Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2021 | Aug. 04, 2021 | |
Cover [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 Small Business | false | |
Entity Emerging Growth Company | false | |
Trading Symbol | MAN | |
Title of 12(b) Security | Common Stock, $.01 par value | |
Security Exchange Name | NYSE | |
Entity Common Stock, Shares Outstanding | 54,232,871 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q2 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2021 | |
Entity Shell Company | false | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity File Number | 1-10686 | |
Entity Tax Identification Number | 39-1672779 | |
Entity Address, Address Line One | 100 Manpower Place | |
Entity Address, City or Town | Milwaukee | |
Entity Address, State or Province | WI | |
Entity Incorporation, State or Country Code | WI | |
Entity Address, Postal Zip Code | 53212 | |
City Area Code | 414 | |
Local Phone Number | 961-1000 |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Statement Of Financial Position [Abstract] | ||
Cash and cash equivalents | $ 1,461.4 | $ 1,567.1 |
Accounts receivable, less allowance for doubtful accounts of $125.4 and $128.1, respectively | 5,203.3 | 4,912.4 |
Prepaid expenses and other assets | 165 | 186.9 |
Total current assets | 6,829.7 | 6,666.4 |
Other Assets: | ||
Goodwill | 1,219.1 | 1,225.8 |
Intangible assets, less accumulated amortization of $432.3 and $425.4, respectively | 237.4 | 248.6 |
Operating lease right-of-use assets | 367.2 | 400.7 |
Other assets | 686 | 651.6 |
Total other assets | 2,509.7 | 2,526.7 |
Property and Equipment: | ||
Land, buildings, leasehold improvements and equipment | 606.4 | 614.7 |
Less: accumulated depreciation and amortization | 483.4 | 479.6 |
Net property and equipment | 123 | 135.1 |
Total assets | 9,462.4 | 9,328.2 |
Current Liabilities: | ||
Accounts payable | 2,849.3 | 2,527.4 |
Employee compensation payable | 229.8 | 231.8 |
Accrued liabilities | 577.6 | 602.1 |
Accrued payroll taxes and insurance | 744.1 | 752 |
Value added taxes payable | 526.3 | 551.1 |
Short-term borrowings and current maturities of long-term debt | 23.1 | 20.4 |
Total current liabilities | 4,950.2 | 4,684.8 |
Other Liabilities: | ||
Long-term debt | 1,070.2 | 1,103.5 |
Long-term operating lease liability | 272.6 | 305.1 |
Other long-term liabilities | 772.7 | 781.2 |
Total other liabilities | 2,115.5 | 2,189.8 |
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 117,750,836 and 117,555,991 shares, respectively | 1.2 | 1.2 |
Capital in excess of par value | 3,423.1 | 3,402.5 |
Retained earnings | 3,494.1 | 3,388.8 |
Accumulated other comprehensive loss | (422.3) | (397.3) |
Treasury stock at cost, 63,518,754 and 61,990,021 shares, respectively | (4,109) | (3,954.2) |
Total ManpowerGroup shareholders’ equity | 2,387.1 | 2,441 |
Noncontrolling interests | 9.6 | 12.6 |
Total shareholders’ equity | 2,396.7 | 2,453.6 |
Total liabilities and shareholders’ equity | $ 9,462.4 | $ 9,328.2 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Statement Of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $ 125.4 | $ 128.1 |
Other Assets: | ||
Accumulated amortization on intangible assets | $ 432.3 | $ 425.4 |
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) | 117,750,836 | 117,555,991 |
Treasury stock at cost (in shares) | 63,518,754 | 61,990,021 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Income Statement [Abstract] | ||||
Revenues from services | $ 5,277.1 | $ 3,742.2 | $ 10,201.5 | $ 8,361.3 |
Cost of services | 4,417 | 3,165.5 | 8,573.3 | 7,060.6 |
Gross profit | 860.1 | 576.7 | 1,628.2 | 1,300.7 |
Selling and administrative expenses, excluding goodwill impairment charge | 690.2 | 559.9 | 1,359.9 | 1,246.2 |
Goodwill impairment charges | 66.8 | 66.8 | ||
Selling and administrative expenses | 690.2 | 626.7 | 1,359.9 | 1,313 |
Operating profit (loss) | 169.9 | (50) | 268.3 | (12.3) |
Interest and other expenses, net | 2.8 | 5.8 | 8.2 | 26.3 |
Earnings (loss) before income taxes | 167.1 | (55.8) | 260.1 | (38.6) |
Provision for income taxes | 55.5 | 8.6 | 86.5 | 24.1 |
Net earnings (loss) | $ 111.6 | $ (64.4) | $ 173.6 | $ (62.7) |
Net earnings (loss) per share - basic | $ 2.05 | $ (1.11) | $ 3.17 | $ (1.07) |
Net earnings (loss) per share - diluted | $ 2.02 | $ (1.11) | $ 3.13 | $ (1.07) |
Weighted average shares - basic (in shares) | 54.5 | 58.2 | 54.8 | 58.5 |
Weighted average shares - diluted (in shares) | 55.4 | 58.2 | 55.5 | 58.5 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive (Loss) Income (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net earnings (loss) | $ 111.6 | $ (64.4) | $ 173.6 | $ (62.7) |
Other comprehensive income (loss): | ||||
Foreign currency translation adjustments | 28.3 | 37.3 | (68.2) | (47.6) |
Translation adjustments on derivative instruments, net of income taxes of $(4.2), $(5.3), $10.2 and $0.1, respectively | (14.2) | (9.3) | 35.4 | 1.4 |
Translation adjustments of long-term intercompany loans | 0.6 | (1.9) | 6.2 | (0.4) |
Defined benefit pension plans and retiree health care plan, net of income taxes of $2.3, $(0.1), $2.6 and $7.6, respectively | 0.8 | 0.6 | 1.6 | 1.9 |
Pension settlement related to a U.S. plan, net of income taxes of $3.9 for 2020 | 0 | 0 | 0 | 6.6 |
Total other comprehensive loss | 15.5 | 26.7 | (25) | (38.1) |
Comprehensive income (loss) | $ 127.1 | $ (37.7) | $ 148.6 | $ (100.8) |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive (Loss) Income (Unaudited) (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Other comprehensive income (loss): | ||||
Income tax expense on translation adjustments on derivative instruments | $ (4.2) | $ (5.3) | $ 10.2 | $ 0.1 |
Income tax expense on defined benefit pension plans and retiree health care plan | $ 2.3 | $ (0.1) | $ 2.6 | 7.6 |
Income tax expense on pension plan settlement | $ 3.9 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Cash Flows from Operating Activities: | ||
Net earnings (loss) | $ 173.6 | $ (62.7) |
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities: | ||
Depreciation and amortization | 34.4 | 37 |
Non-cash goodwill and other impairment charges | 0 | 71.3 |
Non-cash operating lease right-of-use assets impairment | 0 | 8.2 |
Deferred income taxes | (13.3) | (7.9) |
Provision for doubtful accounts | 9.2 | 10.9 |
Share-based compensation | 16.9 | 11.5 |
Changes in operating assets and liabilities, excluding the impact of acquisitions: | ||
Accounts receivable | (381.7) | 988.3 |
Other assets | (6.3) | (27.2) |
Other liabilities | 362.6 | (433.3) |
Cash provided by operating activities | 195.4 | 596.1 |
Cash Flows from Investing Activities: | ||
Capital expenditures | (24.6) | (18.9) |
Acquisition of businesses, net of cash acquired | (7.1) | 0 |
Proceeds from the sale of property and equipment | 0.9 | 0.8 |
Cash used in investing activities | (30.8) | (18.1) |
Cash Flows from Financing Activities: | ||
Net change in short-term borrowings | 3.1 | (17.8) |
Proceeds from long-term debt | 0.3 | 1.1 |
Repayments of long-term debt | (2.2) | (0.1) |
Payments of contingent consideration for acquisitions | (6.2) | (1.7) |
Proceeds from share-based awards | 4.2 | 6.8 |
Payments to noncontrolling interests | 0 | (0.8) |
Other share-based award transactions | (4.6) | (6.6) |
Repurchases of common stock | (150.1) | (63.8) |
Dividends paid | (68.3) | (63.2) |
Cash used in financing activities | (223.8) | (146.1) |
Effect of exchange rate changes on cash | (46.5) | (19.1) |
Change in cash and cash equivalents | (105.7) | 412.8 |
Cash and cash equivalents, beginning of period | 1,567.1 | 1,025.8 |
Cash and cash equivalents, end of period | 1,461.4 | 1,438.6 |
Supplemental Cash Flow Information: | ||
Interest Paid | 20.4 | 21.2 |
Income taxes paid, net | 82.7 | 59.5 |
Non-cash operating activity: Right-of-use assets obtained in exchange for new operating lease liabilities | $ 15.2 | $ 26 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) $ in Millions | Total | Common Stock | Capital in Excess of Par Value | Retained Earnings | Accumulated Other Comprehensive Loss | Treasury Stock | Non-Controlling Interests |
Balance, beginning of period at Dec. 31, 2019 | $ 2,761.5 | $ 1.2 | $ 3,370.6 | $ 3,494.1 | $ (441) | $ (3,681.9) | $ 18.5 |
Balance, beginning of period (in shares) at Dec. 31, 2019 | 117,190,883 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net earnings (loss) | 1.7 | 1.7 | |||||
Other comprehensive income (loss) | (64.8) | (64.8) | |||||
Issuances under equity plans | (0.5) | 5.9 | (6.4) | ||||
Issuances under equity plans (in shares) | 293,298 | ||||||
Share-based compensation expense | 4.6 | 4.6 | |||||
Repurchases of common stock | (63.8) | (63.8) | |||||
Noncontrolling interest transactions | 0.3 | 0.3 | |||||
Balance, end of period at Mar. 31, 2020 | 2,639 | $ 1.2 | 3,381.1 | 3,495.8 | (505.8) | (3,752.1) | 18.8 |
Balance, end of period (in shares) at Mar. 31, 2020 | 117,484,181 | ||||||
Balance, beginning of period at Dec. 31, 2019 | 2,761.5 | $ 1.2 | 3,370.6 | 3,494.1 | (441) | (3,681.9) | 18.5 |
Balance, beginning of period (in shares) at Dec. 31, 2019 | 117,190,883 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net earnings (loss) | (62.7) | ||||||
Other comprehensive income (loss) | (38.1) | ||||||
Balance, end of period at Jun. 30, 2020 | 2,542.8 | $ 1.2 | 3,388 | 3,368.2 | (479.1) | (3,752.3) | 16.8 |
Balance, end of period (in shares) at Jun. 30, 2020 | 117,499,079 | ||||||
Balance, beginning of period at Mar. 31, 2020 | 2,639 | $ 1.2 | 3,381.1 | 3,495.8 | (505.8) | (3,752.1) | 18.8 |
Balance, beginning of period (in shares) at Mar. 31, 2020 | 117,484,181 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net earnings (loss) | (64.4) | (64.4) | |||||
Other comprehensive income (loss) | 26.7 | 26.7 | |||||
Issuances under equity plans | (0.2) | (0.2) | |||||
Issuances under equity plans (in shares) | 14,898 | ||||||
Share-based compensation expense | 6.9 | 6.9 | |||||
Dividends | 63.2 | 63.2 | |||||
Noncontrolling interest transactions | (2) | (2) | |||||
Balance, end of period at Jun. 30, 2020 | 2,542.8 | $ 1.2 | 3,388 | 3,368.2 | (479.1) | (3,752.3) | 16.8 |
Balance, end of period (in shares) at Jun. 30, 2020 | 117,499,079 | ||||||
Balance, beginning of period at Dec. 31, 2020 | 2,453.6 | $ 1.2 | 3,402.5 | 3,388.8 | (397.3) | (3,954.2) | 12.6 |
Balance, beginning of period (in shares) at Dec. 31, 2020 | 117,555,991 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net earnings (loss) | 62 | 62 | |||||
Other comprehensive income (loss) | (40.5) | (40.5) | |||||
Issuances under equity plans | (3.6) | 1 | (4.6) | ||||
Issuances under equity plans (in shares) | 169,192 | ||||||
Share-based compensation expense | 7.5 | 7.5 | |||||
Repurchases of common stock | (100.1) | (100.1) | |||||
Noncontrolling interest transactions | (1.5) | (1.5) | |||||
Balance, end of period at Mar. 31, 2021 | 2,377.4 | $ 1.2 | 3,411 | 3,450.8 | (437.8) | (4,058.9) | 11.1 |
Balance, end of period (in shares) at Mar. 31, 2021 | 117,725,183 | ||||||
Balance, beginning of period at Dec. 31, 2020 | 2,453.6 | $ 1.2 | 3,402.5 | 3,388.8 | (397.3) | (3,954.2) | 12.6 |
Balance, beginning of period (in shares) at Dec. 31, 2020 | 117,555,991 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net earnings (loss) | 173.6 | ||||||
Other comprehensive income (loss) | (25) | ||||||
Balance, end of period at Jun. 30, 2021 | 2,396.7 | $ 1.2 | 3,423.1 | 3,494.1 | (422.3) | (4,109) | 9.6 |
Balance, end of period (in shares) at Jun. 30, 2021 | 117,750,836 | ||||||
Balance, beginning of period at Mar. 31, 2021 | 2,377.4 | $ 1.2 | 3,411 | 3,450.8 | (437.8) | (4,058.9) | 11.1 |
Balance, beginning of period (in shares) at Mar. 31, 2021 | 117,725,183 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net earnings (loss) | 111.6 | 111.6 | |||||
Other comprehensive income (loss) | 15.5 | 15.5 | |||||
Issuances under equity plans | 2.6 | 2.7 | (0.1) | ||||
Issuances under equity plans (in shares) | 25,653 | ||||||
Share-based compensation expense | 9.4 | 9.4 | |||||
Dividends | 68.3 | 68.3 | |||||
Repurchases of common stock | (50) | (50) | |||||
Noncontrolling interest transactions | (1.5) | (1.5) | |||||
Balance, end of period at Jun. 30, 2021 | $ 2,396.7 | $ 1.2 | $ 3,423.1 | $ 3,494.1 | $ (422.3) | $ (4,109) | $ 9.6 |
Balance, end of period (in shares) at Jun. 30, 2021 | 117,750,836 |
Basis of Presentation and Accou
Basis of Presentation and Accounting Policies | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Accounting Policies | (1) 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 2020 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. COVID-19 The global spread of COVID-19, which was declared a global pandemic by the World Health Organization in March 2020, has created significant volatility, uncertainty and global macroeconomic disruption. The COVID-19 crisis began to negatively impact our business, operations and consolidated financial statements during the last two weeks of March 2020, with significant lockdown measures implemented by the end of March 2020 in our main markets in Europe and North America, as well as in certain other countries. We continued to experience the negative impacts of the COVID-19 crisis in the second quarter of 2021, particularly in Europe, which caused governments to impose more targeted and localized restrictions unlike the country-wide lockdowns and restrictions experienced in March 2020 and the second quarter of 2020. Although many markets strengthened throughout the first half of 2021, these restrictions had an adverse effect of curtailing economic activity in certain markets, affecting demand for our services. Continued uncertainty remains as to the future impact of the pandemic on global and local economies. We are continuing to monitor and assess the impacts of the COVID-19 pandemic and we expect that our financial condition, liquidity and future results of operations will continue to be adversely affected. However, we cannot predict with certainty what the impact will be on future periods. For further information on the impacts of COVID-19 on our business, operations and financial results, see Part I, Item 2: Management’s Discussion and Analysis of Financial Condition and Results of Operations. Allowance for Doubtful Accounts We have an allowance for doubtful accounts recorded as an estimate of the accounts receivable that may not be collected. This allowance is calculated on an entity-by-entity basis with consideration of historical write-off experience, age of receivables, market conditions, and a specific review for potential bad debts. Items that affect this balance mainly include bad debt expense and the write-off of accounts receivable balances. A rollforward of our allowance for doubtful accounts is shown below: Six Months Ended June 30, 2021 Balance, December 31, 2020 $ 128.1 Provisions charged to earnings 9.2 Write-offs ( 8.5 ) Translation adjustments ( 3.3 ) Reclassifications and other ( 0.1 ) Balance, June 30, 2021 $ 125.4 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 collateralization, 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. Goodwill Impairment In accordance with the accounting guidance on goodwill, we perform an annual impairment test of goodwill at our reporting unit level during the third quarter, or more frequently if events or circumstances change that would more likely than not reduce the fair value of our reporting units below their carrying value. We evaluate the recoverability of goodwill utilizing an income approach that estimates the fair value of the future discounted cash flows to which the goodwill relates. This approach reflects management’s internal outlook of the reporting units, which is believed to be the best determination of value due to management’s insight and experience with the reporting units. Significant assumptions used in our goodwill impairment tests include: expected future revenue growth rates, operating unit profit margins, working capital levels, discount rates, and a terminal value multiple. We performed our annual impairment test of our goodwill and indefinite-lived intangible assets during the third quarter of 2020 and determined that there was no impairment of our goodwill or indefinite-lived intangible assets. The fair value of each reporting unit was at least 20 % in excess of the respective reporting unit’s carrying value with the exception of the United Kingdom and Netherlands reporting units, both of which are part of the Northern Europe segment. The United Kingdom reporting unit had a fair value exceeding carrying value of approximately 12 %. Key assumptions included in the United Kingdom discounted cash flow valuation performed during the third quarter of 2020 were a discount rate of 11.5 %, a terminal value revenue growth rate of 1.0 %, and a terminal value OUP margin of 3.1 %. The Netherlands reporting unit had a fair value that exceeded its carrying value by approximately 3.3 %. Key assumptions included in the Netherlands discounted cash flow valuation performed during the third quarter of 2020 included a discount rate of 10.9 %, a terminal value revenue growth rate of 2.0 %, and a terminal value OUP margin of 3.5 %. Should the operations of the United Kingdom and Netherlands reporting units incur further decreases in the operating results, including declines in profitability and cash flow due to continued deterioration in macroeconomic, industry and market conditions, including uncertainty of the financial impacts from COVID-19, some or all of the recorded goodwill for the Netherlands or United Kingdom reporting units, which was $ 115.8 and $ 101.3 , respectively, as of June 30, 2021, could be subject to impairment. While our other reporting units' fair values exceeded 20 % or more of their respective carrying values, given the uncertainty of the financial impacts from the COVID-19 pandemic, there could be significant further decreases in the operating results of our reporting units for a sustained period, which may result in a recognition of goodwill impairment that could be material to the Consolidated Financial Statements. |
Recent Accounting Standards
Recent Accounting Standards | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Changes And Error Corrections [Abstract] | |
Recent Accounting Standards | (2) Recent Accounting Standards Accounting Standards Effective as of January 1, 2021 In December 2019, the FASB issued new guidance on income taxes. The guidance removes certain exceptions to the general income tax accounting principles, and clarifies and amends existing guidance to facilitate consistent application of the accounting principles. The new guidance was effective for us as of January 1, 2021 . The adoption of this guidance did not have a material impact on our Consolidated Financial Statements. In January 2020, the FASB issued new guidance on equity method investments. The guidance clarifies the interactions between the existing accounting standards on equity securities, equity method and joint ventures, and derivatives and hedging. The new guidance addresses accounting for the transition into and out of the equity method and measuring certain purchased options and forward contracts to acquire investments. The new guidance was effective for us as of January 1, 2021 . The adoption of this guidance did not have a material impact on our Consolidated Financial Statements. Recently Issued Accounting Standards In March 2020, the FASB issued new guidance on accounting for contract modifications, including hedging relationships, due to the transition from LIBOR and other interbank offerings related to alternative reference interest rates. The guidance is effective upon issuance and can be applied to applicable contract modifications through December 31, 2022. The adoption of this guidance has not had a material impact on our Consolidated Financial Statements, and we do not expect it to have a material impact going forward. |
Revenue Recognition
Revenue Recognition | 6 Months Ended |
Jun. 30, 2021 | |
Revenue From Contract With Customer [Abstract] | |
Revenue Recognition | (3) 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 June 30, 2021, 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 $ 29.8 as of June 30, 2021 and $ 34.9 as of December 31, 2020. 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 2020 Annual Report on Form 10-K for descriptions of revenue service types. Three Months Ended June 30, 2021 2020 Staffing Outcome- Permanent Other Total Staffing Outcome- Permanent Other Total Americas: United States $ 527.0 $ 33.5 $ 31.9 $ 36.4 $ 628.8 $ 429.0 $ 30.5 $ 15.8 $ 40.6 $ 515.9 Other Americas 393.8 11.0 7.9 2.8 415.5 307.2 7.3 3.1 3.1 320.7 920.8 44.5 39.8 39.2 1,044.3 736.2 37.8 18.9 43.7 836.6 Southern Europe: France 1,241.1 83.6 15.0 7.1 1,346.8 663.4 62.5 7.4 2.7 736.0 Italy 443.4 8.2 11.8 5.7 469.1 255.0 5.0 4.8 3.7 268.5 Other Southern Europe 495.6 94.3 13.2 3.4 606.5 380.6 75.0 7.5 3.2 466.3 2,180.1 186.1 40.0 16.2 2,422.4 1,299.0 142.5 19.7 9.6 1,470.8 Northern Europe 1,067.6 66.6 36.1 20.2 1,190.5 768.3 64.4 19.6 13.4 865.7 APME 465.5 102.1 39.8 12.5 619.9 450.6 81.7 28.2 8.6 569.1 Total $ 4,634.0 $ 399.3 $ 155.7 $ 88.1 $ 5,277.1 $ 3,254.1 $ 326.4 $ 86.4 $ 75.3 $ 3,742.2 Six Months Ended June 30, 2021 2020 Staffing Outcome- Permanent Other Total Staffing Outcome- Permanent Other Total Americas: United States $ 1,037.1 $ 62.3 $ 60.4 $ 77.8 $ 1,237.6 $ 947.7 $ 60.6 $ 40.8 $ 77.7 $ 1,126.8 Other Americas 768.7 20.9 14.0 6.0 809.6 686.7 19.7 8.6 5.8 720.8 1,805.8 83.2 74.4 83.8 2,047.2 1,634.4 80.3 49.4 83.5 1,847.6 Southern Europe: France 2,325.1 170.1 27.8 12.7 2,535.7 1,661.7 140.6 19.9 7.6 1,829.8 Italy 824.9 15.9 21.5 9.6 871.9 562.1 13.7 13.0 7.4 596.2 Other Southern Europe 956.4 186.9 24.9 6.9 1,175.1 796.5 165.6 21.4 6.0 989.5 4,106.4 372.9 74.2 29.2 4,582.7 3,020.3 319.9 54.3 21.0 3,415.5 Northern Europe 2,086.4 131.4 65.6 40.9 2,324.3 1,717.9 135.3 50.9 30.1 1,934.2 APME 946.3 200.5 77.2 23.3 1,247.3 917.2 164.9 65.1 16.8 1,164.0 Total $ 8,944.9 $ 788.0 $ 291.4 $ 177.2 $ 10,201.5 $ 7,289.8 $ 700.4 $ 219.7 $ 151.4 $ 8,361.3 In the following table, revenue is disaggregated by timing of revenue recognition for each of our reportable segments: Three Months Ended June 30, 2021 2020 Services Services Total Services Services Total Americas: United States $ 611.7 $ 17.1 $ 628.8 $ 507.6 $ 8.3 $ 515.9 Other Americas 410.4 5.1 415.5 318.8 1.9 320.7 1,022.1 22.2 1,044.3 826.4 10.2 836.6 Southern Europe: France 1,333.1 13.7 1,346.8 729.5 6.5 736.0 Italy 458.1 11.0 469.1 264.1 4.4 268.5 Other Southern Europe 595.6 10.9 606.5 460.0 6.3 466.3 2,386.8 35.6 2,422.4 1,453.6 17.2 1,470.8 Northern Europe 1,159.1 31.4 1,190.5 848.6 17.1 865.7 APME 598.3 21.6 619.9 553.5 15.6 569.1 Total $ 5,166.3 $ 110.8 $ 5,277.1 $ 3,682.1 $ 60.1 $ 3,742.2 Six Months Ended June 30, 2021 2020 Services Services Total Services Services Total Americas: United States $ 1,206.4 $ 31.2 $ 1,237.6 $ 1,105.4 $ 21.4 $ 1,126.8 Other Americas 800.6 9.0 809.6 715.3 5.5 720.8 2,007.0 40.2 2,047.2 1,820.7 26.9 1,847.6 Southern Europe: France 2,510.0 25.7 2,535.7 1,811.6 18.2 1,829.8 Italy 851.6 20.3 871.9 584.1 12.1 596.2 Other Southern Europe 1,154.5 20.6 1,175.1 971.5 18.0 989.5 4,516.1 66.6 4,582.7 3,367.2 48.3 3,415.5 Northern Europe 2,266.9 57.4 2,324.3 1,890.0 44.2 1,934.2 APME 1,206.2 41.1 1,247.3 1,128.8 35.2 1,164.0 Total $ 9,996.2 $ 205.3 $ 10,201.5 $ 8,206.7 $ 154.6 $ 8,361.3 |
Share-Based Compensation Plans
Share-Based Compensation Plans | 6 Months Ended |
Jun. 30, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Share-Based Compensation Plans | (4) Share-Based Compensation Plans During the three months ended June 30, 2021 and 2020 , we recognized share-based compensation expense of $ 9.4 and $ 6.9 , respectively, and $ 16.9 and $ 11.5 for the six months ended June 30, 2021 , respectively. The expense relates to stock options, deferred stock, restricted stock and performance share units. We recognize share-based compensation expense in selling and administrative expenses on a straight-line basis over the service period of each award. Consideration received from share-based awards was $ 4.2 and $ 6.8 for the six months ended June 30, 2021 and 2020 , respectively. |
Acquisitions
Acquisitions | 6 Months Ended |
Jun. 30, 2021 | |
Business Combinations [Abstract] | |
Acquisitions | (5) Acquisitions From time to time, we acquire and invest in companies throughout the world, including franchises. For the six months ended June 30, 2021 and 2020 , the total cash consideration paid for acquisitions, net of cash acquired, was $ 13.3 and $ 1.7 , respectively. The 2021 payments mainly related to franchise acquisitions in the United States and a contingent consideration payment associated with a previous acquisition. The 2020 payment represents a deferred consideration payment related to a previous acquisition. |
Restructuring Costs
Restructuring Costs | 6 Months Ended |
Jun. 30, 2021 | |
Restructuring And Related Activities [Abstract] | |
Restructuring Costs | (6) Restructuring Costs We did no t record any net restructuring costs during the six months ended June 30, 2021 . We recorded net restructuring costs of $ 48.2 during the six months ended June 30, 2020 in selling and administrative expenses, primarily related to severances and office closures and consolidations in multiple countries and territories. During the six months ended June 30, 2021, we made payments of $ 22.4 out of our restructuring reserve that was created in 2020 and 2019. We expect a majority of the remaining $ 23.7 reserve will be paid by the end of 2021. Changes in the restructuring reserve by reportable segment and Corporate are shown below. Americas (1) Southern (2) Northern APME Corporate Total Balance, January 1, 2021 $ 1.9 $ 3.5 $ 40.7 $ — $ — $ 46.1 Costs paid or utilized ( 0.7 ) ( 1.9 ) ( 19.8 ) — — ( 22.4 ) Balance, June 30, 2021 $ 1.2 $ 1.6 $ 20.9 $ — $ — $ 23.7 (1) Balances related to the United States were $ 1.4 and $ 0.6 as of December 31, 2020 and June 30, 2021, respectively. (2) Balances related to France were $ 0.6 as of both December 31, 2020 and June 30, 2021 . Balances related to Italy were $ 1.4 and $ 0.6 as of December 31, 2020 and June 30, 2021 , respectively. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | (7) Income Taxes We recorded income tax expense at an effective rate of 33.2 % for the three months ended June 30, 2021, as compared to a negative effective rate of 15.4 % for the three months ended June 30, 2020. The 2020 rate was negative due to a pre-tax loss that primarily resulted from the impact from the goodwill impairment charge, related to our Germany reporting unit, which was non-deductible. The 2021 rate was favorably impacted by the scheduled reduction in the French corporate tax rate to 27.5 %, the enacted 50 % reduction in the French business tax rate, and a higher level of pre-tax earnings. The 33.2 % effective tax rate for the three months ended June 30, 2021 was higher than the United States Federal statutory rate of 21 % primarily due to the French business tax, tax losses in certain countries for which we did not recognize a corresponding tax benefit due to valuation allowances, and the overall mix of earnings. We recorded income tax expense at an effective rate of 33.3 % for the six months ended June 30, 2021, as compared to a negative effective rate of 62.4 % for the six months ended June 30, 2020. The 2020 rate was negative due to the noted pre-tax loss that primarily resulted from the German goodwill impairment charge. The 2021 rate was favorably impacted by the scheduled reduction in the French corporate tax rate to 27.5 %, the enacted 50 % reduction in the French business tax rate, and a higher level of pre-tax earnings. The 33.3 % effective tax rate for the six months ended June 30, 2021 was higher than the United States Federal statutory rate of 21 % primarily due to the French business tax, tax losses in certain countries for which we did not recognize a corresponding tax benefit due to valuation allowances, and the overall mix of earnings. As of June 30, 2021, we had gross unrecognized tax benefits related to various tax jurisdictions, including interest and penalties, of $ 66.0 that would favorably impact the effective tax rate if recognized. As of December 31, 2020, we had gross unrecognized tax benefits related to various tax jurisdictions, including interest and penalties, of $ 64.5 . We do not expect our unrecognized tax benefits to change significantly over the next 12 months. We conduct business globally in various countries and territories. We are routinely audited by the tax authorities of the various tax jurisdictions in which we operate. Generally, the tax years that could be subject to examination are 2014 through 2021 for our major operations in France, Italy, the United Kingdom, and the United States. As of June 30, 2021, we were subject to tax audits in Austria, Denmark, France, Germany, Netherlands, and the United States. We believe that the resolution of these audits will not have a material impact on earnings. |
Net Earnings (Loss) Per Share
Net Earnings (Loss) Per Share | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Net Earnings (Loss) Per Share | (8) Net Earnings (Loss) Per Share The calculations of net earnings (loss) per share - basic and net earnings (loss) per share - diluted were as follows: Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Net earnings (loss) available to common shareholders $ 111.6 $ ( 64.4 ) $ 173.6 $ ( 62.7 ) Weighted-average common shares outstanding (in millions) Weighted-average common shares outstanding - basic 54.5 58.2 54.8 58.5 Effect of dilutive securities - stock options 0.2 — 0.1 — Effect of other share-based awards 0.7 — 0.6 — Weighted-average common shares outstanding - diluted 55.4 58.2 55.5 58.5 Net earnings (loss) per share - basic $ 2.05 $ ( 1.11 ) $ 3.17 $ ( 1.07 ) Net earnings (loss) per share - diluted $ 2.02 $ ( 1.11 ) $ 3.13 $ ( 1.07 ) There were 0.1 million and 1.1 million share-based awards excluded from the calculation of net earnings (loss) per share - diluted for the three months ended June 30, 2021 and 2020 , respectively, because their impact was anti-dilutive. There were 0.2 million and 0.9 million share-based awards excluded from the calculation of net earnings (loss) per share - diluted for the six months ended June 30, 2021 and 2020 , respectively, because their impact was anti-dilutive. Due to the net loss for the three months and six months ended June 30, 2020, the assumed exercise of share-based awards had an anti-dilutive effect and therefore were not included in the calculations of net loss per share - diluted for the three months and six months ended June 30, 2020. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 6 Months Ended |
Jun. 30, 2021 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | (9) Goodwill and Other Intangible Assets We have goodwill, finite-lived intangible assets and indefinite-lived intangible assets as follows: June 30, 2021 December 31, 2020 Gross Accumulated Net Gross Accumulated Net Goodwill (1) $ 1,219.1 $ — $ 1,219.1 $ 1,225.8 $ — $ 1,225.8 Intangible assets: Finite-lived: Customer relationships $ 468.8 $ 413.5 $ 55.3 $ 473.0 $ 403.8 $ 69.2 Other 22.9 18.8 4.1 21.9 21.6 0.3 491.7 432.3 59.4 494.9 425.4 69.5 Indefinite-lived: Tradenames (2) 52.0 — 52.0 52.0 — 52.0 Reacquired franchise rights 126.0 — 126.0 127.1 — 127.1 178.0 — 178.0 179.1 — 179.1 Total intangible assets $ 669.7 $ 432.3 $ 237.4 $ 674.0 $ 425.4 $ 248.6 (1) Balances were net of accumulated impairment loss of $ 644.2 as of both June 30, 2021 and December 31, 2020. (2) Balances were net of accumulated impairment loss of $ 139.5 as of both June 30, 2021 and December 31, 2020. Total consolidated amortization expense related to intangible assets for the remainder of 2021 is expected to be $ 7.8 and in each of the next five years as follows: 2022 - $ 13.0 , 2023 - $ 10.6 , 2024 - $ 8.4 , 2025 - $ 6.1 and 2026 - $ 2.2 . Changes in the carrying value of goodwill by reportable segment and Corporate were as follows: Americas (1) Southern (2) Northern APME Corporate (3) Total Balance, December 31, 2020 $ 536.6 $ 154.9 $ 326.6 $ 81.7 $ 126.0 $ 1,225.8 Acquisitions 3.1 — — — — 3.1 Currency impact 1.0 ( 5.0 ) ( 2.7 ) ( 3.1 ) — ( 9.8 ) Balance, June 30, 2021 $ 540.7 $ 149.9 $ 323.9 $ 78.6 $ 126.0 $ 1,219.1 (1) Balances related to the United States were $ 490.2 and $ 493.3 as of December 31, 2020 and June 30, 2021, respectively. (2) Balances related to France were $ 73.3 and $ 71.1 as of December 31, 2020 and June 30, 2021 , respectively. Balances related to Italy were $ 4.2 and $ 4.1 as of December 31, 2020 and June 30, 2021, respectively. (3) The majority of the Corporate balance relates to goodwill attributable to our acquisitions of Right Management ($ 62.1 ) and Jefferson Wells ($ 55.5 ). Jefferson Wells is part of the United States reporting unit. For purposes of monitoring our total assets by segment, we do not allocate the Corporate balance to the respective reportable segments as this is commensurate with how we operate our business. We do, however, include these balances within the appropriate reporting units for our goodwill impairment testing. See table below for the breakout of goodwill balances by reporting unit. Goodwill balances by reporting unit were as follows: June 30, December 31, 2021 2020 United States $ 548.8 $ 545.7 Netherlands 115.8 119.3 United Kingdom 101.3 100.2 France 71.1 73.3 Other reporting units 382.1 387.3 Total goodwill $ 1,219.1 $ 1,225.8 |
Retirement Plans
Retirement Plans | 6 Months Ended |
Jun. 30, 2021 | |
Compensation And Retirement Disclosure [Abstract] | |
Retirement Plans | (10) Retirement Plans The components of the net periodic benefit cost (credit) for our plans were as follows: Defined Benefit Pension Plan 3 Months Ended 6 Months Ended June 30, June 30, 2021 2020 2021 2020 Service cost $ 5.5 $ 5.1 $ 11.1 $ 10.2 Interest cost 1.6 2.3 3.1 4.6 Expected return on assets ( 3.0 ) ( 3.2 ) ( 6.1 ) ( 6.6 ) Settlement loss — — — 10.2 Other 1.3 0.7 2.7 1.6 Total benefit cost $ 5.4 $ 4.9 $ 10.8 $ 20.0 Retiree Health Care Plan 3 Months Ended 6 Months Ended June 30, June 30, 2021 2020 2021 2020 Interest cost $ — $ 0.1 $ 0.1 $ 0.2 Prior service credit ( 0.2 ) ( 0.2 ) ( 0.4 ) ( 0.4 ) Other 0.1 — 0.1 — Total benefit credit $ ( 0.1 ) $ ( 0.1 ) $ ( 0.2 ) $ ( 0.2 ) During the three and six months ended June 30, 2021 , contributions made to our pension plans were $ 5.0 and $ 9.4 , respectively, and contributions made to our retiree health care plan were $ 0.3 and $ 0.6 , respectively. During 2021 , we expect to make total contributions of approximately $ 17.0 to our pension plans and to fund our retiree health care payments as incurred. Pension Settlement During the six months ended June 30, 2020 , we fully settled our United States Qualified Retirement Plan (the “Plan”) liability. We purchased annuities of $ 19.2 and settled lump sum payments of $ 3.2 from the Plan in January and February 2020, respectively. The completion of lump sum payments in February and transfer of remaining participants to the Pension Benefit Guarantee Corporation (PBGC) in March triggered final settlement of the plan. Upon settlement of the pension liability, we reclassified the related pension losses of $ 6.6 , net of tax, recorded in accumulated other comprehensive loss to the Consolidated Statements of Comprehensive (Loss) Income. The total amount of the required payout to plan participants was determined based on employee elections and market conditions at the time of settlement. The standard PBGC audit was completed in March 2021, and the remaining plan assets of $ 16.6 which were in excess of the pension liability upon settlement are being utilized to fund qualified 401(k) plan contributions in current and future years. |
Shareholders' Equity
Shareholders' Equity | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
Shareholders' Equity | (11) Shareholders’ Equity The components of accumulated other comprehensive loss, net of tax, were as follows: June 30, December 31, 2021 2020 Foreign currency translation $ ( 140.3 ) $ ( 72.1 ) Translation loss on derivative instruments, net of income tax benefit of $( 24.7 ) and $( 34.9 ), respectively ( 45.8 ) ( 81.2 ) Translation loss on long-term intercompany loans ( 127.1 ) ( 133.3 ) Defined benefit pension plans, net of income tax benefit of $( 35.5 ) and $( 38.2 ), respectively ( 109.5 ) ( 111.4 ) Retiree health care plan, net of income taxes of $ 1.7 and $ 1.8 , respectively 0.4 0.7 Accumulated other comprehensive loss $ ( 422.3 ) $ ( 397.3 ) Noncontrolling Interests Noncontrolling interests, reported 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, net in our Consolidated Statements of Operations. We recorded a benefit of $ 0.2 and $ 0.4 for the three months ended June 30, 2021 and 2020, respectively, and $ 1.1 and $ 1.0 for the six months ended June 30, 2021 and 2020, respectively. Dividends The Board of Directors declared a semi-annual dividend of $ 1.26 and $ 1.09 per share, respectively, on May 7, 2021 and May 8, 2020 . The 2021 dividends were paid on June 15, 2021 to shareholders of record as of June 1, 2021 . The 2020 dividends were paid on June 15, 2020 to shareholders of record as of June 1, 2020 . Share Repurchases In August 2021, the Board of Directors authorized the repurchase of 4.0 million shares of our common stock, with terms consistent with the previous authorizations. This authorization was in addition to the August 2019 and 2018 Board authorizations to purchase 6.0 million shares of our common stock each. 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 six months of 2021, we repurchased a total of 1.5 million shares under the 2019 authorization at a cost of $ 150.1 . During the first six months of 2020, we repurchased a total of 0.9 million shares comprised of 0.8 million shares under the 2018 authorization and 0.1 million shares under the 2019 authorization, at a total cost of $ 63.8 . The repurchases in the first half of 2020 all occurred within the first quarter of 2020. As of June 30, 2021 , there were 1.9 million shares remaining authorized for repurchase under the 2019 authorization and no shares remaining authorized for repurchase under the 2018 authorization. |
Interest and Other Expenses, Ne
Interest and Other Expenses, Net | 6 Months Ended |
Jun. 30, 2021 | |
Other Nonoperating Income Expense [Abstract] | |
Interest and Other Expenses, Net | (12) Interest and Other Expenses, Net Interest and other expenses, net consisted of the following: Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Interest expense $ 9.7 $ 10.4 $ 19.9 $ 21.5 Interest income ( 3.1 ) ( 3.1 ) ( 6.2 ) ( 6.8 ) Foreign exchange loss 0.6 0.5 3.1 3.6 Miscellaneous (income) expense, net (1) ( 4.4 ) ( 2.0 ) ( 8.6 ) 8.0 Interest and other expenses, net $ 2.8 $ 5.8 $ 8.2 $ 26.3 (1) Miscellaneous expense, net for the six months ended June 30, 2020 includes a $ 10.2 pension settlement loss related to one of our United States plans. See Note 10 to the Consolidated Financial Statements for further information. |
Derivative Financial Instrument
Derivative Financial Instruments and Fair Value Measurements | 6 Months Ended |
Jun. 30, 2021 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments and Fair Value Measurements | (13) 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 using 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”) and cross-currency swaps 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. Net Investment Hedges We use cross-currency swaps, forward contracts and a portion of our foreign currency denominated debt, a non-derivative financial instrument, to protect the value of our net investments in certain of our foreign subsidiaries. For derivative instruments that are designated and qualify as hedges of our net investments in foreign operations, the changes in fair values of the derivative instruments are recognized in foreign currency translation, a component of accumulated other comprehensive income (“AOCI”), to offset the changes in the values of the net investments being hedged. For non-derivative financial instruments that are designated and qualify as hedges of net investments in foreign operations, the change in the carrying value of the designated portion of the non-derivative financial instrument due to changes in foreign currency exchange rates is recorded in foreign currency translation adjustments. The € 400.0 ($ 473.7 ) notes due September 2022 and the € 500.0 ($ 589.1 ) notes due June 2026 were designated as a hedge of our net investment in our foreign subsidiaries with a Euro-functional currency as of June 30, 2021. In September 2019, we entered into a cross-currency swap agreement that net converts fixed-rate Swiss franc (“CHF”) payments to fixed-rate United States dollar payments. This swap was designated as a net investment hedge of our foreign subsidiary with CHF functional currency. The effect of our net investment hedges on AOCI for the three and six months ended June 30, 2021 and 2020 was as follows: Gain (Loss) Recognized in Other Comprehensive Income Three Months Ended June 30, Six Months Ended June 30, Instrument 2021 2020 2021 2020 Euro Notes $ ( 11.3 ) $ ( 18.3 ) $ 32.4 $ ( 1.9 ) Cross-currency swaps ( 7.2 ) 9.9 13.3 2.4 Cash Flow Hedges We use cross-currency swaps to hedge the changes in cash flows of certain of our foreign currency denominated debt due to changes in foreign currency exchange rates. For our cross-currency swaps, we record the change in carrying value of the foreign currency denominated debt due to changes in exchange rates into earnings each period. The changes in fair value of the cross-currency swap derivatives are recorded in AOCI with an immediate reclassification into earnings for the change in fair value attributable to fluctuations in foreign currency exchange rates. In April 2019, we entered into a cross-currency swap agreement to convert our intercompany fixed-rate, CHF denominated note, including the annual interest payment and the payment of remaining principal at maturity, to a fixed-rate Euro denominated note. The economic effect of the swap agreement is to eliminate the uncertainty of cash flows in CHF associated with the note by fixing the principal at € 202.3 with a fixed annual interest rate of 1.256 %. This hedging arrangement has been designated as a cash flow hedge. The swap matures in April 2022, which matches the term of the intercompany note. Gains and losses from the hedge offset the changes in the value of principal and interest payments as a result of changes in foreign exchange rates. In September 2019, we entered into a cross-currency swap agreement to convert an additional intercompany fixed-rate CHF note, including the annual interest payment and the payment of remaining principal at maturity, to a fixed-rate Euro denominated note. The economic effect of the swap is identical to the original April 2019 swap, and fixes the principal of € 55.4 with a fixed interest rate of 1.143 %. The swap matures in September 2022, which matches the term of the intercompany note. We assessed the hedging relationship at the inception of the hedge in order to determine whether the derivatives that are used in the hedging transaction are highly effective in offsetting the cash flows of the hedged item and will continue to assess the relationship on an ongoing basis. We use the hypothetical derivative method in conjunction with regression analysis using a third-party valuation to measure effectiveness of our cross-currency swap agreement. The following tables present the impact that changes in the fair values of derivatives designated as cash flow hedges had on other comprehensive income (“OCI”), AOCI and earnings for the three and six months ended June 30, 2021 and 2020: (Loss) Gain Reclassified Gain (Loss) Recognized in OCI from AOCI into Income Three Months Ended June 30, Location of (Loss) Gain Reclassified Three Months Ended June 30, Instrument 2021 2020 from AOCI into Income 2021 2020 Cross-currency swaps $ 2.2 $ ( 0.9 ) Interest and other expenses, net $ ( 2.0 ) $ ( 1.0 ) Gain (Loss) Reclassified (Loss) Gain Recognized in OCI from AOCI into Income Six Months Ended June 30, Location of Gain (Loss) Reclassified Six Months Ended June 30, Instrument 2021 2020 from AOCI into Income 2021 2020 Cross-currency swaps $ ( 3.1 ) $ 4.8 Interest and other expenses, net $ 3.2 $ 4.7 We expect the net amount of pre-tax derivative gains included in AOCI at June 30, 2021 to be reclassified into earnings within the next 12 months will not be significant. The actual amount that will be reclassified to earnings over the next 12 months will vary due to future currency exchange rates. Non-designated instruments We also use certain derivatives, which are not designated as hedging instruments, as economic hedges of foreign currency and interest rate exposure. For our forward contracts that are not designated as hedges, any gain or loss resulting from the change in fair value is recognized in 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. The effect of our forward contracts that are not designated as hedging instruments on the consolidated statements of operations for the three and six months ended June 30, 2021 was as follows: Location of Gain (Loss) Amount of Gain (Loss) Recognized in Income Instrument Recognized in Income Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Foreign currency forward contracts Interest and other expenses, net $ 1.4 $ 0.5 $ ( 5.5 ) $ 0.3 The following tables present the fair value of derivative and non-derivative assets and liabilities on the Consolidated Balance Sheets as of June 30, 2021 and December 31, 2020: Assets June 30, December 31, Balance Sheet Location 2021 2020 Instruments designated as cash flow hedges: Cross-currency swaps Prepaid expenses and other assets $ 7.3 $ 12.1 Instruments not designated as hedges: Foreign currency forward contracts Accounts receivable, net — 1.0 Total instruments $ 7.3 $ 13.1 Liabilities June 30, December 31, Balance Sheet Location 2021 2020 Instruments designated as net investment hedges: Euro Notes Long-term debt $ 1,062.8 $ 1,094.5 Cross-currency swaps Accrued liabilities 17.3 30.5 Instruments not designated as hedges Foreign currency forward contracts Accrued liabilities 0.9 — Total instruments $ 1,081.0 $ 1,125.0 Fair Value Measurements The carrying value of the long-term debt approximates fair value, except for the Euro-denominated notes, because the interest rates are variable and reflect current market rates. The fair value of the Euro-denominated notes, as observable at commonly quoted intervals (Level 2 inputs), was $ 1,119.9 and $ 1,159.1 as of June 30, 2021 and December 31, 2020, respectively, compared to a carrying value of $ 1,062.8 and $ 1,094.5 , respectively. Our deferred compensation plan assets were $ 135.0 and $ 119.4 as of June 30, 2021 and December 31, 2020, 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 and cross-currency swaps at the value based on either directly or indirectly observable inputs from third parties (Level 2 inputs). |
Leases
Leases | 6 Months Ended |
Jun. 30, 2021 | |
Leases [Abstract] | |
Leases | (14) Leases The components of lease expense were as follows: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Operating lease expense $ 34.9 $ 35.6 $ 70.4 $ 71.6 Short-term lease expense 1.6 3.3 3.1 7.2 Other lease expense (1) $ 4.1 $ 4.2 $ 9.0 $ 8.5 Total lease expense $ 40.6 $ 43.1 $ 82.5 $ 87.3 (1) Other lease expense includes variable lease expense and sublease income. Other information related to leases was as follows: Six Months Ended June 30, Supplemental Cash Flow Information 2021 2020 Cash paid for amounts included in the measurement of operating lease liabilities $ 69.6 $ 71.6 Operating ROU assets obtained in exchange for lease obligations 15.2 26.0 June 30, December 31, Supplemental Balance Sheet Information 2021 2020 Operating Leases Operating lease ROU assets $ 367.2 $ 400.7 Operating lease liabilities - current (1) $ 110.3 $ 119.3 Operating lease liabilities - long-term 272.6 305.1 Total operating lease liabilities $ 382.9 $ 424.4 (1) Operating lease liabilities - current are included in accrued expenses on our Consolidated Balance Sheets. June 30, 2021 2020 Weighted Average Remaining Lease Term Operating leases 5.0 years 5.5 years Weighted Average Discount Rate Operating leases 2.9 % 3.1 % Maturities of operating lease liabilities as of June 30, 2021 were as follows: (In millions) Period Ending June 30, 2021 Operating Leases Remainder of 2021 $ 64.7 2022 104.8 2023 80.9 2024 54.9 2025 34.9 2026 26.1 Thereafter 51.1 Total future undiscounted lease payments $ 417.4 Less imputed interest $ ( 34.5 ) Total operating lease liabilities $ 382.9 |
Segment Data
Segment Data | 6 Months Ended |
Jun. 30, 2021 | |
Segment Reporting [Abstract] | |
Segment Data | (15) Segment Data We are organized and managed primarily on a geographic basis. 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; and APME. The 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. 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. Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Revenues from services: Americas: United States (a) $ 628.8 $ 515.9 $ 1,237.6 $ 1,126.8 Other Americas 415.5 320.7 809.6 720.8 1,044.3 836.6 2,047.2 1,847.6 Southern Europe: France 1,346.8 736.0 2,535.7 1,829.8 Italy 469.1 268.5 871.9 596.2 Other Southern Europe 606.5 466.3 1,175.1 989.5 2,422.4 1,470.8 4,582.7 3,415.5 Northern Europe 1,190.5 865.7 2,324.3 1,934.2 APME 619.9 569.1 1,247.3 1,164.0 Consolidated (b) $ 5,277.1 $ 3,742.2 $ 10,201.5 $ 8,361.3 Operating unit profit (loss): (c) Americas: United States $ 38.0 $ 9.2 $ 67.2 11.5 Other Americas 18.0 10.5 32.9 24.8 56.0 19.7 100.1 36.3 Southern Europe: France 65.7 ( 2.5 ) 108.3 35.5 Italy 31.7 11.0 51.1 25.2 Other Southern Europe 17.9 3.6 29.3 4.4 115.3 12.1 188.7 65.1 Northern Europe 17.9 0.3 22.7 ( 13.8 ) APME 22.3 18.0 41.1 34.9 211.5 50.1 352.6 122.5 Corporate expenses ( 37.3 ) ( 26.6 ) ( 74.5 ) ( 54.4 ) Goodwill impairment charges — ( 66.8 ) — ( 66.8 ) Intangible asset amortization expense ( 4.3 ) ( 6.7 ) ( 9.8 ) ( 13.6 ) Operating profit (loss) 169.9 ( 50.0 ) 268.3 ( 12.3 ) Interest and other expenses, net ( 2.8 ) ( 5.8 ) ( 8.2 ) ( 26.3 ) Earnings (loss) before income taxes $ 167.1 $ ( 55.8 ) $ 260.1 $ ( 38.6 ) (a) In the United States, revenues from services included fees received from the related franchise offices of $ 3.0 and $ 2.4 for the three months ended June 30, 2021 and 2020, respectively, and $ 6.1 and $ 5.4 for the six months ended June 30, 2021 and 2020, respectively. These fees are primarily based on revenues generated by the franchise offices, which were $ 114.6 and $ 122.3 for the three months ended June 30, 2021 and 2020, respectively, and $ 232.1 and $ 198.8 for the six months ended June 30, 2021 and 2020, respectively. (b) Our consolidated revenues from services include fees received from our franchise offices of $ 3.5 and $ 2.8 for the three months ended June 30, 2021 and 2020, respectively, and $ 7.1 and $ 6.1 for the six months ended June 30, 2021 and 2020, respectively. These fees are primarily based on revenues generated by the franchise offices, which were $ 253.5 and $ 128.1 for the three months ended June 30, 2021 and 2020, respectively, and $ 502.6 and $ 210.4 for the six months ended June 30, 2021 and 2020, 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) | 6 Months Ended |
Jun. 30, 2021 | |
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 2020 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. |
COVID-19 | COVID-19 The global spread of COVID-19, which was declared a global pandemic by the World Health Organization in March 2020, has created significant volatility, uncertainty and global macroeconomic disruption. The COVID-19 crisis began to negatively impact our business, operations and consolidated financial statements during the last two weeks of March 2020, with significant lockdown measures implemented by the end of March 2020 in our main markets in Europe and North America, as well as in certain other countries. We continued to experience the negative impacts of the COVID-19 crisis in the second quarter of 2021, particularly in Europe, which caused governments to impose more targeted and localized restrictions unlike the country-wide lockdowns and restrictions experienced in March 2020 and the second quarter of 2020. Although many markets strengthened throughout the first half of 2021, these restrictions had an adverse effect of curtailing economic activity in certain markets, affecting demand for our services. Continued uncertainty remains as to the future impact of the pandemic on global and local economies. We are continuing to monitor and assess the impacts of the COVID-19 pandemic and we expect that our financial condition, liquidity and future results of operations will continue to be adversely affected. However, we cannot predict with certainty what the impact will be on future periods. For further information on the impacts of COVID-19 on our business, operations and financial results, see Part I, Item 2: Management’s Discussion and Analysis of Financial Condition and Results of Operations. |
Allowance for Doubtful Accounts | Allowance for Doubtful Accounts We have an allowance for doubtful accounts recorded as an estimate of the accounts receivable that may not be collected. This allowance is calculated on an entity-by-entity basis with consideration of historical write-off experience, age of receivables, market conditions, and a specific review for potential bad debts. Items that affect this balance mainly include bad debt expense and the write-off of accounts receivable balances. A rollforward of our allowance for doubtful accounts is shown below: Six Months Ended June 30, 2021 Balance, December 31, 2020 $ 128.1 Provisions charged to earnings 9.2 Write-offs ( 8.5 ) Translation adjustments ( 3.3 ) Reclassifications and other ( 0.1 ) Balance, June 30, 2021 $ 125.4 |
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 collateralization, 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. |
Goodwill Impairment | Goodwill Impairment In accordance with the accounting guidance on goodwill, we perform an annual impairment test of goodwill at our reporting unit level during the third quarter, or more frequently if events or circumstances change that would more likely than not reduce the fair value of our reporting units below their carrying value. We evaluate the recoverability of goodwill utilizing an income approach that estimates the fair value of the future discounted cash flows to which the goodwill relates. This approach reflects management’s internal outlook of the reporting units, which is believed to be the best determination of value due to management’s insight and experience with the reporting units. Significant assumptions used in our goodwill impairment tests include: expected future revenue growth rates, operating unit profit margins, working capital levels, discount rates, and a terminal value multiple. We performed our annual impairment test of our goodwill and indefinite-lived intangible assets during the third quarter of 2020 and determined that there was no impairment of our goodwill or indefinite-lived intangible assets. The fair value of each reporting unit was at least 20 % in excess of the respective reporting unit’s carrying value with the exception of the United Kingdom and Netherlands reporting units, both of which are part of the Northern Europe segment. The United Kingdom reporting unit had a fair value exceeding carrying value of approximately 12 %. Key assumptions included in the United Kingdom discounted cash flow valuation performed during the third quarter of 2020 were a discount rate of 11.5 %, a terminal value revenue growth rate of 1.0 %, and a terminal value OUP margin of 3.1 %. The Netherlands reporting unit had a fair value that exceeded its carrying value by approximately 3.3 %. Key assumptions included in the Netherlands discounted cash flow valuation performed during the third quarter of 2020 included a discount rate of 10.9 %, a terminal value revenue growth rate of 2.0 %, and a terminal value OUP margin of 3.5 %. Should the operations of the United Kingdom and Netherlands reporting units incur further decreases in the operating results, including declines in profitability and cash flow due to continued deterioration in macroeconomic, industry and market conditions, including uncertainty of the financial impacts from COVID-19, some or all of the recorded goodwill for the Netherlands or United Kingdom reporting units, which was $ 115.8 and $ 101.3 , respectively, as of June 30, 2021, could be subject to impairment. While our other reporting units' fair values exceeded 20 % or more of their respective carrying values, given the uncertainty of the financial impacts from the COVID-19 pandemic, there could be significant further decreases in the operating results of our reporting units for a sustained period, which may result in a recognition of goodwill impairment that could be material to the Consolidated Financial Statements. |
Basis of Presentation and Acc_3
Basis of Presentation and Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Summary of Rollforward of Allowance for Doubtful Accounts | A rollforward of our allowance for doubtful accounts is shown below: Six Months Ended June 30, 2021 Balance, December 31, 2020 $ 128.1 Provisions charged to earnings 9.2 Write-offs ( 8.5 ) Translation adjustments ( 3.3 ) Reclassifications and other ( 0.1 ) Balance, June 30, 2021 $ 125.4 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
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 2020 Annual Report on Form 10-K for descriptions of revenue service types. Three Months Ended June 30, 2021 2020 Staffing Outcome- Permanent Other Total Staffing Outcome- Permanent Other Total Americas: United States $ 527.0 $ 33.5 $ 31.9 $ 36.4 $ 628.8 $ 429.0 $ 30.5 $ 15.8 $ 40.6 $ 515.9 Other Americas 393.8 11.0 7.9 2.8 415.5 307.2 7.3 3.1 3.1 320.7 920.8 44.5 39.8 39.2 1,044.3 736.2 37.8 18.9 43.7 836.6 Southern Europe: France 1,241.1 83.6 15.0 7.1 1,346.8 663.4 62.5 7.4 2.7 736.0 Italy 443.4 8.2 11.8 5.7 469.1 255.0 5.0 4.8 3.7 268.5 Other Southern Europe 495.6 94.3 13.2 3.4 606.5 380.6 75.0 7.5 3.2 466.3 2,180.1 186.1 40.0 16.2 2,422.4 1,299.0 142.5 19.7 9.6 1,470.8 Northern Europe 1,067.6 66.6 36.1 20.2 1,190.5 768.3 64.4 19.6 13.4 865.7 APME 465.5 102.1 39.8 12.5 619.9 450.6 81.7 28.2 8.6 569.1 Total $ 4,634.0 $ 399.3 $ 155.7 $ 88.1 $ 5,277.1 $ 3,254.1 $ 326.4 $ 86.4 $ 75.3 $ 3,742.2 Six Months Ended June 30, 2021 2020 Staffing Outcome- Permanent Other Total Staffing Outcome- Permanent Other Total Americas: United States $ 1,037.1 $ 62.3 $ 60.4 $ 77.8 $ 1,237.6 $ 947.7 $ 60.6 $ 40.8 $ 77.7 $ 1,126.8 Other Americas 768.7 20.9 14.0 6.0 809.6 686.7 19.7 8.6 5.8 720.8 1,805.8 83.2 74.4 83.8 2,047.2 1,634.4 80.3 49.4 83.5 1,847.6 Southern Europe: France 2,325.1 170.1 27.8 12.7 2,535.7 1,661.7 140.6 19.9 7.6 1,829.8 Italy 824.9 15.9 21.5 9.6 871.9 562.1 13.7 13.0 7.4 596.2 Other Southern Europe 956.4 186.9 24.9 6.9 1,175.1 796.5 165.6 21.4 6.0 989.5 4,106.4 372.9 74.2 29.2 4,582.7 3,020.3 319.9 54.3 21.0 3,415.5 Northern Europe 2,086.4 131.4 65.6 40.9 2,324.3 1,717.9 135.3 50.9 30.1 1,934.2 APME 946.3 200.5 77.2 23.3 1,247.3 917.2 164.9 65.1 16.8 1,164.0 Total $ 8,944.9 $ 788.0 $ 291.4 $ 177.2 $ 10,201.5 $ 7,289.8 $ 700.4 $ 219.7 $ 151.4 $ 8,361.3 In the following table, revenue is disaggregated by timing of revenue recognition for each of our reportable segments: Three Months Ended June 30, 2021 2020 Services Services Total Services Services Total Americas: United States $ 611.7 $ 17.1 $ 628.8 $ 507.6 $ 8.3 $ 515.9 Other Americas 410.4 5.1 415.5 318.8 1.9 320.7 1,022.1 22.2 1,044.3 826.4 10.2 836.6 Southern Europe: France 1,333.1 13.7 1,346.8 729.5 6.5 736.0 Italy 458.1 11.0 469.1 264.1 4.4 268.5 Other Southern Europe 595.6 10.9 606.5 460.0 6.3 466.3 2,386.8 35.6 2,422.4 1,453.6 17.2 1,470.8 Northern Europe 1,159.1 31.4 1,190.5 848.6 17.1 865.7 APME 598.3 21.6 619.9 553.5 15.6 569.1 Total $ 5,166.3 $ 110.8 $ 5,277.1 $ 3,682.1 $ 60.1 $ 3,742.2 Six Months Ended June 30, 2021 2020 Services Services Total Services Services Total Americas: United States $ 1,206.4 $ 31.2 $ 1,237.6 $ 1,105.4 $ 21.4 $ 1,126.8 Other Americas 800.6 9.0 809.6 715.3 5.5 720.8 2,007.0 40.2 2,047.2 1,820.7 26.9 1,847.6 Southern Europe: France 2,510.0 25.7 2,535.7 1,811.6 18.2 1,829.8 Italy 851.6 20.3 871.9 584.1 12.1 596.2 Other Southern Europe 1,154.5 20.6 1,175.1 971.5 18.0 989.5 4,516.1 66.6 4,582.7 3,367.2 48.3 3,415.5 Northern Europe 2,266.9 57.4 2,324.3 1,890.0 44.2 1,934.2 APME 1,206.2 41.1 1,247.3 1,128.8 35.2 1,164.0 Total $ 9,996.2 $ 205.3 $ 10,201.5 $ 8,206.7 $ 154.6 $ 8,361.3 |
Restructuring Costs (Tables)
Restructuring Costs (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Restructuring And Related Activities [Abstract] | |
Schedule of Changes in Restructuring Reserve | Changes in the restructuring reserve by reportable segment and Corporate are shown below. Americas (1) Southern (2) Northern APME Corporate Total Balance, January 1, 2021 $ 1.9 $ 3.5 $ 40.7 $ — $ — $ 46.1 Costs paid or utilized ( 0.7 ) ( 1.9 ) ( 19.8 ) — — ( 22.4 ) Balance, June 30, 2021 $ 1.2 $ 1.6 $ 20.9 $ — $ — $ 23.7 (1) Balances related to the United States were $ 1.4 and $ 0.6 as of December 31, 2020 and June 30, 2021, respectively. (2) Balances related to France were $ 0.6 as of both December 31, 2020 and June 30, 2021 . Balances related to Italy were $ 1.4 and $ 0.6 as of December 31, 2020 and June 30, 2021 , respectively. |
Net Earnings (Loss) Per Share (
Net Earnings (Loss) Per Share (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Calculations of Net Earnings (Loss) Per Share - Basic and Diluted | The calculations of net earnings (loss) per share - basic and net earnings (loss) per share - diluted were as follows: Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Net earnings (loss) available to common shareholders $ 111.6 $ ( 64.4 ) $ 173.6 $ ( 62.7 ) Weighted-average common shares outstanding (in millions) Weighted-average common shares outstanding - basic 54.5 58.2 54.8 58.5 Effect of dilutive securities - stock options 0.2 — 0.1 — Effect of other share-based awards 0.7 — 0.6 — Weighted-average common shares outstanding - diluted 55.4 58.2 55.5 58.5 Net earnings (loss) per share - basic $ 2.05 $ ( 1.11 ) $ 3.17 $ ( 1.07 ) Net earnings (loss) per share - diluted $ 2.02 $ ( 1.11 ) $ 3.13 $ ( 1.07 ) |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill and Intangible Assets | We have goodwill, finite-lived intangible assets and indefinite-lived intangible assets as follows: June 30, 2021 December 31, 2020 Gross Accumulated Net Gross Accumulated Net Goodwill (1) $ 1,219.1 $ — $ 1,219.1 $ 1,225.8 $ — $ 1,225.8 Intangible assets: Finite-lived: Customer relationships $ 468.8 $ 413.5 $ 55.3 $ 473.0 $ 403.8 $ 69.2 Other 22.9 18.8 4.1 21.9 21.6 0.3 491.7 432.3 59.4 494.9 425.4 69.5 Indefinite-lived: Tradenames (2) 52.0 — 52.0 52.0 — 52.0 Reacquired franchise rights 126.0 — 126.0 127.1 — 127.1 178.0 — 178.0 179.1 — 179.1 Total intangible assets $ 669.7 $ 432.3 $ 237.4 $ 674.0 $ 425.4 $ 248.6 (1) Balances were net of accumulated impairment loss of $ 644.2 as of both June 30, 2021 and December 31, 2020. (2) Balances were net of accumulated impairment loss of $ 139.5 as of both June 30, 2021 and December 31, 2020. |
Changes in Carrying Value of Goodwill by Reportable Segment | Changes in the carrying value of goodwill by reportable segment and Corporate were as follows: Americas (1) Southern (2) Northern APME Corporate (3) Total Balance, December 31, 2020 $ 536.6 $ 154.9 $ 326.6 $ 81.7 $ 126.0 $ 1,225.8 Acquisitions 3.1 — — — — 3.1 Currency impact 1.0 ( 5.0 ) ( 2.7 ) ( 3.1 ) — ( 9.8 ) Balance, June 30, 2021 $ 540.7 $ 149.9 $ 323.9 $ 78.6 $ 126.0 $ 1,219.1 (1) Balances related to the United States were $ 490.2 and $ 493.3 as of December 31, 2020 and June 30, 2021, respectively. (2) Balances related to France were $ 73.3 and $ 71.1 as of December 31, 2020 and June 30, 2021 , respectively. Balances related to Italy were $ 4.2 and $ 4.1 as of December 31, 2020 and June 30, 2021, respectively. (3) The majority of the Corporate balance relates to goodwill attributable to our acquisitions of Right Management ($ 62.1 ) and Jefferson Wells ($ 55.5 ). Jefferson Wells is part of the United States reporting unit. For purposes of monitoring our total assets by segment, we do not allocate the Corporate balance to the respective reportable segments as this is commensurate with how we operate our business. We do, however, include these balances within the appropriate reporting units for our goodwill impairment testing. See table below for the breakout of goodwill balances by reporting unit. |
Schedule of Goodwill Balances by Reporting Unit | Goodwill balances by reporting unit were as follows: June 30, December 31, 2021 2020 United States $ 548.8 $ 545.7 Netherlands 115.8 119.3 United Kingdom 101.3 100.2 France 71.1 73.3 Other reporting units 382.1 387.3 Total goodwill $ 1,219.1 $ 1,225.8 |
Retirement Plans (Tables)
Retirement Plans (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Compensation And Retirement Disclosure [Abstract] | |
Components of Net Periodic Benefit Cost (Credit) | The components of the net periodic benefit cost (credit) for our plans were as follows: Defined Benefit Pension Plan 3 Months Ended 6 Months Ended June 30, June 30, 2021 2020 2021 2020 Service cost $ 5.5 $ 5.1 $ 11.1 $ 10.2 Interest cost 1.6 2.3 3.1 4.6 Expected return on assets ( 3.0 ) ( 3.2 ) ( 6.1 ) ( 6.6 ) Settlement loss — — — 10.2 Other 1.3 0.7 2.7 1.6 Total benefit cost $ 5.4 $ 4.9 $ 10.8 $ 20.0 Retiree Health Care Plan 3 Months Ended 6 Months Ended June 30, June 30, 2021 2020 2021 2020 Interest cost $ — $ 0.1 $ 0.1 $ 0.2 Prior service credit ( 0.2 ) ( 0.2 ) ( 0.4 ) ( 0.4 ) Other 0.1 — 0.1 — Total benefit credit $ ( 0.1 ) $ ( 0.1 ) $ ( 0.2 ) $ ( 0.2 ) |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
Components of Accumulated Other Comprehensive Loss, Net of Tax | The components of accumulated other comprehensive loss, net of tax, were as follows: June 30, December 31, 2021 2020 Foreign currency translation $ ( 140.3 ) $ ( 72.1 ) Translation loss on derivative instruments, net of income tax benefit of $( 24.7 ) and $( 34.9 ), respectively ( 45.8 ) ( 81.2 ) Translation loss on long-term intercompany loans ( 127.1 ) ( 133.3 ) Defined benefit pension plans, net of income tax benefit of $( 35.5 ) and $( 38.2 ), respectively ( 109.5 ) ( 111.4 ) Retiree health care plan, net of income taxes of $ 1.7 and $ 1.8 , respectively 0.4 0.7 Accumulated other comprehensive loss $ ( 422.3 ) $ ( 397.3 ) |
Interest and Other Expenses, _2
Interest and Other Expenses, Net (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Other Nonoperating Income Expense [Abstract] | |
Schedule of Interest and Other Expenses Net | Interest and other expenses, net consisted of the following: Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Interest expense $ 9.7 $ 10.4 $ 19.9 $ 21.5 Interest income ( 3.1 ) ( 3.1 ) ( 6.2 ) ( 6.8 ) Foreign exchange loss 0.6 0.5 3.1 3.6 Miscellaneous (income) expense, net (1) ( 4.4 ) ( 2.0 ) ( 8.6 ) 8.0 Interest and other expenses, net $ 2.8 $ 5.8 $ 8.2 $ 26.3 (1) Miscellaneous expense, net for the six months ended June 30, 2020 includes a $ 10.2 pension settlement loss related to one of our United States plans. See Note 10 to the Consolidated Financial Statements for further information. |
Derivative Financial Instrume_2
Derivative Financial Instruments and Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
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 and six months ended June 30, 2021 and 2020 was as follows: Gain (Loss) Recognized in Other Comprehensive Income Three Months Ended June 30, Six Months Ended June 30, Instrument 2021 2020 2021 2020 Euro Notes $ ( 11.3 ) $ ( 18.3 ) $ 32.4 $ ( 1.9 ) Cross-currency swaps ( 7.2 ) 9.9 13.3 2.4 |
Impact of Changes in Fair Values of Derivatives Designated as Cash Flow Hedges on OCI, AOCI and Earnings | The following tables present the impact that changes in the fair values of derivatives designated as cash flow hedges had on other comprehensive income (“OCI”), AOCI and earnings for the three and six months ended June 30, 2021 and 2020: (Loss) Gain Reclassified Gain (Loss) Recognized in OCI from AOCI into Income Three Months Ended June 30, Location of (Loss) Gain Reclassified Three Months Ended June 30, Instrument 2021 2020 from AOCI into Income 2021 2020 Cross-currency swaps $ 2.2 $ ( 0.9 ) Interest and other expenses, net $ ( 2.0 ) $ ( 1.0 ) Gain (Loss) Reclassified (Loss) Gain Recognized in OCI from AOCI into Income Six Months Ended June 30, Location of Gain (Loss) Reclassified Six Months Ended June 30, Instrument 2021 2020 from AOCI into Income 2021 2020 Cross-currency swaps $ ( 3.1 ) $ 4.8 Interest and other expenses, net $ 3.2 $ 4.7 |
Effect of Forward Contracts not Designated as Hedging Instrument | The effect of our forward contracts that are not designated as hedging instruments on the consolidated statements of operations for the three and six months ended June 30, 2021 was as follows: Location of Gain (Loss) Amount of Gain (Loss) Recognized in Income Instrument Recognized in Income Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Foreign currency forward contracts Interest and other expenses, net $ 1.4 $ 0.5 $ ( 5.5 ) $ 0.3 |
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 June 30, 2021 and December 31, 2020: Assets June 30, December 31, Balance Sheet Location 2021 2020 Instruments designated as cash flow hedges: Cross-currency swaps Prepaid expenses and other assets $ 7.3 $ 12.1 Instruments not designated as hedges: Foreign currency forward contracts Accounts receivable, net — 1.0 Total instruments $ 7.3 $ 13.1 Liabilities June 30, December 31, Balance Sheet Location 2021 2020 Instruments designated as net investment hedges: Euro Notes Long-term debt $ 1,062.8 $ 1,094.5 Cross-currency swaps Accrued liabilities 17.3 30.5 Instruments not designated as hedges Foreign currency forward contracts Accrued liabilities 0.9 — Total instruments $ 1,081.0 $ 1,125.0 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Leases [Abstract] | |
Components of Lease Expense and Other Information | The components of lease expense were as follows: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Operating lease expense $ 34.9 $ 35.6 $ 70.4 $ 71.6 Short-term lease expense 1.6 3.3 3.1 7.2 Other lease expense (1) $ 4.1 $ 4.2 $ 9.0 $ 8.5 Total lease expense $ 40.6 $ 43.1 $ 82.5 $ 87.3 (1) Other lease expense includes variable lease expense and sublease income. Other information related to leases was as follows: Six Months Ended June 30, Supplemental Cash Flow Information 2021 2020 Cash paid for amounts included in the measurement of operating lease liabilities $ 69.6 $ 71.6 Operating ROU assets obtained in exchange for lease obligations 15.2 26.0 June 30, 2021 2020 Weighted Average Remaining Lease Term Operating leases 5.0 years 5.5 years Weighted Average Discount Rate Operating leases 2.9 % 3.1 % |
Supplemental Balance Sheet Information | June 30, December 31, Supplemental Balance Sheet Information 2021 2020 Operating Leases Operating lease ROU assets $ 367.2 $ 400.7 Operating lease liabilities - current (1) $ 110.3 $ 119.3 Operating lease liabilities - long-term 272.6 305.1 Total operating lease liabilities $ 382.9 $ 424.4 (1) Operating lease liabilities - current are included in accrued expenses on our Consolidated Balance Sheets. |
Maturities of Operating Lease Liabilities | Maturities of operating lease liabilities as of June 30, 2021 were as follows: (In millions) Period Ending June 30, 2021 Operating Leases Remainder of 2021 $ 64.7 2022 104.8 2023 80.9 2024 54.9 2025 34.9 2026 26.1 Thereafter 51.1 Total future undiscounted lease payments $ 417.4 Less imputed interest $ ( 34.5 ) Total operating lease liabilities $ 382.9 |
Segment Data (Tables)
Segment Data (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Segment Data | Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Revenues from services: Americas: United States (a) $ 628.8 $ 515.9 $ 1,237.6 $ 1,126.8 Other Americas 415.5 320.7 809.6 720.8 1,044.3 836.6 2,047.2 1,847.6 Southern Europe: France 1,346.8 736.0 2,535.7 1,829.8 Italy 469.1 268.5 871.9 596.2 Other Southern Europe 606.5 466.3 1,175.1 989.5 2,422.4 1,470.8 4,582.7 3,415.5 Northern Europe 1,190.5 865.7 2,324.3 1,934.2 APME 619.9 569.1 1,247.3 1,164.0 Consolidated (b) $ 5,277.1 $ 3,742.2 $ 10,201.5 $ 8,361.3 Operating unit profit (loss): (c) Americas: United States $ 38.0 $ 9.2 $ 67.2 11.5 Other Americas 18.0 10.5 32.9 24.8 56.0 19.7 100.1 36.3 Southern Europe: France 65.7 ( 2.5 ) 108.3 35.5 Italy 31.7 11.0 51.1 25.2 Other Southern Europe 17.9 3.6 29.3 4.4 115.3 12.1 188.7 65.1 Northern Europe 17.9 0.3 22.7 ( 13.8 ) APME 22.3 18.0 41.1 34.9 211.5 50.1 352.6 122.5 Corporate expenses ( 37.3 ) ( 26.6 ) ( 74.5 ) ( 54.4 ) Goodwill impairment charges — ( 66.8 ) — ( 66.8 ) Intangible asset amortization expense ( 4.3 ) ( 6.7 ) ( 9.8 ) ( 13.6 ) Operating profit (loss) 169.9 ( 50.0 ) 268.3 ( 12.3 ) Interest and other expenses, net ( 2.8 ) ( 5.8 ) ( 8.2 ) ( 26.3 ) Earnings (loss) before income taxes $ 167.1 $ ( 55.8 ) $ 260.1 $ ( 38.6 ) (a) In the United States, revenues from services included fees received from the related franchise offices of $ 3.0 and $ 2.4 for the three months ended June 30, 2021 and 2020, respectively, and $ 6.1 and $ 5.4 for the six months ended June 30, 2021 and 2020, respectively. These fees are primarily based on revenues generated by the franchise offices, which were $ 114.6 and $ 122.3 for the three months ended June 30, 2021 and 2020, respectively, and $ 232.1 and $ 198.8 for the six months ended June 30, 2021 and 2020, respectively. (b) Our consolidated revenues from services include fees received from our franchise offices of $ 3.5 and $ 2.8 for the three months ended June 30, 2021 and 2020, respectively, and $ 7.1 and $ 6.1 for the six months ended June 30, 2021 and 2020, respectively. These fees are primarily based on revenues generated by the franchise offices, which were $ 253.5 and $ 128.1 for the three months ended June 30, 2021 and 2020, respectively, and $ 502.6 and $ 210.4 for the six months ended June 30, 2021 and 2020, 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_4
Basis of Presentation and Accounting Policies - Summary of Rollforward of Allowance for Doubtful Accounts (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2021USD ($) | |
Accounting Policies [Abstract] | |
Balance, December 31, 2020 | $ 128.1 |
Provisions charged to earnings | 9.2 |
Write-offs | (8.5) |
Translation adjustments | (3.3) |
Reclassifications and other | (0.1) |
Balance, June 30, 2021 | $ 125.4 |
Basis of Presentation and Acc_5
Basis of Presentation and Accounting Policies - Additional Information (Details) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | Dec. 31, 2020USD ($) | |
Accounting Policies [Line Items] | ||||||
Non-cash impairment charge loss | $ 0 | $ 66.8 | $ 66.8 | |||
Goodwill | $ 1,219.1 | $ 1,219.1 | $ 1,225.8 | |||
United Kingdom | ||||||
Accounting Policies [Line Items] | ||||||
Percentage of goodwill over fair value of reporting unit | 12.00% | |||||
United Kingdom | Discount Rates | ||||||
Accounting Policies [Line Items] | ||||||
Discount rate for goodwill impairment test (as a percent) | 11.5 | 11.5 | ||||
United Kingdom | Terminal Value Revenue Growth Rate | ||||||
Accounting Policies [Line Items] | ||||||
Discount rate for goodwill impairment test (as a percent) | 1 | 1 | ||||
United Kingdom | Terminal Value OUP Margin | ||||||
Accounting Policies [Line Items] | ||||||
Discount rate for goodwill impairment test (as a percent) | 3.1 | 3.1 | ||||
Netherlands | ||||||
Accounting Policies [Line Items] | ||||||
Percentage of goodwill over fair value of reporting unit | 3.30% | |||||
Netherlands | Discount Rates | ||||||
Accounting Policies [Line Items] | ||||||
Percentage of goodwill over fair value of reporting unit | 10.90% | |||||
Netherlands | Terminal Value Revenue Growth Rate | ||||||
Accounting Policies [Line Items] | ||||||
Discount rate for goodwill impairment test (as a percent) | 2 | 2 | ||||
Netherlands | Terminal Value OUP Margin | ||||||
Accounting Policies [Line Items] | ||||||
Discount rate for goodwill impairment test (as a percent) | 3.5 | 3.5 | ||||
Northern Europe | ||||||
Accounting Policies [Line Items] | ||||||
Goodwill | $ 115.8 | $ 115.8 | ||||
Northern Europe | United Kingdom | ||||||
Accounting Policies [Line Items] | ||||||
Goodwill | 101.3 | 101.3 | 100.2 | |||
Northern Europe | Netherlands | ||||||
Accounting Policies [Line Items] | ||||||
Goodwill | $ 115.8 | $ 115.8 | $ 119.3 | |||
Minimum | ||||||
Accounting Policies [Line Items] | ||||||
Percentage of goodwill over fair value of reporting unit | 20.00% | |||||
Minimum | Other Reporting Units | ||||||
Accounting Policies [Line Items] | ||||||
Percentage of goodwill over fair value of reporting unit | 20.00% |
Recent Accounting Standards - A
Recent Accounting Standards - Additional Information (Details) | Jun. 30, 2021 |
ASU - Income Taxes | |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |
Change in accounting principle, accounting standards update, adopted | true |
Change in accounting principle, accounting standards update, adoption date | Jan. 1, 2021 |
Change in accounting principle, accounting standards update, immaterial effect | true |
ASU - Equity Method Investments | |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |
Change in accounting principle, accounting standards update, adopted | true |
Change in accounting principle, accounting standards update, adoption date | Jan. 1, 2021 |
Change in accounting principle, accounting standards update, immaterial effect | true |
Revenue Recognition - Additiona
Revenue Recognition - Additional Information (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Revenue From Contract With Customer [Abstract] | ||
Deferred revenue | $ 29.8 | $ 34.9 |
Revenue Recognition - Disaggreg
Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 5,277.1 | $ 3,742.2 | $ 10,201.5 | $ 8,361.3 |
Services transferred over time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 5,166.3 | 3,682.1 | 9,996.2 | 8,206.7 |
Services transferred at a point in time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 110.8 | 60.1 | 205.3 | 154.6 |
Staffing and Interim | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 4,634 | 3,254.1 | 8,944.9 | 7,289.8 |
Outcome-Based Solutions and Consulting | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 399.3 | 326.4 | 788 | 700.4 |
Permanent Recruitment | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 155.7 | 86.4 | 291.4 | 219.7 |
Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 88.1 | 75.3 | 177.2 | 151.4 |
Americas | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 1,044.3 | 836.6 | 2,047.2 | 1,847.6 |
Americas | Services transferred over time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 1,022.1 | 826.4 | 2,007 | 1,820.7 |
Americas | Services transferred at a point in time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 22.2 | 10.2 | 40.2 | 26.9 |
Americas | United States | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 628.8 | 515.9 | 1,237.6 | 1,126.8 |
Americas | United States | Services transferred over time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 611.7 | 507.6 | 1,206.4 | 1,105.4 |
Americas | United States | Services transferred at a point in time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 17.1 | 8.3 | 31.2 | 21.4 |
Americas | Other Americas | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 415.5 | 320.7 | 809.6 | 720.8 |
Americas | Other Americas | Services transferred over time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 410.4 | 318.8 | 800.6 | 715.3 |
Americas | Other Americas | Services transferred at a point in time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 5.1 | 1.9 | 9 | 5.5 |
Americas | Staffing and Interim | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 920.8 | 736.2 | 1,805.8 | 1,634.4 |
Americas | Staffing and Interim | United States | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 527 | 429 | 1,037.1 | 947.7 |
Americas | Staffing and Interim | Other Americas | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 393.8 | 307.2 | 768.7 | 686.7 |
Americas | Outcome-Based Solutions and Consulting | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 44.5 | 37.8 | 83.2 | 80.3 |
Americas | Outcome-Based Solutions and Consulting | United States | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 33.5 | 30.5 | 62.3 | 60.6 |
Americas | Outcome-Based Solutions and Consulting | Other Americas | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 11 | 7.3 | 20.9 | 19.7 |
Americas | Permanent Recruitment | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 39.8 | 18.9 | 74.4 | 49.4 |
Americas | Permanent Recruitment | United States | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 31.9 | 15.8 | 60.4 | 40.8 |
Americas | Permanent Recruitment | Other Americas | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 7.9 | 3.1 | 14 | 8.6 |
Americas | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 39.2 | 43.7 | 83.8 | 83.5 |
Americas | Other | United States | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 36.4 | 40.6 | 77.8 | 77.7 |
Americas | Other | Other Americas | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 2.8 | 3.1 | 6 | 5.8 |
Southern Europe | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 2,422.4 | 1,470.8 | 4,582.7 | 3,415.5 |
Southern Europe | Services transferred over time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 2,386.8 | 1,453.6 | 4,516.1 | 3,367.2 |
Southern Europe | Services transferred at a point in time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 35.6 | 17.2 | 66.6 | 48.3 |
Southern Europe | France | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 1,346.8 | 736 | 2,535.7 | 1,829.8 |
Southern Europe | France | Services transferred over time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 1,333.1 | 729.5 | 2,510 | 1,811.6 |
Southern Europe | France | Services transferred at a point in time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 13.7 | 6.5 | 25.7 | 18.2 |
Southern Europe | Italy | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 469.1 | 268.5 | 871.9 | 596.2 |
Southern Europe | Italy | Services transferred over time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 458.1 | 264.1 | 851.6 | 584.1 |
Southern Europe | Italy | Services transferred at a point in time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 11 | 4.4 | 20.3 | 12.1 |
Southern Europe | Other Southern Europe | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 606.5 | 466.3 | 1,175.1 | 989.5 |
Southern Europe | Other Southern Europe | Services transferred over time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 595.6 | 460 | 1,154.5 | 971.5 |
Southern Europe | Other Southern Europe | Services transferred at a point in time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 10.9 | 6.3 | 20.6 | 18 |
Southern Europe | Staffing and Interim | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 2,180.1 | 1,299 | 4,106.4 | 3,020.3 |
Southern Europe | Staffing and Interim | France | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 1,241.1 | 663.4 | 2,325.1 | 1,661.7 |
Southern Europe | Staffing and Interim | Italy | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 443.4 | 255 | 824.9 | 562.1 |
Southern Europe | Staffing and Interim | Other Southern Europe | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 495.6 | 380.6 | 956.4 | 796.5 |
Southern Europe | Outcome-Based Solutions and Consulting | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 186.1 | 142.5 | 372.9 | 319.9 |
Southern Europe | Outcome-Based Solutions and Consulting | France | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 83.6 | 62.5 | 170.1 | 140.6 |
Southern Europe | Outcome-Based Solutions and Consulting | Italy | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 8.2 | 5 | 15.9 | 13.7 |
Southern Europe | Outcome-Based Solutions and Consulting | Other Southern Europe | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 94.3 | 75 | 186.9 | 165.6 |
Southern Europe | Permanent Recruitment | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 40 | 19.7 | 74.2 | 54.3 |
Southern Europe | Permanent Recruitment | France | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 15 | 7.4 | 27.8 | 19.9 |
Southern Europe | Permanent Recruitment | Italy | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 11.8 | 4.8 | 21.5 | 13 |
Southern Europe | Permanent Recruitment | Other Southern Europe | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 13.2 | 7.5 | 24.9 | 21.4 |
Southern Europe | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 16.2 | 9.6 | 29.2 | 21 |
Southern Europe | Other | France | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 7.1 | 2.7 | 12.7 | 7.6 |
Southern Europe | Other | Italy | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 5.7 | 3.7 | 9.6 | 7.4 |
Southern Europe | Other | Other Southern Europe | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 3.4 | 3.2 | 6.9 | 6 |
Northern Europe | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 1,190.5 | 865.7 | 2,324.3 | 1,934.2 |
Northern Europe | Services transferred over time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 1,159.1 | 848.6 | 2,266.9 | 1,890 |
Northern Europe | Services transferred at a point in time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 31.4 | 17.1 | 57.4 | 44.2 |
Northern Europe | Staffing and Interim | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 1,067.6 | 768.3 | 2,086.4 | 1,717.9 |
Northern Europe | Outcome-Based Solutions and Consulting | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 66.6 | 64.4 | 131.4 | 135.3 |
Northern Europe | Permanent Recruitment | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 36.1 | 19.6 | 65.6 | 50.9 |
Northern Europe | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 20.2 | 13.4 | 40.9 | 30.1 |
APME | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 619.9 | 569.1 | 1,247.3 | 1,164 |
APME | Services transferred over time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 598.3 | 553.5 | 1,206.2 | 1,128.8 |
APME | Services transferred at a point in time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 21.6 | 15.6 | 41.1 | 35.2 |
APME | Staffing and Interim | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 465.5 | 450.6 | 946.3 | 917.2 |
APME | Outcome-Based Solutions and Consulting | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 102.1 | 81.7 | 200.5 | 164.9 |
APME | Permanent Recruitment | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 39.8 | 28.2 | 77.2 | 65.1 |
APME | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 12.5 | $ 8.6 | $ 23.3 | $ 16.8 |
Share-Based Compensation Plans
Share-Based Compensation Plans - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||||
Share-based compensation | $ 9.4 | $ 6.9 | $ 16.9 | $ 11.5 |
Consideration received from share-based awards | $ 4.2 | $ 6.8 |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Business Combinations [Abstract] | ||
Cash consideration for acquisitions | $ 13.3 | $ 1.7 |
Restructuring Costs - Additiona
Restructuring Costs - Additional Information (Details) - USD ($) $ in Millions | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Restructuring And Related Activities [Abstract] | |||
Restructuring costs | $ 0 | $ 48.2 | |
Payments for restructuring reserve | 22.4 | ||
Reserve will be paid by end of period | $ 23.7 | $ 46.1 |
Restructuring Costs - Schedule
Restructuring Costs - Schedule of Changes in Restructuring Reserve (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2021USD ($) | |
Restructuring Cost and Reserve [Line Items] | |
Balance, beginning of period | $ 46.1 |
Costs paid or utilized | (22.4) |
Balance, end of period | 23.7 |
Reportable segments | Americas | |
Restructuring Cost and Reserve [Line Items] | |
Balance, beginning of period | 1.9 |
Costs paid or utilized | (0.7) |
Balance, end of period | 1.2 |
Reportable segments | Southern Europe | |
Restructuring Cost and Reserve [Line Items] | |
Balance, beginning of period | 3.5 |
Costs paid or utilized | (1.9) |
Balance, end of period | 1.6 |
Reportable segments | Northern Europe | |
Restructuring Cost and Reserve [Line Items] | |
Balance, beginning of period | 40.7 |
Costs paid or utilized | (19.8) |
Balance, end of period | 20.9 |
Reportable segments | APME | |
Restructuring Cost and Reserve [Line Items] | |
Balance, beginning of period | 0 |
Costs paid or utilized | 0 |
Balance, end of period | 0 |
Corporate | |
Restructuring Cost and Reserve [Line Items] | |
Balance, beginning of period | 0 |
Costs paid or utilized | 0 |
Balance, end of period | $ 0 |
Restructuring Costs - Schedul_2
Restructuring Costs - Schedule of Changes in Restructuring Reserve (Parenthetical) (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Restructuring Cost and Reserve [Line Items] | ||
Restructuring reserve | $ 23.7 | $ 46.1 |
Americas | United States | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring reserve | 0.6 | 1.4 |
Southern Europe | France | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring reserve | 0.6 | 0.6 |
Southern Europe | Italy | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring reserve | $ 0.6 | $ 1.4 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Income Tax [Line Items] | |||||
Effective income tax rate (as percent) | 33.20% | (15.40%) | 33.30% | (62.40%) | |
U.S. Federal statutory rate (as percent) | 21.00% | 21.00% | |||
Gross unrecognized tax benefits | $ 66 | $ 66 | $ 64.5 | ||
Earliest Tax Year | |||||
Income Tax [Line Items] | |||||
Income tax examination year under examination | 2014 | ||||
Latest Tax Year | |||||
Income Tax [Line Items] | |||||
Income tax examination year under examination | 2021 | ||||
French | |||||
Income Tax [Line Items] | |||||
Corporate tax rate | 27.50% | 27.50% | |||
Reduction in business tax rate | 50.00% | 50.00% |
Net Earnings (Loss) Per Share -
Net Earnings (Loss) Per Share - Calculations of Net Earnings Per Share - Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||||||
Net earnings (loss) | $ 111.6 | $ 62 | $ (64.4) | $ 1.7 | $ 173.6 | $ (62.7) |
Weighted-average common shares outstanding (in millions) | ||||||
Weighted-average common shares outstanding - basic | 54.5 | 58.2 | 54.8 | 58.5 | ||
Weighted-average common shares outstanding - diluted | 55.4 | 58.2 | 55.5 | 58.5 | ||
Net earnings (loss) per share - basic | $ 2.05 | $ (1.11) | $ 3.17 | $ (1.07) | ||
Net earnings (loss) per share - diluted | $ 2.02 | $ (1.11) | $ 3.13 | $ (1.07) | ||
Effect of dilutive securities - stock options | ||||||
Weighted-average common shares outstanding (in millions) | ||||||
Effect of dilutive securities | 0.2 | 0 | 0.1 | 0 | ||
Effect of other share-based awards | ||||||
Weighted-average common shares outstanding (in millions) | ||||||
Effect of dilutive securities | 0.7 | 0 | 0.6 | 0 |
Net Earnings (Loss) Per Share_2
Net Earnings (Loss) Per Share - Additional Information (Details) - shares shares in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Share-Based Awards | ||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||||
Antidilutive securities excluded from the calculation of net earnings (loss) per share - diluted (in shares) | 0.1 | 1.1 | 0.2 | 0.9 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Schedule of Goodwill and Intangible Assets (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Goodwill [Line Items] | ||
Goodwill | $ 1,219.1 | $ 1,225.8 |
Finite-lived: | ||
Gross | 491.7 | 494.9 |
Accumulated Amortization | 432.3 | 425.4 |
Net | 59.4 | 69.5 |
Indefinite-lived: | ||
Gross | 178 | 179.1 |
Total intangible assets | ||
Gross | 669.7 | 674 |
Accumulated Amortization | 432.3 | 425.4 |
Net | 237.4 | 248.6 |
Tradenames | ||
Indefinite-lived: | ||
Gross | 52 | 52 |
Reacquired franchise rights | ||
Indefinite-lived: | ||
Gross | 126 | 127.1 |
Customer relationships | ||
Finite-lived: | ||
Gross | 468.8 | 473 |
Accumulated Amortization | 413.5 | 403.8 |
Net | 55.3 | 69.2 |
Other | ||
Finite-lived: | ||
Gross | 22.9 | 21.9 |
Accumulated Amortization | 18.8 | 21.6 |
Net | $ 4.1 | $ 0.3 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Schedule of Goodwill and Intangible Assets (Parenthetical) (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Total intangible assets | ||
Goodwill, accumulated impairment loss | $ 644.2 | $ 644.2 |
Tradenames | ||
Total intangible assets | ||
Indefinite-lived, accumulated impairment loss | $ 139.5 | $ 139.5 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Additional Information (Details) $ in Millions | Jun. 30, 2021USD ($) |
Intangible Assets, Future Amortization Expense by Fiscal Year [Abstract] | |
Estimated amortization expense, remainder of 2021 | $ 7.8 |
Estimated amortization expense, 2022 | 13 |
Estimated amortization expense, 2023 | 10.6 |
Estimated amortization expense, 2024 | 8.4 |
Estimated amortization expense, 2025 | 6.1 |
Estimated amortization expense, 2026 | $ 2.2 |
Goodwill and Other Intangible_6
Goodwill and Other Intangible Assets - Changes in Carrying Value of Goodwill by Reportable Segment (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2021USD ($) | |
Goodwill [Roll Forward] | |
Balance, December 31, 2020 | $ 1,225.8 |
Acquisitions | 3.1 |
Currency impact | 9.8 |
Balance, June 30, 2021 | 1,219.1 |
Northern Europe | |
Goodwill [Roll Forward] | |
Balance, June 30, 2021 | 115.8 |
Reportable segments | Americas | |
Goodwill [Roll Forward] | |
Balance, December 31, 2020 | 536.6 |
Acquisitions | 3.1 |
Currency impact | 1 |
Balance, June 30, 2021 | 540.7 |
Reportable segments | Southern Europe | |
Goodwill [Roll Forward] | |
Balance, December 31, 2020 | 154.9 |
Acquisitions | 0 |
Currency impact | 5 |
Balance, June 30, 2021 | 149.9 |
Reportable segments | Northern Europe | |
Goodwill [Roll Forward] | |
Balance, December 31, 2020 | 326.6 |
Acquisitions | 0 |
Currency impact | 2.7 |
Balance, June 30, 2021 | 323.9 |
Reportable segments | APME | |
Goodwill [Roll Forward] | |
Balance, December 31, 2020 | 81.7 |
Acquisitions | 0 |
Currency impact | 3.1 |
Balance, June 30, 2021 | 78.6 |
Corporate | |
Goodwill [Roll Forward] | |
Balance, December 31, 2020 | 126 |
Acquisitions | 0 |
Currency impact | 0 |
Balance, June 30, 2021 | $ 126 |
Goodwill and Other Intangible_7
Goodwill and Other Intangible Assets - Changes in Carrying Value of Goodwill by Reportable Segment (Parenthetical) (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Goodwill [Roll Forward] | ||
Goodwill | $ 1,219.1 | $ 1,225.8 |
Jefferson Wells | ||
Goodwill [Roll Forward] | ||
Goodwill | 55.5 | |
Right Management | ||
Goodwill [Roll Forward] | ||
Goodwill | 62.1 | |
Americas | United States | ||
Goodwill [Roll Forward] | ||
Goodwill | 493.3 | 490.2 |
Americas | United States | Jefferson Wells | ||
Goodwill [Roll Forward] | ||
Goodwill | 548.8 | 545.7 |
Southern Europe | France | ||
Goodwill [Roll Forward] | ||
Goodwill | 71.1 | 73.3 |
Southern Europe | Italy | ||
Goodwill [Roll Forward] | ||
Goodwill | $ 4.1 | $ 4.2 |
Goodwill and Other Intangible_8
Goodwill and Other Intangible Assets - Schedule of Goodwill Balances by Reporting Unit (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Goodwill [Line Items] | ||
Goodwill | $ 1,219.1 | $ 1,225.8 |
Jefferson Wells | ||
Goodwill [Line Items] | ||
Goodwill | 55.5 | |
Americas | United States | ||
Goodwill [Line Items] | ||
Goodwill | 493.3 | 490.2 |
Americas | United States | Jefferson Wells | ||
Goodwill [Line Items] | ||
Goodwill | 548.8 | 545.7 |
Northern Europe | ||
Goodwill [Line Items] | ||
Goodwill | 115.8 | |
Northern Europe | Netherlands | ||
Goodwill [Line Items] | ||
Goodwill | 115.8 | 119.3 |
Northern Europe | United Kingdom | ||
Goodwill [Line Items] | ||
Goodwill | 101.3 | 100.2 |
Southern Europe | France | ||
Goodwill [Line Items] | ||
Goodwill | 71.1 | 73.3 |
Other Reporting Units | ||
Goodwill [Line Items] | ||
Goodwill | $ 382.1 | $ 387.3 |
Retirement Plans - Components o
Retirement Plans - Components of Net Periodic Benefit Cost (Credit) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Defined Benefit Pension Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 5.5 | $ 5.1 | $ 11.1 | $ 10.2 |
Interest cost | 1.6 | 2.3 | 3.1 | 4.6 |
Expected return on assets | (3) | (3.2) | (6.1) | (6.6) |
Settlement loss | 10.2 | |||
Other | 1.3 | 0.7 | 2.7 | 1.6 |
Total benefit cost (credit) | 5.4 | 4.9 | 10.8 | 20 |
Retiree Health Care Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Interest cost | 0.1 | 0.1 | 0.2 | |
Prior service credit | (0.2) | (0.2) | (0.4) | (0.4) |
Other | 0.1 | 0.1 | ||
Total benefit cost (credit) | $ (0.1) | $ (0.1) | $ (0.2) | $ (0.2) |
Retirement Plans - Additional I
Retirement Plans - Additional Information (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||||
Feb. 29, 2020 | Jan. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Mar. 31, 2021 | |
Defined Benefit Plan Disclosure [Line Items] | |||||||
Pension liability | $ 0 | $ 0 | $ 0 | $ 6.6 | |||
Remaining plan assets in excess of pension liability | $ 16.6 | ||||||
United States Plans | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Contributions to pension plans | $ 19.2 | ||||||
Settlement of lump sum payments | $ 3.2 | ||||||
Defined Benefit Pension Plan | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Contributions to pension plans | 5 | 9.4 | |||||
Estimated employer contribution to pension plans during remainder of current fiscal year | 17 | 17 | |||||
Retiree Health Care Plan | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Contributions to retiree health care plan | $ 0.3 | $ 0.6 |
Shareholders' Equity - Componen
Shareholders' Equity - Components of Accumulated Other Comprehensive Loss, Net of Tax (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Accumulated other comprehensive loss | $ 2,396.7 | $ 2,377.4 | $ 2,453.6 | $ 2,542.8 | $ 2,639 | $ 2,761.5 |
Foreign currency translation | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Accumulated other comprehensive loss | 140.3 | (72.1) | ||||
Translation loss on derivative instruments, net of income tax benefit of $(24.7) and (34.9), respectively | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Accumulated other comprehensive loss | 45.8 | (81.2) | ||||
Translation loss on long-term intercompany loans | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Accumulated other comprehensive loss | 127.1 | (133.3) | ||||
Defined benefit pension plans and Retiree health care plan | Defined benefit pension plans, net of income tax benefit of $(35.5) and $(38.2), respectively | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Accumulated other comprehensive loss | 109.5 | (111.4) | ||||
Defined benefit pension plans and Retiree health care plan | Retiree health care plan, net of income taxes of $1.7 and $1.8, respectively | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Accumulated other comprehensive loss | 0.4 | 0.7 | ||||
Accumulated other comprehensive loss | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Accumulated other comprehensive loss | $ (422.3) | $ (437.8) | $ (397.3) | $ (479.1) | $ (505.8) | $ (441) |
Shareholders' Equity - Compon_2
Shareholders' Equity - Components of Accumulated Other Comprehensive Loss, Net of Tax (Parenthetical) (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Translation loss on derivative instruments, net of income tax benefit of $(24.7) and (34.9), respectively | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Accumulated other comprehensive loss, income taxes | $ (24.7) | $ 34.9 |
Defined benefit pension plans and Retiree health care plan | Defined benefit pension plans, net of income tax benefit of $(35.5) and $(38.2), respectively | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Accumulated other comprehensive loss, income taxes | (35.5) | 38.2 |
Defined benefit pension plans and Retiree health care plan | Retiree health care plan, net of income taxes of $1.7 and $1.8, respectively | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Accumulated other comprehensive loss, income taxes | $ 1.7 | $ 1.8 |
Shareholders' Equity - Addition
Shareholders' Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions | May 07, 2021 | May 08, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Aug. 31, 2021 | Aug. 31, 2019 | Aug. 31, 2018 |
Equity, Class of Treasury Stock [Line Items] | |||||||||
Net earnings, net of tax, attributable to noncontrolling interests | $ 2.8 | $ 5.8 | $ 8.2 | $ 26.3 | |||||
Dividend declared per share | $ 1.26 | $ 1.09 | |||||||
Dividend declared date | May 7, 2021 | May 8, 2020 | |||||||
Dividend payable date | Jun. 15, 2021 | Jun. 15, 2020 | |||||||
Dividends Payable, Date of Record | Jun. 1, 2021 | Jun. 1, 2020 | |||||||
Shares authorized to be repurchased (in shares) | 4,000,000 | 6,000,000 | 6,000,000 | ||||||
Shares repurchased (in shares) | 900,000 | ||||||||
Total cost of shares repurchased | $ 63.8 | ||||||||
August 2019 Authorization | |||||||||
Equity, Class of Treasury Stock [Line Items] | |||||||||
Shares repurchased (in shares) | 1,500,000 | 100,000 | |||||||
Total cost of shares repurchased | $ 150.1 | ||||||||
Shares remaining authorized for repurchase (in shares) | 1,900,000 | 1,900,000 | |||||||
August 2018 Authorization | |||||||||
Equity, Class of Treasury Stock [Line Items] | |||||||||
Shares repurchased (in shares) | 800,000 | ||||||||
Shares remaining authorized for repurchase (in shares) | 0 | 0 | |||||||
Non-Controlling Interests | |||||||||
Equity, Class of Treasury Stock [Line Items] | |||||||||
Net earnings, net of tax, attributable to noncontrolling interests | $ 0.2 | $ 0.4 | $ 1.1 | $ 1 |
Interest and Other Expenses, _3
Interest and Other Expenses, Net - Schedule of Interest and Other Expenses, Net (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Other Nonoperating Income Expense [Abstract] | ||||
Interest expense | $ 9.7 | $ 10.4 | $ 19.9 | $ 21.5 |
Interest income | (3.1) | (3.1) | (6.2) | (6.8) |
Foreign exchange loss | 0.6 | 0.5 | 3.1 | 3.6 |
Miscellaneous (income) expense, net | (4.4) | (2) | (8.6) | 8 |
Interest and other expenses, net | $ 2.8 | $ 5.8 | $ 8.2 | $ 26.3 |
Interest and Other Expenses, _4
Interest and Other Expenses, Net - Schedule of Interest and Other Expenses, Net (Parenthetical) (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2020USD ($) | |
United States Plans | |
Other Non Operating Income Expense [Line Items] | |
Pension settlement loss | $ 10.2 |
Derivative Financial Instrume_3
Derivative Financial Instruments and Fair Value Measurements - Additional Information (Details) € in Millions, $ in Millions | Jun. 30, 2021EUR (€) | Jun. 30, 2021USD ($) | Dec. 31, 2020USD ($) | Jun. 30, 2020EUR (€) | Jun. 30, 2020USD ($) | Sep. 30, 2019USD ($) |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair value measured on a recurring basis | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Deferred compensation plan assets | $ 135 | $ 119.4 | ||||
Euro-denominated notes | Estimate of fair value measurement | Significant Other Observable Inputs (Level 2) | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Carrying value of long-term debt | 1,119.9 | 1,159.1 | ||||
Euro-denominated notes | Carrying value | Significant Other Observable Inputs (Level 2) | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Carrying value of long-term debt | $ 1,062.8 | $ 1,094.5 | ||||
Cross-currency swap | Cash flow hedge | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Long-term debt | € 202.3 | $ 55.4 | ||||
Fixed annual interest rate | 1.256% | 1.256% | 1.143% | |||
Designated as hedging instrument | Notes due September 2022 | Euro-denominated notes | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Long-term debt | € 400 | $ 473.7 | ||||
Designated as hedging instrument | Notes Due June 2026 | Euro-denominated notes | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Long-term debt | € 500 | $ 589.1 |
Derivative Financial Instrume_4
Derivative Financial Instruments and Fair Value Measurements - Effect of Net Investment Hedges on AOCI (Details) - Net Investment Hedging - Designated as hedging instrument - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Euro-denominated notes | ||||
Derivative [Line Items] | ||||
Gain (Loss) Recognized in Other Comprehensive Income | $ (11.3) | $ (18.3) | $ 32.4 | $ (1.9) |
Cross-currency swap | ||||
Derivative [Line Items] | ||||
Gain (Loss) Recognized in Other Comprehensive Income | $ (7.2) | $ 9.9 | $ 13.3 | $ 2.4 |
Derivative Financial Instrume_5
Derivative Financial Instruments and Fair Value Measurements - Impact of Changes in Fair Values of Derivatives Designated as Cash Flow Hedges on OCI, AOCI and Earnings (Details) - Cross-currency swap - Cash flow hedge - Designated as hedging instrument - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Derivative [Line Items] | ||||
Gain (Loss) Recognized in OCI | $ 2.2 | $ (0.9) | $ (3.1) | $ 4.8 |
Interest and Other Expenses , Net | ||||
Derivative [Line Items] | ||||
Gain (Loss) Reclassified from AOCI into Income | $ (2) | $ (1) | $ 3.2 | $ 4.7 |
Derivative Financial Instrume_6
Derivative Financial Instruments and Fair Value Measurements - Effect of Forward Contracts not Designated as Hedging Instrument (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Not designated as hedging instrument | Foreign Exchange Forward | Interest and Other Expenses , Net | ||||
Derivative [Line Items] | ||||
Amount of Gain (Loss) Recognized in Income | $ 1.4 | $ 0.5 | $ (5.5) | $ 0.3 |
Derivative Financial Instrume_7
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 | Jun. 30, 2021 | Dec. 31, 2020 |
Derivatives, Fair Value [Line Items] | ||
Assets | $ 7.3 | $ 13.1 |
Liabilities | 1,081 | 1,125 |
Not designated as hedging instrument | Foreign currency forward contracts | Accounts receivable, net | ||
Derivatives, Fair Value [Line Items] | ||
Assets | 0 | 1 |
Not designated as hedging instrument | Foreign currency forward contracts | Accrued liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Liabilities | 0.9 | 0 |
Cash flow hedge | Designated as hedging instrument | Cross-currency swap | Prepaid expenses and other assets | ||
Derivatives, Fair Value [Line Items] | ||
Assets | 7.3 | 12.1 |
Net Investment Hedging | Designated as hedging instrument | Cross-currency swap | Accrued liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Liabilities | 17.3 | 30.5 |
Net Investment Hedging | Designated as hedging instrument | Euro Notes | Long-term debt | ||
Derivatives, Fair Value [Line Items] | ||
Liabilities | $ 1,062.8 | $ 1,094.5 |
Leases - Components of Lease Ex
Leases - Components of Lease Expense and Other Information (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Leases [Abstract] | ||||
Operating lease expense | $ 34.9 | $ 35.6 | $ 70.4 | $ 71.6 |
Short-term lease expense | 1.6 | 3.3 | 3.1 | 7.2 |
Variable lease expense | 4.1 | 4.2 | 9 | 8.5 |
Total lease expense | $ 40.6 | $ 43.1 | 82.5 | 87.3 |
Supplemental Cash Flow Information | ||||
Cash paid for amounts included in the measurement of operating lease liabilities | 69.6 | 71.6 | ||
Operating ROU assets obtained in exchange for lease obligations | $ 15.2 | $ 26 |
Leases - Supplemental Balance S
Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Operating Leases | ||
Operating lease ROU assets | $ 367.2 | $ 400.7 |
Operating lease liabilities - current | 110.3 | 119.3 |
Operating lease liabilities - long-term | 272.6 | 305.1 |
Total operating lease liabilities | $ 382.9 | $ 424.4 |
Leases - Weighted Average Remai
Leases - Weighted Average Remaining Lease Term and Discount Rate (Details) | Jun. 30, 2021 | Jun. 30, 2020 |
Weighted Average Remaining Lease Term | ||
Operating leases | 5 years | 5 years 6 months |
Weighted Average Discount Rate | ||
Operating leases | 2.90% | 3.10% |
Leases - Maturities of Operatin
Leases - Maturities of Operating Lease Liabilities (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Period Ending March 31, 2021 | ||
Remainder of 2021 | $ 64.7 | |
2022 | 104.8 | |
2023 | 80.9 | |
2024 | 54.9 | |
2025 | 34.9 | |
2026 | 26.1 | |
Thereafter | 51.1 | |
Total future undiscounted lease payments | 417.4 | |
Less imputed interest | (34.5) | |
Total operating lease liabilities | $ 382.9 | $ 424.4 |
Segment Data - Schedule of Segm
Segment Data - Schedule of Segment Data (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Segment Reporting Information [Line Items] | |||||
Revenues from services | $ 5,277.1 | $ 3,742.2 | $ 10,201.5 | $ 8,361.3 | |
Operating unit profit | 211.5 | 50.1 | 352.6 | 122.5 | |
Corporate expenses | (37.3) | (26.6) | (74.5) | (54.4) | |
Goodwill impairment charges | $ 0 | 66.8 | 66.8 | ||
Intangible asset amortization expense | (4.3) | (6.7) | (9.8) | (13.6) | |
Operating profit (loss) | 169.9 | (50) | 268.3 | (12.3) | |
Interest and other expenses, net | (2.8) | (5.8) | (8.2) | (26.3) | |
Earnings (loss) before income taxes | 167.1 | (55.8) | 260.1 | (38.6) | |
Americas | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from services | 1,044.3 | 836.6 | 2,047.2 | 1,847.6 | |
Operating unit profit | 56 | 19.7 | 100.1 | 36.3 | |
Southern Europe | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from services | 2,422.4 | 1,470.8 | 4,582.7 | 3,415.5 | |
Operating unit profit | 115.3 | 12.1 | 188.7 | 65.1 | |
Northern Europe | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from services | 1,190.5 | 865.7 | 2,324.3 | 1,934.2 | |
Operating unit profit | 17.9 | 0.3 | 22.7 | (13.8) | |
APME | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from services | 619.9 | 569.1 | 1,247.3 | 1,164 | |
Operating unit profit | 22.3 | 18 | 41.1 | 34.9 | |
United States | Americas | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from services | 628.8 | 515.9 | 1,237.6 | 1,126.8 | |
Other Americas | Americas | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from services | 415.5 | 320.7 | 809.6 | 720.8 | |
France | Southern Europe | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from services | 1,346.8 | 736 | 2,535.7 | 1,829.8 | |
Italy | Southern Europe | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from services | 469.1 | 268.5 | 871.9 | 596.2 | |
Other Southern Europe | Southern Europe | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from services | 606.5 | 466.3 | 1,175.1 | 989.5 | |
Reportable subsegments | United States | Americas | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from services | 628.8 | 515.9 | 1,237.6 | 1,126.8 | |
Operating unit profit | 38 | 9.2 | 67.2 | 11.5 | |
Reportable subsegments | Other Americas | Americas | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from services | 415.5 | 320.7 | 809.6 | 720.8 | |
Operating unit profit | 18 | 10.5 | 32.9 | 24.8 | |
Reportable subsegments | France | Southern Europe | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from services | 1,346.8 | 736 | 2,535.7 | 1,829.8 | |
Operating unit profit | 65.7 | (2.5) | 108.3 | 35.5 | |
Reportable subsegments | Italy | Southern Europe | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from services | 469.1 | 268.5 | 871.9 | 596.2 | |
Operating unit profit | 31.7 | 11 | 51.1 | 25.2 | |
Reportable subsegments | Other Southern Europe | Southern Europe | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from services | 606.5 | 466.3 | 1,175.1 | 989.5 | |
Operating unit profit | $ 17.9 | $ 3.6 | $ 29.3 | $ 4.4 |
Segment Data - Schedule of Se_2
Segment Data - Schedule of Segment Data (Parenthetical) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Segment Reporting Information [Line Items] | ||||
Revenues from services | $ 5,277.1 | $ 3,742.2 | $ 10,201.5 | $ 8,361.3 |
Franchise revenue | 253.5 | 128.1 | 502.6 | 210.4 |
Franchise fees | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from services | 3.5 | 2.8 | 7.1 | 6.1 |
Americas | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from services | 1,044.3 | 836.6 | 2,047.2 | 1,847.6 |
Americas | United States | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from services | 628.8 | 515.9 | 1,237.6 | 1,126.8 |
Americas | United States | Franchise fees | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from services | 3 | 2.4 | 6.1 | 5.4 |
Franchise revenue | $ 114.6 | $ 122.3 | $ 232.1 | $ 198.8 |