Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2019 | May 07, 2019 | |
Document And Entity Information [Abstract] | ||
Entity Registrant Name | ManpowerGroup Inc. | |
Entity Central Index Key | 0000871763 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 59,820,998 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q1 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2019 |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 566.3 | $ 591.9 |
Accounts receivable, less allowance for doubtful accounts of $114.9 and $115.7, respectively | 5,186.3 | 5,276.1 |
Prepaid expenses and other assets | 282.8 | 129.1 |
Total current assets | 6,035.4 | 5,997.1 |
OTHER ASSETS: | ||
Goodwill | 1,293.6 | 1,297.1 |
Intangible assets, less accumulated amortization of $373.8 and $367.7, respectively | 238.2 | 246.3 |
Operating lease right-of-use asset | 434 | |
Other assets | 670.8 | 826.7 |
Total other assets | 2,636.6 | 2,370.1 |
PROPERTY AND EQUIPMENT: | ||
Land, buildings, leasehold improvements and equipment | 601.3 | 613.6 |
Less: accumulated depreciation and amortization | 454.9 | 461 |
Net property and equipment | 146.4 | 152.6 |
Total assets | 8,818.4 | 8,519.8 |
CURRENT LIABILITIES: | ||
Accounts payable | 2,300.7 | 2,266.7 |
Employee compensation payable | 185.9 | 209.7 |
Accrued liabilities | 553.5 | 411 |
Accrued payroll taxes and insurance | 633.7 | 729.8 |
Value added taxes payable | 490.4 | 508.6 |
Short-term borrowings and current maturities of long-term debt | 52.6 | 50.1 |
Total current liabilities | 4,216.8 | 4,175.9 |
OTHER LIABILITIES: | ||
Long-term debt | 1,003.3 | 1,025.3 |
Long-term operating lease liability | 319.5 | |
Other long-term liabilities | 628.9 | 620.1 |
Total other liabilities | 1,951.7 | 1,645.4 |
ManpowerGroup shareholders' equity | ||
Preferred stock, $.01 par value, authorized 25,000,000 shares, none issued | 0 | 0 |
Common stock, $.01 par value, authorized 125,000,000 shares, issued 117,043,224 and 116,795,899 shares, respectively | 1.2 | 1.2 |
Capital in excess of par value | 3,343 | 3,337.5 |
Retained earnings | 3,211.2 | 3,157.7 |
Accumulated other comprehensive loss | (401.8) | (399.8) |
Treasury stock at cost, 57,308,380 and 56,044,485 shares, respectively | (3,578) | (3,471.7) |
Total ManpowerGroup shareholders’ equity | 2,575.6 | 2,624.9 |
Noncontrolling interests | 74.3 | 73.6 |
Total shareholders’ equity | 2,649.9 | 2,698.5 |
Total liabilities and shareholders’ equity | $ 8,818.4 | $ 8,519.8 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
CURRENT ASSETS: | ||
Allowance for doubtful accounts | $ 114.9 | $ 115.7 |
OTHER ASSETS: | ||
Accumulated amortization on intangible assets | $ 373.8 | $ 367.7 |
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) | 117,043,224 | 116,795,899 |
Treasury stock at cost (in shares) | 57,308,380 | 56,044,485 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Income Statement [Abstract] | ||
Revenues from services | $ 5,044.9 | $ 5,522.4 |
Cost of services | 4,240.1 | 4,637 |
Gross profit | 804.8 | 885.4 |
Selling and administrative expenses | 699.3 | 731.6 |
Operating profit | 105.5 | 153.8 |
Interest and other expenses | 11.9 | 16.1 |
Earnings before income taxes | 93.6 | 137.7 |
Provision for income taxes | 40.1 | 40.7 |
Net earnings | $ 53.5 | $ 97 |
Net earnings per share - basic (in dollars per share) | $ 0.88 | $ 1.46 |
Net earnings per share - diluted (in dollars per share) | $ 0.88 | $ 1.45 |
Weighted average shares - basic (in shares) | 60.6 | 66.3 |
Weighted average shares - diluted (in shares) | 61 | 66.9 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Statement of Comprehensive Income [Abstract] | ||
Net earnings | $ 53.5 | $ 97 |
Other comprehensive (loss) income: | ||
Foreign currency translation adjustments | (30.6) | 47.7 |
Translation adjustments on net investment hedge, net of income taxes of $5.1 and $(4.8), respectively | 17.4 | (16.4) |
Translation adjustments of long-term intercompany loans | 11 | 7.6 |
Defined benefit pension plans and retiree health care plan, net of income taxes of $0.1 and $0.2, respectively | 0.2 | 0.5 |
Total other comprehensive (loss) income | (2) | 39.4 |
Comprehensive income | $ 51.5 | $ 136.4 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Other comprehensive (loss) income: | ||
Income tax expense (benefit) on translation adjustments on net investment hedge | $ 5.1 | $ (4.8) |
Income tax expense on defined benefit pension plans and retiree health care plan | $ 0.1 | $ 0.2 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net earnings | $ 53.5 | $ 97 |
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 19.4 | 21.7 |
Non-cash lease expense | 30 | |
Deferred income taxes | 2 | (11.9) |
Provision for doubtful accounts | 4.3 | 5.1 |
Share-based compensation | 4.6 | 7.5 |
Changes in operating assets and liabilities, excluding the impact of acquisitions: | ||
Accounts receivable | 29.4 | 66.7 |
Other assets | (19.4) | (72.6) |
Other liabilities | (21.9) | (171.9) |
Cash provided by (used in) operating activities | 101.9 | (58.4) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Capital expenditures | (10) | (12.7) |
Acquisitions of businesses, net of cash acquired | 0 | (8.2) |
Proceeds from the sale of investments, property and equipment | 3.5 | 5.9 |
Cash used in investing activities | (6.5) | (15) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Net change in short-term borrowings | 2.3 | (4.3) |
Proceeds from long-term debt | 0.4 | 0 |
Repayments of long-term debt | (0.1) | (0.1) |
Payments of contingent consideration for acquisitions | (0.6) | (8.7) |
Proceeds from share-based awards and other equity transactions | 0.9 | 3.6 |
Payments to noncontrolling interests | 0 | (0.7) |
Other share-based award transactions | (5.4) | (16.8) |
Repurchases of common stock | (101) | (50.1) |
Cash used in financing activities | (103.5) | (77.1) |
Effect of exchange rate changes on cash | (17.5) | 13.7 |
Change in cash and cash equivalents | (25.6) | (136.8) |
Cash and cash equivalents, beginning of year | 591.9 | 689 |
Cash and cash equivalents, end of period | 566.3 | 552.2 |
SUPPLEMENTAL CASH FLOW INFORMATION: | ||
Interest paid | 5 | 6.4 |
Income taxes paid, net | 17.3 | $ 16.6 |
Non-cash operating activity: Right-of-use assets obtained in exchange for new operating lease liabilities | $ 14.4 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity Statement - 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, beginning of period (in shares) at Dec. 31, 2017 | 116,303,729 | ||||||
Balance, beginning 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 | 97 | 97 | |||||
Other comprehensive income (loss) | 39.4 | 39.4 | |||||
Issuances under equity plans (in shares) | 437,703 | ||||||
Issuances under equity plans | (13.8) | 2.9 | (16.7) | ||||
Share-based compensation expense | 7.5 | 7.5 | |||||
Repurchases of common stock | (50.1) | (50.1) | |||||
Noncontrolling interest transactions | 1.4 | 0.3 | 1.1 | ||||
Balance, end of period (in shares) at Mar. 31, 2018 | 116,741,432 | ||||||
Balance, end of period at Mar. 31, 2018 | 2,939 | $ 1.2 | 3,313.3 | 2,825.3 | (264.1) | (3,020.5) | 83.8 |
Balance, beginning of period (in shares) at Dec. 31, 2018 | 116,795,899 | ||||||
Balance, beginning of period at Dec. 31, 2018 | 2,698.5 | $ 1.2 | 3,337.5 | 3,157.7 | (399.8) | (3,471.7) | 73.6 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net earnings | 53.5 | 53.5 | |||||
Other comprehensive income (loss) | (2) | (2) | |||||
Issuances under equity plans (in shares) | 247,325 | ||||||
Issuances under equity plans | (4.9) | 0.4 | (5.3) | ||||
Share-based compensation expense | 4.6 | 4.6 | |||||
Repurchases of common stock | (101) | (101) | |||||
Noncontrolling interest transactions | 1.2 | 0.5 | 0.7 | ||||
Balance, end of period (in shares) at Mar. 31, 2019 | 117,043,224 | ||||||
Balance, end of period at Mar. 31, 2019 | $ 2,649.9 | $ 1.2 | $ 3,343 | $ 3,211.2 | $ (401.8) | $ (3,578) | $ 74.3 |
Basis of Presentation and Accou
Basis of Presentation and Accounting Policies | 3 Months Ended |
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Accounting Policies | Basis of Presentation and Accounting Policies Basis of Presentation Certain information and footnote disclosures normally included in the financial statements prepared in accordance with United States Generally Accepted Accounting Principles ("GAAP") have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission, although we believe that the disclosures are adequate to make the information presented not misleading. These Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements included in our 2018 Annual Report on Form 10-K. The information furnished reflects all adjustments that, in the opinion of management, were necessary for a fair statement of the Consolidated Financial Statements for the periods presented. Such adjustments were of a normal recurring nature, unless otherwise disclosed. Leases We determine whether a contract is or contains a lease at contract inception. Right-of-use (“ROU”) assets and long-term lease liabilities are presented as separate line items on our Consolidated Balance Sheets. Current operating lease liabilities are included in accrued expenses on our Consolidated Balance Sheets. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Lease liabilities are recognized at commencement date based on the present value of remaining lease payments over the lease term. As the rate implicit in the lease is not readily determinable in most of our leases, we use our incremental borrowing rate. We determine our incremental borrowing rate at the commencement date using our unsecured borrowing rate, adjusted for collaterization, lease term, economic environment, currency and other factors. ROU assets are recognized at commencement date at the value of the related lease liabilities, adjusted for any prepayments, lease incentives received, and initial direct costs incurred. Our lease terms include options to renew or not terminate the lease when it is reasonably certain that we will exercise that option. Lease expenses for operating leases are recognized on a straight-line basis over the lease term and recorded in selling and administrative expenses on the Consolidated Statements of Operations. Subsequent Events On April 3, 2019, we acquired the remaining 51% controlling interest in our Swiss franchise (“Manpower Switzerland”) to obtain full ownership of the entity. Additionally, as part of the purchase agreement we acquired the remaining 20% interest in Experis AG. Manpower Switzerland provides contingent staffing services under our Manpower brand in the four main language regions in Switzerland. Both Manpower Switzerland and Experis AG are reported in our Southern Europe segment. The aggregate cash consideration paid was $212.7 and was funded through cash on hand. Of the total consideration paid, $58.3 was for the acquired interests and the remaining $154.4 was for cash and cash equivalents. Our investment in Manpower Switzerland prior to the acquisition was accounted for under the equity method of accounting and we recorded our share of equity income or loss in interest and other expenses on the Consolidated Statements of Operations. The acquisition of the remaining controlling interest in Manpower Switzerland will be accounted for as a business combination and the assets and liabilities of Manpower Switzerland will be included in the Consolidated Balance Sheets as of the acquisition date, and its performance will be included in the Consolidated Statements of Operations subsequent to the acquisition date. The major classes of assets and liabilities of Manpower Switzerland are expected to be cash and cash equivalents, accounts receivable, current and long-term liabilities, goodwill and other intangible assets (amortizable and non-amortizable) and the funded status of its defined benefit pension plan. The acquisition of the remaining interest of Experis AG will be accounted for as the purchase of a noncontrolling interest as we previously consolidated the entity. On April 11, 2019, we sold a portion of our French payroll tax credits earned in 2018 for net proceeds of $103.5 ( €92.0 ). We derecognized these receivables and the additional interest upon the sale date as the terms of the agreement are such that the transaction qualifies for sale treatment according to the accounting guidance on the transfer and servicing of assets. The discount on the sale of these receivables was recorded in cost of services as a reduction of the payroll tax credits. We have evaluated all other events and transactions occurring after the balance sheet date through our filing date and have accrued or disclosed, if appropriate. |
Recently Issued Accounting Stan
Recently Issued Accounting Standards | 3 Months Ended |
Mar. 31, 2019 | |
Accounting Changes and Error Corrections [Abstract] | |
Recently Issued Accounting Standards | Recent Accounting Standards Accounting Standards Effective as of January 1, 2019 In February 2016, the Financial Accounting Standards Board ("FASB") issued new accounting guidance on leases, ASU No. 2016-02, Leases (Topic 842), which we adopted on January 1, 2019. The new guidance requires that a lessee recognize ROU assets and lease liabilities on the balance sheet for leases with lease terms longer than 12 months. The recognition, measurement and presentation of lease expenses and cash flows depend on the classification by the lessee as a finance or operating lease. We determined that no cumulative effect adjustment to retained earnings was necessary upon adoption. As of the transition date, the ROU asset and total lease liability (current and long-term) were $458.1 and $458.7 , respectively. We elected the package of three practical expedients which lessened the transitional burden of implementing the new guidance. Accordingly, we did 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) the initial direct costs for any existing leases. We have elected the practical expedient to not separate lease and non-lease components. 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. We adopted this guidance effective January 1, 2019. There was no impact of this adoption on our Consolidated Financial Statements. See Note 14 for the modified disclosures. In February 2018, the FASB issued new guidance on reporting comprehensive income. The new guidance allows a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the United States Tax Cuts and Jobs Act of 2017 ("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 makes the accounting for share-based payment awards issued to nonemployees la rgely consistent with the accounting for share-based payment awards issued to employees. We adopted this guidance effective January 1, 2019. T here was no impact of this adoption on our Consolidated Financial Statements. Recently Issued Accounting Standards 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 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. 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. |
Revenue Recognition
Revenue Recognition | 3 Months Ended |
Mar. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | Revenue Recognition 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. 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 March 31, 2019 related to remaining performance obligations, which are not material. 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 $39.2 at March 31, 2019 and $42.8 at December 31, 2018 . The decrease is due to $23.6 of revenues recognized related to amounts that were included in the December 31, 2018 balance, partially offset by payments or amounts due in advance of satisfying our performance obligations in the first three months of 2019. In the following table, revenue is disaggregated by service types for each of our reportable segments. See Note 2 to the consolidated financial statements in our 2018 Annual Report on Form10-K for descriptions of revenue service types: 3 Months Ended March 31, 2019 2018 Staffing and Interim Outcome-Based Solutions and Consulting Permanent Recruitment Other Total Staffing and Interim Outcome-Based Solutions and Consulting Permanent Recruitment Other Total Americas: United States $ 528.7 $ 31.0 $ 22.9 $ 21.0 $ 603.6 $ 543.2 $ 29.3 $ 21.8 $ 22.0 $ 616.3 Other Americas 385.4 11.7 5.8 0.8 403.7 388.2 11.2 6.0 0.9 406.3 914.1 42.7 28.7 21.8 1,007.3 931.4 40.5 27.8 22.9 1,022.6 Southern Europe: France 1,224.5 57.3 14.5 5.1 1,301.4 1,344.6 59.1 14.9 5.4 1,424.0 Italy 330.0 9.5 9.9 6.5 355.9 387.0 11.5 9.2 5.9 413.6 Other Southern Europe 347.0 80.1 14.2 3.6 444.9 378.7 77.7 14.5 3.5 474.4 1,901.5 146.9 38.6 15.2 2,102.2 2,110.3 148.3 38.6 14.8 2,312.0 Northern Europe 1,053.4 89.7 38.1 8.5 1,189.7 1,255.2 109.8 44.5 8.1 1,417.6 APME 583.4 69.4 43.7 3.4 699.9 599.2 68.4 49.0 3.6 720.2 Right Management — 10.1 — 35.7 45.8 — 11.5 — 38.5 50.0 Total $ 4,452.4 $ 358.8 $ 149.1 $ 84.6 $ 5,044.9 $ 4,896.1 $ 378.5 $ 159.9 $ 87.9 $ 5,522.4 In the following table, revenue is disaggregated by timing of revenue recognition for each of our reportable segments: 3 Months Ended March 31, 2019 2018 Services transferred over time Services transferred at a point in time Total Services transferred over time Services transferred at a point in time Total Americas: United States $ 590.6 $ 13.0 $ 603.6 $ 604.3 $ 12.0 $ 616.3 Other Americas 399.7 4.0 403.7 402.1 4.2 406.3 990.3 17.0 1,007.3 1,006.4 16.2 1,022.6 Southern Europe: France 1,287.7 13.7 1,301.4 1,409.6 14.4 1,424.0 Italy 346.6 9.3 355.9 404.8 8.8 413.6 Other Southern Europe 433.1 11.8 444.9 462.1 12.3 474.4 2,067.4 34.8 2,102.2 2,276.5 35.5 2,312.0 Northern Europe 1,156.6 33.1 1,189.7 1,379.2 38.4 1,417.6 APME 671.4 28.5 699.9 688.9 31.3 720.2 Right Management 45.8 — 45.8 50.0 — 50.0 Consolidated $ 4,931.5 $ 113.4 $ 5,044.9 $ 5,401.0 $ 121.4 $ 5,522.4 |
Share-Based Compensation Plans
Share-Based Compensation Plans | 3 Months Ended |
Mar. 31, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-Based Compensation Plans | Share-Based Compensation Plans During the three months ended March 31, 2019 and 2018, we recognized share-based compensation expense of $4.6 and $7.5 , respectively. The expense relates to stock options, deferred stock, restricted stock and performance share units. We recognize share-based compensation expense in selling and administrative expenses on a straight-line basis over the service period of each award. Consideration received from share-based awards was $0.9 and $3.6 for the three months ended March 31, 2019 and 2018, respectively. Our annual grant of share-based compensation generally takes place during the first quarter of each fiscal year. The number of shares underlying grants to employees and members of our Board of Directors, and the weighted-average fair value per share for shares granted during the first quarter of 2019 and 2018 are presented in the table below: 3 Months Ended March 31, 2019 2018 Shares Granted Wtd.-Avg. Per Share Shares Granted Wtd.-Avg. Per Share (thousands) Fair Value (thousands) Fair Value Stock Options 163 $ 17.78 122 $ 31.46 Deferred Stock Units 20 64.80 10 126.11 Restricted Stock Units 203 78.90 137 117.60 Performance Share Units 136 77.70 94 117.19 Total Shares Granted 522 $ 58.96 363 $ 88.76 |
Acquisitions
Acquisitions | 3 Months Ended |
Mar. 31, 2019 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions From time to time, we acquire and invest in companies throughout the world, including franchises. For the three months ended March 31, 2019 , the total cash consideration paid for acquisitions, net of cash acquired, was $0.6 , which represents contingent consideration payments related to previous acquisitions. For the three months ended March 31, 2018 , the total cash consideration for acquisitions, net of cash acquired, was $41.0 , the majority of which took place in the Netherlands. This balance includes initial acquisition payments of $8.2 and contingent consideration payments of $32.8 ( $8.7 of which had been recognized as a liability at the acquisition date). On April 26, 2017, the sellers of 7S Group GmbH, a company we acquired in 2015, formally disputed the contingent consideration related to the acquisition and are claiming an additional $23.3 ( €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. |
Restructuring Costs
Restructuring Costs | 3 Months Ended |
Mar. 31, 2019 | |
Restructuring and Related Activities [Abstract] | |
Restructuring Costs | Restructuring Costs We recorded net restructuring costs of $39.8 and $24.0 during the three months ended March 31, 2019 and 2018 , respectively, in selling and administrative expenses, primarily related to severances and office closures and consolidations in multiple countries and territories. During the three months ended March 31, 2019 , we made payments and reclassifications of $22.1 out of our restructuring reserve. We expect a majority of the remaining $33.2 reserve will be paid or utilized by the end of 2019 . Changes in the restructuring reserve by reportable segment and Corporate are shown below. Americas (1) Southern Europe (2) Northern Europe APME Right Management Corporate Total Balance, December 31, 2018 $ 0.3 $ 1.7 $ 13.1 $ — $ 0.4 $ — $ 15.5 Severance costs 3.8 5.3 16.5 3.5 0.2 1.5 30.8 Office closure costs and other 1.3 0.1 2.2 0.9 4.5 — 9.0 Costs paid, utilized or transferred out (3) (3.5 ) (1.1 ) (11.2 ) (1.5 ) (4.8 ) — (22.1 ) Balance, March 31, 2019 $ 1.9 $ 6.0 $ 20.6 $ 2.9 $ 0.3 $ 1.5 $ 33.2 (1) Balances related to the United States were $0.3 and $1.3 as of December 31, 2018 and March 31, 2019 , respectively. (2) Balances related to France were $0.9 as of both December 31, 2018 and March 31, 2019 . Balances related to Italy were $0.5 and $2.3 as of December 31, 2018 and March 31, 2019 , respectively. (3) Restructuring reserve of $7.6 was transferred to current operating lease liabilities during the three months ended March 31, 2019. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes We recorded income tax expense at an effective rate of 42.8% for the three months ended March 31, 2019 , as compared to an effective rate of 29.6% for the three months ended March 31, 2018 . The 2019 rate was unfavorably impacted by the transition of the French CICE subsidy, which was non-taxable, to new French subsidies in January 2019 that are taxable, and the recognition of valuation allowances against certain tax losses. The 42.8% effective tax rate in the quarter was higher than the United States Federal statutory rate of 21% primarily due to the French business tax, restructuring costs recorded in the quarter, our overall mix of earnings and the recognition of valuation allowances against certain tax losses. As of March 31, 2019 , we had gross unrecognized tax benefits related to various tax jurisdictions, including interest and penalties, of $35.0 that would favorably impact the effective tax rate if recognized. As of December 31, 2018 , we had gross unrecognized tax benefits related to various tax jurisdictions, including interest and penalties, of $34.2 . We do not expect our unrecognized tax benefits to change significantly over the next 12 months. We conduct business globally in various countries and territories. We are routinely audited by the tax authorities of the various tax jurisdictions in which we operate. Generally, the tax years that could be subject to examination are 2012 through 2019 for our major operations in France, Germany, Japan, the United Kingdom and the United States. As of March 31, 2019 , we are subject to tax audits in Austria, Canada, Denmark, France, Germany and the United States. We believe that the resolution of these audits will not have a material impact on earnings. |
Net Earnings Per Share
Net Earnings Per Share | 3 Months Ended |
Mar. 31, 2019 | |
Earnings Per Share [Abstract] | |
Net Earnings Per Share | Net Earnings Per Share The calculations of net earnings per share – basic and net earnings per share – diluted were as follows: 3 Months Ended March 31, 2019 2018 Net earnings available to common shareholders $ 53.5 $ 97.0 Weighted-average common shares outstanding (in millions) Weighted-average common shares outstanding - basic 60.6 66.3 Effect of dilutive securities - stock options — 0.2 Effect of other share-based awards 0.4 0.4 Weighted-average common shares outstanding - diluted 61.0 66.9 Net earnings per share - basic $ 0.88 $ 1.46 Net earnings per share - diluted $ 0.88 $ 1.45 There were 0.6 million and 0.1 million share-based awards excluded from the calculation of net earnings per share – diluted for the three months ended March 31, 2019 and 2018 , respectively, because their impact was anti-dilutive. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 3 Months Ended |
Mar. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets We have goodwill, finite-lived intangible assets and indefinite-lived intangible assets as follows: March 31, 2019 December 31, 2018 Gross Accumulated Amortization Net Gross Accumulated Amortization Net Goodwill (1) $ 1,293.6 $ — $ 1,293.6 $ 1,297.1 $ — $ 1,297.1 Intangible assets: Finite-lived: Customer relationships $ 443.1 $ 357.5 $ 85.6 $ 444.8 $ 351.7 $ 93.1 Other 18.1 16.3 1.8 18.5 16.0 2.5 461.2 373.8 87.4 463.3 367.7 95.6 Indefinite-lived: Tradenames (2) 52.0 — 52.0 52.0 — 52.0 Reacquired franchise rights 98.8 — 98.8 98.7 — 98.7 150.8 — 150.8 150.7 — 150.7 Total intangible assets $ 612.0 $ 373.8 $ 238.2 $ 614.0 $ 367.7 $ 246.3 (1) Balances were net of accumulated impairment loss of $513.4 as of both March 31, 2019 and December 31, 2018 . (2) Balances were net of accumulated impairment loss of $139.5 as of both March 31, 2019 and December 31, 2018 . Total consolidated amortization expense related to intangible assets for the remainder of 2019 is expected to be $21.6 and in each of the next five years is expected to be as follows: 2020 - $24.1 , 2021 - $13.2 , 2022 - $9.7 , 2023 - $7.6 and 2024 - $6.3 . Changes in the carrying value of goodwill by reportable segment and Corporate were as follows: Americas (1) Southern Europe (2) Northern Europe APME Right Management Corporate (3) Total Balance, December 31, 2018 $ 519.9 $ 112.2 $ 435.4 $ 102.0 $ 62.1 $ 65.5 $ 1,297.1 Goodwill acquired 0.4 — — — — — 0.4 Currency and other impacts 0.8 (1.9 ) (2.8 ) — — — (3.9 ) Balance, March 31, 2019 $ 521.1 $ 110.3 $ 432.6 $ 102.0 $ 62.1 $ 65.5 $ 1,293.6 (1) Balances related to the United States were $476.5 as of both December 31, 2018 and March 31, 2019 . (2) Balances related to France were $68.9 and $67.4 as of December 31, 2018 and March 31, 2019 , respectively. Balances related to Italy were $4.8 and $4.6 as of December 31, 2018 and March 31, 2019 , respectively. (3) The majority of the Corporate balance relates to goodwill attributable to our acquisition of Jefferson Wells ( $55.5 ) which is now part of the United States reporting unit. For purposes of monitoring our total assets by segment, we do not allocate the Corporate balance to the respective reportable segments as this is commensurate with how we operate our business. We do, however, include these balances within the appropriate reporting units for our goodwill impairment testing. See table below for the breakout of goodwill balances by reporting unit. Goodwill balances by reporting unit were as follows: March 31, December 31, 2019 2018 United States $ 532.0 $ 532.0 Germany 126.9 129.2 Netherlands 109.6 112.0 United Kingdom 95.7 93.7 France 67.4 68.9 Right Management 62.1 62.1 Other reporting units 299.9 299.2 Total goodwill $ 1,293.6 $ 1,297.1 |
Retirement Plans
Retirement Plans | 3 Months Ended |
Mar. 31, 2019 | |
Retirement Benefits [Abstract] | |
Retirement Plans | Retirement Plans The components of the net periodic benefit cost for our plans were as follows: 3 Months Ended March 31, Defined Benefit Pension Plans Retiree Health Care Plan 2019 2018 2019 2018 Service cost $ 2.5 $ 2.8 $ — $ — Interest cost 3.1 3.0 0.1 0.1 Expected return on assets (2.3 ) (2.8 ) — — Other 0.5 0.4 (0.2 ) (0.2 ) Total benefit cost (credit) $ 3.8 $ 3.4 $ (0.1 ) $ (0.1 ) During the three months ended March 31, 2019 , contributions made to our pension plans were $1.5 and contributions made to our retiree health care plan were $0.3 . During 2019 , we expect to make total contributions of approximately $7.9 to our pension plans and to fund our retiree health care payments as incurred. |
Shareholders' Equity
Shareholders' Equity | 3 Months Ended |
Mar. 31, 2019 | |
Equity [Abstract] | |
Shareholders' Equity | Shareholders’ Equity The components of accumulated other comprehensive loss, net of tax, were as follows: March 31, December 31, 2019 2018 Foreign currency translation $ (253.8 ) $ (223.2 ) Translation gain (loss) on net investment hedge, net of income taxes of $(7.8) and $(12.9), respectively 12.7 (4.7 ) Translation loss on long-term intercompany loans (126.2 ) (137.2 ) Defined benefit pension plans, net of income taxes of $(23.1) and $(23.2), respectively (37.6 ) (37.9 ) Retiree health care plan, net of income taxes of $2.0 for both 2019 and 2018 3.1 3.2 Accumulated other comprehensive loss $ (401.8 ) $ (399.8 ) Noncontrolling Interests 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 expenses of $1.0 and $1.2 for the three months ended March 31, 2019 and 2018 , respectively. Share Repurchases In August 2018, the Board of Directors authorized the repurchase of 6.0 million shares of our common stock. This authorization is in addition to the July 2016 Board authorization to repurchase 6.0 million shares of our common stock. Share repurchases may be made from time to time through a variety of methods, including open market purchases, block transactions, privately negotiated transactions or similar facilities. During the first quarter of 2019 , we repurchased a total of 1.2 million shares at a cost of $101.0 under the 2018 authorization. During the first quarter of 2018 , we repurchased 0.4 million shares at a cost of $50.1 under the 2016 authorization. As of March 31, 2019, there were 1.9 million shares remaining authorized for repurchase under the 2018 authorization and no shares remaining authorized for repurchase under the 2016 authorization. |
Interest and Other Expenses
Interest and Other Expenses | 3 Months Ended |
Mar. 31, 2019 | |
Other Nonoperating Income (Expense) [Abstract] | |
Interest and Other Expenses | Interest and Other Expenses Interest and other expenses consisted of the following: 3 Months Ended March 31, 2019 2018 Interest expense $ 10.2 $ 13.6 Interest income (1.5 ) (1.2 ) Foreign exchange loss (gain) 2.9 (0.1 ) Miscellaneous expense, net 0.3 3.8 Interest and other expenses $ 11.9 $ 16.1 |
Derivative Financial Instrument
Derivative Financial Instruments and Fair Value Measurements | 3 Months Ended |
Mar. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments and Fair Value Measurements | Derivative Financial Instruments and Fair Value Measurements 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. The €400.0 ( $446.9 ) notes due September 2022 and the €500.0 ( $555.5 ) notes due June 2026 were designated as a hedge of our net investment in our foreign subsidiaries with a Euro-functional currency as of March 31, 2019 . The gain or loss associated with foreign currency translation on these notes is recorded as a component of accumulated other comprehensive loss ("AOCI"), net of taxes. On occasion, forward contracts are also designated as a hedge of our net investment in our foreign subsidiaries. The effect of our net investment hedges on AOCI for the three months ended March 31 was as follows: Instrument Gain (Loss) Recognized in Other Comprehensive Income 2019 2018 (1) Euro Notes $ 22.4 $ (21.2 ) (1) The prior period amounts have been revised to conform with the current period presentation. 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. For both the three months ended March 31, 2019 and 2018, there was no effect on the Consolidated Statements of Operations from our forward contracts that are not designated as hedging instruments. The following tables present the fair value of derivative and non-derivative assets and liabilities on the Consolidated Balance Sheets as of March 31: Assets Balance Sheet Location 2019 2018 Instruments not designated as hedges: Foreign currency forward contracts Accounts receivable, net $ — $ — Total instruments $ — $ — Liabilities Balance Sheet Location 2019 2018 Instruments designated as hedges: Euro Notes Long-term debt 1,050.3 819.2 Instruments not designated as hedges: Foreign currency forward contracts Accrued liabilities — — Total instruments $ 1,050.3 $ 819.2 Fair Value Measurements The carrying value of long-term debt approximates fair value, except for the Euro-denominated notes. The fair value of the Euro-denominated notes, as observable at commonly quoted intervals (Level 2 inputs), was $1,050.3 and $1,052.9 as of March 31, 2019 and December 31, 2018 , respectively, compared to a carrying value of $1,002.4 and $1,024.6 , respectively. Our deferred compensation plan assets were $98.2 and $89.5 as of March 31, 2019 and December 31, 2018, respectively. We determine the fair value of these assets, comprised of publicly traded securities, by using market quotes as of the last day of the period (Level 1 inputs). We measure the fair value of the foreign currency forward contracts at the value based on either directly or indirectly observable inputs from third parties (Level 2 inputs). |
Leases
Leases | 3 Months Ended |
Mar. 31, 2019 | |
Leases [Abstract] | |
Leases | Leases We have operating leases for real estate, vehicles, and equipment. Our leases have remaining lease terms of 1 month to 12 years . Our lease agreements may include renewal or termination options for varying periods that are generally at our discretion. In our lease term, we only include those periods related to renewal options we are reasonably certain to exercise. However, we generally do not include these renewal options as we are not reasonably certain to renew at the lease commencement date. This determination is based on our consideration of certain economic, strategic and other factors that we evaluate at lease commencement date and reevaluate throughout the lease term. Some leases also include options to terminate the leases and we only include those periods beyond the termination date if we are reasonably certain not to exercise the termination option. Some leasing arrangements require variable payments that are dependent on usage or may vary for other reasons, such as payments for insurance and tax payments. The variable portion of lease payments is not included in our ROU assets or lease liabilities. Rather, variable payments, other than those dependent upon an index or rate, are expensed when the obligation for those payments is incurred and are included in lease expenses recorded in selling and administrative expenses on the Consolidated Statements of Operations. We have lease agreements with both lease and non-lease components that are treated as a single lease component for all underlying asset classes. Accordingly, all expenses associated with a lease contract are accounted for as lease expenses. We have elected to apply the short-term lease exception for all underlying asset classes. That is, leases with a term of 12 months or less are not recognized on the balance sheet, but rather expensed on a straight-line basis over the lease term. We do not include significant restrictions or covenants in our lease agreements, and residual value guarantees are generally not included within our operating leases. As of March 31, 2019 , we did not have any material additional operating leases that have not yet commenced. The components of lease expense were as follows: 3 Months Ended March 31, 2019 Operating lease expense $ 34.7 Short-term lease expense 6.1 Other lease expense (1) $ 5.1 Total lease expense $ 45.9 (1) Other lease expense includes immaterial variable lease expense and sublease income. Other information related to leases was as follows: 3 Months Ended March 31, Supplemental Cash Flows Information 2019 Cash paid for amounts included in the measurement of operating lease liabilities $ 30.6 Operating ROU assets obtained in exchange for lease obligations $ 14.4 March 31, Supplemental balance sheet information 2019 Operating Leases Operating lease ROU assets $ 434.0 Operating lease liabilities - current (1) $ 117.8 Operating lease liabilities - long-term $ 319.5 Total operating lease liabilities $ 437.3 (1) Operating lease liabilities - current are included in accrued expenses on our Consolidated Balance Sheets. Weighted Average Remaining Lease Term Operating leases 5.7 years Weighted Average Discount Rate Operating leases 2.8 % Maturities of operating lease liabilities as of March 31, 2019 were as follows: (In millions) Period Ending March 31, 2019 Operating Leases 2019 (excluding the three months ended March 31, 2019) $ 94.1 2020 106.6 2021 80.8 2022 60.9 2023 42.0 2024 30.7 Thereafter 71.7 Total future undiscounted lease payments $ 486.8 Less imputed interest $ (49.5 ) Total operating lease liabilities $ 437.3 Maturities of operating leases accounted for under ASC 840 as of December 31, 2018 were as follows: (In millions) Period Ending December 31, 2018 Operating Leases 2019 $ 151.4 2020 115.2 2021 85.5 2022 65.0 2023 44.1 Thereafter 105.6 Total minimum lease payments $ 566.8 |
Segment Data
Segment Data | 3 Months Ended |
Mar. 31, 2019 | |
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. 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 our staffing and interim services. The remaining revenues within these segments are derived from our outcome-based solutions and consulting services, permanent recruitment services and other services. The Right Management segment revenues are derived from outplacement and talent management services. Segment revenues represent sales to external clients. We provide services to a wide variety of clients, none of which individually comprise a significant portion of revenues for us as a whole. Due to the nature of our business, we generally do not have export sales. 3 Months Ended March 31, 2019 2018 Revenues from services: Americas: United States (a) $ 603.6 $ 616.3 Other Americas 403.7 406.3 1,007.3 1,022.6 Southern Europe: France 1,301.4 1,424.0 Italy 355.9 413.6 Other Southern Europe 444.9 474.4 2,102.2 2,312.0 Northern Europe 1,189.7 1,417.6 APME 699.9 720.2 Right Management 45.8 50.0 Consolidated (b) $ 5,044.9 $ 5,522.4 Operating unit profit: (c) Americas: United States $ 16.4 $ 26.7 Other Americas 14.8 16.2 31.2 42.9 Southern Europe: France 55.5 57.7 Italy 20.4 25.2 Other Southern Europe 11.0 14.8 86.9 97.7 Northern Europe 0.6 16.6 APME 20.1 25.9 Right Management 2.1 6.4 140.9 189.5 Corporate expenses (27.9 ) (26.8 ) Intangible asset amortization expense (7.5 ) (8.9 ) Operating profit 105.5 153.8 Interest and other expenses (11.9 ) (16.1 ) Earnings before income taxes $ 93.6 $ 137.7 (a) In the United States, revenues from services included fees received from the related franchise offices of $3.6 and $3.2 for the three months ended March 31, 2019 and 2018 , respectively. These fees are primarily based on revenues generated by the franchise offices, which were $156.9 and $149.0 for the three months ended March 31, 2019 and 2018 , respectively. (b) Our consolidated revenues from services include fees received from our franchise offices of $5.6 and $5.2 for the three months ended March 31, 2019 and 2018 , respectively. These fees are primarily based on revenues generated by the franchise offices, which were $243.0 and $236.8 for the three months ended March 31, 2019 and 2018 , respectively. (c) We evaluate segment performance based on operating unit profit (“OUP”), which is equal to segment revenues less cost of services and branch and national headquarters operating costs. This profit measure does not include goodwill and intangible asset impairment charges or amortization of intangibles related to acquisitions, corporate expenses, interest and other income and expense amounts or income taxes. |
Basis of Presentation and Acc_2
Basis of Presentation and Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation Certain information and footnote disclosures normally included in the financial statements prepared in accordance with United States Generally Accepted Accounting Principles ("GAAP") have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission, although we believe that the disclosures are adequate to make the information presented not misleading. These Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements included in our 2018 Annual Report on Form 10-K. The information furnished reflects all adjustments that, in the opinion of management, were necessary for a fair statement of the Consolidated Financial Statements for the periods presented. Such adjustments were of a normal recurring nature, unless otherwise disclosed. |
Leases | Leases We determine whether a contract is or contains a lease at contract inception. Right-of-use (“ROU”) assets and long-term lease liabilities are presented as separate line items on our Consolidated Balance Sheets. Current operating lease liabilities are included in accrued expenses on our Consolidated Balance Sheets. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Lease liabilities are recognized at commencement date based on the present value of remaining lease payments over the lease term. As the rate implicit in the lease is not readily determinable in most of our leases, we use our incremental borrowing rate. We determine our incremental borrowing rate at the commencement date using our unsecured borrowing rate, adjusted for collaterization, lease term, economic environment, currency and other factors. ROU assets are recognized at commencement date at the value of the related lease liabilities, adjusted for any prepayments, lease incentives received, and initial direct costs incurred. Our lease terms include options to renew or not terminate the lease when it is reasonably certain that we will exercise that option. Lease expenses for operating leases are recognized on a straight-line basis over the lease term and recorded in selling and administrative expenses on the Consolidated Statements of Operations. |
Recently Issued Accounting Standards | Recent Accounting Standards Accounting Standards Effective as of January 1, 2019 In February 2016, the Financial Accounting Standards Board ("FASB") issued new accounting guidance on leases, ASU No. 2016-02, Leases (Topic 842), which we adopted on January 1, 2019. The new guidance requires that a lessee recognize ROU assets and lease liabilities on the balance sheet for leases with lease terms longer than 12 months. The recognition, measurement and presentation of lease expenses and cash flows depend on the classification by the lessee as a finance or operating lease. We determined that no cumulative effect adjustment to retained earnings was necessary upon adoption. As of the transition date, the ROU asset and total lease liability (current and long-term) were $458.1 and $458.7 , respectively. We elected the package of three practical expedients which lessened the transitional burden of implementing the new guidance. Accordingly, we did 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) the initial direct costs for any existing leases. We have elected the practical expedient to not separate lease and non-lease components. 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. We adopted this guidance effective January 1, 2019. There was no impact of this adoption on our Consolidated Financial Statements. See Note 14 for the modified disclosures. In February 2018, the FASB issued new guidance on reporting comprehensive income. The new guidance allows a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the United States Tax Cuts and Jobs Act of 2017 ("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 makes the accounting for share-based payment awards issued to nonemployees la rgely consistent with the accounting for share-based payment awards issued to employees. We adopted this guidance effective January 1, 2019. T here was no impact of this adoption on our Consolidated Financial Statements. Recently Issued Accounting Standards 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 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. 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. |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | In the following table, revenue is disaggregated by service types for each of our reportable segments. See Note 2 to the consolidated financial statements in our 2018 Annual Report on Form10-K for descriptions of revenue service types: 3 Months Ended March 31, 2019 2018 Staffing and Interim Outcome-Based Solutions and Consulting Permanent Recruitment Other Total Staffing and Interim Outcome-Based Solutions and Consulting Permanent Recruitment Other Total Americas: United States $ 528.7 $ 31.0 $ 22.9 $ 21.0 $ 603.6 $ 543.2 $ 29.3 $ 21.8 $ 22.0 $ 616.3 Other Americas 385.4 11.7 5.8 0.8 403.7 388.2 11.2 6.0 0.9 406.3 914.1 42.7 28.7 21.8 1,007.3 931.4 40.5 27.8 22.9 1,022.6 Southern Europe: France 1,224.5 57.3 14.5 5.1 1,301.4 1,344.6 59.1 14.9 5.4 1,424.0 Italy 330.0 9.5 9.9 6.5 355.9 387.0 11.5 9.2 5.9 413.6 Other Southern Europe 347.0 80.1 14.2 3.6 444.9 378.7 77.7 14.5 3.5 474.4 1,901.5 146.9 38.6 15.2 2,102.2 2,110.3 148.3 38.6 14.8 2,312.0 Northern Europe 1,053.4 89.7 38.1 8.5 1,189.7 1,255.2 109.8 44.5 8.1 1,417.6 APME 583.4 69.4 43.7 3.4 699.9 599.2 68.4 49.0 3.6 720.2 Right Management — 10.1 — 35.7 45.8 — 11.5 — 38.5 50.0 Total $ 4,452.4 $ 358.8 $ 149.1 $ 84.6 $ 5,044.9 $ 4,896.1 $ 378.5 $ 159.9 $ 87.9 $ 5,522.4 In the following table, revenue is disaggregated by timing of revenue recognition for each of our reportable segments: 3 Months Ended March 31, 2019 2018 Services transferred over time Services transferred at a point in time Total Services transferred over time Services transferred at a point in time Total Americas: United States $ 590.6 $ 13.0 $ 603.6 $ 604.3 $ 12.0 $ 616.3 Other Americas 399.7 4.0 403.7 402.1 4.2 406.3 990.3 17.0 1,007.3 1,006.4 16.2 1,022.6 Southern Europe: France 1,287.7 13.7 1,301.4 1,409.6 14.4 1,424.0 Italy 346.6 9.3 355.9 404.8 8.8 413.6 Other Southern Europe 433.1 11.8 444.9 462.1 12.3 474.4 2,067.4 34.8 2,102.2 2,276.5 35.5 2,312.0 Northern Europe 1,156.6 33.1 1,189.7 1,379.2 38.4 1,417.6 APME 671.4 28.5 699.9 688.9 31.3 720.2 Right Management 45.8 — 45.8 50.0 — 50.0 Consolidated $ 4,931.5 $ 113.4 $ 5,044.9 $ 5,401.0 $ 121.4 $ 5,522.4 |
Share-Based Compensation Plans
Share-Based Compensation Plans (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Shares Granted and Weighted Average Fair Value Per Share | The number of shares underlying grants to employees and members of our Board of Directors, and the weighted-average fair value per share for shares granted during the first quarter of 2019 and 2018 are presented in the table below: 3 Months Ended March 31, 2019 2018 Shares Granted Wtd.-Avg. Per Share Shares Granted Wtd.-Avg. Per Share (thousands) Fair Value (thousands) Fair Value Stock Options 163 $ 17.78 122 $ 31.46 Deferred Stock Units 20 64.80 10 126.11 Restricted Stock Units 203 78.90 137 117.60 Performance Share Units 136 77.70 94 117.19 Total Shares Granted 522 $ 58.96 363 $ 88.76 |
Restructuring Costs (Tables)
Restructuring Costs (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Restructuring and Related Activities [Abstract] | |
Changes in Restructuring Reserve | Changes in the restructuring reserve by reportable segment and Corporate are shown below. Americas (1) Southern Europe (2) Northern Europe APME Right Management Corporate Total Balance, December 31, 2018 $ 0.3 $ 1.7 $ 13.1 $ — $ 0.4 $ — $ 15.5 Severance costs 3.8 5.3 16.5 3.5 0.2 1.5 30.8 Office closure costs and other 1.3 0.1 2.2 0.9 4.5 — 9.0 Costs paid, utilized or transferred out (3) (3.5 ) (1.1 ) (11.2 ) (1.5 ) (4.8 ) — (22.1 ) Balance, March 31, 2019 $ 1.9 $ 6.0 $ 20.6 $ 2.9 $ 0.3 $ 1.5 $ 33.2 (1) Balances related to the United States were $0.3 and $1.3 as of December 31, 2018 and March 31, 2019 , respectively. (2) Balances related to France were $0.9 as of both December 31, 2018 and March 31, 2019 . Balances related to Italy were $0.5 and $2.3 as of December 31, 2018 and March 31, 2019 , respectively. (3) Restructuring reserve of $7.6 was transferred to current operating lease liabilities during the three months ended March 31, 2019. |
Net Earnings Per Share (Tables)
Net Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Earnings Per Share [Abstract] | |
Calculations of Net Earnings Per Share - Basic and Diluted | The calculations of net earnings per share – basic and net earnings per share – diluted were as follows: 3 Months Ended March 31, 2019 2018 Net earnings available to common shareholders $ 53.5 $ 97.0 Weighted-average common shares outstanding (in millions) Weighted-average common shares outstanding - basic 60.6 66.3 Effect of dilutive securities - stock options — 0.2 Effect of other share-based awards 0.4 0.4 Weighted-average common shares outstanding - diluted 61.0 66.9 Net earnings per share - basic $ 0.88 $ 1.46 Net earnings per share - diluted $ 0.88 $ 1.45 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill and Intangible Assets | We have goodwill, finite-lived intangible assets and indefinite-lived intangible assets as follows: March 31, 2019 December 31, 2018 Gross Accumulated Amortization Net Gross Accumulated Amortization Net Goodwill (1) $ 1,293.6 $ — $ 1,293.6 $ 1,297.1 $ — $ 1,297.1 Intangible assets: Finite-lived: Customer relationships $ 443.1 $ 357.5 $ 85.6 $ 444.8 $ 351.7 $ 93.1 Other 18.1 16.3 1.8 18.5 16.0 2.5 461.2 373.8 87.4 463.3 367.7 95.6 Indefinite-lived: Tradenames (2) 52.0 — 52.0 52.0 — 52.0 Reacquired franchise rights 98.8 — 98.8 98.7 — 98.7 150.8 — 150.8 150.7 — 150.7 Total intangible assets $ 612.0 $ 373.8 $ 238.2 $ 614.0 $ 367.7 $ 246.3 (1) Balances were net of accumulated impairment loss of $513.4 as of both March 31, 2019 and December 31, 2018 . (2) Balances were net of accumulated impairment loss of $139.5 as of both March 31, 2019 and December 31, 2018 . |
Changes in Carrying Value of 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 Balance, December 31, 2018 $ 519.9 $ 112.2 $ 435.4 $ 102.0 $ 62.1 $ 65.5 $ 1,297.1 Goodwill acquired 0.4 — — — — — 0.4 Currency and other impacts 0.8 (1.9 ) (2.8 ) — — — (3.9 ) Balance, March 31, 2019 $ 521.1 $ 110.3 $ 432.6 $ 102.0 $ 62.1 $ 65.5 $ 1,293.6 (1) Balances related to the United States were $476.5 as of both December 31, 2018 and March 31, 2019 . (2) Balances related to France were $68.9 and $67.4 as of December 31, 2018 and March 31, 2019 , respectively. Balances related to Italy were $4.8 and $4.6 as of December 31, 2018 and March 31, 2019 , respectively. (3) The majority of the Corporate balance relates to goodwill attributable to our acquisition of Jefferson Wells ( $55.5 ) which is now part of the United States reporting unit. For purposes of monitoring our total assets by segment, we do not allocate the Corporate balance to the respective reportable segments as this is commensurate with how we operate our business. We do, however, include these balances within the appropriate reporting units for our goodwill impairment testing. See table below for the breakout of goodwill balances by reporting unit. |
Schedule of Goodwill Balances by Reporting Unit | Goodwill balances by reporting unit were as follows: March 31, December 31, 2019 2018 United States $ 532.0 $ 532.0 Germany 126.9 129.2 Netherlands 109.6 112.0 United Kingdom 95.7 93.7 France 67.4 68.9 Right Management 62.1 62.1 Other reporting units 299.9 299.2 Total goodwill $ 1,293.6 $ 1,297.1 |
Retirement Plans (Tables)
Retirement Plans (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Retirement Benefits [Abstract] | |
Components of Net Periodic Benefit Cost | The components of the net periodic benefit cost for our plans were as follows: 3 Months Ended March 31, Defined Benefit Pension Plans Retiree Health Care Plan 2019 2018 2019 2018 Service cost $ 2.5 $ 2.8 $ — $ — Interest cost 3.1 3.0 0.1 0.1 Expected return on assets (2.3 ) (2.8 ) — — Other 0.5 0.4 (0.2 ) (0.2 ) Total benefit cost (credit) $ 3.8 $ 3.4 $ (0.1 ) $ (0.1 ) |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Equity [Abstract] | |
Components of Accumulated Other Comprehensive Loss, Net of Tax | The components of accumulated other comprehensive loss, net of tax, were as follows: March 31, December 31, 2019 2018 Foreign currency translation $ (253.8 ) $ (223.2 ) Translation gain (loss) on net investment hedge, net of income taxes of $(7.8) and $(12.9), respectively 12.7 (4.7 ) Translation loss on long-term intercompany loans (126.2 ) (137.2 ) Defined benefit pension plans, net of income taxes of $(23.1) and $(23.2), respectively (37.6 ) (37.9 ) Retiree health care plan, net of income taxes of $2.0 for both 2019 and 2018 3.1 3.2 Accumulated other comprehensive loss $ (401.8 ) $ (399.8 ) |
Interest and Other Expenses (Ta
Interest and Other Expenses (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Other Nonoperating Income (Expense) [Abstract] | |
Schedule of Interest and Other Expenses | Interest and other expenses consisted of the following: 3 Months Ended March 31, 2019 2018 Interest expense $ 10.2 $ 13.6 Interest income (1.5 ) (1.2 ) Foreign exchange loss (gain) 2.9 (0.1 ) Miscellaneous expense, net 0.3 3.8 Interest and other expenses $ 11.9 $ 16.1 |
Derivative Financial Instrume_2
Derivative Financial Instruments and Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Effect of Net Investment Hedges on AOCI | The effect of our net investment hedges on AOCI for the three months ended March 31 was as follows: Instrument Gain (Loss) Recognized in Other Comprehensive Income 2019 2018 (1) Euro Notes $ 22.4 $ (21.2 ) (1) The prior period amounts have been revised to conform with the current period presentation. |
Fair Value of Derivative and Non-Derivative Assets and Liabilities on the Consolidated Balance Sheets | The following tables present the fair value of derivative and non-derivative assets and liabilities on the Consolidated Balance Sheets as of March 31: Assets Balance Sheet Location 2019 2018 Instruments not designated as hedges: Foreign currency forward contracts Accounts receivable, net $ — $ — Total instruments $ — $ — Liabilities Balance Sheet Location 2019 2018 Instruments designated as hedges: Euro Notes Long-term debt 1,050.3 819.2 Instruments not designated as hedges: Foreign currency forward contracts Accrued liabilities — — Total instruments $ 1,050.3 $ 819.2 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Leases [Abstract] | |
Components of Lease Expense and Other Information | The components of lease expense were as follows: 3 Months Ended March 31, 2019 Operating lease expense $ 34.7 Short-term lease expense 6.1 Other lease expense (1) $ 5.1 Total lease expense $ 45.9 (1) Other lease expense includes immaterial variable lease expense and sublease income. Other information related to leases was as follows: 3 Months Ended March 31, Supplemental Cash Flows Information 2019 Cash paid for amounts included in the measurement of operating lease liabilities $ 30.6 Operating ROU assets obtained in exchange for lease obligations $ 14.4 Weighted Average Remaining Lease Term Operating leases 5.7 years Weighted Average Discount Rate Operating leases 2.8 % |
Supplemental Balance Sheet Information | March 31, Supplemental balance sheet information 2019 Operating Leases Operating lease ROU assets $ 434.0 Operating lease liabilities - current (1) $ 117.8 Operating lease liabilities - long-term $ 319.5 Total operating lease liabilities $ 437.3 |
Maturities of Operating Lease Liabilities | Maturities of operating lease liabilities as of March 31, 2019 were as follows: (In millions) Period Ending March 31, 2019 Operating Leases 2019 (excluding the three months ended March 31, 2019) $ 94.1 2020 106.6 2021 80.8 2022 60.9 2023 42.0 2024 30.7 Thereafter 71.7 Total future undiscounted lease payments $ 486.8 Less imputed interest $ (49.5 ) Total operating lease liabilities $ 437.3 |
Maturities of Operating Leases Accounted for Under ASC 840 | Maturities of operating leases accounted for under ASC 840 as of December 31, 2018 were as follows: (In millions) Period Ending December 31, 2018 Operating Leases 2019 $ 151.4 2020 115.2 2021 85.5 2022 65.0 2023 44.1 Thereafter 105.6 Total minimum lease payments $ 566.8 |
Segment Data (Tables)
Segment Data (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Segment Reporting [Abstract] | |
Schedule of Segment Data | 3 Months Ended March 31, 2019 2018 Revenues from services: Americas: United States (a) $ 603.6 $ 616.3 Other Americas 403.7 406.3 1,007.3 1,022.6 Southern Europe: France 1,301.4 1,424.0 Italy 355.9 413.6 Other Southern Europe 444.9 474.4 2,102.2 2,312.0 Northern Europe 1,189.7 1,417.6 APME 699.9 720.2 Right Management 45.8 50.0 Consolidated (b) $ 5,044.9 $ 5,522.4 Operating unit profit: (c) Americas: United States $ 16.4 $ 26.7 Other Americas 14.8 16.2 31.2 42.9 Southern Europe: France 55.5 57.7 Italy 20.4 25.2 Other Southern Europe 11.0 14.8 86.9 97.7 Northern Europe 0.6 16.6 APME 20.1 25.9 Right Management 2.1 6.4 140.9 189.5 Corporate expenses (27.9 ) (26.8 ) Intangible asset amortization expense (7.5 ) (8.9 ) Operating profit 105.5 153.8 Interest and other expenses (11.9 ) (16.1 ) Earnings before income taxes $ 93.6 $ 137.7 (a) In the United States, revenues from services included fees received from the related franchise offices of $3.6 and $3.2 for the three months ended March 31, 2019 and 2018 , respectively. These fees are primarily based on revenues generated by the franchise offices, which were $156.9 and $149.0 for the three months ended March 31, 2019 and 2018 , respectively. (b) Our consolidated revenues from services include fees received from our franchise offices of $5.6 and $5.2 for the three months ended March 31, 2019 and 2018 , respectively. These fees are primarily based on revenues generated by the franchise offices, which were $243.0 and $236.8 for the three months ended March 31, 2019 and 2018 , respectively. (c) We evaluate segment performance based on operating unit profit (“OUP”), which is equal to segment revenues less cost of services and branch and national headquarters operating costs. This profit measure does not include goodwill and intangible asset impairment charges or amortization of intangibles related to acquisitions, corporate expenses, interest and other income and expense amounts or income taxes. |
Basis of Presentation and Acc_3
Basis of Presentation and Accounting Policies (Details) - Subsequent Event € in Millions, $ in Millions | Apr. 11, 2019USD ($) | Apr. 11, 2019EUR (€) | Apr. 03, 2019USD ($) |
Subsequent Event [Line Items] | |||
Net proceeds from sale of tax credits | $ 103.5 | € 92 | |
Manpower Switzerland [Member] | |||
Subsequent Event [Line Items] | |||
Percentage interest acquired | 51.00% | ||
Initial acquisition payments | $ 212.7 | ||
Acquired interests | 58.3 | ||
Cash and cash equivalents | $ 154.4 | ||
Experis AG | |||
Subsequent Event [Line Items] | |||
Percentage interest acquired | 20.00% |
Recently Issued Accounting St_2
Recently Issued Accounting Standards (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Jan. 01, 2019 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Operating lease ROU assets | $ 434 | |
Total lease liability | $ 437.3 | |
ASU No. 2016-02 | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Operating lease ROU assets | $ 458.1 | |
Total lease liability | $ 458.7 |
Revenue Recognition - Narrative
Revenue Recognition - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Dec. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | ||
Deferred revenue | $ 39.2 | $ 42.8 |
Revenue recognized related to amounts reported as deferred revenue at prior year end | $ 23.6 |
Revenue Recognition - Disaggreg
Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 5,044.9 | $ 5,522.4 |
Services transferred over time | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 4,931.5 | 5,401 |
Services transferred at a point in time | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 113.4 | 121.4 |
Staffing and Interim | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 4,452.4 | 4,896.1 |
Outcome-Based Solutions and Consulting | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 358.8 | 378.5 |
Permanent Recruitment | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 149.1 | 159.9 |
Other | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 84.6 | 87.9 |
Americas | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 1,007.3 | 1,022.6 |
Americas | Services transferred over time | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 990.3 | 1,006.4 |
Americas | Services transferred at a point in time | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 17 | 16.2 |
Americas | Staffing and Interim | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 914.1 | 931.4 |
Americas | Outcome-Based Solutions and Consulting | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 42.7 | 40.5 |
Americas | Permanent Recruitment | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 28.7 | 27.8 |
Americas | Other | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 21.8 | 22.9 |
Americas | United States | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 603.6 | 616.3 |
Americas | United States | Services transferred over time | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 590.6 | 604.3 |
Americas | United States | Services transferred at a point in time | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 13 | 12 |
Americas | United States | Staffing and Interim | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 528.7 | 543.2 |
Americas | United States | Outcome-Based Solutions and Consulting | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 31 | 29.3 |
Americas | United States | Permanent Recruitment | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 22.9 | 21.8 |
Americas | United States | Other | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 21 | 22 |
Americas | Other Americas | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 403.7 | 406.3 |
Americas | Other Americas | Services transferred over time | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 399.7 | 402.1 |
Americas | Other Americas | Services transferred at a point in time | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 4 | 4.2 |
Americas | Other Americas | Staffing and Interim | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 385.4 | 388.2 |
Americas | Other Americas | Outcome-Based Solutions and Consulting | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 11.7 | 11.2 |
Americas | Other Americas | Permanent Recruitment | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 5.8 | 6 |
Americas | Other Americas | Other | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 0.8 | 0.9 |
Southern Europe | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 2,102.2 | 2,312 |
Southern Europe | Services transferred over time | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 2,067.4 | 2,276.5 |
Southern Europe | Services transferred at a point in time | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 34.8 | 35.5 |
Southern Europe | Staffing and Interim | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 1,901.5 | 2,110.3 |
Southern Europe | Outcome-Based Solutions and Consulting | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 146.9 | 148.3 |
Southern Europe | Permanent Recruitment | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 38.6 | 38.6 |
Southern Europe | Other | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 15.2 | 14.8 |
Southern Europe | France | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 1,301.4 | 1,424 |
Southern Europe | France | Services transferred over time | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 1,287.7 | 1,409.6 |
Southern Europe | France | Services transferred at a point in time | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 13.7 | 14.4 |
Southern Europe | France | Staffing and Interim | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 1,224.5 | 1,344.6 |
Southern Europe | France | Outcome-Based Solutions and Consulting | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 57.3 | 59.1 |
Southern Europe | France | Permanent Recruitment | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 14.5 | 14.9 |
Southern Europe | France | Other | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 5.1 | 5.4 |
Southern Europe | Italy | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 355.9 | 413.6 |
Southern Europe | Italy | Services transferred over time | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 346.6 | 404.8 |
Southern Europe | Italy | Services transferred at a point in time | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 9.3 | 8.8 |
Southern Europe | Italy | Staffing and Interim | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 330 | 387 |
Southern Europe | Italy | Outcome-Based Solutions and Consulting | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 9.5 | 11.5 |
Southern Europe | Italy | Permanent Recruitment | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 9.9 | 9.2 |
Southern Europe | Italy | Other | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 6.5 | 5.9 |
Southern Europe | Other Southern Europe | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 444.9 | 474.4 |
Southern Europe | Other Southern Europe | Services transferred over time | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 433.1 | 462.1 |
Southern Europe | Other Southern Europe | Services transferred at a point in time | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 11.8 | 12.3 |
Southern Europe | Other Southern Europe | Staffing and Interim | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 347 | 378.7 |
Southern Europe | Other Southern Europe | Outcome-Based Solutions and Consulting | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 80.1 | 77.7 |
Southern Europe | Other Southern Europe | Permanent Recruitment | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 14.2 | 14.5 |
Southern Europe | Other Southern Europe | Other | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 3.6 | 3.5 |
Northern Europe | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 1,189.7 | 1,417.6 |
Northern Europe | Services transferred over time | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 1,156.6 | 1,379.2 |
Northern Europe | Services transferred at a point in time | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 33.1 | 38.4 |
Northern Europe | Staffing and Interim | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 1,053.4 | 1,255.2 |
Northern Europe | Outcome-Based Solutions and Consulting | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 89.7 | 109.8 |
Northern Europe | Permanent Recruitment | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 38.1 | 44.5 |
Northern Europe | Other | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 8.5 | 8.1 |
APME | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 699.9 | 720.2 |
APME | Services transferred over time | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 671.4 | 688.9 |
APME | Services transferred at a point in time | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 28.5 | 31.3 |
APME | Staffing and Interim | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 583.4 | 599.2 |
APME | Outcome-Based Solutions and Consulting | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 69.4 | 68.4 |
APME | Permanent Recruitment | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 43.7 | 49 |
APME | Other | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 3.4 | 3.6 |
Right Management | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 45.8 | 50 |
Right Management | Services transferred over time | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 45.8 | 50 |
Right Management | Services transferred at a point in time | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 0 | 0 |
Right Management | Staffing and Interim | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 0 | 0 |
Right Management | Outcome-Based Solutions and Consulting | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 10.1 | 11.5 |
Right Management | Permanent Recruitment | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 0 | 0 |
Right Management | Other | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 35.7 | $ 38.5 |
Share-Based Compensation Plan_2
Share-Based Compensation Plans - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Share-based compensation expense | $ 4.6 | $ 7.5 |
Consideration received from share-based awards | $ 0.9 | $ 3.6 |
Share-Based Compensation Plan_3
Share-Based Compensation Plans - Shares Granted and Weighted Average Fair Value Per Share (Details) - $ / shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of shares granted, options (in shares) | 163 | 122 |
Weighted-average per share fair value, options (in dollars per share) | $ 17.78 | $ 31.46 |
Total shares granted, options and non-options (in shares) | 522 | 363 |
Weighted-average per share value, options and non-options (in dollars per share) | $ 58.96 | $ 88.76 |
Deferred Stock Units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of shares granted, non-options (in shares) | 20 | 10 |
Weighted-average per share fair value, non-options (in dollars per share) | $ 64.80 | $ 126.11 |
Restricted Stock Units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of shares granted, non-options (in shares) | 203 | 137 |
Weighted-average per share fair value, non-options (in dollars per share) | $ 78.90 | $ 117.60 |
Performance Share Units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of shares granted, non-options (in shares) | 136 | 94 |
Weighted-average per share fair value, non-options (in dollars per share) | $ 77.70 | $ 117.19 |
Acquisitions (Details)
Acquisitions (Details) € in Millions | Mar. 31, 2019USD ($) | Apr. 26, 2017EUR (€) | Mar. 31, 2019USD ($) | Mar. 31, 2018USD ($) |
Business Acquisition [Line Items] | ||||
Total cash consideration for acquisitions, net of cash acquired | $ 600,000 | $ 41,000,000 | ||
Payment for contingent consideration liability, financing activities | 600,000 | 8,700,000 | ||
Initial acquisition payments | 0 | 8,200,000 | ||
Payments of contingent consideration for acquisitions | 600,000 | $ 32,800,000 | ||
7S Group GmbH | ||||
Business Acquisition [Line Items] | ||||
Loss contingency, additional consideration sought from the seller of 7S | $ 23,300,000 | € 20.8 | ||
Estimate of possible loss | $ 0 | $ 0 |
Restructuring Costs (Details)
Restructuring Costs (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Restructuring Cost and Reserve [Line Items] | ||
Net restructuring costs | $ 39.8 | $ 24 |
Restructuring reserve [Roll Forward] | ||
Balance, beginning of period | 15.5 | |
Severance costs | 30.8 | |
Office closure costs and other | 9 | |
Costs paid, utilized or transferred out | (22.1) | |
Balance, end of period | 33.2 | |
Restructuring reserve transferred to current operating lease liabilities | (7.6) | |
Americas | United States | ||
Restructuring reserve [Roll Forward] | ||
Balance, beginning of period | 0.3 | |
Balance, end of period | 1.3 | |
Southern Europe | France | ||
Restructuring reserve [Roll Forward] | ||
Balance, beginning of period | 0.9 | |
Balance, end of period | 0.9 | |
Southern Europe | Italy | ||
Restructuring reserve [Roll Forward] | ||
Balance, beginning of period | 0.5 | |
Balance, end of period | 2.3 | |
Reportable segments | Americas | ||
Restructuring reserve [Roll Forward] | ||
Balance, beginning of period | 0.3 | |
Severance costs | 3.8 | |
Office closure costs and other | 1.3 | |
Costs paid, utilized or transferred out | (3.5) | |
Balance, end of period | 1.9 | |
Reportable segments | Southern Europe | ||
Restructuring reserve [Roll Forward] | ||
Balance, beginning of period | 1.7 | |
Severance costs | 5.3 | |
Office closure costs and other | 0.1 | |
Costs paid, utilized or transferred out | (1.1) | |
Balance, end of period | 6 | |
Reportable segments | Northern Europe | ||
Restructuring reserve [Roll Forward] | ||
Balance, beginning of period | 13.1 | |
Severance costs | 16.5 | |
Office closure costs and other | 2.2 | |
Costs paid, utilized or transferred out | (11.2) | |
Balance, end of period | 20.6 | |
Reportable segments | APME | ||
Restructuring reserve [Roll Forward] | ||
Balance, beginning of period | 0 | |
Severance costs | 3.5 | |
Office closure costs and other | 0.9 | |
Costs paid, utilized or transferred out | (1.5) | |
Balance, end of period | 2.9 | |
Reportable segments | Right Management | ||
Restructuring reserve [Roll Forward] | ||
Balance, beginning of period | 0.4 | |
Severance costs | 0.2 | |
Office closure costs and other | 4.5 | |
Costs paid, utilized or transferred out | (4.8) | |
Balance, end of period | 0.3 | |
Corporate | ||
Restructuring reserve [Roll Forward] | ||
Balance, beginning of period | 0 | |
Severance costs | 1.5 | |
Office closure costs and other | 0 | |
Costs paid, utilized or transferred out | 0 | |
Balance, end of period | $ 1.5 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
Effective income tax rate (as percent) | 42.80% | 29.60% | |
U.S. Federal statutory rate (as percent) | 21.00% | ||
Gross unrecognized tax benefits, including interest and penalties | $ 35 | $ 34.2 |
Net Earnings Per Share (Details
Net Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||
Net earnings available to common shareholders | $ 53.5 | $ 97 |
Weighted-average common shares outstanding (in millions) | ||
Weighted-average common shares outstanding - basic (in shares) | 60.6 | 66.3 |
Weighted-average common shares outstanding - diluted (in shares) | 61 | 66.9 |
Net earnings per share - basic (in dollars per share) | $ 0.88 | $ 1.46 |
Net earnings per share - diluted (in dollars per share) | $ 0.88 | $ 1.45 |
Share-Based Awards | ||
Weighted-average common shares outstanding (in millions) | ||
Antidilutive securities excluded from the calculation of net earnings per share - diluted (in shares) | 0.6 | 0.1 |
Effect of dilutive securities - stock options | ||
Weighted-average common shares outstanding (in millions) | ||
Effect of dilutive securities | 0 | 0.2 |
Effect of other share-based awards | ||
Weighted-average common shares outstanding (in millions) | ||
Effect of dilutive securities | 0.4 | 0.4 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Goodwill and Intangible Assets (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Goodwill [Line Items] | ||
Goodwill | $ 1,293.6 | $ 1,297.1 |
Finite-lived: | ||
Gross | 461.2 | 463.3 |
Accumulated Amortization | 373.8 | 367.7 |
Net | 87.4 | 95.6 |
Indefinite-lived: | ||
Gross | 150.8 | 150.7 |
Net | 150.8 | 150.7 |
Total intangible assets | ||
Gross | 612 | 614 |
Accumulated Amortization | 373.8 | 367.7 |
Net | 238.2 | 246.3 |
Goodwill, accumulated impairment loss | 513.4 | 513.4 |
Intangible Assets, Future Amortization Expense by Fiscal Year [Abstract] | ||
Estimated amortization expense, remainder of 2019 | 21.6 | |
Estimated amortization expense, 2020 | 24.1 | |
Estimated amortization expense, 2021 | 13.2 | |
Estimated amortization expense, 2022 | 9.7 | |
Estimated amortization expense, 2023 | 7.6 | |
Estimated amortization expense, 2024 | 6.3 | |
Tradenames | ||
Indefinite-lived: | ||
Gross | 52 | 52 |
Net | 52 | 52 |
Total intangible assets | ||
Indefinite-lived, accumulated impairment loss | 139.5 | 139.5 |
Reacquired franchise rights | ||
Indefinite-lived: | ||
Gross | 98.8 | 98.7 |
Net | 98.8 | 98.7 |
Customer relationships | ||
Finite-lived: | ||
Gross | 443.1 | 444.8 |
Accumulated Amortization | 357.5 | 351.7 |
Net | 85.6 | 93.1 |
Other | ||
Finite-lived: | ||
Gross | 18.1 | 18.5 |
Accumulated Amortization | 16.3 | 16 |
Net | $ 1.8 | $ 2.5 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Changes in Goodwill by Reportable Segment (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Goodwill [Roll Forward] | |
Balance, December 31, 2018 | $ 1,297.1 |
Goodwill acquired | 0.4 |
Currency and other impacts | (3.9) |
Balance, March 31, 2019 | 1,293.6 |
Jefferson Wells | |
Goodwill [Roll Forward] | |
Balance, March 31, 2019 | 55.5 |
Americas | United States | |
Goodwill [Roll Forward] | |
Balance, December 31, 2018 | 476.5 |
Balance, March 31, 2019 | 476.5 |
Southern Europe | France | |
Goodwill [Roll Forward] | |
Balance, December 31, 2018 | 68.9 |
Balance, March 31, 2019 | 67.4 |
Southern Europe | Italy | |
Goodwill [Roll Forward] | |
Balance, December 31, 2018 | 4.8 |
Balance, March 31, 2019 | 4.6 |
Reportable segments | Americas | |
Goodwill [Roll Forward] | |
Balance, December 31, 2018 | 519.9 |
Goodwill acquired | 0.4 |
Currency and other impacts | 0.8 |
Balance, March 31, 2019 | 521.1 |
Reportable segments | Southern Europe | |
Goodwill [Roll Forward] | |
Balance, December 31, 2018 | 112.2 |
Goodwill acquired | 0 |
Currency and other impacts | (1.9) |
Balance, March 31, 2019 | 110.3 |
Reportable segments | Northern Europe | |
Goodwill [Roll Forward] | |
Balance, December 31, 2018 | 435.4 |
Goodwill acquired | 0 |
Currency and other impacts | (2.8) |
Balance, March 31, 2019 | 432.6 |
Reportable segments | APME | |
Goodwill [Roll Forward] | |
Balance, December 31, 2018 | 102 |
Goodwill acquired | 0 |
Currency and other impacts | 0 |
Balance, March 31, 2019 | 102 |
Reportable segments | Right Management | |
Goodwill [Roll Forward] | |
Balance, December 31, 2018 | 62.1 |
Goodwill acquired | 0 |
Currency and other impacts | 0 |
Balance, March 31, 2019 | 62.1 |
Corporate | |
Goodwill [Roll Forward] | |
Balance, December 31, 2018 | 65.5 |
Goodwill acquired | 0 |
Currency and other impacts | 0 |
Balance, March 31, 2019 | $ 65.5 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Goodwill by Reporting Unit (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Goodwill [Line Items] | ||
Goodwill | $ 1,293.6 | $ 1,297.1 |
United States | ||
Goodwill [Line Items] | ||
Goodwill | 532 | 532 |
Germany | ||
Goodwill [Line Items] | ||
Goodwill | 126.9 | 129.2 |
Netherlands | ||
Goodwill [Line Items] | ||
Goodwill | 109.6 | 112 |
United Kingdom | ||
Goodwill [Line Items] | ||
Goodwill | 95.7 | 93.7 |
France | ||
Goodwill [Line Items] | ||
Goodwill | 67.4 | 68.9 |
Right Management | ||
Goodwill [Line Items] | ||
Goodwill | 62.1 | 62.1 |
Other reporting units | ||
Goodwill [Line Items] | ||
Goodwill | $ 299.9 | $ 299.2 |
Retirement Plans (Details)
Retirement Plans (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Defined Benefit Pension Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | $ 2.5 | $ 2.8 |
Interest cost | 3.1 | 3 |
Expected return on assets | (2.3) | (2.8) |
Other | 0.5 | 0.4 |
Total benefit cost (credit) | 3.8 | 3.4 |
Contributions to pension plans | 1.5 | |
Estimated employer contribution to pension plans during current fiscal year | 7.9 | |
Retiree Health Care Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 0 | 0 |
Interest cost | 0.1 | 0.1 |
Expected return on assets | 0 | 0 |
Other | (0.2) | (0.2) |
Total benefit cost (credit) | (0.1) | $ (0.1) |
Contributions to retiree health care plan | $ 0.3 |
Shareholders' Equity - Compone
Shareholders' Equity - Components of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | Dec. 31, 2017 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Total shareholders' equity | $ 2,649.9 | $ 2,698.5 | $ 2,939 | $ 2,857.6 |
Foreign currency translation | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Total shareholders' equity | (253.8) | (223.2) | ||
Translation gain (loss) on net investment hedge, net of income taxes of $(7.8) and $(12.9), respectively | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Total shareholders' equity | 12.7 | (4.7) | ||
Accumulated other comprehensive loss, income taxes | (7.8) | (12.9) | ||
Translation loss on long-term intercompany loans | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Total shareholders' equity | (126.2) | (137.2) | ||
Defined benefit pension plans and Retiree health care plan | Defined benefit pension plans, net of income taxes of $(23.1) and $(23.2), respectively | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Total shareholders' equity | (37.6) | (37.9) | ||
Accumulated other comprehensive loss, income taxes | (23.1) | (23.2) | ||
Defined benefit pension plans and Retiree health care plan | Retiree health care plan, net of income taxes of $2.0 for both 2019 and 2018 | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Total shareholders' equity | 3.1 | 3.2 | ||
Accumulated other comprehensive loss, income taxes | 2 | 2 | ||
Accumulated other comprehensive loss | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Total shareholders' equity | $ (401.8) | $ (399.8) | $ (264.1) | $ (288.2) |
Shareholders' Equity - Noncont
Shareholders' Equity - Noncontrolling Interests (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Equity [Abstract] | ||
Net earnings attributable to noncontrolling interests | $ 1 | $ 1.2 |
Shareholders' Equity - Share R
Shareholders' Equity - Share Repurchases (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2019 | Mar. 31, 2018 | Aug. 31, 2018 | Jul. 31, 2016 | |
Equity, Class of Treasury Stock [Line Items] | ||||
Total cost of shares repurchased | $ 101 | $ 50.1 | ||
Common Stock Repurchase 2018 Authorization | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Shares authorized to be repurchased (in shares) | 6,000,000 | |||
Shares repurchased during period (in shares) | 1,200,000 | |||
Total cost of shares repurchased | $ 101 | |||
Shares remaining authorized for repurchase (in shares) | 1,900,000 | |||
2016 Authorization | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Shares authorized to be repurchased (in shares) | 6,000,000 | |||
Shares repurchased during period (in shares) | 400,000 | |||
Total cost of shares repurchased | $ 50.1 | |||
Shares remaining authorized for repurchase (in shares) | 0 |
Interest and Other Expenses (De
Interest and Other Expenses (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Other Nonoperating Income (Expense) [Abstract] | ||
Interest expense | $ 10.2 | $ 13.6 |
Interest income | (1.5) | (1.2) |
Foreign exchange loss (gain) | 2.9 | (0.1) |
Miscellaneous expense, net | 0.3 | 3.8 |
Interest and other expenses | $ 11.9 | $ 16.1 |
Derivative Financial Instrume_3
Derivative Financial Instruments and Fair Value Measurements - Narrative (Details) | 3 Months Ended | |||
Mar. 31, 2019USD ($) | Mar. 31, 2018USD ($) | Mar. 31, 2019EUR (€) | Dec. 31, 2018USD ($) | |
Fair value measured on a recurring basis | Level 1 Inputs | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Deferred compensation plan assets | $ 98,200,000 | $ 89,500,000 | ||
Fair value | Euro-denominated notes | Level 2 Inputs | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Carrying value of long-term debt | 1,050,300,000 | 1,052,900,000 | ||
Carrying value | Euro-denominated notes | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Carrying value of long-term debt | 1,002,400,000 | $ 1,024,600,000 | ||
Designated as hedging instrument | Notes due September 2022 | Euro-denominated notes | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Long-term debt | 446,900,000 | € 400,000,000 | ||
Designated as hedging instrument | Notes Due June 2026 | Euro-denominated notes | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Long-term debt | 555,500,000 | € 500,000,000 | ||
Not designated as hedging instrument | Forward contracts | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Effect on consolidated statements of operations | $ 0 | $ 0 |
Derivative Financial Instrume_4
Derivative Financial Instruments and Fair Value Measurements - Effect of Net Investment Hedges on AOCI (Details) - Euro-denominated notes - Net Investment Hedging - Designated as hedging instrument - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Derivative [Line Items] | ||
Gain Recognized in Other Comprehensive Income | $ 22.4 | |
(Loss) Recognized in Other Comprehensive Income | $ (21.2) |
Derivative Financial Instrume_5
Derivative Financial Instruments and Fair Value Measurements - Fair Value of Derivative and Non-Derivative Assets and Liabilities on the Consolidated Balance Sheets (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Derivatives, Fair Value [Line Items] | ||
Assets | $ 0 | $ 0 |
Liabilities | 1,050.3 | 819.2 |
Not designated as hedging instrument | Foreign currency forward contracts | Accounts receivable, net | ||
Derivatives, Fair Value [Line Items] | ||
Assets | 0 | 0 |
Not designated as hedging instrument | Foreign currency forward contracts | Accrued liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Liabilities | 0 | 0 |
Designated as hedging instrument | Euro Notes | Long-term debt | ||
Derivatives, Fair Value [Line Items] | ||
Liabilities | $ 1,050.3 | $ 819.2 |
Leases - Narrative (Details)
Leases - Narrative (Details) | 3 Months Ended |
Mar. 31, 2019 | |
Minimum | |
Lessee, Lease, Description [Line Items] | |
Remaining lease terms | 1 month |
Maximum | |
Lessee, Lease, Description [Line Items] | |
Remaining lease terms | 12 years |
Leases - Components of Lease Ex
Leases - Components of Lease Expense and Other Information (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Leases [Abstract] | |
Operating lease expense | $ 34.7 |
Short-term lease expense | 6.1 |
Variable lease expense | 5.1 |
Total lease expense | 45.9 |
Supplemental Cash Flows Information | |
Cash paid for amounts included in the measurement of operating lease liabilities | 30.6 |
Operating ROU assets obtained in exchange for lease obligations | $ 14.4 |
Leases - Supplemental Balance S
Leases - Supplemental Balance Sheet Information (Details) $ in Millions | Mar. 31, 2019USD ($) |
Operating Leases | |
Operating lease ROU assets | $ 434 |
Operating lease liabilities - current | 117.8 |
Operating lease liabilities - long-term | 319.5 |
Total operating lease liabilities | $ 437.3 |
Leases - Weighted Average Remai
Leases - Weighted Average Remaining Lease Term and Discount Rate (Details) | 3 Months Ended |
Mar. 31, 2019 | |
Weighted Average Remaining Lease Term | |
Operating leases | 5 years 8 months 12 days |
Weighted Average Discount Rate | |
Operating leases | 2.80% |
Leases - Maturities of Operatin
Leases - Maturities of Operating Lease Liabilities (Details) $ in Millions | Mar. 31, 2019USD ($) |
Period Ending March 31, 2019 | |
2019 (excluding the three months ended March 31, 2019) | $ 94.1 |
2020 | 106.6 |
2021 | 80.8 |
2022 | 60.9 |
2023 | 42 |
2024 | 30.7 |
Thereafter | 71.7 |
Total future undiscounted lease payments | 486.8 |
Less imputed interest | (49.5) |
Total operating lease liabilities | $ 437.3 |
Leases - Maturities of Operat_2
Leases - Maturities of Operating Leases Accounted for Under ASC 840 (Details) $ in Millions | Dec. 31, 2018USD ($) |
Period Ending December 31, 2018 | |
2019 | $ 151.4 |
2020 | 115.2 |
2021 | 85.5 |
2022 | 65 |
2023 | 44.1 |
Thereafter | 105.6 |
Total minimum lease payments | $ 566.8 |
Segment Data (Details)
Segment Data (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Segment Reporting Information [Line Items] | ||
Revenues from services | $ 5,044.9 | $ 5,522.4 |
Operating unit profit | 140.9 | 189.5 |
Corporate expenses | (27.9) | (26.8) |
Intangible asset amortization expense | (7.5) | (8.9) |
Operating profit | 105.5 | 153.8 |
Interest and other expenses | (11.9) | (16.1) |
Earnings before income taxes | 93.6 | 137.7 |
Franchise revenue | 243 | 236.8 |
Franchise | ||
Segment Reporting Information [Line Items] | ||
Revenues from services | 5.6 | 5.2 |
Americas | ||
Segment Reporting Information [Line Items] | ||
Revenues from services | 1,007.3 | 1,022.6 |
Operating unit profit | 31.2 | 42.9 |
Americas | United States | ||
Segment Reporting Information [Line Items] | ||
Revenues from services | 603.6 | 616.3 |
Americas | United States | Franchise | ||
Segment Reporting Information [Line Items] | ||
Revenues from services | 3.6 | 3.2 |
Franchise revenue | 156.9 | 149 |
Americas | United States | Reportable subsegments | ||
Segment Reporting Information [Line Items] | ||
Operating unit profit | 16.4 | 26.7 |
Americas | Other Americas | ||
Segment Reporting Information [Line Items] | ||
Revenues from services | 403.7 | 406.3 |
Americas | Other Americas | Reportable subsegments | ||
Segment Reporting Information [Line Items] | ||
Revenues from services | 403.7 | 406.3 |
Operating unit profit | 14.8 | 16.2 |
Southern Europe | ||
Segment Reporting Information [Line Items] | ||
Revenues from services | 2,102.2 | 2,312 |
Operating unit profit | 86.9 | 97.7 |
Southern Europe | France | ||
Segment Reporting Information [Line Items] | ||
Revenues from services | 1,301.4 | 1,424 |
Southern Europe | France | Reportable subsegments | ||
Segment Reporting Information [Line Items] | ||
Revenues from services | 1,301.4 | 1,424 |
Operating unit profit | 55.5 | 57.7 |
Southern Europe | Italy | ||
Segment Reporting Information [Line Items] | ||
Revenues from services | 355.9 | 413.6 |
Southern Europe | Italy | Reportable subsegments | ||
Segment Reporting Information [Line Items] | ||
Revenues from services | 355.9 | 413.6 |
Operating unit profit | 20.4 | 25.2 |
Southern Europe | Other Southern Europe | ||
Segment Reporting Information [Line Items] | ||
Revenues from services | 444.9 | 474.4 |
Southern Europe | Other Southern Europe | Reportable subsegments | ||
Segment Reporting Information [Line Items] | ||
Revenues from services | 444.9 | 474.4 |
Operating unit profit | 11 | 14.8 |
Northern Europe | ||
Segment Reporting Information [Line Items] | ||
Revenues from services | 1,189.7 | 1,417.6 |
Operating unit profit | 0.6 | 16.6 |
APME | ||
Segment Reporting Information [Line Items] | ||
Revenues from services | 699.9 | 720.2 |
Operating unit profit | 20.1 | 25.9 |
Right Management | ||
Segment Reporting Information [Line Items] | ||
Revenues from services | 45.8 | 50 |
Operating unit profit | $ 2.1 | $ 6.4 |
Uncategorized Items - man-20190
Label | Element | Value |
Retained Earnings [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ 15,300,000 |
AOCI Attributable to Parent [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ (15,300,000) |