Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Feb. 15, 2023 | Jun. 30, 2022 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2022 | ||
Document Fiscal Year Focus | 2022 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | MANPOWERGROUP INC. | ||
Entity Central Index Key | 0000871763 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Interactive Data Current | Yes | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
ICFR Auditor Attestation Flag | true | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Public Float | $ 3,978,364,665 | ||
Entity Common Stock, Shares Outstanding | 50,620,662 | ||
Entity Shell Company | false | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Title of 12(b) Security | Common Stock, $.01 par value | ||
Trading Symbol | MAN | ||
Security Exchange Name | NYSE | ||
Entity File Number | 1-10686 | ||
Entity Incorporation, State or Country Code | WI | ||
Entity Tax Identification Number | 39-1672779 | ||
Entity Address, Address Line One | 100 manpower place | ||
Entity Address, City or Town | milwaukee | ||
Entity Address, State or Province | WI | ||
Entity Address, Postal Zip Code | 53212 | ||
City Area Code | 414 | ||
Local Phone Number | 961-1000 | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Documents Incorporated by Reference | Part III is incorporated by reference from the Proxy Statement for the Annual Meeting of Shareholders to be held on May 5, 2023 . | ||
Auditor Name | Deloitte & Touche LLP | ||
Auditor Location | Milwaukee, WI | ||
Auditor Firm ID | 34 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |||
Income Statement [Abstract] | |||||
Revenues from services | [1] | $ 19,827.5 | $ 20,724.4 | $ 18,001 | |
Cost of services | 16,255.1 | 17,316.9 | 15,176.3 | ||
Gross profit | 3,572.4 | 3,407.5 | 2,824.7 | ||
Selling and administrative expenses, excluding goodwill impairment charges | 2,940.7 | 2,822.1 | 2,570.3 | ||
Goodwill impairment charges | 50 | [2],[3] | 0 | 66.8 | |
Selling and administrative expenses | 2,990.7 | 2,822.1 | 2,637.1 | ||
Operating profit | 581.7 | 585.4 | 187.6 | ||
Interest and other expenses, net | 24.6 | 17.3 | 39.9 | ||
Earnings before income taxes | 557.1 | 568.1 | 147.7 | ||
Provision for income taxes | 183.3 | 185.7 | 123.9 | ||
Net earnings | $ 373.8 | $ 382.4 | $ 23.8 | ||
Net earnings per share - basic | $ 7.17 | $ 7.01 | $ 0.41 | ||
Net earnings per share - diluted | $ 7.08 | $ 6.91 | $ 0.41 | ||
Weighted average shares - basic | 52.2 | 54.5 | 58 | ||
Weighted average shares - diluted | 52.8 | 55.4 | 58.3 | ||
[1] (a) The United States revenues above represent revenues from our company-owned branches and franchise fees received from our franchise operations, which were $ 12.8 , $ 12.8 and $ 12.6 for 2022, 2021 and 2020 , respectively. Balances were net of accumulated impairment loss of $ 644.2 ($ 127.0 related to Northern Europe, $ 3.8 related to APME, $ 235.2 related to Right Management and $ 278.2 related to corporate) as of both January 1, 2021 and December 31, 2021; and $ 694.2 ($ 177.0 related to Northern Europe, $ 3.8 related to APME, $ 235.2 related to Right Management and $ 278.2 related to Corporate) as of December 31, 2022. The 2022 impairment charge of $ 50.0 relates to our Netherlands reporting unit, which was recorded during the fourth quarter of 2022. See Note 1 to the Consolidated Financial Statements for further information. |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Net earnings | $ 373.8 | $ 382.4 | $ 23.8 |
Other comprehensive income (loss): | |||
Foreign currency translation | (188.9) | (108.7) | 188.4 |
Translation adjustments on derivative instruments, net of income taxes of $36.2, $16.1 and $(25.8), respectively | 71.8 | 62.8 | (94.3) |
Translation adjustments on long-term intercompany loans | 0.8 | (0.3) | (11.8) |
Unrealized adjustments on interest rate swap | 1.4 | 0 | 0 |
Defined benefit pension plans and retiree health care plan, net of income taxes of $0.5, $4.1 and $(11.6), respectively | 42.9 | 53.1 | (47.9) |
Pension settlements, net of taxes of $4.5 in 2020 | 2.7 | 1 | 9.3 |
Total other comprehensive income (loss) | (69.3) | 7.9 | 43.7 |
Comprehensive income | $ 304.5 | $ 390.3 | $ 67.5 |
CONSOLIDATED STATEMENTS OF CO_2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Other comprehensive income (loss): | |||
Adjustment For Long-Term Intercompany Transactions Tax Expense Benefit | $ (0.8) | $ 0.3 | $ (3.9) |
Income tax expense (benefit) on translation adjustments on derivative instruments | 11.1 | 18.5 | (25.8) |
Income tax expense on defined benefit pension plans and retiree health care plan | 2.2 | 15.2 | (11.6) |
Income tax expense on pension plan settlement | 0.5 | $ 0 | $ 4.5 |
Unrealized Adjustments on Interest Rate Swap Net of Income Taxes | $ 0.4 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | |
Current Assets | |||
Cash and cash equivalents | $ 639 | $ 847.8 | |
Accounts receivable, less allowance for doubtful accounts of $109.3 and $121.6, respectively | 5,137.4 | 5,448.2 | |
Prepaid expenses and other assets | 158 | 126.7 | |
Total current assets | 5,934.4 | 6,422.7 | |
Other Assets | |||
Goodwill | [1],[2] | 1,628.1 | 1,722.2 |
Intangible assets, less accumulated amortization of $468.3 and $441.3, respectively | 549.5 | 583.6 | |
Operating lease right-of-use asset | 365.7 | 373.4 | |
Other assets | 540.5 | 610.2 | |
Total other assets | 3,083.8 | 3,289.4 | |
Property and Equipment | |||
Land, buildings, leasehold improvements and equipment | 584.9 | 594.9 | |
Less: accumulated depreciation and amortization | 472.7 | 478.1 | |
Net property and equipment | 112.2 | 116.8 | |
Total assets | 9,130.4 | 9,828.9 | |
Current Liabilities | |||
Accounts payable | 2,831.4 | 3,039.2 | |
Employee compensation payable | 271.7 | 299.4 | |
Accrued liabilities | 572.6 | 584.7 | |
Accrued payroll taxes and insurance | 746.7 | 789.1 | |
Value added taxes payable | 462.7 | 515.5 | |
Short-term borrowings and current maturities of long-term debt | 26.6 | 552.6 | |
Total current liabilities | 4,911.7 | 5,780.5 | |
Other liabilities | |||
Long-term debt | 959.9 | 565.7 | |
Long-term operating lease liability | 266.6 | 275.8 | |
Other long-term liabilities | 534.1 | 675.2 | |
Total other liabilities | 1,760.6 | 1,516.7 | |
Commitments and contingencies (Note 15) | |||
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 118,028,009 and 117,762,065 shares, respectively | 1.2 | 1.2 | |
Capital in excess of par value | 3,484.2 | 3,444.7 | |
Retained earnings | 3,868.5 | 3,634.6 | |
Accumulated other comprehensive loss | (458.7) | (389.4) | |
Treasury stock at cost, 67,468,433 and 64,165,136 shares, respectively | (4,447.9) | (4,169.4) | |
Total ManpowerGroup shareholders' equity | 2,447.3 | 2,521.7 | |
Noncontrolling interests | 10.8 | 10 | |
Total shareholders’ equity | 2,458.1 | 2,531.7 | |
Total liabilities and shareholders’ equity | $ 9,130.4 | $ 9,828.9 | |
[1] Balances were net of accumulated impairment loss of $ 694.2 and $ 644.2 as of December 31, 2022 and 2021 , respectively. Balances were net of accumulated impairment loss of $ 644.2 ($ 127.0 related to Northern Europe, $ 3.8 related to APME, $ 235.2 related to Right Management and $ 278.2 related to corporate) as of both January 1, 2021 and December 31, 2021; and $ 694.2 ($ 177.0 related to Northern Europe, $ 3.8 related to APME, $ 235.2 related to Right Management and $ 278.2 related to Corporate) as of December 31, 2022. |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Current Assets | ||
Allowance for doubtful accounts | $ 109.3 | $ 121.6 |
Other Assets | ||
Accumulated amortization on intangible assets | $ 468.3 | $ 441.3 |
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) | 118,028,009 | 117,762,065 |
Treasury stock at cost (in shares) | 67,468,433 | 64,165,136 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash Flows from Operating Activities | |||
Net earnings | $ 373.8 | $ 382.4 | $ 23.8 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | |||
Depreciation and amortization | 84.6 | 73.4 | 76.3 |
Loss on sales of subsidiaries, net | 6 | 0 | 0 |
Non-cash goodwill and other impairment charges | 50 | 0 | 71.3 |
Non-cash operating lease right-of-use assets impairment | 0 | 0 | 27.3 |
Deferred income taxes | 4.8 | (1.3) | (10.4) |
Provision for doubtful accounts | 6.2 | 17.9 | 20.3 |
Share-based compensation | 37.6 | 36.8 | 24.2 |
Change in operating assets and liabilities, excluding the impact of acquisitions: | |||
Accounts receivable | 28.8 | (640.9) | 586.9 |
Other assets | 47.5 | 79 | 29.9 |
Other liabilities | (216) | 697.5 | 86.8 |
Cash provided by operating activities | 423.3 | 644.8 | 936.4 |
Cash Flows from Investing Activities | |||
Capital expenditures | (75.6) | (64.2) | (50.7) |
Acquisitions of businesses, net of cash acquired | (16.4) | (924.4) | (0.7) |
Proceeds from the sale of subsidiaries, investments, property and equipment | 6.7 | 1.6 | 9 |
Cash used in investing activities | (85.3) | (987) | (42.4) |
Cash Flows from Financing Activities | |||
Net change in short-term borrowings | 7.2 | (3) | (40.8) |
Net (repayments) proceeds of revolving debt facility | (75) | 75 | 0 |
Proceeds from long-term debt | 421.3 | 0.5 | 2.7 |
Repayments of long-term debt | (412.2) | (2.2) | (0.4) |
Payments for debt issuance costs | (2.4) | 0 | 0 |
Proceeds from derivative settlement | 2 | 0 | 0 |
Payments of contingent consideration for acquisitions | (3.8) | (6.3) | (1.9) |
Proceeds from share-based awards | 0.3 | 5.1 | 7.4 |
Payments to noncontrolling interests | (1.1) | (1.2) | (0.8) |
Other share-based award transactions | (8.5) | (5) | (7.6) |
Repurchases of common stock | (270) | (210) | (264.7) |
Dividends paid | (139.9) | (136.6) | (129.1) |
Cash used in financing activities | (482.1) | (283.7) | (435.2) |
Effect of exchange rate changes on cash | (64.7) | (93.4) | 82.5 |
Change in cash and cash equivalents | (208.8) | (719.3) | 541.3 |
Cash and cash equivalents, beginning of year | 847.8 | 1,567.1 | 1,025.8 |
Cash and cash equivalents, end of year | 639 | 847.8 | 1,567.1 |
Cash paid during the period for: | |||
Interest | 38.2 | 37 | 40.8 |
Income taxes, net | 201.6 | 139.7 | 149.8 |
Operating lease liabilities | 127.7 | 139.6 | 142 |
Non-cash operating activity: | |||
Right-of-use assets obtained in exchange for new operating lease liabilities | $ 92.5 | $ 70.2 | $ 63.6 |
CONSOLIDATED STATEMENTS OF SHAR
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Millions | Total | Common Stock | Capital in Excess of Par Value | Retained Earnings | Accumulated Other Comprehensive (Loss) Income | Treasury Stock | Non- controlling Interests |
Balance, 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 | 23.8 | 23.8 | |||||
Other comprehensive income (loss) | 43.7 | 43.7 | |||||
Issuances under equity plans | 0.1 | 7.7 | (7.6) | ||||
Issuances under equity plans (in shares) | 365,108 | ||||||
Share-based compensation expense | 24.2 | 24.2 | |||||
Dividends | (129.1) | (129.1) | |||||
Repurchases of common stock | (264.7) | (264.7) | |||||
Noncontrolling interest transactions | (5.9) | (5.9) | |||||
Balance, end 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, end of period (in shares) at Dec. 31, 2020 | 117,555,991 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net earnings | 382.4 | 382.4 | |||||
Other comprehensive income (loss) | 7.9 | 7.9 | |||||
Issuances under equity plans | 0.2 | 5.4 | (5.2) | ||||
Issuances under equity plans (in shares) | 206,074 | ||||||
Share-based compensation expense | 36.8 | 36.8 | |||||
Dividends | (136.6) | (136.6) | |||||
Repurchases of common stock | (210) | (210) | |||||
Noncontrolling interest transactions | (2.6) | (2.6) | |||||
Balance, end of period at Dec. 31, 2021 | 2,531.7 | $ 1.2 | 3,444.7 | 3,634.6 | (389.4) | (4,169.4) | 10 |
Balance, end of period (in shares) at Dec. 31, 2021 | 117,762,065 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net earnings | 373.8 | 373.8 | |||||
Other comprehensive income (loss) | (69.3) | (69.3) | |||||
Issuances under equity plans | (8.2) | 0.3 | (8.5) | ||||
Issuances under equity plans (in shares) | 265,944 | ||||||
Share-based compensation expense | 37.6 | 37.6 | |||||
Dividends | (139.9) | (139.9) | |||||
Repurchases of common stock | (270) | (270) | |||||
Noncontrolling interest transactions | 2.4 | 1.6 | 0.8 | ||||
Balance, end of period at Dec. 31, 2022 | $ 2,458.1 | $ 1.2 | $ 3,484.2 | $ 3,868.5 | $ (458.7) | $ (4,447.9) | $ 10.8 |
Balance, end of period (in shares) at Dec. 31, 2022 | 118,028,009 |
CONSOLIDATED STATEMENTS OF SH_2
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement of Stockholders' Equity [Abstract] | |||
Dividends per share (in dollars per share) | $ 2.72 | $ 2.52 | $ 2.26 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | (1) Summary of Significant Accounting Policies Nature of Operations ManpowerGroup Inc. is a world leader in the innovative workforce solutions and services industry. Our global network of over 2,200 offices in approximately 75 countries and territories allows us to meet the needs of our global, multinational and local clients across all major industry segments. Our largest operations, based on revenues, are located in France, the United States, the United Kingdom and Italy. We specialize in permanent, temporary and contract recruitment and assessment; training and development; outsourcing; career management and workforce consulting services. We provide services to a wide variety of clients, none of which individually comprise a significant portion of revenues for us as a whole. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses for the reporting period. Actual results could differ from these estimates. Basis of Consolidation The Consolidated Financial Statements include our operating results and the operating results of all of our majority-owned subsidiaries and entities in which we have a controlling financial interest. We have a controlling financial interest if we own a majority of the outstanding voting common stock and the noncontrolling shareholders do not have substantive participating rights, or we have significant control over an entity through contractual or economic interests in which we are the primary beneficiary. We account for equity investments in companies over which we have the ability to exercise significant influence, but not control, using the equity method of accounting. We recognize our ownership share of earnings of these equity method investments, amortization of basis differences, and related gains or losses in the Consolidated Financial Statements. These investments, as well as certain other relationships, are also evaluated for consolidation under the accounting guidance on consolidation of variable interest entities. These investments were $ 95.8 and $ 114.2 as of December 31, 2022 and 2021, respectively, and are included in other assets in the Consolidated Balance Sheets. Included in shareholders’ equity as of December 31, 2022 and 2021 are $ 4.3 and $ 11.8 , respectively, of accumulated unremitted earnings from investments accounted for using the equity method. The amounts relate to accounting for our remaining interest in ManpowerGroup Greater China under the equity method subsequent to deconsolidation in 2019. Revenues We recognize revenues when control of the promised services is transferred to our clients, in an amount that reflects the consideration we expect to be entitled to receive in exchange for those services. Our revenues are recorded net of any sales, value added or other taxes collected from our clients. A performance obligation is a promise in a contract to transfer a distinct service to the client, and it is the unit of account in the accounting guidance for revenue recognition. The majority of our contracts have a single performance obligation as the promise to transfer the individual services is not separately identifiable from other promises in our contracts and, therefore, is not distinct. However, we have multiple performance obligations within our Recruitment Process Outsourcing (RPO) contracts as discussed below. For performance obligations that we satisfy over time, revenues are recognized by consistently applying a method of measuring progress toward satisfaction of that performance obligation. We generally utilize an input measure of time (e.g., hours, weeks, months) of service provided, which most accurately depicts the progress toward completion of each performance obligation. We generally determine standalone selling prices based on the prices included in the client contracts, using expected costs plus margin or other observable prices. The price as specified in our client contracts is generally considered the standalone selling price as it is an observable input that depicts the price as if sold to a similar client in similar circumstances. Certain client contracts have variable consideration, including credits, sales allowances, rebates or other similar items that generally reduce the transaction price. We estimate variable consideration using whichever method, either the expected value method or most likely amount method, better predicts the amount of consideration to which we will become entitled based on the terms of the client contract and historical evidence. These amounts may be constrained and are only included in revenues to the extent we do not expect a significant reversal when the uncertainty associated with the variable consideration is resolved. Our variable consideration amounts are not material, and we do not believe that there will be significant changes to our estimates. Our client contracts generally include standard payment terms acceptable in each of the countries and territories in which we operate. The payment terms vary by the type and location of our clients and services offered. Client payments are typically due approximately 60 days after invoicing but may be a shorter or longer term depending on the contract. Our client contracts are generally short-term in nature with a term of one year or less. The timing between satisfaction of the performance obligation, invoicing and payment is not significant. For certain services and client types, we may require payment prior to delivery of services to the client, for which deferred revenue is recorded. In certain scenarios where a third-party vendor is involved in our revenue transactions with our clients, we evaluate whether we are the principal or the agent in the transaction. In situations where we act as principal in the transaction, we control the performance obligation prior to transfer to the client, and we report the related amounts as gross revenues and cost of services. When we act as agent in the transaction, we do not control the performance obligation prior to transfer to the client, and we report the related amounts as revenues on a net basis. A majority of these agent transactions occur within our TAPFIN - Managed Service Provider (MSP) programs where our performance obligation is to manage our client’s contingent workforce, and we earn a commission based on the amount of staffing services that are managed through the program. We are the agent in these transactions as we do not control the third-party providers' staffing services provided to the client through our MSP program prior to those services being transferred to the client. For certain client contracts where we recognize revenues over time, we recognize the amount that we have the right to invoice, which corresponds directly to the value provided to the client of our performance to date. As allowed under the guidance, we do not disclose the amount of unsatisfied performance obligations for client contracts with an original expected length of one year or less and those client contracts for which we recognize revenues at the amount to which we have the right to invoice for services performed. We have other contracts with revenues expected to be recognized subsequent to December 31, 2022 related to remaining performance obligations, which are not material. Accounts Receivable, Contract Assets and Contract Liabilities We record accounts receivable when our right to consideration becomes unconditional. Contract assets primarily relate to our rights to consideration for services provided that they are conditional on satisfaction of future performance obligations. We record contract liabilities (deferred revenue) when payments are made or due prior to the related performance obligations being satisfied. The current portion of our contract liabilities is included in accrued liabilities in our Consolidated Balance Sheets. We do not have any material contract assets or long-term contract liabilities. Our deferred revenue was $ 35.6 and $ 34.8 as of December 31, 2022 and 2021, respectively. We recognized the entire amount of the deferred revenue balance as of December 31, 2021 as revenue during the year ended December 31, 2022 . We expect to recognize the entire amount of deferred revenue balance as of December 31, 2022 as revenue in 2023. Allowance for Doubtful Accounts We have an allowance for doubtful accounts recorded as an estimate of the accounts receivable balance that may not be collected. This allowance is calculated on an entity-by-entity basis with consideration for historical write-off experience, the current aging of receivables, 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. Balance at Provisions Write-Offs Translation Reclassifications Balance 2022 $ 121.6 $ 6.2 $ ( 12.4 ) $ ( 5.8 ) $ ( 0.3 ) $ 109.3 2021 128.1 17.9 ( 17.7 ) ( 6.5 ) ( 0.2 ) 121.6 2020 113.5 20.3 ( 17.8 ) 8.1 4.0 128.1 Bad debt expense is recorded as selling and administrative expenses in our Consolidated Statements of Operations. Factors that would cause this provision to increase primarily relate to increased bankruptcies by our clients and other difficulties collecting amounts billed. On the other hand, an improved write-off experience and aging of receivables would result in a decrease to the provision. Advertising Costs We expense production costs of advertising as they are incurred. Advertising expenses were $ 29.6 , $ 28.1 and $ 22.2 in 2022, 2021 and 2020 , respectively. Restructuring Costs We recorded net restructuring costs of $ 3.6 , $ 15.2 and $ 110.7 in 2022, 2021 and 2020, respectively, in selling and administrative expenses, primarily related to severances and office closures and consolidations in multiple countries and territories. The costs paid out of our restructuring reserve were $ 13.7 and $ 38.0 in 2022 and 2021 , respectively. We expect a majority of the remaining $ 13.2 reserve will be paid by the end of 2023. Changes in the restructuring reserve by reportable segment and Corporate are shown below: Americas (1) Southern (2) Northern APME Corporate Total Balance, December 31, 2020 $ 1.9 $ 3.5 $ 40.7 $ — $ — 46.1 Severance costs 5.2 — 10.0 — — 15.2 Costs paid ( 6.1 ) ( 2.7 ) ( 29.2 ) — — ( 38.0 ) Balance, December 31, 2021 $ 1.0 $ 0.8 $ 21.5 $ — $ — $ 23.3 Severance costs 1.7 — 0.8 0.1 — 2.6 Other costs — 0.9 — 0.1 1.0 Costs paid ( 1.7 ) ( 0.7 ) ( 11.3 ) — — ( 13.7 ) Balance, December 31, 2022 $ 1.0 $ 1.0 $ 11.0 $ 0.2 $ — $ 13.2 (1) Balance related to United States was $ 1.4 as of December 31, 2020. In 2021, United States paid $ 1.2 , leaving a $ 0.2 liability as of December 31, 2021. In 2022, United States incurred $ 0.8 for severance costs and paid $ 0.4 , leaving a $ 0.6 liability as of December 31, 2022. (2) France had a $ 0.6 liability as of December 31, 2020 and 2021. In 2022, France incurred $ 0.9 for other costs and paid $ 0.6 , leaving a $ 0.9 liability as of December 31, 2022. Balance related to Italy was $ 1.4 as of December 31, 2020. In 2021, Italy paid $ 1.1 , leaving a $ 0.3 liability as of December 31, 2021. In 2022, Italy paid $ 0.3 , leaving no liability as of December 31, 2022. Income Taxes Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between financial statement carrying amounts of existing assets and liabilities and their respective tax basis, and net operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. We record a valuation allowance against deferred tax assets to reduce the assets to the amounts more likely than not to be realized. Fair Value Measurements The assets and liabilities measured and recorded at fair value on a recurring basis were as follows: Fair Value Measurements Using Fair Value Measurements Using December 31, 2022 Quoted Prices Significant Significant December 31, 2021 Quoted Prices Significant Significant Assets Deferred compensation plan assets $ 115.3 $ 115.3 $ — $ — $ 138.0 $ 138.0 $ — $ — Cross-currency swaps 13.8 — 13.8 — 24.7 — 24.7 — Foreign currency forward contracts 0.2 — 0.2 — — — — — $ 129.3 $ 115.3 $ 14.0 $ — $ 162.7 $ 138.0 $ 24.7 $ — Liabilities Cross-currency swaps $ 25.8 $ — $ 25.8 $ — $ 24.2 $ — $ 24.2 $ — Foreign currency forward contracts — — — — 5.5 — 5.5 — $ 25.8 $ — $ 25.8 $ — $ 29.7 $ — $ 29.7 $ — We determine the fair value of our deferred compensation plan assets, comprised of publicly traded securities, by using market quotes as of the last day of the period. The fair value of the cross-currency swaps and foreign currency forward contracts are measured at the value based on a third party valuation model that performs a discounted cash flow analysis based on the terms of the contracts and market observable inputs such as current and forward interest rates and current and forward foreign exchange rates The carrying values of cash and cash equivalents, accounts receivable, accounts payable and other current assets and liabilities approximate their fair values because of the short-term nature of these instruments. The carrying value of our variable-rate long-term debt and revolving debt facility approximates fair value. The fair value of the Euro-denominated notes, as observable at commonly quoted intervals (Level 2 inputs), was $ 921.7 and $ 1,064.0 as of December 31, 2022 and 2021 , respectively, compared to a carrying value of $ 956.6 and $ 1019.6 , respectively. Goodwill and Other Intangible Assets We had goodwill, finite-lived intangible assets and indefinite-lived intangible assets as follows: December 31, 2022 December 31, 2021 Gross Accumulated Net Gross Accumulated Net Goodwill (1) $ 1,628.1 $ — $ 1,628.1 $ 1,722.2 $ — $ 1,722.2 Intangible assets: Finite-lived: Customer relationships $ 818.9 $ 448.1 $ 370.8 $ 823.4 $ 421.6 $ 401.8 Other 21.3 20.2 1.1 23.2 19.7 $ 3.5 840.2 468.3 371.9 846.6 441.3 405.3 Indefinite-lived: Tradenames (2) 52.0 — 52.0 52.0 — 52.0 Reacquired franchise rights 125.6 — 125.6 126.3 — 126.3 177.6 — 177.6 178.3 — 178.3 Total intangible assets $ 1,017.8 $ 468.3 $ 549.5 $ 1,024.9 $ 441.3 $ 583.6 (1) Balances were net of accumulated impairment loss of $ 694.2 and $ 644.2 as of December 31, 2022 and 2021 , respectively. (2) Balances were net of accumulated impairment loss of $ 139.5 as of both December 31, 2022 and 2021 . The consolidated amortization expense related to intangibles was $ 37.1 , $ 24.2 and $ 27.2 in 2022, 2021 and 2020, respectively. Amortization expense expected in each of the next five years related to acquisitions completed as of December 31, 2022 is as follows: 2023 - $ 34.6 , 2024 - $ 32.2 , 2025 - $ 30.2 , 2026 - $ 26.7 and 2027 - $ 26.1 . The weighted-average useful lives of the customer relationships and other are approximately 14 and 4 years, respectively. The tradenames have been assigned an indefinite life based on our expectation of renewing the tradenames, as required, without material modifications and at a minimal cost, and our expectation of positive cash flows beyond the foreseeable future. Indefinite-lived reacquired franchise rights resulted from our franchise acquisitions in the United States, Switzerland and Canada. These rights entitled the franchisees with unilateral control to operate perpetually in particular territories and have therefore been assigned an indefinite life. In accordance with the accounting guidance on goodwill and other intangible assets, we perform an annual impairment test of goodwill at our reporting unit level and indefinite-lived intangible assets at our unit of account level during the third quarter, or more frequently if events or circumstances change that would more likely than not reduce the fair value of our reporting units below their carrying value. In the event the fair value of a reporting unit is less than the carrying value, including goodwill, we would record an impairment charge based on the excess of a reporting units’ carrying amount over its fair value. We performed our annual impairment test of our goodwill and indefinite-lived intangible assets during the third quarter of 2022, 2021 and 2020, and determined that there was no impairment of our goodwill or indefinite-lived intangible assets as a result of our annual tests. The fair value of each reporting unit at the time of our annual impairment test was at least 20 % in excess of the respective reporting unit’s carrying value with the exception of the Netherlands reporting unit, which is part of the Northern Europe segment. The Netherlands reporting unit had a fair value that approximated its carrying value. Key assumptions included in the Netherlands discounted cash flow valuation performed during the third quarter of 2022 included a discount rate of 12.5 %, revenue growth for the next 10 years ranging from 3.0 % to 8.4 %, a terminal value revenue growth rate of 2.0 %, and a terminal value OUP margin of 4.0 %. 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 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. The expected future revenue growth rates and operating unit profit margins are determined after taking into consideration our historical revenue growth rates and operating unit profit margins, our assessment of future market potential and our expectations of future business performance. We believe that the future discounted cash flow valuation model provides the most reasonable and meaningful fair value estimate based on the reporting units’ projections of future operating results and cash flows and is consistent with our view of how market participants would value the company’s reporting units in an orderly transaction. Since the assessment conducted in the third quarter of 2022, we identified several factors related to our Netherlands reporting unit that led us to conclude that it was more likely than not that the fair value of the reporting unit was below its carrying amount which triggered us to perform an interim impairment assessment. These factors included further deterioration of the macroeconomic conditions, including downward revisions to projected Netherlands economic expansion in 2023, an increasing interest rate environment and financial performance that came in below management's planned revenue and OUP expectations for the fourth quarter of 2022. During the fourth quarter of 2022, we wrote the carrying value of the Netherlands reporting unit down to its estimated fair value and recognized a non-cash impairment charge loss of $ 50.0 . Key assumptions included in the Netherlands discounted cash flow valuation performed during the fourth quarter of 2022 included a discount rate of 13.5 %, revenue growth for the next 10 years ranging from 0.0 % to 3.0 %, a terminal value revenue growth rate of 2.0 % and a terminal value OUP margin of 4.0 %. Management continues to closely monitor the results of the reporting unit and comparisons to the key assumptions used in our fair value estimate, in addition to operational initiatives and macroeconomic conditions, which may impact the results of the reporting unit. The performance of the Netherlands reporting unit and the potential for future developments in the global economic environment, including the prospect of higher interest rates, introduces a heightened risk for additional impairment in the Netherlands reporting unit. If the Netherlands reporting unit cannot improve from its current operating levels and meet its operating targets to achieve the growth and margin assumptions noted above, or if there is continued deterioration in the market due to macroeconomic conditions, some or all of the remaining recorded goodwill for the Netherlands reporting unit, which was $ 55.1 as of December 31, 2022, could be subject to further impairment. While our other reporting units' fair values exceeded 20 % or more of their respective carrying values, 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. Capitalized Software for Internal Use We capitalize purchased software as well as internally developed software. Internal software development costs are capitalized from the time when the internal-use software is considered probable of completion until the software is ready for use. Business analysis, system evaluation, selection and software maintenance costs are expensed as incurred. Capitalized software costs are amortized using the straight-line method over the estimated useful life of the software which ranges from 3 to 1 0 years. T he net capitalized software balance of $ 47.7 and $ 38.2 as of December 31, 2022 and 2021, respectively, is included in other assets in the Consolidated Balance Sheets. The higher balance as of December 31, 2022 is primarily due to additional technology investments. Amortization expense related to the capitalized software costs was $ 9.8 , $ 5.5 and $ 1.8 for 2022, 2021 and 2020, respectively. Cloud Computing Arrangements We utilize cloud computing arrangements such as hosting arrangements that are service contracts, whereby we gain remote access to use software hosted by the vendor or another third party on an as-needed basis for a period of time in exchange for a subscription fee. Subscription fees are usually prepaid and recorded in selling and administrative expenses over the related subscription period. Certain implementation costs for cloud computing arrangements are capitalized in prepaid expenses or other noncurrent assets if they consist of internal and external costs directly attributable to developing and configuring cloud computing software for its intended use. Amortization of capitalized implementation costs is recorded in selling and administrative expenses on a straight-line basis over the term of the cloud computing arrangement, which is the non-cancellable period of agreement, together with periods covered by renewal options that we are reasonably certain to exercise. The unamortized implementation costs related to our cloud computing arrangements were $ 19.9 and none as of December 31, 2022 and 2021, respectively. Property and Equipment A summary of property and equipment as of December 31 is as follows: 2022 2021 Land $ 0.4 $ 0.5 Buildings 6.3 6.7 Furniture, fixtures, and autos 166.4 166.5 Computer equipment 130.1 132.7 Leasehold improvements 281.7 288.5 Property and equipment $ 584.9 $ 594.9 Property and equipment are stated at cost and are depreciated using primarily the straight-line method over the following estimated useful lives: buildings - up t o 40 years; fu rniture, fixtures, autos and computer equipment - 3 to 16 years; leasehold improvements - lesser of life of asset or expected lease term . Expenditures for renewals and betterments are capitalized whereas expenditures for repairs and maintenance are charged to income as incurred. Upon sale or disposition of property and equipment, the difference between the unamortized cost and the proceeds is recorded as either a gain or a loss and is included in our Consolidated Statements of Operations. Long-lived assets are evaluated for impairment in accordance with the provisions of the accounting guidance on the impairment or disposal of long-lived assets. Leases We recognize right-of-use assets (“ROU”) and lease liabilities on the balance sheet for leases with lease terms longer than 12 months and we classify the lease as a finance or operating lease which affects the recognition, measurement, and presentation of lease expenses and cash flows. We have operating leases for real estate, vehicles, and equipment. Our leases have remaining lease terms of 1 month to 11 years. Our lease agreements may include renewal or termination options for varying periods that are generally at our discretion. In our lease term, we only include those periods related to renewal options we are reasonably certain to exercise. However, we generally do not include these renewal options as we are not reasonably certain to renew at the lease commencement date. This determination is based on our consideration of certain economic, strategic and other factors that we evaluate at lease commencement date and reevaluate throughout the lease term. Some leases also include options to terminate the leases, and we only include those periods beyond the termination date if we are reasonably certain not to exercise the termination option. Some leasing arrangements require variable payments that are dependent on usage or may vary for other reasons, such as payments for insurance and tax payments. The variable portion of lease payments is not included in our ROU assets or lease liabilities. Rather, variable payments, other than those dependent upon an index or rate, are expensed when the obligation for those payments is incurred and are included in lease expenses recorded in selling and administrative expenses on the Consolidated Statements of Operations. We have lease agreements with both lease and non-lease components that are treated as a single lease component for all underlying asset classes. Accordingly, all expenses associated with a lease contract are accounted for as lease expenses. Leases with a term of 12 months or less are not recognized on the balance sheet, but rather expensed on a straight-line basis over the lease term. We do not include significant restrictions or covenants in our lease agreements, and residual value guarantees are generally not included within our operating leases. As of December 31, 2022 , we did not have any material additional operating leases that have not yet commenced. Derivative Financial Instruments Derivative instruments are recorded on the balance sheet as either an asset or liability measured at their fair value. If the derivative is designated as a fair value hedge, the changes in the fair value of the derivative and of the hedged item attributable to the hedged risk are recognized in earnings. If the derivative is designated as a cash flow hedge, the effective portions of the changes in the fair value of the derivative are recorded as a component of accumulated other comprehensive loss and recognized in the Consolidated Statements of Operations when the hedged item affects earnings. The ineffective portions of the changes in the fair value of cash flow hedges are recognized in earnings. Foreign Currency Translation Asset and liability accounts are translated at the current exchange rates and income statement items are translated at the average exchange rates each month. The resulting translation adjustments are recorded as a component of accumulated other comprehensive loss, which is included in shareholders’ equity. As of July 1, 2018, the Argentina economy was designated as highly-inflationary and was treated as such for accounting purposes. A portion of our Euro-denominated notes is accounted for as a hedge of our net investment in our subsidiaries with a Euro-functional currency. For this portion of the Euro- denominated notes, since our net investment in these subsidiaries exceeds the amount of the related borrowings, net of tax, the related translation gains or losses are included as a component of accumulated other comprehensive loss. Shareholders’ Equity The Board of Directors authorized the repurchase of 4.0 million, 6.0 million and 6.0 million shares of our common stock in August 2021, August 2019 and August 2018. Share repurchases may be made from time to time through a variety of methods, including open market purchases, block transactions, privately negotiated transactions or similar facilities. In 2022, we repurchased a total of 3.2 million shares comprised of 1.2 million shares under the 2019 authorization and 2.0 million shares under the 2021 authorization, at a total cost of $ 270.0 . In 2021, we repurchased 2.1 million shares under the 2019 authorization at a cost of $ 210.0 . In 2020, we repurchased a total of 3.4 million shares comprised of 0.8 million shares under the 2018 authorization and 2.6 million shares under the 2019 authorization, at a total cost of $ 264.7 . As of December 31, 2022, there were 2.0 million shares remaining authorized for repurchase under the 2021 authorization and no shares remaining authorized for repurchase under the 2019 or 2018 authorization. During 2022, 2021 and 2020 , the Board of Directors declared total cash dividends of $ 2.72 , $ 2.52 and $ 2.26 per share, respectively, resulting in total dividend paym ents of $ 139.9 , $ 136.6 and $ 129.1 , respectively. Noncontrolling interests, included in total sha reholders' equity in our Consolidated Balance Sheets, represent amounts related to majority-owned subsidiaries in which we have a controlling financial interest. Net earnings attributable to these noncontrolling interests are recorded in interest and other expenses in our Consolidated Statements of Operations. We recorded income of $ 0.8 , $ 0.7 and $ 4.7 for 2022. 2021, and 2020 , respectively, Cash and Cash Equivalents Cash and cash equivalents comprise cash on hand, term deposits with banks and short-term highly-liquid financial investments that are readily convertible to known amounts of cash which are subject to insignificant risk of changes in value; and have a maturity of three months or less from the date of acquisition. Accounting Standards Effective as of January 1, 2022 In November 2021, the FASB issued new guidance on disclosures by business entities about government assistance. The guidance requires business entities to disclose, in notes to their financial statements, information about certain types of government assistance they receive. The new guidance was effective for us as of January 1, 2022. The adoption of this guidance had no impact on our Consolidated Financial Statements. 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 was effective upon issuance and could be applied to applicable contract modifications through December 31, 2024. The adoption of this guidance has not had any impact on our Consolidated Financial Statements, and we do not expect it to have a material impact going forward. Recently Issued Accounting Standards In November 2021, the FASB issued new guidance on business combinations. The guidance added the contract assets and contract liabilities to the list of exceptions to the recognition and measurement principles that apply to business combinations and requires that an acquirer recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with the revenue recognition standard. The new guidance is effective for us as of January 1, 2023. We do not expect the adoption of this guidance to have a material impact on our Consolidated Financial Statements. |
Revenue Recognition
Revenue Recognition | 12 Months Ended |
Dec. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | Revenue Recognition Revenue Service Types The following is a description of our revenue service types, including Staffing and Interim, Outcome-Based Solutions and Consulting, Permanent Recruitment and Other services. Staffing and Interim Staffing and Interim services include the augmentation of clients’ workforce with our contingent employees performing services under the client’s supervision, which provides our clients with a source of flexible labor. Staffing and Interim client contracts are generally short-term in nature, and we generally enter into contracts that include only a single performance obligation. We recognize revenues over time based on a fixed amount for each hour of Staffing and Interim service provided as our clients benefit from our services as we provide them. Outcome-Based Solutions and Consulting Our Outcome-Based Solutions and Consulting services include utilizing consultants and contingent employees who are generally experts in a specific field advising the client to help find strategic solutions to specific matters or achieve a particular outcome. Our services may also include managing certain processes and functions within the client’s organization. We recognize revenues over time based on (i) our clients benefiting from our services as we are providing them, (ii) our clients controlling an asset as it is created or enhanced, or (iii) our performance not creating an asset with an alternative use and having an enforceable right to payment for the services we have provided to date. We generally utilize an input measure of time for the service provided, which most accurately depicts the progress toward completion of these performance obligations. The price as specified in our client contracts is generally considered the standalone selling price as it is an observable input that depicts the price as if sold to a similar client in similar circumstances. Permanent Recruitment Permanent Recruitment services include providing qualified candidates to our clients to hire on a permanent basis. We recognize revenues for our Permanent Recruitment services at a point in time when we place the qualified candidate, because we have determined that control of the performance obligation has transferred to the client (i.e., service performed) as we have the right to payment for our service and the client has accepted our service of providing a qualified candidate to fill a permanent position. Revenues recognized from our Permanent Recruitment services are based upon either a fixed fee per placement or as a percentage of the candidate’s salary. Our RPO services are also included in our Permanent Recruitment revenues. RPO services include the various activities of managing a client's permanent workforce, which can include candidate assessments, screening, conducting candidate interviews, providing sourcing technology, and providing our marketing and recruiting expertise. We perform these activities to fulfill the overall obligation to provide permanent workforce management services, so they are not individually distinct, and therefore, we account for them as a single performance obligation. We generally utilize an input measure of time in months, but we do have a few contracts for which we use labor hours of management services provided as this more accurately depicts the progress toward completion of the performance obligation. We recognize revenues over time for each month of management services provided, as each month of management services is distinct, and the client benefits from each month of management services as we provide them. For those contracts for which we use labor hours as the input measure, we recognize revenues over time based on a fixed amount for each labor hour of management services provided as our clients benefit from our services as we provide them. We consider the RPO management services and placement services to be distinct, and therefore separate performance obligations within our RPO contracts as (i) our clients can benefit from each service on its own, and (ii) each service is separately identifiable within the client contract. The prices as specified in our contracts will generally be broken out between management fees and placement fees, which we consider the standalone selling price of each service as they are the observable inputs which depict the prices as if they were sold to a similar client in similar circumstances. The consideration from our client contracts is allocated to each performance obligation based on the relative standalone selling price. Other Services Other services include revenues from outplacement services, MSP services, training services and franchise fees. • Outplacement services include assisting our clients in managing their workforce transitions and their employees in managing career changes by developing additional skills and finding new employment. We recognize revenues over time as we provide the service (i.e., transfer control of the performance obligation) using the input measure of hours of service to measure progress toward completion of the performance obligation. • MSP services include overall program management of our clients’ contingent workforce and generally include various activities such as reporting and tracking, supplier selection and management and order distribution, depending on each client contract. We provide these services to fulfill the overall obligation of contingent workforce management services so the individual activities are not distinct and therefore we account for them as a single performance obligation. We recognize revenues over time for each month of MSP services provided as each month of MSP services is distinct, and the client benefits from each month of MSP services as we provide them. • Training services include teaching skills that relate to specific competencies in order for our client’s workforce to acquire knowledge and develop skills proficiencies. We recognize revenues over time for each hour of training service provided as our clients benefit from our services as we provide them. • Our franchise fees include the performance obligation of providing the right to use our intellectual property in a specifically defined exclusive territory as defined in a franchise agreement. Our franchise agreements generally state that franchise fees are calculated based on a percentage of revenues earned by the franchise operations and are payable on a monthly basis. As such, we record franchise fee revenues monthly over time calculated based on the specific fee percentage and the monthly revenues of the franchise operations. Franchise fees were $ 15.7 , $ 15.3 and $ 14.1 for the years ended December 31, 2022, 2021 and 2020, respectively. Disaggregation of Revenues In the following table, revenue is disaggregated by service types and timing of revenue recognition and includes a reconciliation of the disaggregated revenues by reportable segment. Year Ended December 31, 2022 2021 Staffing Outcome- Permanent Other Total Staffing Outcome- Permanent Other Total Americas: United States $ 2,862.5 $ 274.3 $ 209.0 $ 153.5 $ 3,499.3 $ 2,292.1 $ 154.9 $ 147.8 $ 148.5 $ 2,743.3 Other Americas 1,329.3 51.9 48.6 6.6 1,436.4 1,430.3 45.9 34.5 9.7 1,520.4 4,191.8 326.2 257.6 160.1 4,935.7 3,722.4 200.8 182.3 158.2 4,263.7 Southern Europe: France 4,421.8 268.0 57.9 37.3 4,785.0 4,765.1 329.8 53.5 22.9 5,171.3 Italy 1,600.7 31.9 51.7 22.6 1,706.9 1,695.6 33.9 45.6 20.3 1,795.4 Other Southern Europe 1,635.0 336.7 62.0 10.7 2,044.4 1,945.0 369.4 52.6 13.1 2,380.1 7,657.5 636.6 171.6 70.6 8,536.3 8,405.7 733.1 151.7 56.3 9,346.8 Northern Europe 3,567.4 215.0 179.3 86.6 4,048.3 4,191.4 255.5 145.9 77.7 4,670.5 APME 1,809.6 392.0 149.1 36.6 2,387.3 1,886.6 408.1 143.2 43.2 2,481.1 17,226.3 1,569.8 757.6 353.9 19,907.6 18,206.1 1,597.5 623.1 335.4 20,762.1 Intercompany Eliminations ( 80.1 ) ( 37.7 ) Total $ 19,827.5 $ 20,724.4 Year Ended December 31, 2022 2021 Services Services Total Services Services Total Americas: United States $ 3,380.9 $ 118.4 $ 3,499.3 $ 2,663.9 $ 79.4 $ 2,743.3 Other Americas 1,406.3 30.1 1,436.4 1,498.6 21.8 1,520.4 4,787.2 148.5 4,935.7 4,162.5 101.2 4,263.7 Southern Europe: France 4,732.3 52.7 4,785.0 5,122.4 48.9 5,171.3 Italy 1,659.4 47.5 1,706.9 1,752.8 42.6 1,795.4 Other Southern Europe 1,993.8 50.6 2,044.4 2,337.1 43.0 2,380.1 8,385.5 150.8 8,536.3 9,212.3 134.5 9,346.8 Northern Europe 3,902.9 145.4 4,048.3 4,545.0 125.5 4,670.5 APME 2,302.4 84.9 2,387.3 2,401.1 80.0 2,481.1 19,378.0 529.6 19,907.6 20,320.9 441.2 20,762.1 Intercompany Eliminations ( 80.1 ) ( 37.7 ) Total $ 19,827.5 $ 20,724.4 |
Share-Based Compensation Plans
Share-Based Compensation Plans | 12 Months Ended |
Dec. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Share-Based Compensation Plans | (3) Share-Based Compensation Plans During 2022, 2021 and 2020, we recognized $ 37.6 , $ 36.8 and $ 24.2 , respectively, in share-based compensation expense related to stock options, deferred stock, restricted stock and performance share units, all of which is recorded in selling and administrative expenses. Consideration received from share-based awards for 2022, 2021 and 2020 was $ 0.3 , $ 5.1 and $ 7.4 , respectively. The income tax benefit recognized during 2022, 2021 and 2020 was $ 2.6 , $ 1.6 and $ 1.7 , respectively, for the United States share-based compensation and $ 1.3 , $ 1.6 and $ 1.3 , respectively, for non-United States share-based compensation. We recognize compensation expense on grants of share-based compensation awards on a straight-line basis over the vesting period of each award. Stock Options All share-based compensation is granted under the 2011 Equity Incentive Plan of ManpowerGroup Inc. (“2011 Plan”). Options and stock appreciation rights are granted at a price not less than 100 % of the fair market value of the common stock at the date of grant. Generally, options are granted with a ratable vesting period of up to four years and expire ten years from date of grant. No stock options were granted in 2022. No stock appreciation rights had been granted or outstanding as of December 31, 2022 or 2021. A summary of stock option activity is as follows: Shares (000) Wtd. Avg. Wtd. Avg. Aggregate Outstanding, January 1, 2020 723 $ 87 Granted 156 93 Exercised ( 90 ) 59 $ 3 Expired or cancelled ( 1 ) 54 Outstanding, December 31, 2020 788 $ 91 6.2 $ 4 Exercisable, December 31, 2020 455 $ 90 4.5 $ 3 Outstanding, January 1, 2021 788 $ 91 Granted 130 92 Exercised ( 38 ) 93 $ — Expired or cancelled ( 28 ) 123 Outstanding, December 31, 2021 852 $ 90 6.1 $ 8 Exercisable, December 31, 2021 510 $ 89 4.8 $ 6 Outstanding, January 1, 2022 852 90 Granted — N/A Exercised — N/A Expired or cancelled — N/A Outstanding, December 31, 2022 852 $ 90 5.1 $ 2 Exercisable, December 31, 2022 639 $ 90 4.4 $ 2 Options outstanding and exercisable as of December 31, 2022 were as follows: Options Outstanding Options Exercisable Exercise Price Shares (000) Weighted- Weighted- Shares (000) Weighted- $75-$80 200 2.3 76 200 76 $81-$89 179 5.5 84 141 84 $90-$95 286 7.6 93 111 93 $96-$123 187 4.1 109 187 109 852 5.1 $ 90 639 $ 90 We recognized expense of $ 0.8 , $ 2.9 and $ 3.3 related to stock options for the years ended December 31, 2022, 2021 and 2020, respectively. The total fair value of options vested during the same periods was $ 2.8 , $ 2.6 and $ 2.3 , respectively. As of December 31, 2022, total unrecognized compensation cost was $ 0.7 , net of estimated forfeitures, which we expect to recognize over a weighted-average period of approximately 2.0 years. We estimated the fair value of each stock option on the date of grant using the Black-Scholes option pricing model and the following assumptions: Year Ended December 31 2021 2020 Average risk-free interest rate 0.7 % 1.5 % Expected dividend yield 2.7 % 2.5 % Expected volatility 35.0 % 27.0 % Expected term (years) 6.0 6.0 The average risk-free interest rate is based on United States Treasury security rates corresponding to the expected term in effect as of the grant date. The expected dividend yield is based on the expected annual dividend as a percentage of the market value of our common stock as of the grant date. We determined expected volatility using a weighted average of daily historical volatility (weighted 75 %) of our stock price over the past five years and implied volatility (weighted 25 %) based upon exchange traded options for our common stock. We believe that a blend of historical volatility and implied volatility better reflects future market conditions and better indicates expected volatility than considering purely historical volatility. We determined the expected term of the stock options using historical data. The weighted-average grant-date fair value per option granted during the year was $ 22.83 and $ 18.95 in 2021 and 2020, respectively. Deferred Stock Our non-employee directors may elect to receive deferred stock in lieu of part or all of their annual cash retainer otherwise payable to them. The number of shares of deferred stock is determined pursuant to a formula set forth in the terms and conditions adopted under the 2011 Plan; the deferred stock is settled in shares of common stock according to these terms and conditions. During December 31, 2022, 2021 and 2020, there were 4,775 , 1,086 and 1,432 , respectively, shares of deferred stock awarded under this arrangement, all of which are vested. Non-employee directors also receive an annual grant of deferred stock (or restricted stock, if they so elect) as additional compensation for board service. The award vests in equal quarterly installments over one year and the vested portion of the deferred stock is settled in shares of common stock either three years after the date of grant (which may in most cases be extended at the directors’ election) or upon a director’s termination of service in accordance with the terms and conditions under the 2011 Plan. During 2022, 2021 and 2020, there were 12,698 , 15,528 and 11,004 , respectively, shares of deferred stock awarded under this arrangement, all of which are vested. We recognized expense of $ 1.8 , $ 1.7 and $ 1.3 related to deferred stock in 2022, 2021 and 2020, respectively. Restricted Stock We grant restricted stock and restricted stock unit awards to certain employees and to non-employee directors who may elect to receive restricted stock rather than deferred stock as described above. Restrictions lapse over periods ranging up to six years , and in some cases upon retirement. We value restricted stock awards at the closing market value of our common stock on the date of grant. A summary of restricted stock activity is as follows: Shares (000) Wtd. Avg. Wtd. Avg. Aggregate Unvested, January 1, 2020 446 $ 97 1.5 Granted 200 $ 92 Vested ( 145 ) 95 Forfeited ( 17 ) 93 Unvested, December 31, 2020 484 $ 94 1.4 Granted 208 $ 87 Vested ( 124 ) 106 Forfeited ( 23 ) 84 Unvested, December 31, 2021 545 $ 85 1.3 Granted 245 104 Vested ( 177 ) 80 Forfeited ( 25 ) 88 Unvested, December 31, 2022 588 $ 94 1.4 $ 49 During 2022, 2021 and 2020, there were 7,192 , 7,764 and 7,208 , respectively, shares of restricted stock granted to our non-employee directors, all of which are vested except for 1,258 shares granted in 2021 that were cancelled. During 2022, 2021 and 2020, we recognized $ 19.1 , $ 15.6 and $ 15.7 , respectively, of expense related to restricted stock awards. As of December 31, 2022, there was $ 16.8 of total unrecognized compensation cost related to unvested restricted stock, which we expect to recognize over a weighted-average period of approximately 2.0 years. Performance Share Units Our 2011 Plan allows us to grant performance share units. We grant performance share units with a performance period ranging from one to three years . Vesting of units occurs at the end of the performance period or after a subsequent holding period, except in the case of termination of employment where the units are forfeited immediately. Upon retirement, a prorated number of units vest depending on the period worked from the grant date to retirement date or in certain cases all of the units vest. In the case of death or disability, the units immediately vest at the Target Award level if the death or disability date is during the performance period, or at the level determined by the performance criteria met during the performance period if the death or disability occurs during the subsequent holding period. The uni ts are settled in shares of our common stock. A payout multiple may be applied to the units awarded based on the performance criteria determined by the People, Culture and Compensation Committee of the Board of Directors at the time of grant. Final determination of the payout is at the discretion of the People, Culture and Compensation Committee ("the Committee"). In the event the performance criteria exceeds the Target Award level, an additional number of shares, up to the Outstanding Award level, may be granted. In the event the performance criteria falls below the Target Award level, a reduced number of shares, as low as the Threshold Award level, may be granted. If the performance criteria falls below the Threshold Award level, no shares will be granted. A summary of the performance share units detail by grant year is as follows: 2019 2020 2021 (Regular) 2021 (Additional) 2022 (Regular) 2022 (Experis) Grant Date(s) February 15, 2019 February 14, 2020 February 12, 2021 February 12, 2021 February 11, 2022 February 11, 2022 Performance Period (years) 2019-2021 2020-2022 2021 2021-2022 2022-2024 2022-2024 Vesting Date (1) February 2022 February 2023 February 2024 February 2023 February 2025 February 2025 Payout Levels (in units): Threshold Award 61,381 59,698 61,076 39,882 — — Target Award 122,761 119,395 122,152 79,763 106,116 28,275 Outstanding Award 245,522 238,790 244,304 159,526 212,232 84,826 Shares Issued in 2022 81,700 N/A N/A N/A N/A N/A Payout Achieved 81,700 — (2) 244,304 159,526 N/A N/A (1) Awards are scheduled to vest after the Committee determines the achievement of the performance criteria. (2) In the fourth quarter of 2022, the Committee exercised its discretion in respect of the payout of the 2020 grant. On the basis that an additional special one-time grant had been awarded in 2021 to supplement the 2020 grant, the Committee determined that the 2020 grant would have a zero payout. We recognize and adjust compensation expense based on the likelihood of the performance criteria specified in the award being achieved. The compensation expense is recognized over the performance and holding periods and is recorded in selling and administrative expenses. We recognized total compensation expense of $ 15.6 , $ 16.3 and $ 3.7 in 2022, 2021 and 2020, respectively, related to the performance share units. For 2022, additional expense from the Experis award at the outstanding payout level was offset by the reversal of cumulative expense related to the 2020 grant upon the Board of Directors' exercise of its discretion to reduce the payout to zero. The higher expense in 2021 compared to 2020 resulted from a combination of higher estimated payout levels and the additional special one-time grant awarded in 2021. |
Acquisitions and Dispositions
Acquisitions and Dispositions | 12 Months Ended |
Dec. 31, 2022 | |
Business Combinations [Abstract] | |
Acquisitions and Dispositions | (4) Acquisitions and Dispositions ettain group Acquisition On October 1, 2021, we acquired ettain group, one of the largest privately held IT resourcing and services providers in North America. Effective that date, ettain group became part of our Experis business in the Americas segment. The acquisition is intended to accelerate our strategy of diversifying our business mix into higher growth and higher value services. The aggregate cash consideration paid was $ 930.9 . Of the total consideration paid, $ 925.0 was for the acquired interests and the remaining $ 5.9 was for excess working capital and cash. The transaction was funded through cash on hand and a $ 150.0 draw on our revolving credit facility on October 1, 2021. We finalized the purchase accounting during the third quarter of 2022 and recognized post-closing working capital adjustments of $ 3.4 and income tax adjustments of $ 3.1 with a corresponding offset to goodwill. The acquisition of ettain group was accounted for as a business combination, and the assets and liabilities of ettain group were included in the Consolidated Balance Sheets as of the acquisition date and the results of its operations have been included in the Consolidated Statements of Operations subsequent to the acquisition date. The following table summarizes the final fair value of the assets and liabilities as of the acquisition date of October 1, 2021: Cash and cash equivalents $ 14.6 Accounts receivable 132.6 Prepaid expenses and other assets 2.6 Operating lease right-of-use asset 8.7 Goodwill 513.1 Intangible assets subject to amortization, customer relationship 360.0 Accounts payable ( 21.6 ) Employee compensation payable ( 14.8 ) Accrued liabilities ( 28.7 ) Accrued payroll taxes and insurance ( 6.9 ) Value added taxes payable ( 3.0 ) Long-term operating lease liability ( 5.3 ) Other long-term liabilities ( 20.4 ) Total assets and liabilities $ 930.9 The customer relationship intangible asset is amortized over a 15 -year useful life. The customer relationship intangible asset and goodwill from the acquisition are partially deductible for income tax purposes. As of December 31, 2022, the carrying value of intangible assets and goodwill was $ 330.0 and $ 513.1 , respectively. As of December 31, 2021, the carrying value of intangible assets and goodwill was $ 354.0 and $ 519.6 , respectively. The goodwill is included within the United States reporting unit and is attributable to the workforce of the acquired business and expected synergies to occur post-acquisition as a result of diversifying the business into higher growth and higher value services. As of December 31, 2021, ettain group contributed revenues from services of $ 182.7 since the acquisition. Our consolidated unaudited proforma historical revenues from services and net earnings, as if ettain group had been acquired at the beginning of 2020, are estimated as follows: Year Ended December 31, 2021 2020 Revenues from services $ 21,269.1 $ 18,731.0 Net earnings 425.4 40.1 The proforma amounts are calculated after applying our accounting policies and adjusting the results of ettain group to reflect the additional amortization that would have been charged assuming a fair value adjustment to intangible assets had been applied from January 1, 2020, with the consequential tax effects. In 2021, we incurred $ 18.8 of acquisition and integration costs. These expenses are included in selling and administrative expenses on the Consolidated Statements of Operations for the year ended December 31, 2021 and are reflected in proforma earnings for the year ended December 31, 2020 in the table above. Other Acquisitions From time to time, we acquire and invest in companies throughout the world, including franchises. The total cash consideration paid for acquisitions excluding ettain group, net of cash acquired, for the years ended December 31, 2022, 2021 and 2020 was $ 20.2 , $ 8.1 and $ 2.6 , respectively. The 2022 payments primarily represent a consideration payment for the acquisition of Tingari, a talent solutions company in France. The 2022, 2021 and 2020 balances include consideration payments for franchises in the United States and contingent consideration payments related to previous acquisitions, of which $ 3.8 , $ 6.3 and $ 1.9 , respectively, had been recognized as a liability at the acquisition date. As of December 31, 2022, goodwill and intangible assets resulting from the 2022 acquisitions wer e $ 8.8 and $ 5.3 , respectively. A s of December 31, 2021, goodwill and intangible assets resulting from the 2021 acquisitions, excluding ettain group, were $ 3.1 and $ 0.6 , respectively. No goodwill and intangible assets resulted from acquisitions in 2020. Dispositions Occasionally, we dispose of parts of our operations based on risk considerations and to optimize our global strategic and geographic footprint and overall efficiency. On January 17, 2022, we disposed of our Russia business in our Northern Europe segment for cash proceeds of $ 3.2 . In connection with the disposition, we recognized a one-time net loss on disposition of $ 8.0 , of which $ 9.7 was included in selling and administrative expenses and a gain of $ 1.7 was included in interest and other expenses in the Consolidated Statements of Operations in the year ended December 31, 2022. On September 30, 2022, our Belgium business disposed of its Service Voucher Division and recognized a one-time gain of $ 4.1 , which was included in selling and administrative expenses in the Consolidated Statements of Operations in the year ended December 31, 2022. On December 15, 2022, we disposed of our Hungary business in our Southern Europe segment and recognized a one-time loss of $ 2.1 , of which $ 0.9 was included in selling and administrative expenses and $ 1.2 was included in interest and other expenses in the Consolidated Statements of Operations in the year ended December 31, 2022. In November 2021, we disposed of our Tunisia business in our Southern Europe segment and recognized a one-time loss of $ 1.2 , which was included in selling and administrative expenses in the Consolidated Statements of Operations in the year ended December 31, 2021. On September 30, 2020, we disposed of four businesses (Serbia, Croatia, Slovenia, Bulgaria) in our Southern Europe segment for cash proceeds of $ 5.8 subject to normal post close working capital adjustments, and simultaneously entered into franchise agreements with the new ownership of these businesses. In connection with the disposition, we recognized a one-time loss on disposition of $ 5.8 , which was included in selling and administrative expenses in the Consolidated Statements of Operations in the year ended December 31, 2020. |
Historical Revenues from Services | Our consolidated unaudited proforma historical revenues from services and net earnings, as if ettain group had been acquired at the beginning of 2020, are estimated as follows: Year Ended December 31, 2021 2020 Revenues from services $ 21,269.1 $ 18,731.0 Net earnings 425.4 40.1 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | (5) Income Taxes The provision for income taxes was as follows: Year Ended December 31 2022 2021 2020 Current United States Federal $ 17.6 $ 20.2 $ 5.2 State 6.8 3.3 4.5 Non-United States 154.1 163.5 124.6 Total current 178.5 187.0 134.3 Deferred United States Federal 11.2 5.8 ( 11.0 ) State 0.9 2.4 ( 4.9 ) Non-United States ( 7.3 ) ( 9.5 ) 5.5 Total deferred 4.8 ( 1.3 ) ( 10.4 ) Total provision $ 183.3 $ 185.7 $ 123.9 A tax reconciliation between taxes computed at the United States federal statutory rate of 21 % and the consolidated effective tax rate is as follows: Year Ended December 31 2022 2021 2020 Income tax based on statutory rate $ 117.0 $ 119.3 $ 31.0 Increase (decrease) resulting from: Non-United States tax rate difference: French business tax (1) 24.6 26.7 43.7 Other (2) 15.2 22.2 9.7 Repatriation of non-United States earnings 10.7 5.7 ( 2.0 ) State income taxes, net of federal benefit 5.5 5.0 ( 1.3 ) Change in valuation allowance (3) 13.7 22.0 48.5 Work Opportunity Tax Credit (4) ( 12.4 ) ( 10.9 ) ( 4.9 ) Foreign-Derived Intangible Income deduction ( 9.6 ) ( 10.7 ) ( 8.8 ) Goodwill impairment (5) 8.9 — 13.4 Other, net 9.7 6.4 ( 5.4 ) Tax provision $ 183.3 $ 185.7 $ 123.9 (1) The French business tax is allowed as a deduction for French income tax purposes. The gross amount of the French business tax was $ 31.2 , $ 33.7 and $ 55.3 for 2022, 2021 and 2020 , respectively. The amounts in the table above of $ 24.6 , $ 26.7 and $ 43.7 for 2022, 2021 and 2020 , respectively, represent the French business tax expense net of the French tax benefit using the United States federal rate of 21 %. In December 2020, the French Parliament approved the Finance Bill for 2021 which lowered the business tax rate from 1.5 % to 0.75 %. The benefit of this tax rate reduction is reflected in our 2022 and 2021 Consolidated Financial Statements. In December 2022, the French Parliament approved the Finance Bill for 2023 which repeals the business tax over two years beginning in 2023. The business tax rate will be halved in 2023 and eliminated in 2024. The benefit of this tax rate reduction and repeal will be reflected in our 2023 and 2024 Consolidated Financial Statements. (2) Included in Other Non-United States tax rate differences is the impact of all Non-United States pre-tax earnings and permanent tax differences at the local statutory tax rate versus the United States federal rate of 21 %. This includes benefits of $ 1.5 , $ 2.5 and $ 6.1 for 2022, 2021 and 2020, respectively, related to the difference between the United States federal rate and the French tax rate applied to the respective gross amounts of the French business tax deduction previously mentioned. (3) In 2020, we determined that it was more likely than not that certain deferred tax assets in Germany and the Netherlands would not be realized and recorded income tax expense of $ 36.9 and $ 8.1 , respectively, to establish valuation allowances. Additional losses incurred in 2022 and 2021 in Germany resulted in an increase in valuation allowance of $ 13.5 and $ 20.1 , respectively. (4) The Work Opportunity Tax Credit is currently authorized until December 31, 2025. (5) Non-deductible portion of the goodwill impairment charges recorded in the Netherlands in 2022 and Germany in 2020. Deferred income taxes are recorded based on temporary differences at the tax rate expected to be in effect when the temporary differences reverse. Temporary differences, which give rise to the deferred taxes, are as follows: December 31 2022 2021 Future Income Tax Benefits (Expense) Accrued payroll taxes and insurance $ 8.8 $ 22.5 Employee compensation payable 37.7 38.9 Pension and postretirement benefits 65.0 77.9 Intangible assets ( 140.4 ) ( 135.7 ) Repatriation of non-United States earnings ( 18.4 ) ( 16.1 ) Loans denominated in foreign currencies ( 0.7 ) — Operating lease ROU assets ( 92.9 ) ( 96.3 ) Operating lease liabilities 94.6 99.5 Net operating losses 128.9 129.4 Other 179.7 163.9 Valuation allowance ( 161.1 ) ( 167.1 ) Total future tax benefits $ 101.2 $ 116.9 Deferred tax asset $ 126.7 $ 135.0 Deferred tax liability ( 25.5 ) ( 18.1 ) Total future tax benefits $ 101.2 $ 116.9 Pre-tax earnings of non-United States operations were $ 380.9 , $ 433.6 and $ 86.3 in 2022, 2021 and 2020 , respectively. We have not provided deferred taxes on $ 339.9 of accumulated unremitted earnings of non-United States subsidiaries that are considered indefinitely reinvested. We have not estimated the deferred tax liability on these earnings as such estimation is not practicable to determine or immaterial to the financial statements. As of December 31, 2022 , deferred taxes for non-United States withholding and other taxes were provided on $ 1,227.8 of accumulated unremitted earnings of non-United States subsidiaries that may be remitted to the United States. As of December 31, 2022 and 2021 , we have recorded a deferred tax liability of $ 18.4 and $ 16.1 , respectively, related to these non-United States earnings that may be remitted. We had United States federal and non-United States net operating loss carryforwards and United States state net operating loss carryforwards totaling $ 651.4 and $ 141.3 , respectively, as of December 31, 2022. The net operating loss carryforwards expire as follows: United States United States 2023 0.1 8.2 2024 5.0 52.2 2025 2.7 5.3 2026 1.2 9.2 2027 3.4 5.7 Thereafter 8.0 52.6 No expirations 631.0 8.1 Total net operating loss carryforwards $ 651.4 $ 141.3 We have recorded a deferred tax asset of $ 128.9 as of December 31, 2022 , for the benefit of these net operating losses. Realization of this asset is dependent on generating sufficient taxable income prior to the expiration of the loss carryforwards. A related valuation allowance of $ 111.8 was recorded as of December 31, 2022, as management believes that realization of certain net operating loss carryforwards is unlikely. We had gross unrecognized tax benefits related to various tax jurisdictions, including interest and penalties, of $ 81.6 , $ 71.8 and $ 64.5 in 2022, 2021 and 2020, respectively. If recognized, the entire amount would favorably affect the effective tax rate except for $ 6.0 . We believe that it is reasonably possible that the amount of gross unrecognized tax benefits could decrease between $ 16.1 and $ 19.4 in the next 12 months as a result of the resolution of tax matters in various global jurisdictions and the lapses of statutes of limitations. We recognize accrued interest and penalties related to unrecognized tax benefits in income tax expense. We accrued net interest and penalties of $ 0.8 , $ 0.9 and $ 0.0 in 2022, 2021 and 2020, respectively. The following table summarizes the activity related to our unrecognized tax benefits during 2022, 2021 and 2020: 2022 2021 2020 Gross unrecognized tax benefits, beginning of year $ 67.3 $ 60.9 $ 65.9 Increases in prior year tax positions 10.5 4.6 1.4 Decreases in prior year tax positions ( 1.2 ) ( 0.4 ) ( 4.1 ) Increases for current year tax positions 2.3 9.0 3.2 Expiration of statute of limitations and audit settlements ( 2.6 ) ( 6.8 ) ( 5.5 ) Gross unrecognized tax benefits, end of year $ 76.3 $ 67.3 $ 60.9 Potential interest and penalties 5.3 4.5 3.6 Balance, end of year $ 81.6 $ 71.8 $ 64.5 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 2015 through 2022 for our major operations in France, Italy, the United Kingdom and the United States. As of December 31, 2022, we were subject to tax audits in Austria, Germany, India, Israel, Portugal, Spain and the United States. We believe that the resolution of these audits will not have a material adverse impact on earnings. |
Net Earnings Per Share
Net Earnings Per Share | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
Net Earnings Per Share | (6) Net Earnings Per Share The calculation of net earnings per share - basic and net earnings per share - diluted were as follows: Year Ended December 31 2022 2021 2020 Net earnings available to common shareholders: $ 373.8 $ 382.4 $ 23.8 Weighted-average common shares outstanding (in millions): Weighted-average common shares outstanding - basic 52.2 54.5 58.0 Effect of dilutive securities - stock options — 0.2 — Effect of other share-based awards 0.6 0.7 0.3 Weighted-average common shares outstanding - diluted 52.8 55.4 58.3 Net earnings per share - basic $ 7.17 $ 7.01 $ 0.41 Net earnings per share - diluted $ 7.08 $ 6.91 $ 0.41 There were 0.5 million, 0.1 million and 0.6 million share-based awards excluded from the calculation of net earnings per share - diluted for the years ended December 31, 2022, 2021 and 2020, respectively, because their impact was anti-dilutive. |
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | (7) Goodwill Changes in the carrying value of goodwill by reportable segment and Corporate were as follows: Americas (1) Southern (2) Northern APME Corporate (3) Total (4) Balance, January 1, 2021 $ 536.6 $ 154.9 $ 326.6 $ 81.7 $ 126.0 $ 1,225.8 Acquisitions 522.7 — — — — 522.7 Currency impact and other ( 0.4 ) ( 8.2 ) ( 12.9 ) ( 4.8 ) — ( 26.3 ) Balance, December 31, 2021 1,058.9 146.7 313.7 76.9 126.0 1,722.2 Acquisitions ( 6.5 ) 8.8 — — — 2.3 Impairment Charge (5) — — ( 50.0 ) — — ( 50.0 ) Currency impact and other ( 2.8 ) ( 7.3 ) ( 28.9 ) ( 7.4 ) — ( 46.4 ) Balance, December 31, 2022 $ 1,049.6 $ 148.2 $ 234.8 $ 69.5 $ 126.0 $ 1,628.1 (1) Balances related to United States were $ 490.2 , $ 1,013.0 and $ 1,006.5 as of January 1, 2021, December 31, 2021 and December 31, 2022 , respectively. The increase in 2021 is related to the Experis acquisition. The 2022 reduction for acquisitions represents post-closing opening balance adjustments related to the Experis acquisition. (2) Balances related to France were $ 73.3 , $ 68.2 and $ 73.3 as of January 1, 2021, December 31, 2021 and December 31, 2022 , respectively. Balances related to Italy were $ 4.2 , $ 3.9 and $ 3.7 as of January 1, 2021, December 31, 2021 and December 31, 2022 , respectively. (3) The majority of the Corporate balance as of December 31, 2021 and 2022 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. Right Management is allocated to the reporting units of the countries in which Right Management operates. 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 . (4) Balances were net of accumulated impairment loss of $ 644.2 ($ 127.0 related to Northern Europe, $ 3.8 related to APME, $ 235.2 related to Right Management and $ 278.2 related to corporate) as of both January 1, 2021 and December 31, 2021; and $ 694.2 ($ 177.0 related to Northern Europe, $ 3.8 related to APME, $ 235.2 related to Right Management and $ 278.2 related to Corporate) as of December 31, 2022. (5) The 2022 impairment charge of $ 50.0 relates to our Netherlands reporting unit, which was recorded during the fourth quarter of 2022. See Note 1 to the Consolidated Financial Statements for further information. Goodwill balances by reporting unit were as follows: December 31 2022 2021 United States $ 1,085.3 $ 1,091.7 United Kingdom 100.2 112.2 France 79.5 110.7 Netherlands 55.1 74.3 Canada 41.6 44.5 Other reporting units 266.4 288.8 Total goodwill $ 1,628.1 $ 1,722.2 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Debt | (8) Debt Information concerning short-term borrowings is as follows: December 31 2022 2021 Short-term borrowings $ 21.5 $ 16.8 Weighted-average interest rates 6.1 % 7.6 % We maintain separate bank credit lines with financial institutions to meet working capital needs of our subsidiary operations. As of December 31, 2022 , such uncommitted credit lines totaled $ 318.4 , of which $ 288.5 was unused. Under our revolving credit agreement, total subsidiary borrowings cannot exceed $ 300.0 in the first, second and fourth quarters, and $ 600.0 in the third quarter of each year. Due to these limitations, additional borrowings of $ 270.1 could have been made under these lines as of December 31, 2022. A summary of long-term debt is as follows: December 31 2022 2021 Euro-denominated notes: € 500.0 due June 2026 $ 532.7 $ 565.2 € 400.0 due June 2027 423.9 454.4 Revolving Credit Agreement — 75.0 Other 8.4 6.9 965.0 1,101.5 Less current maturities 5.1 535.8 Long-term debt $ 959.9 $ 565.7 Euro Notes On June 30, 2022, we offered and sold € 400.0 million aggregate principal amount of the Company’s 3.50 % notes due June 30, 2027 (the “ € 400.0 notes ”). The proceeds from the €400.0 notes were used in July 2022 to repay our € 400.0 1.875 % notes due September 11, 2022. The €400.0 notes were issued at a price of 99.465 % to yield an effective interest rate of 3.514 %, net of a favorable impact of a forward starting interest rate swap. Interest on the Notes is payable in arrears on June 30 of each year. The Notes are unsecured senior obligations and rank equally with all of the Company’s existing and future senior unsecured debt and other liabilities. On June 22, 2018, we offered and sold € 500.0 aggregate principal amount of the Company’s 1.750 % notes due June 2026 (the “€ 500.0 notes”). The net proceeds from the €500.0 notes of € 495.7 were used to repay our € 350.0 notes due June 22, 2018, with the remaining balance used for general corporate purposes, which included share repurchases. The €500.0 notes were issued at a price of 99.564 % to yield an effective interest rate of 1.809 %. Interest on the €500.0 notes is payable in arrears on June 22 of each year. The €500.0 notes are unsecured senior obligations and rank equally with all of the Company’s existing and future senior unsecured debt and other liabilities. Both the € 500.0 notes and € 400.0 notes contain certain customary non-financial restrictive covenants and events of default and are unsecured senior obligations and rank equally with all of our existing and future senior unsecured debt and other liabilities. These notes have been designated as a hedge of our net investment in subsidiaries with a Euro-functional currency as of December 31, 2022. Since our net investment in these subsidiaries exceeds the respective amount of the designated borrowings, the related translation gains or losses are included as a component of accumulated other comprehensive loss. (See Note 12 to the Consolidated Financial Statements for further information.) Revolving Credit Agreement On May 27, 2022, we entered into a new Credit Agreement (the “Credit Agreement”) with a syndicate of commercial banks with a termination date of May 27, 2027 to replace our previous $ 600.0 revolving credit facility. The Credit Agreement includes terms generally consistent with our previous 5-year credit facility, except the Credit Agreement uses Secured Overnight Financing Rate (SOFR) as the base rate index instead of London Interbank Offered Rate (LIBOR). The Credit Agreement allows for borrowing of $ 600.0 in various currencies, and up to $ 150.0 may be used for the issuance of stand-by letters of credit. We had no borrowings under this facility as of December 31, 2022 and $ 75.0 as of December 31, 2021 under the previous facility. Outstanding letters of credit issued totaled $ 0.4 and $ 0.5 as o f December 31, 2022 and 2021, respectively. Additional borrowings o f $ 599.6 and $ 524.5 we re available to us under the facility as of December 31, 2022 and 2021, respectively. Under the Credit Agreement, a credit ratings-based pricing grid determines the facility fee and the credit spread that we add to the applicable interbank borrowing rate on all borrowings. At our current credit rating, the annual facility fee is 10 basis points paid on the entire facility and the credit spread is 102.5 basis points on any borrowings. The Credit Agreement contains customary restrictive covenants pertaining to our management and operations, including limitations on the amount of subsidiary debt that we may incur and limitations on our ability to pledge assets, as well as financial covenants requiring, among other things, that we comply with a leverage ratio (Net Debt-to-Net Earnings before interest and other expenses, provision for income taxes, intangible asset amortization expense, depreciation and amortization expense ("EBITDA")) of not greater than 3.5 to 1 and a fixed charge coverage ratio of not less than 1.5 to 1. The Credit Agreement also contains customary events of default, including, among others, payment defaults, material inaccuracy of representations and warranties, covenant defaults, bankruptcy or involuntary proceedings, certain monetary and non-monetary judgements, change of control and customary ERISA defaults. Debt Maturities The maturities of long-term debt payable within each of the four years subsequent to December 31, 2023 are as follows: 2024 - $ 0.0 , 2025 - $ 0.0 , 2026 - $ 535.8 , 2027 - $ 424.1 . |
Retirement and Deferred Compens
Retirement and Deferred Compensation Plans | 12 Months Ended |
Dec. 31, 2022 | |
Retirement Benefits [Abstract] | |
Retirement and Deferred Compensation Plans | (9) Retirement and Deferred Compensation Plans For all of our United States defined benefit and retiree health care plans, we adopted the Society of Actuaries’ Pri-2012 Mortality Table with MP-2021 Mortality Improvement Scale in determining the plans’ benefit obligations as of December 31, 2022. Defined Benefit Pension Plans We sponsor several qualified and nonqualified pension plans covering permanent employees. In 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 2020 and transfer of remaining participants to the Pension Benefit Guarantee Corporation (“PBGC”) in March 2020 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 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. In our Switzerland pension plan, we recognized a partial settlement as a result of local regulations and turnover common to our industry and reclassified pension losse s of $ 2.7 a nd $ 1.0 in 2022 and 2021, respectively, net of tax, recorded in accumulated other comprehensive loss to the Consolidated Statements of Comprehensive Income. The reconciliation of the changes in the plans’ benefit obligations, the fair value of plan assets and the funded status of the plans are as follows: United States Plans Non-United States Plans Year Ended December 31 2022 2021 2022 2021 Change in Benefit Obligation Benefit obligation, beginning of year $ 26.0 $ 28.5 $ 897.9 $ 965.6 Service cost — — 19.4 22.0 Interest cost 0.5 0.4 8.2 5.7 Settlements — — ( 57.4 ) ( 61.7 ) Transfers — — 31.1 52.8 Actuarial gain ( 3.7 ) ( 0.6 ) ( 218.7 ) ( 47.3 ) Plan participant contributions — — 13.0 14.1 Benefits paid ( 2.3 ) ( 2.3 ) ( 11.4 ) ( 12.8 ) Currency exchange rate changes — — ( 49.8 ) ( 40.5 ) Benefit obligation, end of year $ 20.5 $ 26.0 $ 632.3 $ 897.9 United States Plans Non-United States Plans Year Ended December 31 2022 2021 2022 2021 Change in Plan Assets Fair value of plan assets, beginning of year $ — $ — $ 762.5 $ 753.6 Actual return on plan assets — — ( 166.7 ) 24.3 Settlements — — ( 57.4 ) ( 61.7 ) Transfers — — 31.8 52.8 Plan participant contributions — — 13.0 14.1 Company contributions 2.3 2.3 17.1 18.7 Benefits paid ( 2.3 ) ( 2.3 ) ( 11.4 ) ( 12.8 ) Currency exchange rate changes — — ( 41.1 ) ( 26.5 ) Fair value of plan assets, end of year $ — $ — $ 547.8 $ 762.5 Funded Status at End of Year Funded status, end of year $ ( 20.5 ) $ ( 26.0 ) $ ( 84.5 ) $ ( 135.4 ) Amounts Recognized Noncurrent assets $ — $ — $ 26.6 $ 51.2 Current liabilities ( 2.4 ) ( 2.3 ) ( 1.2 ) ( 0.8 ) Noncurrent liabilities ( 18.1 ) ( 23.7 ) ( 109.9 ) ( 185.8 ) Net amount recognized $ ( 20.5 ) $ ( 26.0 ) $ ( 84.5 ) $ ( 135.4 ) For both 2022 and 2021, the actuarial gain related to the non-United States plans' benefit obligation was primarily related to changes in discount rates. The settlements and transfers of the non-United States plans represent transfers in and out of temporary associates within our Switzerland plan. Amounts recognized in accumulated other comprehensive loss, net of tax, consisted of: United States Plans Non-United States Plans Year Ended December 31 2022 2021 2022 2021 Net loss $ 4.5 $ 7.8 $ 4.6 $ 41.8 Prior service cost — — 3.1 7.1 Total $ 4.5 $ 7.8 $ 7.7 $ 48.9 The accumulated benefit obligation (ABO) for all qualified defined benefit pension plans was $ 629.0 and $ 891.7 as of December 31, 2022 and 2021 , respectively. The ABO for plans that have plan assets was $ 554.1 and $ 787.5 as of December 31, 2022 and 2021 , respectively. The decrease in the balances in 2022 resulted from higher discount rates applied to all our significant plans. The accumulated benefit obligation for some of our plans exceeded the fair value of plan assets as follows: December 31 2022 2021 Accumulated benefit obligation $ 113.4 $ 181.8 Plan assets 76.8 99.4 The projected benefit obligation (PBO) for all qualified defined benefit pension plans was $ 652.8 and $ 923.9 as of December 31, 2022 and 2021 , respectively. The PBO for some of our plans exceeded the fair value of plan assets as follows: December 31 2022 2021 Projected benefit obligation $ 117.4 $ 188.3 Plan assets 76.8 99.4 By their nature, certain of our plans do not have plan assets. The accumulated benefit obligation for these plans was $ 74.9 and $ 104.2 as of December 31, 2022 and 2021, respectively. The components of the net periodic benefit cost and other amounts recognized in other comprehensive income (loss) for all plans were as follows: Year Ended December 31 2022 2021 2020 Net Periodic Benefit Cost Service cost $ 19.4 $ 22.0 $ 21.0 Interest cost 8.7 6.1 9.4 Expected return on assets ( 14.7 ) ( 12.2 ) ( 13.5 ) Settlements 2.7 1.0 13.8 Net loss 1.8 4.6 2.7 Prior service cost 0.7 0.7 0.7 Net periodic benefit cost 18.6 22.2 34.1 Other Changes in Plan Assets and Benefit Obligation Recognized in Other Comprehensive Income/Loss Net (gain) loss ( 40.9 ) ( 60.0 ) 44.1 Prior service (credit) cost ( 0.2 ) — 0.4 Amortization of net loss ( 5.0 ) ( 5.6 ) ( 6.3 ) Amortization of prior service cost ( 0.7 ) ( 0.7 ) ( 0.7 ) Total recognized in other comprehensive income/loss ( 46.8 ) ( 66.3 ) 37.5 Total recognized in net periodic benefit cost and other comprehensive income/loss $ ( 28.2 ) $ ( 44.1 ) $ 71.6 The estimated net gain and prior service cost for the defined benefit pension plans that will be amortized from accumulated other comprehensive income/loss into net periodic benefit cost during 2023 are $( 3.3 ) and $ 0.7 , respectively. The weighted-average assumptions used in the measurement of the benefit obligation were as follows: United States Plans Non-United States Plans Year Ended December 31 2022 2021 2022 2021 Discount rate 5.4 % 2.6 % 3.2 % 1.0 % Rate of compensation increase 1.3 % 1.3 % 1.9 % 1.7 % The weighted-average assumptions used in the measurement of the net periodic benefit cost were as follows: United States Plans Non-United States Plans Year Ended December 31 2022 2021 2020 2022 2021 2020 Discount rate 2.6 % 2.1 % 2.5 % 1.0 % 0.6 % 1.1 % Expected long-term return on plan assets N/A N/A N/A 2.2 % 1.8 % 2.2 % Rate of compensation increase 1.3 % — % — % 1.7 % 1.7 % 1.7 % Interest crediting rates for cash balance plans N/A N/A N/A 0.5 % 1.9 % 2.0 % We determine our assumption for the discount rate based on an index of high-quality corporate bond yields and matched-funding yield curve analysis as of the end of each fiscal year. Our overall expected long-term rate of return used in the measurement of the 2022 net periodic benefit cost on non-United States plans varied by country and ranged from 0.5 % to 3.0 %. For a majority of our plans, a building block approach has been employed to establish this return. Historical markets are studied and long-term historical relationships between equity securities and fixed income instruments are preserved consistent with the widely accepted capital market principle that assets with higher volatility generate a greater return over time. Current market factors such as inflation and interest rates are evaluated before long-term capital market assumptions are determined. The long-term portfolio return is established with proper consideration of diversification and rebalancing. We also use guaranteed insurance contracts for four of our foreign plans. Peer data and historical returns are reviewed to check for reasonableness and appropriateness of our expected rate of return. None of our United States plans has plan assets due to the settlement of the Qualified Retirement Plan liability during the first quarter of 2020. Projected salary levels utilized in the determination of the projected benefit obligation for the pension plans are based upon historical experience and the future expectations for each respective country. Our plans’ investment policies are to optimize the long-term return on plan assets at an acceptable level of risk and to maintain careful control of the risk level within each asset class. Our long-term objective is to minimize plan expenses and contributions by outperforming plan liabilities. We have historically used a balanced portfolio strategy based primarily on a target allocation of equity securities and fixed-income instruments, which vary by location. These target allocations, which are similar to the 2022 allocations, are determined based on the favorable risk tolerance characteristics of the plan and, at times, may be adjusted within a specified range to advance our overall objective. The fair values of our Level 1 and Level 2 pension plan assets are primarily determined by using market quotes and other relevant information that is generated by market transactions involving identical or comparable assets. Insurance contracts and annuity contracts are measured at the present value of expected future benefit payments primarily using associated interest curves. Hedge funds consist of a number of diversified funds including those investing in international securities, equity and private partnership interests valued using market available data and various models and assumptions. The fair value of our pension plan assets by asset category was as follows: Fair Value Measurements Using December 31, 2022 Quoted Prices Significant Other Significant Unobservable Inputs Asset Category Cash and cash equivalents $ 18.3 $ 18.3 $ — $ — Equity securities: Mutual funds 114.5 114.5 — — Common stock 29.0 29.0 — — Fixed income instruments: Fixed income funds 73.7 — 73.7 — Bonds 38.0 — 38.0 — Annuity contract 33.5 — — 33.5 Guaranteed insurance contracts 21.3 — 21.3 — Other types of investments: Real estate funds 95.3 — 94.0 1.3 Insurance contracts 76.7 — — 76.7 Hedge funds 28.7 — 13.5 15.2 Other 18.8 — 3.3 15.5 $ 547.8 $ 161.8 $ 243.8 $ 142.2 Fair Value Measurements Using December 31, 2021 Quoted Prices Significant Other Observable Inputs Significant Asset Category Cash and cash equivalents $ 18.8 $ 18.8 $ — $ — Equity securities: Mutual funds 141.5 141.5 — — Common stock 37.7 37.7 — — Fixed income instruments: Fixed income funds 175.0 — 175.0 — Annuity contract 51.7 — — 51.7 Bonds 44.9 — 44.9 — Guaranteed insurance contracts 21.3 — 21.3 — Other types of investments: Insurance contracts 129.6 — — 129.6 Real estate funds 102.1 — 100.8 1.3 Hedge funds 29.2 — 12.6 16.6 Other 10.7 — 3.4 7.3 $ 762.5 $ 198.0 $ 358.0 $ 206.5 The following table summarizes the changes in fair value of the pension assets that are measured using Level 3 inputs. We determined that transfers between fair-value-measurement levels occurred on the date of the event that caused the transfer. Year Ended December 31 2022 2021 Balance, beginning of year $ 206.5 $ 242.6 Actual return on plan assets ( 61.2 ) ( 21.6 ) Purchases, sales and settlements, net 7.4 ( 3.1 ) Currency exchange rate changes ( 10.5 ) ( 11.4 ) Balance, end of year $ 142.2 $ 206.5 Retiree Health Care Plan We provide medical and dental benefits to certain eligible retired employees in the United States. Due to the nature of the plan, there are no plan assets. The reconciliation of the changes in the plan’s benefit obligation and the statement of the funded status of the plan were as follows: Year Ended December 31 2022 2021 Change in Benefit Obligation Benefit obligation, beginning of year $ 14.1 $ 14.6 Interest cost 0.3 0.2 Actuarial (gain) loss ( 2.1 ) 0.1 Benefits paid ( 0.8 ) ( 0.8 ) Benefit obligation, end of year $ 11.5 $ 14.1 Funded Status at End of Year Funded status, end of year $ ( 11.5 ) $ ( 14.1 ) Amounts Recognized Current liabilities $ ( 1.2 ) $ ( 1.2 ) Noncurrent liabilities ( 10.3 ) ( 12.9 ) Net amount recognized $ ( 11.5 ) $ ( 14.1 ) The amount recognized in accumulated other comprehensive loss, net of tax, consists of a net loss of $ 0.5 and $ 2.2 as of December 31, 2022 and 2021 , respectively, and a prior service credit of $ 1.7 and $ 2.3 as of December 31, 2022 and 2021, respectively. The discount rate used in the measurement of the benefit obligation was 5.1 % and 2.6 % in 2022 and 2021 , respectively. The discount rate used in the measurement of net periodic benefit cost was 2.6 %, 2.2 % and 3.0 % in 2022, 2021, and 2020, respectively. The components of net periodic benefit cost and other amounts recognized in other comprehensive loss for this plan were as follows: Year Ended December 31 2022 2021 2020 Net Periodic Benefit Credit Interest cost $ 0.3 $ 0.2 $ 0.4 Net loss 0.2 0.2 0.1 Prior service credit ( 0.8 ) ( 0.8 ) ( 0.8 ) Net periodic benefit credit $ ( 0.3 ) $ ( 0.4 ) $ ( 0.3 ) Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income/Loss Net (gain) loss $ ( 2.0 ) $ 0.2 $ 1.1 Amortization of net loss ( 0.2 ) ( 0.2 ) ( 0.1 ) Amortization of prior service credit 0.8 0.8 0.8 Total recognized in other comprehensive income/loss ( 1.4 ) 0.8 1.8 Total recognized in net periodic benefit cost and other comprehensive income/loss $ ( 1.7 ) $ 0.4 $ 1.5 The estimated prior service credit for the retiree health care plan that will be amortized from accumulated other comprehensive income/loss into net periodic benefit cost during 2023 is $ 0.8 . No net gain/loss is estimated to be amortized in 2023. The health care cost trend rate is assumed to be 6.7 % for 2023 , decreasing gradually to an ultimate rate of 4.5 % in 2031. Assumed health care cost trend rates are not expected to have a material effect on the amounts reported. Future Contributions and Payments During 2023 , we plan to contribute approximately $ 16.0 to our pension plans and to fund our retiree health care payments as incurred. Projected benefit payments from the plans as of December 31, 2022 were estimated as follows: Year Pension Plans Retiree Health 2023 $ 67.8 $ 1.2 2024 42.4 1.2 2025 32.9 1.1 2026 29.9 1.1 2027 27.3 1.0 2028–2032 158.3 4.6 Total projected benefit payments $ 358.6 $ 10.2 Defined Contribution Plans and Deferred Compensation Plans We have defined contribution plans covering substantially all permanent United States employees and various other employees throughout the world. With our company-sponsored plans, employees may elect to contribute a portion of their salary to the plans and we match a portion of their contributions up to a maximum percentage of the employee’s salary. In addition, profit sharing contributions are made if a targeted earnings level is reached at management’s discretion. The total expense for our match and any profit sharing contributions was $ 18.4 , $ 17.3 and $ 16.6 for the years ended December 31, 2022, 2021 and 2020, respectively. In certain countries with statutory defined contribution plans, we pay a percentage of the employees' salary in pension premiums. The total expense for the statutory defined contribution plans was $ 31.4 , $ 32.2 and $2 7.5 for the years ended December 31, 2022, 2021 and 2020, respectively. We also have deferred compensation plans in the United States. One of the plans had an asset and liability of $ 114.4 and $ 136.9 as of December 31, 2022 and 2021 , respectively, with the remaining plans holding immaterial amounts of assets and liabilities. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | (10) Accumulated Other Comprehensive Loss The components of accumulated other comprehensive loss, net of tax, were as follows: December 31 2022 2021 Foreign currency translation $ ( 369.7 ) $ ( 180.8 ) Translation loss on long-term intercompany loans, net of income taxes of $ 19.1 and $ 19.9 , respectively ( 132.8 ) ( 133.6 ) Gain (loss) on derivative instruments, net of income tax benefit of $( 5.3 ) and $( 16.4 ), respectively 53.4 ( 18.4 ) Gain on interest rate swap, net of income taxes of $ 0.4 for 2022 1.4 — Defined benefit pension plans, net of income tax benefit of $( 20.4 ) and $( 22.8 ), respectively ( 12.2 ) ( 56.7 ) Retiree health care plan, net of income taxes of $ 1.9 and $ 1.6 , respectively 1.2 0.1 Accumulated other comprehensive loss $ ( 458.7 ) $ ( 389.4 ) |
Interest and Other Expenses (In
Interest and Other Expenses (Income), Net | 12 Months Ended |
Dec. 31, 2022 | |
Other Nonoperating Income (Expense) [Abstract] | |
Interest and Other Expenses (Income), Net | (11) Interest and Other Expenses, Net Interest and other expenses, net consisted of the following: Year Ended December 31 2022 2021 2020 Interest expense $ 46.9 $ 38.8 $ 43.3 Interest income ( 17.9 ) ( 12.0 ) ( 13.1 ) Foreign exchange loss 11.9 5.2 4.9 Miscellaneous (income) expenses, net ( 16.3 ) ( 14.7 ) 4.8 Interest and other expenses, net $ 24.6 $ 17.3 $ 39.9 |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | (12) 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 cross-currency swaps and foreign currency forward exchange contracts (“forward contracts”) to reduce the effects of fluctuating foreign currency exchange rates on our cash flows denominated in foreign currencies. Our exposure to market risk for changes in interest rates relates primarily to our long-term debt obligations. We have historically managed interest rate risk through the use of a combination of fixed and variable rate borrowings. 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 adjustments, a component of accumulated other comprehensive loss (“AOCL”), 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 ($ 423.9 ) note s due June 2027 and the € 500.0 ($ 532.7 ) notes due June 2026 were designated as a hedge of our net investment in our foreign subsidiaries with a Euro-functional currency as of December 31, 2022. 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 which matured in September 2022. In September 2022, we entered into a new cross-currency swap agreement that 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 subsidiaries with CHF functional currency. The effect of our net investment hedges on AOCI for the year ended December 31, 2022, and 2021 was as follows: Gain (Loss) Recognized in Other Comprehensive Income Year Ended December 31, Instrument 2022 2021 Euro Notes $ 60.0 $ 76.1 Cross-currency swaps ( 4.7 ) 6.7 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 other comprehensive income (“OCI”) 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 had an original maturity of April 2022, which aligned to the term of the intercompany note. On March 17, 2022, we settled the swap ahead of its maturity date, resulting in a net cash inflow of $ 19.2 . We simultaneously entered into new cross-currency swaps, which we account for as fair value hedges, with maturity dates of April 2024. 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 matured in September 2022 and we simultaneously entered into new cross-currency swaps, which we account for as fair value hedges, with maturity dates of September 2024. Refer to the "Fair Value Hedge" section below for additional detail. We use forward currency exchange contracts to hedge the changes in cash flows of certain operational expenses denominated in foreign currency due to changes in foreign currency exchange rates. The changes in fair value of the forward currency exchange contracts derivatives are recorded in AOCI and reclassified into earnings when the underlying operating expense is recognized in earnings. In September 2021, we entered into a series of forward currency exchange contracts denominated in GBP. The economic effect of the forward is to eliminate the uncertainty in cash flows in GBP associated with a portion of our forecasted IT contract spend in 2022 by fixing the amount at £ 6.0 . Gains and losses from the hedge offset the foreign currency exchange impact of the contracts. On June 9, 2022, we entered into a forward starting interest rate swap agreement with a notional amount of € 300.0 and a fixed rate of 1.936 %, which was accounted for as a cash flow hedge, to hedge the interest rate exposure related to our anticipated issuance of €400.0 notes to repay our existing € 400.0 notes maturing in September 2022 . Upon the issuance of the notes on June 30, 2022, we settled this forward starting interest rate swap, resulting in a gain of $ 2.0 , which was recorded in accumulated other comprehensive income and is amortized over the term of the notes as an offset to interest expense. We assessed the hedging relationship at the inception of the hedges in order to determine whether the derivatives that are used in the 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 agreements and our forward currency exchange contracts. The following tables present the impact that changes in the fair values of derivatives designated as cash flow hedges had on OCI, AOCL and earnings for the year ended December 31, 2022, and 2021: Gain (Loss) Reclassified Gain Recognized in OCI from AOCL into Income Year Ended December 31, Location of Gain Reclassified Year Ended December 31, Instrument 2022 2021 from AOCL into Income 2022 2021 Cross-currency swaps $ 3.7 $ 11.8 Interest and other expenses, net $ 2.8 $ 13.7 Foreign currency forward contracts 0.2 — Selling and administrative expenses ( 0.8 ) — Forward starting interest swap 2.0 — Interest and other expenses, net 0.2 — We expect the net amount of pre-tax derivative gains and losses included in AOCL on December 31, 2022 to be reclassified into earnings over the next 12 months will not be significant. The actual amount that will be reclassified to earnings will vary due to future currency exchange rates. Fair Value Hedges We account for derivatives as fair value hedges when the hedged item is a recognized asset, liability or firm commitment. We use fair value hedges to hedge the changes in cash flows of certain of our foreign currency intercompany denominated notes due to changes in foreign currency exchange rates. We record the change in carrying value of the foreign currency denominated notes due to changes in exchange rates into earnings each period. Gains and losses on the fair value hedges are recorded in earnings, offsetting gains and losses on the hedged item. In March 2022, we entered into a cross-currency swap agreement to hedge our intercompany fixed-rate, CHF denominated note. The economic effect of the swap agreement is to eliminate the uncertainty of cash flows in CHF associated with the note due to changes in foreign currency exchange rates against our Euro functional subsidiary entity. The cross-currency swap matures in April 2024, which aligns the term of the intercompany note and has a fixed interest rate of 1.05973 %. In September 2022, we entered into a cross-currency swap agreement to hedge our intercompany fixed-rate, CHF denominated note. The economic effect of the swap agreement is to eliminate the uncertainty of cash flows in CHF associated with the note due to changes in foreign currency exchange rates against our Euro functional subsidiary entity. The cross-currency swap matures in September 2024, which aligns the term of the intercompany note and has a fixed interest rate of 1.7975 %. The cross-currency swaps are accounted for as fair value hedges. Gains and losses from the hedge offset the changes in the value of principal on the note due to changes in foreign exchange rates. The following tables present the impact that the fair value hedges had on our Consolidated Statement of Income for the year ended December 31, 2022 and 2021: Amount of Gain (Loss) Recognized in Income Location of Gain Year Ended December 31, Instrument Recognized in Income 2022 2021 Intercompany CHF note Interest and other expenses, net $ ( 9.4 ) $ — Cross-currency swaps Interest and other expenses, net 9.4 — 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. The effect of our forward contracts that are not designated as hedging instruments on the consolidated statements of operations for the year ended December 31, 2022 was as follows: Location of Gain Amount of Gain (Loss) Recognized in Income Instrument Recognized in Income Year Ended December 31, 2022 2021 Foreign currency forward contracts Interest and other expenses (income), net $ ( 29.3 ) $ ( 11.6 ) Derivative and Non-Derivative Assets and Liabilities The following tables present the fair value of derivative and non-derivative assets and liabilities on the Consolidated Balance Sheets as of December 31, 2022, and 2021: Assets December 31, December 31, Balance Sheet Location 2022 2021 Instruments designated as cash flow hedges: Cross-currency swaps Accounts Receivable, net — 24.7 Instruments designated as fair value hedges: Cross-currency swaps Accounts Receivable, net 13.8 — Instruments not designated as hedges: Foreign currency forward contracts Accounts Receivable, net 0.2 — Total instruments $ 14.0 $ 24.7 Liabilities December 31, December 31, Balance Sheet Location 2022 2021 Instruments designated as net investment hedges: Euro Notes due in 2022 Short-term borrowings and current maturities of long-term debt $ — $ 454.4 Euro Notes due in 2026 Long-term debt 532.7 565.2 Euro Notes due in 2027 Long-term debt 423.9 — Cross-currency swaps Accrued liabilities 25.8 24.2 Instruments not designated as hedges: Foreign currency forward contracts Accrued liabilities — 5.5 Total instruments $ 982.4 $ 1,049.3 The fair value measurements of these items recorded in our Consolidated Balance Sheets for the years ended December 31, 2022 and 2021 are disclosed in Note 1 to the Consolidated Financial Statements. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Leases | (13) Leases The components of lease expense were as follows: Year Ended December 31, 2022 2021 2020 Operating lease expense $ 132.4 $ 140.8 $ 143.1 Short-term lease expense 5.2 6.0 11.3 Other lease expense (1) 11.8 20.4 16.7 Total lease expense $ 149.4 $ 167.2 $ 171.1 (1) Other lease expense includes variable lease expense and sublease income. Other information related to leases was as follows: Year Ended December 31, Supplemental Cash Flow Information 2022 2021 2020 Cash paid for amounts included in the measurement of operating lease liabilities $ 127.7 $ 139.6 $ 142.0 Operating ROU assets obtained in exchange for lease obligations 92.5 70.2 63.6 December 31, December 31, Supplemental Balance Sheet Information 2022 2021 Operating Leases Operating lease ROU assets $ 365.7 $ 373.4 Operating lease liabilities - current (1) $ 105.5 $ 110.0 Operating lease liabilities - long-term 266.6 275.8 Total operating lease liabilities $ 372.1 $ 385.8 (1) Operating lease liabilities - current are included in accrued expenses on our Consolidated Balance Sheets. December 31, 2022 2021 2020 Weighted Average Remaining Lease Term Operating leases 5.3 years 5.1 years 5.2 years Weighted Average Discount Rate Operating leases 2.9 % 2.6 % 2.9 % Maturities of operating lease liabilities as of December 31, 2022 were as follows: Period Ending December 31, 2022 Operating Leases 2023 113.5 2024 81.1 2025 55.9 2026 41.8 2027 35.8 Thereafter 94.9 Total future undiscounted lease payments 423.0 Less imputed interest ( 50.9 ) Total operating lease liabilities $ 372.1 |
Segment Data
Segment Data | 12 Months Ended |
Dec. 31, 2022 | |
Segment Reporting [Abstract] | |
Segment Data | (14) 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, outplacement services, talent management 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. Total assets for the segments are reported after the elimination of investments in subsidiaries and intercompany accounts. Year Ended December 31 2022 2021 2020 Revenues from Services Americas: United States (a) $ 3,499.3 $ 2,743.3 $ 2,327.2 Other Americas 1,436.4 1,520.4 1,465.2 4,935.7 4,263.7 3,792.4 Southern Europe: France 4,785.0 5,171.3 4,338.1 Italy 1,706.9 1,795.4 1,370.7 Other Southern Europe 2,044.4 2,380.1 2,146.4 8,536.3 9,346.8 7,855.2 Northern Europe 4,048.3 4,670.5 3,976.7 APME 2,387.3 2,481.1 2,376.7 19,907.6 20,762.1 18,001.0 Intercompany Eliminations ( 80.1 ) ( 37.7 ) — Consolidated (a) $ 19,827.5 $ 20,724.4 $ 18,001.0 Operating Unit Profit (Loss) Americas: United States $ 219.2 $ 136.0 $ 60.9 Other Americas 63.4 59.2 55.1 282.6 195.2 116.0 Southern Europe: France 226.7 233.5 149.0 Italy 122.9 115.3 64.2 Other Southern Europe 63.4 67.5 23.8 413.0 416.3 237.0 Northern Europe 42.4 67.8 ( 27.6 ) APME 87.8 84.6 70.1 825.8 763.9 395.5 Corporate expenses ( 157.0 ) ( 154.3 ) ( 113.9 ) Goodwill impairment charges ( 50.0 ) — ( 66.8 ) Intangible asset amortization expense (b) ( 37.1 ) ( 24.2 ) ( 27.2 ) Operating profit 581.7 585.4 187.6 Interest and other expenses, net ( 24.6 ) ( 17.3 ) ( 39.9 ) Earnings before income taxes $ 557.1 $ 568.1 $ 147.7 (a) The United States revenues above represent revenues from our company-owned branches and franchise fees received from our franchise operations, which were $ 12.8 , $ 12.8 and $ 12.6 for 2022, 2021 and 2020 , respectively. (b) Intangible asset amortization related to acquisitions is excluded from operating costs within the reportable segments and corporate expenses, and shown separately. Year Ended December 31 2022 2021 2020 Depreciation and Amortization Expense Americas: United States $ 7.8 $ 6.9 $ 7.8 Other Americas 2.2 2.4 2.3 10.0 9.3 10.1 Southern Europe: France 10.5 12.5 14.4 Italy 2.4 2.5 2.1 Other Southern Europe 4.8 5.0 5.3 17.7 20.0 21.8 Northern Europe 10.7 10.9 8.9 APME 7.5 8.3 8.2 Corporate expenses 1.6 0.7 0.1 Intangible asset amortization expense (a) 37.1 24.2 27.2 $ 84.6 $ 73.4 $ 76.3 (a) Intangible asset amortization related to acquisitions is excluded from operating costs within the reportable segments and corporate expenses, and shown separately. As of December 31 2022 2021 2020 Total Assets Americas: United States $ 3,243.2 $ 3,434.6 $ 2,103.8 Other Americas 397.4 397.0 381.3 3,640.6 3,831.6 2,485.1 Southern Europe: France 2,281.9 2,353.3 2,778.3 Italy 455.3 509.7 540.4 Other Southern Europe 821.2 828.2 848.5 3,558.4 3,691.2 4,167.2 Northern Europe 742.9 1,095.7 1,366.7 APME 744.4 813.8 806.0 Corporate (a) 444.1 396.6 503.2 $ 9,130.4 $ 9,828.9 $ 9,328.2 (a) Corporate assets include assets that were not used in the operations of any segment, the most significant of which were purchased intangibles and cash. As of and Year Ended December 31 2022 2021 2020 Long-lived Assets Americas: United States $ 79.2 $ 76.9 $ 73.9 Other Americas 14.6 16.3 19.6 93.8 93.2 93.5 Southern Europe: France 160.7 135.0 147.8 Italy 32.7 33.6 36.0 Other Southern Europe 60.1 68.7 68.0 253.5 237.3 251.8 Northern Europe 116.5 106.6 127.1 APME 52.8 77.3 76.1 Corporate 9.0 14.0 6.5 $ 525.6 $ 528.4 $ 555.0 |
Contingencies
Contingencies | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | (15) Commitments and Contingencies Guarantees We have entered into certain guarantee contracts and stand-by letters o f credit that total $ 840.2 as of December 31, 2022 ($ 793.0 for guarantees and $ 47.2 for stand-by letters of credit). The guarantees primarily relate to staffing license requirements, operating leases and indebtedness. The stand-by letters of credit mainly relate to workers’ c ompensation in the United States. If certain conditions were met under these arrangements, we would be required to satisfy our obligation in cash. Due to the nature of these arrangements and our historical experience, we do not expect to make any significant payments under these arrangements. Litigation In the normal course of business, the Company is named as a defendant in various legal proceedings in which claims are asserted against the Company. We record accruals for loss contingencies based on the circumstances of each claim, when it is probable that a loss has been incurred as of the balance sheet date and can be reasonably estimated. Although the outcome of litigation cannot be predicted with certainty, we believe the ultimate resolution of these legal proceedings will not have a material effect on our business or financial condition. |
Schedule II VALUATION AND QUALI
Schedule II VALUATION AND QUALIFYING ACCOUNTS | 12 Months Ended |
Dec. 31, 2022 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Schedule II VALUATION AND QUALIFYING ACCOUNTS | SCHEDULE II—Valuation and Qualifying Accounts For the years ended December 31, 2022, 2021 and 2020, in millions: Allowance for Doubtful Accounts: Balance at Provisions Write-Offs Translation Reclassifications Balance 2022 $ 121.6 $ 6.2 $ ( 12.4 ) $ ( 5.8 ) $ ( 0.3 ) $ 109.3 2021 128.1 17.9 ( 17.7 ) ( 6.5 ) ( 0.2 ) 121.6 2020 113.5 20.3 ( 17.8 ) 8.1 4.0 128.1 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses for the reporting period. Actual results could differ from these estimates. |
Basis of Consolidation | Basis of Consolidation The Consolidated Financial Statements include our operating results and the operating results of all of our majority-owned subsidiaries and entities in which we have a controlling financial interest. We have a controlling financial interest if we own a majority of the outstanding voting common stock and the noncontrolling shareholders do not have substantive participating rights, or we have significant control over an entity through contractual or economic interests in which we are the primary beneficiary. We account for equity investments in companies over which we have the ability to exercise significant influence, but not control, using the equity method of accounting. We recognize our ownership share of earnings of these equity method investments, amortization of basis differences, and related gains or losses in the Consolidated Financial Statements. These investments, as well as certain other relationships, are also evaluated for consolidation under the accounting guidance on consolidation of variable interest entities. These investments were $ 95.8 and $ 114.2 as of December 31, 2022 and 2021, respectively, and are included in other assets in the Consolidated Balance Sheets. Included in shareholders’ equity as of December 31, 2022 and 2021 are $ 4.3 and $ 11.8 , respectively, of accumulated unremitted earnings from investments accounted for using the equity method. The amounts relate to accounting for our remaining interest in ManpowerGroup Greater China under the equity method subsequent to deconsolidation in 2019. |
Revenues | Revenues We recognize revenues when control of the promised services is transferred to our clients, in an amount that reflects the consideration we expect to be entitled to receive in exchange for those services. Our revenues are recorded net of any sales, value added or other taxes collected from our clients. A performance obligation is a promise in a contract to transfer a distinct service to the client, and it is the unit of account in the accounting guidance for revenue recognition. The majority of our contracts have a single performance obligation as the promise to transfer the individual services is not separately identifiable from other promises in our contracts and, therefore, is not distinct. However, we have multiple performance obligations within our Recruitment Process Outsourcing (RPO) contracts as discussed below. For performance obligations that we satisfy over time, revenues are recognized by consistently applying a method of measuring progress toward satisfaction of that performance obligation. We generally utilize an input measure of time (e.g., hours, weeks, months) of service provided, which most accurately depicts the progress toward completion of each performance obligation. We generally determine standalone selling prices based on the prices included in the client contracts, using expected costs plus margin or other observable prices. The price as specified in our client contracts is generally considered the standalone selling price as it is an observable input that depicts the price as if sold to a similar client in similar circumstances. Certain client contracts have variable consideration, including credits, sales allowances, rebates or other similar items that generally reduce the transaction price. We estimate variable consideration using whichever method, either the expected value method or most likely amount method, better predicts the amount of consideration to which we will become entitled based on the terms of the client contract and historical evidence. These amounts may be constrained and are only included in revenues to the extent we do not expect a significant reversal when the uncertainty associated with the variable consideration is resolved. Our variable consideration amounts are not material, and we do not believe that there will be significant changes to our estimates. Our client contracts generally include standard payment terms acceptable in each of the countries and territories in which we operate. The payment terms vary by the type and location of our clients and services offered. Client payments are typically due approximately 60 days after invoicing but may be a shorter or longer term depending on the contract. Our client contracts are generally short-term in nature with a term of one year or less. The timing between satisfaction of the performance obligation, invoicing and payment is not significant. For certain services and client types, we may require payment prior to delivery of services to the client, for which deferred revenue is recorded. In certain scenarios where a third-party vendor is involved in our revenue transactions with our clients, we evaluate whether we are the principal or the agent in the transaction. In situations where we act as principal in the transaction, we control the performance obligation prior to transfer to the client, and we report the related amounts as gross revenues and cost of services. When we act as agent in the transaction, we do not control the performance obligation prior to transfer to the client, and we report the related amounts as revenues on a net basis. A majority of these agent transactions occur within our TAPFIN - Managed Service Provider (MSP) programs where our performance obligation is to manage our client’s contingent workforce, and we earn a commission based on the amount of staffing services that are managed through the program. We are the agent in these transactions as we do not control the third-party providers' staffing services provided to the client through our MSP program prior to those services being transferred to the client. For certain client contracts where we recognize revenues over time, we recognize the amount that we have the right to invoice, which corresponds directly to the value provided to the client of our performance to date. As allowed under the guidance, we do not disclose the amount of unsatisfied performance obligations for client contracts with an original expected length of one year or less and those client contracts for which we recognize revenues at the amount to which we have the right to invoice for services performed. We have other contracts with revenues expected to be recognized subsequent to December 31, 2022 related to remaining performance obligations, which are not material. |
Accounts Receivable, Contract Assets and Contract Liabilities | Accounts Receivable, Contract Assets and Contract Liabilities We record accounts receivable when our right to consideration becomes unconditional. Contract assets primarily relate to our rights to consideration for services provided that they are conditional on satisfaction of future performance obligations. We record contract liabilities (deferred revenue) when payments are made or due prior to the related performance obligations being satisfied. The current portion of our contract liabilities is included in accrued liabilities in our Consolidated Balance Sheets. We do not have any material contract assets or long-term contract liabilities. Our deferred revenue was $ 35.6 and $ 34.8 as of December 31, 2022 and 2021, respectively. We recognized the entire amount of the deferred revenue balance as of December 31, 2021 as revenue during the year ended December 31, 2022 . We expect to recognize the entire amount of deferred revenue balance as of December 31, 2022 as revenue in 2023. |
Allowance for Doubtful Accounts | Allowance for Doubtful Accounts We have an allowance for doubtful accounts recorded as an estimate of the accounts receivable balance that may not be collected. This allowance is calculated on an entity-by-entity basis with consideration for historical write-off experience, the current aging of receivables, 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. Balance at Provisions Write-Offs Translation Reclassifications Balance 2022 $ 121.6 $ 6.2 $ ( 12.4 ) $ ( 5.8 ) $ ( 0.3 ) $ 109.3 2021 128.1 17.9 ( 17.7 ) ( 6.5 ) ( 0.2 ) 121.6 2020 113.5 20.3 ( 17.8 ) 8.1 4.0 128.1 Bad debt expense is recorded as selling and administrative expenses in our Consolidated Statements of Operations. Factors that would cause this provision to increase primarily relate to increased bankruptcies by our clients and other difficulties collecting amounts billed. On the other hand, an improved write-off experience and aging of receivables would result in a decrease to the provision. |
Advertising Costs | Advertising Costs We expense production costs of advertising as they are incurred. Advertising expenses were $ 29.6 , $ 28.1 and $ 22.2 in 2022, 2021 and 2020 , respectively. |
Restructuring Costs | Restructuring Costs We recorded net restructuring costs of $ 3.6 , $ 15.2 and $ 110.7 in 2022, 2021 and 2020, respectively, in selling and administrative expenses, primarily related to severances and office closures and consolidations in multiple countries and territories. The costs paid out of our restructuring reserve were $ 13.7 and $ 38.0 in 2022 and 2021 , respectively. We expect a majority of the remaining $ 13.2 reserve will be paid by the end of 2023. Changes in the restructuring reserve by reportable segment and Corporate are shown below: Americas (1) Southern (2) Northern APME Corporate Total Balance, December 31, 2020 $ 1.9 $ 3.5 $ 40.7 $ — $ — 46.1 Severance costs 5.2 — 10.0 — — 15.2 Costs paid ( 6.1 ) ( 2.7 ) ( 29.2 ) — — ( 38.0 ) Balance, December 31, 2021 $ 1.0 $ 0.8 $ 21.5 $ — $ — $ 23.3 Severance costs 1.7 — 0.8 0.1 — 2.6 Other costs — 0.9 — 0.1 1.0 Costs paid ( 1.7 ) ( 0.7 ) ( 11.3 ) — — ( 13.7 ) Balance, December 31, 2022 $ 1.0 $ 1.0 $ 11.0 $ 0.2 $ — $ 13.2 (1) Balance related to United States was $ 1.4 as of December 31, 2020. In 2021, United States paid $ 1.2 , leaving a $ 0.2 liability as of December 31, 2021. In 2022, United States incurred $ 0.8 for severance costs and paid $ 0.4 , leaving a $ 0.6 liability as of December 31, 2022. (2) France had a $ 0.6 liability as of December 31, 2020 and 2021. In 2022, France incurred $ 0.9 for other costs and paid $ 0.6 , leaving a $ 0.9 liability as of December 31, 2022. Balance related to Italy was $ 1.4 as of December 31, 2020. In 2021, Italy paid $ 1.1 , leaving a $ 0.3 liability as of December 31, 2021. In 2022, Italy paid $ 0.3 , leaving no liability as of December 31, 2022. |
Income Taxes | Income Taxes Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between financial statement carrying amounts of existing assets and liabilities and their respective tax basis, and net operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. We record a valuation allowance against deferred tax assets to reduce the assets to the amounts more likely than not to be realized. |
Fair Value Measurements | Fair Value Measurements The assets and liabilities measured and recorded at fair value on a recurring basis were as follows: Fair Value Measurements Using Fair Value Measurements Using December 31, 2022 Quoted Prices Significant Significant December 31, 2021 Quoted Prices Significant Significant Assets Deferred compensation plan assets $ 115.3 $ 115.3 $ — $ — $ 138.0 $ 138.0 $ — $ — Cross-currency swaps 13.8 — 13.8 — 24.7 — 24.7 — Foreign currency forward contracts 0.2 — 0.2 — — — — — $ 129.3 $ 115.3 $ 14.0 $ — $ 162.7 $ 138.0 $ 24.7 $ — Liabilities Cross-currency swaps $ 25.8 $ — $ 25.8 $ — $ 24.2 $ — $ 24.2 $ — Foreign currency forward contracts — — — — 5.5 — 5.5 — $ 25.8 $ — $ 25.8 $ — $ 29.7 $ — $ 29.7 $ — We determine the fair value of our deferred compensation plan assets, comprised of publicly traded securities, by using market quotes as of the last day of the period. The fair value of the cross-currency swaps and foreign currency forward contracts are measured at the value based on a third party valuation model that performs a discounted cash flow analysis based on the terms of the contracts and market observable inputs such as current and forward interest rates and current and forward foreign exchange rates The carrying values of cash and cash equivalents, accounts receivable, accounts payable and other current assets and liabilities approximate their fair values because of the short-term nature of these instruments. The carrying value of our variable-rate long-term debt and revolving debt facility approximates fair value. The fair value of the Euro-denominated notes, as observable at commonly quoted intervals (Level 2 inputs), was $ 921.7 and $ 1,064.0 as of December 31, 2022 and 2021 , respectively, compared to a carrying value of $ 956.6 and $ 1019.6 , respectively. |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets We had goodwill, finite-lived intangible assets and indefinite-lived intangible assets as follows: December 31, 2022 December 31, 2021 Gross Accumulated Net Gross Accumulated Net Goodwill (1) $ 1,628.1 $ — $ 1,628.1 $ 1,722.2 $ — $ 1,722.2 Intangible assets: Finite-lived: Customer relationships $ 818.9 $ 448.1 $ 370.8 $ 823.4 $ 421.6 $ 401.8 Other 21.3 20.2 1.1 23.2 19.7 $ 3.5 840.2 468.3 371.9 846.6 441.3 405.3 Indefinite-lived: Tradenames (2) 52.0 — 52.0 52.0 — 52.0 Reacquired franchise rights 125.6 — 125.6 126.3 — 126.3 177.6 — 177.6 178.3 — 178.3 Total intangible assets $ 1,017.8 $ 468.3 $ 549.5 $ 1,024.9 $ 441.3 $ 583.6 (1) Balances were net of accumulated impairment loss of $ 694.2 and $ 644.2 as of December 31, 2022 and 2021 , respectively. (2) Balances were net of accumulated impairment loss of $ 139.5 as of both December 31, 2022 and 2021 . The consolidated amortization expense related to intangibles was $ 37.1 , $ 24.2 and $ 27.2 in 2022, 2021 and 2020, respectively. Amortization expense expected in each of the next five years related to acquisitions completed as of December 31, 2022 is as follows: 2023 - $ 34.6 , 2024 - $ 32.2 , 2025 - $ 30.2 , 2026 - $ 26.7 and 2027 - $ 26.1 . The weighted-average useful lives of the customer relationships and other are approximately 14 and 4 years, respectively. The tradenames have been assigned an indefinite life based on our expectation of renewing the tradenames, as required, without material modifications and at a minimal cost, and our expectation of positive cash flows beyond the foreseeable future. Indefinite-lived reacquired franchise rights resulted from our franchise acquisitions in the United States, Switzerland and Canada. These rights entitled the franchisees with unilateral control to operate perpetually in particular territories and have therefore been assigned an indefinite life. In accordance with the accounting guidance on goodwill and other intangible assets, we perform an annual impairment test of goodwill at our reporting unit level and indefinite-lived intangible assets at our unit of account level during the third quarter, or more frequently if events or circumstances change that would more likely than not reduce the fair value of our reporting units below their carrying value. In the event the fair value of a reporting unit is less than the carrying value, including goodwill, we would record an impairment charge based on the excess of a reporting units’ carrying amount over its fair value. We performed our annual impairment test of our goodwill and indefinite-lived intangible assets during the third quarter of 2022, 2021 and 2020, and determined that there was no impairment of our goodwill or indefinite-lived intangible assets as a result of our annual tests. The fair value of each reporting unit at the time of our annual impairment test was at least 20 % in excess of the respective reporting unit’s carrying value with the exception of the Netherlands reporting unit, which is part of the Northern Europe segment. The Netherlands reporting unit had a fair value that approximated its carrying value. Key assumptions included in the Netherlands discounted cash flow valuation performed during the third quarter of 2022 included a discount rate of 12.5 %, revenue growth for the next 10 years ranging from 3.0 % to 8.4 %, a terminal value revenue growth rate of 2.0 %, and a terminal value OUP margin of 4.0 %. 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 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. The expected future revenue growth rates and operating unit profit margins are determined after taking into consideration our historical revenue growth rates and operating unit profit margins, our assessment of future market potential and our expectations of future business performance. We believe that the future discounted cash flow valuation model provides the most reasonable and meaningful fair value estimate based on the reporting units’ projections of future operating results and cash flows and is consistent with our view of how market participants would value the company’s reporting units in an orderly transaction. Since the assessment conducted in the third quarter of 2022, we identified several factors related to our Netherlands reporting unit that led us to conclude that it was more likely than not that the fair value of the reporting unit was below its carrying amount which triggered us to perform an interim impairment assessment. These factors included further deterioration of the macroeconomic conditions, including downward revisions to projected Netherlands economic expansion in 2023, an increasing interest rate environment and financial performance that came in below management's planned revenue and OUP expectations for the fourth quarter of 2022. During the fourth quarter of 2022, we wrote the carrying value of the Netherlands reporting unit down to its estimated fair value and recognized a non-cash impairment charge loss of $ 50.0 . Key assumptions included in the Netherlands discounted cash flow valuation performed during the fourth quarter of 2022 included a discount rate of 13.5 %, revenue growth for the next 10 years ranging from 0.0 % to 3.0 %, a terminal value revenue growth rate of 2.0 % and a terminal value OUP margin of 4.0 %. Management continues to closely monitor the results of the reporting unit and comparisons to the key assumptions used in our fair value estimate, in addition to operational initiatives and macroeconomic conditions, which may impact the results of the reporting unit. The performance of the Netherlands reporting unit and the potential for future developments in the global economic environment, including the prospect of higher interest rates, introduces a heightened risk for additional impairment in the Netherlands reporting unit. If the Netherlands reporting unit cannot improve from its current operating levels and meet its operating targets to achieve the growth and margin assumptions noted above, or if there is continued deterioration in the market due to macroeconomic conditions, some or all of the remaining recorded goodwill for the Netherlands reporting unit, which was $ 55.1 as of December 31, 2022, could be subject to further impairment. While our other reporting units' fair values exceeded 20 % or more of their respective carrying values, 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. |
Capitalized Software for Internal Use | Capitalized Software for Internal Use We capitalize purchased software as well as internally developed software. Internal software development costs are capitalized from the time when the internal-use software is considered probable of completion until the software is ready for use. Business analysis, system evaluation, selection and software maintenance costs are expensed as incurred. Capitalized software costs are amortized using the straight-line method over the estimated useful life of the software which ranges from 3 to 1 0 years. T he net capitalized software balance of $ 47.7 and $ 38.2 as of December 31, 2022 and 2021, respectively, is included in other assets in the Consolidated Balance Sheets. The higher balance as of December 31, 2022 is primarily due to additional technology investments. Amortization expense related to the capitalized software costs was $ 9.8 , $ 5.5 and $ 1.8 for 2022, 2021 and 2020, respectively. |
Cloud Computing Arrangements | Cloud Computing Arrangements We utilize cloud computing arrangements such as hosting arrangements that are service contracts, whereby we gain remote access to use software hosted by the vendor or another third party on an as-needed basis for a period of time in exchange for a subscription fee. Subscription fees are usually prepaid and recorded in selling and administrative expenses over the related subscription period. Certain implementation costs for cloud computing arrangements are capitalized in prepaid expenses or other noncurrent assets if they consist of internal and external costs directly attributable to developing and configuring cloud computing software for its intended use. Amortization of capitalized implementation costs is recorded in selling and administrative expenses on a straight-line basis over the term of the cloud computing arrangement, which is the non-cancellable period of agreement, together with periods covered by renewal options that we are reasonably certain to exercise. The unamortized implementation costs related to our cloud computing arrangements were $ 19.9 and none as of December 31, 2022 and 2021, respectively. |
Property and Equipment | Property and Equipment A summary of property and equipment as of December 31 is as follows: 2022 2021 Land $ 0.4 $ 0.5 Buildings 6.3 6.7 Furniture, fixtures, and autos 166.4 166.5 Computer equipment 130.1 132.7 Leasehold improvements 281.7 288.5 Property and equipment $ 584.9 $ 594.9 Property and equipment are stated at cost and are depreciated using primarily the straight-line method over the following estimated useful lives: buildings - up t o 40 years; fu rniture, fixtures, autos and computer equipment - 3 to 16 years; leasehold improvements - lesser of life of asset or expected lease term . Expenditures for renewals and betterments are capitalized whereas expenditures for repairs and maintenance are charged to income as incurred. Upon sale or disposition of property and equipment, the difference between the unamortized cost and the proceeds is recorded as either a gain or a loss and is included in our Consolidated Statements of Operations. Long-lived assets are evaluated for impairment in accordance with the provisions of the accounting guidance on the impairment or disposal of long-lived assets. |
Leases | Leases We recognize right-of-use assets (“ROU”) and lease liabilities on the balance sheet for leases with lease terms longer than 12 months and we classify the lease as a finance or operating lease which affects the recognition, measurement, and presentation of lease expenses and cash flows. We have operating leases for real estate, vehicles, and equipment. Our leases have remaining lease terms of 1 month to 11 years. Our lease agreements may include renewal or termination options for varying periods that are generally at our discretion. In our lease term, we only include those periods related to renewal options we are reasonably certain to exercise. However, we generally do not include these renewal options as we are not reasonably certain to renew at the lease commencement date. This determination is based on our consideration of certain economic, strategic and other factors that we evaluate at lease commencement date and reevaluate throughout the lease term. Some leases also include options to terminate the leases, and we only include those periods beyond the termination date if we are reasonably certain not to exercise the termination option. Some leasing arrangements require variable payments that are dependent on usage or may vary for other reasons, such as payments for insurance and tax payments. The variable portion of lease payments is not included in our ROU assets or lease liabilities. Rather, variable payments, other than those dependent upon an index or rate, are expensed when the obligation for those payments is incurred and are included in lease expenses recorded in selling and administrative expenses on the Consolidated Statements of Operations. We have lease agreements with both lease and non-lease components that are treated as a single lease component for all underlying asset classes. Accordingly, all expenses associated with a lease contract are accounted for as lease expenses. Leases with a term of 12 months or less are not recognized on the balance sheet, but rather expensed on a straight-line basis over the lease term. We do not include significant restrictions or covenants in our lease agreements, and residual value guarantees are generally not included within our operating leases. As of December 31, 2022 , we did not have any material additional operating leases that have not yet commenced. |
Derivative Financial Instruments | Derivative Financial Instruments Derivative instruments are recorded on the balance sheet as either an asset or liability measured at their fair value. If the derivative is designated as a fair value hedge, the changes in the fair value of the derivative and of the hedged item attributable to the hedged risk are recognized in earnings. If the derivative is designated as a cash flow hedge, the effective portions of the changes in the fair value of the derivative are recorded as a component of accumulated other comprehensive loss and recognized in the Consolidated Statements of Operations when the hedged item affects earnings. The ineffective portions of the changes in the fair value of cash flow hedges are recognized in earnings. |
Foreign Currency Translation | Foreign Currency Translation Asset and liability accounts are translated at the current exchange rates and income statement items are translated at the average exchange rates each month. The resulting translation adjustments are recorded as a component of accumulated other comprehensive loss, which is included in shareholders’ equity. As of July 1, 2018, the Argentina economy was designated as highly-inflationary and was treated as such for accounting purposes. A portion of our Euro-denominated notes is accounted for as a hedge of our net investment in our subsidiaries with a Euro-functional currency. For this portion of the Euro- denominated notes, since our net investment in these subsidiaries exceeds the amount of the related borrowings, net of tax, the related translation gains or losses are included as a component of accumulated other comprehensive loss. |
Shareholders' Equity | Shareholders’ Equity The Board of Directors authorized the repurchase of 4.0 million, 6.0 million and 6.0 million shares of our common stock in August 2021, August 2019 and August 2018. Share repurchases may be made from time to time through a variety of methods, including open market purchases, block transactions, privately negotiated transactions or similar facilities. In 2022, we repurchased a total of 3.2 million shares comprised of 1.2 million shares under the 2019 authorization and 2.0 million shares under the 2021 authorization, at a total cost of $ 270.0 . In 2021, we repurchased 2.1 million shares under the 2019 authorization at a cost of $ 210.0 . In 2020, we repurchased a total of 3.4 million shares comprised of 0.8 million shares under the 2018 authorization and 2.6 million shares under the 2019 authorization, at a total cost of $ 264.7 . As of December 31, 2022, there were 2.0 million shares remaining authorized for repurchase under the 2021 authorization and no shares remaining authorized for repurchase under the 2019 or 2018 authorization. During 2022, 2021 and 2020 , the Board of Directors declared total cash dividends of $ 2.72 , $ 2.52 and $ 2.26 per share, respectively, resulting in total dividend paym ents of $ 139.9 , $ 136.6 and $ 129.1 , respectively. Noncontrolling interests, included in total sha reholders' equity in our Consolidated Balance Sheets, represent amounts related to majority-owned subsidiaries in which we have a controlling financial interest. Net earnings attributable to these noncontrolling interests are recorded in interest and other expenses in our Consolidated Statements of Operations. We recorded income of $ 0.8 , $ 0.7 and $ 4.7 for 2022. 2021, and 2020 , respectively, |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents comprise cash on hand, term deposits with banks and short-term highly-liquid financial investments that are readily convertible to known amounts of cash which are subject to insignificant risk of changes in value; and have a maturity of three months or less from the date of acquisition. |
Recently Issued Accounting Standards | Accounting Standards Effective as of January 1, 2022 In November 2021, the FASB issued new guidance on disclosures by business entities about government assistance. The guidance requires business entities to disclose, in notes to their financial statements, information about certain types of government assistance they receive. The new guidance was effective for us as of January 1, 2022. The adoption of this guidance had no impact on our Consolidated Financial Statements. 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 was effective upon issuance and could be applied to applicable contract modifications through December 31, 2024. The adoption of this guidance has not had any impact on our Consolidated Financial Statements, and we do not expect it to have a material impact going forward. Recently Issued Accounting Standards In November 2021, the FASB issued new guidance on business combinations. The guidance added the contract assets and contract liabilities to the list of exceptions to the recognition and measurement principles that apply to business combinations and requires that an acquirer recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with the revenue recognition standard. The new guidance is effective for us as of January 1, 2023. We do not expect the adoption of this guidance to have a material impact on our Consolidated Financial Statements. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Summary of Rollforward of Allowance for Doubtful Accounts | We have an allowance for doubtful accounts recorded as an estimate of the accounts receivable balance that may not be collected. This allowance is calculated on an entity-by-entity basis with consideration for historical write-off experience, the current aging of receivables, 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. Balance at Provisions Write-Offs Translation Reclassifications Balance 2022 $ 121.6 $ 6.2 $ ( 12.4 ) $ ( 5.8 ) $ ( 0.3 ) $ 109.3 2021 128.1 17.9 ( 17.7 ) ( 6.5 ) ( 0.2 ) 121.6 2020 113.5 20.3 ( 17.8 ) 8.1 4.0 128.1 |
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, December 31, 2020 $ 1.9 $ 3.5 $ 40.7 $ — $ — 46.1 Severance costs 5.2 — 10.0 — — 15.2 Costs paid ( 6.1 ) ( 2.7 ) ( 29.2 ) — — ( 38.0 ) Balance, December 31, 2021 $ 1.0 $ 0.8 $ 21.5 $ — $ — $ 23.3 Severance costs 1.7 — 0.8 0.1 — 2.6 Other costs — 0.9 — 0.1 1.0 Costs paid ( 1.7 ) ( 0.7 ) ( 11.3 ) — — ( 13.7 ) Balance, December 31, 2022 $ 1.0 $ 1.0 $ 11.0 $ 0.2 $ — $ 13.2 (1) Balance related to United States was $ 1.4 as of December 31, 2020. In 2021, United States paid $ 1.2 , leaving a $ 0.2 liability as of December 31, 2021. In 2022, United States incurred $ 0.8 for severance costs and paid $ 0.4 , leaving a $ 0.6 liability as of December 31, 2022. (2) France had a $ 0.6 liability as of December 31, 2020 and 2021. In 2022, France incurred $ 0.9 for other costs and paid $ 0.6 , leaving a $ 0.9 liability as of December 31, 2022. Balance related to Italy was $ 1.4 as of December 31, 2020. In 2021, Italy paid $ 1.1 , leaving a $ 0.3 liability as of December 31, 2021. In 2022, Italy paid $ 0.3 , leaving no liability as of December 31, 2022. |
Schedule of Fair Value of Assets and Liabilities Measured on a Recurring Basis | The assets and liabilities measured and recorded at fair value on a recurring basis were as follows: Fair Value Measurements Using Fair Value Measurements Using December 31, 2022 Quoted Prices Significant Significant December 31, 2021 Quoted Prices Significant Significant Assets Deferred compensation plan assets $ 115.3 $ 115.3 $ — $ — $ 138.0 $ 138.0 $ — $ — Cross-currency swaps 13.8 — 13.8 — 24.7 — 24.7 — Foreign currency forward contracts 0.2 — 0.2 — — — — — $ 129.3 $ 115.3 $ 14.0 $ — $ 162.7 $ 138.0 $ 24.7 $ — Liabilities Cross-currency swaps $ 25.8 $ — $ 25.8 $ — $ 24.2 $ — $ 24.2 $ — Foreign currency forward contracts — — — — 5.5 — 5.5 — $ 25.8 $ — $ 25.8 $ — $ 29.7 $ — $ 29.7 $ — |
Schedule of Goodwill, Finite-Lived Intangible Assets and Indefinite-Lived Intangible Assets | We had goodwill, finite-lived intangible assets and indefinite-lived intangible assets as follows: December 31, 2022 December 31, 2021 Gross Accumulated Net Gross Accumulated Net Goodwill (1) $ 1,628.1 $ — $ 1,628.1 $ 1,722.2 $ — $ 1,722.2 Intangible assets: Finite-lived: Customer relationships $ 818.9 $ 448.1 $ 370.8 $ 823.4 $ 421.6 $ 401.8 Other 21.3 20.2 1.1 23.2 19.7 $ 3.5 840.2 468.3 371.9 846.6 441.3 405.3 Indefinite-lived: Tradenames (2) 52.0 — 52.0 52.0 — 52.0 Reacquired franchise rights 125.6 — 125.6 126.3 — 126.3 177.6 — 177.6 178.3 — 178.3 Total intangible assets $ 1,017.8 $ 468.3 $ 549.5 $ 1,024.9 $ 441.3 $ 583.6 (1) Balances were net of accumulated impairment loss of $ 694.2 and $ 644.2 as of December 31, 2022 and 2021 , respectively. (2) Balances were net of accumulated impairment loss of $ 139.5 as of both December 31, 2022 and 2021 . |
Summary of Property and Equipment | A summary of property and equipment as of December 31 is as follows: 2022 2021 Land $ 0.4 $ 0.5 Buildings 6.3 6.7 Furniture, fixtures, and autos 166.4 166.5 Computer equipment 130.1 132.7 Leasehold improvements 281.7 288.5 Property and equipment $ 584.9 $ 594.9 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | In the following table, revenue is disaggregated by service types and timing of revenue recognition and includes a reconciliation of the disaggregated revenues by reportable segment. Year Ended December 31, 2022 2021 Staffing Outcome- Permanent Other Total Staffing Outcome- Permanent Other Total Americas: United States $ 2,862.5 $ 274.3 $ 209.0 $ 153.5 $ 3,499.3 $ 2,292.1 $ 154.9 $ 147.8 $ 148.5 $ 2,743.3 Other Americas 1,329.3 51.9 48.6 6.6 1,436.4 1,430.3 45.9 34.5 9.7 1,520.4 4,191.8 326.2 257.6 160.1 4,935.7 3,722.4 200.8 182.3 158.2 4,263.7 Southern Europe: France 4,421.8 268.0 57.9 37.3 4,785.0 4,765.1 329.8 53.5 22.9 5,171.3 Italy 1,600.7 31.9 51.7 22.6 1,706.9 1,695.6 33.9 45.6 20.3 1,795.4 Other Southern Europe 1,635.0 336.7 62.0 10.7 2,044.4 1,945.0 369.4 52.6 13.1 2,380.1 7,657.5 636.6 171.6 70.6 8,536.3 8,405.7 733.1 151.7 56.3 9,346.8 Northern Europe 3,567.4 215.0 179.3 86.6 4,048.3 4,191.4 255.5 145.9 77.7 4,670.5 APME 1,809.6 392.0 149.1 36.6 2,387.3 1,886.6 408.1 143.2 43.2 2,481.1 17,226.3 1,569.8 757.6 353.9 19,907.6 18,206.1 1,597.5 623.1 335.4 20,762.1 Intercompany Eliminations ( 80.1 ) ( 37.7 ) Total $ 19,827.5 $ 20,724.4 Year Ended December 31, 2022 2021 Services Services Total Services Services Total Americas: United States $ 3,380.9 $ 118.4 $ 3,499.3 $ 2,663.9 $ 79.4 $ 2,743.3 Other Americas 1,406.3 30.1 1,436.4 1,498.6 21.8 1,520.4 4,787.2 148.5 4,935.7 4,162.5 101.2 4,263.7 Southern Europe: France 4,732.3 52.7 4,785.0 5,122.4 48.9 5,171.3 Italy 1,659.4 47.5 1,706.9 1,752.8 42.6 1,795.4 Other Southern Europe 1,993.8 50.6 2,044.4 2,337.1 43.0 2,380.1 8,385.5 150.8 8,536.3 9,212.3 134.5 9,346.8 Northern Europe 3,902.9 145.4 4,048.3 4,545.0 125.5 4,670.5 APME 2,302.4 84.9 2,387.3 2,401.1 80.0 2,481.1 19,378.0 529.6 19,907.6 20,320.9 441.2 20,762.1 Intercompany Eliminations ( 80.1 ) ( 37.7 ) Total $ 19,827.5 $ 20,724.4 |
Share-Based Compensation Plans
Share-Based Compensation Plans (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Summary of Stock Option Activity | A summary of stock option activity is as follows: Shares (000) Wtd. Avg. Wtd. Avg. Aggregate Outstanding, January 1, 2020 723 $ 87 Granted 156 93 Exercised ( 90 ) 59 $ 3 Expired or cancelled ( 1 ) 54 Outstanding, December 31, 2020 788 $ 91 6.2 $ 4 Exercisable, December 31, 2020 455 $ 90 4.5 $ 3 Outstanding, January 1, 2021 788 $ 91 Granted 130 92 Exercised ( 38 ) 93 $ — Expired or cancelled ( 28 ) 123 Outstanding, December 31, 2021 852 $ 90 6.1 $ 8 Exercisable, December 31, 2021 510 $ 89 4.8 $ 6 Outstanding, January 1, 2022 852 90 Granted — N/A Exercised — N/A Expired or cancelled — N/A Outstanding, December 31, 2022 852 $ 90 5.1 $ 2 Exercisable, December 31, 2022 639 $ 90 4.4 $ 2 |
Schedule of Options Outstanding and Exercisable | Options outstanding and exercisable as of December 31, 2022 were as follows: Options Outstanding Options Exercisable Exercise Price Shares (000) Weighted- Weighted- Shares (000) Weighted- $75-$80 200 2.3 76 200 76 $81-$89 179 5.5 84 141 84 $90-$95 286 7.6 93 111 93 $96-$123 187 4.1 109 187 109 852 5.1 $ 90 639 $ 90 |
Assumptions Used to Estimate Fair Value of Share Awards | We estimated the fair value of each stock option on the date of grant using the Black-Scholes option pricing model and the following assumptions: Year Ended December 31 2021 2020 Average risk-free interest rate 0.7 % 1.5 % Expected dividend yield 2.7 % 2.5 % Expected volatility 35.0 % 27.0 % Expected term (years) 6.0 6.0 |
Summary of Restricted Stock Activity | A summary of restricted stock activity is as follows: Shares (000) Wtd. Avg. Wtd. Avg. Aggregate Unvested, January 1, 2020 446 $ 97 1.5 Granted 200 $ 92 Vested ( 145 ) 95 Forfeited ( 17 ) 93 Unvested, December 31, 2020 484 $ 94 1.4 Granted 208 $ 87 Vested ( 124 ) 106 Forfeited ( 23 ) 84 Unvested, December 31, 2021 545 $ 85 1.3 Granted 245 104 Vested ( 177 ) 80 Forfeited ( 25 ) 88 Unvested, December 31, 2022 588 $ 94 1.4 $ 49 |
Performance Share Units | A summary of the performance share units detail by grant year is as follows: 2019 2020 2021 (Regular) 2021 (Additional) 2022 (Regular) 2022 (Experis) Grant Date(s) February 15, 2019 February 14, 2020 February 12, 2021 February 12, 2021 February 11, 2022 February 11, 2022 Performance Period (years) 2019-2021 2020-2022 2021 2021-2022 2022-2024 2022-2024 Vesting Date (1) February 2022 February 2023 February 2024 February 2023 February 2025 February 2025 Payout Levels (in units): Threshold Award 61,381 59,698 61,076 39,882 — — Target Award 122,761 119,395 122,152 79,763 106,116 28,275 Outstanding Award 245,522 238,790 244,304 159,526 212,232 84,826 Shares Issued in 2022 81,700 N/A N/A N/A N/A N/A Payout Achieved 81,700 — (2) 244,304 159,526 N/A N/A (1) Awards are scheduled to vest after the Committee determines the achievement of the performance criteria. (2) In the fourth quarter of 2022, the Committee exercised its discretion in respect of the payout of the 2020 grant. On the basis that an additional special one-time grant had been awarded in 2021 to supplement the 2020 grant, the Committee determined that the 2020 grant would have a zero payout. |
Acquisitions and Dispositions (
Acquisitions and Dispositions (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Business Combinations [Abstract] | |
Schedule of Preliminary Allocation of Assets and Liabilities | The following table summarizes the final fair value of the assets and liabilities as of the acquisition date of October 1, 2021: Cash and cash equivalents $ 14.6 Accounts receivable 132.6 Prepaid expenses and other assets 2.6 Operating lease right-of-use asset 8.7 Goodwill 513.1 Intangible assets subject to amortization, customer relationship 360.0 Accounts payable ( 21.6 ) Employee compensation payable ( 14.8 ) Accrued liabilities ( 28.7 ) Accrued payroll taxes and insurance ( 6.9 ) Value added taxes payable ( 3.0 ) Long-term operating lease liability ( 5.3 ) Other long-term liabilities ( 20.4 ) Total assets and liabilities $ 930.9 |
Historical Revenues from Services | Our consolidated unaudited proforma historical revenues from services and net earnings, as if ettain group had been acquired at the beginning of 2020, are estimated as follows: Year Ended December 31, 2021 2020 Revenues from services $ 21,269.1 $ 18,731.0 Net earnings 425.4 40.1 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Schedule of provision for income taxes | The provision for income taxes was as follows: Year Ended December 31 2022 2021 2020 Current United States Federal $ 17.6 $ 20.2 $ 5.2 State 6.8 3.3 4.5 Non-United States 154.1 163.5 124.6 Total current 178.5 187.0 134.3 Deferred United States Federal 11.2 5.8 ( 11.0 ) State 0.9 2.4 ( 4.9 ) Non-United States ( 7.3 ) ( 9.5 ) 5.5 Total deferred 4.8 ( 1.3 ) ( 10.4 ) Total provision $ 183.3 $ 185.7 $ 123.9 |
Income Tax Reconciliation | A tax reconciliation between taxes computed at the United States federal statutory rate of 21 % and the consolidated effective tax rate is as follows: Year Ended December 31 2022 2021 2020 Income tax based on statutory rate $ 117.0 $ 119.3 $ 31.0 Increase (decrease) resulting from: Non-United States tax rate difference: French business tax (1) 24.6 26.7 43.7 Other (2) 15.2 22.2 9.7 Repatriation of non-United States earnings 10.7 5.7 ( 2.0 ) State income taxes, net of federal benefit 5.5 5.0 ( 1.3 ) Change in valuation allowance (3) 13.7 22.0 48.5 Work Opportunity Tax Credit (4) ( 12.4 ) ( 10.9 ) ( 4.9 ) Foreign-Derived Intangible Income deduction ( 9.6 ) ( 10.7 ) ( 8.8 ) Goodwill impairment (5) 8.9 — 13.4 Other, net 9.7 6.4 ( 5.4 ) Tax provision $ 183.3 $ 185.7 $ 123.9 (1) The French business tax is allowed as a deduction for French income tax purposes. The gross amount of the French business tax was $ 31.2 , $ 33.7 and $ 55.3 for 2022, 2021 and 2020 , respectively. The amounts in the table above of $ 24.6 , $ 26.7 and $ 43.7 for 2022, 2021 and 2020 , respectively, represent the French business tax expense net of the French tax benefit using the United States federal rate of 21 %. In December 2020, the French Parliament approved the Finance Bill for 2021 which lowered the business tax rate from 1.5 % to 0.75 %. The benefit of this tax rate reduction is reflected in our 2022 and 2021 Consolidated Financial Statements. In December 2022, the French Parliament approved the Finance Bill for 2023 which repeals the business tax over two years beginning in 2023. The business tax rate will be halved in 2023 and eliminated in 2024. The benefit of this tax rate reduction and repeal will be reflected in our 2023 and 2024 Consolidated Financial Statements. (2) Included in Other Non-United States tax rate differences is the impact of all Non-United States pre-tax earnings and permanent tax differences at the local statutory tax rate versus the United States federal rate of 21 %. This includes benefits of $ 1.5 , $ 2.5 and $ 6.1 for 2022, 2021 and 2020, respectively, related to the difference between the United States federal rate and the French tax rate applied to the respective gross amounts of the French business tax deduction previously mentioned. (3) In 2020, we determined that it was more likely than not that certain deferred tax assets in Germany and the Netherlands would not be realized and recorded income tax expense of $ 36.9 and $ 8.1 , respectively, to establish valuation allowances. Additional losses incurred in 2022 and 2021 in Germany resulted in an increase in valuation allowance of $ 13.5 and $ 20.1 , respectively. (4) The Work Opportunity Tax Credit is currently authorized until December 31, 2025. (5) Non-deductible portion of the goodwill impairment charges recorded in the Netherlands in 2022 and Germany in 2020. |
Deferred Income Taxes Temporary Differences | Temporary differences, which give rise to the deferred taxes, are as follows: December 31 2022 2021 Future Income Tax Benefits (Expense) Accrued payroll taxes and insurance $ 8.8 $ 22.5 Employee compensation payable 37.7 38.9 Pension and postretirement benefits 65.0 77.9 Intangible assets ( 140.4 ) ( 135.7 ) Repatriation of non-United States earnings ( 18.4 ) ( 16.1 ) Loans denominated in foreign currencies ( 0.7 ) — Operating lease ROU assets ( 92.9 ) ( 96.3 ) Operating lease liabilities 94.6 99.5 Net operating losses 128.9 129.4 Other 179.7 163.9 Valuation allowance ( 161.1 ) ( 167.1 ) Total future tax benefits $ 101.2 $ 116.9 Deferred tax asset $ 126.7 $ 135.0 Deferred tax liability ( 25.5 ) ( 18.1 ) Total future tax benefits $ 101.2 $ 116.9 |
Summary of Net Operating Loss Carryforwards | The net operating loss carryforwards expire as follows: United States United States 2023 0.1 8.2 2024 5.0 52.2 2025 2.7 5.3 2026 1.2 9.2 2027 3.4 5.7 Thereafter 8.0 52.6 No expirations 631.0 8.1 Total net operating loss carryforwards $ 651.4 $ 141.3 |
Summary of Unrecognized Tax Benefit Activity | The following table summarizes the activity related to our unrecognized tax benefits during 2022, 2021 and 2020: 2022 2021 2020 Gross unrecognized tax benefits, beginning of year $ 67.3 $ 60.9 $ 65.9 Increases in prior year tax positions 10.5 4.6 1.4 Decreases in prior year tax positions ( 1.2 ) ( 0.4 ) ( 4.1 ) Increases for current year tax positions 2.3 9.0 3.2 Expiration of statute of limitations and audit settlements ( 2.6 ) ( 6.8 ) ( 5.5 ) Gross unrecognized tax benefits, end of year $ 76.3 $ 67.3 $ 60.9 Potential interest and penalties 5.3 4.5 3.6 Balance, end of year $ 81.6 $ 71.8 $ 64.5 |
Net Earnings Per Share (Tables)
Net Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
Calculations of Net Earnings Per Share - Basic and Diluted | The calculation of net earnings per share - basic and net earnings per share - diluted were as follows: Year Ended December 31 2022 2021 2020 Net earnings available to common shareholders: $ 373.8 $ 382.4 $ 23.8 Weighted-average common shares outstanding (in millions): Weighted-average common shares outstanding - basic 52.2 54.5 58.0 Effect of dilutive securities - stock options — 0.2 — Effect of other share-based awards 0.6 0.7 0.3 Weighted-average common shares outstanding - diluted 52.8 55.4 58.3 Net earnings per share - basic $ 7.17 $ 7.01 $ 0.41 Net earnings per share - diluted $ 7.08 $ 6.91 $ 0.41 |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
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 (4) Balance, January 1, 2021 $ 536.6 $ 154.9 $ 326.6 $ 81.7 $ 126.0 $ 1,225.8 Acquisitions 522.7 — — — — 522.7 Currency impact and other ( 0.4 ) ( 8.2 ) ( 12.9 ) ( 4.8 ) — ( 26.3 ) Balance, December 31, 2021 1,058.9 146.7 313.7 76.9 126.0 1,722.2 Acquisitions ( 6.5 ) 8.8 — — — 2.3 Impairment Charge (5) — — ( 50.0 ) — — ( 50.0 ) Currency impact and other ( 2.8 ) ( 7.3 ) ( 28.9 ) ( 7.4 ) — ( 46.4 ) Balance, December 31, 2022 $ 1,049.6 $ 148.2 $ 234.8 $ 69.5 $ 126.0 $ 1,628.1 (1) Balances related to United States were $ 490.2 , $ 1,013.0 and $ 1,006.5 as of January 1, 2021, December 31, 2021 and December 31, 2022 , respectively. The increase in 2021 is related to the Experis acquisition. The 2022 reduction for acquisitions represents post-closing opening balance adjustments related to the Experis acquisition. (2) Balances related to France were $ 73.3 , $ 68.2 and $ 73.3 as of January 1, 2021, December 31, 2021 and December 31, 2022 , respectively. Balances related to Italy were $ 4.2 , $ 3.9 and $ 3.7 as of January 1, 2021, December 31, 2021 and December 31, 2022 , respectively. (3) The majority of the Corporate balance as of December 31, 2021 and 2022 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. Right Management is allocated to the reporting units of the countries in which Right Management operates. 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 . (4) Balances were net of accumulated impairment loss of $ 644.2 ($ 127.0 related to Northern Europe, $ 3.8 related to APME, $ 235.2 related to Right Management and $ 278.2 related to corporate) as of both January 1, 2021 and December 31, 2021; and $ 694.2 ($ 177.0 related to Northern Europe, $ 3.8 related to APME, $ 235.2 related to Right Management and $ 278.2 related to Corporate) as of December 31, 2022. (5) The 2022 impairment charge of $ 50.0 relates to our Netherlands reporting unit, which was recorded during the fourth quarter of 2022. See Note 1 to the Consolidated Financial Statements for further information. |
Schedule of Goodwill Balances by Reporting Unit | Goodwill balances by reporting unit were as follows: December 31 2022 2021 United States $ 1,085.3 $ 1,091.7 United Kingdom 100.2 112.2 France 79.5 110.7 Netherlands 55.1 74.3 Canada 41.6 44.5 Other reporting units 266.4 288.8 Total goodwill $ 1,628.1 $ 1,722.2 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Short-Term Borrowings | Information concerning short-term borrowings is as follows: December 31 2022 2021 Short-term borrowings $ 21.5 $ 16.8 Weighted-average interest rates 6.1 % 7.6 % |
Summary of Long-Term Debt | A summary of long-term debt is as follows: December 31 2022 2021 Euro-denominated notes: € 500.0 due June 2026 $ 532.7 $ 565.2 € 400.0 due June 2027 423.9 454.4 Revolving Credit Agreement — 75.0 Other 8.4 6.9 965.0 1,101.5 Less current maturities 5.1 535.8 Long-term debt $ 959.9 $ 565.7 |
Retirement and Deferred Compe_2
Retirement and Deferred Compensation Plans (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Retirement Benefits [Abstract] | |
Reconciliation of Changes in Benefit Obligations and the Statement of Funded Status of Plan | The reconciliation of the changes in the plans’ benefit obligations, the fair value of plan assets and the funded status of the plans are as follows: United States Plans Non-United States Plans Year Ended December 31 2022 2021 2022 2021 Change in Benefit Obligation Benefit obligation, beginning of year $ 26.0 $ 28.5 $ 897.9 $ 965.6 Service cost — — 19.4 22.0 Interest cost 0.5 0.4 8.2 5.7 Settlements — — ( 57.4 ) ( 61.7 ) Transfers — — 31.1 52.8 Actuarial gain ( 3.7 ) ( 0.6 ) ( 218.7 ) ( 47.3 ) Plan participant contributions — — 13.0 14.1 Benefits paid ( 2.3 ) ( 2.3 ) ( 11.4 ) ( 12.8 ) Currency exchange rate changes — — ( 49.8 ) ( 40.5 ) Benefit obligation, end of year $ 20.5 $ 26.0 $ 632.3 $ 897.9 United States Plans Non-United States Plans Year Ended December 31 2022 2021 2022 2021 Change in Plan Assets Fair value of plan assets, beginning of year $ — $ — $ 762.5 $ 753.6 Actual return on plan assets — — ( 166.7 ) 24.3 Settlements — — ( 57.4 ) ( 61.7 ) Transfers — — 31.8 52.8 Plan participant contributions — — 13.0 14.1 Company contributions 2.3 2.3 17.1 18.7 Benefits paid ( 2.3 ) ( 2.3 ) ( 11.4 ) ( 12.8 ) Currency exchange rate changes — — ( 41.1 ) ( 26.5 ) Fair value of plan assets, end of year $ — $ — $ 547.8 $ 762.5 Funded Status at End of Year Funded status, end of year $ ( 20.5 ) $ ( 26.0 ) $ ( 84.5 ) $ ( 135.4 ) Amounts Recognized Noncurrent assets $ — $ — $ 26.6 $ 51.2 Current liabilities ( 2.4 ) ( 2.3 ) ( 1.2 ) ( 0.8 ) Noncurrent liabilities ( 18.1 ) ( 23.7 ) ( 109.9 ) ( 185.8 ) Net amount recognized $ ( 20.5 ) $ ( 26.0 ) $ ( 84.5 ) $ ( 135.4 ) The reconciliation of the changes in the plan’s benefit obligation and the statement of the funded status of the plan were as follows: Year Ended December 31 2022 2021 Change in Benefit Obligation Benefit obligation, beginning of year $ 14.1 $ 14.6 Interest cost 0.3 0.2 Actuarial (gain) loss ( 2.1 ) 0.1 Benefits paid ( 0.8 ) ( 0.8 ) Benefit obligation, end of year $ 11.5 $ 14.1 Funded Status at End of Year Funded status, end of year $ ( 11.5 ) $ ( 14.1 ) Amounts Recognized Current liabilities $ ( 1.2 ) $ ( 1.2 ) Noncurrent liabilities ( 10.3 ) ( 12.9 ) Net amount recognized $ ( 11.5 ) $ ( 14.1 ) |
Schedule of Amounts Recognized in Accumulated Other Comprehensive Loss, Net of Tax | Amounts recognized in accumulated other comprehensive loss, net of tax, consisted of: United States Plans Non-United States Plans Year Ended December 31 2022 2021 2022 2021 Net loss $ 4.5 $ 7.8 $ 4.6 $ 41.8 Prior service cost — — 3.1 7.1 Total $ 4.5 $ 7.8 $ 7.7 $ 48.9 |
Schedule of Plans With Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets | The accumulated benefit obligation for some of our plans exceeded the fair value of plan assets as follows: December 31 2022 2021 Accumulated benefit obligation $ 113.4 $ 181.8 Plan assets 76.8 99.4 |
Schedule of Plans With Projected Benefit Obligation in Excess of Fair Value of Plan Assets | The PBO for some of our plans exceeded the fair value of plan assets as follows: December 31 2022 2021 Projected benefit obligation $ 117.4 $ 188.3 Plan assets 76.8 99.4 |
Schedule of Components of Net Periodic Benefit Cost and Other Amounts Recognized in Other Comprehensive Loss | The components of the net periodic benefit cost and other amounts recognized in other comprehensive income (loss) for all plans were as follows: Year Ended December 31 2022 2021 2020 Net Periodic Benefit Cost Service cost $ 19.4 $ 22.0 $ 21.0 Interest cost 8.7 6.1 9.4 Expected return on assets ( 14.7 ) ( 12.2 ) ( 13.5 ) Settlements 2.7 1.0 13.8 Net loss 1.8 4.6 2.7 Prior service cost 0.7 0.7 0.7 Net periodic benefit cost 18.6 22.2 34.1 Other Changes in Plan Assets and Benefit Obligation Recognized in Other Comprehensive Income/Loss Net (gain) loss ( 40.9 ) ( 60.0 ) 44.1 Prior service (credit) cost ( 0.2 ) — 0.4 Amortization of net loss ( 5.0 ) ( 5.6 ) ( 6.3 ) Amortization of prior service cost ( 0.7 ) ( 0.7 ) ( 0.7 ) Total recognized in other comprehensive income/loss ( 46.8 ) ( 66.3 ) 37.5 Total recognized in net periodic benefit cost and other comprehensive income/loss $ ( 28.2 ) $ ( 44.1 ) $ 71.6 The components of net periodic benefit cost and other amounts recognized in other comprehensive loss for this plan were as follows: Year Ended December 31 2022 2021 2020 Net Periodic Benefit Credit Interest cost $ 0.3 $ 0.2 $ 0.4 Net loss 0.2 0.2 0.1 Prior service credit ( 0.8 ) ( 0.8 ) ( 0.8 ) Net periodic benefit credit $ ( 0.3 ) $ ( 0.4 ) $ ( 0.3 ) Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income/Loss Net (gain) loss $ ( 2.0 ) $ 0.2 $ 1.1 Amortization of net loss ( 0.2 ) ( 0.2 ) ( 0.1 ) Amortization of prior service credit 0.8 0.8 0.8 Total recognized in other comprehensive income/loss ( 1.4 ) 0.8 1.8 Total recognized in net periodic benefit cost and other comprehensive income/loss $ ( 1.7 ) $ 0.4 $ 1.5 |
Schedule of Weighted-Average Assumptions Used in Measurement of Benefit Obligation and Net Periodic Benefit Cost | The weighted-average assumptions used in the measurement of the benefit obligation were as follows: United States Plans Non-United States Plans Year Ended December 31 2022 2021 2022 2021 Discount rate 5.4 % 2.6 % 3.2 % 1.0 % Rate of compensation increase 1.3 % 1.3 % 1.9 % 1.7 % The weighted-average assumptions used in the measurement of the net periodic benefit cost were as follows: United States Plans Non-United States Plans Year Ended December 31 2022 2021 2020 2022 2021 2020 Discount rate 2.6 % 2.1 % 2.5 % 1.0 % 0.6 % 1.1 % Expected long-term return on plan assets N/A N/A N/A 2.2 % 1.8 % 2.2 % Rate of compensation increase 1.3 % — % — % 1.7 % 1.7 % 1.7 % Interest crediting rates for cash balance plans N/A N/A N/A 0.5 % 1.9 % 2.0 % |
Schedule of Fair Value of Plan Assets By Asset Category | The fair value of our pension plan assets by asset category was as follows: Fair Value Measurements Using December 31, 2022 Quoted Prices Significant Other Significant Unobservable Inputs Asset Category Cash and cash equivalents $ 18.3 $ 18.3 $ — $ — Equity securities: Mutual funds 114.5 114.5 — — Common stock 29.0 29.0 — — Fixed income instruments: Fixed income funds 73.7 — 73.7 — Bonds 38.0 — 38.0 — Annuity contract 33.5 — — 33.5 Guaranteed insurance contracts 21.3 — 21.3 — Other types of investments: Real estate funds 95.3 — 94.0 1.3 Insurance contracts 76.7 — — 76.7 Hedge funds 28.7 — 13.5 15.2 Other 18.8 — 3.3 15.5 $ 547.8 $ 161.8 $ 243.8 $ 142.2 Fair Value Measurements Using December 31, 2021 Quoted Prices Significant Other Observable Inputs Significant Asset Category Cash and cash equivalents $ 18.8 $ 18.8 $ — $ — Equity securities: Mutual funds 141.5 141.5 — — Common stock 37.7 37.7 — — Fixed income instruments: Fixed income funds 175.0 — 175.0 — Annuity contract 51.7 — — 51.7 Bonds 44.9 — 44.9 — Guaranteed insurance contracts 21.3 — 21.3 — Other types of investments: Insurance contracts 129.6 — — 129.6 Real estate funds 102.1 — 100.8 1.3 Hedge funds 29.2 — 12.6 16.6 Other 10.7 — 3.4 7.3 $ 762.5 $ 198.0 $ 358.0 $ 206.5 |
Schedule of Changes in Fair Value of Pension Assets Measured Using Level 3 Inputs | The following table summarizes the changes in fair value of the pension assets that are measured using Level 3 inputs. We determined that transfers between fair-value-measurement levels occurred on the date of the event that caused the transfer. Year Ended December 31 2022 2021 Balance, beginning of year $ 206.5 $ 242.6 Actual return on plan assets ( 61.2 ) ( 21.6 ) Purchases, sales and settlements, net 7.4 ( 3.1 ) Currency exchange rate changes ( 10.5 ) ( 11.4 ) Balance, end of year $ 142.2 $ 206.5 |
Schedule of Projected Future Benefit Payments | Projected benefit payments from the plans as of December 31, 2022 were estimated as follows: Year Pension Plans Retiree Health 2023 $ 67.8 $ 1.2 2024 42.4 1.2 2025 32.9 1.1 2026 29.9 1.1 2027 27.3 1.0 2028–2032 158.3 4.6 Total projected benefit payments $ 358.6 $ 10.2 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
Components of Accumulated Other Comprehensive Loss, Net of Tax | The components of accumulated other comprehensive loss, net of tax, were as follows: December 31 2022 2021 Foreign currency translation $ ( 369.7 ) $ ( 180.8 ) Translation loss on long-term intercompany loans, net of income taxes of $ 19.1 and $ 19.9 , respectively ( 132.8 ) ( 133.6 ) Gain (loss) on derivative instruments, net of income tax benefit of $( 5.3 ) and $( 16.4 ), respectively 53.4 ( 18.4 ) Gain on interest rate swap, net of income taxes of $ 0.4 for 2022 1.4 — Defined benefit pension plans, net of income tax benefit of $( 20.4 ) and $( 22.8 ), respectively ( 12.2 ) ( 56.7 ) Retiree health care plan, net of income taxes of $ 1.9 and $ 1.6 , respectively 1.2 0.1 Accumulated other comprehensive loss $ ( 458.7 ) $ ( 389.4 ) |
Interest and Other Expenses (_2
Interest and Other Expenses (Income), Net (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Other Nonoperating Income (Expense) [Abstract] | |
Schedule of Interest and Other Expenses (Income), Net | Interest and other expenses, net consisted of the following: Year Ended December 31 2022 2021 2020 Interest expense $ 46.9 $ 38.8 $ 43.3 Interest income ( 17.9 ) ( 12.0 ) ( 13.1 ) Foreign exchange loss 11.9 5.2 4.9 Miscellaneous (income) expenses, net ( 16.3 ) ( 14.7 ) 4.8 Interest and other expenses, net $ 24.6 $ 17.3 $ 39.9 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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 year ended December 31, 2022, and 2021 was as follows: Gain (Loss) Recognized in Other Comprehensive Income Year Ended December 31, Instrument 2022 2021 Euro Notes $ 60.0 $ 76.1 Cross-currency swaps ( 4.7 ) 6.7 |
Impact of Changes in Fair Values of Derivatives Designated as Cash Flow Hedges on OCI, AOCL and Earnings | The following tables present the impact that changes in the fair values of derivatives designated as cash flow hedges had on OCI, AOCL and earnings for the year ended December 31, 2022, and 2021: Gain (Loss) Reclassified Gain Recognized in OCI from AOCL into Income Year Ended December 31, Location of Gain Reclassified Year Ended December 31, Instrument 2022 2021 from AOCL into Income 2022 2021 Cross-currency swaps $ 3.7 $ 11.8 Interest and other expenses, net $ 2.8 $ 13.7 Foreign currency forward contracts 0.2 — Selling and administrative expenses ( 0.8 ) — Forward starting interest swap 2.0 — Interest and other expenses, net 0.2 — |
Effect of Forward Contracts not Designated as Hedging Instrument consolidated statement of operations | The effect of our forward contracts that are not designated as hedging instruments on the consolidated statements of operations for the year ended December 31, 2022 was as follows: Location of Gain Amount of Gain (Loss) Recognized in Income Instrument Recognized in Income Year Ended December 31, 2022 2021 Foreign currency forward contracts Interest and other expenses (income), net $ ( 29.3 ) $ ( 11.6 ) |
Schedule of fair value hedges instruments | The following tables present the impact that the fair value hedges had on our Consolidated Statement of Income for the year ended December 31, 2022 and 2021: Amount of Gain (Loss) Recognized in Income Location of Gain Year Ended December 31, Instrument Recognized in Income 2022 2021 Intercompany CHF note Interest and other expenses, net $ ( 9.4 ) $ — Cross-currency swaps Interest and other expenses, net 9.4 — |
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 December 31, 2022, and 2021: Assets December 31, December 31, Balance Sheet Location 2022 2021 Instruments designated as cash flow hedges: Cross-currency swaps Accounts Receivable, net — 24.7 Instruments designated as fair value hedges: Cross-currency swaps Accounts Receivable, net 13.8 — Instruments not designated as hedges: Foreign currency forward contracts Accounts Receivable, net 0.2 — Total instruments $ 14.0 $ 24.7 Liabilities December 31, December 31, Balance Sheet Location 2022 2021 Instruments designated as net investment hedges: Euro Notes due in 2022 Short-term borrowings and current maturities of long-term debt $ — $ 454.4 Euro Notes due in 2026 Long-term debt 532.7 565.2 Euro Notes due in 2027 Long-term debt 423.9 — Cross-currency swaps Accrued liabilities 25.8 24.2 Instruments not designated as hedges: Foreign currency forward contracts Accrued liabilities — 5.5 Total instruments $ 982.4 $ 1,049.3 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Components of Lease Expense and Other Information | The components of lease expense were as follows: Year Ended December 31, 2022 2021 2020 Operating lease expense $ 132.4 $ 140.8 $ 143.1 Short-term lease expense 5.2 6.0 11.3 Other lease expense (1) 11.8 20.4 16.7 Total lease expense $ 149.4 $ 167.2 $ 171.1 (1) Other lease expense includes variable lease expense and sublease income. Other information related to leases was as follows: Year Ended December 31, Supplemental Cash Flow Information 2022 2021 2020 Cash paid for amounts included in the measurement of operating lease liabilities $ 127.7 $ 139.6 $ 142.0 Operating ROU assets obtained in exchange for lease obligations 92.5 70.2 63.6 |
Supplemental Balance Sheet Information | December 31, December 31, Supplemental Balance Sheet Information 2022 2021 Operating Leases Operating lease ROU assets $ 365.7 $ 373.4 Operating lease liabilities - current (1) $ 105.5 $ 110.0 Operating lease liabilities - long-term 266.6 275.8 Total operating lease liabilities $ 372.1 $ 385.8 (1) Operating lease liabilities - current are included in accrued expenses on our Consolidated Balance Sheets. |
Weighted Average Remaining Lease Term and Discount Rate | December 31, 2022 2021 2020 Weighted Average Remaining Lease Term Operating leases 5.3 years 5.1 years 5.2 years Weighted Average Discount Rate Operating leases 2.9 % 2.6 % 2.9 % |
Maturities of Operating Lease Liabilities | Maturities of operating lease liabilities as of December 31, 2022 were as follows: Period Ending December 31, 2022 Operating Leases 2023 113.5 2024 81.1 2025 55.9 2026 41.8 2027 35.8 Thereafter 94.9 Total future undiscounted lease payments 423.0 Less imputed interest ( 50.9 ) Total operating lease liabilities $ 372.1 |
Segment Data (Tables)
Segment Data (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Segment Reporting [Abstract] | |
Schedule of Segment Data | Total assets for the segments are reported after the elimination of investments in subsidiaries and intercompany accounts. Year Ended December 31 2022 2021 2020 Revenues from Services Americas: United States (a) $ 3,499.3 $ 2,743.3 $ 2,327.2 Other Americas 1,436.4 1,520.4 1,465.2 4,935.7 4,263.7 3,792.4 Southern Europe: France 4,785.0 5,171.3 4,338.1 Italy 1,706.9 1,795.4 1,370.7 Other Southern Europe 2,044.4 2,380.1 2,146.4 8,536.3 9,346.8 7,855.2 Northern Europe 4,048.3 4,670.5 3,976.7 APME 2,387.3 2,481.1 2,376.7 19,907.6 20,762.1 18,001.0 Intercompany Eliminations ( 80.1 ) ( 37.7 ) — Consolidated (a) $ 19,827.5 $ 20,724.4 $ 18,001.0 Operating Unit Profit (Loss) Americas: United States $ 219.2 $ 136.0 $ 60.9 Other Americas 63.4 59.2 55.1 282.6 195.2 116.0 Southern Europe: France 226.7 233.5 149.0 Italy 122.9 115.3 64.2 Other Southern Europe 63.4 67.5 23.8 413.0 416.3 237.0 Northern Europe 42.4 67.8 ( 27.6 ) APME 87.8 84.6 70.1 825.8 763.9 395.5 Corporate expenses ( 157.0 ) ( 154.3 ) ( 113.9 ) Goodwill impairment charges ( 50.0 ) — ( 66.8 ) Intangible asset amortization expense (b) ( 37.1 ) ( 24.2 ) ( 27.2 ) Operating profit 581.7 585.4 187.6 Interest and other expenses, net ( 24.6 ) ( 17.3 ) ( 39.9 ) Earnings before income taxes $ 557.1 $ 568.1 $ 147.7 (a) The United States revenues above represent revenues from our company-owned branches and franchise fees received from our franchise operations, which were $ 12.8 , $ 12.8 and $ 12.6 for 2022, 2021 and 2020 , respectively. (b) Intangible asset amortization related to acquisitions is excluded from operating costs within the reportable segments and corporate expenses, and shown separately. |
Schedule of Segment Information - Depreciation and Amortization Expense, Earnings from Equity Investment, Total Assets, Equity Investments, Long-Lived Assets and Additions to Long-Lived Assets | Year Ended December 31 2022 2021 2020 Depreciation and Amortization Expense Americas: United States $ 7.8 $ 6.9 $ 7.8 Other Americas 2.2 2.4 2.3 10.0 9.3 10.1 Southern Europe: France 10.5 12.5 14.4 Italy 2.4 2.5 2.1 Other Southern Europe 4.8 5.0 5.3 17.7 20.0 21.8 Northern Europe 10.7 10.9 8.9 APME 7.5 8.3 8.2 Corporate expenses 1.6 0.7 0.1 Intangible asset amortization expense (a) 37.1 24.2 27.2 $ 84.6 $ 73.4 $ 76.3 (a) Intangible asset amortization related to acquisitions is excluded from operating costs within the reportable segments and corporate expenses, and shown separately. As of December 31 2022 2021 2020 Total Assets Americas: United States $ 3,243.2 $ 3,434.6 $ 2,103.8 Other Americas 397.4 397.0 381.3 3,640.6 3,831.6 2,485.1 Southern Europe: France 2,281.9 2,353.3 2,778.3 Italy 455.3 509.7 540.4 Other Southern Europe 821.2 828.2 848.5 3,558.4 3,691.2 4,167.2 Northern Europe 742.9 1,095.7 1,366.7 APME 744.4 813.8 806.0 Corporate (a) 444.1 396.6 503.2 $ 9,130.4 $ 9,828.9 $ 9,328.2 (a) Corporate assets include assets that were not used in the operations of any segment, the most significant of which were purchased intangibles and cash. As of and Year Ended December 31 2022 2021 2020 Long-lived Assets Americas: United States $ 79.2 $ 76.9 $ 73.9 Other Americas 14.6 16.3 19.6 93.8 93.2 93.5 Southern Europe: France 160.7 135.0 147.8 Italy 32.7 33.6 36.0 Other Southern Europe 60.1 68.7 68.0 253.5 237.3 251.8 Northern Europe 116.5 106.6 127.1 APME 52.8 77.3 76.1 Corporate 9.0 14.0 6.5 $ 525.6 $ 528.4 $ 555.0 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Details) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2022 USD ($) Office Country shares | Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Sep. 30, 2020 USD ($) | Dec. 31, 2022 USD ($) Office Country $ / shares shares | Dec. 31, 2021 USD ($) $ / shares shares | Dec. 31, 2020 USD ($) $ / shares shares | Aug. 31, 2021 shares | Aug. 31, 2019 shares | Aug. 31, 2018 shares | |||||
Accounting Policies [Line Items] | ||||||||||||||
Number of offices worldwide (over) | Office | 2,200 | 2,200 | ||||||||||||
Number of countries and territories | Country | 75 | 75 | ||||||||||||
Investments value | $ 95.8 | $ 95.8 | $ 114.2 | |||||||||||
Unremitted earning from investments | $ 4.3 | 11.8 | ||||||||||||
Payment terms | 60 days | |||||||||||||
Description of timing | Our client contracts are generally short-term in nature with a term of one year or less. The timing between satisfaction of the performance obligation, invoicing and payment is not significant. | |||||||||||||
Deferred revenue | 35.6 | $ 35.6 | 34.8 | |||||||||||
Advertising expenses | 29.6 | 28.1 | $ 22.2 | |||||||||||
Restructuring costs | 3.6 | 15.2 | 110.7 | |||||||||||
Operating lease right-of-use asset impairment | 0 | 0 | 27.3 | |||||||||||
Costs paid, utilized or transferred | 13.7 | 38 | ||||||||||||
Reserve will be paid by end of period | 13.2 | 13.2 | 23.3 | 46.1 | ||||||||||
Consolidated amortization expense related to intangibles | [1] | 37.1 | 24.2 | 27.2 | ||||||||||
2023 | 34.6 | 34.6 | ||||||||||||
2024 | 32.2 | 32.2 | ||||||||||||
2025 | 30.2 | 30.2 | ||||||||||||
2026 | 26.7 | 26.7 | ||||||||||||
2027 | 26.1 | 26.1 | ||||||||||||
Goodwill, Impairment Loss | $ 0 | $ 0 | $ 0 | 50 | [2],[3] | 0 | 66.8 | |||||||
Goodwill | [2] | 1,628.1 | [4] | 1,628.1 | [4] | 1,722.2 | [4] | 1,225.8 | ||||||
Net capitalized software balance | $ 47.7 | 47.7 | 38.2 | |||||||||||
Amortization expense related to capitalized software cost | $ 9.8 | $ 5.5 | $ 1.8 | |||||||||||
Shares authorized to be repurchased (in shares) | shares | 4,000,000 | 6,000,000 | 6,000,000 | |||||||||||
Shares repurchased (in shares) | shares | 3,200,000 | 3,400,000 | ||||||||||||
Total cost of shares repurchased | $ 270 | $ 264.7 | ||||||||||||
Dividends declared (in dollars per share) | $ / shares | $ 2.72 | $ 2.52 | $ 2.26 | |||||||||||
Total dividend payments | $ 139.9 | $ 136.6 | $ 129.1 | |||||||||||
Net earnings, net of tax, attributable to noncontrolling interests | 24.6 | 17.3 | 39.9 | |||||||||||
Cloud Computing Arrangements | ||||||||||||||
Accounting Policies [Line Items] | ||||||||||||||
Unamortized Implementation Costs | 19.9 | |||||||||||||
Noncontrolling Interests | ||||||||||||||
Accounting Policies [Line Items] | ||||||||||||||
Net earnings, net of tax, attributable to noncontrolling interests | $ 0.8 | $ 0.7 | $ 4.7 | |||||||||||
August 2019 Authorization | ||||||||||||||
Accounting Policies [Line Items] | ||||||||||||||
Shares repurchased (in shares) | shares | 1,200,000 | 2,100,000 | 2,600,000 | |||||||||||
Total cost of shares repurchased | $ 210 | |||||||||||||
Shares remaining authorized for repurchase (in shares) | shares | 0 | 0 | ||||||||||||
August 2018 Authorization | ||||||||||||||
Accounting Policies [Line Items] | ||||||||||||||
Shares repurchased (in shares) | shares | 800,000 | |||||||||||||
Shares remaining authorized for repurchase (in shares) | shares | 0 | 0 | ||||||||||||
August 2021 Authorization | ||||||||||||||
Accounting Policies [Line Items] | ||||||||||||||
Shares repurchased (in shares) | shares | 2,000,000 | |||||||||||||
Shares remaining authorized for repurchase (in shares) | shares | 2,000,000 | 2,000,000 | ||||||||||||
Buildings | ||||||||||||||
Accounting Policies [Line Items] | ||||||||||||||
Estimated useful lives | 40 years | |||||||||||||
Leasehold Improvements | ||||||||||||||
Accounting Policies [Line Items] | ||||||||||||||
Estimated useful lives | lesser of life of asset or expected lease term | |||||||||||||
Netherlands | ||||||||||||||
Accounting Policies [Line Items] | ||||||||||||||
Goodwill, Impairment Loss | $ 50 | |||||||||||||
Discount rate for goodwill impairment test (as a percent) | 1.25 | |||||||||||||
Netherlands | Discount Rates | ||||||||||||||
Accounting Policies [Line Items] | ||||||||||||||
Discount rate for goodwill impairment test (as a percent) | 1.35 | 1.35 | ||||||||||||
Netherlands | Terminal Value Revenue Growth Rate | ||||||||||||||
Accounting Policies [Line Items] | ||||||||||||||
Discount rate for goodwill impairment test (as a percent) | 0.20 | 0.20 | 0.20 | |||||||||||
Netherlands | Terminal Value OUP Margin | ||||||||||||||
Accounting Policies [Line Items] | ||||||||||||||
Discount rate for goodwill impairment test (as a percent) | 0.40 | 0.40 | 0.40 | |||||||||||
Northern Europe | Netherlands | ||||||||||||||
Accounting Policies [Line Items] | ||||||||||||||
Goodwill, Impairment Loss | $ 50 | |||||||||||||
Goodwill | $ 55.1 | $ 55.1 | ||||||||||||
Minimum | ||||||||||||||
Accounting Policies [Line Items] | ||||||||||||||
Percentage of goodwill over fair value of reporting unit | 20% | |||||||||||||
Remaining lease terms | 1 month | 1 month | ||||||||||||
Minimum | Furniture, Fixtures, and Autos | ||||||||||||||
Accounting Policies [Line Items] | ||||||||||||||
Estimated useful lives | 3 years | |||||||||||||
Minimum | Computer Equipment | ||||||||||||||
Accounting Policies [Line Items] | ||||||||||||||
Estimated useful lives | 3 years | |||||||||||||
Minimum | Netherlands | ||||||||||||||
Accounting Policies [Line Items] | ||||||||||||||
Discount rate for goodwill impairment test (as a percent) | 0.30 | |||||||||||||
Minimum | Netherlands | Revenue Growth | ||||||||||||||
Accounting Policies [Line Items] | ||||||||||||||
Discount rate for goodwill impairment test (as a percent) | 0 | 0 | ||||||||||||
Maximum | ||||||||||||||
Accounting Policies [Line Items] | ||||||||||||||
Remaining lease terms | 11 years | 11 years | ||||||||||||
Maximum | Furniture, Fixtures, and Autos | ||||||||||||||
Accounting Policies [Line Items] | ||||||||||||||
Estimated useful lives | 16 years | |||||||||||||
Maximum | Computer Equipment | ||||||||||||||
Accounting Policies [Line Items] | ||||||||||||||
Estimated useful lives | 16 years | |||||||||||||
Maximum | Netherlands | ||||||||||||||
Accounting Policies [Line Items] | ||||||||||||||
Discount rate for goodwill impairment test (as a percent) | 0.84 | |||||||||||||
Maximum | Netherlands | Revenue Growth | ||||||||||||||
Accounting Policies [Line Items] | ||||||||||||||
Discount rate for goodwill impairment test (as a percent) | 0.30 | 0.30 | ||||||||||||
Customer relationships | ||||||||||||||
Accounting Policies [Line Items] | ||||||||||||||
Useful life | 14 years | |||||||||||||
Other | ||||||||||||||
Accounting Policies [Line Items] | ||||||||||||||
Useful life | 4 years | |||||||||||||
Computer software | Minimum | ||||||||||||||
Accounting Policies [Line Items] | ||||||||||||||
Useful life | 3 years | |||||||||||||
Computer software | Maximum | ||||||||||||||
Accounting Policies [Line Items] | ||||||||||||||
Useful life | 0 years | |||||||||||||
Other Reporting Units | Minimum | ||||||||||||||
Accounting Policies [Line Items] | ||||||||||||||
Percentage of goodwill over fair value of reporting unit | 20% | |||||||||||||
Euro-denominated notes | Estimate of fair value measurement | Significant Other Observable Inputs (Level 2) | ||||||||||||||
Accounting Policies [Line Items] | ||||||||||||||
Carrying value of long-term debt | $ 921.7 | $ 921.7 | 1,064 | |||||||||||
Euro-denominated notes | Carrying value | Significant Other Observable Inputs (Level 2) | ||||||||||||||
Accounting Policies [Line Items] | ||||||||||||||
Carrying value of long-term debt | $ 956.6 | $ 956.6 | $ 1,019.6 | |||||||||||
[1] (b) Intangible asset amortization related to acquisitions is excluded from operating costs within the reportable segments and corporate expenses, and shown separately. Balances were net of accumulated impairment loss of $ 644.2 ($ 127.0 related to Northern Europe, $ 3.8 related to APME, $ 235.2 related to Right Management and $ 278.2 related to corporate) as of both January 1, 2021 and December 31, 2021; and $ 694.2 ($ 177.0 related to Northern Europe, $ 3.8 related to APME, $ 235.2 related to Right Management and $ 278.2 related to Corporate) as of December 31, 2022. The 2022 impairment charge of $ 50.0 relates to our Netherlands reporting unit, which was recorded during the fourth quarter of 2022. See Note 1 to the Consolidated Financial Statements for further information. Balances were net of accumulated impairment loss of $ 694.2 and $ 644.2 as of December 31, 2022 and 2021 , respectively. |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Summary of Rollforward of Allowance for Doubtful Accounts (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Accounting Policies [Abstract] | |||
Balance at Beginning of Year | $ 121.6 | $ 128.1 | $ 113.5 |
Provisions Charged to Earnings | 6.2 | 17.9 | 20.3 |
Write-Offs | (12.4) | (17.7) | (17.8) |
Translation Adjustments | (5.8) | (6.5) | 8.1 |
Reclassifications and Other | (0.3) | (0.2) | 4 |
Balance at End of Year | $ 109.3 | $ 121.6 | $ 128.1 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Schedule of Changes in Restructuring Reserve (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | ||
Restructuring Cost and Reserve [Line Items] | |||
Balance, beginning of period | $ 23.3 | $ 46.1 | |
Severance costs | 2.6 | 15.2 | |
Other costs | 1 | ||
Costs paid or utilized | 13.7 | 38 | |
Balance at end of year | 13.2 | 23.3 | |
Reportable segments | Americas | |||
Restructuring Cost and Reserve [Line Items] | |||
Balance, beginning of period | [1] | 1 | 1.9 |
Severance costs | [1] | 1.7 | 5.2 |
Other costs | [1] | 0 | |
Costs paid or utilized | [1] | (1.7) | 6.1 |
Balance at end of year | [1] | 1 | 1 |
Reportable segments | Southern Europe | |||
Restructuring Cost and Reserve [Line Items] | |||
Balance, beginning of period | [2] | 0.8 | 3.5 |
Severance costs | [2] | 0 | 0 |
Other costs | [2] | 0.9 | |
Costs paid or utilized | [2] | (0.7) | 2.7 |
Balance at end of year | [2] | 1 | 0.8 |
Reportable segments | Northern Europe | |||
Restructuring Cost and Reserve [Line Items] | |||
Balance, beginning of period | 21.5 | 40.7 | |
Severance costs | 0.8 | 10 | |
Other costs | |||
Costs paid or utilized | (11.3) | 29.2 | |
Balance at end of year | 11 | 21.5 | |
Reportable segments | APME | |||
Restructuring Cost and Reserve [Line Items] | |||
Balance, beginning of period | 0 | 0 | |
Severance costs | 0.1 | 0 | |
Costs paid or utilized | 0 | 0 | |
Balance at end of year | 0.2 | 0 | |
Corporate | |||
Restructuring Cost and Reserve [Line Items] | |||
Balance, beginning of period | 0 | 0 | |
Severance costs | 0 | 0 | |
Other costs | 0.1 | ||
Costs paid or utilized | 0 | 0 | |
Balance at end of year | $ 0 | $ 0 | |
[1] Balance related to United States was $ 1.4 as of December 31, 2020. In 2021, United States paid $ 1.2 , leaving a $ 0.2 liability as of December 31, 2021. In 2022, United States incurred $ 0.8 for severance costs and paid $ 0.4 , leaving a $ 0.6 liability as of December 31, 2022. France had a $ 0.6 liability as of December 31, 2020 and 2021. In 2022, France incurred $ 0.9 for other costs and paid $ 0.6 , leaving a $ 0.9 liability as of December 31, 2022. Balance related to Italy was $ 1.4 as of December 31, 2020. In 2021, Italy paid $ 1.1 , leaving a $ 0.3 liability as of December 31, 2021. In 2022, Italy paid $ 0.3 , leaving no liability as of December 31, 2022. |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Schedule of Changes in Restructuring Reserve (Parenthetical) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring reserve | $ 13.2 | $ 23.3 | $ 46.1 |
Severance costs | 2.6 | 15.2 | |
Other costs | 1 | ||
Costs paid or utilized | 13.7 | 38 | |
Americas | United States | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring reserve | 0.6 | 0.2 | 1.4 |
Severance costs | 0.8 | ||
Costs paid or utilized | 0.4 | 1.2 | |
Southern Europe | France | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring reserve | 0.9 | 0.6 | 0.6 |
Other costs | 0.9 | ||
Costs paid or utilized | 0.6 | ||
Southern Europe | Italy | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring reserve | 0 | 0.3 | $ 1.4 |
Costs paid or utilized | $ 0.3 | $ 1.1 |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies - Schedule of Assets and Liabilities Measured and Recorded at Fair Value On Recurring Basis (Details) - Fair value measured on a recurring basis - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Assets | ||
Deferred compensation plan assets | $ 115.3 | $ 138 |
Cross-currency swaps | 13.8 | 24.7 |
Foreign currency forward contracts | 0.2 | 0 |
Total assets measured at fair value | 129.3 | 162.7 |
Liabilities | ||
Cross-currency swaps | 25.8 | 24.2 |
Foreign currency forward contracts | 0 | 5.5 |
Total liabilities measured at fair value | 25.8 | 29.7 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets | ||
Deferred compensation plan assets | 115.3 | 138 |
Cross-currency swaps | 0 | 0 |
Foreign currency forward contracts | 0 | 0 |
Total assets measured at fair value | 115.3 | 138 |
Liabilities | ||
Cross-currency swaps | 0 | 0 |
Foreign currency forward contracts | 0 | 0 |
Total liabilities measured at fair value | 0 | 0 |
Significant Other Observable Inputs (Level 2) | ||
Assets | ||
Cross-currency swaps | 13.8 | 24.7 |
Foreign currency forward contracts | 0.2 | 0 |
Total assets measured at fair value | 14 | 24.7 |
Liabilities | ||
Cross-currency swaps | 25.8 | 24.2 |
Foreign currency forward contracts | 0 | 5.5 |
Total liabilities measured at fair value | $ 25.8 | $ 29.7 |
Summary of Significant Accoun_9
Summary of Significant Accounting Policies - Schedule of Goodwill, Finite-Lived Intangible Assets and Indefinite-Lived Intangible Assets (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |||
Goodwill [Line Items] | ||||||
Goodwill | [2] | $ 1,628.1 | [1] | $ 1,722.2 | [1] | $ 1,225.8 |
Finite-lived: | ||||||
Gross | 840.2 | 846.6 | ||||
Accumulated Amortization | 468.3 | 441.3 | ||||
Net | 371.9 | 405.3 | ||||
Indefinite-lived: | ||||||
Gross | 177.6 | 178.3 | ||||
Total intangible assets | ||||||
Gross | 1,017.8 | 1,024.9 | ||||
Accumulated Amortization | 468.3 | 441.3 | ||||
Net | 549.5 | 583.6 | ||||
Tradenames | ||||||
Indefinite-lived: | ||||||
Gross | [3] | 52 | 52 | |||
Reacquired franchise rights | ||||||
Indefinite-lived: | ||||||
Gross | 125.6 | 126.3 | ||||
Customer relationships | ||||||
Finite-lived: | ||||||
Gross | 818.9 | 823.4 | ||||
Accumulated Amortization | 448.1 | 421.6 | ||||
Net | 370.8 | 401.8 | ||||
Other | ||||||
Finite-lived: | ||||||
Gross | 21.3 | 23.2 | ||||
Accumulated Amortization | 20.2 | 19.7 | ||||
Net | $ 1.1 | $ 3.5 | ||||
[1] Balances were net of accumulated impairment loss of $ 694.2 and $ 644.2 as of December 31, 2022 and 2021 , respectively. Balances were net of accumulated impairment loss of $ 644.2 ($ 127.0 related to Northern Europe, $ 3.8 related to APME, $ 235.2 related to Right Management and $ 278.2 related to corporate) as of both January 1, 2021 and December 31, 2021; and $ 694.2 ($ 177.0 related to Northern Europe, $ 3.8 related to APME, $ 235.2 related to Right Management and $ 278.2 related to Corporate) as of December 31, 2022. Balances were net of accumulated impairment loss of $ 139.5 as of both December 31, 2022 and 2021 . |
Summary of Significant Accou_10
Summary of Significant Accounting Policies - Schedule of Goodwill, Finite-Lived Intangible Assets and Indefinite-Lived Intangible Assets (Parenthetical) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Jan. 01, 2021 |
Total intangible assets | |||
Goodwill, accumulated impairment loss | $ 694.2 | $ 644.2 | $ 644.2 |
Tradenames | |||
Total intangible assets | |||
Indefinite-lived, accumulated impairment loss | $ 139.5 | $ 139.5 |
Summary of Significant Accou_11
Summary of Significant Accounting Policies - Summary of Property and Equipment (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment | $ 584.9 | $ 594.9 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 0.4 | 0.5 |
Buildings | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 6.3 | 6.7 |
Furniture, Fixtures, and Autos | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 166.4 | 166.5 |
Computer Equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 130.1 | 132.7 |
Leasehold Improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | $ 281.7 | $ 288.5 |
Revenue Recognition - Additiona
Revenue Recognition - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Disaggregation of Revenue [Line Items] | ||||
Revenues from services | [1] | $ 19,827.5 | $ 20,724.4 | $ 18,001 |
Franchise fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from services | $ 15.7 | $ 15.3 | $ 14.1 | |
[1] (a) The United States revenues above represent revenues from our company-owned branches and franchise fees received from our franchise operations, which were $ 12.8 , $ 12.8 and $ 12.6 for 2022, 2021 and 2020 , respectively. |
Revenue Recognition - Disaggreg
Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Disaggregation of Revenue [Line Items] | ||||
Revenue | [1] | $ 19,827.5 | $ 20,724.4 | $ 18,001 |
Intercompany Eliminations | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | (80.1) | (37.7) | ||
Americas | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 4,935.7 | 4,263.7 | 3,792.4 | |
Americas | Services transferred over time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 4,787.2 | 4,162.5 | ||
Americas | Services transferred at a point in time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 148.5 | 101.2 | ||
Americas | United States | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 3,499.3 | 2,743.3 | ||
Americas | United States | Services transferred over time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 3,380.9 | 2,663.9 | ||
Americas | United States | Services transferred at a point in time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 118.4 | 79.4 | ||
Americas | Other Americas | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 1,436.4 | 1,520.4 | ||
Americas | Other Americas | Services transferred over time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 1,406.3 | 1,498.6 | ||
Americas | Other Americas | Services transferred at a point in time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 30.1 | 21.8 | ||
Southern Europe | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 8,536.3 | 9,346.8 | 7,855.2 | |
Southern Europe | Services transferred over time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 8,385.5 | 9,212.3 | ||
Southern Europe | Services transferred at a point in time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 150.8 | 134.5 | ||
Southern Europe | France | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 4,785 | 5,171.3 | ||
Southern Europe | France | Services transferred over time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 4,732.3 | 5,122.4 | ||
Southern Europe | France | Services transferred at a point in time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 52.7 | 48.9 | ||
Southern Europe | Italy | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 1,706.9 | 1,795.4 | ||
Southern Europe | Italy | Services transferred over time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 1,659.4 | 1,752.8 | ||
Southern Europe | Italy | Services transferred at a point in time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 47.5 | 42.6 | ||
Southern Europe | Other Southern Europe | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 2,044.4 | 2,380.1 | ||
Southern Europe | Other Southern Europe | Services transferred over time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 1,993.8 | 2,337.1 | ||
Southern Europe | Other Southern Europe | Services transferred at a point in time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 50.6 | 43 | ||
Northern Europe | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 4,048.3 | 4,670.5 | ||
Northern Europe | Services transferred over time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 3,902.9 | 4,545 | ||
Northern Europe | Services transferred at a point in time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 145.4 | 125.5 | ||
APME | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 2,387.3 | 2,481.1 | 2,376.7 | |
APME | Services transferred over time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 2,302.4 | 2,401.1 | ||
APME | Services transferred at a point in time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 84.9 | 80 | ||
Northern Europe And APME | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 19,907.6 | 20,762.1 | $ 18,001 | |
Reportable Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 19,907.6 | 20,762.1 | ||
Reportable Segments | Services transferred over time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 19,378 | 20,320.9 | ||
Reportable Segments | Services transferred at a point in time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 529.6 | 441.2 | ||
Staffing and Interim | Americas | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 4,191.8 | 3,722.4 | ||
Staffing and Interim | Americas | United States | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 2,862.5 | 2,292.1 | ||
Staffing and Interim | Americas | Other Americas | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 1,329.3 | 1,430.3 | ||
Staffing and Interim | Southern Europe | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 7,657.5 | 8,405.7 | ||
Staffing and Interim | Southern Europe | France | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 4,421.8 | 4,765.1 | ||
Staffing and Interim | Southern Europe | Italy | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 1,600.7 | 1,695.6 | ||
Staffing and Interim | Southern Europe | Other Southern Europe | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 1,635 | 1,945 | ||
Staffing and Interim | Northern Europe | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 3,567.4 | 4,191.4 | ||
Staffing and Interim | APME | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 1,809.6 | 1,886.6 | ||
Staffing and Interim | Reportable Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 17,226.3 | 18,206.1 | ||
Outcome-Based Solutions and Consulting | Americas | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 326.2 | 200.8 | ||
Outcome-Based Solutions and Consulting | Americas | United States | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 274.3 | 154.9 | ||
Outcome-Based Solutions and Consulting | Americas | Other Americas | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 51.9 | 45.9 | ||
Outcome-Based Solutions and Consulting | Southern Europe | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 636.6 | 733.1 | ||
Outcome-Based Solutions and Consulting | Southern Europe | France | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 268 | 329.8 | ||
Outcome-Based Solutions and Consulting | Southern Europe | Italy | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 31.9 | 33.9 | ||
Outcome-Based Solutions and Consulting | Southern Europe | Other Southern Europe | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 336.7 | 369.4 | ||
Outcome-Based Solutions and Consulting | Northern Europe | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 215 | 255.5 | ||
Outcome-Based Solutions and Consulting | APME | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 392 | 408.1 | ||
Outcome-Based Solutions and Consulting | Reportable Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 1,569.8 | 1,597.5 | ||
Permanent Recruitment | Americas | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 257.6 | 182.3 | ||
Permanent Recruitment | Americas | United States | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 209 | 147.8 | ||
Permanent Recruitment | Americas | Other Americas | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 48.6 | 34.5 | ||
Permanent Recruitment | Southern Europe | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 171.6 | 151.7 | ||
Permanent Recruitment | Southern Europe | France | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 57.9 | 53.5 | ||
Permanent Recruitment | Southern Europe | Italy | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 51.7 | 45.6 | ||
Permanent Recruitment | Southern Europe | Other Southern Europe | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 62 | 52.6 | ||
Permanent Recruitment | Northern Europe | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 179.3 | 145.9 | ||
Permanent Recruitment | APME | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 149.1 | 143.2 | ||
Permanent Recruitment | Reportable Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 757.6 | 623.1 | ||
Other | Americas | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 160.1 | 158.2 | ||
Other | Americas | United States | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 153.5 | 148.5 | ||
Other | Americas | Other Americas | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 6.6 | 9.7 | ||
Other | Southern Europe | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 70.6 | 56.3 | ||
Other | Southern Europe | France | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 37.3 | 22.9 | ||
Other | Southern Europe | Italy | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 22.6 | 20.3 | ||
Other | Southern Europe | Other Southern Europe | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 10.7 | 13.1 | ||
Other | Northern Europe | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 86.6 | 77.7 | ||
Other | APME | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 36.6 | 43.2 | ||
Other | Reportable Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 353.9 | $ 335.4 | ||
[1] (a) The United States revenues above represent revenues from our company-owned branches and franchise fees received from our franchise operations, which were $ 12.8 , $ 12.8 and $ 12.6 for 2022, 2021 and 2020 , respectively. |
Share-Based Compensation Plan_2
Share-Based Compensation Plans - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Share-based compensation | $ 37.6 | $ 36.8 | $ 24.2 | |
Consideration received from share-based awards | $ 0.3 | $ 5.1 | $ 7.4 | |
Number of shares granted | 0 | 130,000 | 156,000 | |
Number of shares outstanding | 852,000 | 852,000 | 788,000 | 723,000 |
Selling and Administrative Expenses | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Share-based compensation | $ 37.6 | $ 36.8 | $ 24.2 | |
United States | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Income tax benefit recognized related to share-based compensation | 2.6 | 1.6 | 1.7 | |
Non US | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Share-based compensation | $ 1.3 | 1.6 | 1.3 | |
Minimum | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Performance period range | 1 year | |||
Maximum | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Performance period range | 3 years | |||
Stock option | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Share-based compensation | $ 0.8 | 2.9 | 3.3 | |
Share-based payment award vesting period | 4 years | |||
Expiration period | 10 years | |||
Fair value of options vested | $ 2.8 | $ 2.6 | $ 2.3 | |
Total unrecognized compensation cost, net of estimated forfeitures | $ 0.7 | |||
Total unrecognized compensation cost, weighted-average period for recognition | 2 years | |||
Weighted average of daily historical volatility of Company's stock price, weight (as a percent) | 75% | |||
Period considered to determine expected volatility of stock price | 5 years | |||
Implied volatility based on exchange traded options for Company's common stock, weight (as a percent) | 25% | |||
Weighted-average grant-date fair value of options granted (in dollars per share) | $ 22.83 | $ 18.95 | ||
Stock option | Minimum | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Purchase price (as a percent) | 100% | |||
Stock Appreciation Rights | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Number of shares granted | 0 | 0 | ||
Number of shares outstanding | 0 | 0 | ||
Deferred Stock | In Lieu of Annual Cash Retainer | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Granted (in shares) | 4,775 | 1,086 | 1,432 | |
Deferred Stock | Additional Compensation for Board Service | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Share-based compensation | $ 1.8 | $ 1.7 | $ 1.3 | |
Share-based payment award vesting period | 1 year | |||
Expiration period | 3 years | |||
Granted (in shares) | 12,698 | 15,528 | 11,004 | |
Restricted Stock | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Share-based compensation | $ 19.1 | $ 15.6 | $ 15.7 | |
Total unrecognized compensation cost, net of estimated forfeitures | $ 16.8 | |||
Total unrecognized compensation cost, weighted-average period for recognition | 2 years | |||
Granted (in shares) | 245 | 208,000 | 200,000 | |
Forfeited (in shares) | 25 | 23,000 | 17,000 | |
Term for restrictions to lapse | 6 years | |||
Restricted Stock | Additional Compensation for Board Service | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Share-based compensation | $ 7,192 | $ 7,764 | $ 7,208 | |
Forfeited (in shares) | 1,258 | |||
Performance Shares | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Share-based compensation | $ 15.6 | $ 16.3 | $ 3.7 |
Share-Based Compensation Plan_3
Share-Based Compensation Plans - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Shares | |||
Outstanding at beginning of period (in shares) | 852 | 788 | 723 |
Granted (in shares) | 0 | 130 | 156 |
Exercised (in shares) | 0 | (38) | (90) |
Expired or cancelled (in shares) | 0 | (28) | (1) |
Outstanding at end of period (in shares) | 852 | 852 | 788 |
Exercisable (in shares) | 639 | 510 | 455 |
Wtd. Avg. Exercise Price Per Share | |||
Outstanding at beginning of period (in dollars per share) | $ 90 | $ 91 | $ 87 |
Granted (in dollars per share) | 92 | 93 | |
Exercised (in dollars per share) | 93 | 59 | |
Expired or cancelled (in dollars per share) | 123 | 54 | |
Outstanding at end of period (in dollars per share) | 90 | 90 | 91 |
Exercisable (in dollars per share) | $ 90 | $ 89 | $ 90 |
Wtd. Avg. Remaining Contractual Term and Aggregate Intrinsic Value | |||
Outstanding (in years) | 5 years 1 month 6 days | 6 years 1 month 6 days | 6 years 2 months 12 days |
Exercisable (in years) | 4 years 4 months 24 days | 4 years 9 months 18 days | 4 years 6 months |
Outstanding | $ 2 | $ 8 | $ 4 |
Exercised | 3 | ||
Exercisable | $ 2 | $ 6 | $ 3 |
Share-Based Compensation Plan_4
Share-Based Compensation Plans - Schedule of Options Outstanding and Exercisable (Details) - Stock option | 12 Months Ended |
Dec. 31, 2022 $ / shares shares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Options outstanding, shares (in shares) | shares | 852,000 |
Options outstanding, weighted-average remaining contractual life | 5 years 1 month 6 days |
Options outstanding, weighted-average exercise price (in dollars per share) | $ / shares | $ 90 |
Options exercisable, shares (in shares) | shares | 639 |
Options exercisable, weighted-average exercise price (in dollars per share) | $ / shares | $ 90 |
$75-$80 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Options outstanding, shares (in shares) | shares | 200 |
Options outstanding, weighted-average remaining contractual life | 2 years 3 months 18 days |
Options outstanding, weighted-average exercise price (in dollars per share) | $ / shares | $ 76 |
Options exercisable, shares (in shares) | shares | 200 |
Options exercisable, weighted-average exercise price (in dollars per share) | $ / shares | $ 76 |
$81-$89 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Options outstanding, shares (in shares) | shares | 179 |
Options outstanding, weighted-average remaining contractual life | 5 years 6 months |
Options outstanding, weighted-average exercise price (in dollars per share) | $ / shares | $ 84 |
Options exercisable, shares (in shares) | shares | 141 |
Options exercisable, weighted-average exercise price (in dollars per share) | $ / shares | $ 84 |
$90-$95 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Options outstanding, shares (in shares) | shares | 286 |
Options outstanding, weighted-average remaining contractual life | 7 years 7 months 6 days |
Options outstanding, weighted-average exercise price (in dollars per share) | $ / shares | $ 93 |
Options exercisable, shares (in shares) | shares | 111 |
Options exercisable, weighted-average exercise price (in dollars per share) | $ / shares | $ 93 |
$96-$123 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Options outstanding, shares (in shares) | shares | 187 |
Options outstanding, weighted-average remaining contractual life | 4 years 1 month 6 days |
Options outstanding, weighted-average exercise price (in dollars per share) | $ / shares | $ 109 |
Options exercisable, shares (in shares) | shares | 187 |
Options exercisable, weighted-average exercise price (in dollars per share) | $ / shares | $ 109 |
Share-Based Compensation Plan_5
Share-Based Compensation Plans - Assumptions Used to Estimate Fair Value of Share Awards (Details) - Stock option | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Average risk-free interest rate (as a percent) | 0.70% | 1.50% |
Expected dividend yield (as a percent) | 2.70% | 2.50% |
Expected volatility (as a percent) | 35% | 27% |
Expected term (years) | 6 years | 6 years |
Share-Based Compensation Plan_6
Share-Based Compensation Plans - Summary of Restricted Stock Activity (Details) - Restricted Stock - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Shares | ||||
Unvested at beginning of period (in shares) | 545,000 | 484,000 | 446,000 | |
Granted (in shares) | 245 | 208,000 | 200,000 | |
Vested (in shares) | (177) | (124,000) | (145,000) | |
Forfeited (in shares) | (25) | (23,000) | (17,000) | |
Unvested at end of period (in shares) | 588,000 | 545,000 | 484,000 | 446,000 |
Wtd. Avg. Price Per Share | ||||
Unvested at beginning of period (in dollars per share) | $ 85 | $ 94 | $ 97 | |
Granted (in dollars per share) | 104 | 87 | 92 | |
Vested (in dollars per share) | 80 | 106 | 95 | |
Forfeited (in dollars per share) | 88 | 84 | 93 | |
Unvested at end of period (in dollars per share) | $ 94 | $ 85 | $ 94 | $ 97 |
Equity Other Than Options, Additional [Abstract] | ||||
Unvested (in years) | 1 year 4 months 24 days | 1 year 3 months 18 days | 1 year 4 months 24 days | 1 year 6 months |
Unvested, aggregate intrinsic value | $ 49 |
Share-Based Compensation Plan_7
Share-Based Compensation Plans - Performance Share Units (Details) - shares | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Performance Shares | ||||
Payout Levels (in units): | ||||
Threshold Award (in shares) | 0 | 61,076 | 59,698 | 61,381 |
Target Award (in shares) | 106,116 | 122,152 | 119,395 | 122,761 |
Outstanding Award (in shares) | 212,232 | 244,304 | 238,790 | 245,522 |
Shares Issued (in shares) | 81,700 | |||
Payout Achieved Over Performance Period | 244,304 | 81,700 | ||
Performance Shares 1 | ||||
Payout Levels (in units): | ||||
Threshold Award (in shares) | 0 | 39,882 | ||
Target Award (in shares) | 28,275 | 79,763 | ||
Outstanding Award (in shares) | 84,826 | 159,526 | ||
Payout Achieved Over Performance Period | 159,526 |
Acquisitions and Dispositions -
Acquisitions and Dispositions - Additional Information (Details) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||
Jan. 17, 2022 USD ($) | Oct. 01, 2021 USD ($) | Sep. 30, 2020 USD ($) Business | Nov. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) | Sep. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | ||||
Business Acquisition [Line Items] | ||||||||||||
Finite-Lived Intangible Assets, Net | $ 405,300,000 | $ 371,900,000 | $ 405,300,000 | |||||||||
Income tax adjustments | 3,100,000 | |||||||||||
Total cash consideration paid for acquisitions, net of cash acquired | 20,200,000 | 8,100,000 | $ 2,600,000 | |||||||||
Payment for contingent consideration liability, financing activities | 3,800,000 | 6,300,000 | 1,900,000 | |||||||||
Goodwill acquired during the period | 2,300,000 | [1] | 522,700,000 | [1] | 0 | |||||||
Intangible assets acquired during the period | 0 | |||||||||||
Number of businesses disposed | Business | 4 | |||||||||||
Net proceeds from disposal of businesses | $ 3,200,000 | $ 5,800,000 | ||||||||||
One-time loss on disposition | (8,000,000) | $ (4,100,000) | (2,100,000) | |||||||||
Carrying value, intangible assets | 405,300,000 | 371,900,000 | 405,300,000 | |||||||||
Revenues from services | [2] | 19,827,500,000 | 20,724,400,000 | 18,001,000,000 | ||||||||
APME | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Revenues from services | 2,387,300,000 | 2,481,100,000 | 2,376,700,000 | |||||||||
Interest and Other Expenses (Income), Net | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
One-time loss on disposition | (1,700,000) | (1,200,000) | ||||||||||
Selling and Administrative Expenses | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
One-time loss on disposition | $ (9,700,000) | $ (1,200,000) | (900,000) | (5,800,000) | ||||||||
2021 Acquisitions Excluding Ettain Group [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Goodwill acquired during the period | 8,800,000 | 3,100,000 | ||||||||||
Intangible assets acquired during the period | $ 5,300,000 | 600,000 | ||||||||||
Ettain Group Member | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Aggregate cash consideration paid | $ 930,900,000 | |||||||||||
Draw on revolving credit facility | 150,000,000 | |||||||||||
Customer relationship intangible asset | 15 years | |||||||||||
Finite-Lived Intangible Assets, Net | 354,000,000 | $ 330,000,000 | 354,000,000 | |||||||||
Working capital adjustments | 3,400,000 | |||||||||||
Goodwill from Acquisition for income tax purposes | 519,600,000 | 513,100,000 | 519,600,000 | |||||||||
Carrying value, intangible assets | 354,000,000 | $ 330,000,000 | 354,000,000 | |||||||||
Revenues from services | $ 182,700,000 | 21,269,100,000 | $ 18,731,000,000 | |||||||||
Ettain Group Member | Selling and Administrative Expenses | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Acquisitions and integration costs | $ 18,800,000 | |||||||||||
Ettain Group Member | Acquired Interests Member | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Aggregate cash consideration paid | 925,000,000 | |||||||||||
Ettain Group Member | Working Capital And Cash Member | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Aggregate cash consideration paid | $ 5,900,000 | |||||||||||
[1] Balances were net of accumulated impairment loss of $ 644.2 ($ 127.0 related to Northern Europe, $ 3.8 related to APME, $ 235.2 related to Right Management and $ 278.2 related to corporate) as of both January 1, 2021 and December 31, 2021; and $ 694.2 ($ 177.0 related to Northern Europe, $ 3.8 related to APME, $ 235.2 related to Right Management and $ 278.2 related to Corporate) as of December 31, 2022. (a) The United States revenues above represent revenues from our company-owned branches and franchise fees received from our franchise operations, which were $ 12.8 , $ 12.8 and $ 12.6 for 2022, 2021 and 2020 , respectively. |
Acquisitions and Dispositions_2
Acquisitions and Dispositions - Schedule of Preliminary Allocation of Assets and Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Oct. 01, 2021 | Dec. 31, 2020 | |||
Business Acquisition [Line Items] | |||||||
Operating lease right-of-use asset | $ 365.7 | $ 373.4 | |||||
Goodwill | [2] | 1,628.1 | [1] | 1,722.2 | [1] | $ 1,225.8 | |
Long-term operating lease liability | $ (266.6) | $ (275.8) | |||||
Americas | |||||||
Business Acquisition [Line Items] | |||||||
Cash and cash equivalents | $ 14.6 | ||||||
Accounts receivable | 132.6 | ||||||
Prepaid expenses and other assets | 2.6 | ||||||
Operating lease right-of-use asset | 8.7 | ||||||
Goodwill | 513.1 | ||||||
Intangible assets subject to amortization, customer relationship | 360 | ||||||
Accounts payable | (21.6) | ||||||
Employee compensation payable | (14.8) | ||||||
Accrued liabilities | (28.7) | ||||||
Accrued payroll taxes and insurance | (6.9) | ||||||
Value added taxes payable | (3) | ||||||
Long-term operating lease liability | (5.3) | ||||||
Other long-term liabilities | (20.4) | ||||||
Total assets acquired and liabilities assumed | $ 930.9 | ||||||
[1] Balances were net of accumulated impairment loss of $ 694.2 and $ 644.2 as of December 31, 2022 and 2021 , respectively. Balances were net of accumulated impairment loss of $ 644.2 ($ 127.0 related to Northern Europe, $ 3.8 related to APME, $ 235.2 related to Right Management and $ 278.2 related to corporate) as of both January 1, 2021 and December 31, 2021; and $ 694.2 ($ 177.0 related to Northern Europe, $ 3.8 related to APME, $ 235.2 related to Right Management and $ 278.2 related to Corporate) as of December 31, 2022. |
Acquisitions and Dispositions_3
Acquisitions and Dispositions - Historical revenues from services (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Business Acquisition [Line Items] | |||||
Revenues from services | [1] | $ 19,827.5 | $ 20,724.4 | $ 18,001 | |
Net earnings | $ 373.8 | 382.4 | 23.8 | ||
Ettain Group Member | |||||
Business Acquisition [Line Items] | |||||
Revenues from services | $ 182.7 | 21,269.1 | 18,731 | ||
Net earnings | $ 425.4 | $ 40.1 | |||
[1] (a) The United States revenues above represent revenues from our company-owned branches and franchise fees received from our franchise operations, which were $ 12.8 , $ 12.8 and $ 12.6 for 2022, 2021 and 2020 , respectively. |
Income Taxes - Schedule of Prov
Income Taxes - Schedule of Provision for Income Taxes (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Current | |||
Federal | $ 17.6 | $ 20.2 | $ 5.2 |
State | 6.8 | 3.3 | 4.5 |
Non-United States | 154.1 | 163.5 | 124.6 |
Total current | 178.5 | 187 | 134.3 |
Deferred | |||
Federal | 11.2 | 5.8 | (11) |
State | 0.9 | 2.4 | (4.9) |
Non-United States | (7.3) | (9.5) | 5.5 |
Total deferred | 4.8 | (1.3) | (10.4) |
Total provision | $ 183.3 | $ 185.7 | $ 123.9 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax [Line Items] | |||
Pretax income of non-United States operations | $ 380.9 | $ 433.6 | $ 86.3 |
Accumulated unremitted earnings of non-United States subsidiaries that are considered to be indefinitely reinvested | 339.9 | ||
Accumulated unremitted earnings of non-United States subsidiaries that may be remitted | 1,227.8 | ||
Deferred tax liability, undistributed foreign earnings | 18.4 | 16.1 | |
Deferred tax asset on net operating losses | 128.9 | 129.4 | |
Valuation allowance, net operating losses | 111.8 | ||
Gross unrecognized tax benefits | 81.6 | 71.8 | 64.5 |
Interest and penalties related to unrecognized tax benefits | 0.8 | 0.9 | $ 0 |
Gross recognized tax benefits | $ 6 | ||
Earliest Tax Year | |||
Income Tax [Line Items] | |||
Gross unrecognized tax benefits | $ 16.1 | ||
Income tax examination year under examination | 2015 | ||
Latest Tax Year | |||
Income Tax [Line Items] | |||
Gross unrecognized tax benefits | $ 19.4 | ||
Income tax examination year under examination | 2022 | ||
United States | |||
Income Tax [Line Items] | |||
U.S. Federal statutory rate (as percent) | 21% | 21% | 21% |
United States Federal and Non-United States | |||
Income Tax [Line Items] | |||
Net operating loss carryforwards | $ 651.4 | ||
United States State | |||
Income Tax [Line Items] | |||
Net operating loss carryforwards | $ 141.3 |
Income Taxes - Income Tax Recon
Income Taxes - Income Tax Reconciliation (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Income Tax [Line Items] | ||||
Income tax based on statutory rate | $ 117 | $ 119.3 | $ 31 | |
Increase (decrease) resulting from: | ||||
Repatriation of non-United States earnings | 10.7 | 5.7 | (2) | |
State income taxes, net of federal benefit | 5.5 | 5 | (1.3) | |
Change in valuation allowance | [1] | 13.7 | 22 | 48.5 |
Work Opportunity Tax Credit | [2] | (12.4) | (10.9) | (4.9) |
Foreign-Derived Intangible Income deduction | (9.6) | (10.7) | (8.8) | |
Goodwill impairment | [3] | 8.9 | 0 | 13.4 |
Other, net | 9.7 | 6.4 | (5.4) | |
Total provision | 183.3 | 185.7 | 123.9 | |
French Business Tax | ||||
Increase (decrease) resulting from: | ||||
Non-United States tax rate difference: | [4] | 24.6 | 26.7 | 43.7 |
Other | ||||
Increase (decrease) resulting from: | ||||
Non-United States tax rate difference: | [5] | $ 15.2 | $ 22.2 | $ 9.7 |
[1] In 2020, we determined that it was more likely than not that certain deferred tax assets in Germany and the Netherlands would not be realized and recorded income tax expense of $ 36.9 and $ 8.1 , respectively, to establish valuation allowances. Additional losses incurred in 2022 and 2021 in Germany resulted in an increase in valuation allowance of $ 13.5 and $ 20.1 , respectively. The Work Opportunity Tax Credit is currently authorized until December 31, 2025. Non-deductible portion of the goodwill impairment charges recorded in the Netherlands in 2022 and Germany in 2020. The French business tax is allowed as a deduction for French income tax purposes. The gross amount of the French business tax was $ 31.2 , $ 33.7 and $ 55.3 for 2022, 2021 and 2020 , respectively. The amounts in the table above of $ 24.6 , $ 26.7 and $ 43.7 for 2022, 2021 and 2020 , respectively, represent the French business tax expense net of the French tax benefit using the United States federal rate of 21 %. In December 2020, the French Parliament approved the Finance Bill for 2021 which lowered the business tax rate from 1.5 % to 0.75 %. The benefit of this tax rate reduction is reflected in our 2022 and 2021 Consolidated Financial Statements. In December 2022, the French Parliament approved the Finance Bill for 2023 which repeals the business tax over two years beginning in 2023. The business tax rate will be halved in 2023 and eliminated in 2024. The benefit of this tax rate reduction and repeal will be reflected in our 2023 and 2024 Consolidated Financial Statements. Included in Other Non-United States tax rate differences is the impact of all Non-United States pre-tax earnings and permanent tax differences at the local statutory tax rate versus the United States federal rate of 21 %. This includes benefits of $ 1.5 , $ 2.5 and $ 6.1 for 2022, 2021 and 2020, respectively, related to the difference between the United States federal rate and the French tax rate applied to the respective gross amounts of the French business tax deduction previously mentioned. |
Income Taxes - Income Tax Rec_2
Income Taxes - Income Tax Reconciliation (Parenthetical) (Details) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | ||||
Nov. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Income Tax [Line Items] | ||||||
French business tax, gross | $ 31.2 | $ 33.7 | $ 55.3 | |||
French business tax rate | 1.50% | 0.75% | ||||
Repatriation of non-United States earnings | 10.7 | 5.7 | (2) | |||
Change in valuation allowance | [1] | 13.7 | 22 | 48.5 | ||
Provision for income taxes | 183.3 | 185.7 | 123.9 | |||
Germany | ||||||
Income Tax [Line Items] | ||||||
Change in valuation allowance | 13.5 | 20.1 | ||||
Provision for income taxes | 36.9 | |||||
Netherlands | ||||||
Income Tax [Line Items] | ||||||
Provision for income taxes | 8.1 | |||||
French Business Tax | ||||||
Income Tax [Line Items] | ||||||
Non-United States tax rate difference: | [2] | $ 24.6 | $ 26.7 | $ 43.7 | ||
United States | ||||||
Income Tax [Line Items] | ||||||
U.S. Federal statutory rate (as percent) | 21% | 21% | 21% | |||
French business tax difference | ||||||
Income Tax [Line Items] | ||||||
Repatriation of non-United States earnings | $ 1.5 | $ 2.5 | $ 6.1 | |||
[1] In 2020, we determined that it was more likely than not that certain deferred tax assets in Germany and the Netherlands would not be realized and recorded income tax expense of $ 36.9 and $ 8.1 , respectively, to establish valuation allowances. Additional losses incurred in 2022 and 2021 in Germany resulted in an increase in valuation allowance of $ 13.5 and $ 20.1 , respectively. The French business tax is allowed as a deduction for French income tax purposes. The gross amount of the French business tax was $ 31.2 , $ 33.7 and $ 55.3 for 2022, 2021 and 2020 , respectively. The amounts in the table above of $ 24.6 , $ 26.7 and $ 43.7 for 2022, 2021 and 2020 , respectively, represent the French business tax expense net of the French tax benefit using the United States federal rate of 21 %. In December 2020, the French Parliament approved the Finance Bill for 2021 which lowered the business tax rate from 1.5 % to 0.75 %. The benefit of this tax rate reduction is reflected in our 2022 and 2021 Consolidated Financial Statements. In December 2022, the French Parliament approved the Finance Bill for 2023 which repeals the business tax over two years beginning in 2023. The business tax rate will be halved in 2023 and eliminated in 2024. The benefit of this tax rate reduction and repeal will be reflected in our 2023 and 2024 Consolidated Financial Statements. |
Income Taxes - Deferred Income
Income Taxes - Deferred Income Taxes Temporary Differences (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Future Income Tax Benefits (Expense) | ||
Accrued payroll taxes and insurance | $ 8.8 | $ 22.5 |
Employee compensation payable | 37.7 | 38.9 |
Pension and postretirement benefits | 65 | 77.9 |
Intangible assets | (140.4) | (135.7) |
Repatriation of non-United States earnings | (18.4) | (16.1) |
Loans denominated in foreign currencies | (0.7) | 0 |
Operating lease ROU assets | (92.9) | (96.3) |
Operating lease liabilities | 94.6 | 99.5 |
Net operating losses | 128.9 | 129.4 |
Other | 179.7 | 163.9 |
Valuation allowance | (161.1) | (167.1) |
Total future tax benefits | 101.2 | 116.9 |
Deferred tax asset | 126.7 | 135 |
Deferred tax liability | (25.5) | (18.1) |
Total future tax benefits | $ 101.2 | $ 116.9 |
Income Taxes - Summary of Net O
Income Taxes - Summary of Net Operating Loss Carryforwards (Details) $ in Millions | Dec. 31, 2022 USD ($) |
United States Federal and Non-United States | |
Income Tax Contingency [Line Items] | |
2023 | $ 0.1 |
2024 | 5 |
2025 | 2.7 |
2026 | 1.2 |
2027 | 3.4 |
Thereafter | 8 |
No expirations | 631 |
Total net operating loss carryforwards | 651.4 |
United States State | |
Income Tax Contingency [Line Items] | |
2023 | 8.2 |
2024 | 52.2 |
2025 | 5.3 |
2026 | 9.2 |
2027 | 5.7 |
Thereafter | 52.6 |
No expirations | 8.1 |
Total net operating loss carryforwards | $ 141.3 |
Income Taxes - Summary of Unrec
Income Taxes - Summary of Unrecognized Tax Benefit Activity (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Gross unrecognized tax benefits, beginning of year | $ 67.3 | $ 60.9 | $ 65.9 |
Increases in prior year tax positions | 10.5 | 4.6 | 1.4 |
Decreases in prior year tax positions | (1.2) | (0.4) | (4.1) |
Increases for current year tax positions | 2.3 | 9 | 3.2 |
Expiration of statute of limitations and audit settlements | (2.6) | (6.8) | (5.5) |
Gross unrecognized tax benefits, end of year | 76.3 | 67.3 | 60.9 |
Potential interest and penalties | 5.3 | 4.5 | 3.6 |
Balance, end of year | $ 81.6 | $ 71.8 | $ 64.5 |
Net Earnings Per Share - Calcul
Net Earnings Per Share - Calculations of Net Earnings Per Share - Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||
Net earnings available to common shareholders | $ 373.8 | $ 382.4 | $ 23.8 |
Weighted-average common shares outstanding (in millions): | |||
Weighted-average common shares outstanding - basic (in shares) | 52.2 | 54.5 | 58 |
Weighted-average common shares outstanding - diluted (in shares) | 52.8 | 55.4 | 58.3 |
Net earnings per share - basic | $ 7.17 | $ 7.01 | $ 0.41 |
Net earnings per share - diluted | $ 7.08 | $ 6.91 | $ 0.41 |
Effect of dilutive securities - stock options | |||
Weighted-average common shares outstanding (in millions): | |||
Effect of dilutive securities | 0 | 0.2 | 0 |
Effect of other share-based awards | |||
Weighted-average common shares outstanding (in millions): | |||
Effect of dilutive securities | 0.6 | 0.7 | 0.3 |
Net Earnings Per Share - Additi
Net Earnings Per Share - Additional Information (Details) - shares shares in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 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 per share - diluted (in shares) | 0.5 | 0.1 | 0.6 |
Goodwill - Changes in Carrying
Goodwill - Changes in Carrying Value of Goodwill by Reportable Segment (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||||
Goodwill [Roll Forward] | |||||||||
Balance at beginning of period | [2] | $ 1,722,200,000 | [1] | $ 1,225,800,000 | |||||
Goodwill Impairment charge | $ 0 | $ 0 | $ 0 | (50,000,000) | [2],[3] | 0 | $ (66,800,000) | ||
Acquisitions | 2,300,000 | [2] | 522,700,000 | [2] | 0 | ||||
Currency impact and other | [2] | (46,400,000) | (26,300,000) | ||||||
Balance at end of period | [2] | 1,628,100,000 | [1] | 1,722,200,000 | [1] | 1,225,800,000 | |||
Reportable segments | Americas | |||||||||
Goodwill [Roll Forward] | |||||||||
Balance at beginning of period | [4] | 1,058,900,000 | 536,600,000 | ||||||
Goodwill Impairment charge | |||||||||
Acquisitions | [4] | (6,500,000) | 522,700,000 | ||||||
Currency impact and other | [4] | (2,800,000) | (400,000) | ||||||
Balance at end of period | [4] | 1,049,600,000 | 1,058,900,000 | 536,600,000 | |||||
Reportable segments | Southern Europe | |||||||||
Goodwill [Roll Forward] | |||||||||
Balance at beginning of period | [5] | 146,700,000 | 154,900,000 | ||||||
Goodwill Impairment charge | |||||||||
Acquisitions | 8,800,000 | [5] | |||||||
Currency impact and other | [5] | (7,300,000) | (8,200,000) | ||||||
Balance at end of period | [5] | 148,200,000 | 146,700,000 | 154,900,000 | |||||
Reportable segments | Northern Europe | |||||||||
Goodwill [Roll Forward] | |||||||||
Balance at beginning of period | 313,700,000 | 326,600,000 | |||||||
Goodwill Impairment charge | [3] | (50,000,000) | |||||||
Acquisitions | |||||||||
Currency impact and other | (28,900,000) | (12,900,000) | |||||||
Balance at end of period | 234,800,000 | 313,700,000 | 326,600,000 | ||||||
Reportable segments | APME | |||||||||
Goodwill [Roll Forward] | |||||||||
Balance at beginning of period | 76,900,000 | 81,700,000 | |||||||
Goodwill Impairment charge | |||||||||
Acquisitions | |||||||||
Currency impact and other | (7,400,000) | (4,800,000) | |||||||
Balance at end of period | 69,500,000 | 76,900,000 | 81,700,000 | ||||||
Corporate | |||||||||
Goodwill [Roll Forward] | |||||||||
Balance at beginning of period | [6] | 126,000,000 | 126,000,000 | ||||||
Goodwill Impairment charge | |||||||||
Acquisitions | |||||||||
Currency impact and other | |||||||||
Balance at end of period | [6] | $ 126,000,000 | $ 126,000,000 | $ 126,000,000 | |||||
[1] Balances were net of accumulated impairment loss of $ 694.2 and $ 644.2 as of December 31, 2022 and 2021 , respectively. Balances were net of accumulated impairment loss of $ 644.2 ($ 127.0 related to Northern Europe, $ 3.8 related to APME, $ 235.2 related to Right Management and $ 278.2 related to corporate) as of both January 1, 2021 and December 31, 2021; and $ 694.2 ($ 177.0 related to Northern Europe, $ 3.8 related to APME, $ 235.2 related to Right Management and $ 278.2 related to Corporate) as of December 31, 2022. The 2022 impairment charge of $ 50.0 relates to our Netherlands reporting unit, which was recorded during the fourth quarter of 2022. See Note 1 to the Consolidated Financial Statements for further information. Balances related to United States were $ 490.2 , $ 1,013.0 and $ 1,006.5 as of January 1, 2021, December 31, 2021 and December 31, 2022 , respectively. The increase in 2021 is related to the Experis acquisition. The 2022 reduction for acquisitions represents post-closing opening balance adjustments related to the Experis acquisition. Balances related to France were $ 73.3 , $ 68.2 and $ 73.3 as of January 1, 2021, December 31, 2021 and December 31, 2022 , respectively. Balances related to Italy were $ 4.2 , $ 3.9 and $ 3.7 as of January 1, 2021, December 31, 2021 and December 31, 2022 , respectively. The majority of the Corporate balance as of December 31, 2021 and 2022 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. Right Management is allocated to the reporting units of the countries in which Right Management operates. 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 - Changes in Carryin_2
Goodwill - Changes in Carrying Value of Goodwill by Reportable Segment (Parenthetical) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Jan. 01, 2021 | |||||
Goodwill, Impaired, Accumulated Impairment Loss [Abstract] | ||||||||||||
Goodwill | [2] | $ 1,628.1 | [1] | $ 1,628.1 | [1] | $ 1,722.2 | [1] | $ 1,225.8 | ||||
Goodwill, accumulated impairment loss | 694.2 | 694.2 | 644.2 | $ 644.2 | ||||||||
Impairment Charge | $ 0 | $ 0 | $ 0 | 50 | [2],[3] | 0 | 66.8 | |||||
Corporate | ||||||||||||
Goodwill, Impaired, Accumulated Impairment Loss [Abstract] | ||||||||||||
Goodwill | [4] | 126 | 126 | 126 | $ 126 | |||||||
Goodwill, accumulated impairment loss | 278.2 | 278.2 | 278.2 | 278.2 | ||||||||
Impairment Charge | ||||||||||||
Jefferson Wells | ||||||||||||
Goodwill, Impaired, Accumulated Impairment Loss [Abstract] | ||||||||||||
Goodwill | 55.5 | 55.5 | ||||||||||
Right Management | ||||||||||||
Goodwill, Impaired, Accumulated Impairment Loss [Abstract] | ||||||||||||
Goodwill | 62.1 | |||||||||||
Goodwill, accumulated impairment loss | 235.2 | 235.2 | 235.2 | 235.2 | ||||||||
Netherlands Subsegment [Member] | ||||||||||||
Goodwill, Impaired, Accumulated Impairment Loss [Abstract] | ||||||||||||
Impairment Charge | 50 | |||||||||||
Netherlands Subsegment [Member] | Jefferson Wells | ||||||||||||
Goodwill, Impaired, Accumulated Impairment Loss [Abstract] | ||||||||||||
Goodwill | 55.1 | 55.1 | 74.3 | |||||||||
Americas | United States | ||||||||||||
Goodwill, Impaired, Accumulated Impairment Loss [Abstract] | ||||||||||||
Goodwill | 1,006.5 | 1,006.5 | 1,013 | 490.2 | ||||||||
Americas | United States | Jefferson Wells | ||||||||||||
Goodwill, Impaired, Accumulated Impairment Loss [Abstract] | ||||||||||||
Goodwill | 1,085.3 | 1,085.3 | 1,091.7 | |||||||||
Southern Europe | France | ||||||||||||
Goodwill, Impaired, Accumulated Impairment Loss [Abstract] | ||||||||||||
Goodwill | 79.5 | 79.5 | 110.7 | |||||||||
Southern Europe | France | Right Management | ||||||||||||
Goodwill, Impaired, Accumulated Impairment Loss [Abstract] | ||||||||||||
Goodwill | 73.3 | 73.3 | 68.2 | 73.3 | ||||||||
Southern Europe | Italy | ||||||||||||
Goodwill, Impaired, Accumulated Impairment Loss [Abstract] | ||||||||||||
Goodwill | 3.7 | 3.7 | 3.9 | 4.2 | ||||||||
Northern Europe | ||||||||||||
Goodwill, Impaired, Accumulated Impairment Loss [Abstract] | ||||||||||||
Goodwill, accumulated impairment loss | 177 | 177 | 127 | 127 | ||||||||
Northern Europe | Netherlands Subsegment [Member] | ||||||||||||
Goodwill, Impaired, Accumulated Impairment Loss [Abstract] | ||||||||||||
Goodwill | 55.1 | 55.1 | ||||||||||
Impairment Charge | 50 | |||||||||||
APME | ||||||||||||
Goodwill, Impaired, Accumulated Impairment Loss [Abstract] | ||||||||||||
Goodwill, accumulated impairment loss | $ 3.8 | $ 3.8 | $ 3.8 | $ 3.8 | ||||||||
[1] Balances were net of accumulated impairment loss of $ 694.2 and $ 644.2 as of December 31, 2022 and 2021 , respectively. Balances were net of accumulated impairment loss of $ 644.2 ($ 127.0 related to Northern Europe, $ 3.8 related to APME, $ 235.2 related to Right Management and $ 278.2 related to corporate) as of both January 1, 2021 and December 31, 2021; and $ 694.2 ($ 177.0 related to Northern Europe, $ 3.8 related to APME, $ 235.2 related to Right Management and $ 278.2 related to Corporate) as of December 31, 2022. The 2022 impairment charge of $ 50.0 relates to our Netherlands reporting unit, which was recorded during the fourth quarter of 2022. See Note 1 to the Consolidated Financial Statements for further information. The majority of the Corporate balance as of December 31, 2021 and 2022 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. Right Management is allocated to the reporting units of the countries in which Right Management operates. 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 - Schedule of Goodwill
Goodwill - Schedule of Goodwill Balances by Reporting Unit (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Jan. 01, 2021 | Dec. 31, 2020 | |||
Goodwill [Line Items] | |||||||
Goodwill | [2] | $ 1,628.1 | [1] | $ 1,722.2 | [1] | $ 1,225.8 | |
Jefferson Wells | |||||||
Goodwill [Line Items] | |||||||
Goodwill | 55.5 | ||||||
Netherlands | Jefferson Wells | |||||||
Goodwill [Line Items] | |||||||
Goodwill | 55.1 | 74.3 | |||||
United Kingdom | Jefferson Wells | |||||||
Goodwill [Line Items] | |||||||
Goodwill | 100.2 | 112.2 | |||||
Canada | |||||||
Goodwill [Line Items] | |||||||
Goodwill | 41.6 | 44.5 | |||||
Americas | United States | |||||||
Goodwill [Line Items] | |||||||
Goodwill | 1,006.5 | 1,013 | $ 490.2 | ||||
Americas | United States | Jefferson Wells | |||||||
Goodwill [Line Items] | |||||||
Goodwill | 1,085.3 | 1,091.7 | |||||
Northern Europe | Netherlands | |||||||
Goodwill [Line Items] | |||||||
Goodwill | 55.1 | ||||||
Southern Europe | France | |||||||
Goodwill [Line Items] | |||||||
Goodwill | 79.5 | 110.7 | |||||
Other Reporting Units | |||||||
Goodwill [Line Items] | |||||||
Goodwill | $ 266.4 | $ 288.8 | |||||
[1] Balances were net of accumulated impairment loss of $ 694.2 and $ 644.2 as of December 31, 2022 and 2021 , respectively. Balances were net of accumulated impairment loss of $ 644.2 ($ 127.0 related to Northern Europe, $ 3.8 related to APME, $ 235.2 related to Right Management and $ 278.2 related to corporate) as of both January 1, 2021 and December 31, 2021; and $ 694.2 ($ 177.0 related to Northern Europe, $ 3.8 related to APME, $ 235.2 related to Right Management and $ 278.2 related to Corporate) as of December 31, 2022. |
Debt - Schedule of Short-Term B
Debt - Schedule of Short-Term Borrowings (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Debt Disclosure [Abstract] | ||
Short-term borrowings | $ 21.5 | $ 16.8 |
Weighted-average interest rates | 6.10% | 7.60% |
Debt - Additional Information (
Debt - Additional Information (Details) XBA in Millions, $ in Millions | 12 Months Ended | |||||||
May 27, 2022 USD ($) | Jun. 22, 2018 EUR (€) | Dec. 31, 2022 USD ($) | Dec. 31, 2022 EUR (€) | Jul. 31, 2022 XBA | Jun. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) | Sep. 30, 2019 EUR (€) | |
Debt Instrument [Line Items] | ||||||||
Credit lines, remaining borrowing capacity | $ 270.1 | |||||||
Principal amount | € | € 55,400,000 | |||||||
Discounted issue price (as a percent) | 99.465% | |||||||
Effective interest rate (as a percent) | 3.514% | |||||||
Debt instrument credit agreement, description | The Credit Agreement contains customary restrictive covenants pertaining to our management and operations, including limitations on the amount of subsidiary debt that we may incur and limitations on our ability to pledge assets, as well as financial covenants requiring, among other things, that we comply with a leverage ratio (Net Debt-to-Net Earnings before interest and other expenses, provision for income taxes, intangible asset amortization expense, depreciation and amortization expense ("EBITDA")) of not greater than 3.5 to 1 and a fixed charge coverage ratio of not less than 1.5 to 1. | |||||||
2024 | $ 0 | |||||||
2025 | 0 | |||||||
2026 | 535.8 | |||||||
2027 | 424.1 | |||||||
Notes Due June 2027 | ||||||||
Debt Instrument [Line Items] | ||||||||
Principal amount | 400 | € 400,000,000 | $ 400 | |||||
Interest rate (as a percent) | 3.50% | |||||||
Notes Due June 2027 | Designated as economic hedges | Euro-denominated notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Principal amount | 423.9 | 400,000,000 | ||||||
Notes due June 2026 | ||||||||
Debt Instrument [Line Items] | ||||||||
Principal amount | € | € 500,000,000 | 500,000,000 | ||||||
Interest rate (as a percent) | 1.75% | |||||||
Net proceeds | € | € 495,700,000 | |||||||
Discounted issue price (as a percent) | 99.564% | |||||||
Effective interest rate (as a percent) | 1.809% | |||||||
Notes due June 2026 | Designated as economic hedges | Euro-denominated notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Principal amount | 532.7 | 500,000,000 | ||||||
Notes due June 2018 | ||||||||
Debt Instrument [Line Items] | ||||||||
Principal amount | € | € 350,000,000 | |||||||
Notes due September 2022 | ||||||||
Debt Instrument [Line Items] | ||||||||
Principal amount | XBA | XBA 400 | |||||||
Interest rate (as a percent) | 1.875% | |||||||
Notes due September 2022 | Designated as economic hedges | Euro-denominated notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Principal amount | € | € 400,000,000 | |||||||
Uncommitted credit lines | ||||||||
Debt Instrument [Line Items] | ||||||||
Credit lines, maximum borrowing capacity | 318.4 | |||||||
Credit lines, remaining borrowing capacity | 288.5 | |||||||
Uncommitted credit lines | First, second, and fourth quarters | ||||||||
Debt Instrument [Line Items] | ||||||||
Credit lines, maximum borrowing capacity | 300 | |||||||
Uncommitted credit lines | Third quarter | ||||||||
Debt Instrument [Line Items] | ||||||||
Credit lines, maximum borrowing capacity | 600 | |||||||
Five year credit agreement | ||||||||
Debt Instrument [Line Items] | ||||||||
Credit lines, maximum borrowing capacity | 600 | |||||||
Credit lines, remaining borrowing capacity | $ 599.6 | $ 524.5 | ||||||
Credit agreement term | 5 years | |||||||
Outstanding letters of credit | $ 0.4 | 0.5 | ||||||
Credit facility, expiration date | May 27, 2027 | |||||||
Facility fee (as a percent) | 10% | |||||||
Credit spread (as a percent) | 102.50% | |||||||
Replace revolving credit facility | $ 600 | |||||||
Maximum debt-to-EBITDA ratio | 0.035 | |||||||
Minimum fixed charge coverage ratio | 0.015 | |||||||
Stand-by letters of credit | ||||||||
Debt Instrument [Line Items] | ||||||||
Credit lines, maximum borrowing capacity | $ 150 | |||||||
Outstanding letters of credit | $ 75 |
Debt - Summary of Long-Term Deb
Debt - Summary of Long-Term Debt (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | ||
Long-term debt | $ 965 | $ 1,101.5 |
Less current maturities | 5.1 | 535.8 |
Long-term debt | 959.9 | 565.7 |
Revolving Credit Agreement | ||
Debt Instrument [Line Items] | ||
Long-term debt | 75 | |
Notes due June 2026 | ||
Debt Instrument [Line Items] | ||
Long-term debt | 532.7 | 565.2 |
Notes Due June 2027 | ||
Debt Instrument [Line Items] | ||
Long-term debt | 423.9 | 454.4 |
Other | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 8.4 | $ 6.9 |
Debt - Summary of Long-Term D_2
Debt - Summary of Long-Term Debt (Parenthetical) (Details) $ in Millions | Dec. 31, 2022 EUR (€) | Dec. 31, 2022 USD ($) | Jun. 30, 2022 USD ($) | Sep. 30, 2019 EUR (€) | Jun. 22, 2018 EUR (€) |
Debt Instrument [Line Items] | |||||
Principal amount | € 55,400,000 | ||||
Notes due June 2026 | |||||
Debt Instrument [Line Items] | |||||
Principal amount | € 500,000,000 | € 500,000,000 | |||
Notes Due June 2027 | |||||
Debt Instrument [Line Items] | |||||
Principal amount | € 400,000,000 | $ 400 | $ 400 |
Retirement and Deferred Compe_3
Retirement and Deferred Compensation Plans - Additional Information (Details) $ in Millions | 1 Months Ended | 12 Months Ended | |||
Feb. 29, 2020 USD ($) | Jan. 31, 2020 USD ($) | Dec. 31, 2022 USD ($) Insurance_contract | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |||||
Settlement of lump sum payments | $ 3.2 | ||||
Pension liability | $ 6.6 | ||||
Remaining plan assets in excess of pension liability | 16.6 | ||||
Pension liability | 2.7 | $ 1 | $ 9.3 | ||
Deferred compensation plans, asset and liability | 114.4 | 136.9 | |||
Company Sponsored Plans [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total expense | 18.4 | 17.3 | 16.6 | ||
Statutory Plans Member [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total expense | 31.4 | 32.2 | $ 7.5 | ||
Retiree Health Care Plan | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Prior service cost (credit) recognized in accumulated other comprehensive loss | 0.8 | ||||
Pension Plan [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Remaining plan assets in excess of pension liability | 76.8 | 99.4 | |||
Accumulated benefit obligation for plan | 554.1 | 787.5 | |||
Accumulated benefit obligation for plans that do not have plan assets | 74.9 | 104.2 | |||
Prior service cost (credit) recognized in accumulated other comprehensive loss | 0.7 | ||||
Estimated Net Gain | (3.3) | ||||
Estimated employer contribution to pension plans during next fiscal year | 16 | ||||
Pension Plan [Member] | Qualified Plan [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Accumulated benefit obligation for plan | 629 | 891.7 | |||
Projected benefit obligation for plans | 652.8 | 923.9 | |||
Postretirement Health Coverage [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Net loss recognized in accumulated other comprehensive loss | 0.5 | 2.2 | |||
Prior service cost (credit) recognized in accumulated other comprehensive loss | $ 1.7 | $ 2.3 | |||
Discount rate used in measurement of benefit obligation (as a percent) | 5.10% | 2.60% | |||
Discount rate used in measurement of net periodic benefit cost (as a percent) | 2.60% | 2.20% | 3% | ||
Health care cost trend rate assumed for next fiscal year (as a percent) | 6.70% | ||||
Ultimate health care cost trend rate (as a percent) | 4.50% | ||||
Foreign Plan [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Pension liability | $ 2.7 | $ 1 | |||
Foreign Plan [Member] | Pension Plan [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Settlement of lump sum payments | $ 57.4 | $ 61.7 | |||
Expected long-term return on plan assets | 2.20% | 1.80% | 2.20% | ||
Number of foreign plans using guaranteed insurance contracts | Insurance_contract | 4 | ||||
Net loss recognized in accumulated other comprehensive loss | $ 4.6 | $ 41.8 | |||
Prior service cost (credit) recognized in accumulated other comprehensive loss | $ 3.1 | $ 7.1 | |||
Discount rate used in measurement of benefit obligation (as a percent) | 3.20% | 1% | |||
Foreign Plan [Member] | Pension Plan [Member] | Minimum [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Expected long-term return on plan assets | 0.50% | ||||
Foreign Plan [Member] | Pension Plan [Member] | Maximum [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Expected long-term return on plan assets | 3% | ||||
UNITED STATES | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Contributions to pension plans | $ 19.2 | ||||
UNITED STATES | Pension Plan [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Settlement of lump sum payments | $ 0 | $ 0 | |||
Net loss recognized in accumulated other comprehensive loss | 4.5 | 7.8 | |||
Prior service cost (credit) recognized in accumulated other comprehensive loss | $ 0 | $ 0 | |||
Discount rate used in measurement of benefit obligation (as a percent) | 5.40% | 2.60% |
Retirement and Deferred Compe_4
Retirement and Deferred Compensation Plans - Reconciliation of Changes in Benefit Obligations and the Statement of Funded Status of Plan (Details) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | ||
Feb. 29, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Change in Plan Assets | ||||
Settlements | $ 3.2 | |||
Pension Plan [Member] | ||||
Change in Benefit Obligation | ||||
Service cost | $ 19.4 | $ 22 | $ 21 | |
Interest cost | 8.7 | 6.1 | 9.4 | |
Pension Plan [Member] | Foreign Plan [Member] | ||||
Change in Benefit Obligation | ||||
Benefit obligation, beginning of year | 897.9 | 965.6 | ||
Service cost | 19.4 | 22 | ||
Interest cost | 8.2 | 5.7 | ||
Settlements | (57.4) | (61.7) | ||
Transfers | 31.1 | 52.8 | ||
Actuarial (gain) loss | (218.7) | (47.3) | ||
Plan participant contributions | 13 | 14.1 | ||
Benefits paid | (11.4) | (12.8) | ||
Currency exchange rate changes | (49.8) | (40.5) | ||
Benefit obligation, end of year | 632.3 | 897.9 | 965.6 | |
Change in Plan Assets | ||||
Fair value of plan assets, beginning of year | 762.5 | 753.6 | ||
Actual return on plan assets | (166.7) | 24.3 | ||
Settlements | 57.4 | 61.7 | ||
Transfers | 31.8 | 52.8 | ||
Plan participant contributions | 13 | 14.1 | ||
Company contributions | 17.1 | 18.7 | ||
Benefits paid | (11.4) | (12.8) | ||
Currency exchange rate changes | (41.1) | (26.5) | ||
Fair value of plan assets, end of year | 547.8 | 762.5 | 753.6 | |
Funded Status at End of Year | ||||
Funded status, end of year | 84.5 | 135.4 | ||
Amounts Recognized | ||||
Noncurrent assets | 26.6 | 51.2 | ||
Current liabilities | (1.2) | (0.8) | ||
Noncurrent liabilities | (109.9) | (185.8) | ||
Net amount recognized | (84.5) | (135.4) | ||
Pension Plan [Member] | UNITED STATES | ||||
Change in Benefit Obligation | ||||
Benefit obligation, beginning of year | 26 | 28.5 | ||
Service cost | 0 | 0 | ||
Interest cost | 0.5 | 0.4 | ||
Settlements | 0 | 0 | ||
Transfers | 0 | 0 | ||
Actuarial (gain) loss | (3.7) | (0.6) | ||
Plan participant contributions | 0 | 0 | ||
Benefits paid | (2.3) | (2.3) | ||
Currency exchange rate changes | 0 | 0 | ||
Benefit obligation, end of year | 20.5 | 26 | 28.5 | |
Change in Plan Assets | ||||
Actual return on plan assets | 0 | 0 | ||
Settlements | 0 | 0 | ||
Transfers | 0 | 0 | ||
Plan participant contributions | 0 | 0 | ||
Company contributions | 2.3 | 2.3 | ||
Benefits paid | (2.3) | (2.3) | ||
Currency exchange rate changes | 0 | 0 | ||
Funded Status at End of Year | ||||
Funded status, end of year | (20.5) | (26) | ||
Amounts Recognized | ||||
Noncurrent assets | 0 | 0 | ||
Current liabilities | (2.4) | (2.3) | ||
Noncurrent liabilities | (18.1) | (23.7) | ||
Net amount recognized | (20.5) | (26) | ||
Postretirement Health Coverage [Member] | ||||
Change in Benefit Obligation | ||||
Benefit obligation, beginning of year | 14.1 | 14.6 | ||
Interest cost | 0.3 | 0.2 | 0.4 | |
Actuarial (gain) loss | (2.1) | 0.1 | ||
Benefits paid | (0.8) | (0.8) | ||
Benefit obligation, end of year | 11.5 | 14.1 | $ 14.6 | |
Funded Status at End of Year | ||||
Funded status, end of year | (11.5) | (14.1) | ||
Amounts Recognized | ||||
Current liabilities | (1.2) | (1.2) | ||
Noncurrent liabilities | (10.3) | (12.9) | ||
Net amount recognized | $ (11.5) | $ (14.1) |
Retirement and Deferred Compe_5
Retirement and Deferred Compensation Plans - Schedule of Amounts Recognized in Accumulated Other Comprehensive Loss, Net of Tax (Details) - Pension Plan [Member] - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Defined Benefit Plan Disclosure [Line Items] | ||
Prior service cost | $ 0.7 | |
Foreign Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net loss | 4.6 | $ 41.8 |
Prior service cost | 3.1 | 7.1 |
Total | 7.7 | 48.9 |
UNITED STATES | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net loss | 4.5 | 7.8 |
Prior service cost | 0 | 0 |
Total | $ 4.5 | $ 7.8 |
Retirement and Deferred Compe_6
Retirement and Deferred Compensation Plans - Schedule of Plans with Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets | $ 16.6 | |
Pension Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accumulated benefit obligation | 113.4 | $ 181.8 |
Plan assets | $ 76.8 | $ 99.4 |
Retirement and Deferred Compe_7
Retirement and Deferred Compensation Plans - Schedule of Plans with Projected Benefit Obligation in Excess of Fair Value of Plan Assets (Details) - Pension Plan [Member] - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | $ 117.4 | $ 188.3 |
Plan assets | $ 76.8 | $ 99.4 |
Retirement and Deferred Compe_8
Retirement and Deferred Compensation Plans - Schedule of Components of Net Periodic Benefit Cost and Other Amounts Recognized in Other Comprehensive Loss (Income) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Pension Plan [Member] | |||
Net Periodic Benefit Cost | |||
Service cost | $ 19.4 | $ 22 | $ 21 |
Interest cost | $ 8.7 | $ 6.1 | $ 9.4 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Interest Cost, Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Comprehensive Income (Loss), Net of Tax | Other Comprehensive Income (Loss), Net of Tax | Other Comprehensive Income (Loss), Net of Tax |
Expected return on assets | $ (14.7) | $ (12.2) | $ 13.5 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) Excluding Service Cost, Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Comprehensive Income (Loss), Net of Tax | Other Comprehensive Income (Loss), Net of Tax | Other Comprehensive Income (Loss), Net of Tax |
Settlements | $ 2.7 | $ 1 | $ 13.8 |
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Settlement Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Comprehensive Income (Loss), Net of Tax | Other Comprehensive Income (Loss), Net of Tax | Other Comprehensive Income (Loss), Net of Tax |
Net loss | $ 1.8 | $ 4.6 | $ 2.7 |
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Amortization of Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Comprehensive Income (Loss), Net of Tax | Other Comprehensive Income (Loss), Net of Tax | Other Comprehensive Income (Loss), Net of Tax |
Prior service cost | $ 0.7 | $ 0.7 | $ 0.7 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Amortization of Prior Service Cost (Credit), Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Comprehensive Income (Loss), Net of Tax | Other Comprehensive Income (Loss), Net of Tax | Other Comprehensive Income (Loss), Net of Tax |
Net periodic benefit cost | $ 18.6 | $ 22.2 | $ 34.1 |
Other Changes in Plan Assets and Benefit Obligation Recognized in Other Comprehensive Income/Loss | |||
Net (gain) loss | (40.9) | (60) | 44.1 |
Prior service cost | (0.2) | 0 | 0.4 |
Amortization of net loss | (5) | (5.6) | (6.3) |
Amortization of prior service cost | (0.7) | (0.7) | (0.7) |
Total recognized in other comprehensive income/loss | (46.8) | (66.3) | 37.5 |
Total recognized in net periodic benefit cost and other comprehensive income/loss | (28.2) | (44.1) | 71.6 |
Postretirement Health Coverage [Member] | |||
Net Periodic Benefit Cost | |||
Interest cost | 0.3 | 0.2 | 0.4 |
Net loss | 0.2 | 0.2 | 0.1 |
Prior service cost | (0.8) | (0.8) | (0.8) |
Net periodic benefit cost | (0.3) | (0.4) | (0.3) |
Other Changes in Plan Assets and Benefit Obligation Recognized in Other Comprehensive Income/Loss | |||
Net (gain) loss | (2) | 0.2 | 1.1 |
Amortization of net loss | (0.2) | (0.2) | (0.1) |
Amortization of prior service cost | 0.8 | 0.8 | 0.8 |
Total recognized in other comprehensive income/loss | (1.4) | 0.8 | 1.8 |
Total recognized in net periodic benefit cost and other comprehensive income/loss | $ (1.7) | $ 0.4 | $ 1.5 |
Retirement and Deferred Compe_9
Retirement and Deferred Compensation Plans - Schedule of Weighted-Average Assumptions Used in Measurement of Benefit Obligation and Net Periodic Benefit Cost (Details) - Pension Plan [Member] | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 3.20% | 1% | |
Rate of compensation increase | 1.90% | 1.70% | |
Interest crediting rates for cash balance plans | 0.50% | 1.90% | 2% |
Discount rate - service cost | 1% | 0.60% | 1.10% |
Expected long-term return on plan assets | 2.20% | 1.80% | 2.20% |
Rate of compensation increase | 1.70% | 1.70% | 1.70% |
UNITED STATES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 5.40% | 2.60% | |
Rate of compensation increase | 1.30% | 1.30% | |
Discount rate - service cost | 2.60% | 2.10% | 2.50% |
Rate of compensation increase | 1.30% | 0% | 0% |
Retirement and Deferred Comp_10
Retirement and Deferred Compensation Plans - Schedule of Fair Value of Pension Plan Assets by Asset Category (Details) - Pension Plan [Member] - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 142.2 | $ 206.5 | $ 242.6 |
Non-United States Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 547.8 | 762.5 | $ 753.6 |
Non-United States Plans | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 161.8 | 198 | |
Non-United States Plans | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 243.8 | 358 | |
Non-United States Plans | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 142.2 | 206.5 | |
Cash and cash equivalents | Non-United States Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 18.3 | 18.8 | |
Cash and cash equivalents | Non-United States Plans | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 18.3 | 18.8 | |
Cash and cash equivalents | Non-United States Plans | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Cash and cash equivalents | Non-United States Plans | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Mutual funds | Non-United States Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 114.5 | 141.5 | |
Mutual funds | Non-United States Plans | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 114.5 | 141.5 | |
Mutual funds | Non-United States Plans | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Mutual funds | Non-United States Plans | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Common stock | Non-United States Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 29 | 37.7 | |
Common stock | Non-United States Plans | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 29 | 37.7 | |
Common stock | Non-United States Plans | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Common stock | Non-United States Plans | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Fixed income funds | Non-United States Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 73.7 | 175 | |
Fixed income funds | Non-United States Plans | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Fixed income funds | Non-United States Plans | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 73.7 | 175 | |
Fixed income funds | Non-United States Plans | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Annuity contract | Non-United States Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 33.5 | 51.7 | |
Annuity contract | Non-United States Plans | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Annuity contract | Non-United States Plans | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Annuity contract | Non-United States Plans | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 33.5 | 51.7 | |
Bonds | Non-United States Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 38 | 44.9 | |
Bonds | Non-United States Plans | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Bonds | Non-United States Plans | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 38 | 44.9 | |
Bonds | Non-United States Plans | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Guaranteed insurance contracts | Non-United States Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 21.3 | 21.3 | |
Guaranteed insurance contracts | Non-United States Plans | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Guaranteed insurance contracts | Non-United States Plans | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 21.3 | 21.3 | |
Guaranteed insurance contracts | Non-United States Plans | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Insurance contracts | Non-United States Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 76.7 | 129.6 | |
Insurance contracts | Non-United States Plans | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Insurance contracts | Non-United States Plans | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Insurance contracts | Non-United States Plans | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 76.7 | 129.6 | |
Real estate funds | Non-United States Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 95.3 | 102.1 | |
Real estate funds | Non-United States Plans | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Real estate funds | Non-United States Plans | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 94 | 100.8 | |
Real estate funds | Non-United States Plans | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1.3 | 1.3 | |
Hedge funds | Non-United States Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 28.7 | 29.2 | |
Hedge funds | Non-United States Plans | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Hedge funds | Non-United States Plans | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 13.5 | 12.6 | |
Hedge funds | Non-United States Plans | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 15.2 | 16.6 | |
Other | Non-United States Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 18.8 | 10.7 | |
Other | Non-United States Plans | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Other | Non-United States Plans | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 3.3 | 3.4 | |
Other | Non-United States Plans | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 15.5 | $ 7.3 |
Retirement and Deferred Comp_11
Retirement and Deferred Compensation Plans - Schedule of Changes in Fair Value of Pension Assets Measured Using Level 3 Inputs (Details) - Pension Plan [Member] - Fair Value, Inputs, Level 3 [Member] - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets, beginning of year | $ 206.5 | $ 242.6 |
Actual return on plan assets | (61.2) | (21.6) |
Purchases, sales and settlements, net | 7.4 | (3.1) |
Currency exchange rate changes | (10.5) | (11.4) |
Fair value of plan assets, end of year | $ 142.2 | $ 206.5 |
Retirement and Deferred Comp_12
Retirement and Deferred Compensation Plans - Schedule of Projected Benefit Payment Estimates (Details) $ in Millions | Dec. 31, 2022 USD ($) |
Pension Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2023 | $ 67.8 |
2024 | 42.4 |
2025 | 32.9 |
2026 | 29.9 |
2027 | 27.3 |
2028-2032 | 158.3 |
Total projected benefit payments | 358.6 |
Postretirement Health Coverage [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2023 | 1.2 |
2024 | 1.2 |
2025 | 1.1 |
2026 | 1.1 |
2027 | 1 |
2028-2032 | 4.6 |
Total projected benefit payments | $ 10.2 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss - Components of Accumulated Other Comprehensive Loss, Net of Tax (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Accumulated other comprehensive loss | $ 2,458.1 | $ 2,531.7 | $ 2,453.6 | $ 2,761.5 |
Defined benefit pension plans, net of income benefit of $(20.4) and $(22.8), respectively | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Accumulated other comprehensive loss | (12.2) | (56.7) | ||
Retiree health care plan, net of income taxes of $1.9 and $1.6, respectively | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Accumulated other comprehensive loss | 1.2 | 0.1 | ||
Foreign currency translation | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Accumulated other comprehensive loss | (369.7) | (180.8) | ||
Translation loss on long-term intercompany loans | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Accumulated other comprehensive loss | (132.8) | (133.6) | ||
Gain on interest rate swap, net of income taxe of $0.4 for 2022 | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Accumulated other comprehensive loss | 1.4 | |||
Accumulated other comprehensive loss | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Accumulated other comprehensive loss | (458.7) | (389.4) | $ (397.3) | $ (441) |
Gain (loss) on derivative instruments, net of income tax benefit of $(5.3) and $(16.4), respectively | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Accumulated other comprehensive loss | $ 53.4 | $ (18.4) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Loss - Components of Accumulated Other Comprehensive Loss, Net of Tax (Parenthetical) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Translation loss on long-term intercompany loans, net of income taxes of $19.1 and $19.9, respectively | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Accumulated other comprehensive loss, income taxes | $ 19.1 | $ 19.9 |
Defined benefit pension plans and Retiree health care plan | Defined benefit pension plans, net of income benefit of $(20.4) and $(22.8), respectively | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Accumulated other comprehensive loss, income taxes | (20.4) | (22.8) |
Defined benefit pension plans and Retiree health care plan | Retiree health care plan, net of income taxes of $1.9 and $1.6, respectively | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Accumulated other comprehensive loss, income taxes | 1.9 | 1.6 |
Gain on interest rate swap, net of income taxe of $0.4 for 2022 | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Accumulated other comprehensive loss, income taxes | 0.4 | |
Gain (loss) on derivative instruments, net of income tax benefit of $(5.3) and $(16.4), respectively | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Accumulated other comprehensive loss, income taxes | $ (5.3) | $ (16.4) |
Interest and Other Expenses (_3
Interest and Other Expenses (Income), Net - Schedule of Interest and Other Expenses (Income), Net (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Other Nonoperating Income (Expense) [Abstract] | |||
Interest expense | $ 46.9 | $ 38.8 | $ 43.3 |
Interest income | (17.9) | (12) | (13.1) |
Foreign exchange loss | 11.9 | 5.2 | 4.9 |
Miscellaneous (income) expenses, net | (16.3) | (14.7) | (4.8) |
Interest and other expenses, net | $ 24.6 | $ 17.3 | $ 39.9 |
Derivative Financial Instrume_3
Derivative Financial Instruments - Additional Information (Details) £ in Millions, XBA in Millions, $ in Millions | 12 Months Ended | ||||||||||||
Jun. 09, 2022 EUR (€) | Mar. 17, 2022 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2022 GBP (£) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Dec. 31, 2022 EUR (€) | Sep. 30, 2022 | Jul. 31, 2022 XBA | Jun. 30, 2022 USD ($) | Mar. 31, 2022 | Sep. 30, 2019 EUR (€) | Jun. 22, 2018 EUR (€) | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||||
Long-term debt | € 55,400,000 | ||||||||||||
Net cash inflow | $ | $ (85.3) | $ (987) | $ (42.4) | ||||||||||
Forecasted IT contract payment | £ | £ 6 | ||||||||||||
Forward agreement gain/loss | $ | $ 2 | ||||||||||||
Cash flow hedge | |||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||||
Net cash inflow | $ | $ 19.2 | ||||||||||||
Forward agreement notional amount | € 300,000,000 | ||||||||||||
Forward agreement interest rate | 1.936% | ||||||||||||
Derivatives notes repay | € 400,000,000 | ||||||||||||
Forward agreement maturity date | Sep. 30, 2022 | ||||||||||||
Fair value hedge | |||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||||
Fixed annual interest rate | 1.7975% | 1.05973% | |||||||||||
Cross-currency swap | Cash flow hedge | |||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||||
Long-term debt | € 202,300,000 | ||||||||||||
Fixed annual interest rate | 1.256% | 1.256% | 1.143% | ||||||||||
Notes due September 2022 | |||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||||
Long-term debt | XBA | XBA 400 | ||||||||||||
Fixed annual interest rate | 1.875% | ||||||||||||
Notes Due June 2027 | |||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||||
Long-term debt | $ 400 | € 400,000,000 | $ 400 | ||||||||||
Fixed annual interest rate | 3.50% | ||||||||||||
Notes Due June 2026 | |||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||||
Long-term debt | 500,000,000 | € 500,000,000 | |||||||||||
Fixed annual interest rate | 1.75% | ||||||||||||
Designated as hedging instrument | Cross-currency swap | |||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||||
Forward agreement gain/loss | $ | 9.4 | ||||||||||||
Designated as hedging instrument | Notes due September 2022 | Euro-denominated notes | |||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||||
Long-term debt | 400,000,000 | ||||||||||||
Designated as hedging instrument | Notes Due June 2027 | Euro-denominated notes | |||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||||
Long-term debt | 423.9 | 400,000,000 | |||||||||||
Designated as hedging instrument | Notes Due June 2026 | Euro-denominated notes | |||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||||
Long-term debt | $ 532.7 | € 500,000,000 |
Derivative Financial Instrume_4
Derivative Financial Instruments - Effect of Net Investment Hedges on AOCI (Details) - Net Investment Hedging - Designated as hedging instrument - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Euro-denominated notes | ||
Derivative [Line Items] | ||
Gain (Loss) Recognized in Other Comprehensive Income | $ 60 | $ 76.1 |
Cross-currency swap | ||
Derivative [Line Items] | ||
Gain (Loss) Recognized in Other Comprehensive Income | $ (4.7) | $ 6.7 |
Derivative Financial Instrume_5
Derivative Financial Instruments - Impact of Changes in Fair Values of Derivatives Designated as Cash Flow Hedges on OCI, AOCL and Earnings (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Derivative [Line Items] | ||
Gain (Loss) Reclassified from AOCL into Income | $ 0.2 | |
Derivative Instrument, Gain (Loss) Reclassified from AOCI into Income, Effective Portion, Statement of Income or Comprehensive Income [Extensible Enumeration] | Interest And Other Non Operating Expenses | Interest And Other Non Operating Expenses |
Cash flow hedge | Designated as hedging instrument | ||
Derivative [Line Items] | ||
Gain (Loss) Reclassified from AOCL into Income | $ 2.8 | $ (13.7) |
Cross-currency swap | Cash flow hedge | Designated as hedging instrument | ||
Derivative [Line Items] | ||
Gain Recognized in OCI | 3.7 | 11.8 |
Foreign currency forward contracts | Cash flow hedge | Designated as hedging instrument | ||
Derivative [Line Items] | ||
Gain Recognized in OCI | 0.2 | |
Gain (Loss) Reclassified from AOCL into Income | (0.8) | |
Forward starting interest swap | Cash flow hedge | Designated as hedging instrument | ||
Derivative [Line Items] | ||
Gain Recognized in OCI | $ 2 |
Derivative Financial Instrume_6
Derivative Financial Instruments - Schedule of fair value hedges instruments (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Derivative [Line Items] | ||
Forward agreement gain/loss | $ 2 | |
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Interest And Other Non Operating Expenses | Interest And Other Non Operating Expenses |
Designated as hedging instrument | Intercompany Chf note | ||
Derivative [Line Items] | ||
Forward agreement gain/loss | $ (9.4) | |
Designated as hedging instrument | Cross-currency swap | ||
Derivative [Line Items] | ||
Forward agreement gain/loss | $ 9.4 |
Derivative Financial Instrume_7
Derivative Financial Instruments - Fair Value of Derivative and Non-Derivative Assets and Liabilities on the Consolidated Balance Sheets (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Derivatives, Fair Value [Line Items] | ||
Assets | $ 14 | $ 24.7 |
Liabilities | 982.4 | 1,049.3 |
Not designated as hedging instrument | Foreign currency forward contracts | Prepaid expenses and other assets | ||
Derivatives, Fair Value [Line Items] | ||
Assets | 0.2 | 0 |
Not designated as hedging instrument | Foreign currency forward contracts | Accrued liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Liabilities | 0 | 5.5 |
Cash flow hedge | Designated as hedging instrument | Cross-currency swap | Prepaid expenses and other assets | ||
Derivatives, Fair Value [Line Items] | ||
Assets | 0 | 24.7 |
Net Investment Hedging | Designated as hedging instrument | Cross-currency swap | Accrued liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Liabilities | 25.8 | 24.2 |
Net Investment Hedging | Designated as hedging instrument | Euro Notes due in 2027 | Long-term debt | ||
Derivatives, Fair Value [Line Items] | ||
Liabilities | 423.9 | 0 |
Net Investment Hedging | Designated as hedging instrument | Euro Notes due in 2022 | Short-term borrowings and current maturities of long-term debt | ||
Derivatives, Fair Value [Line Items] | ||
Liabilities | 0 | 454.4 |
Net Investment Hedging | Designated as hedging instrument | Euro Notes due in 2026 | Long-term debt | ||
Derivatives, Fair Value [Line Items] | ||
Liabilities | 532.7 | 565.2 |
Fair value hedge | Designated as hedging instrument | Cross-currency swap | Prepaid expenses and other assets | ||
Derivatives, Fair Value [Line Items] | ||
Assets | $ 13.8 | $ 0 |
Derivative Financial Instrume_8
Derivative Financial Instruments - Schedule of Effect of Forward Contracts not Designated as Hedging Instrument (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Derivative [Line Items] | ||
Amount of Gain Recognized in Income | $ 2 | |
Foreign currency forward contracts | Interest and other expenses, net | Interest and other expenses, net |
Not Designated as Hedging Instrument [Member] | Foreign Exchange Forward [Member] | ||
Derivative [Line Items] | ||
Amount of Gain Recognized in Income | $ (29.3) | $ (11.6) |
Leases - Components of Lease Ex
Leases - Components of Lease Expense and Other Information (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Leases [Abstract] | ||||
Operating lease expense | $ 132.4 | $ 140.8 | $ 143.1 | |
Short-term lease expense | 5.2 | 6 | 11.3 | |
Variable lease expense | [1] | 11.8 | 20.4 | 16.7 |
Total lease expense | 149.4 | 167.2 | 171.1 | |
Supplemental Cash Flow Information | ||||
Cash paid for amounts included in the measurement of operating lease liabilities | 127.7 | 139.6 | 142 | |
Operating ROU assets obtained in exchange for lease obligations | $ 92.5 | $ 70.2 | $ 63.6 | |
[1] Other lease expense includes variable lease expense and sublease income. |
Leases - Supplemental Balance S
Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | |
Operating Leases | |||
Operating lease ROU assets | $ 365.7 | $ 373.4 | |
Operating lease liabilities - current | [1] | $ 105.5 | $ 110 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Accrued Liabilities, Current | Accrued Liabilities, Current | |
Operating lease liabilities - long-term | $ 266.6 | $ 275.8 | |
Total operating lease liabilities | $ 372.1 | $ 385.8 | |
[1] (1) Operating lease liabilities - current are included in accrued expenses on our Consolidated Balance Sheets. |
Leases - Weighted Average Remai
Leases - Weighted Average Remaining Lease Term and Discount Rate (Details) | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Weighted Average Remaining Lease Term | |||
Operating leases | 5 years 3 months 18 days | 5 years 1 month 6 days | 5 years 2 months 12 days |
Weighted Average Discount Rate | |||
Operating leases | 2.90% | 2.60% | 2.90% |
Leases - Maturities of Operatin
Leases - Maturities of Operating Lease Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Period Ending December 31, 2020 | ||
2023 | $ 113.5 | |
2024 | 81.1 | |
2025 | 55.9 | |
2026 | 41.8 | |
2027 | 35.8 | |
Thereafter | 94.9 | |
Total future undiscounted lease payments | 423 | |
Less imputed interest | (50.9) | |
Total operating lease liabilities | $ 372.1 | $ 385.8 |
Segment Data - Schedule of Segm
Segment Data - Schedule of Segment Data (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |||
Segment Reporting Information [Line Items] | ||||||||
Revenues from services | [1] | $ 19,827.5 | $ 20,724.4 | $ 18,001 | ||||
Corporate expenses | (157) | (154.3) | (113.9) | |||||
Goodwill Impairment charge | $ 0 | $ 0 | $ 0 | (50) | [2],[3] | 0 | (66.8) | |
Intangible asset amortization expense | [4] | (37.1) | (24.2) | (27.2) | ||||
Operating profit | 581.7 | 585.4 | 187.6 | |||||
Interest and other expenses, net | (24.6) | (17.3) | (39.9) | |||||
Earnings before income taxes | 557.1 | 568.1 | 147.7 | |||||
Depreciation and Amortization Expense | 84.6 | 73.4 | 76.3 | |||||
Total Assets | 9,130.4 | 9,828.9 | 9,328.2 | |||||
Equity Investments | 95.8 | 114.2 | ||||||
Additions to Long-Lived Assets | 525.6 | 528.4 | 555 | |||||
Reportable segments | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Depreciation and Amortization Expense | 1.6 | 0.7 | 0.1 | |||||
Corporate | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Goodwill Impairment charge | ||||||||
Total Assets | [5] | 444.1 | 396.6 | 503.2 | ||||
Additions to Long-Lived Assets | 9 | 14 | 6.5 | |||||
Segment Reconciling Items | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Depreciation and Amortization Expense | [6] | 37.1 | 24.2 | 27.2 | ||||
Intercompany Eliminations | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Revenues from services | (80.1) | (37.7) | ||||||
Americas | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Revenues from services | 4,935.7 | 4,263.7 | 3,792.4 | |||||
Operating Unit Profit (Loss) | 282.6 | 195.2 | 116 | |||||
Depreciation and Amortization Expense | 10 | 9.3 | 10.1 | |||||
Total Assets | 3,640.6 | 3,831.6 | 2,485.1 | |||||
Additions to Long-Lived Assets | 93.8 | 93.2 | 93.5 | |||||
Americas | Reportable segments | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Goodwill Impairment charge | ||||||||
Southern Europe | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Revenues from services | 8,536.3 | 9,346.8 | 7,855.2 | |||||
Operating Unit Profit (Loss) | 413 | 416.3 | 237 | |||||
Depreciation and Amortization Expense | 17.7 | 20 | 21.8 | |||||
Total Assets | 3,558.4 | 3,691.2 | 4,167.2 | |||||
Additions to Long-Lived Assets | 253.5 | 237.3 | 251.8 | |||||
Southern Europe | Reportable segments | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Goodwill Impairment charge | ||||||||
Northern Europe | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Revenues from services | 4,048.3 | 4,670.5 | ||||||
Operating Unit Profit (Loss) | 42.4 | 67.8 | (27.6) | |||||
Northern Europe | Reportable segments | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Goodwill Impairment charge | [3] | (50) | ||||||
Depreciation and Amortization Expense | 10.7 | 10.9 | 8.9 | |||||
Total Assets | 742.9 | 1,095.7 | 1,366.7 | |||||
Northern Europe | Segment Reconciling Items | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Additions to Long-Lived Assets | 116.5 | 106.6 | 127.1 | |||||
APME | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Revenues from services | 2,387.3 | 2,481.1 | 2,376.7 | |||||
Operating Unit Profit (Loss) | 87.8 | 84.6 | 70.1 | |||||
APME | Reportable segments | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Goodwill Impairment charge | ||||||||
Depreciation and Amortization Expense | 7.5 | 8.3 | 8.2 | |||||
Total Assets | 744.4 | 813.8 | 806 | |||||
Additions to Long-Lived Assets | 52.8 | 77.3 | 76.1 | |||||
Northern Europe And APME | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Revenues from services | 19,907.6 | 20,762.1 | 18,001 | |||||
Operating Unit Profit (Loss) | 825.8 | 763.9 | 395.5 | |||||
United States | Americas | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Revenues from services | 3,499.3 | 2,743.3 | ||||||
United States | Americas | Reportable segments | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Depreciation and Amortization Expense | 7.8 | 6.9 | 7.8 | |||||
Total Assets | 3,243.2 | 3,434.6 | 2,103.8 | |||||
United States | Americas | Segment Reconciling Items | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Additions to Long-Lived Assets | 79.2 | 76.9 | 73.9 | |||||
Other Americas | Americas | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Revenues from services | 1,436.4 | 1,520.4 | ||||||
Other Americas | Americas | Reportable segments | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Depreciation and Amortization Expense | 2.2 | 2.4 | 2.3 | |||||
Total Assets | 397.4 | 397 | 381.3 | |||||
Other Americas | Americas | Segment Reconciling Items | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Additions to Long-Lived Assets | 14.6 | 16.3 | 19.6 | |||||
France | Southern Europe | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Revenues from services | 4,785 | 5,171.3 | ||||||
France | Southern Europe | Reportable segments | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Depreciation and Amortization Expense | 10.5 | 12.5 | 14.4 | |||||
Total Assets | 2,281.9 | 2,353.3 | 2,778.3 | |||||
Additions to Long-Lived Assets | 160.7 | 135 | 147.8 | |||||
Italy | Southern Europe | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Revenues from services | 1,706.9 | 1,795.4 | ||||||
Italy | Southern Europe | Reportable segments | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Depreciation and Amortization Expense | 2.4 | 2.5 | 2.1 | |||||
Total Assets | 455.3 | 509.7 | 540.4 | |||||
Additions to Long-Lived Assets | 32.7 | 33.6 | 36 | |||||
Other Southern Europe | Southern Europe | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Revenues from services | 2,044.4 | 2,380.1 | ||||||
Earnings from Equity Investments | 4.8 | 5 | 5.3 | |||||
Other Southern Europe | Southern Europe | Reportable segments | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Total Assets | 821.2 | 828.2 | 848.5 | |||||
Other Southern Europe | Southern Europe | Segment Reconciling Items | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Additions to Long-Lived Assets | 60.1 | 68.7 | 68 | |||||
Reportable subsegments | Intercompany Eliminations | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Revenues from services | 37.7 | 0 | ||||||
Reportable subsegments | Northern Europe | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Revenues from services | 4,048.3 | 4,670.5 | 3,976.7 | |||||
Reportable subsegments | United States | Americas | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Revenues from services | [1] | 3,499.3 | 2,743.3 | 2,327.2 | ||||
Operating Unit Profit (Loss) | 219.2 | 136 | 60.9 | |||||
Reportable subsegments | Other Americas | Americas | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Revenues from services | 1,436.4 | 1,520.4 | 1,465.2 | |||||
Operating Unit Profit (Loss) | 63.4 | 59.2 | 55.1 | |||||
Reportable subsegments | France | Southern Europe | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Revenues from services | 4,785 | 5,171.3 | 4,338.1 | |||||
Operating Unit Profit (Loss) | 226.7 | 233.5 | 149 | |||||
Reportable subsegments | Italy | Southern Europe | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Revenues from services | 1,706.9 | 1,795.4 | 1,370.7 | |||||
Operating Unit Profit (Loss) | 122.9 | 115.3 | 64.2 | |||||
Reportable subsegments | Other Southern Europe | Southern Europe | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Revenues from services | 2,044.4 | 2,380.1 | 2,146.4 | |||||
Operating Unit Profit (Loss) | $ 63.4 | $ 67.5 | $ 23.8 | |||||
[1] (a) The United States revenues above represent revenues from our company-owned branches and franchise fees received from our franchise operations, which were $ 12.8 , $ 12.8 and $ 12.6 for 2022, 2021 and 2020 , respectively. Balances were net of accumulated impairment loss of $ 644.2 ($ 127.0 related to Northern Europe, $ 3.8 related to APME, $ 235.2 related to Right Management and $ 278.2 related to corporate) as of both January 1, 2021 and December 31, 2021; and $ 694.2 ($ 177.0 related to Northern Europe, $ 3.8 related to APME, $ 235.2 related to Right Management and $ 278.2 related to Corporate) as of December 31, 2022. The 2022 impairment charge of $ 50.0 relates to our Netherlands reporting unit, which was recorded during the fourth quarter of 2022. See Note 1 to the Consolidated Financial Statements for further information. (b) Intangible asset amortization related to acquisitions is excluded from operating costs within the reportable segments and corporate expenses, and shown separately. (a) Corporate assets include assets that were not used in the operations of any segment, the most significant of which were purchased intangibles and cash. (a) Intangible asset amortization related to acquisitions is excluded from operating costs within the reportable segments and corporate expenses, and shown separately. |
Segment Data - Segment Informat
Segment Data - Segment Information by Geographical Region (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues from services | [1] | $ 19,827.5 | $ 20,724.4 | $ 18,001 |
[1] (a) The United States revenues above represent revenues from our company-owned branches and franchise fees received from our franchise operations, which were $ 12.8 , $ 12.8 and $ 12.6 for 2022, 2021 and 2020 , respectively. |
Segment Data - Schedule of Se_2
Segment Data - Schedule of Segment Data (Parenthetical) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Segment Reporting Information [Line Items] | ||||
Revenues from services | [1] | $ 19,827.5 | $ 20,724.4 | $ 18,001 |
Franchise fees | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from services | 15.7 | 15.3 | 14.1 | |
Americas | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from services | 4,935.7 | 4,263.7 | 3,792.4 | |
Americas | United States | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from services | 3,499.3 | 2,743.3 | ||
Americas | United States | Franchise fees | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from services | $ 12.8 | $ 12.8 | $ 12.6 | |
[1] (a) The United States revenues above represent revenues from our company-owned branches and franchise fees received from our franchise operations, which were $ 12.8 , $ 12.8 and $ 12.6 for 2022, 2021 and 2020 , respectively. |
Contingencies - Additional Info
Contingencies - Additional Information (Details) $ in Millions | Dec. 31, 2022 USD ($) |
Loss Contingencies [Line Items] | |
Loss contingency | $ 840.2 |
Guarantees | |
Loss Contingencies [Line Items] | |
Loss contingency | 793 |
Stand-by letters of credit | |
Loss Contingencies [Line Items] | |
Loss contingency | $ 47.2 |
Quarterly Data (Unaudited) (Det
Quarterly Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Quarterly Financial Information Disclosure [Abstract] | ||||
Revenues from services | [1] | $ 19,827.5 | $ 20,724.4 | $ 18,001 |
Gross profit | 3,572.4 | 3,407.5 | 2,824.7 | |
Operating profit (loss) | 581.7 | 585.4 | 187.6 | |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ 373.8 | $ 382.4 | $ 23.8 | |
Net earnings (loss) per share - basic | $ 7.17 | $ 7.01 | $ 0.41 | |
Net earnings (loss) per share - diluted | 7.08 | 6.91 | 0.41 | |
Dividends per share (in dollars per share) | $ 2.72 | $ 2.52 | $ 2.26 | |
[1] (a) The United States revenues above represent revenues from our company-owned branches and franchise fees received from our franchise operations, which were $ 12.8 , $ 12.8 and $ 12.6 for 2022, 2021 and 2020 , respectively. |
Quarterly Data (Unaudited) (Par
Quarterly Data (Unaudited) (Parenthetical) (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
Jan. 17, 2022 | Nov. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Quarterly Financial Information Disclosure [Line Items] | ||||||||||
Impairment Charge | $ 0 | $ 0 | $ 0 | $ 50 | [1],[2] | $ 0 | $ 66.8 | |||
One-time loss on disposition | $ (8) | $ (4.1) | (2.1) | |||||||
Selling and Administrative Expenses | ||||||||||
Quarterly Financial Information Disclosure [Line Items] | ||||||||||
One-time loss on disposition | (9.7) | $ (1.2) | (0.9) | $ (5.8) | ||||||
Interest and Other Expenses (Income), Net | ||||||||||
Quarterly Financial Information Disclosure [Line Items] | ||||||||||
One-time loss on disposition | $ (1.7) | $ (1.2) | ||||||||
[1] Balances were net of accumulated impairment loss of $ 644.2 ($ 127.0 related to Northern Europe, $ 3.8 related to APME, $ 235.2 related to Right Management and $ 278.2 related to corporate) as of both January 1, 2021 and December 31, 2021; and $ 694.2 ($ 177.0 related to Northern Europe, $ 3.8 related to APME, $ 235.2 related to Right Management and $ 278.2 related to Corporate) as of December 31, 2022. The 2022 impairment charge of $ 50.0 relates to our Netherlands reporting unit, which was recorded during the fourth quarter of 2022. See Note 1 to the Consolidated Financial Statements for further information. |
Schedule II VALUATION AND QUA_2
Schedule II VALUATION AND QUALIFYING ACCOUNTS (Details) - Allowance for doubtful accounts - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Year | $ 121.6 | $ 128.1 | $ 113.5 |
Provisions Charged to Earnings | 6.2 | 17.9 | 20.3 |
Write-Offs | 12.4 | (17.7) | (17.8) |
Translation Adjustments | (5.8) | 6.5 | 8.1 |
Reclassifications and other, additions | (0.3) | 0.2 | 4 |
Balance at End of Year | $ 109.3 | $ 121.6 | $ 128.1 |