 2016 Net earnings available to common shareholders: $556.7 $545.4 $443.7 Weighted-average common shares outstanding (in millions): Weighted-average common shares outstanding - basic 64.6 67.1 70.1 Effect of dilutive securities - stock options 0.1 0.2 0.2 Effect of other share-based awards 0.4 0.6 0.5 Weighted-average common shares outstanding - diluted 65.1 67.9 70.8 Net earnings per share - basic $8.62 $8.13 $6.33 Net earnings per share - diluted $8.56 $8.04 $6.27 There were certain share-based awards excluded from the calculation of net earnings per share - diluted for the year ended December 31, 2018 and 2016 , because the their impact was anti-dilutive. No share-based awards were excluded from the calculation for the year ended December 31, 2017. The number, exercise prices and weighted-average remaining life of these antidilutive awards were as follows: 2018 2017 2016 Shares (in thousands) 264 — 20 Exercise price $ 109 $ — $ 93 Weighted-average remaining life 1.2 years — 0.4 years |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes On December 22, 2017 , the United States enacted the Tax Act, which made broad changes to the tax code including a reduction of the United States federal corporate income tax rate from 35% to 21% effective January 1, 2018 as well as a transition to a Territorial Tax regime. Due to the timing and complexity of the Tax Act, we recorded provisional amounts based on reasonable estimates for the year ended and as of December 31, 2017. As allowed by the Securities and Exchange Commission, we revised our provisional amounts based on new guidance and additional analysis during a measurement period of one year from the enactment date ("one-year measurement period"). Our accounting for the effects of the Tax Act was completed in the fourth quarter of 2018. The key provisions of the Tax Act and their related impacts, including the impact during the one-year measurement period, are as follows: • As a result of the Tax Act, the deferred tax liability previously recorded for non-United States earnings that were not permanently invested was reduced with a corresponding benefit to tax expense for the year ended December 31, 2017 of $275.8 . This was comprised of the deferred tax liability recorded as of December 22, 2017, offset by $5.5 tax expense related to non-United States withholding tax. During the one-year measurement period, we increased the deferred tax liability by $9.2 due to non-United States withholding and other taxes provided on non-United States prior-year earnings that may be remitted. • As part of the transition to a Territorial Tax regime, a tax was imposed on our unremitted post-1986 non-United States earnings. In 2017, we estimated and recorded a transition tax expense of $170.2 . During the one-year measurement period, the Transition tax recorded was reduced by a net $6.0 during the year ended December 31, 2018. • The impact of the Tax Act on our deferred tax assets and liabilities balance, excluding the provision for unremitted earnings, was a tax expense of $1.2 . This amount remained unchanged during the year ended December 31, 2018. • The Tax Act created a new Global Intangible Low-Taxed Income (“GILTI”) tax regime. Under GILTI, income earned after December 31, 2017 by certain non-United States subsidiaries may be included currently in the gross income of the United States parent company. We made a policy decision to treat GILTI taxes as a current period expense. The provision for income taxes was as follows: Year Ended December 31 2018 2017 2016 Current United States Federal $17.2 $211.7 $35.6 State 10.8 8.4 4.0 Non-United States 181.9 168.6 144.0 Total current 209.9 388.7 183.6 Deferred United States Federal (7.5 ) (178.2 ) 69.7 State 1.0 (0.8 ) 0.5 Non-United States (5.4 ) (17.8 ) 3.8 Total deferred (11.9 ) (196.8 ) 74.0 Total provision $198.0 $191.9 $257.6 A tax reconciliation between taxes computed at the United States federal statutory rate of 21% for 2018 and 35% for 2017 and 2016 and the consolidated effective tax rate is as follows: Year Ended December 31 2018 2017 2016 Income tax based on statutory rate $158.5 $258.1 $245.5 Increase (decrease) resulting from: Non-United States tax rate difference: French business tax (1) 59.1 46.9 41.0 French CICE (2) (39.9 ) (77.1 ) — Other (1)(2) 20.0 (28.6 ) (23.5 ) Repatriation of non-United States earnings (2)(3) 2.5 69.7 (10.5 ) State income taxes, net of federal benefit 8.2 1.1 2.2 Change in valuation allowance 0.7 (6.9 ) (6.0 ) Work Opportunity Tax Credit (8.8 ) (10.5 ) (11.0 ) Foreign-Derived Intangible Income deduction (12.5 ) — — United States Tax Act and French tax reform (3) 3.2 (73.7 ) — Other, net 7.0 12.9 19.9 Tax provision $198.0 $191.9 $257.6 (1) The French business tax is allowed as a deduction for French income tax purposes. The gross amount of the French business tax was $74.8 , $72.1 and $63.1 for 2018, 2017 and 2016, respectively. The amounts in the table above of $59.1 , $46.9 and $41.0 for 2018, 2017 and 2016, respectively, represent the French business tax expense net of the French tax benefit using the United States federal rate of 21% for 2018 and 35% for 2017 and 2016. Included in Other Non-United States tax rate differences are a benefit of $10.1 for 2018 and an expense of $0.4 for both 2017 and 2016 related to the difference between the United States federal rate and the French tax rate applied to the respective gross amounts of the French business tax. (2) The French CICE was a payroll tax credit that was tax-free for French tax purposes and increased French earnings. The amounts in the table above of $39.9 and $77.1 for 2018 and 2017, respectively, represent the French tax benefits using the United States federal rate of 21% for 2018 and 35% for 2017. Included in Other Non-United States tax rate differences are a benefit of $25.5 for 2018 and an expense of $1.3 for 2017 related to the difference between the United States federal rate and French tax rate applied to the respective gross French CICE amounts. The French tax benefits related to the CICE were $58.9 for 2016. Prior to the Tax Act, this increase in French earnings resulted in a United States tax expense as these French earnings were deemed to be not permanently invested, which was included in Repatriation of non-United States earnings. Included in Other Non-United States tax rate differences were benefits of $2.4 and $1.8 for 2017 and 2016, respectively, that related to French earnings that were deemed to be permanently invested. (3) Prior to the enactment of the Tax Act on December 22, 2017, we recorded $83.3 of tax expense in 2017 related to non-United States earnings that were deemed to be not permanently invested. This amount was included in the Repatriation of non-United States earnings consistent with prior years. As a result of the Tax Act, this $83.3 was reversed as we were no longer recording United States federal income tax expense on these earnings, and this tax benefit was included in the United States Tax Act and French tax reform benefit of $73.7 . Deferred income taxes are recorded based on temporary differences at the tax rate expected to be in effect when the temporary differences reverse. The Tax Act significantly impacted our deferred income taxes. Temporary differences, which give rise to the deferred taxes, are as follows: December 31 2018 2017 Future Income Tax Benefits (Expense) Accrued payroll taxes and insurance $13.8 $17.3 Employee compensation payable 17.8 20.2 Pension and postretirement benefits 46.9 49.0 Intangible assets (102.1 ) (103.0 ) Repatriation of non-United States earnings (15.3 ) (5.5 ) Loans denominated in foreign currencies (19.6 ) (13.5 ) Net operating losses 100.5 104.1 Other 97.4 77.6 Valuation allowance (72.4 ) (77.5 ) Total future tax benefits $67.0 $68.7 Deferred tax asset $99.3 $101.0 Deferred tax liability (32.3 ) (32.3 ) Total future tax benefits $67.0 $68.7 Pre-tax earnings of non-United States operations were $551.0 , $514.9 and $482.2 in 2018 , 2017 and 2016 , respectively. We have not provided deferred taxes on $292.5 of unremitted earnings of non-United States subsidiaries that are considered permanently invested. As of December 31, 2018, deferred taxes for non-United States withholding and other taxes were provided on $1,729.3 of unremitted earnings of non-United States subsidiaries that may be remitted to the United States. As of December 31, 2018 and 2017 , we have recorded a deferred tax liability of $15.3 and $5.5 , respectively, related to these non-United States earnings that may be remitted. We had United States federal and non-United States net operating loss carryforwards and United States state net operating loss carryforwards totaling $410.1 and $174.6 , respectively, as of December 31, 2018 . The net operating loss carryforwards expire as follows: United States Federal and Non-United States United States State 2019 $6.1 $3.9 2020 3.1 0.2 2021 5.3 3.7 2022 4.5 4.0 2023 1.9 9.6 Thereafter 22.2 153.2 No expirations 367.0 — Total net operating loss carryforwards $410.1 $174.6 We have recorded a deferred tax asset of $100.5 as of December 31, 2018 , for the benefit of these net operating losses. Realization of this asset is dependent on generating sufficient taxable income prior to the expiration of the loss carryforwards. A related valuation allowance of $66.3 was recorded as of December 31, 2018 , as management believed that realization of certain net operating loss carryforwards is unlikely. As of December 31, 2018 , we had gross unrecognized tax benefits related to various tax jurisdictions, including interest and penalties, of $34.2 that would favorably affect the effective tax rate if recognized. During 2018, we settled non-United States tax litigation unfavorably, resulting in a reduction to our unrecognized tax benefits of $42.4 with minimal impact to the tax provision. We do not expect our unrecognized tax benefits to change significantly over the next year. As of December 31, 2017 , we had gross unrecognized tax benefits related to various tax jurisdictions, including interest and penalties, of $66.5 . We recognize accrued interest and penalties related to unrecognized tax benefits in income tax expense. In 2018, we recognized a reduction of interest and penalties due to the aforementioned tax litigation of $18.4 . We accrued net interest and penalties of $0.2 and $0.3 in 2017 and in 2016 , respectively. The following table summarizes the activity related to our unrecognized tax benefits during 2018 , 2017 and 2016 : 2018 2017 2016 Gross unrecognized tax benefits, beginning of year $46.1 $23.8 $19.0 Increases in prior year tax positions 11.4 27.1 4.1 Decreases in prior year tax positions (1.8 ) (1.2 ) (1.7 ) Increases for current year tax positions 5.9 6.6 4.1 Expiration of statute of limitations and audit settlements (29.4 ) (10.2 ) (1.7 ) Gross unrecognized tax benefits, end of year $32.2 $46.1 $23.8 Potential interest and penalties 2.0 20.4 20.2 Balance, end of year $34.2 $66.5 $44.0 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 2011 through 2018 for our major operations in France, Germany, Japan, the United Kingdom and the United States. As of December 31, 2018 , we were 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. |
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | Goodwill Changes in the carrying value of goodwill by reportable segment and Corporate were as follows: Americas (1) Southern Europe (2) Northern Europe APME Right Management Corporate (3) Total (4) Balance, January 1, 2017 $ 516.4 $ 97.0 $ 421.9 $ 77.0 $ 62.1 $ 65.5 $ 1,239.9 Goodwill acquired — 10.0 0.1 24.9 — — 35.0 Currency impact and other 2.8 14.9 46.1 4.3 — — 68.1 Balance, December 31, 2017 519.2 121.9 468.1 106.2 62.1 65.5 1,343.0 Goodwill acquired 4.6 — — 1.5 — — 6.1 Goodwill allocated to business units sold — — (8.8 ) — — — (8.8 ) Currency impact and other (3.9 ) (9.7 ) (23.9 ) (5.7 ) — — (43.2 ) Balance, December 31, 2018 $ 519.9 $ 112.2 $ 435.4 $ 102.0 $ 62.1 $ 65.5 $ 1,297.1 (1) Balances related to United States were $476.5 as of January 1, 2017 , December 31, 2017 and December 31, 2018 . (2) Balances related to France were $66.8 , $76.3 and $68.9 as of January 1, 2017 , December 31, 2017 and December 31, 2018 , respectively. Balances related to Italy were $4.4 , $5.0 and $4.8 as of January 1, 2017 , December 31, 2017 and December 31, 2018 , respectively. (3) The majority of the Corporate balance as of December 31, 2018 relates to goodwill attributable to our acquisition of Jefferson Wells ( $55.5 ) which is part of the United States reporting unit. For purposes of monitoring our total assets by segment, we do not allocate the Corporate balance to the respective reportable segments. We do, however, include these balances within the appropriate reporting units for our goodwill impairment testing. See the table below for the breakout of goodwill balances by reporting unit. (4) Balances were net of accumulated impairment loss of $513.4 as of January 1, 2017 , December 31, 2017 and December 31, 2018 . Goodwill balances by reporting unit were as follows: December 31 2018 2017 United States $532.0 $532.0 Germany 129.2 135.4 Netherlands 112.0 126.5 United Kingdom 93.7 89.2 France 68.9 76.3 Right Management 62.1 62.1 Other reporting units 299.2 321.5 Total goodwill $1,297.1 $1,343.0 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Debt | Debt Information concerning short-term borrowings is as follows: December 31 2018 2017 Short-term borrowings $49.9 $49.1 Weighted-average interest rates 8.4 % 7.9 % We maintain separate bank credit lines with financial institutions to meet working capital needs of our subsidiary operations. As of December 31, 2018 , such uncommitted credit lines totaled $319.9 , of which $269.1 was unused. Under our revolving credit agreement, total subsidiary borrowings cannot exceed $300.0 in the first, second and fourth quarters, and $600.0 in the third quarter of each year. A summary of long-term debt is as follows: December 31 2018 2017 Euro-denominated notes: €500 due June 2026 $567.8 $— €400 due September 2022 456.8 477.8 €350 due June 2018 — 420.0 Other 0.9 0.6 1,025.5 898.4 Less - current maturities 0.2 420.3 Long-term debt $1,025.3 $478.1 Euro Notes On June 22, 2018, we offered and sold €500.0 aggregate principal amount of the Company’s 1.750% notes due June, 2026 (the “ €500.0 notes”). The net proceeds from t he €500.0 notes of €495.7 were used to repay our €350.0 notes due June 22, 2018, with the remaining balance used for general corporate purposes, which included share repurchases. The €500.0 notes were issued at a price of 99.564% to yield an effective interest rate of 1.809% . Interest on the €500.0 notes is payable in arrears on June 22 of each year. The €500.0 notes are unsecured senior obligations and will rank equally with all of the Company’s existing and future senior unsecured debt and other liabilities. Our €400.0 aggregate principal amount 1.875% notes (the " €400.0 notes") are due September, 2022 . When the notes mature, we plan to repay the amounts with available cash, borrowings under our $600.0 r evolving credit facility or a new borrowing. The credit terms, including interest rate and facility fees, of any replacement borrowings will be dependent upon the condition of the credit markets at that time. We currently do not anticipate any problems accessing the credit markets should we decide to replace either the €500.0 notes or the €400.0 notes. Both the €500.0 notes and €400.0 notes contain certain customary non-financial restrictive covenants and events of default and are unsecured senior obligations and rank equally with all of our existing and future senior unsecured debt and other liabilities. A portion of these notes has been designated as a hedge of our net investment in subsidiaries with a Euro-functional currency as of December 31, 2018. For this portion of the Euro-denominated notes, since our net investment in these subsidiaries exceeds the respective amount of the designated borrowings, the related translation gains or losses are included as a component of accumulated other comprehensive loss. (See Note 13 to the Consolidated Financial Statements for further information.) Revolving Credit Agreement On June 18, 2018, we amended and restated our Five Year Credit 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 Agreement are substantially similar to the previous agreement. The Credit Agreement allows for borrowing of $600.0 in various currencies, and up to $150.0 may be used for the issuance of stand-by letters of credit. We had no borrowings under this facility as of both December 31, 2018 and 2017 . Outstanding letters of credit issued under the Credit Agreement totaled $0.5 and $0.8 as of December 31, 2018 and 2017 , respectively. Additional borrowings of $599.5 and $599.2 were available to us under the facility as of both December 31, 2018 and 2017 , respectively. Under the Credit Agreement, a credit ratings-based pricing grid determines the facility fee and the credit spread that we add to the applicable interbank borrowing rate on all borrowings. At our current credit rating, the annual facility fee is 12.5 basis points paid on the entire facility and the credit spread is 100.0 basis points on any borrowings. The Credit Agreement contains customary restrictive covenants pertaining to our management and operations, including limitations on the amount of subsidiary debt that we may incur and limitations on our ability to pledge assets, as well as financial covenants requiring, among other things, that we comply with a leverage ratio (Net Debt-to-Net Earnings before interest and other expenses, provision for income taxes, intangible asset amortization expense, depreciation and amortization expense ("EBITDA")) of not greater than 3.5 to 1 and a fixed charge coverage ratio of not less than 1.5 to 1. The Credit Agreement also contains customary events of default, including, among others, payment defaults, material inaccuracy of representations and warranties, covenant defaults, bankruptcy or involuntary proceedings, certain monetary and non-monetary judgments, change of control and customary ERISA defaults. Debt Maturities The maturities of long-term debt payable within each of the four years subsequent to December 31, 2019 are as follows: 2020 — $0.2 , 2021 — $0.0 , 2022 — $457.3 , 2023 — $0.0 . |
Retirement and Deferred Compens
Retirement and Deferred Compensation Plans | 12 Months Ended |
Dec. 31, 2018 | |
Retirement Benefits [Abstract] | |
Retirement and Deferred Compensation Plans | Retirement and Deferred Compensation Plans For all of our United States defined benefit and retiree health care plans, we adopted the Society of Actuaries’ RP-2006 mortality table with MP-2018 projection scale in determining the plans’ benefit obligations as of December 31, 2018. 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 prior year 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. The non-service cost component was a net cost of $2.8 and $1.0 and a net credit of $5.3 for the years ended December 31, 2018, 2017 and 2016, respectively. Defined Benefit Pension Plans We sponsor several qualified and nonqualified pensi on plans covering permanent employees. During 2016, we transitioned an additional German plan associated with the employees who were transferred in as part of a new client contract. The unfunded portion of this plan was $56.4 and $61.8 as of December 31, 2018 and 2017, respectively, which will be partially funded by the client at the end of the contract. We have received a bank guarantee to cover the counterparty risk associated with this unfunded amount. The reconciliation of the changes in the plans’ benefit obligations and the fair value of plan assets and the funded status of the plans are as follows: United States Plans Non-United States Plans Year Ended December 31 2018 2017 2018 2017 Change in Benefit Obligation Benefit obligation, beginning of year $53.7 $53.1 $489.5 $416.0 Service cost — — 10.9 10.1 Interest cost 1.6 1.7 10.0 8.9 Transfers — — 1.2 9.3 Actuarial (gain) loss (2.0 ) 3.0 (28.0 ) 1.0 Plan participant contributions — — 0.2 0.2 Benefits paid (4.4 ) (4.1 ) (10.5 ) (9.5 ) Currency exchange rate changes — — (23.3 ) 53.5 Benefit obligation, end of year $48.9 $53.7 $450.0 $489.5 United States Plans Non-United States Plans Year Ended December 31 2018 2017 2018 2017 Change in Plan Assets Fair value of plan assets, beginning of year $38.7 $37.3 $376.7 $324.5 Actual return on plan assets (0.7 ) 3.0 (2.4 ) 13.4 Transfers — — (0.3 ) 1.8 Plan participant contributions — — 0.2 0.2 Company contributions 2.5 2.5 9.2 7.9 Benefits paid (4.4 ) (4.1 ) (10.5 ) (9.5 ) Currency exchange rate changes — — (18.8 ) 38.4 Fair value of plan assets, end of year $36.1 $38.7 $354.1 $376.7 Funded Status at End of Year Funded status, end of year ($12.8 ) ($15.0 ) ($95.9 ) ($112.8 ) Amounts Recognized Noncurrent assets $15.0 $15.3 $46.9 $36.8 Current liabilities (2.5 ) (2.5 ) (0.5 ) (0.4 ) Noncurrent liabilities (25.3 ) (27.8 ) (142.3 ) (149.2 ) Net amount recognized ($12.8 ) ($15.0 ) ($95.9 ) ($112.8 ) Amounts recognized in accumulated other comprehensive loss, net of tax, consisted of: United States Plans Non-United States Plans Year Ended December 31 2018 2017 2018 2017 Net loss $13.7 $13.9 $16.5 $29.9 Prior service cost — — 7.7 6.7 Total $13.7 $13.9 $24.2 $36.6 The accumulated benefit obligation for our plans that have plan assets was $390.4 and $433.0 as of December 31, 2018 and 2017 , respectively. The accumulated benefit obligation for some of our plans exceeded the fair value of plan assets as follows: December 31 2018 2017 Accumulated benefit obligation $129.4 $135.9 Plan assets 67.0 65.5 The projected benefit obligation for some of our plans exceeded the fair value of plan assets as follows: December 31 2018 2017 Projected benefit obligation $135.8 $143.8 Plan assets 67.0 65.5 By their nature, certain of our plans do not have plan assets. The accumulated benefit obligation for these plans was $86.0 and $86.7 as of December 31, 2018 and 2017 , respectively. The components of the net periodic benefit cost and other amounts recognized in other comprehensive loss for all plans were as follows: Year Ended December 31 2018 2017 2016 Net Periodic Benefit Cost Service cost $10.9 $10.1 $8.0 Interest cost 11.6 10.6 11.8 Expected return on assets (10.6 ) (10.8 ) (10.9 ) Curtailment and settlement — — (6.9 ) Net loss 1.4 0.9 1.0 Prior service cost 0.6 0.4 0.4 Net periodic benefit cost 13.9 11.2 3.4 Other Changes in Plan Assets and Benefit Obligation Recognized in Other Comprehensive Income/Loss Net (gain) loss (16.6 ) (1.5 ) 24.7 Prior service cost 1.4 2.9 — Amortization of net loss (1.4 ) (0.9 ) (1.0 ) Amortization of prior service cost (0.6 ) (0.4 ) (0.4 ) Total recognized in other comprehensive income/loss (17.2 ) 0.1 23.3 Total recognized in net periodic benefit cost and other comprehensive income/loss ($3.3 ) $11.3 $26.7 Effective July 1, 2016, we terminated a defined benefit plan in Northern Europe and transitioned our employees to a defined contribution plan, resulting in a curtailment and settlement gain of 6.9 . The estimated net loss and prior service cost for the defined benefit pension plans that will be amortized from accumulated other comprehensive loss into net periodic benefit cost during 2019 are $1.2 and $0.7 , respectively. The weighted-average assumptions used in the measurement of the benefit obligation were as follows: United States Plans Non-United States Plans Year Ended December 31 2018 2017 2018 2017 Discount rate 4.2 % 3.6 % 2.4 % 2.1 % Rate of compensation increase 3.0 % 3.0 % 1.8 % 1.9 % The weighted-average assumptions used in the measurement of the net periodic benefit cost were as follows: United States Plans Non-United States Plans Year Ended December 31 2018 2017 2016 2018 2017 2016 Discount rate - service cost 3.6 % 4.1 % 4.4 % 2.1 % 2.2 % 3.2 % Discount rate - interest cost 3.2 % 3.3 % 3.4 % 2.1 % 2.2 % 3.2 % Expected long-term return on plan assets 4.5 % 4.8 % 5.3 % 2.7 % 2.8 % 3.4 % Rate of compensation increase 3.0 % 3.0 % 3.0 % 1.8 % 1.7 % 2.2 % We determine our assumption for the discount rate based on an index of high-quality corporate bond yields and matched-funding yield curve analysis as of the end of each fiscal year. Our overall expected long-term rate of return used in the measurement of the 2018 net periodic benefit cost on United States plan assets was 4.5% , while the rates of return on our non-United States plans varied by country and ranged from 1.5% to 3.5% . For a majority of our plans, a building block approach has been employed to establish this return. Historical markets are studied and long-term historical relationships between equity securities and fixed income instruments are preserved consistent with the widely accepted capital market principle that assets with higher volatility generate a greater return over time. Current market factors such as inflation and interest rates are evaluated before long-term capital market assumptions are determined. The long-term portfolio return is established with proper consideration of diversification and rebalancing. We also use guaranteed insurance contracts for four of our foreign plans. Peer data and historical returns are reviewed to check for reasonableness and appropriateness of our expected rate of return. Projected salary levels utilized in the determination of the projected benefit obligation for the pension plans are based upon historical experience and the future expectations for each respective country. Our plans’ investment policies are to optimize the long-term return on plan assets at an acceptable level of risk and to maintain careful control of the risk level within each asset class. Our long-term objective is to minimize plan expenses and contributions by outperforming plan liabilities. We have historically used a balanced portfolio strategy based primarily on a target allocation of equity securities and fixed-income instruments, which vary by location. These target allocations, which are similar to the 2018 allocations, are determined based on the favorable risk tolerance characteristics of the plan and, at times, may be adjusted within a specified range to advance our overall objective. The fair values of our pension plan assets are primarily determined by using market quotes and other relevant information that is generated by market transactions involving identical or comparable assets, except for the insurance contracts, which are measured at the present value of expected future benefit payments primarily using the Deutsche National Bank interest curve. The fair value of our pension plan assets by asset category was as follows: United States Plans Non-United States Plans Fair Value Measurements Using Fair Value Measurements Using December 31, 2018 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) December 31, 2018 Quoted Significant Significant Asset Category Cash and cash equivalents (1) $5.1 $— $5.1 $— $35.5 $35.5 $— $— Equity securities: United States companies 6.3 6.3 — — 16.6 16.6 — — International companies — — — — 13.9 13.9 — — Fixed income securities: Government bonds (2) 18.4 — 18.4 — 55.5 — 55.5 — Corporate bonds 6.3 — 6.3 — 43.9 — 43.9 — Annuity contract — — — — 46.2 — — 46.2 Guaranteed insurance contracts — — — — 17.7 — 17.7 — Bank loans — — — — 8.9 — 8.9 — Other types of investments: Real estate funds — — — — 8.2 — 8.2 — Insurance contracts — — — — 107.7 — — 107.7 $36.1 $6.3 $29.8 $— $354.1 $66.0 $134.2 $153.9 (1) This category includes a prime obligations money market portfolio. (2) This category includes United States Treasury/Federal agency securities and foreign government securities. United States Plans Non-United States Plans Fair Value Measurements Using Fair Value Measurements Using December 31, 2017 Quoted Significant Significant December 31, 2017 Quoted Significant Significant Asset Category Cash and cash equivalents (1) $0.2 $— $0.2 $— $5.1 $5.1 $— $— Equity securities: United States companies 12.3 12.3 — — 15.2 15.2 — — International companies — — — — 35.7 35.7 — — Fixed income securities: Government bonds (2) 15.2 — 15.2 — 45.2 — 45.2 — Corporate bonds 11.0 — 11.0 — 59.8 — 59.8 — Guaranteed insurance contracts — — — — 17.6 — 17.6 — Annuity contract — — — — 55.3 — 55.3 — Other types of investments: Unitized funds (3) — — — — 25.8 25.8 — — Real estate funds — — — — 8.2 — 8.2 — Insurance contracts — — — — 108.8 — — 108.8 $38.7 $12.3 $26.4 $— $376.7 $81.8 $186.1 $108.8 (1)This category includes a prime obligations money market portfolio. (2)This category includes United States Treasury/Federal agency securities and foreign government securities. (3)This category includes investments in approximately 60% equity securities, 30% fixed income securities and 10% cash. The following table summarizes the changes in fair value of the pension assets that are measured using Level 3 inputs. We determined that transfers between fair-value-measurement levels occurred on the date of the event that caused the transfer. Year Ended December 31 2018 2017 Balance, beginning of year $108.8 $126.2 Transfers 46.2 (25.4 ) Actual return on plan assets 4.2 (5.3 ) Purchases, sales and settlements, net (0.3 ) (0.6 ) Currency exchange rate changes (5.0 ) 13.9 Balance, end of year $153.9 $108.8 Retiree Health Care Plan We provide medical and dental benefits to certain eligible retired employees in the United States. Due to the nature of the plan, there are no plan assets. The reconciliation of the changes in the plan’s benefit obligation and the statement of the funded status of the plan were as follows: Year Ended December 31 2018 2017 Change in Benefit Obligation Benefit obligation, beginning of year $14.9 $15.6 Interest cost 0.5 0.6 Actuarial gain (0.5 ) (0.3 ) Benefits paid (1.2 ) (1.0 ) Benefit obligation, end of year $13.7 $14.9 Funded Status at End of Year Funded status, end of year ($13.7 ) ($14.9 ) Amounts Recognized Current liabilities ($1.1 ) ($1.2 ) Noncurrent liabilities (12.6 ) (13.7 ) Net amount recognized ($13.7 ) ($14.9 ) The amount recognized in accumulated other comprehensive loss, net of tax, consists of a net loss of $0.9 and $1.4 for 2018 and 2017 , respectively, and a prior service credit of $4.1 and $4.8 in 2018 and 2017 , respectively. The discount rate used in the measurement of the benefit obligation was 4.2% and 3.5% in 2018 and 2017 , respectively. The discount rate used in the measurement of net periodic benefit cost was 3.2% , 4.0% and 4.3% in 2018 , 2017 , and 2016 , respectively. The components of net periodic benefit cost and other amounts recognized in other comprehensive loss for this plan were as follows: Year Ended December 31 2018 2017 2016 Net Periodic Benefit Credit Interest cost $0.5 $0.6 $0.7 Net loss 0.1 0.1 0.1 Prior service credit (0.8 ) (0.8 ) (0.8 ) Net periodic benefit credit ($0.2 ) ($0.1 ) $— Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income/Loss Net (gain) loss ($0.5 ) ($0.3 ) $0.2 Amortization of net loss (0.1 ) (0.1 ) (0.1 ) Amortization of prior service credit 0.8 0.8 0.8 Total recognized in other comprehensive income/loss 0.2 0.4 0.9 Total recognized in net periodic benefit cost and other comprehensive income/loss $— $0.3 $0.9 The estimated prior service credit for the retiree health care plan that will be amortized from accumulated other comprehensive loss into net periodic benefit cost during 2019 is $0.8 . The health care cost trend rate is assumed to be 7.3% for 2019 , decreasing gradually to an ultimate rate of 4.5% in 2025 . Assumed health care cost trend rates could have a significant effect on the amounts reported. A one-percentage point change in the assumed health care cost trend rate would have the following effects: 1% Increase 1% Decrease Effect on total of service and interest cost components $— $— Effect on benefit obligation 0.3 (0.3 ) Future Contributions and Payments During 2019 , we plan to contribute approximately $7.8 to our pension plans and to fund our retiree health care payments as incurred. Projected benefit payments from the plans as of December 31, 2018 were estimated as follows: Year Pension Plans Retiree Health Care Plan 2019 $12.3 $1.1 2020 13.2 1.1 2021 15.3 1.1 2022 16.0 1.1 2023 17.9 1.1 2024–2028 117.4 4.9 Total projected benefit payments $192.1 $10.4 Defined Contribution Plans and Deferred Compensation Plans We have defined contribution plans covering substantially all permanent United States employees and various other employees throughout the world. With our company-sponsored plans, employees may elect to contribute a portion of their salary to the plans and we match a portion of their contributions up to a maximum percentage of the employee’s salary. In addition, profit sharing contributions are made if a targeted earnings level is reached. The total expense for our match and any profit sharing contributions was $17.7 , $17.6 and $21.4 for the years ended December 31, 2018 , 2017 and 2016 , respectively. In certain countries with statutory defined contribution plans, we pay a percentage of the employees' salary in pension premiums. The total expense for the statutory defined contribution plans was $37.4 , $35.6 and $24.0 for the years ended December 31, 2018 , 2017 and 2016 , respectively. We also have deferred compensation plans in the United States. One of the plans had an asset and liability of $88.5 and $98.0 as of December 31, 2018 and 2017 , respectively, with the remaining plans holding immaterial amounts of assets and liabilities. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss The components of accumulated other comprehensive loss, net of tax, were as follows: December 31 2018 2017 Foreign currency translation $ (223.2 ) $ (87.7 ) Translation loss on net investment hedge, net of income taxes of $(12.9) and $(23.1), respectively (4.7 ) (39.9 ) Translation loss on long-term intercompany loans (137.2 ) (128.8 ) Unrealized gain on investments, net of income taxes of $0.0 and $3.4, respectively — 15.3 Defined benefit pension plans, net of income taxes of $(23.2) and $(27.8), respectively (37.9 ) (50.5 ) Retiree health care plan, net of income taxes of $2.0 for both 2018 and 2017 3.2 3.4 Accumulated other comprehensive loss $ (399.8 ) $ (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. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2018 | |
Leases [Abstract] | |
Leases | Leases We lease property and equipment primarily under operating leases. Renewal options exist for substantially all leases. Future undiscounted minimum payments, by year and in the aggregate, under noncancelable operating leases with any remaining terms consisted of the following as of December 31, 2018 : Year 2019 $151.4 2020 115.2 2021 85.5 2022 65.0 2023 44.1 Thereafter 105.6 Total minimum lease payments $566.8 Rental expense for all operating leases was $175.8 , $173.1 and $166.5 for the years ended December 31, 2018 , 2017 and 2016 , respectively. |
Interest and Other Expenses
Interest and Other Expenses | 12 Months Ended |
Dec. 31, 2018 | |
Other Nonoperating Income (Expense) [Abstract] | |
Interest and Other Expenses | Interest and Other Expenses Interest and other expenses consisted of the following: Year Ended December 31 2018 2017 2016 Interest expense $47.0 $49.4 $49.5 Interest income (6.0 ) (4.8 ) (3.6 ) Foreign exchange loss 1.4 0.8 2.8 Miscellaneous (income) expense, net (0.4 ) 6.5 (4.5 ) Interest and other expenses $42.0 $51.9 $44.2 As of January 1, 2018, we adopted new accounting guidance on presentation of net periodic pension and postretirement benefit cost ("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. (See Note 9 to the Consolidated Financial Statements for further information.) |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Derivative Financial Instruments We are exposed to various market risks relating to our ongoing business operations. The primary market risks, which are managed through the use of derivative instruments, are foreign currency exchange rate risk and interest rate risk. In certain circumstances, we enter into foreign currency forward exchange contracts (“forward contracts”) to reduce the effects of fluctuating foreign currency exchange rates on our cash flows denominated in foreign currencies. Our exposure to market risk for changes in interest rates relates primarily to our long-term debt obligations. We have historically managed interest rate risk through the use of a combination of fixed and variable rate borrowings. In accordance with the current accounting guidance for derivative instruments and hedging activities, we record all of our derivative instruments as either an asset or liability measured at their fair value. Foreign Currency Exchange Rate Risk Management A portion of the €400.0 Notes ( $456.8 ) and €500.0 ( $567.8 ) Notes was designated as a hedge of our net investment in our foreign subsidiaries with a Euro-functional currency as of December 31, 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 December 31, 2018 and 2017 , we had an unrealized loss of $0.5 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 December 31, 2018 and 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 $2.2 gain, no gain or loss, and a loss of $1.6 for the years ended December 31, 2018 , 2017 and 2016 , respectively, associated with our forward contracts in interest and other expenses. The fair value measurements of these items recorded in our Consolidated Balance Sheets as of December 31, 2018 and 2017 are disclosed in Note 1 to the Consolidated Financial Statements. |
Contingencies
Contingencies | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | Contingencies Litigation In the normal course of business, the Company is named as a defendant in various legal proceedings in which claims are asserted against the Company. We record accruals for loss contingencies based on the circumstances of each claim, when it is probable that a loss has been incurred as of the balance sheet date and can be reasonably estimated. Although the outcome of litigation cannot be predicted with certainty, we believe the ultimate resolution of these legal proceedings will not have a material effect on our business or financial condition. On April 26, 2017, the sellers of 7S, a company we acquired in 2015, formally disputed the contingent consideration related to the acquisition and are claiming an additional $23.9 ( €20.8 ), plus interest. The dispute has been heard by an arbitration tribunal in Germany, which is expected to render its decision during 2019. We have vigorously defended these claims in the arbitration, and we believe no further amounts are due. We are not currently able to predict the outcome of the arbitration, and consequently, no amounts have been recorded in the Consolidated Financial Statements. Guarantees We have entered into certain guarantee contracts and stand-by letters of credit that total $190.3 ( $139.0 for guarantees and $51.3 for stand-by letters of credit) as of December 31, 2018 . The guarantees primarily relate to operating leases and indebtedness. The stand-by letters of credit relate to insurance requirements and debt facilities. If certain conditions were met under these arrangements, we would be required to satisfy our obligation in cash. Due to the nature of these arrangements and our historical experience, we do not expect to make any significant payments under these arrangements. |
Segment Data
Segment Data | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Segment Data | Segment Data We are organized and managed primarily on a geographic basis, with Right Management currently operating as a separate global business unit. Each country and business unit generally has its own distinct operations and management team, providing services under our global brands, and maintains its own financial reports. We have an executive sponsor for each global brand who is responsible for ensuring the integrity and consistency of delivery locally. We develop and implement global workforce solutions for our clients that deliver the outcomes that help them achieve their business strategy. Each operation reports directly or indirectly through a regional manager to a member of executive management. Given this reporting structure, we operate using the following reporting segments: Americas, which includes United States and Other Americas; Southern Europe, which includes France, Italy and Other Southern Europe; Northern Europe; APME; and Right Management. The Americas, Southern Europe, Northern Europe and APME segments derive a significant majority of their revenues from the placement of contingent workers. The remaining revenues within these segments are derived from other workforce solutions and services, including ManpowerGroup Solutions (Recruitment Process Outsourcing (RPO), TAPFIN - Managed Service Provider (MSP), Proservia and Talent Based Outsourcing (TBO)), recruitment and assessment, and training and development. The Right Management segment revenues are derived from career management and talent management services. Segment revenues represent sales to external clients. We provide services to a wide variety of clients, none of which individually comprise a significant portion of revenues for us as a whole. Due to the nature of our business, we generally do not have export sales. The accounting policies of the segments are the same as those described in the summary of significant accounting policies. We evaluate performance based on operating unit profit, which is equal to segment revenues less direct costs and branch and national headquarters operating costs. This profit measure does not include goodwill and intangible asset impairment charges or amortization of intangible assets related to acquisitions, corporate expenses, interest and other income and expense amounts or income taxes. Total assets for the segments are reported after the elimination of investments in subsidiaries and intercompany accounts. Year Ended December 31 2018 2017 2016 Revenues from Services (a) Americas: United States (b) $ 2,522.3 $ 2,659.0 $ 2,836.8 Other Americas 1,637.0 1,557.4 1,460.4 4,159.3 4,216.4 4,297.2 Southern Europe: France 5,827.7 5,477.2 4,837.4 Italy 1,670.6 1,475.9 1,167.7 Other Southern Europe 1,873.3 1,703.9 1,492.5 9,371.6 8,657.0 7,497.6 Northern Europe 5,370.5 5,306.4 5,129.1 APME 2,890.3 2,636.4 2,471.3 Right Management 199.5 218.1 258.9 $ 21,991.2 $ 21,034.3 $ 19,654.1 Operating Unit Profit Americas: United States $ 130.8 $ 152.1 $ 142.3 Other Americas 73.1 61.2 53.6 203.9 213.3 195.9 Southern Europe: France 290.4 280.0 252.5 Italy 111.1 104.5 79.1 Other Southern Europe 66.1 59.4 47.2 467.6 443.9 378.8 Northern Europe 122.7 140.1 166.4 APME 114.8 98.9 88.5 Right Management 32.8 36.0 44.7 941.8 932.2 874.3 Corporate expenses (110.0 ) (108.4 ) (92.8 ) Intangible asset amortization expense (c) (35.1 ) (34.6 ) (36.0 ) Interest and other expenses (42.0 ) (51.9 ) (44.2 ) Earnings before income taxes $ 754.7 $ 737.3 $ 701.3 (a) Further breakdown of revenues from services by geographical region was as follows: Revenues from Services 2018 2017 2016 United States $ 2,608.9 $ 2,758.5 $ 2,950.2 France 5,846.4 5,493.9 4,857.3 Italy 1,673.9 1,479.4 1,170.7 United Kingdom 1,672.1 1,619.2 1,819.7 Total Foreign 19,382.3 18,275.8 16,703.9 (b) The United States revenues above represent revenues from our company-owned branches and franchise fees received from our franchise operations, which were $15.0 , $14.8 and $15.1 for 2018 , 2017 and 2016 , respectively. (c) Intangible asset amortization related to acquisitions is excluded from operating costs within the reportable segments and corporate expenses, and shown separately. Year Ended December 31 2018 2017 2016 Depreciation and Amortization Expense Americas: United States $ 8.2 $ 9.3 $ 9.9 Other Americas 2.2 2.5 2.7 10.4 11.8 12.6 Southern Europe: France 14.0 12.3 11.0 Italy 1.9 1.8 1.9 Other Southern Europe 4.8 4.7 3.5 20.7 18.8 16.4 Northern Europe 11.0 10.6 10.9 APME 5.7 4.7 5.3 Right Management 2.8 3.7 3.9 Corporate expenses 0.1 0.2 0.2 Intangible asset amortization expense (a) 35.1 34.6 36.0 $ 85.8 $ 84.4 $ 85.3 Earnings from Equity Investments Americas: United States $ — $ — $ — Other Americas — — — — — — Southern Europe: France — — — Italy (0.2 ) — — Other Southern Europe 1.7 15.0 3.6 1.5 15.0 3.6 Northern Europe — — — APME (0.3 ) — — Right Management — — — $ 1.2 $ 15.0 $ 3.6 (a) Intangible asset amortization related to acquisitions is excluded from operating costs within the reportable segments and corporate expenses, and shown separately. As of December 31 2018 2017 2016 Total Assets Americas: United States $ 1,827.4 $ 1,781.4 $ 1,718.9 Other Americas 341.5 329.2 314.4 2,168.9 2,110.6 2,033.3 Southern Europe: France 2,729.7 2,753.1 2,104.8 Italy 405.0 436.7 294.9 Other Southern Europe 576.7 596.2 490.1 3,711.4 3,786.0 2,889.8 Northern Europe 1,237.0 1,569.0 1,292.4 APME 754.0 780.7 612.8 Right Management 127.6 138.1 136.6 Corporate (a) 520.9 499.2 609.3 $ 8,519.8 $ 8,883.6 $ 7,574.2 Equity Investments Americas: United States $ — $ — $ — Other Americas — — — — — — Southern Europe: France — — 0.2 Italy 0.3 0.4 0.4 Other Southern Europe 157.8 157.2 139.1 158.1 157.6 139.7 Northern Europe — — 0.1 APME 2.3 0.1 — Right Management — — — Corporate 1.0 1.0 6.0 $ 161.4 $ 158.7 $ 145.8 (a) Corporate assets include assets that were not used in the operations of any segment, the most significant of which were purchased intangibles and cash. As of and Year Ended December 31 2018 2017 2016 Long-lived Assets (a) Americas: United States $ 19.6 $ 20.6 $ 27.7 Other Americas 6.0 6.1 6.3 25.6 26.7 34.0 Southern Europe: France 49.2 47.9 39.7 Italy 5.0 4.9 4.4 Other Southern Europe 23.4 24.3 18.3 77.6 77.1 62.4 Northern Europe 29.9 28.0 25.4 APME 21.5 21.4 17.9 Right Management 5.3 8.0 10.7 Corporate 0.1 0.1 0.2 $ 160.0 $ 161.3 $ 150.6 Additions to Long-Lived Assets Americas: United States $ 7.6 $ 6.7 $ 11.9 Other Americas 2.8 2.4 1.9 10.4 9.1 13.8 Southern Europe: France 18.1 15.2 13.3 Italy 2.2 1.7 1.7 Other Southern Europe 5.9 8.8 8.9 26.2 25.7 23.9 Northern Europe 16.6 11.8 8.5 APME 6.8 6.3 3.9 Right Management 0.2 1.0 4.5 Corporate 0.1 — — $ 60.3 $ 53.9 $ 54.6 (a) Further breakdown of long-lived assets by geographical region was as follows: Long-Lived Assets 2018 2017 2016 United States $ 22.4 $ 24.9 $ 33.9 France 50.1 49.1 40.9 Italy 5.0 4.9 4.4 United Kingdom 7.0 9.1 9.0 Total Foreign 137.6 136.4 116.7 |
Quarterly Data (Unaudited)
Quarterly Data (Unaudited) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Data (Unaudited) | Quarterly Data (Unaudited) First Quarter Second Quarter Third Quarter Fourth Quarter Total Year Ended December 31, 2018 Revenues from services $ 5,522.4 $ 5,656.9 $ 5,418.7 $ 5,393.2 $ 21,991.2 Gross profit 885.4 922.7 890.6 880.3 3,579.0 Operating profit (a) 153.8 208.3 216.7 217.9 796.7 Net earnings 97.0 143.4 158.0 158.3 556.7 Net earnings per share — basic $ 1.46 $ 2.18 $ 2.45 $ 2.56 $ 8.62 Net earnings per share — diluted (b) 1.45 2.17 2.43 2.54 8.56 Dividends per share — 1.01 — 1.01 2.02 Year Ended December 31, 2017 Revenues from services $ 4,757.2 $ 5,174.8 $ 5,464.8 $ 5,637.5 $ 21,034.3 Gross profit 787.8 861.7 900.6 934.5 3,484.6 Operating profit (c)(f) 127.9 195.2 228.7 237.4 789.2 Net earnings (d) 74.4 117.0 137.7 216.3 545.4 Net earnings per share — basic $ 1.10 $ 1.74 $ 2.06 $ 3.26 $ 8.13 Net earnings per share — diluted (e) 1.09 1.72 2.04 3.22 8.04 Dividends per share — 0.93 — 0.93 1.86 (a) Included restructuring costs of $24.0 and $15.3 recorded in the first and second quarter, respectively. (b) Included in the results are restructuring costs per diluted share of $(0.27) and $(0.18) for the first and second quarter, respectively. (c) Included restructuring costs of $24.0 and $10.5 recorded in the first and second quarter, respectively. (d) Included net tax benefits related to the Tax Act and French tax reform of $73.7 in the fourth quarter. (e) Included in the results are restructuring costs per diluted share of $(0.30) and $(0.10) for the first and second quarter, respectively, and net tax benefits per diluted share of $1.10 for the fourth quarter. (f) As of January 1, 2018, we adopted new accounting guidance on presentation of net periodic pension and postretirement benefit cost ("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. (See Note 9 to the Consolidated Financial Statements for further information.) |
Schedule II VALUATION AND QUALI
Schedule II VALUATION AND QUALIFYING ACCOUNTS | 12 Months Ended |
Dec. 31, 2018 | |
Valuation and Qualifying Accounts [Abstract] | |
Allowance for doubtful accounts | SCHEDULE II—Valuation and Qualifying Accounts For the years ended December 31, 2018 , 2017 and 2016 , in millions: Allowance for Doubtful Accounts: Balance at Beginning of Year Provisions Charged to Earnings Write-Offs Translation Adjustments Reclassifications and Other Balance at End of Year 2018 $ 110.8 $ 23.0 $ (12.0 ) $ (6.3 ) $ 0.2 $ 115.7 2017 98.2 18.1 (17.6 ) 12.4 (0.3 ) 110.8 2016 98.1 20.4 (16.9 ) (3.2 ) (0.2 ) 98.2 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses for the reporting period. Actual results could differ from these estimates. |
Basis of Consolidation | Basis of Consolidation The Consolidated Financial Statements include our operating results and the operating results of all of our majority-owned subsidiaries and entities in which we have a controlling financial interest. We have a controlling financial interest if we own a majority of the outstanding voting common stock and the noncontrolling shareholders do not have substantive participating rights, or we have significant control over an entity through contractual or economic interests in which we are the primary beneficiary. We account for equity investments in companies over which we have the ability to exercise significant influence, but not control, using the equity method of accounting. We recognize our ownership share of earnings of these equity method investments, amortization of basis differences, and related gains or losses in the Consolidated Financial Statements. These investments, as well as certain other relationships, are also evaluated for consolidation under the accounting guidance on consolidation of variable interest entities. These investments were $161.4 and $158.7 as of December 31, 2018 and 2017 , respectively, and are included in other assets in the Consolidated Balance Sheets. Included in shareholders’ equity as of December 31, 2018 and 2017 are $105.2 and $103.9 , respectively, of unremitted earnings from investments accounted for using the equity method. All significant intercompany accounts and transactions have been eliminated in consolidation. |
Allowance for Doubtful Accounts | Allowance for Doubtful Accounts We have an allowance for doubtful accounts recorded as an estimate of the accounts receivable balance that may not be collected. This allowance is calculated on an entity-by-entity basis with consideration for historical write-off experience, the current aging of receivables and a specific review for potential bad debts. Items that affect this balance mainly include bad debt expense and the write-off of accounts receivable balances. Bad debt expense is recorded as selling and administrative expenses in our Consolidated Statements of Operations and was $23.0 , $18.1 and $20.4 in 2018 , 2017 and 2016 , respectively. Factors that would cause this provision to increase primarily relate to increased bankruptcies by our clients and other difficulties collecting amounts billed. On the other hand, an improved write-off experience and aging of receivables would result in a decrease to the provision. Write-offs were $12.0 , $17.6 and $16.9 for 2018 , 2017 and 2016 , respectively. |
Advertising Costs | Advertising Costs We expense production costs of advertising as they are incurred. Advertising expenses were $27.9 , $26.6 and $24.4 in 2018 , 2017 and 2016 , respectively. |
Restructuring Costs | Restructuring Costs We recorded net restructuring costs of $39.3 and $34.5 in 2018 and 2017 , respectively, in selling and administrative expenses, primarily related to severances and office closures and consolidations in multiple countries and territories. During 2018 and 2017 , we made payments of $37.3 and $25.5 , respectively, out of our restructuring reserve. We expect a majority of the remaining $15.5 reserve will be paid by the end of 2019 . Changes in the restructuring liability balances for each reportable segment and Corporate were as follows: Americas (1) Southern Europe (2) Northern Europe APME Right Management Corporate Total Balance, January 1, 2017 $0.4 $1.3 $2.6 $0.1 $0.1 $— $4.5 Severance costs 5.8 — 15.6 0.9 1.4 1.0 24.7 Office closure costs 0.5 — 8.2 0.5 0.6 — 9.8 Costs paid or utilized (5.0 ) (0.4 ) (16.8 ) (1.5 ) (0.9 ) (0.9 ) (25.5 ) Balance, December 31, 2017 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 — — 7.5 — — — 7.5 Costs paid or utilized (1.7 ) (4.6 ) (29.8 ) — (1.1 ) (0.1 ) (37.3 ) Balance, December 31, 2018 $0.3 $1.7 $13.1 $— $0.4 $— $15.5 (1) Balance related to United States was $0.4 as of January 1, 2017. In 2017 , United States incurred $3.7 for severance costs and $0.5 for office closure costs and paid/utilized $3.1 , leaving a $1.5 liability as of December 31, 2017. In 2018 , United States paid/utilized $1.2 , leaving a $0.3 liability as of December 31, 2018 . (2) Balance related to France was $1.3 as of January 1, 2017. In 2017 , France paid/utilized $0.4 , leaving a $0.9 liability as of both December 31, 2017 and 2018 . Italy had no restructuring reserves recorded as of either January 1, 2017 or December 31, 2017 . In 2018, Italy incurred $1.9 for severance costs and paid/utilized $1.4 , leaving a $0.5 liability as of December 31, 2018 . |
Income Taxes | Income Taxes We account for income taxes in accordance with the accounting guidance on income taxes. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between financial statement carrying amounts of existing assets and liabilities and their respective tax basis, and net operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. We record a valuation allowance against deferred tax assets to reduce the assets to the amounts more likely than not to be realized. |
Fair Value Measurements | Fair Value Measurements The assets and liabilities measured and recorded at fair value on a recurring basis were as follows: Fair Value Measurements Using Fair Value Measurements Using December 31, 2018 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) December 31, 2017 Quoted Prices in Significant Significant Assets Deferred compensation plan assets $89.5 $89.5 $— $— $99.1 $99.1 $— $— Foreign currency forward contracts 0.1 — 0.1 — — — — — $89.6 $89.5 $0.1 $— $99.1 $99.1 $— $— Liabilities Foreign currency forward contracts $0.1 $— $0.1 $— $0.1 $— $0.1 $— $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 third parties. The carrying values of cash and cash equivalents, accounts receivable, accounts payable, and other current assets and liabilities approximate their fair values because of the short-term nature of these instruments. The carrying value of our variable-rate long-term debt approximates fair value. The fair value of the Euro-denominated notes, as observable at commonly quoted intervals (Level 2 inputs), was $1,052.9 and $939.9 as of December 31, 2018 and 2017 , respectively, compared to a carrying value of $1,024.6 and $897.8 , respectively. |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets We had goodwill, finite-lived intangible assets and indefinite-lived intangible assets as follows: December 31, 2018 December 31, 2017 Gross Accumulated Amortization Net Gross Accumulated Amortization Net Goodwill (1) $ 1,297.1 $ — $ 1,297.1 $ 1,343.0 $ — $ 1,343.0 Intangible assets: Finite-lived: Customer relationships $ 444.8 $ 351.7 $ 93.1 $ 453.6 $ 325.2 $ 128.4 Other 18.5 16.0 2.5 19.3 14.7 4.6 463.3 367.7 95.6 472.9 339.9 133.0 Indefinite-lived: Tradenames (2) 52.0 — 52.0 52.0 — 52.0 Reacquired franchise rights 98.7 — 98.7 99.0 — 99.0 150.7 — 150.7 151.0 — 151.0 Total intangible assets $ 614.0 $ 367.7 $ 246.3 $ 623.9 $ 339.9 $ 284.0 (1) Balances were net of accumulated impairment loss of $513.4 as of both December 31, 2018 and 2017 . (2) Balances were net of accumulated impairment loss of $139.5 as of both December 31, 2018 and 2017 . Amortization expense related to intangibles was $35.1 , $34.6 and $36.0 in 2018 , 2017 and 2016 , respectively. Amortization expense expected in each of the next five years related to acquisitions completed as of December 31, 2018 is as follows: 2019 - $29.0 , 2020 - $24.2 , 2021 - $13.4 , 2022 - $9.9 and 2023 - $7.7 . The weighted-average useful lives of the customer relationships and other are approximately 13 and 4 years, respectively. The tradenames have been assigned an indefinite life based on our expectation of renewing the tradenames, as required, without material modifications and at a minimal cost, and our expectation of positive cash flows beyond the foreseeable future. The reacquired franchise rights result from our franchise acquisitions in the United States and Canada completed prior to 2009. In accordance with the accounting guidance on goodwill and other intangible assets, we perform an annual impairment test of goodwill at our reporting unit level and indefinite-lived intangible assets at our unit of account level during the third quarter, or more frequently if events or circumstances change that would more likely than not reduce the fair value of our reporting units below their carrying value. We performed our annual impairment test of our goodwill and indefinite-lived intangible assets during the third quarter of 2018 , 2017 and 2016 , and determined that there was no impairment of our goodwill or indefinite-lived intangible as a result of our annual tests. For our goodwill impairment testing procedures, we determined the fair value of each reporting unit generally by utilizing an income approach derived from a discounted cash flow methodology. For certain of our reporting units, a combination of the income approach (weighted 75% ) and the market approach (weighted 25% ) derived from comparable public companies was utilized. The income approach is developed from management’s forecasted cash flow data. Therefore, it represents an indication of fair market value reflecting management’s internal outlook for the reporting unit. The market approach utilizes the Guideline Public Company Method to quantify the respective reporting unit’s fair value based on revenues and earnings multiples realized by similar public companies. The market approach is more volatile as an indicator of fair value as compared to the income approach. We believe that each approach has its merits. However, in the instances where we have utilized both approaches, we have weighted the income approach more heavily than the market approach because we believe that management’s assumptions generally provide greater insight into the reporting unit’s fair value. Significant assumptions used in our goodwill impairment tests during 2018 , 2017 and 2016 included: expected revenue growth rates, operating unit profit margins, working capital levels, discount rates ranging from 10.6% to 14.2% for 2018 , and a terminal value multiple. The expected future revenue growth rates and the expected operating unit profit margins were determined after taking into consideration our historical revenue growth rates and operating unit profit margins, our assessment of future market potential, and our expectations of future business performance. We would record a goodwill impairment charge by the amount for which a reporting unit's carrying value exceeds its fair value, not to exceed the carrying amount of the goodwill. Under the current accounting guidance, we are also required to test our indefinite-lived intangible assets for impairment by comparing the fair value of the intangible asset with its carrying value. If the intangible asset’s fair value is less than its carrying value, an impairment loss is recognized for the difference. |
Marketable Securities | Marketable Securities We account for our marketable security investments in accordance with the accounting guidance on investments in debt and equity securities, and have historically determined that all such investments are classified as available-for-sale. As of January 1, 2018, we adopted the new accounting guidance on financial instruments, which 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 (See Note 10 to the Consolidated Financial Statements for further information). We hold a 49% interest in our Swiss franchise, accounted for under the equity method of accounting, which maintains an investment portfolio with a market value of $219.9 and $234.8 as of December 31, 2018 and 2017 , respectively. The portfolio is comprised of a wide variety of European and United States debt and equity securities and various professionally-managed funds, all of which are classified as available-for-sale, as well as cash and cash equivalents. Since January 1, 2018, u pon adoption of the new accounting guidance, we have recognized all the changes in fair value on the investment portfolio in the current period earnings. Prior to January 1, 2018, only our share of net realized gains and losses, and declines in value determined to be other-than-temporary, was included in our Consolidated Statements of Operations. Our share of net unrealized gains and unrealized losses that were determined to be temporary related to these investments was included in accumulated other comprehensive loss, with the offsetting amount increasing or decreasing our investment in the franchise. For the years ended December 31, 2018 , 2017 and 2016 , realized gains totaled $12.7 , $14.7 and $2.9 , respectively, and realized losses totaled $2.1 , $3.8 and $1.0 , respectively. Other-than-temporary impairment amounts were net gains of $0.1 , $1.6 and $0.3 for 2018, 2017 and 2016, respectively, as previously impaired investments were sold for a gain. |
Capitalized Software for Internal Use | Capitalized Software for Internal Use We capitalize purchased software as well as internally developed software. Internal software development costs are capitalized from the time the internal use software is considered probable of completion until the software is ready for use. Business analysis, system evaluation, selection and software maintenance costs are expensed as incurred. Capitalized software costs are amortized using the straight-line method over the estimated useful life of the software which ranges from 3 to 10 years. The net capitalized software balance of $7.4 and $3.5 as of December 31, 2018 and 2017 , respectively, is included in other assets in the Consolidated Balance Sheets. Amortization expense related to the capitalized software costs was $1.5 , $1.3 and $1.9 for 2018 , 2017 and 2016 , respectively. |
Property and Equipment | Property and Equipment A summary of property and equipment as of December 31 is as follows: 2018 2017 Land $ 3.4 $ 3.4 Buildings 12.0 14.5 Furniture, fixtures, and autos 167.3 172.3 Computer equipment 128.7 137.1 Leasehold improvements 302.2 306.1 Property and equipment $ 613.6 $ 633.4 Property and equipment are stated at cost and are depreciated using primarily the straight-line method over the following estimated useful lives: buildings - up to 40 years; furniture, fixtures, autos and computer equipment - 2 to 15 years; leasehold improvements - lesser of life of asset or expected lease term. Expenditures for renewals and betterments are capitalized whereas expenditures for repairs and maintenance are charged to income as incurred. Upon sale or disposition of property and equipment, the difference between the unamortized cost and the proceeds is recorded as either a gain or a loss and is included in our Consolidated Statements of Operations. Long-lived assets are evaluated for impairment in accordance with the provisions of the accounting guidance on the impairment or disposal of long-lived assets. |
Derivative Financial Instruments | Derivative Financial Instruments We account for our derivative instruments in accordance with the accounting guidance on derivative instruments and hedging activities. Derivative instruments are recorded on the balance sheet as either an asset or liability measured at their fair value. If the derivative is designated as a fair value hedge, the changes in the fair value of the derivative and of the hedged item attributable to the hedged risk are recognized in earnings. If the derivative is designated as a cash flow hedge, the effective portions of the changes in the fair value of the derivative are recorded as a component of accumulated other comprehensive loss and recognized in the Consolidated Statements of Operations when the hedged item affects earnings. The ineffective portions of the changes in the fair value of cash flow hedges are recognized in earnings. |
Foreign Currency Translation | Foreign Currency Translation The financial statements of our non-United States subsidiaries have been translated in accordance with the accounting guidance on foreign currency translation. Under the accounting guidance, asset and liability accounts are translated at the current exchange rates and income statement items are translated at the average exchange rates each month. The resulting translation adjustments are recorded as a component of accumulated other comprehensive loss, which is included in shareholders’ equity. As of July 1, 2018, the Argentina economy was designated as highly-inflationary and was treated as such for accounting purposes starting in the third quarter of 2018. A portion of our Euro-denominated notes is accounted for as a hedge of our net investment in our subsidiaries with a Euro-functional currency. For this portion of the Euro-denominated notes, since our net investment in these subsidiaries exceeds the amount of the related borrowings, net of tax, the related translation gains or losses are included as a component of accumulated other comprehensive loss. |
Shareholders' Equity | Shareholders’ Equity The Board of Directors authorized the repurchase of 6.0 million shares of our common stock in each of August 2018, July 2016 and October 2015. Share repurchases may be made from time to time through a variety of methods, including open market purchases, block transactions, privately negotiated transactions or similar facilities. In 2018, we repurchased a total of 5.7 million shares, comprised of 2.9 million shares under the 2018 authorization and 2.8 million shares under the 2016 authorization, at a total cost of $500.7 . In 2017, we repurchased a total of 1.9 million shares at a total cost of $203.9 under the 2016 authorization. In 2016, we repurchased a total of 6.6 million shares, comprised of 1.3 million shares under the 2016 authorization and 5.3 million shares under the 2015 authorization, at a total cost of $482.2 . As of December 31, 2018 , there were 3.1 million shares remaining authorized for repurchase under the 2018 authorization and no shares remaining under the 2016 and 2015 authorizations. During 2018 , 2017 and 2016 , the Board of Directors declared total cash dividends of $2.02 , $1.86 and $1.72 per share, respectively, resulting in total dividend payments of $127.3 , $123.7 and $118.4 , respectively. Noncontrolling interests, included in total shareholders' equity in our Consolidated Balance Sheets, represent amounts related to majority-owned subsidiaries in which we have a controlling financial interest. Net earnings attributable to these noncontrolling interests are recorded in interest and other expenses in our Consolidated Statements of Operations. We recorded income of $4.9 for 2018 and expenses of $6.5 and $10.1 for 2017 and 2016 , respectively. The income recorded in 2018 was due to a revision in one of our joint venture agreements. |
Cash and Cash Equivalents | Cash and Cash Equivalents We consider all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. |
Payroll Tax Credit | Payroll Tax Credit In January 2013, the French government passed legislation, Credit d’Impôt pour la Compétitivité et l’Emploi (“CICE”), that provides payroll tax credits based on a percentage of wages paid to employees receiving less than two-and-a-half times the French minimum wage. The payroll tax credit was equal to 4% of eligible wages in 2013, 6% of eligible wages in 2014 to 2016, 7% of eligible wages in 2017, and 6% of eligible wages in 2018. The CICE payroll tax credit was accounted for as a reduction of our cost of services in the period earned. The payroll tax credit is creditable against our current French income tax payable, with any remaining amount being paid after three years. Given the amount of our current income taxes payable, we would generally receive the vast majority of these payroll tax credits after the three -year period. In April 2018, March 2017 and March 2016, we entered into an agreement to sell substantially all of the credits earned in 2017, 2016 and 2015, respectively, for net proceeds of $234.5 ( €190.9 ), $143.5 ( €133.0 ) and $143.1 ( €129.9 ), respectively. We derecognized these receivables upon the sale as the terms of the agreement are such that the transaction qualifies for sale treatment according to the accounting guidance on the transfer and servicing of assets. The discount on the sale of these receivables was recorded in cost of services as a reduction of the payroll tax credits earned in the respective year. |
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 right-of-use (“ROU”) assets and lease liabilities on the balance sheet for leases with lease terms longer than 12 months. Similar to the current guidance, the recognition, measurement and presentation of lease expenses and cash flows depends on its classification by the lessee as a finance or operating lease. The new guidance also includes new disclosure requirements providing information on the amounts recorded in the financial statements. We adopted the new lease guidance effective January 1, 2019, and will recognize any cumulative effect adjustment to retained earnings as of the effective date, without restating prior periods. We elected the package of three practical expedients which lessens the transitional burden of implementing the new guidance. Accordingly, we will not reassess: 1) whether any expired or existing contracts are or contain leases; 2) the lease classification for any expired or existing leases; or 3) initial direct costs for any existing leases. We also elected the land easements practical expedient allowing us to not reassess whether existing or expired land easements not accounted for as leases under previous guidance are or contain a lease under new guidance. We implemented internal controls and key system functionality, including a new global lease software system, to enable the preparation of financial information upon adoption. The new lease guidance will have a material impact on our Consolidated Balance Sheets, but will not have a significant impact on our Consolidated Statements of Operations. The most significant impact will be the recognition of ROU assets and lease liabilities and related deferred tax balances for operating leases; our accounting for financing leases will remain substantially unchanged. At the transition date, we expect the amounts of the new ROU assets and lease liabilities to be within a range of $450 to $500 . The impact on retained earnings is expected to be immaterial. The adoption of the new lease guidance is not expected to significantly impact our Consolidated Statements of Cash Flows. 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 do not expect the adoption of this guidance to have a material impact 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 Tax Act. The guidance was effective for us as of January 1, 2019. We elected not to adopt this optional reclassification. 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 la rgely 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. In August 2018, the FASB issued new guidance on disclosures related to fair value measurements. The guidance is intended to improve the effectiveness of the notes to financial statements by facilitating clearer communication, and it includes multiple new, eliminated and modified disclosure requirements. The guidance is effective for us in 2020. The adoption of this guidance will have no impact on our Consolidated Financial Statements. In August 2018, the FASB issued new guidance on disclosures related to defined benefit plans. The guidance amends the current disclosure requirements to add, remove and clarify disclosure requirements for defined benefit pension and other postretirement plans. The guidance is effective for us in 2021. The adoption of this guidance will have no impact on our Consolidated Financial Statements. In August 2018, the FASB issued new guidance on the accounting for internal-use software. The guidance aligns the accounting for costs incurred to implement a cloud computing arrangement that is a service arrangement with the guidance on capitalizing costs associated with developing or obtaining internal-use software. The guidance is effective for us in 2020. We are assessing the impact of the adoption of this guidance on our Consolidated Financial Statements. |
Subsequent Events | Subsequent Events We have evaluated events and transactions occurring after the balance sheet date through our filing date and noted no events that are subject to recognition or disclosure. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Schedule of changes in restructuring liability balance by segment | Changes in the restructuring liability balances for each reportable segment and Corporate were as follows: Americas (1) Southern Europe (2) Northern Europe APME Right Management Corporate Total Balance, January 1, 2017 $0.4 $1.3 $2.6 $0.1 $0.1 $— $4.5 Severance costs 5.8 — 15.6 0.9 1.4 1.0 24.7 Office closure costs 0.5 — 8.2 0.5 0.6 — 9.8 Costs paid or utilized (5.0 ) (0.4 ) (16.8 ) (1.5 ) (0.9 ) (0.9 ) (25.5 ) Balance, December 31, 2017 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 — — 7.5 — — — 7.5 Costs paid or utilized (1.7 ) (4.6 ) (29.8 ) — (1.1 ) (0.1 ) (37.3 ) Balance, December 31, 2018 $0.3 $1.7 $13.1 $— $0.4 $— $15.5 (1) Balance related to United States was $0.4 as of January 1, 2017. In 2017 , United States incurred $3.7 for severance costs and $0.5 for office closure costs and paid/utilized $3.1 , leaving a $1.5 liability as of December 31, 2017. In 2018 , United States paid/utilized $1.2 , leaving a $0.3 liability as of December 31, 2018 . (2) Balance related to France was $1.3 as of January 1, 2017. In 2017 , France paid/utilized $0.4 , leaving a $0.9 liability as of both December 31, 2017 and 2018 . Italy had no restructuring reserves recorded as of either January 1, 2017 or December 31, 2017 . In 2018, Italy incurred $1.9 for severance costs and paid/utilized $1.4 , leaving a $0.5 liability as of December 31, 2018 . |
Schedule of fair value of assets and liabilities measured on a recurring basis | The assets and liabilities measured and recorded at fair value on a recurring basis were as follows: Fair Value Measurements Using Fair Value Measurements Using December 31, 2018 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) December 31, 2017 Quoted Prices in Significant Significant Assets Deferred compensation plan assets $89.5 $89.5 $— $— $99.1 $99.1 $— $— Foreign currency forward contracts 0.1 — 0.1 — — — — — $89.6 $89.5 $0.1 $— $99.1 $99.1 $— $— Liabilities Foreign currency forward contracts $0.1 $— $0.1 $— $0.1 $— $0.1 $— $0.1 $— $0.1 $— $0.1 $— $0.1 $— |
Schedule of goodwill, finite-lived intangible assets and indefinite-lived intangible assets | We had goodwill, finite-lived intangible assets and indefinite-lived intangible assets as follows: December 31, 2018 December 31, 2017 Gross Accumulated Amortization Net Gross Accumulated Amortization Net Goodwill (1) $ 1,297.1 $ — $ 1,297.1 $ 1,343.0 $ — $ 1,343.0 Intangible assets: Finite-lived: Customer relationships $ 444.8 $ 351.7 $ 93.1 $ 453.6 $ 325.2 $ 128.4 Other 18.5 16.0 2.5 19.3 14.7 4.6 463.3 367.7 95.6 472.9 339.9 133.0 Indefinite-lived: Tradenames (2) 52.0 — 52.0 52.0 — 52.0 Reacquired franchise rights 98.7 — 98.7 99.0 — 99.0 150.7 — 150.7 151.0 — 151.0 Total intangible assets $ 614.0 $ 367.7 $ 246.3 $ 623.9 $ 339.9 $ 284.0 (1) Balances were net of accumulated impairment loss of $513.4 as of both December 31, 2018 and 2017 . (2) Balances were net of accumulated impairment loss of $139.5 as of both December 31, 2018 and 2017 . |
Summary of property and equipment | A summary of property and equipment as of December 31 is as follows: 2018 2017 Land $ 3.4 $ 3.4 Buildings 12.0 14.5 Furniture, fixtures, and autos 167.3 172.3 Computer equipment 128.7 137.1 Leasehold improvements 302.2 306.1 Property and equipment $ 613.6 $ 633.4 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 12 Months Ended |
Dec. 31, 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. Year Ended December 31, 2018 Service Types Americas (1) Southern Europe (1) Northern Europe APME Right Management Total Staffing and Interim $ 3,769.4 $ 8,588.5 $ 4,746.3 $ 2,394.0 $ — $ 19,498.2 Outcome-Based Solutions and Consulting 176.9 579.3 426.2 284.9 49.9 1,517.2 Permanent Recruitment 117.6 145.6 164.4 196.3 — 623.9 Other 95.4 58.2 33.6 15.1 149.6 351.9 Total $ 4,159.3 $ 9,371.6 $ 5,370.5 $ 2,890.3 $ 199.5 $ 21,991.2 (1) Additional breakdown of Service Type revenue for Americas and Southern Europe are as follows: Year Ended December 31, 2018 Services Types United States Other Americas France Italy Other Southern Europe Staffing and Interim $ 2,208.3 $ 1,561.1 $ 5,526.5 $ 1,565.6 $ 1,496.4 Outcome-Based Solutions and Consulting 129.7 47.2 224.7 48.4 306.2 Permanent Recruitment 92.9 24.7 54.9 35.9 54.8 Other 91.4 4.0 21.6 20.7 15.9 Total $ 2,522.3 $ 1,637.0 $ 5,827.7 $ 1,670.6 $ 1,873.3 Year Ended December 31, 2018 Timing of Revenue Recognition Americas (1) Southern Europe (1) Northern Europe APME Right Management Total Services transferred over time $ 4,090.7 $ 9,239.9 $ 5,229.1 $ 2,758.3 $ 199.5 $ 21,517.5 Services transferred at a point in time 68.6 131.7 141.4 132.0 — 473.7 Total $ 4,159.3 $ 9,371.6 $ 5,370.5 $ 2,890.3 $ 199.5 $ 21,991.2 (1) Additional breakdown of Timing of Revenue Recognition for Americas and Southern Europe are as follows: Year Ended December 31, 2018 Timing of Revenue Recognition United States Other Americas France Italy Other Southern Europe Services transferred over time $ 2,471.0 $ 1,619.7 $ 5,775.1 $ 1,637.1 $ 1,827.7 Services transferred at a point in time 51.3 17.3 52.6 33.5 45.6 Total $ 2,522.3 $ 1,637.0 $ 5,827.7 $ 1,670.6 $ 1,873.3 |
Share-Based Compensation Plans
Share-Based Compensation Plans (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of stock option activity | A summary of stock option activity is as follows: Shares (000) Wtd. Avg. Exercise Price Per Share Wtd. Avg. Remaining Contractual Term (years) Aggregate Intrinsic Value (in millions) Outstanding, January 1, 2016 1,272 $64 Granted 166 75 Exercised (279 ) 63 $5 Expired or cancelled (32 ) 67 Outstanding, December 31, 2016 1,127 $66 4.9 $26 Vested or expected to vest, December 31, 2016 1,122 $66 4.9 Exercisable, December 31, 2016 756 $62 3.3 $20 Outstanding, January 1, 2017 1,127 $66 Granted 145 97 Exercised (680 ) 64 $24 Expired or cancelled (18 ) 75 Outstanding, December 31, 2017 574 $77 7.1 $28 Vested or expected to vest, December 31, 2017 571 $77 7.1 Exercisable, December 31, 2017 220 $65 5.3 $14 Outstanding, January 1, 2018 574 $77 Granted 122 123 Exercised (24 ) 78 $1 Expired or cancelled — — Outstanding, December 31, 2018 672 $85 5.9 $1 Vested or expected to vest, December 31, 2018 670 $85 5.9 Exercisable, December 31, 2018 401 $76 4.5 $1 |
Schedule of options outstanding and exercisable | Options outstanding and exercisable as of December 31, 2018 were as follows: Options Outstanding Options Exercisable Exercise Price Shares (000) Weighted- Average Remaining Contractual Life (years) Weighted- Average Exercise Price Shares (000) Weighted-Average Exercise Price $27-$49 35 1.8 $39 35 $39 $50-$73 67 2.8 55 67 55 $74-$85 309 5.8 77 223 77 $86-$123 261 7.4 109 76 105 672 5.9 $85 401 $76 |
Assumptions used to estimate fair value of share awards | We estimated the fair value of each stock option on the date of grant using the Black-Scholes option pricing model and the following assumptions: Year Ended December 31 2018 2017 2016 Average risk-free interest rate 2.6 % 2.0 % 1.4 % Expected dividend yield 1.6 % 2.0 % 2.1 % Expected volatility 27.0 % 31.0 % 33.0 % Expected term (years) 6.0 6.0 6.0 |
Summary of restricted stock activity | A summary of restricted stock activity is as follows: Shares (000) Wtd. Avg. Price Per Share Wtd. Avg. Remaining Contractual Term (years) Aggregate Intrinsic Value (in millions) Unvested, January 1, 2016 405 $64 1.3 Granted 232 75 Vested (172 ) 62 Forfeited (14 ) 76 Unvested, December 31, 2016 451 $70 1.4 Granted 167 $98 Vested (133 ) 79 Forfeited (37 ) 80 Unvested, December 31, 2017 448 $77 1.2 Granted 145 $119 Vested (174 ) 77 Forfeited (23 ) 89 Unvested, December 31, 2018 396 $92 1.3 $26 |
Summary of performance share units detail by grant year | A summary of the performance share units detail by grant year is as follows: 2015 2016 2017 2018 Grant Date(s) February 11, 2015 February 16, 2016 February 9, 2017 February 15, 2018 Performance Period (years) 2015-2017 2016-2018 2017-2019 2018-2020 Vesting Date February 2018 February 2019 (a) February 2020 (a) February 2021 (a) Payout Levels (in units): Threshold Award 82,298 65,141 57,563 47,003 Target Award 164,595 130,282 115,125 94,005 Outstanding Award 329,190 260,564 230,250 188,010 Shares Issued in 2018 219,519 — — — Payout Achieved Over Performance Period — 123,767 — — (a) 2016, 2017 and 2018 awards are scheduled to vest in February 2019, 2020, and 2021, respectively, when the Executive Compensation and Human Resources Committee of the Board of Directors determines the achievement of the performance criteria. |
Net Earnings Per Share (Tables)
Net Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Calculation of net earnings per share - basic and net earnings per share - diluted | The calculation of net earnings per share - basic and net earnings per share - diluted were as follows: Year Ended December 31 2018 2017 2016 Net earnings available to common shareholders: $556.7 $545.4 $443.7 Weighted-average common shares outstanding (in millions): Weighted-average common shares outstanding - basic 64.6 67.1 70.1 Effect of dilutive securities - stock options 0.1 0.2 0.2 Effect of other share-based awards 0.4 0.6 0.5 Weighted-average common shares outstanding - diluted 65.1 67.9 70.8 Net earnings per share - basic $8.62 $8.13 $6.33 Net earnings per share - diluted $8.56 $8.04 $6.27 |
Schedule of antidilutive awards | The number, exercise prices and weighted-average remaining life of these antidilutive awards were as follows: 2018 2017 2016 Shares (in thousands) 264 — 20 Exercise price $ 109 $ — $ 93 Weighted-average remaining life 1.2 years — 0.4 years |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Schedule of provision for income taxes | The provision for income taxes was as follows: Year Ended December 31 2018 2017 2016 Current United States Federal $17.2 $211.7 $35.6 State 10.8 8.4 4.0 Non-United States 181.9 168.6 144.0 Total current 209.9 388.7 183.6 Deferred United States Federal (7.5 ) (178.2 ) 69.7 State 1.0 (0.8 ) 0.5 Non-United States (5.4 ) (17.8 ) 3.8 Total deferred (11.9 ) (196.8 ) 74.0 Total provision $198.0 $191.9 $257.6 |
Schedule of effective income tax rate reconciliation | A tax reconciliation between taxes computed at the United States federal statutory rate of 21% for 2018 and 35% for 2017 and 2016 and the consolidated effective tax rate is as follows: Year Ended December 31 2018 2017 2016 Income tax based on statutory rate $158.5 $258.1 $245.5 Increase (decrease) resulting from: Non-United States tax rate difference: French business tax (1) 59.1 46.9 41.0 French CICE (2) (39.9 ) (77.1 ) — Other (1)(2) 20.0 (28.6 ) (23.5 ) Repatriation of non-United States earnings (2)(3) 2.5 69.7 (10.5 ) State income taxes, net of federal benefit 8.2 1.1 2.2 Change in valuation allowance 0.7 (6.9 ) (6.0 ) Work Opportunity Tax Credit (8.8 ) (10.5 ) (11.0 ) Foreign-Derived Intangible Income deduction (12.5 ) — — United States Tax Act and French tax reform (3) 3.2 (73.7 ) — Other, net 7.0 12.9 19.9 Tax provision $198.0 $191.9 $257.6 (1) The French business tax is allowed as a deduction for French income tax purposes. The gross amount of the French business tax was $74.8 , $72.1 and $63.1 for 2018, 2017 and 2016, respectively. The amounts in the table above of $59.1 , $46.9 and $41.0 for 2018, 2017 and 2016, respectively, represent the French business tax expense net of the French tax benefit using the United States federal rate of 21% for 2018 and 35% for 2017 and 2016. Included in Other Non-United States tax rate differences are a benefit of $10.1 for 2018 and an expense of $0.4 for both 2017 and 2016 related to the difference between the United States federal rate and the French tax rate applied to the respective gross amounts of the French business tax. (2) The French CICE was a payroll tax credit that was tax-free for French tax purposes and increased French earnings. The amounts in the table above of $39.9 and $77.1 for 2018 and 2017, respectively, represent the French tax benefits using the United States federal rate of 21% for 2018 and 35% for 2017. Included in Other Non-United States tax rate differences are a benefit of $25.5 for 2018 and an expense of $1.3 for 2017 related to the difference between the United States federal rate and French tax rate applied to the respective gross French CICE amounts. The French tax benefits related to the CICE were $58.9 for 2016. Prior to the Tax Act, this increase in French earnings resulted in a United States tax expense as these French earnings were deemed to be not permanently invested, which was included in Repatriation of non-United States earnings. Included in Other Non-United States tax rate differences were benefits of $2.4 and $1.8 for 2017 and 2016, respectively, that related to French earnings that were deemed to be permanently invested. (3) Prior to the enactment of the Tax Act on December 22, 2017, we recorded $83.3 of tax expense in 2017 related to non-United States earnings that were deemed to be not permanently invested. This amount was included in the Repatriation of non-United States earnings consistent with prior years. As a result of the Tax Act, this $83.3 was reversed as we were no longer recording United States federal income tax expense on these earnings, and this tax benefit was included in the United States Tax Act and French tax reform benefit of $73.7 . |
Components of future income tax benefits (expense) | Temporary differences, which give rise to the deferred taxes, are as follows: December 31 2018 2017 Future Income Tax Benefits (Expense) Accrued payroll taxes and insurance $13.8 $17.3 Employee compensation payable 17.8 20.2 Pension and postretirement benefits 46.9 49.0 Intangible assets (102.1 ) (103.0 ) Repatriation of non-United States earnings (15.3 ) (5.5 ) Loans denominated in foreign currencies (19.6 ) (13.5 ) Net operating losses 100.5 104.1 Other 97.4 77.6 Valuation allowance (72.4 ) (77.5 ) Total future tax benefits $67.0 $68.7 Deferred tax asset $99.3 $101.0 Deferred tax liability (32.3 ) (32.3 ) Total future tax benefits $67.0 $68.7 |
Summary of net operating loss carryforwards | December 31, 2018 . The net operating loss carryforwards expire as follows: United States Federal and Non-United States United States State 2019 $6.1 $3.9 2020 3.1 0.2 2021 5.3 3.7 2022 4.5 4.0 2023 1.9 9.6 Thereafter 22.2 153.2 No expirations 367.0 — Total net operating loss carryforwards $410.1 $174.6 |
Summary of unrecognized tax benefit activity | The following table summarizes the activity related to our unrecognized tax benefits during 2018 , 2017 and 2016 : 2018 2017 2016 Gross unrecognized tax benefits, beginning of year $46.1 $23.8 $19.0 Increases in prior year tax positions 11.4 27.1 4.1 Decreases in prior year tax positions (1.8 ) (1.2 ) (1.7 ) Increases for current year tax positions 5.9 6.6 4.1 Expiration of statute of limitations and audit settlements (29.4 ) (10.2 ) (1.7 ) Gross unrecognized tax benefits, end of year $32.2 $46.1 $23.8 Potential interest and penalties 2.0 20.4 20.2 Balance, end of year $34.2 $66.5 $44.0 |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Changes in goodwill by reportable segment and corporate | Changes in the carrying value of goodwill by reportable segment and Corporate were as follows: Americas (1) Southern Europe (2) Northern Europe APME Right Management Corporate (3) Total (4) Balance, January 1, 2017 $ 516.4 $ 97.0 $ 421.9 $ 77.0 $ 62.1 $ 65.5 $ 1,239.9 Goodwill acquired — 10.0 0.1 24.9 — — 35.0 Currency impact and other 2.8 14.9 46.1 4.3 — — 68.1 Balance, December 31, 2017 519.2 121.9 468.1 106.2 62.1 65.5 1,343.0 Goodwill acquired 4.6 — — 1.5 — — 6.1 Goodwill allocated to business units sold — — (8.8 ) — — — (8.8 ) Currency impact and other (3.9 ) (9.7 ) (23.9 ) (5.7 ) — — (43.2 ) Balance, December 31, 2018 $ 519.9 $ 112.2 $ 435.4 $ 102.0 $ 62.1 $ 65.5 $ 1,297.1 (1) Balances related to United States were $476.5 as of January 1, 2017 , December 31, 2017 and December 31, 2018 . (2) Balances related to France were $66.8 , $76.3 and $68.9 as of January 1, 2017 , December 31, 2017 and December 31, 2018 , respectively. Balances related to Italy were $4.4 , $5.0 and $4.8 as of January 1, 2017 , December 31, 2017 and December 31, 2018 , respectively. (3) The majority of the Corporate balance as of December 31, 2018 relates to goodwill attributable to our acquisition of Jefferson Wells ( $55.5 ) which is part of the United States reporting unit. For purposes of monitoring our total assets by segment, we do not allocate the Corporate balance to the respective reportable segments. We do, however, include these balances within the appropriate reporting units for our goodwill impairment testing. See the table below for the breakout of goodwill balances by reporting unit. (4) Balances were net of accumulated impairment loss of $513.4 as of January 1, 2017 , December 31, 2017 and December 31, 2018 . |
Schedule of goodwill balances by reporting unit | Goodwill balances by reporting unit were as follows: December 31 2018 2017 United States $532.0 $532.0 Germany 129.2 135.4 Netherlands 112.0 126.5 United Kingdom 93.7 89.2 France 68.9 76.3 Right Management 62.1 62.1 Other reporting units 299.2 321.5 Total goodwill $1,297.1 $1,343.0 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of short-term borrowings | Information concerning short-term borrowings is as follows: December 31 2018 2017 Short-term borrowings $49.9 $49.1 Weighted-average interest rates 8.4 % 7.9 % |
Summary of long-term debt | A summary of long-term debt is as follows: December 31 2018 2017 Euro-denominated notes: €500 due June 2026 $567.8 $— €400 due September 2022 456.8 477.8 €350 due June 2018 — 420.0 Other 0.9 0.6 1,025.5 898.4 Less - current maturities 0.2 420.3 Long-term debt $1,025.3 $478.1 |
Retirement and Deferred Compe_2
Retirement and Deferred Compensation Plans (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Retirement Benefits [Abstract] | |
Reconciliation of changes in benefit obligations and the statement of funded status of plan | The reconciliation of the changes in the plan’s benefit obligation and the statement of the funded status of the plan were as follows: Year Ended December 31 2018 2017 Change in Benefit Obligation Benefit obligation, beginning of year $14.9 $15.6 Interest cost 0.5 0.6 Actuarial gain (0.5 ) (0.3 ) Benefits paid (1.2 ) (1.0 ) Benefit obligation, end of year $13.7 $14.9 Funded Status at End of Year Funded status, end of year ($13.7 ) ($14.9 ) Amounts Recognized Current liabilities ($1.1 ) ($1.2 ) Noncurrent liabilities (12.6 ) (13.7 ) Net amount recognized ($13.7 ) ($14.9 ) The reconciliation of the changes in the plans’ benefit obligations and the fair value of plan assets and the funded status of the plans are as follows: United States Plans Non-United States Plans Year Ended December 31 2018 2017 2018 2017 Change in Benefit Obligation Benefit obligation, beginning of year $53.7 $53.1 $489.5 $416.0 Service cost — — 10.9 10.1 Interest cost 1.6 1.7 10.0 8.9 Transfers — — 1.2 9.3 Actuarial (gain) loss (2.0 ) 3.0 (28.0 ) 1.0 Plan participant contributions — — 0.2 0.2 Benefits paid (4.4 ) (4.1 ) (10.5 ) (9.5 ) Currency exchange rate changes — — (23.3 ) 53.5 Benefit obligation, end of year $48.9 $53.7 $450.0 $489.5 United States Plans Non-United States Plans Year Ended December 31 2018 2017 2018 2017 Change in Plan Assets Fair value of plan assets, beginning of year $38.7 $37.3 $376.7 $324.5 Actual return on plan assets (0.7 ) 3.0 (2.4 ) 13.4 Transfers — — (0.3 ) 1.8 Plan participant contributions — — 0.2 0.2 Company contributions 2.5 2.5 9.2 7.9 Benefits paid (4.4 ) (4.1 ) (10.5 ) (9.5 ) Currency exchange rate changes — — (18.8 ) 38.4 Fair value of plan assets, end of year $36.1 $38.7 $354.1 $376.7 Funded Status at End of Year Funded status, end of year ($12.8 ) ($15.0 ) ($95.9 ) ($112.8 ) Amounts Recognized Noncurrent assets $15.0 $15.3 $46.9 $36.8 Current liabilities (2.5 ) (2.5 ) (0.5 ) (0.4 ) Noncurrent liabilities (25.3 ) (27.8 ) (142.3 ) (149.2 ) Net amount recognized ($12.8 ) ($15.0 ) ($95.9 ) ($112.8 ) |
Schedule of amounts recognized in accumulated other comprehensive loss, net of tax | Amounts recognized in accumulated other comprehensive loss, net of tax, consisted of: United States Plans Non-United States Plans Year Ended December 31 2018 2017 2018 2017 Net loss $13.7 $13.9 $16.5 $29.9 Prior service cost — — 7.7 6.7 Total $13.7 $13.9 $24.2 $36.6 |
Schedule of plans with accumulated benefit obligations in excess of fair value of plan assets | The accumulated benefit obligation for some of our plans exceeded the fair value of plan assets as follows: December 31 2018 2017 Accumulated benefit obligation $129.4 $135.9 Plan assets 67.0 65.5 |
Schedule of plans with projected benefit obligation in excess of fair value of plan assets | The projected benefit obligation for some of our plans exceeded the fair value of plan assets as follows: December 31 2018 2017 Projected benefit obligation $135.8 $143.8 Plan assets 67.0 65.5 |
Schedule of components of net periodic benefit cost and other amounts recognized in other comprehensive loss | The components of the net periodic benefit cost and other amounts recognized in other comprehensive loss for all plans were as follows: Year Ended December 31 2018 2017 2016 Net Periodic Benefit Cost Service cost $10.9 $10.1 $8.0 Interest cost 11.6 10.6 11.8 Expected return on assets (10.6 ) (10.8 ) (10.9 ) Curtailment and settlement — — (6.9 ) Net loss 1.4 0.9 1.0 Prior service cost 0.6 0.4 0.4 Net periodic benefit cost 13.9 11.2 3.4 Other Changes in Plan Assets and Benefit Obligation Recognized in Other Comprehensive Income/Loss Net (gain) loss (16.6 ) (1.5 ) 24.7 Prior service cost 1.4 2.9 — Amortization of net loss (1.4 ) (0.9 ) (1.0 ) Amortization of prior service cost (0.6 ) (0.4 ) (0.4 ) Total recognized in other comprehensive income/loss (17.2 ) 0.1 23.3 Total recognized in net periodic benefit cost and other comprehensive income/loss ($3.3 ) $11.3 $26.7 The components of net periodic benefit cost and other amounts recognized in other comprehensive loss for this plan were as follows: Year Ended December 31 2018 2017 2016 Net Periodic Benefit Credit Interest cost $0.5 $0.6 $0.7 Net loss 0.1 0.1 0.1 Prior service credit (0.8 ) (0.8 ) (0.8 ) Net periodic benefit credit ($0.2 ) ($0.1 ) $— Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income/Loss Net (gain) loss ($0.5 ) ($0.3 ) $0.2 Amortization of net loss (0.1 ) (0.1 ) (0.1 ) Amortization of prior service credit 0.8 0.8 0.8 Total recognized in other comprehensive income/loss 0.2 0.4 0.9 Total recognized in net periodic benefit cost and other comprehensive income/loss $— $0.3 $0.9 |
Schedule of weighted-average assumptions used in measurement of benefit obligation and net periodic benefit cost | The weighted-average assumptions used in the measurement of the benefit obligation were as follows: United States Plans Non-United States Plans Year Ended December 31 2018 2017 2018 2017 Discount rate 4.2 % 3.6 % 2.4 % 2.1 % Rate of compensation increase 3.0 % 3.0 % 1.8 % 1.9 % The weighted-average assumptions used in the measurement of the net periodic benefit cost were as follows: United States Plans Non-United States Plans Year Ended December 31 2018 2017 2016 2018 2017 2016 Discount rate - service cost 3.6 % 4.1 % 4.4 % 2.1 % 2.2 % 3.2 % Discount rate - interest cost 3.2 % 3.3 % 3.4 % 2.1 % 2.2 % 3.2 % Expected long-term return on plan assets 4.5 % 4.8 % 5.3 % 2.7 % 2.8 % 3.4 % Rate of compensation increase 3.0 % 3.0 % 3.0 % 1.8 % 1.7 % 2.2 % |
Schedule of fair value of plan assets by asset category | The fair value of our pension plan assets by asset category was as follows: United States Plans Non-United States Plans Fair Value Measurements Using Fair Value Measurements Using December 31, 2018 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) December 31, 2018 Quoted Significant Significant Asset Category Cash and cash equivalents (1) $5.1 $— $5.1 $— $35.5 $35.5 $— $— Equity securities: United States companies 6.3 6.3 — — 16.6 16.6 — — International companies — — — — 13.9 13.9 — — Fixed income securities: Government bonds (2) 18.4 — 18.4 — 55.5 — 55.5 — Corporate bonds 6.3 — 6.3 — 43.9 — 43.9 — Annuity contract — — — — 46.2 — — 46.2 Guaranteed insurance contracts — — — — 17.7 — 17.7 — Bank loans — — — — 8.9 — 8.9 — Other types of investments: Real estate funds — — — — 8.2 — 8.2 — Insurance contracts — — — — 107.7 — — 107.7 $36.1 $6.3 $29.8 $— $354.1 $66.0 $134.2 $153.9 (1) This category includes a prime obligations money market portfolio. (2) This category includes United States Treasury/Federal agency securities and foreign government securities. United States Plans Non-United States Plans Fair Value Measurements Using Fair Value Measurements Using December 31, 2017 Quoted Significant Significant December 31, 2017 Quoted Significant Significant Asset Category Cash and cash equivalents (1) $0.2 $— $0.2 $— $5.1 $5.1 $— $— Equity securities: United States companies 12.3 12.3 — — 15.2 15.2 — — International companies — — — — 35.7 35.7 — — Fixed income securities: Government bonds (2) 15.2 — 15.2 — 45.2 — 45.2 — Corporate bonds 11.0 — 11.0 — 59.8 — 59.8 — Guaranteed insurance contracts — — — — 17.6 — 17.6 — Annuity contract — — — — 55.3 — 55.3 — Other types of investments: Unitized funds (3) — — — — 25.8 25.8 — — Real estate funds — — — — 8.2 — 8.2 — Insurance contracts — — — — 108.8 — — 108.8 $38.7 $12.3 $26.4 $— $376.7 $81.8 $186.1 $108.8 (1)This category includes a prime obligations money market portfolio. (2)This category includes United States Treasury/Federal agency securities and foreign government securities. (3)This category includes investments in approximately 60% equity securities, 30% fixed income securities and 10% cash. |
Schedule of changes in fair values of common contractual funds and insurance contracts | The following table summarizes the changes in fair value of the pension assets that are measured using Level 3 inputs. We determined that transfers between fair-value-measurement levels occurred on the date of the event that caused the transfer. Year Ended December 31 2018 2017 Balance, beginning of year $108.8 $126.2 Transfers 46.2 (25.4 ) Actual return on plan assets 4.2 (5.3 ) Purchases, sales and settlements, net (0.3 ) (0.6 ) Currency exchange rate changes (5.0 ) 13.9 Balance, end of year $153.9 $108.8 |
Schedule of effect of one-percentage-point change in assumed health care cost trend rates | A one-percentage point change in the assumed health care cost trend rate would have the following effects: 1% Increase 1% Decrease Effect on total of service and interest cost components $— $— Effect on benefit obligation 0.3 (0.3 ) |
Schedule of projected future benefit payments | Projected benefit payments from the plans as of December 31, 2018 were estimated as follows: Year Pension Plans Retiree Health Care Plan 2019 $12.3 $1.1 2020 13.2 1.1 2021 15.3 1.1 2022 16.0 1.1 2023 17.9 1.1 2024–2028 117.4 4.9 Total projected benefit payments $192.1 $10.4 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Schedule of components of accumulated other comprehensive loss, net of tax | The components of accumulated other comprehensive loss, net of tax, were as follows: December 31 2018 2017 Foreign currency translation $ (223.2 ) $ (87.7 ) Translation loss on net investment hedge, net of income taxes of $(12.9) and $(23.1), respectively (4.7 ) (39.9 ) Translation loss on long-term intercompany loans (137.2 ) (128.8 ) Unrealized gain on investments, net of income taxes of $0.0 and $3.4, respectively — 15.3 Defined benefit pension plans, net of income taxes of $(23.2) and $(27.8), respectively (37.9 ) (50.5 ) Retiree health care plan, net of income taxes of $2.0 for both 2018 and 2017 3.2 3.4 Accumulated other comprehensive loss $ (399.8 ) $ (288.2 ) |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Leases [Abstract] | |
Schedule of future minimum payments under noncancelable operating leases | Future undiscounted minimum payments, by year and in the aggregate, under noncancelable operating leases with any remaining terms consisted of the following as of December 31, 2018 : Year 2019 $151.4 2020 115.2 2021 85.5 2022 65.0 2023 44.1 Thereafter 105.6 Total minimum lease payments $566.8 |
Interest and Other Expenses (Ta
Interest and Other Expenses (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Other Nonoperating Income (Expense) [Abstract] | |
Schedule of interest and other expenses | Interest and other expenses consisted of the following: Year Ended December 31 2018 2017 2016 Interest expense $47.0 $49.4 $49.5 Interest income (6.0 ) (4.8 ) (3.6 ) Foreign exchange loss 1.4 0.8 2.8 Miscellaneous (income) expense, net (0.4 ) 6.5 (4.5 ) Interest and other expenses $42.0 $51.9 $44.2 |
Segment Data (Tables)
Segment Data (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Schedule of segment information - revenues from services, operating unit profit | Year Ended December 31 2018 2017 2016 Revenues from Services (a) Americas: United States (b) $ 2,522.3 $ 2,659.0 $ 2,836.8 Other Americas 1,637.0 1,557.4 1,460.4 4,159.3 4,216.4 4,297.2 Southern Europe: France 5,827.7 5,477.2 4,837.4 Italy 1,670.6 1,475.9 1,167.7 Other Southern Europe 1,873.3 1,703.9 1,492.5 9,371.6 8,657.0 7,497.6 Northern Europe 5,370.5 5,306.4 5,129.1 APME 2,890.3 2,636.4 2,471.3 Right Management 199.5 218.1 258.9 $ 21,991.2 $ 21,034.3 $ 19,654.1 Operating Unit Profit Americas: United States $ 130.8 $ 152.1 $ 142.3 Other Americas 73.1 61.2 53.6 203.9 213.3 195.9 Southern Europe: France 290.4 280.0 252.5 Italy 111.1 104.5 79.1 Other Southern Europe 66.1 59.4 47.2 467.6 443.9 378.8 Northern Europe 122.7 140.1 166.4 APME 114.8 98.9 88.5 Right Management 32.8 36.0 44.7 941.8 932.2 874.3 Corporate expenses (110.0 ) (108.4 ) (92.8 ) Intangible asset amortization expense (c) (35.1 ) (34.6 ) (36.0 ) Interest and other expenses (42.0 ) (51.9 ) (44.2 ) Earnings before income taxes $ 754.7 $ 737.3 $ 701.3 (a) Further breakdown of revenues from services by geographical region was as follows: Revenues from Services 2018 2017 2016 United States $ 2,608.9 $ 2,758.5 $ 2,950.2 France 5,846.4 5,493.9 4,857.3 Italy 1,673.9 1,479.4 1,170.7 United Kingdom 1,672.1 1,619.2 1,819.7 Total Foreign 19,382.3 18,275.8 16,703.9 (b) The United States revenues above represent revenues from our company-owned branches and franchise fees received from our franchise operations, which were $15.0 , $14.8 and $15.1 for 2018 , 2017 and 2016 , respectively. (c) Intangible asset amortization related to acquisitions is excluded from operating costs within the reportable segments and corporate expenses, and shown separately. |
Schedule of revenues from services by geographical region | Further breakdown of revenues from services by geographical region was as follows: Revenues from Services 2018 2017 2016 United States $ 2,608.9 $ 2,758.5 $ 2,950.2 France 5,846.4 5,493.9 4,857.3 Italy 1,673.9 1,479.4 1,170.7 United Kingdom 1,672.1 1,619.2 1,819.7 Total Foreign 19,382.3 18,275.8 16,703.9 |
Schedule of segment information - depreciation and amortization expense, earnings from equity investment, total assets, equity investments, long-lived assets and additions to long-lived assets | Year Ended December 31 2018 2017 2016 Depreciation and Amortization Expense Americas: United States $ 8.2 $ 9.3 $ 9.9 Other Americas 2.2 2.5 2.7 10.4 11.8 12.6 Southern Europe: France 14.0 12.3 11.0 Italy 1.9 1.8 1.9 Other Southern Europe 4.8 4.7 3.5 20.7 18.8 16.4 Northern Europe 11.0 10.6 10.9 APME 5.7 4.7 5.3 Right Management 2.8 3.7 3.9 Corporate expenses 0.1 0.2 0.2 Intangible asset amortization expense (a) 35.1 34.6 36.0 $ 85.8 $ 84.4 $ 85.3 Earnings from Equity Investments Americas: United States $ — $ — $ — Other Americas — — — — — — Southern Europe: France — — — Italy (0.2 ) — — Other Southern Europe 1.7 15.0 3.6 1.5 15.0 3.6 Northern Europe — — — APME (0.3 ) — — Right Management — — — $ 1.2 $ 15.0 $ 3.6 (a) Intangible asset amortization related to acquisitions is excluded from operating costs within the reportable segments and corporate expenses, and shown separately. As of December 31 2018 2017 2016 Total Assets Americas: United States $ 1,827.4 $ 1,781.4 $ 1,718.9 Other Americas 341.5 329.2 314.4 2,168.9 2,110.6 2,033.3 Southern Europe: France 2,729.7 2,753.1 2,104.8 Italy 405.0 436.7 294.9 Other Southern Europe 576.7 596.2 490.1 3,711.4 3,786.0 2,889.8 Northern Europe 1,237.0 1,569.0 1,292.4 APME 754.0 780.7 612.8 Right Management 127.6 138.1 136.6 Corporate (a) 520.9 499.2 609.3 $ 8,519.8 $ 8,883.6 $ 7,574.2 Equity Investments Americas: United States $ — $ — $ — Other Americas — — — — — — Southern Europe: France — — 0.2 Italy 0.3 0.4 0.4 Other Southern Europe 157.8 157.2 139.1 158.1 157.6 139.7 Northern Europe — — 0.1 APME 2.3 0.1 — Right Management — — — Corporate 1.0 1.0 6.0 $ 161.4 $ 158.7 $ 145.8 (a) Corporate assets include assets that were not used in the operations of any segment, the most significant of which were purchased intangibles and cash. As of and Year Ended December 31 2018 2017 2016 Long-lived Assets (a) Americas: United States $ 19.6 $ 20.6 $ 27.7 Other Americas 6.0 6.1 6.3 25.6 26.7 34.0 Southern Europe: France 49.2 47.9 39.7 Italy 5.0 4.9 4.4 Other Southern Europe 23.4 24.3 18.3 77.6 77.1 62.4 Northern Europe 29.9 28.0 25.4 APME 21.5 21.4 17.9 Right Management 5.3 8.0 10.7 Corporate 0.1 0.1 0.2 $ 160.0 $ 161.3 $ 150.6 Additions to Long-Lived Assets Americas: United States $ 7.6 $ 6.7 $ 11.9 Other Americas 2.8 2.4 1.9 10.4 9.1 13.8 Southern Europe: France 18.1 15.2 13.3 Italy 2.2 1.7 1.7 Other Southern Europe 5.9 8.8 8.9 26.2 25.7 23.9 Northern Europe 16.6 11.8 8.5 APME 6.8 6.3 3.9 Right Management 0.2 1.0 4.5 Corporate 0.1 — — $ 60.3 $ 53.9 $ 54.6 (a) Further breakdown of long-lived assets by geographical region was as follows: Long-Lived Assets 2018 2017 2016 United States $ 22.4 $ 24.9 $ 33.9 France 50.1 49.1 40.9 Italy 5.0 4.9 4.4 United Kingdom 7.0 9.1 9.0 Total Foreign 137.6 136.4 116.7 |
Schedule of long-lived assets by geographical region | Further breakdown of long-lived assets by geographical region was as follows: Long-Lived Assets 2018 2017 2016 United States $ 22.4 $ 24.9 $ 33.9 France 50.1 49.1 40.9 Italy 5.0 4.9 4.4 United Kingdom 7.0 9.1 9.0 Total Foreign 137.6 136.4 116.7 |
Quarterly Data (Unaudited) (Tab
Quarterly Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of quarterly data | First Quarter Second Quarter Third Quarter Fourth Quarter Total Year Ended December 31, 2018 Revenues from services $ 5,522.4 $ 5,656.9 $ 5,418.7 $ 5,393.2 $ 21,991.2 Gross profit 885.4 922.7 890.6 880.3 3,579.0 Operating profit (a) 153.8 208.3 216.7 217.9 796.7 Net earnings 97.0 143.4 158.0 158.3 556.7 Net earnings per share — basic $ 1.46 $ 2.18 $ 2.45 $ 2.56 $ 8.62 Net earnings per share — diluted (b) 1.45 2.17 2.43 2.54 8.56 Dividends per share — 1.01 — 1.01 2.02 Year Ended December 31, 2017 Revenues from services $ 4,757.2 $ 5,174.8 $ 5,464.8 $ 5,637.5 $ 21,034.3 Gross profit 787.8 861.7 900.6 934.5 3,484.6 Operating profit (c)(f) 127.9 195.2 228.7 237.4 789.2 Net earnings (d) 74.4 117.0 137.7 216.3 545.4 Net earnings per share — basic $ 1.10 $ 1.74 $ 2.06 $ 3.26 $ 8.13 Net earnings per share — diluted (e) 1.09 1.72 2.04 3.22 8.04 Dividends per share — 0.93 — 0.93 1.86 (a) Included restructuring costs of $24.0 and $15.3 recorded in the first and second quarter, respectively. (b) Included in the results are restructuring costs per diluted share of $(0.27) and $(0.18) for the first and second quarter, respectively. (c) Included restructuring costs of $24.0 and $10.5 recorded in the first and second quarter, respectively. (d) Included net tax benefits related to the Tax Act and French tax reform of $73.7 in the fourth quarter. (e) Included in the results are restructuring costs per diluted share of $(0.30) and $(0.10) for the first and second quarter, respectively, and net tax benefits per diluted share of $1.10 for the fourth quarter. |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Nature of Operations (Details) | Dec. 31, 2018countryoffice |
Accounting Policies [Abstract] | |
Number of offices worldwide (nearly) | office | 2,600 |
Number of countries and territories | country | 80 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Basis of Consolidation (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Accounting Policies [Abstract] | |||
Investments value | $ 161.4 | $ 158.7 | $ 145.8 |
Unremitted earning from investments | $ 105.2 | $ 103.9 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Allowance for Doubtful Accounts (Details) - Allowance for doubtful accounts - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Bad debt expense | $ 23 | $ 18.1 | $ 20.4 |
Write-offs | $ 12 | $ 17.6 | $ 16.9 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Advertising Costs (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Accounting Policies [Abstract] | |||
Advertising expenses | $ 27.9 | $ 26.6 | $ 24.4 |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies - Restructuring Costs (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Restructuring Cost and Reserve [Line Items] | ||
Restructuring costs | $ 39,300,000 | $ 34,500,000 |
Restructuring reserve [Roll Forward] | ||
Balance at beginning of period | 13,500,000 | 4,500,000 |
Severance costs | 31,800,000 | 24,700,000 |
Office closure costs | 7,500,000 | 9,800,000 |
Costs paid or utilized | (37,300,000) | (25,500,000) |
Balance at end of year | 15,500,000 | 13,500,000 |
Reportable segments | Americas | ||
Restructuring reserve [Roll Forward] | ||
Balance at beginning of period | 1,700,000 | 400,000 |
Severance costs | 300,000 | 5,800,000 |
Office closure costs | 0 | 500,000 |
Costs paid or utilized | (1,700,000) | (5,000,000) |
Balance at end of year | 300,000 | 1,700,000 |
Reportable segments | Americas | United States | Reportable subsegments | ||
Restructuring reserve [Roll Forward] | ||
Balance at beginning of period | 1,500,000 | 400,000 |
Severance costs | 3,700,000 | |
Office closure costs | 500,000 | |
Costs paid or utilized | (1,200,000) | (3,100,000) |
Balance at end of year | 300,000 | 1,500,000 |
Reportable segments | Southern Europe | ||
Restructuring reserve [Roll Forward] | ||
Balance at beginning of period | 900,000 | 1,300,000 |
Severance costs | 5,400,000 | 0 |
Office closure costs | 0 | 0 |
Costs paid or utilized | (4,600,000) | (400,000) |
Balance at end of year | 1,700,000 | 900,000 |
Reportable segments | Southern Europe | France | Reportable subsegments | ||
Restructuring reserve [Roll Forward] | ||
Balance at beginning of period | 900,000 | 1,300,000 |
Costs paid or utilized | (400,000) | |
Balance at end of year | 900,000 | 900,000 |
Reportable segments | Southern Europe | Italy | Reportable subsegments | ||
Restructuring reserve [Roll Forward] | ||
Balance at beginning of period | 0 | 0 |
Severance costs | 1,900,000 | |
Costs paid or utilized | (1,400,000) | |
Balance at end of year | 500,000 | 0 |
Reportable segments | Northern Europe | ||
Restructuring reserve [Roll Forward] | ||
Balance at beginning of period | 9,600,000 | 2,600,000 |
Severance costs | 25,800,000 | 15,600,000 |
Office closure costs | 7,500,000 | 8,200,000 |
Costs paid or utilized | (29,800,000) | (16,800,000) |
Balance at end of year | 13,100,000 | 9,600,000 |
Reportable segments | APME | ||
Restructuring reserve [Roll Forward] | ||
Balance at beginning of period | 0 | 100,000 |
Severance costs | 0 | 900,000 |
Office closure costs | 0 | 500,000 |
Costs paid or utilized | 0 | (1,500,000) |
Balance at end of year | 0 | 0 |
Reportable segments | Right Management | ||
Restructuring reserve [Roll Forward] | ||
Balance at beginning of period | 1,200,000 | 100,000 |
Severance costs | 300,000 | 1,400,000 |
Office closure costs | 0 | 600,000 |
Costs paid or utilized | (1,100,000) | (900,000) |
Balance at end of year | 400,000 | 1,200,000 |
Corporate | ||
Restructuring reserve [Roll Forward] | ||
Balance at beginning of period | 100,000 | 0 |
Severance costs | 0 | 1,000,000 |
Office closure costs | 0 | 0 |
Costs paid or utilized | (100,000) | (900,000) |
Balance at end of year | $ 0 | $ 100,000 |
Summary of Significant Accoun_9
Summary of Significant Accounting Policies - Fair Value Measurements (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Fair value measured on a recurring basis | ||
Assets | ||
Deferred compensation plan assets | $ 89.5 | $ 99.1 |
Foreign currency forward contracts | 0.1 | 0 |
Total assets measured at fair value | 89.6 | 99.1 |
Liabilities | ||
Foreign currency forward contracts | 0.1 | 0.1 |
Total liabilities measured at fair value | 0.1 | 0.1 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair value measured on a recurring basis | ||
Assets | ||
Deferred compensation plan assets | 89.5 | 99.1 |
Foreign currency forward contracts | 0 | 0 |
Total assets measured at fair value | 89.5 | 99.1 |
Liabilities | ||
Foreign currency forward contracts | 0 | 0 |
Total liabilities measured at fair value | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Estimate of fair value measurement | ||
Liabilities | ||
Euro-denominated notes | 1,052.9 | 939.9 |
Significant Other Observable Inputs (Level 2) | Carrying value | ||
Liabilities | ||
Euro-denominated notes | 1,024.6 | 897.8 |
Significant Other Observable Inputs (Level 2) | Fair value measured on a recurring basis | ||
Assets | ||
Deferred compensation plan assets | 0 | 0 |
Foreign currency forward contracts | 0.1 | 0 |
Total assets measured at fair value | 0.1 | 0 |
Liabilities | ||
Foreign currency forward contracts | 0.1 | 0.1 |
Total liabilities measured at fair value | 0.1 | 0.1 |
Significant Unobservable Inputs (Level 3) | Fair value measured on a recurring basis | ||
Assets | ||
Deferred compensation plan assets | 0 | 0 |
Foreign currency forward contracts | 0 | 0 |
Total assets measured at fair value | 0 | 0 |
Liabilities | ||
Foreign currency forward contracts | 0 | 0 |
Total liabilities measured at fair value | $ 0 | $ 0 |
Summary of Significant Accou_10
Summary of Significant Accounting Policies - Goodwill and Other Intangible Assets (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Goodwill [Line Items] | |||
Goodwill | $ 1,297,100,000 | $ 1,343,000,000 | $ 1,239,900,000 |
Finite-lived: | |||
Gross | 463,300,000 | 472,900,000 | |
Accumulated Amortization | 367,700,000 | 339,900,000 | |
Net | 95,600,000 | 133,000,000 | |
Indefinite-lived: | |||
Gross | 150,700,000 | 151,000,000 | |
Net | 150,700,000 | 151,000,000 | |
Total intangible assets | |||
Gross | 614,000,000 | 623,900,000 | |
Accumulated Amortization | 367,700,000 | 339,900,000 | |
Net | 246,300,000 | 284,000,000 | |
Goodwill, accumulated impairment loss | 513,400,000 | 513,400,000 | 513,400,000 |
Amortization expense related to intangibles | 35,100,000 | 34,600,000 | 36,000,000 |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |||
2,019 | 29,000,000 | ||
2,020 | 24,200,000 | ||
2,021 | 13,400,000 | ||
2,022 | 9,900,000 | ||
2,023 | 7,700,000 | ||
Impairment of goodwill | $ 0 | 0 | $ 0 |
Income approach weight for goodwill impairment for certain reporting units | 75.00% | ||
Market approach weight for goodwill impairment for certain reporting units | 25.00% | ||
Minimum | |||
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |||
Discount rate for goodwill impairment test (as a percent) | 10.60% | ||
Maximum | |||
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |||
Discount rate for goodwill impairment test (as a percent) | 14.20% | ||
Tradenames | |||
Indefinite-lived: | |||
Gross | $ 52,000,000 | 52,000,000 | |
Net | 52,000,000 | 52,000,000 | |
Total intangible assets | |||
Trademarks, accumulated impairment loss | 139,500,000 | 139,500,000 | |
Reacquired franchise rights | |||
Indefinite-lived: | |||
Gross | 98,700,000 | 99,000,000 | |
Net | 98,700,000 | 99,000,000 | |
Customer relationships | |||
Finite-lived: | |||
Gross | 444,800,000 | 453,600,000 | |
Accumulated Amortization | 351,700,000 | 325,200,000 | |
Net | $ 93,100,000 | 128,400,000 | |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |||
Weighted-average useful lives | 13 years | ||
Other | |||
Finite-lived: | |||
Gross | $ 18,500,000 | 19,300,000 | |
Accumulated Amortization | 16,000,000 | 14,700,000 | |
Net | $ 2,500,000 | $ 4,600,000 | |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |||
Weighted-average useful lives | 4 years |
Summary of Significant Accou_11
Summary of Significant Accounting Policies - Marketable Securities (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Accounting Policies [Abstract] | |||
Percentage of ownership in Swiss franchise | 49.00% | ||
Swiss franchise investment portfolio market value | $ 219.9 | $ 234.8 | |
Swiss franchise realized gains | 12.7 | 14.7 | $ 2.9 |
Swiss franchise realized losses | 2.1 | 3.8 | 1 |
Other-than-temporary impairment gains | $ 0.1 | $ 1.6 | $ 0.3 |
Summary of Significant Accou_12
Summary of Significant Accounting Policies - Capitalized Software for Internal Use (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Finite-Lived Intangible Assets [Line Items] | |||
Net capitalized software balance | $ 7.4 | $ 3.5 | |
Amortization expense related to capitalized software cost | $ 1.5 | $ 1.3 | $ 1.9 |
Computer software | Minimum | |||
Finite-Lived Intangible Assets [Line Items] | |||
Useful life | 3 years | ||
Computer software | Maximum | |||
Finite-Lived Intangible Assets [Line Items] | |||
Useful life | 10 years |
Summary of Significant Accou_13
Summary of Significant Accounting Policies - Property and Equipment (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Property, Plant and Equipment [Line Items] | ||
Property and equipment | $ 613.6 | $ 633.4 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 3.4 | 3.4 |
Buildings | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | $ 12 | 14.5 |
Buildings | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful lives | 40 years | |
Furniture, fixtures, and autos | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | $ 167.3 | 172.3 |
Furniture, fixtures, and autos | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful lives | 2 years | |
Furniture, fixtures, and autos | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful lives | 15 years | |
Computer equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | $ 128.7 | 137.1 |
Computer equipment | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful lives | 2 years | |
Computer equipment | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful lives | 15 years | |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | $ 302.2 | $ 306.1 |
Summary of Significant Accou_14
Summary of Significant Accounting Policies - Shareholders' Equity (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Aug. 03, 2018 | Jul. 28, 2016 | Oct. 29, 2015 | |
Equity, Class of Treasury Stock [Line Items] | ||||||
Shares authorized to be repurchased (in shares) | 6,000,000 | 6,000,000 | 6,000,000 | |||
Shares repurchased (in shares) | 5,700,000 | 1,900,000 | 6,600,000 | |||
Total cost of shares repurchased | $ 500.7 | $ 203.9 | $ 482.2 | |||
Dividends declared (in dollars per share) | $ 2.02 | $ 1.86 | $ 1.72 | |||
Total dividend payments | $ 127.3 | $ 123.7 | $ 118.4 | |||
Net earnings, net of tax, attributable to noncontrolling interests | $ (4.9) | $ 6.5 | $ 10.1 | |||
August 2018 Authorization | ||||||
Equity, Class of Treasury Stock [Line Items] | ||||||
Shares repurchased (in shares) | 2,900,000 | |||||
Shares remaining authorized for repurchase (in shares) | 3,100,000 | |||||
July 2016 Authorization | ||||||
Equity, Class of Treasury Stock [Line Items] | ||||||
Shares repurchased (in shares) | 2,800,000 | 1,900,000 | 1,300,000 | |||
Shares remaining authorized for repurchase (in shares) | 0 | |||||
2015 Authorization | ||||||
Equity, Class of Treasury Stock [Line Items] | ||||||
Shares repurchased (in shares) | 5,300,000 | |||||
Shares remaining authorized for repurchase (in shares) | 0 |
Summary of Significant Accou_15
Summary of Significant Accounting Policies - Payroll Tax Credit (Details) € in Millions, $ in Millions | 1 Months Ended | 12 Months Ended | ||||||||||
Apr. 30, 2018USD ($) | Apr. 30, 2018EUR (€) | Mar. 31, 2017USD ($) | Mar. 31, 2017EUR (€) | Mar. 31, 2016USD ($) | Mar. 31, 2016EUR (€) | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Accounting Policies [Abstract] | ||||||||||||
CICE payroll tax credit | 6.00% | 7.00% | 6.00% | 6.00% | 6.00% | 4.00% | ||||||
Multiplier for payroll tax credits | 2.5 | |||||||||||
Payment period | 3 years | |||||||||||
Net proceeds | $ 234.5 | € 190.9 | $ 143.5 | € 133 | $ 143.1 | € 129.9 |
Summary of Significant Accou_16
Summary of Significant Accounting Policies - Recently Issued Accounting Standards (Details) - Subsequent Event - Scenario, Forecast - Accounting Standards Update 2016-02 $ in Millions | Jan. 01, 2019USD ($) |
Minimum | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
ROU assets | $ 450 |
Lease liabilities | 450 |
Maximum | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
ROU assets | 500 |
Lease liabilities | $ 500 |
Acquisitions and Disposals (Det
Acquisitions and Disposals (Details) € in Millions | Apr. 26, 2017USD ($) | Apr. 26, 2017EUR (€) | Dec. 31, 2018USD ($)business_unit | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) |
Business Acquisition [Line Items] | ||||||
Total cash consideration paid for acquisitions, net of cash acquired | $ 51,800,000 | $ 45,700,000 | $ 60,500,000 | |||
Initial acquisition payments | 9,100,000 | 32,700,000 | 57,600,000 | |||
Total contingent consideration payments for acquisitions | 42,700,000 | |||||
Payments for contingent consideration liability, financing activities | 18,600,000 | 13,000,000 | $ 2,900,000 | |||
Goodwill acquired during the period | 6,100,000 | 35,000,000 | ||||
Intangible assets acquired during the period | 700,000 | 13,300,000 | ||||
Payments in excess of contingent consideration liabilities | 24,100,000 | |||||
Disposed of by Sale | Netherlands Business Unit | ||||||
Business Acquisition [Line Items] | ||||||
Number of business units sold | business_unit | 1 | |||||
After tax net gain | $ 3,800,000 | |||||
7S | ||||||
Business Acquisition [Line Items] | ||||||
Payments for contingent consideration liability, financing activities | $ 10,300,000 | |||||
7S | ||||||
Business Acquisition [Line Items] | ||||||
Additional consideration sought from the seller of 7S | $ 23,900,000 | € 20.8 | ||||
Loss contingency | $ 0 | $ 0 |
Revenue Recognition - Narrative
Revenue Recognition - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Revenue from Contract with Customer [Abstract] | |||||||||||
Payment terms | 60 days | ||||||||||
Description of timing | 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. | ||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues from services | $ 5,393.2 | $ 5,418.7 | $ 5,656.9 | $ 5,522.4 | $ 5,637.5 | $ 5,464.8 | $ 5,174.8 | $ 4,757.2 | $ 21,991.2 | $ 21,034.3 | $ 19,654.1 |
Deferred revenue | $ 42.8 | $ 48 | 42.8 | 48 | |||||||
Franchise fees | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues from services | $ 24.1 | $ 23.7 | $ 23.3 |
Revenue Recognition - Disaggreg
Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues from services | $ 5,393.2 | $ 5,418.7 | $ 5,656.9 | $ 5,522.4 | $ 5,637.5 | $ 5,464.8 | $ 5,174.8 | $ 4,757.2 | $ 21,991.2 | $ 21,034.3 | $ 19,654.1 |
Services transferred over time | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues from services | 21,517.5 | ||||||||||
Services transferred at a point in time | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues from services | 473.7 | ||||||||||
Staffing and Interim | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues from services | 19,498.2 | ||||||||||
Outcome-Based Solutions and Consulting | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues from services | 1,517.2 | ||||||||||
Permanent Recruitment | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues from services | 623.9 | ||||||||||
Other | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues from services | 351.9 | ||||||||||
Americas | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues from services | 4,159.3 | 4,216.4 | 4,297.2 | ||||||||
Americas | Services transferred over time | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues from services | 4,090.7 | ||||||||||
Americas | Services transferred at a point in time | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues from services | 68.6 | ||||||||||
Americas | Staffing and Interim | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues from services | 3,769.4 | ||||||||||
Americas | Outcome-Based Solutions and Consulting | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues from services | 176.9 | ||||||||||
Americas | Permanent Recruitment | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues from services | 117.6 | ||||||||||
Americas | Other | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues from services | 95.4 | ||||||||||
Americas | United States | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues from services | 2,522.3 | 2,659 | 2,836.8 | ||||||||
Americas | United States | Services transferred over time | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues from services | 2,471 | ||||||||||
Americas | United States | Services transferred at a point in time | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues from services | 51.3 | ||||||||||
Americas | United States | Staffing and Interim | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues from services | 2,208.3 | ||||||||||
Americas | United States | Outcome-Based Solutions and Consulting | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues from services | 129.7 | ||||||||||
Americas | United States | Permanent Recruitment | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues from services | 92.9 | ||||||||||
Americas | United States | Other | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues from services | 91.4 | ||||||||||
Americas | Other Americas | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues from services | 1,637 | 1,557.4 | 1,460.4 | ||||||||
Americas | Other Americas | Services transferred over time | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues from services | 1,619.7 | ||||||||||
Americas | Other Americas | Services transferred at a point in time | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues from services | 17.3 | ||||||||||
Americas | Other Americas | Staffing and Interim | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues from services | 1,561.1 | ||||||||||
Americas | Other Americas | Outcome-Based Solutions and Consulting | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues from services | 47.2 | ||||||||||
Americas | Other Americas | Permanent Recruitment | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues from services | 24.7 | ||||||||||
Americas | Other Americas | Other | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues from services | 4 | ||||||||||
Southern Europe | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues from services | 9,371.6 | 8,657 | 7,497.6 | ||||||||
Southern Europe | Services transferred over time | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues from services | 9,239.9 | ||||||||||
Southern Europe | Services transferred at a point in time | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues from services | 131.7 | ||||||||||
Southern Europe | Staffing and Interim | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues from services | 8,588.5 | ||||||||||
Southern Europe | Outcome-Based Solutions and Consulting | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues from services | 579.3 | ||||||||||
Southern Europe | Permanent Recruitment | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues from services | 145.6 | ||||||||||
Southern Europe | Other | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues from services | 58.2 | ||||||||||
Southern Europe | France | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues from services | 5,827.7 | 5,477.2 | 4,837.4 | ||||||||
Southern Europe | France | Services transferred over time | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues from services | 5,775.1 | ||||||||||
Southern Europe | France | Services transferred at a point in time | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues from services | 52.6 | ||||||||||
Southern Europe | France | Staffing and Interim | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues from services | 5,526.5 | ||||||||||
Southern Europe | France | Outcome-Based Solutions and Consulting | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues from services | 224.7 | ||||||||||
Southern Europe | France | Permanent Recruitment | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues from services | 54.9 | ||||||||||
Southern Europe | France | Other | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues from services | 21.6 | ||||||||||
Southern Europe | Italy | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues from services | 1,670.6 | 1,475.9 | 1,167.7 | ||||||||
Southern Europe | Italy | Services transferred over time | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues from services | 1,637.1 | ||||||||||
Southern Europe | Italy | Services transferred at a point in time | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues from services | 33.5 | ||||||||||
Southern Europe | Italy | Staffing and Interim | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues from services | 1,565.6 | ||||||||||
Southern Europe | Italy | Outcome-Based Solutions and Consulting | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues from services | 48.4 | ||||||||||
Southern Europe | Italy | Permanent Recruitment | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues from services | 35.9 | ||||||||||
Southern Europe | Italy | Other | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues from services | 20.7 | ||||||||||
Southern Europe | Other Southern Europe | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues from services | 1,873.3 | 1,703.9 | 1,492.5 | ||||||||
Southern Europe | Other Southern Europe | Services transferred over time | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues from services | 1,827.7 | ||||||||||
Southern Europe | Other Southern Europe | Services transferred at a point in time | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues from services | 45.6 | ||||||||||
Southern Europe | Other Southern Europe | Staffing and Interim | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues from services | 1,496.4 | ||||||||||
Southern Europe | Other Southern Europe | Outcome-Based Solutions and Consulting | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues from services | 306.2 | ||||||||||
Southern Europe | Other Southern Europe | Permanent Recruitment | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues from services | 54.8 | ||||||||||
Southern Europe | Other Southern Europe | Other | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues from services | 15.9 | ||||||||||
Northern Europe | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues from services | 5,370.5 | 5,306.4 | 5,129.1 | ||||||||
Northern Europe | Services transferred over time | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues from services | 5,229.1 | ||||||||||
Northern Europe | Services transferred at a point in time | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues from services | 141.4 | ||||||||||
Northern Europe | Staffing and Interim | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues from services | 4,746.3 | ||||||||||
Northern Europe | Outcome-Based Solutions and Consulting | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues from services | 426.2 | ||||||||||
Northern Europe | Permanent Recruitment | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues from services | 164.4 | ||||||||||
Northern Europe | Other | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues from services | 33.6 | ||||||||||
APME | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues from services | 2,890.3 | 2,636.4 | 2,471.3 | ||||||||
APME | Services transferred over time | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues from services | 2,758.3 | ||||||||||
APME | Services transferred at a point in time | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues from services | 132 | ||||||||||
APME | Staffing and Interim | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues from services | 2,394 | ||||||||||
APME | Outcome-Based Solutions and Consulting | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues from services | 284.9 | ||||||||||
APME | Permanent Recruitment | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues from services | 196.3 | ||||||||||
APME | Other | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues from services | 15.1 | ||||||||||
Right Management | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues from services | 199.5 | $ 218.1 | $ 258.9 | ||||||||
Right Management | Services transferred over time | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues from services | 199.5 | ||||||||||
Right Management | Services transferred at a point in time | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues from services | 0 | ||||||||||
Right Management | Staffing and Interim | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues from services | 0 | ||||||||||
Right Management | Outcome-Based Solutions and Consulting | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues from services | 49.9 | ||||||||||
Right Management | Permanent Recruitment | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues from services | 0 | ||||||||||
Right Management | Other | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues from services | $ 149.6 |
Share-Based Compensation Plan_2
Share-Based Compensation Plans - Share-Based Compensation Plans (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Share-based compensation | $ 27.8 | $ 28.7 | $ 27.1 |
Consideration received from share-based awards | 5.2 | 44.2 | 19.7 |
Income tax benefit recognized related to share-based compensation | $ 4.5 | $ 23.7 | $ 7.4 |
Share-Based Compensation Plan_3
Share-Based Compensation Plans - Stock Options Narrative (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation | $ 27.8 | $ 28.7 | $ 27.1 |
Stock option | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based payment award vesting period | 4 years | ||
Expiration period | 10 years | ||
Share-based compensation | $ 4 | 3.7 | 3 |
Fair value of options vested | 3.1 | $ 2.3 | $ 2.5 |
Total unrecognized compensation cost, net of estimated forfeitures | $ 3.6 | ||
Total unrecognized compensation cost, weighted-average period for recognition | 1 year 8 months 12 days | ||
Weighted average of daily historical volatility of Company's stock price, weight (as a percent) | 75.00% | ||
Implied volatility based on exchange traded options for Company's common stock, weight (as a percent) | 25.00% | ||
Weighted-average grant-date fair value of options granted (in dollars per share) | $ 31.46 | $ 25.58 | $ 19.68 |
Stock option | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Purchase price (as a percent) | 100.00% |
Share-Based Compensation Plan_4
Share-Based Compensation Plans - Stock Option Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Shares | |||
Outstanding at beginning of period (in shares) | 574 | 1,127 | 1,272 |
Granted (in shares) | 122 | 145 | 166 |
Exercised (in shares) | (24) | (680) | (279) |
Expired or cancelled (in shares) | 0 | (18) | (32) |
Outstanding at end of period (in shares) | 672 | 574 | 1,127 |
Vested or expected to vest (in shares) | 670 | 571 | 1,122 |
Exercisable (in shares) | 401 | 220 | 756 |
Wtd. Avg. Exercise Price Per Share | |||
Outstanding at beginning of period (in dollars per share) | $ 77 | $ 66 | $ 64 |
Granted (in dollars per share) | 123 | 97 | 75 |
Exercised (in dollars per share) | 78 | 64 | 63 |
Expired or cancelled (in dollars per share) | 0 | 75 | 67 |
Outstanding at end of period (in dollars per share) | 85 | 77 | 66 |
Vested or expected to vest (in dollars per share) | 85 | 77 | 66 |
Exercisable (in dollars per share) | $ 76 | $ 65 | $ 62 |
Wtd. Avg. Remaining Contractual Term and Aggregate Intrinsic Value | |||
Outstanding (in years) | 5 years 10 months 24 days | 7 years 1 month 6 days | 4 years 10 months 24 days |
Vested or expected to vest (in years) | 5 years 10 months 24 days | 7 years 1 month 6 days | 4 years 10 months 24 days |
Exercisable (in years) | 4 years 6 months | 5 years 3 months 18 days | 3 years 3 months 18 days |
Exercised | $ 1 | $ 24 | $ 5 |
Outstanding | 1 | 28 | 26 |
Exercisable | $ 1 | $ 14 | $ 20 |
Share-Based Compensation Plan_5
Share-Based Compensation Plans - Options Outstanding and Exercisable (Details) shares in Thousands | 12 Months Ended |
Dec. 31, 2018$ / sharesshares | |
$27-$49 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Exercise price range, lower range limit (in dollars per share) | $ 27 |
Exercise price range, upper range limit (in dollars per share) | 49 |
$50-$73 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Exercise price range, lower range limit (in dollars per share) | 50 |
Exercise price range, upper range limit (in dollars per share) | 73 |
$74-$85 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Exercise price range, lower range limit (in dollars per share) | 74 |
Exercise price range, upper range limit (in dollars per share) | 85 |
$86-$123 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Exercise price range, lower range limit (in dollars per share) | 86 |
Exercise price range, upper range limit (in dollars per share) | $ 123 |
Stock option | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Options outstanding, shares (in shares) | shares | 672 |
Options outstanding, weighted-average remaining contractual life | 5 years 10 months 24 days |
Options outstanding, weighted-average exercise price (in dollars per share) | $ 85 |
Options exercisable, shares (in shares) | shares | 401 |
Options exercisable, weighted-average exercise price (in dollars per share) | $ 76 |
Stock option | $27-$49 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Options outstanding, shares (in shares) | shares | 35 |
Options outstanding, weighted-average remaining contractual life | 1 year 9 months 18 days |
Options outstanding, weighted-average exercise price (in dollars per share) | $ 39 |
Options exercisable, shares (in shares) | shares | 35 |
Options exercisable, weighted-average exercise price (in dollars per share) | $ 39 |
Stock option | $50-$73 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Options outstanding, shares (in shares) | shares | 67 |
Options outstanding, weighted-average remaining contractual life | 2 years 9 months 18 days |
Options outstanding, weighted-average exercise price (in dollars per share) | $ 55 |
Options exercisable, shares (in shares) | shares | 67 |
Options exercisable, weighted-average exercise price (in dollars per share) | $ 55 |
Stock option | $74-$85 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Options outstanding, shares (in shares) | shares | 309 |
Options outstanding, weighted-average remaining contractual life | 5 years 9 months 18 days |
Options outstanding, weighted-average exercise price (in dollars per share) | $ 77 |
Options exercisable, shares (in shares) | shares | 223 |
Options exercisable, weighted-average exercise price (in dollars per share) | $ 77 |
Stock option | $86-$123 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Options outstanding, shares (in shares) | shares | 261 |
Options outstanding, weighted-average remaining contractual life | 7 years 4 months 24 days |
Options outstanding, weighted-average exercise price (in dollars per share) | $ 109 |
Options exercisable, shares (in shares) | shares | 76 |
Options exercisable, weighted-average exercise price (in dollars per share) | $ 105 |
Share-Based Compensation Plan_6
Share-Based Compensation Plans - Estimated Fair Value of Share Awards (Details) - Stock option | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Average risk-free interest rate (as a percent) | 2.60% | 2.00% | 1.40% |
Expected dividend yield (as a percent) | 1.60% | 2.00% | 2.10% |
Expected volatility (as a percent) | 27.00% | 31.00% | 33.00% |
Expected term (years) | 6 years | 6 years | 6 years |
Share-Based Compensation Plan_7
Share-Based Compensation Plans - Deferred Stock (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation | $ 27.8 | $ 28.7 | $ 27.1 |
Deferred stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation | $ 1.9 | $ 1.4 | $ 1.1 |
Restricted stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted (in shares) | 145,000 | 167,000 | 232,000 |
Forfeited (in shares) | 23,000 | 37,000 | 14,000 |
Share-based compensation | $ 13.3 | $ 12.3 | $ 13.8 |
In lieu of annual cash retainer | Deferred stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted (in shares) | 5,551 | 3,647 | 3,714 |
Additional compensation for board service | Deferred stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted (in shares) | 10,152 | 9,857 | 8,388 |
Share-based payment award vesting period | 1 year | ||
Expiration period | 3 years | ||
Additional compensation for board service | Restricted stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted (in shares) | 6,345 | 9,792 | 9,966 |
Forfeited (in shares) | 1,666 |
Share-Based Compensation Plan_8
Share-Based Compensation Plans - Restricted Stock Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation | $ 27.8 | $ 28.7 | $ 27.1 |
Restricted stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Term for restrictions to lapse | 6 years | ||
Share-based compensation | $ 13.3 | $ 12.3 | $ 13.8 |
Total unrecognized compensation cost, net of estimated forfeitures | $ 15.2 | ||
Total unrecognized compensation cost, weighted-average period for recognition | 2 years |
Share-Based Compensation Plan_9
Share-Based Compensation Plans - Restricted Stock Activity (Details) - Restricted stock - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Shares | ||||
Unvested at beginning of period (in shares) | 448 | 451 | 405 | |
Granted (in shares) | 145 | 167 | 232 | |
Vested (in shares) | (174) | (133) | (172) | |
Forfeited (in shares) | (23) | (37) | (14) | |
Unvested at end of period (in shares) | 396 | 448 | 451 | 405 |
Wtd. Avg. Price Per Share | ||||
Unvested at beginning of period (in dollars per share) | $ 77 | $ 70 | $ 64 | |
Granted (in dollars per share) | 119 | 98 | 75 | |
Vested (in dollars per share) | 77 | 79 | 62 | |
Forfeited (in dollars per share) | 89 | 80 | 76 | |
Unvested at end of period (in dollars per share) | $ 92 | $ 77 | $ 70 | $ 64 |
Equity Other Than Options, Additional [Abstract] | ||||
Unvested (in years) | 1 year 3 months 18 days | 1 year 2 months 12 days | 1 year 4 months 24 days | 1 year 3 months 18 days |
Unvested, aggregate intrinsic value | $ 26 |
Share-Based Compensation Pla_10
Share-Based Compensation Plans - Performance Share Units (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Payout Levels (in units): | ||||
Share-based compensation | $ 27.8 | $ 28.7 | $ 27.1 | |
Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Performance period range | 3 years | |||
Performance share units | ||||
Payout Levels (in units): | ||||
Threshold Award (in shares) | 47,003 | 57,563 | 65,141 | 82,298 |
Target Award (in shares) | 94,005 | 115,125 | 130,282 | 164,595 |
Outstanding Award (in shares) | 188,010 | 230,250 | 260,564 | 329,190 |
Shares Issued (in shares) | 219,519 | |||
Payout Achieved Over Performance Period (in shares) | 123,767 | |||
Share-based compensation | $ 8.4 | $ 10.8 | $ 9.1 |
Share-Based Compensation Pla_11
Share-Based Compensation Plans - Other Stock Plans (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation | $ 27.8 | $ 28.7 | $ 27.1 |
Savings Related Share Option Scheme for United Kingdom | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Requisite service period (in years) | 1 year | ||
Purchase price as percentage of market value (not less than) | 85.00% | ||
Payroll deduction period to accumulate funds used for share-based payment award | 60 months | ||
Share-based compensation | $ 0.2 | $ 0.5 | $ 0.1 |
Savings Related Share Option Scheme for United Kingdom | Vesting period one | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based payment award vesting period | 3 years | ||
Savings Related Share Option Scheme for United Kingdom | Vesting period two | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based payment award vesting period | 5 years |
Net Earnings Per Share - Calcul
Net Earnings Per Share - Calculation of Net Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||||||||||
Net earnings available to common shareholders | $ 158.3 | $ 158 | $ 143.4 | $ 97 | $ 216.3 | $ 137.7 | $ 117 | $ 74.4 | $ 556.7 | $ 545.4 | $ 443.7 |
Weighted-average common shares outstanding (in millions): | |||||||||||
Weighted-average common shares outstanding - basic (in shares) | 64.6 | 67.1 | 70.1 | ||||||||
Weighted-average common shares outstanding - diluted (in shares) | 65.1 | 67.9 | 70.8 | ||||||||
Net earnings per share - basic (in dollars per share) | $ 2.56 | $ 2.45 | $ 2.18 | $ 1.46 | $ 3.26 | $ 2.06 | $ 1.74 | $ 1.10 | $ 8.62 | $ 8.13 | $ 6.33 |
Net earnings per share - diluted (in dollars per share) | $ 2.54 | $ 2.43 | $ 2.17 | $ 1.45 | $ 3.22 | $ 2.04 | $ 1.72 | $ 1.09 | $ 8.56 | $ 8.04 | $ 6.27 |
Stock options | |||||||||||
Weighted-average common shares outstanding (in millions): | |||||||||||
Effect of dilutive securities (in shares) | 0.1 | 0.2 | 0.2 | ||||||||
Other share-based awards | |||||||||||
Weighted-average common shares outstanding (in millions): | |||||||||||
Effect of dilutive securities (in shares) | 0.4 | 0.6 | 0.5 |
Net Earnings Per Share - Antidi
Net Earnings Per Share - Antidilutive Awards (Details) - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Exercise price (in dollars per share) | $ 109 | $ 0 | $ 93 |
Weighted-average remaining life | 1 year 2 months 12 days | 0 years | 4 months 24 days |
Share-based awards | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from the calculation of net earnings per share - diluted (in shares) | 264 | 0 | 20 |
Income Taxes - Tax Cuts and Job
Income Taxes - Tax Cuts and Jobs Act of 2017 (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax [Line Items] | |||
Expense (benefit) to tax expense due to reduction of DTL recorded for non-US earnings considered not permanently invested | $ 9.2 | ||
Tax expense related to non-United States withholding tax | $ 5.5 | ||
Deferred tax liability, undistributed foreign earnings | 15.3 | 5.5 | |
Transition tax expense | (6) | 170.2 | |
Impact on net deferred assets and liabilities, excluding the provision for unremitted earnings | $ 0 | $ 1.2 | |
United States | |||
Income Tax [Line Items] | |||
Statutory rate | 21.00% | 35.00% | 35.00% |
Scenario, Previously Reported | |||
Income Tax [Line Items] | |||
Expense (benefit) to tax expense due to reduction of DTL recorded for non-US earnings considered not permanently invested | $ (275.8) |
Income Taxes - Income Tax Provi
Income Taxes - Income Tax Provision (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Current | |||
Federal | $ 17.2 | $ 211.7 | $ 35.6 |
State | 10.8 | 8.4 | 4 |
Non-United States | 181.9 | 168.6 | 144 |
Total current | 209.9 | 388.7 | 183.6 |
Deferred | |||
Federal | (7.5) | (178.2) | 69.7 |
State | 1 | (0.8) | 0.5 |
Non-United States | (5.4) | (17.8) | 3.8 |
Total deferred | (11.9) | (196.8) | 74 |
Total provision | $ 198 | $ 191.9 | $ 257.6 |
Income Taxes - Income Tax Recon
Income Taxes - Income Tax Reconciliation (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 21, 2017 | Dec. 31, 2016 | |
Income Tax [Line Items] | |||||
Income tax based on statutory rate | $ 158.5 | $ 258.1 | $ 245.5 | ||
Increase (decrease) resulting from: | |||||
Repatriation of non-United States earnings | 2.5 | 69.7 | (10.5) | ||
State income taxes, net of federal benefit | 8.2 | 1.1 | 2.2 | ||
Change in valuation allowance | 0.7 | (6.9) | (6) | ||
Work Opportunity Tax Credit | (8.8) | (10.5) | (11) | ||
Foreign-Derived Intangible Income deduction | (12.5) | 0 | 0 | ||
United States Tax Act and French tax reform | $ (73.7) | 3.2 | (73.7) | 0 | |
Other, net | 7 | 12.9 | 19.9 | ||
Total provision | 198 | 191.9 | 257.6 | ||
French business tax, gross | 74.8 | 72.1 | 63.1 | ||
French business tax | |||||
Increase (decrease) resulting from: | |||||
Non-United States tax rate difference | 59.1 | 46.9 | 41 | ||
French CICE | |||||
Increase (decrease) resulting from: | |||||
Non-United States tax rate difference | (39.9) | (77.1) | 0 | ||
French tax benefits related to the CICE | 58.9 | ||||
Other | |||||
Increase (decrease) resulting from: | |||||
Non-United States tax rate difference | 20 | (28.6) | (23.5) | ||
Other | Benefits related to French earnings that are deemed to be permanently invested | |||||
Increase (decrease) resulting from: | |||||
Non-United States tax rate difference | (2.4) | (1.8) | |||
French business tax difference | |||||
Increase (decrease) resulting from: | |||||
Non-United States tax rate difference | (10.1) | 0.4 | $ 0.4 | ||
Repatriation of non-United States earnings | $ (25.5) | $ 1.3 | |||
Expense recorded prior to the Tax Act | |||||
Increase (decrease) resulting from: | |||||
Repatriation of non-United States earnings | $ 83.3 | ||||
United States | |||||
Income Tax Disclosure [Abstract] | |||||
U.S. Federal statutory rate (as a percent) | 21.00% | 35.00% | 35.00% |
Income Taxes - Deferred Income
Income Taxes - Deferred Income Taxes Temporary Differences (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Future Income Tax Benefits (Expense) | ||
Accrued payroll taxes and insurance | $ 13.8 | $ 17.3 |
Employee compensation payable | 17.8 | 20.2 |
Pension and postretirement benefits | 46.9 | 49 |
Intangible assets | (102.1) | (103) |
Repatriation of non-United States earnings | (15.3) | (5.5) |
Loans denominated in foreign currencies | (19.6) | (13.5) |
Net operating losses | 100.5 | 104.1 |
Other | 97.4 | 77.6 |
Valuation allowance | (72.4) | (77.5) |
Total future tax benefits | 67 | 68.7 |
Deferred tax asset | 99.3 | 101 |
Deferred tax liability | (32.3) | (32.3) |
Total future tax benefits | $ 67 | $ 68.7 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||
Pretax income of non-United States operations | $ 551 | $ 514.9 | $ 482.2 |
Unremitted earnings of non-United States subsidiaries that are considered to be permanently invested | 292.5 | ||
Unremitted earnings of non-United States subsidiaries that may be remitted | 1,729.3 | ||
Deferred tax liability, undistributed foreign earnings | 15.3 | 5.5 | |
Deferred tax asset on net operating losses | 100.5 | 104.1 | |
Valuation allowance, net operating losses | 66.3 | ||
Gross unrecognized tax benefits | 34.2 | 66.5 | 44 |
Reduction to unrecognized tax benefits | 42.4 | ||
Interest and penalties related to unrecognized tax benefits | $ (18.4) | $ 0.2 | $ 0.3 |
Income Taxes - Operating Loss C
Income Taxes - Operating Loss Carryforwards (Details) $ in Millions | Dec. 31, 2018USD ($) |
United States Federal and Non-United States | |
Income Tax Contingency [Line Items] | |
2,019 | $ 6.1 |
2,020 | 3.1 |
2,021 | 5.3 |
2,022 | 4.5 |
2,023 | 1.9 |
Thereafter | 22.2 |
No expirations | 367 |
Total net operating loss carryforwards | 410.1 |
United States State | |
Income Tax Contingency [Line Items] | |
2,019 | 3.9 |
2,020 | 0.2 |
2,021 | 3.7 |
2,022 | 4 |
2,023 | 9.6 |
Thereafter | 153.2 |
No expirations | 0 |
Total net operating loss carryforwards | $ 174.6 |
Income Taxes - Unrecognized Tax
Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Gross unrecognized tax benefits, beginning of year | $ 46.1 | $ 23.8 | $ 19 |
Increases in prior year tax positions | 11.4 | 27.1 | 4.1 |
Decreases in prior year tax positions | (1.8) | (1.2) | (1.7) |
Increases for current year tax positions | 5.9 | 6.6 | 4.1 |
Expiration of statute of limitations and audit settlements | (29.4) | (10.2) | (1.7) |
Gross unrecognized tax benefits, end of year | 32.2 | 46.1 | 23.8 |
Potential interest and penalties | 2 | 20.4 | 20.2 |
Balance, end of year | $ 34.2 | $ 66.5 | $ 44 |
Goodwill - Changes in Goodwill
Goodwill - Changes in Goodwill by Reportable Segment (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Goodwill [Roll Forward] | |||
Balance at beginning of period | $ 1,343 | $ 1,239.9 | |
Goodwill acquired | 6.1 | 35 | |
Goodwill allocated to business units sold | (8.8) | ||
Currency impact and other | (43.2) | 68.1 | |
Balance at end of period | 1,297.1 | 1,343 | |
Accumulated impairment loss | 513.4 | 513.4 | $ 513.4 |
Americas | United States | |||
Goodwill [Roll Forward] | |||
Balance at beginning of period | 476.5 | 476.5 | |
Balance at end of period | 476.5 | 476.5 | |
Southern Europe | France | |||
Goodwill [Roll Forward] | |||
Balance at beginning of period | 76.3 | 66.8 | |
Balance at end of period | 68.9 | 76.3 | |
Southern Europe | Italy | |||
Goodwill [Roll Forward] | |||
Balance at beginning of period | 5 | 4.4 | |
Balance at end of period | 4.8 | 5 | |
Reportable segments | Americas | |||
Goodwill [Roll Forward] | |||
Balance at beginning of period | 519.2 | 516.4 | |
Goodwill acquired | 4.6 | 0 | |
Goodwill allocated to business units sold | 0 | ||
Currency impact and other | (3.9) | 2.8 | |
Balance at end of period | 519.9 | 519.2 | |
Reportable segments | Southern Europe | |||
Goodwill [Roll Forward] | |||
Balance at beginning of period | 121.9 | 97 | |
Goodwill acquired | 0 | 10 | |
Goodwill allocated to business units sold | 0 | ||
Currency impact and other | (9.7) | 14.9 | |
Balance at end of period | 112.2 | 121.9 | |
Reportable segments | Northern Europe | |||
Goodwill [Roll Forward] | |||
Balance at beginning of period | 468.1 | 421.9 | |
Goodwill acquired | 0 | 0.1 | |
Goodwill allocated to business units sold | (8.8) | ||
Currency impact and other | (23.9) | 46.1 | |
Balance at end of period | 435.4 | 468.1 | |
Reportable segments | APME | |||
Goodwill [Roll Forward] | |||
Balance at beginning of period | 106.2 | 77 | |
Goodwill acquired | 1.5 | 24.9 | |
Goodwill allocated to business units sold | 0 | ||
Currency impact and other | (5.7) | 4.3 | |
Balance at end of period | 102 | 106.2 | |
Reportable segments | Right Management | |||
Goodwill [Roll Forward] | |||
Balance at beginning of period | 62.1 | 62.1 | |
Goodwill acquired | 0 | 0 | |
Goodwill allocated to business units sold | 0 | ||
Currency impact and other | 0 | 0 | |
Balance at end of period | 62.1 | 62.1 | |
Corporate | |||
Goodwill [Roll Forward] | |||
Balance at beginning of period | 65.5 | 65.5 | |
Goodwill acquired | 0 | 0 | |
Goodwill allocated to business units sold | 0 | ||
Currency impact and other | 0 | 0 | |
Balance at end of period | 65.5 | $ 65.5 | |
Corporate | Jefferson Wells | |||
Goodwill [Roll Forward] | |||
Balance at end of period | $ 55.5 |
Goodwill - Goodwill by Reportin
Goodwill - Goodwill by Reporting Unit (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Goodwill [Line Items] | |||
Goodwill | $ 1,297.1 | $ 1,343 | $ 1,239.9 |
United States | |||
Goodwill [Line Items] | |||
Goodwill | 532 | 532 | |
Germany | |||
Goodwill [Line Items] | |||
Goodwill | 129.2 | 135.4 | |
Netherlands | |||
Goodwill [Line Items] | |||
Goodwill | 112 | 126.5 | |
United Kingdom | |||
Goodwill [Line Items] | |||
Goodwill | 93.7 | 89.2 | |
France | |||
Goodwill [Line Items] | |||
Goodwill | 68.9 | 76.3 | |
Right Management | |||
Goodwill [Line Items] | |||
Goodwill | 62.1 | 62.1 | |
Other reporting units | |||
Goodwill [Line Items] | |||
Goodwill | $ 299.2 | $ 321.5 |
Debt - Short-Term Debt (Details
Debt - Short-Term Debt (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Debt Disclosure [Abstract] | ||
Short-term borrowings | $ 49.9 | $ 49.1 |
Weighted-average interest rates (as a percent) | 8.40% | 7.90% |
Debt - Narrative (Details)
Debt - Narrative (Details) - Uncommitted credit lines | Dec. 31, 2018USD ($) |
Line of Credit Facility [Line Items] | |
Credit lines, maximum borrowing capacity | $ 319,900,000 |
Credit lines, remaining borrowing capacity | 269,100,000 |
First, second, and fourth quarters | |
Line of Credit Facility [Line Items] | |
Credit lines, maximum borrowing capacity | 300,000,000 |
Third quarter | |
Line of Credit Facility [Line Items] | |
Credit lines, maximum borrowing capacity | $ 600,000,000 |
Debt - Long-Term Debt (Details)
Debt - Long-Term Debt (Details) $ in Millions | Dec. 31, 2018USD ($) | Dec. 31, 2018EUR (€) | Dec. 31, 2017USD ($) | Dec. 31, 2017EUR (€) |
Debt Instrument [Line Items] | ||||
Long-term debt | $ 1,025.5 | $ 898.4 | ||
Less - current maturities | 0.2 | 420.3 | ||
Long-term debt | 1,025.3 | 478.1 | ||
€500 due June 2026 | ||||
Debt Instrument [Line Items] | ||||
Principal amount | € | € 500,000,000 | |||
Long-term debt | 567.8 | 0 | ||
€400 due September 2022 | ||||
Debt Instrument [Line Items] | ||||
Principal amount | € | € 400,000,000 | |||
Long-term debt | 456.8 | 477.8 | ||
€350 due June 2018 | ||||
Debt Instrument [Line Items] | ||||
Principal amount | € | € 350,000,000 | |||
Long-term debt | 0 | 420 | ||
Other | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | $ 0.9 | $ 0.6 |
Debt - Euro Notes (Details)
Debt - Euro Notes (Details) | Jun. 22, 2018EUR (€) | Dec. 31, 2018USD ($) | Dec. 31, 2018EUR (€) | Dec. 31, 2017EUR (€) |
Debt Instrument [Line Items] | ||||
Net proceeds | € 495,700,000 | |||
Revolving credit facility | ||||
Debt Instrument [Line Items] | ||||
Credit lines, maximum borrowing capacity | $ | $ 600,000,000 | |||
€500 due June 2026 | ||||
Debt Instrument [Line Items] | ||||
Principal amount | € 500,000,000 | |||
Notes due June 2018 | ||||
Debt Instrument [Line Items] | ||||
Principal amount | € 350,000,000 | |||
Notes due September 2022 | ||||
Debt Instrument [Line Items] | ||||
Principal amount | 400,000,000 | |||
Euro-denominated notes | Designated as economic hedges | Notes due September 2022 | ||||
Debt Instrument [Line Items] | ||||
Principal amount | 456,800,000 | € 400,000,000 | ||
Senior notes | €500 due June 2026 | ||||
Debt Instrument [Line Items] | ||||
Principal amount | € 500,000,000 | $ 567,800,000 | ||
Interest rate (as a percent) | 1.75% | |||
Discounted issue price (as a percent) | 99.564% | |||
Effective interest rate (as a percent) | 1.809% | |||
Senior notes | Notes due June 2018 | ||||
Debt Instrument [Line Items] | ||||
Principal amount | € 350,000,000 | |||
Senior notes | Notes due September 2022 | ||||
Debt Instrument [Line Items] | ||||
Interest rate (as a percent) | 1.875% | 1.875% |
Debt - Revolving Credit Agreeme
Debt - Revolving Credit Agreement (Details) - Revolving credit facility | Jun. 18, 2018USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) |
Line of Credit Facility [Line Items] | |||
Credit lines, maximum borrowing capacity | $ 600,000,000 | ||
Five Year Credit Agreement | |||
Line of Credit Facility [Line Items] | |||
Credit agreement term | 5 years | ||
Credit lines, maximum borrowing capacity | $ 600,000,000 | ||
Portion which may be used for the issuance of stand-by letters of credit (up to) | $ 150,000,000 | ||
Borrowings under Credit Agreement | 0 | $ 0 | |
Outstanding letters of credit | 500,000 | 800,000 | |
Credit lines, remaining borrowing capacity | $ 599,500,000 | $ 599,200,000 | |
Facility fee (as a percent) | 0.125% | ||
Credit spread (as a percent) | 1.00% | ||
Maximum debt-to-EBITDA ratio | 3.5 | ||
Minimum fixed charge coverage ratio | 1.5 |
Debt - Debt Maturities (Details
Debt - Debt Maturities (Details) $ in Millions | Dec. 31, 2018USD ($) |
Debt Disclosure [Abstract] | |
2,020 | $ 0.2 |
2,021 | 0 |
2,022 | 457.3 |
2,023 | $ 0 |
Retirement and Deferred Compe_3
Retirement and Deferred Compensation Plans - Narrative (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018USD ($)insurance_contract | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Retirement Benefits [Abstract] | |||
Non-service component net cost (credit) | $ 2.8 | $ 1 | $ (5.3) |
Pension plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Accumulated benefit obligation for plans that have plan assets | 390.4 | 433 | |
Accumulated benefit obligation for plans that do not have plan assets | 86 | 86.7 | |
Estimated net loss that will be amortized from AOCI into net periodic benefit cost during next fiscal year | 1.2 | ||
Estimated prior service cost (credit) that will be amortized from AOCI into net periodic benefit cost during next fiscal year | 0.7 | ||
Estimated employer contribution to pension plans during next fiscal year | 7.8 | ||
Pension plans | Germany | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Unfunded portion of plan | (56.4) | (61.8) | |
Pension plans | Non-United States Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Unfunded portion of plan | $ 95.9 | $ 112.8 | |
Expected long-term return on plan assets | 2.70% | 2.80% | 3.40% |
Number of foreign plans using guaranteed insurance contracts | insurance_contract | 4 | ||
Net loss recognized in accumulated other comprehensive loss | $ 16.5 | $ 29.9 | |
Prior service cost (credit) recognized in accumulated other comprehensive loss | $ 7.7 | $ 6.7 | |
Discount rate used in measurement of benefit obligation (as a percent) | 2.40% | 2.10% | |
Pension plans | Non-United States Plans | Minimum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Expected long-term return on plan assets | 1.50% | ||
Pension plans | Non-United States Plans | Maximum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Expected long-term return on plan assets | 3.50% | ||
Retiree health care plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Unfunded portion of plan | $ 13.7 | $ 14.9 | |
Estimated prior service cost (credit) that will be amortized from AOCI into net periodic benefit cost during next fiscal year | 0.8 | ||
Net loss recognized in accumulated other comprehensive loss | 0.9 | 1.4 | |
Prior service cost (credit) recognized in accumulated other comprehensive loss | $ (4.1) | $ (4.8) | |
Discount rate used in measurement of benefit obligation (as a percent) | 4.20% | 3.50% | |
Discount rate used in measurement of net periodic benefit cost (as a percent) | 3.20% | 4.00% | 4.30% |
Health care cost trend rate assumed for next fiscal year (as a percent) | 7.30% | ||
Ultimate health care cost trend rate (as a percent) | 4.50% |
Retirement and Deferred Compe_4
Retirement and Deferred Compensation Plans - Reconciliation of Changes (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Pension plans | |||
Change in Benefit Obligation | |||
Service cost | $ 10.9 | $ 10.1 | $ 8 |
Interest cost | 11.6 | 10.6 | 11.8 |
Pension plans | United States Plans | |||
Change in Benefit Obligation | |||
Benefit obligation, beginning of year | 53.7 | 53.1 | |
Service cost | 0 | 0 | |
Interest cost | 1.6 | 1.7 | |
Transfers | 0 | 0 | |
Actuarial (gain) loss | (2) | 3 | |
Plan participant contributions | 0 | 0 | |
Benefits paid | (4.4) | (4.1) | |
Currency exchange rate changes | 0 | 0 | |
Benefit obligation, end of year | 48.9 | 53.7 | 53.1 |
Change in Plan Assets | |||
Fair value of plan assets, beginning of year | 38.7 | 37.3 | |
Actual return on plan assets | (0.7) | 3 | |
Transfers | 0 | 0 | |
Plan participant contributions | 0 | 0 | |
Company contributions | 2.5 | 2.5 | |
Benefits paid | (4.4) | (4.1) | |
Currency exchange rate changes | 0 | 0 | |
Fair value of plan assets, end of year | 36.1 | 38.7 | 37.3 |
Funded Status at End of Year | |||
Funded status, end of year | (12.8) | (15) | |
Amounts Recognized | |||
Noncurrent assets | 15 | 15.3 | |
Current liabilities | (2.5) | (2.5) | |
Noncurrent liabilities | (25.3) | (27.8) | |
Net amount recognized | (12.8) | (15) | |
Pension plans | Non-United States Plans | |||
Change in Benefit Obligation | |||
Benefit obligation, beginning of year | 489.5 | 416 | |
Service cost | 10.9 | 10.1 | |
Interest cost | 10 | 8.9 | |
Transfers | 1.2 | 9.3 | |
Actuarial (gain) loss | (28) | 1 | |
Plan participant contributions | 0.2 | 0.2 | |
Benefits paid | (10.5) | (9.5) | |
Currency exchange rate changes | (23.3) | 53.5 | |
Benefit obligation, end of year | 450 | 489.5 | 416 |
Change in Plan Assets | |||
Fair value of plan assets, beginning of year | 376.7 | 324.5 | |
Actual return on plan assets | (2.4) | 13.4 | |
Transfers | (0.3) | 1.8 | |
Plan participant contributions | 0.2 | 0.2 | |
Company contributions | 9.2 | 7.9 | |
Benefits paid | (10.5) | (9.5) | |
Currency exchange rate changes | (18.8) | 38.4 | |
Fair value of plan assets, end of year | 354.1 | 376.7 | 324.5 |
Funded Status at End of Year | |||
Funded status, end of year | (95.9) | (112.8) | |
Amounts Recognized | |||
Noncurrent assets | 46.9 | 36.8 | |
Current liabilities | (0.5) | (0.4) | |
Noncurrent liabilities | (142.3) | (149.2) | |
Net amount recognized | (95.9) | (112.8) | |
Retiree health care plan | |||
Change in Benefit Obligation | |||
Benefit obligation, beginning of year | 14.9 | 15.6 | |
Interest cost | 0.5 | 0.6 | 0.7 |
Actuarial (gain) loss | (0.5) | (0.3) | |
Benefits paid | (1.2) | (1) | |
Benefit obligation, end of year | 13.7 | 14.9 | $ 15.6 |
Funded Status at End of Year | |||
Funded status, end of year | (13.7) | (14.9) | |
Amounts Recognized | |||
Current liabilities | (1.1) | (1.2) | |
Noncurrent liabilities | (12.6) | (13.7) | |
Net amount recognized | $ (13.7) | $ (14.9) |
Retirement and Deferred Compe_5
Retirement and Deferred Compensation Plans - Amounts Recognized in Accumulated Other Comprehensive Loss (Details) - Pension plans - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
United States Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net loss | $ 13.7 | $ 13.9 |
Prior service cost | 0 | 0 |
Total | 13.7 | 13.9 |
Non-United States Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net loss | 16.5 | 29.9 |
Prior service cost | 7.7 | 6.7 |
Total | $ 24.2 | $ 36.6 |
Retirement and Deferred Compe_6
Retirement and Deferred Compensation Plans - Plans with Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets (Details) - Pension plans - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Defined Benefit Plan Disclosure [Line Items] | ||
Accumulated benefit obligation | $ 129.4 | $ 135.9 |
Plan assets | $ 67 | $ 65.5 |
Retirement and Deferred Compe_7
Retirement and Deferred Compensation Plans - Plans with Projected Benefit Obligation in Excess of Fair Value of Plan Assets (Details) - Pension plans - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | $ 135.8 | $ 143.8 |
Plan assets | $ 67 | $ 65.5 |
Retirement and Deferred Compe_8
Retirement and Deferred Compensation Plans - Components of Net Periodic Benefit Cost and Other Amounts Recognized in Other Comprehensive Loss (Income) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Pension plans | |||
Net Periodic Benefit Cost | |||
Service cost | $ 10.9 | $ 10.1 | $ 8 |
Interest cost | 11.6 | 10.6 | 11.8 |
Expected return on assets | (10.6) | (10.8) | (10.9) |
Curtailment and settlement | 0 | 0 | (6.9) |
Net loss | 1.4 | 0.9 | 1 |
Prior service cost (credit) | 0.6 | 0.4 | 0.4 |
Net periodic benefit cost (credit) | 13.9 | 11.2 | 3.4 |
Other Changes in Plan Assets and Benefit Obligation Recognized in Other Comprehensive Income/Loss | |||
Net (gain) loss | (16.6) | (1.5) | 24.7 |
Prior service cost | 1.4 | 2.9 | 0 |
Amortization of net loss | (1.4) | (0.9) | (1) |
Amortization of prior service (cost) credit | (0.6) | (0.4) | (0.4) |
Total recognized in other comprehensive income/loss | (17.2) | 0.1 | 23.3 |
Total recognized in net periodic benefit cost and other comprehensive income/loss | (3.3) | 11.3 | 26.7 |
Retiree health care plan | |||
Net Periodic Benefit Cost | |||
Interest cost | 0.5 | 0.6 | 0.7 |
Net loss | 0.1 | 0.1 | 0.1 |
Prior service cost (credit) | (0.8) | (0.8) | (0.8) |
Net periodic benefit cost (credit) | (0.2) | (0.1) | 0 |
Other Changes in Plan Assets and Benefit Obligation Recognized in Other Comprehensive Income/Loss | |||
Net (gain) loss | (0.5) | (0.3) | 0.2 |
Amortization of net loss | (0.1) | (0.1) | (0.1) |
Amortization of prior service (cost) credit | 0.8 | 0.8 | 0.8 |
Total recognized in other comprehensive income/loss | 0.2 | 0.4 | 0.9 |
Total recognized in net periodic benefit cost and other comprehensive income/loss | $ 0 | $ 0.3 | $ 0.9 |
Retirement and Deferred Compe_9
Retirement and Deferred Compensation Plans - Weighted-Average Assumptions (Details) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
United States Plans | |||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | |||
Rate of compensation increase | 3.00% | 3.00% | |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||
Rate of compensation increase | 3.00% | 3.00% | 3.00% |
Non-United States Plans | |||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | |||
Rate of compensation increase | 1.80% | 1.90% | |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||
Rate of compensation increase | 1.80% | 1.70% | 2.20% |
Pension plans | United States Plans | |||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | |||
Discount rate | 4.20% | 3.60% | |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||
Discount rate - service cost | 3.60% | 4.10% | 4.40% |
Discount rate - interest cost | 3.20% | 3.30% | 3.40% |
Expected long-term return on plan assets | 4.50% | 4.80% | 5.30% |
Pension plans | Non-United States Plans | |||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | |||
Discount rate | 2.40% | 2.10% | |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||
Discount rate - service cost | 2.10% | 2.20% | 3.20% |
Discount rate - interest cost | 2.10% | 2.20% | 3.20% |
Expected long-term return on plan assets | 2.70% | 2.80% | 3.40% |
Retirement and Deferred Comp_10
Retirement and Deferred Compensation Plans - Fair Value of Pension Plan Assets by Asset Category (Details) - Pension plans - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
United States Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 36.1 | $ 38.7 | $ 37.3 |
United States Plans | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 6.3 | 12.3 | |
United States Plans | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 29.8 | 26.4 | |
United States Plans | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
United States Plans | United States companies | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 6.3 | 12.3 | |
United States Plans | United States companies | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 6.3 | 12.3 | |
United States Plans | United States companies | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
United States Plans | United States companies | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
United States Plans | International companies | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
United States Plans | International companies | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
United States Plans | International companies | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
United States Plans | International companies | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
United States Plans | Government bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 18.4 | 15.2 | |
United States Plans | Government bonds | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
United States Plans | Government bonds | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 18.4 | 15.2 | |
United States Plans | Government bonds | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
United States Plans | Corporate bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 6.3 | 11 | |
United States Plans | Corporate bonds | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
United States Plans | Corporate bonds | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 6.3 | 11 | |
United States Plans | Corporate bonds | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
United States Plans | Guaranteed insurance contracts | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
United States Plans | Guaranteed insurance contracts | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
United States Plans | Guaranteed insurance contracts | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
United States Plans | Guaranteed insurance contracts | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
United States Plans | Annuity contract | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
United States Plans | Annuity contract | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
United States Plans | Annuity contract | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
United States Plans | Annuity contract | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
United States Plans | Bank loans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
United States Plans | Bank loans | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
United States Plans | Bank loans | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
United States Plans | Bank loans | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
United States Plans | Unitized funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
United States Plans | Unitized funds | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
United States Plans | Unitized funds | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
United States Plans | Unitized funds | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
United States Plans | Real estate funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
United States Plans | Real estate funds | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
United States Plans | Real estate funds | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
United States Plans | Real estate funds | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
United States Plans | Insurance contracts | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
United States Plans | Insurance contracts | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
United States Plans | Insurance contracts | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
United States Plans | Insurance contracts | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
United States Plans | Cash and cash equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 5.1 | 0.2 | |
United States Plans | Cash and cash equivalents | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
United States Plans | Cash and cash equivalents | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 5.1 | 0.2 | |
United States Plans | Cash and cash equivalents | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Non-United States Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 354.1 | 376.7 | $ 324.5 |
Non-United States Plans | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 66 | 81.8 | |
Non-United States Plans | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 134.2 | 186.1 | |
Non-United States Plans | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 153.9 | 108.8 | |
Non-United States Plans | United States companies | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 16.6 | 15.2 | |
Non-United States Plans | United States companies | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 16.6 | 15.2 | |
Non-United States Plans | United States companies | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Non-United States Plans | United States companies | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Non-United States Plans | International companies | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 13.9 | 35.7 | |
Non-United States Plans | International companies | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 13.9 | 35.7 | |
Non-United States Plans | International companies | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Non-United States Plans | International companies | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Non-United States Plans | Government bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 55.5 | 45.2 | |
Non-United States Plans | Government bonds | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Non-United States Plans | Government bonds | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 55.5 | 45.2 | |
Non-United States Plans | Government bonds | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Non-United States Plans | Corporate bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 43.9 | 59.8 | |
Non-United States Plans | Corporate bonds | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Non-United States Plans | Corporate bonds | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 43.9 | 59.8 | |
Non-United States Plans | Corporate bonds | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Non-United States Plans | Guaranteed insurance contracts | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 17.7 | 17.6 | |
Non-United States Plans | Guaranteed insurance contracts | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Non-United States Plans | Guaranteed insurance contracts | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 17.7 | 17.6 | |
Non-United States Plans | Guaranteed insurance contracts | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Non-United States Plans | Annuity contract | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 46.2 | 55.3 | |
Non-United States Plans | Annuity contract | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Non-United States Plans | Annuity contract | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 55.3 | |
Non-United States Plans | Annuity contract | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 46.2 | 0 | |
Non-United States Plans | Bank loans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 8.9 | ||
Non-United States Plans | Bank loans | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Non-United States Plans | Bank loans | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 8.9 | ||
Non-United States Plans | Bank loans | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Non-United States Plans | Unitized funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 25.8 | ||
Non-United States Plans | Unitized funds | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 25.8 | ||
Non-United States Plans | Unitized funds | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Non-United States Plans | Unitized funds | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 0 | ||
Non-United States Plans | Equity securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Percentage of investment in plan assets | 60.00% | ||
Non-United States Plans | Fixed income securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Percentage of investment in plan assets | 30.00% | ||
Non-United States Plans | Cash | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Percentage of investment in plan assets | 10.00% | ||
Non-United States Plans | Real estate funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 8.2 | $ 8.2 | |
Non-United States Plans | Real estate funds | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Non-United States Plans | Real estate funds | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 8.2 | 8.2 | |
Non-United States Plans | Real estate funds | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Non-United States Plans | Insurance contracts | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 107.7 | 108.8 | |
Non-United States Plans | Insurance contracts | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Non-United States Plans | Insurance contracts | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Non-United States Plans | Insurance contracts | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 107.7 | 108.8 | |
Non-United States Plans | Cash and cash equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 35.5 | 5.1 | |
Non-United States Plans | Cash and cash equivalents | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 35.5 | 5.1 | |
Non-United States Plans | Cash and cash equivalents | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Non-United States Plans | Cash and cash equivalents | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 0 | $ 0 |
Retirement and Deferred Comp_11
Retirement and Deferred Compensation Plans - Changes in Fair Value of Pension Assets Measured Using Level 3 Inputs (Details) - Pension plans - Common contractual funds and insurance contracts - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Change in Plan Assets | ||
Fair value of plan assets, beginning of year | $ 108.8 | $ 126.2 |
Transfers | 46.2 | (25.4) |
Actual return on plan assets | 4.2 | (5.3) |
Purchases, sales and settlements, net | (0.3) | (0.6) |
Currency exchange rate changes | (5) | 13.9 |
Fair value of plan assets, end of year | $ 153.9 | $ 108.8 |
Retirement and Deferred Comp_12
Retirement and Deferred Compensation Plans - Effect of One-Percentage Point Change in Assumed Health Care Cost Trend Rates (Details) - Retiree health care plan $ in Millions | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |
Effect of 1% increase on total of service and interest cost components | $ 0 |
Effect of 1% decrease on total of service and interest cost components | 0 |
Effect of 1% increase on benefit obligation | 0.3 |
Effect of 1% decrease on benefit obligation | $ (0.3) |
Retirement and Deferred Comp_13
Retirement and Deferred Compensation Plans - Projected Benefit Payment Estimates (Details) $ in Millions | Dec. 31, 2018USD ($) |
Pension plans | |
Defined Benefit Plan Disclosure [Line Items] | |
2,019 | $ 12.3 |
2,020 | 13.2 |
2,021 | 15.3 |
2,022 | 16 |
2,023 | 17.9 |
2024-2028 | 117.4 |
Total projected benefit payments | 192.1 |
Retiree health care plan | |
Defined Benefit Plan Disclosure [Line Items] | |
2,019 | 1.1 |
2,020 | 1.1 |
2,021 | 1.1 |
2,022 | 1.1 |
2,023 | 1.1 |
2024-2028 | 4.9 |
Total projected benefit payments | $ 10.4 |
Retirement and Deferred Comp_14
Retirement and Deferred Compensation Plans - Defined Contribution Plans and Deferred Compensation Plans (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Deferred compensation plans, asset and liability | $ 88.5 | $ 98 | |
Company Sponsored Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total expense | 17.7 | 17.6 | $ 21.4 |
Statutory Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total expense | $ 37.4 | $ 35.6 | $ 24 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions | Jan. 01, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Defined Benefit Plan Disclosure [Line Items] | |||||
Accumulated other comprehensive loss | $ 2,698.5 | $ 2,857.6 | $ 2,446.4 | $ 2,692.5 | |
Reclassification of cumulative unrealized gain on Swiss franchise's investment portfolio | $ 15.3 | ||||
Foreign currency translation | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Accumulated other comprehensive loss | (223.2) | (87.7) | |||
Translation loss on net investment hedge | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Accumulated other comprehensive loss | (4.7) | (39.9) | |||
Accumulated other comprehensive loss, income taxes | (12.9) | (23.1) | |||
Translation loss on long-term intercompany loans | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Accumulated other comprehensive loss | (137.2) | (128.8) | |||
Unrealized gain on investments | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Accumulated other comprehensive loss | 0 | 15.3 | |||
Accumulated other comprehensive loss, income taxes | 0 | 3.4 | |||
Defined benefit pension plans and Retiree health care plan | Defined benefit pension plans, net of income taxes of $(23.2) and $(27.8), respectively | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Accumulated other comprehensive loss | (37.9) | (50.5) | |||
Accumulated other comprehensive loss, income taxes | (23.2) | (27.8) | |||
Defined benefit pension plans and Retiree health care plan | Retiree health care plan, net of income taxes of $2.0 for both 2018 and 2017 | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Accumulated other comprehensive loss | 3.2 | 3.4 | |||
Accumulated other comprehensive loss, income taxes | 2 | 2 | |||
Accumulated other comprehensive loss | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Accumulated other comprehensive loss | $ (399.8) | $ (288.2) | $ (426.1) | $ (286) |
Leases (Details)
Leases (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Year | |||
2,019 | $ 151.4 | ||
2,020 | 115.2 | ||
2,021 | 85.5 | ||
2,022 | 65 | ||
2,023 | 44.1 | ||
Thereafter | 105.6 | ||
Total minimum lease payments | 566.8 | ||
Rental expense for all operating leases | $ 175.8 | $ 173.1 | $ 166.5 |
Interest and Other Expenses (De
Interest and Other Expenses (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Other Nonoperating Income (Expense) [Abstract] | |||
Interest expense | $ 47 | $ 49.4 | $ 49.5 |
Interest income | (6) | (4.8) | (3.6) |
Foreign exchange loss | 1.4 | 0.8 | 2.8 |
Miscellaneous (income) expense, net | (0.4) | 6.5 | (4.5) |
Interest and other expenses | $ 42 | $ 51.9 | $ 44.2 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Details) | 12 Months Ended | ||||
Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2018EUR (€) | Jun. 22, 2018EUR (€) | |
Euro-denominated notes | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Unrealized translation loss on net investment hedge included in accumulated other comprehensive loss, net of taxes | $ 500,000 | $ 35,700,000 | |||
Designated as economic hedges | Forward contracts | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Unrealized translation loss on net investment hedge included in accumulated other comprehensive loss, net of taxes | 4,200,000 | 4,200,000 | |||
Not designated as hedges | Forward contracts | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Loss associated with forward contracts included in interest and other expenses | $ 1,600,000 | ||||
Gain associated with forward contracts included in interest and other expenses | 2,200,000 | $ 0 | |||
€400 due September 2022 | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Principal amount | € | € 400,000,000 | ||||
€400 due September 2022 | Designated as economic hedges | Euro-denominated notes | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Principal amount | 456,800,000 | 400,000,000 | |||
€500 due June 2026 | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Principal amount | € | € 500,000,000 | ||||
Senior notes | €500 due June 2026 | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Principal amount | $ 567,800,000 | € 500,000,000 |
Contingencies (Details)
Contingencies (Details) € in Millions | Apr. 26, 2017USD ($) | Apr. 26, 2017EUR (€) | Dec. 31, 2018USD ($) |
Guarantees | |||
Loss Contingencies [Line Items] | |||
Loss contingency | $ 139,000,000 | ||
Stand-by letters of credit | |||
Loss Contingencies [Line Items] | |||
Loss contingency | 51,300,000 | ||
Guarantee contracts and stand-by letters of credit | |||
Loss Contingencies [Line Items] | |||
Loss contingency | 190,300,000 | ||
7S | |||
Loss Contingencies [Line Items] | |||
Additional consideration sought from the seller of 7S | $ 23,900,000 | € 20.8 | |
Loss contingency | $ 0 |
Segment Data - Segment Informat
Segment Data - Segment Information (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||
Revenues from Services | $ 5,393.2 | $ 5,418.7 | $ 5,656.9 | $ 5,522.4 | $ 5,637.5 | $ 5,464.8 | $ 5,174.8 | $ 4,757.2 | $ 21,991.2 | $ 21,034.3 | $ 19,654.1 |
Operating Unit Profit | 941.8 | 932.2 | 874.3 | ||||||||
Corporate expenses | (110) | (108.4) | (92.8) | ||||||||
Intangible asset amortization expense | (35.1) | (34.6) | (36) | ||||||||
Interest and other expenses | (42) | (51.9) | (44.2) | ||||||||
Earnings before income taxes | 754.7 | 737.3 | 701.3 | ||||||||
Depreciation and Amortization Expense | 85.8 | 84.4 | 85.3 | ||||||||
Earnings from Equity Investments | 1.2 | 15 | 3.6 | ||||||||
Total Assets | 8,519.8 | 8,883.6 | 8,519.8 | 8,883.6 | 7,574.2 | ||||||
Equity Investments | 161.4 | 158.7 | 161.4 | 158.7 | 145.8 | ||||||
Long-Lived Assets | 160 | 161.3 | 160 | 161.3 | 150.6 | ||||||
Additions to Long-Lived Assets | 60.3 | 53.9 | 54.6 | ||||||||
Americas | |||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||
Revenues from Services | 4,159.3 | 4,216.4 | 4,297.2 | ||||||||
Operating Unit Profit | 203.9 | 213.3 | 195.9 | ||||||||
Earnings from Equity Investments | 0 | 0 | 0 | ||||||||
Americas | United States | |||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||
Revenues from Services | 2,522.3 | 2,659 | 2,836.8 | ||||||||
Operating Unit Profit | 130.8 | 152.1 | 142.3 | ||||||||
Earnings from Equity Investments | 0 | 0 | 0 | ||||||||
Americas | Other Americas | |||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||
Revenues from Services | 1,637 | 1,557.4 | 1,460.4 | ||||||||
Operating Unit Profit | 73.1 | 61.2 | 53.6 | ||||||||
Earnings from Equity Investments | 0 | 0 | 0 | ||||||||
Southern Europe | |||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||
Revenues from Services | 9,371.6 | 8,657 | 7,497.6 | ||||||||
Operating Unit Profit | 467.6 | 443.9 | 378.8 | ||||||||
Earnings from Equity Investments | 1.5 | 15 | 3.6 | ||||||||
Southern Europe | France | |||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||
Revenues from Services | 5,827.7 | 5,477.2 | 4,837.4 | ||||||||
Operating Unit Profit | 290.4 | 280 | 252.5 | ||||||||
Earnings from Equity Investments | 0 | 0 | 0 | ||||||||
Southern Europe | Italy | |||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||
Revenues from Services | 1,670.6 | 1,475.9 | 1,167.7 | ||||||||
Operating Unit Profit | 111.1 | 104.5 | 79.1 | ||||||||
Earnings from Equity Investments | (0.2) | 0 | 0 | ||||||||
Southern Europe | Other Southern Europe | |||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||
Revenues from Services | 1,873.3 | 1,703.9 | 1,492.5 | ||||||||
Operating Unit Profit | 66.1 | 59.4 | 47.2 | ||||||||
Earnings from Equity Investments | 1.7 | 15 | 3.6 | ||||||||
Northern Europe | |||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||
Revenues from Services | 5,370.5 | 5,306.4 | 5,129.1 | ||||||||
Operating Unit Profit | 122.7 | 140.1 | 166.4 | ||||||||
Earnings from Equity Investments | 0 | 0 | 0 | ||||||||
APME | |||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||
Revenues from Services | 2,890.3 | 2,636.4 | 2,471.3 | ||||||||
Operating Unit Profit | 114.8 | 98.9 | 88.5 | ||||||||
Earnings from Equity Investments | (0.3) | 0 | 0 | ||||||||
Right Management | |||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||
Revenues from Services | 199.5 | 218.1 | 258.9 | ||||||||
Operating Unit Profit | 32.8 | 36 | 44.7 | ||||||||
Earnings from Equity Investments | 0 | 0 | 0 | ||||||||
Reportable segments | Americas | |||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||
Depreciation and Amortization Expense | 10.4 | 11.8 | 12.6 | ||||||||
Total Assets | 2,168.9 | 2,110.6 | 2,168.9 | 2,110.6 | 2,033.3 | ||||||
Equity Investments | 0 | 0 | 0 | 0 | 0 | ||||||
Long-Lived Assets | 25.6 | 26.7 | 25.6 | 26.7 | 34 | ||||||
Reportable segments | Americas | United States | |||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||
Depreciation and Amortization Expense | 8.2 | 9.3 | 9.9 | ||||||||
Total Assets | 1,827.4 | 1,781.4 | 1,827.4 | 1,781.4 | 1,718.9 | ||||||
Equity Investments | 0 | 0 | 0 | 0 | 0 | ||||||
Long-Lived Assets | 19.6 | 20.6 | 19.6 | 20.6 | 27.7 | ||||||
Reportable segments | Americas | Other Americas | |||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||
Depreciation and Amortization Expense | 2.2 | 2.5 | 2.7 | ||||||||
Total Assets | 341.5 | 329.2 | 341.5 | 329.2 | 314.4 | ||||||
Equity Investments | 0 | 0 | 0 | 0 | 0 | ||||||
Long-Lived Assets | 6 | 6.1 | 6 | 6.1 | 6.3 | ||||||
Reportable segments | Southern Europe | |||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||
Depreciation and Amortization Expense | 20.7 | 18.8 | 16.4 | ||||||||
Total Assets | 3,711.4 | 3,786 | 3,711.4 | 3,786 | 2,889.8 | ||||||
Equity Investments | 158.1 | 157.6 | 158.1 | 157.6 | 139.7 | ||||||
Long-Lived Assets | 77.6 | 77.1 | 77.6 | 77.1 | 62.4 | ||||||
Reportable segments | Southern Europe | France | |||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||
Depreciation and Amortization Expense | 14 | 12.3 | 11 | ||||||||
Total Assets | 2,729.7 | 2,753.1 | 2,729.7 | 2,753.1 | 2,104.8 | ||||||
Equity Investments | 0 | 0 | 0 | 0 | 0.2 | ||||||
Long-Lived Assets | 49.2 | 47.9 | 49.2 | 47.9 | 39.7 | ||||||
Reportable segments | Southern Europe | Italy | |||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||
Depreciation and Amortization Expense | 1.9 | 1.8 | 1.9 | ||||||||
Total Assets | 405 | 436.7 | 405 | 436.7 | 294.9 | ||||||
Equity Investments | 0.3 | 0.4 | 0.3 | 0.4 | 0.4 | ||||||
Long-Lived Assets | 5 | 4.9 | 5 | 4.9 | 4.4 | ||||||
Reportable segments | Southern Europe | Other Southern Europe | |||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||
Depreciation and Amortization Expense | 4.8 | 4.7 | 3.5 | ||||||||
Total Assets | 576.7 | 596.2 | 576.7 | 596.2 | 490.1 | ||||||
Equity Investments | 157.8 | 157.2 | 157.8 | 157.2 | 139.1 | ||||||
Long-Lived Assets | 23.4 | 24.3 | 23.4 | 24.3 | 18.3 | ||||||
Reportable segments | Northern Europe | |||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||
Depreciation and Amortization Expense | 11 | 10.6 | 10.9 | ||||||||
Total Assets | 1,237 | 1,569 | 1,237 | 1,569 | 1,292.4 | ||||||
Equity Investments | 0 | 0 | 0 | 0 | 0.1 | ||||||
Long-Lived Assets | 29.9 | 28 | 29.9 | 28 | 25.4 | ||||||
Reportable segments | APME | |||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||
Depreciation and Amortization Expense | 5.7 | 4.7 | 5.3 | ||||||||
Total Assets | 754 | 780.7 | 754 | 780.7 | 612.8 | ||||||
Equity Investments | 2.3 | 0.1 | 2.3 | 0.1 | 0 | ||||||
Long-Lived Assets | 21.5 | 21.4 | 21.5 | 21.4 | 17.9 | ||||||
Reportable segments | Right Management | |||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||
Depreciation and Amortization Expense | 2.8 | 3.7 | 3.9 | ||||||||
Total Assets | 127.6 | 138.1 | 127.6 | 138.1 | 136.6 | ||||||
Equity Investments | 0 | 0 | 0 | 0 | 0 | ||||||
Long-Lived Assets | 5.3 | 8 | 5.3 | 8 | 10.7 | ||||||
Corporate | |||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||
Depreciation and Amortization Expense | 0.1 | 0.2 | 0.2 | ||||||||
Total Assets | 520.9 | 499.2 | 520.9 | 499.2 | 609.3 | ||||||
Equity Investments | 1 | 1 | 1 | 1 | 6 | ||||||
Long-Lived Assets | $ 0.1 | $ 0.1 | 0.1 | 0.1 | 0.2 | ||||||
Additions to Long-Lived Assets | 0.1 | 0 | 0 | ||||||||
Segment Reconciling Items | |||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||
Intangible asset amortization expense | (35.1) | (34.6) | (36) | ||||||||
Segment Reconciling Items | Americas | |||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||
Additions to Long-Lived Assets | 10.4 | 9.1 | 13.8 | ||||||||
Segment Reconciling Items | Americas | United States | |||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||
Additions to Long-Lived Assets | 7.6 | 6.7 | 11.9 | ||||||||
Segment Reconciling Items | Americas | Other Americas | |||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||
Additions to Long-Lived Assets | 2.8 | 2.4 | 1.9 | ||||||||
Segment Reconciling Items | Southern Europe | |||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||
Additions to Long-Lived Assets | 26.2 | 25.7 | 23.9 | ||||||||
Segment Reconciling Items | Southern Europe | France | |||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||
Additions to Long-Lived Assets | 18.1 | 15.2 | 13.3 | ||||||||
Segment Reconciling Items | Southern Europe | Italy | |||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||
Additions to Long-Lived Assets | 2.2 | 1.7 | 1.7 | ||||||||
Segment Reconciling Items | Southern Europe | Other Southern Europe | |||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||
Additions to Long-Lived Assets | 5.9 | 8.8 | 8.9 | ||||||||
Segment Reconciling Items | Northern Europe | |||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||
Additions to Long-Lived Assets | 16.6 | 11.8 | 8.5 | ||||||||
Segment Reconciling Items | APME | |||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||
Additions to Long-Lived Assets | 6.8 | 6.3 | 3.9 | ||||||||
Segment Reconciling Items | Right Management | |||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||
Additions to Long-Lived Assets | $ 0.2 | $ 1 | $ 4.5 |
Segment Data - Segment Inform_2
Segment Data - Segment Information by Geographical Region (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenues from Services | $ 5,393.2 | $ 5,418.7 | $ 5,656.9 | $ 5,522.4 | $ 5,637.5 | $ 5,464.8 | $ 5,174.8 | $ 4,757.2 | $ 21,991.2 | $ 21,034.3 | $ 19,654.1 |
Long-Lived Assets | 160 | 161.3 | 160 | 161.3 | 150.6 | ||||||
Franchise fees | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenues from Services | 24.1 | 23.7 | 23.3 | ||||||||
Americas | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenues from Services | 4,159.3 | 4,216.4 | 4,297.2 | ||||||||
Americas | United States | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenues from Services | 2,522.3 | 2,659 | 2,836.8 | ||||||||
Americas | United States | Franchise fees | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenues from Services | 15 | 14.8 | 15.1 | ||||||||
Americas | Reportable segments | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Long-Lived Assets | 25.6 | 26.7 | 25.6 | 26.7 | 34 | ||||||
Americas | Reportable segments | United States | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Long-Lived Assets | 19.6 | 20.6 | 19.6 | 20.6 | 27.7 | ||||||
United States Plans | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenues from Services | 2,608.9 | 2,758.5 | 2,950.2 | ||||||||
Long-Lived Assets | 22.4 | 24.9 | 22.4 | 24.9 | 33.9 | ||||||
France | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenues from Services | 5,846.4 | 5,493.9 | 4,857.3 | ||||||||
Long-Lived Assets | 50.1 | 49.1 | 50.1 | 49.1 | 40.9 | ||||||
Italy | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenues from Services | 1,673.9 | 1,479.4 | 1,170.7 | ||||||||
Long-Lived Assets | 5 | 4.9 | 5 | 4.9 | 4.4 | ||||||
United Kingdom | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenues from Services | 1,672.1 | 1,619.2 | 1,819.7 | ||||||||
Long-Lived Assets | 7 | 9.1 | 7 | 9.1 | 9 | ||||||
Total Foreign | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenues from Services | 19,382.3 | 18,275.8 | 16,703.9 | ||||||||
Long-Lived Assets | $ 137.6 | $ 136.4 | $ 137.6 | $ 136.4 | $ 116.7 |
Quarterly Data (Unaudited) (Det
Quarterly Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Revenues from services | $ 5,393.2 | $ 5,418.7 | $ 5,656.9 | $ 5,522.4 | $ 5,637.5 | $ 5,464.8 | $ 5,174.8 | $ 4,757.2 | $ 21,991.2 | $ 21,034.3 | $ 19,654.1 |
Gross profit | 880.3 | 890.6 | 922.7 | 885.4 | 934.5 | 900.6 | 861.7 | 787.8 | 3,579 | 3,484.6 | 3,333.8 |
Operating profit | 217.9 | 216.7 | 208.3 | 153.8 | 237.4 | 228.7 | 195.2 | 127.9 | 796.7 | 789.2 | 745.5 |
Net earnings | $ 158.3 | $ 158 | $ 143.4 | $ 97 | $ 216.3 | $ 137.7 | $ 117 | $ 74.4 | $ 556.7 | $ 545.4 | $ 443.7 |
Net earnings per share - basic (in dollars per share) | $ 2.56 | $ 2.45 | $ 2.18 | $ 1.46 | $ 3.26 | $ 2.06 | $ 1.74 | $ 1.10 | $ 8.62 | $ 8.13 | $ 6.33 |
Net earnings per share - diluted (in dollars per share) | 2.54 | 2.43 | 2.17 | 1.45 | 3.22 | 2.04 | 1.72 | 1.09 | 8.56 | 8.04 | 6.27 |
Dividends per share (in dollars per share) | $ 1.01 | $ 0 | $ 1.01 | $ 0 | $ 0.93 | $ 0 | $ 0.93 | $ 0 | $ 2.02 | $ 1.86 | $ 1.72 |
Restructuring costs | $ 15.3 | $ 24 | $ 10.5 | $ 24 | |||||||
Restructuring costs per diluted share (in dollars per share) | $ (0.18) | $ (0.27) | $ (0.10) | $ (0.30) | |||||||
Net tax expense (benefits) related to the Tax Act and French tax reform | $ (73.7) | $ 3.2 | $ (73.7) | $ 0 | |||||||
Net tax benefits per diluted share (in dollars per share) | $ 1.10 |
Schedule II VALUATION AND QUA_2
Schedule II VALUATION AND QUALIFYING ACCOUNTS (Details) - Allowance for doubtful accounts - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Year | $ 110.8 | $ 98.2 | $ 98.1 |
Provisions Charged to Earnings | 23 | 18.1 | 20.4 |
Write-Offs | (12) | (17.6) | (16.9) |
Translation Adjustments | (6.3) | 12.4 | (3.2) |
Reclassifications and other, additions | 0.2 | ||
Reclassifications and other, deductions | (0.3) | (0.2) | |
Balance at End of Year | $ 115.7 | $ 110.8 | $ 98.2 |
Uncategorized Items - man-20181
Label | Element | Value |
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ 0 |
AOCI Attributable to Parent [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | (15,300,000) |
Retained Earnings [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ 15,300,000 |