Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2023 | May 03, 2023 | |
Cover [Abstract] | ||
Entity Registrant Name | MANPOWERGROUP INC. | |
Entity Central Index Key | 0000871763 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Trading Symbol | MAN | |
Title of 12(b) Security | Common Stock, $.01 par value | |
Security Exchange Name | NYSE | |
Entity Common Stock, Shares Outstanding | 50,426,091 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q1 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2023 | |
Entity Shell Company | false | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity File Number | 1-10686 | |
Entity Tax Identification Number | 39-1672779 | |
Entity Address, Address Line One | 100 Manpower Place | |
Entity Address, City or Town | Milwaukee | |
Entity Address, State or Province | WI | |
Entity Incorporation, State or Country Code | WI | |
Entity Address, Postal Zip Code | 53212 | |
City Area Code | 414 | |
Local Phone Number | 961-1000 |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 | |
Statement of Financial Position [Abstract] | |||
Cash and cash equivalents | $ 706.7 | $ 639 | |
Accounts receivable, less allowance for doubtful accounts of $0.0 and $109.3, respectively | 4,773.2 | 5,137.4 | |
Prepaid expenses and other assets | 178 | 158 | |
Total current assets | 5,657.9 | 5,934.4 | |
Other Assets: | |||
Goodwill | [1] | 1,631.7 | 1,628.1 |
Intangible assets, less accumulated amortization of $0.0 and $468.3, respectively | 541.4 | 549.5 | |
Operating lease right-of-use assets | 381.8 | 365.7 | |
Other assets | 566.4 | 540.5 | |
Total other assets | 3,121.3 | 3,083.8 | |
Property and Equipment: | |||
Land, buildings, leasehold improvements and equipment | 595.1 | 584.9 | |
Less: accumulated depreciation and amortization | 484.7 | 472.7 | |
Net property and equipment | 110.4 | 112.2 | |
Total assets | 8,889.6 | 9,130.4 | |
Current Liabilities: | |||
Accounts payable | 2,662.4 | 2,831.4 | |
Employee compensation payable | 200 | 271.7 | |
Accrued liabilities | 576.7 | 572.6 | |
Accrued payroll taxes and insurance | 694.8 | 746.7 | |
Value added taxes payable | 429.1 | 462.7 | |
Short-term borrowings and current maturities of long-term debt | 16.6 | 26.6 | |
Total current liabilities | 4,579.6 | 4,911.7 | |
Other Liabilities: | |||
Long-term debt | 972.4 | 959.9 | |
Long-term operating lease liability | 282.6 | 266.6 | |
Other long-term liabilities | 545.6 | 534.1 | |
Total other liabilities | 1,800.6 | 1,760.6 | |
ManpowerGroup shareholders' equity | |||
Preferred stock, $.01 par value, authorized 25,000,000 shares, none issued | 0 | 0 | |
Common stock, $.01 par value, authorized 125,000,000 shares, issued 00 and 118,028,009 shares, respectively | 1.2 | 1.2 | |
Capital in excess of par value | 3,490.6 | 3,484.2 | |
Retained earnings | 3,946.3 | 3,868.5 | |
Accumulated other comprehensive loss | (451.6) | (458.7) | |
Treasury stock at cost, 00 and 67,468,433 shares, respectively | (4,488.1) | (4,447.9) | |
Total ManpowerGroup shareholders’ equity | 2,498.4 | 2,447.3 | |
Noncontrolling interests | 11 | 10.8 | |
Total shareholders’ equity | 2,509.4 | 2,458.1 | |
Total liabilities and shareholders’ equity | $ 8,889.6 | $ 9,130.4 | |
[1] Balances were net of accumulated impairment loss of $ 694.2 as of both March 31, 2023 and December 31, 2022 . |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $ 108.5 | $ 109.3 |
Other Assets: | ||
Accumulated amortization on intangible assets | $ 478.4 | $ 468.3 |
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) | 118,364,088 | 118,028,009 |
Treasury stock at cost (in shares) | 67,938,466 | 67,468,433 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Income Statement [Abstract] | ||
Revenues from services | $ 4,752.3 | $ 5,143.3 |
Cost of services | 3,889.2 | 4,246.2 |
Gross profit | 863.1 | 897.1 |
Selling and administrative expenses | 745.2 | 758.4 |
Operating profit | 117.9 | 138.7 |
Interest and other expenses, net | 7.5 | 2.7 |
Earnings before income taxes | 110.4 | 136 |
Provision for income taxes | 32.6 | 44.4 |
Net earnings | $ 77.8 | $ 91.6 |
Net earnings (loss) per share - basic | $ 1.53 | $ 1.71 |
Net earnings (loss) per share - diluted | $ 1.51 | $ 1.68 |
Weighted average shares - basic (in shares) | 50.9 | 53.6 |
Weighted average shares - diluted (in shares) | 51.6 | 54.4 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Statement of Comprehensive Income [Abstract] | ||
Net earnings | $ 77.8 | $ 91.6 |
Other comprehensive income (loss): | ||
Foreign currency translation adjustments | 47 | (35.9) |
Adjustments on derivative instruments, net of income taxes of $(2.8) and $6.6, respectively | (38.7) | 22.9 |
Translation adjustments of long-term intercompany loans | (0.1) | 2.5 |
Unrealized adjustment on interest rate swap | (0.1) | 0 |
Defined benefit pension plans and retiree health care plan, net of income taxes of $0.1 for both periods | (1) | 0.3 |
Total other comprehensive income (loss) | 7.1 | (10.2) |
Comprehensive income | $ 84.9 | $ 81.4 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Other comprehensive income (loss): | ||
Income tax expense on translation adjustments on derivative instruments | $ (2.8) | $ 6.6 |
Income tax expense on defined benefit pension plans and retiree health care plan | $ 0.1 | $ 0.1 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Cash Flows from Operating Activities: | ||
Net earnings | $ 77.8 | $ 91.6 |
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities: | ||
Depreciation and amortization | 21 | 21.3 |
Loss on sales of a subsidiary | 0 | 8 |
Deferred income taxes | 18.2 | 2.4 |
Provision for doubtful accounts | 0.1 | 2.8 |
Share-based compensation | 5.1 | 10.6 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 398 | (96.9) |
Other assets | (37.3) | (17.1) |
Other liabilities | (358.3) | 47.9 |
Cash provided by operating activities | 124.6 | 70.6 |
Cash Flows from Investing Activities: | ||
Capital expenditures | (13.2) | (19.4) |
Proceeds from the sales of subsidiaries and property and equipment | 0 | 0.8 |
Cash used in investing activities | (13.2) | (18.6) |
Cash Flows from Financing Activities: | ||
Net change in short-term borrowings | (10.7) | (3.7) |
Repayments of revolving debt facility | 0 | (25) |
Proceeds from long-term debt | 0.2 | 0.7 |
Repayments of long-term debt | (0.2) | 0 |
Proceeds from share-based awards | 1.7 | 0.3 |
Other share-based award transactions | (9.8) | (8.2) |
Repurchases of common stock | (30) | (59.9) |
Cash used in financing activities | (48.8) | (95.8) |
Effect of exchange rate changes on cash | 5.1 | (26.7) |
Change in cash and cash equivalents | 67.7 | (70.5) |
Cash and cash equivalents, beginning of period | 639 | 847.8 |
Cash and cash equivalents, end of period | 706.7 | 777.3 |
Supplemental Cash Flow Information: | ||
Interest Paid | 10.7 | 5.9 |
Income taxes paid, net | 29 | 14 |
Non-cash operating activity: | ||
Right-of-use assets obtained in exchange for new operating lease liabilities | $ 30.7 | $ 9.5 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) $ in Millions | Total | Common Stock | Capital in Excess of Par Value | Retained Earnings | Accumulated Other Comprehensive Loss | Treasury Stock | Non-Controlling Interests |
Balance, beginning of period at Dec. 31, 2021 | $ 2,531.7 | $ 1.2 | $ 3,444.7 | $ 3,634.6 | $ (389.4) | $ (4,169.4) | $ 10 |
Balance, beginning of period (in shares) at Dec. 31, 2021 | 117,762,065 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net earnings | 91.6 | 91.6 | |||||
Other comprehensive income (loss) | (10.2) | (10.2) | |||||
Issuances under equity plans | (8.3) | (0.1) | (8.2) | ||||
Issuances under equity plans (in shares) | 246,804 | ||||||
Share-based compensation expense | 10.6 | 10.6 | |||||
Repurchases of common stock | (59.9) | (59.9) | |||||
Noncontrolling interest transactions | 0.6 | 0.6 | |||||
Balance, end of period at Mar. 31, 2022 | 2,556.1 | $ 1.2 | 3,455.2 | 3,726.2 | (399.6) | (4,237.5) | 10.6 |
Balance, end of period (in shares) at Mar. 31, 2022 | 118,008,869 | ||||||
Balance, beginning 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, beginning of period (in shares) at Dec. 31, 2022 | 118,028,009 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net earnings | 77.8 | 77.8 | |||||
Other comprehensive income (loss) | 7.1 | 7.1 | |||||
Issuances under equity plans | (8.6) | 1.3 | (9.9) | ||||
Issuances under equity plans (in shares) | 336,079 | ||||||
Share-based compensation expense | 5.1 | 5.1 | |||||
Repurchases of common stock | (30.3) | (30.3) | |||||
Noncontrolling interest transactions | 0.2 | 0.2 | |||||
Balance, end of period at Mar. 31, 2023 | $ 2,509.4 | $ 1.2 | $ 3,490.6 | $ 3,946.3 | $ (451.6) | $ (4,488.1) | $ 11 |
Balance, end of period (in shares) at Mar. 31, 2023 | 118,364,088 |
Basis of Presentation and Accou
Basis of Presentation and Accounting Policies | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Accounting Policies | (1) Basis of Presentation and Accounting Policies Basis of Presentation Certain information and footnote disclosures normally included in the financial statements prepared in accordance with United States Generally Accepted Accounting Principles ("GAAP") have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission, although we believe that the disclosures are adequate to make the information presented not misleading. These Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements included in our 2022 Annual Report on Form 10-K. The information furnished reflects all adjustments that, in the opinion of management, were necessary for a fair statement of the Consolidated Financial Statements for the periods presented. Such adjustments were of a normal recurring nature, unless otherwise disclosed. Allowance for Doubtful Accounts We have an allowance for doubtful accounts recorded as an estimate of the accounts receivable that may not be collected. This allowance is calculated on an entity-by-entity basis with consideration of historical write-off experience, age of receivables, market conditions, and a specific review for potential bad debts. Items that affect this balance mainly include bad debt expense and the write-off of accounts receivable balances. A rollforward of our allowance for doubtful accounts is shown below: Three Months Ended Balance, December 31, 2022 109.3 Provisions charged to earnings 0.1 Write-offs ( 2.2 ) Translation adjustments 1.3 Balance, March 31, 2023 $ 108.5 Leases We determine whether a contract is or contains a lease at contract inception. Right-of-use (“ROU”) assets and long-term lease liabilities are presented as separate line items on our Consolidated Balance Sheets. Current operating lease liabilities are included in accrued expenses on our Consolidated Balance Sheets. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Lease liabilities are recognized at commencement date based on the present value of remaining lease payments over the lease term. As the rate implicit in the lease is not readily determinable in most of our leases, we use our incremental borrowing rate. We determine our incremental borrowing rate at the commencement date using our unsecured borrowing rate, adjusted for collateralization, lease term, economic environment, currency and other factors. ROU assets are recognized at commencement date at the value of the related lease liabilities, adjusted for any prepayments, lease incentives received, and initial direct costs incurred. Our lease terms include options to renew or not terminate the lease when it is reasonably certain that we will exercise that option. Lease expenses for operating leases are recognized on a straight-line basis over the lease term and recorded in selling and administrative expenses on the Consolidated Statements of Operations. Goodwill Impairment In accordance with the accounting guidance on goodwill, we perform an annual impairment test of goodwill at our reporting unit level during the third quarter, or more frequently if events or circumstances change that would more likely than not reduce the fair value of our reporting units below their carrying value. We evaluate the recoverability of goodwill utilizing an income approach that estimates the fair value of the future discounted cash flows to which the goodwill relates. This approach reflects management’s internal outlook of the reporting units, which is believed to be the best determination of value due to management’s insight and experience with the reporting units. Significant assumptions used in our goodwill impairment tests include: expected future revenue growth rates, operating unit profit margins, working capital levels, discount rates, and a terminal value multiple. During the fourth 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. As a result, we wrote the carrying value of the Netherlands reporting unit down to its estimated fair value and recognized a non-cash impairment charge of $ 50.0 . Key assumptions included in the Netherlands discounted cash flow valuation performed during the fourth quarter of 2022 were 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 $ 55.8 as of March 31, 2023, 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. |
Recent Accounting Standards
Recent Accounting Standards | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Standards | (2) Recent Accounting Standards Accounting Standards Effective as of January 1, 2023 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 was effective for us as of January 1, 2023. 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 can 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. |
Revenue Recognition
Revenue Recognition | 3 Months Ended |
Mar. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | (3) Revenue Recognition For certain client contracts where we recognize revenues over time, we recognize the amount that we have the right to invoice, which corresponds directly to the value provided to the client of our performance to date. We do not disclose the amount of unsatisfied performance obligations for client contracts with an original expected length of one year or less and those client contracts for which we recognize revenues at the amount to which we have the right to invoice for services performed. We have other contracts with revenues expected to be recognized subsequent to March 31, 2023, related to remaining performance obligations, which are not material. We record accounts receivable when our right to consideration becomes unconditional. Contract assets primarily relate to our rights to consideration for services provided that they are conditional on satisfaction of future performance obligations. We record contract liabilities (deferred revenue) when payments are made or due prior to the related performance obligations being satisfied. The current portion of our contract liabilities is included in accrued liabilities in our Consolidated Balance Sheets. We do not have any material contract assets or long-term contract liabilities. Our deferred revenue was $ 36.1 as of March 31, 2023 and $ 35.6 as of December 31, 2022. In the following table, revenue is disaggregated by service types for each of our reportable segments. See Note 2 to the Consolidated Financial Statements in our 2022 Annual Report on Form 10-K for descriptions of revenue service types. Three Months Ended March 31, 2023 2022 (1) Staffing Outcome- Permanent Other Total Staffing Outcome- Permanent Other Total Americas: United States $ 687.1 $ 4.2 $ 37.8 $ 40.9 $ 770.0 $ 792.7 $ 4.3 $ 54.2 $ 38.2 $ 889.4 Other Americas 335.6 11.1 11.7 1.8 360.2 336.9 12.0 11.2 1.7 361.8 1,022.7 15.3 49.5 42.7 1,130.2 1,129.6 16.3 65.4 39.9 1,251.2 Southern Europe: France 1,061.7 73.2 16.5 17.9 1,169.3 1,101.5 70.3 16.5 4.1 1,192.4 Italy 392.7 9.4 15.0 5.1 422.2 417.8 8.1 13.7 5.4 445.0 Other Southern Europe 372.6 80.6 15.9 7.3 476.4 443.5 94.1 15.8 3.1 556.5 1,827.0 163.2 47.4 30.3 2,067.9 1,962.8 172.5 46.0 12.6 2,193.9 Northern Europe 810.6 89.4 43.4 24.2 967.6 938.1 94.0 45.3 17.1 1,094.5 APME 454.9 100.9 39.0 11.1 605.9 463.1 109.3 37.2 8.6 618.2 4,115.2 368.8 179.3 108.3 4,771.6 4,493.6 392.1 193.9 78.2 5,157.8 Intercompany Eliminations ( 19.3 ) ( 14.5 ) Total $ 4,752.3 $ 5,143.3 (1) Certain service line revenues for the United States and Northern Europe were reclassified for the 2022 comparative period to align with the current period presentation. In the United States, $ 52.8 was reclassified from Outcome-Based Solutions and Consulting to Staffing and Interim. In Northern Europe, $ 39.0 was reclassified from Staffing and Interim to Outcome-Based Solutions and Consulting. In the following table, revenue is disaggregated by timing of revenue recognition for each of our reportable segments: Three Months Ended March 31, 2023 2022 Services Services Total Services Services Total Americas: United States $ 748.4 $ 21.6 $ 770.0 $ 858.8 $ 30.6 $ 889.4 Other Americas 352.9 7.3 360.2 355.0 6.8 361.8 1,101.3 28.9 1,130.2 1,213.8 37.4 1,251.2 Southern Europe: France 1,154.1 15.2 1,169.3 1,177.0 15.4 1,192.4 Italy 408.2 14.0 422.2 432.4 12.6 445.0 Other Southern Europe 463.3 13.1 476.4 543.3 13.2 556.5 2,025.6 42.3 2,067.9 2,152.7 41.2 2,193.9 Northern Europe 933.1 34.5 967.6 1,057.2 37.3 1,094.5 APME 584.6 21.3 605.9 597.1 21.1 618.2 4,644.6 127.0 4,771.6 5,020.8 137.0 5,157.8 Intercompany Eliminations ( 19.3 ) ( 14.5 ) Total $ 4,752.3 $ 5,143.3 |
Share-Based Compensation Plans
Share-Based Compensation Plans | 3 Months Ended |
Mar. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Share-Based Compensation Plans | (4) Share-Based Compensation Plans During the three months ended March 31, 2023 and 2022, we recognized share-based compensation exp ense of $ 5.1 and $ 10.6 , respectively. The expense relates to stock options, deferred stock units, restricted stock units and performance share units. Lower expense in the three months ended March 31, 2023 resulted primarily from lower estimated payouts related to performance share units. We recognize share-based compensation expense in selling and administrative expenses on a straight-line basis over the service period of each award. Consideration received from share-based awards was $ 1.7 and $ 0.3 for the three months ended March 31, 2023 and 2022, respectively. Our annual grant of share-based compensation generally takes place during the first quarter of each fiscal year. The number of shares subject to equity awards granted to employees and members of our Board of Directors, as well as the weighted-average fair value per share, for the 2023 and 2022 annual grants are presented in the table below: For the Three Months Ended March 31, 2023 2022 Shares Wtd.-Avg. Shares Wtd.-Avg. Restricted Stock Units 260 81.92 245 104.50 Performance Share Units 133 86.48 134 106.40 Deferred Stock Units 15 83.21 13 97.33 Total Shares Granted 408 $ 83.45 392 $ 104.91 |
Acquisitions and Dispositions
Acquisitions and Dispositions | 3 Months Ended |
Mar. 31, 2023 | |
Business Combinations [Abstract] | |
Acquisitions and Dispositions | (5) Acquisitions and Dispositions From time to time, we acquire and invest in companies throughout the world, including franchises. No cash consideration was paid during the three months ended March 31, 2023 or 2022. 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 three months ended March 31, 2022. |
Restructuring Costs
Restructuring Costs | 3 Months Ended |
Mar. 31, 2023 | |
Restructuring and Related Activities [Abstract] | |
Restructuring Costs | (6) Restructuring Costs We recorded $ 6.6 in restructuring costs during the three months ended March 31, 2023. We did not record any restructuring costs during the three months ended March 31, 2022. During the three months ended March 31, 2023, we made payments of $ 5.6 out of our restructuring reserve, which is used for severance and office closures and consolidations in multiple countries and territories. We expect a majority of the remaining $ 14.2 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, 2022 $ 1.0 $ 1.0 $ 11.0 $ 0.2 $ — $ 13.2 Severance costs 0.9 0.3 1.1 2.5 0.4 5.2 Other Costs — — 1.4 — — 1.4 Costs paid ( 1.1 ) ( 0.1 ) ( 4.1 ) — ( 0.3 ) ( 5.6 ) Balance, March 31, 2023 $ 0.8 $ 1.2 $ 9.4 $ 2.7 $ 0.1 $ 14.2 (1) Balances related to the United States were $ 0.6 and $ 0.7 as of December 31, 2022 and March 31, 2023 , respectively. (2) Balances related to France were $ 0.9 as of both December 31, 2022 and March 31, 2023 . |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | (7) Income Taxes We recorded income tax expense at an effective rate of 29.5 % for the three months ended March 31, 2023, as compared to an effective rate of 32.6 % for the three months ended March 31, 2022. The 2023 rate was favorably impacted by the scheduled reduction in the French business tax rate from 0.75 % to 0.375 % effective January 1, 2023. The 29.5 % effective tax rate for the three months ended March 31, 2023 was higher than the United States Federal statutory rate of 21 % primarily due to the French business tax, tax losses in certain countries for which we did not recognize a corresponding tax benefit due to valuation allowances, and the overall mix of earnings. As of March 31, 2023, we had gross unrecognized tax benefits related to various tax jurisdictions, including interest and penalties, of $ 80.9 . If recognized, the entire amount would favorably affect the effective tax rate except for $ 6.0 . As of December 31, 2022, we had gross unrecognized tax benefits related to various tax jurisdictions, including interest and penalties, of $ 81.6 . 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 2016 through 2023 for our major operations in France, Italy, the United Kingdom and the United States. As of March 31, 2023, we were subject to tax audits in Austria, Germany, India, Israel, Korea, Spain and the United States. We believe that the resolution of these audits will not have a material impact on earnings. |
Net Earnings (Loss) Per Share
Net Earnings (Loss) Per Share | 3 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [Abstract] | |
Net Earnings Per Share | (8) Net Earnings Per Share The calculations of net earnings per share - basic and net earnings per share - diluted were as follows: Three Months Ended March 31, 2023 2022 Net earnings available to common shareholders $ 77.8 $ 91.6 Weighted-average common shares outstanding (in millions) Weighted-average common shares outstanding - basic 50.9 53.6 Effect of dilutive securities - stock options 0.1 0.1 Effect of other share-based awards 0.6 0.7 Weighted-average common shares outstanding - diluted 51.6 54.4 Net earnings per share - basic $ 1.53 $ 1.71 Net earnings per share - diluted $ 1.51 $ 1.68 There were 0.5 million and 0.2 million share-based awards excluded from the calculation of net earnings per share - diluted for the three months ended March 31, 2023 and 2022 , respectively, because their impact was anti-dilutive. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 3 Months Ended |
Mar. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | (9) Goodwill and Other Intangible Assets We have goodwill, finite-lived intangible assets and indefinite-lived intangible assets as follows: March 31, 2023 December 31, 2022 Gross Accumulated Net Gross Accumulated Net Goodwill (1) $ 1,631.7 $ — $ 1,631.7 $ 1,628.1 $ — $ 1,628.1 Intangible assets: Finite-lived: Customer relationships $ 820.4 $ 457.7 $ 362.7 $ 818.9 $ 448.1 $ 370.8 Other 21.5 20.7 0.8 21.3 20.2 1.1 841.9 478.4 363.5 840.2 468.3 371.9 Indefinite-lived: Tradenames (2) 52.0 — 52.0 52.0 — 52.0 Reacquired franchise rights 125.9 — 125.9 125.6 — 125.6 177.9 — 177.9 177.6 — 177.6 Total intangible assets $ 1,019.8 $ 478.4 $ 541.4 $ 1,017.8 $ 468.3 $ 549.5 (1) Balances were net of accumulated impairment loss of $ 694.2 as of both March 31, 2023 and December 31, 2022 . (2) Balances were net of accumulated impairment loss of $ 139.5 as of both March 31, 2023 and December 31, 2022 . Total consolidated amortization expense related to intangible assets for the remainder of 2023 is expected to be $ 26.5 and in each of the next five years as follows: 2024 - $ 32.0 , 2025 - $ 30.3 , 2026 - $ 26.7 , 2027 - $ 26.2 and 2028 - $ 26.2 . Changes in the carrying value of goodwill by reportable segment and Corporate were as follows: Americas (1) Southern (2) Northern APME Corporate (3) Total Balance, December 31, 2022 $ 1,049.6 $ 148.2 $ 234.8 $ 69.5 $ 126.0 $ 1,628.1 Currency impact 0.4 1.5 2.2 ( 0.5 ) — 3.6 Balance, March 31, 2023 $ 1,050.0 $ 149.7 $ 237.0 $ 69.0 $ 126.0 $ 1,631.7 (1) Balances related to the United States were $ 1,006.5 a s of both December 31, 2022 and March 31, 2023 . (2) Balances related to France were $ 73.3 and $ 74.3 as of December 31, 2022 and March 31, 2023, respectively. Balances related to Italy were $ 3.7 as of both December 31, 2022 and March 31, 2023 . (3) The majority of the Corporate balance relates to goodwill attributable to our acquisitions of Right Management ($ 62.1 ) and Jefferson Wells ($ 55.5 ). Jefferson Wells is part of the United States reporting unit. 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 balances to the respective reportable segments as this is commensurate with how we operate our business. We do, however, include these balances within the appropriate reporting units for our goodwill impairment testing. See table below for the breakout of goodwill balances by reporting unit. Goodwill balances by reporting unit were as follows: March 31, December 31, 2023 2022 United States $ 1,085.3 $ 1,085.3 United Kingdom 101.9 100.2 France 80.4 79.5 Netherlands 55.8 55.1 Canada 41.7 41.6 Other reporting units 266.6 266.4 Total goodwill $ 1,631.7 $ 1,628.1 |
Retirement Plans
Retirement Plans | 3 Months Ended |
Mar. 31, 2023 | |
Retirement Benefits [Abstract] | |
Retirement Plans | (10) Retirement Plans The components of the net periodic benefit cost (credit) for our plans were as follows: Three Months Ended March 31, Defined Benefit Pension Retiree Health Care Plan 2023 2022 2023 2022 Service cost $ 3.8 $ 5.1 $ — $ — Interest cost 5.2 2.3 0.1 0.1 Expected return on assets ( 4.6 ) ( 3.9 ) — — Net (gain) loss ( 0.9 ) 0.5 — — Prior service cost (credit) 0.2 0.2 ( 0.2 ) ( 0.2 ) Total benefit cost (credit) $ 3.7 $ 4.2 $ ( 0.1 ) $ ( 0.1 ) During the three months ended March 31, 2023, contributions made to our pension plans and retiree health care plan were $ 5.2 and $ 0.3 , respectively. During 2023, we expect to make total contributions of approximately $ 21.0 to our pension plans and to fund our retiree health care payments as incurred. |
Shareholders' Equity
Shareholders' Equity | 3 Months Ended |
Mar. 31, 2023 | |
Equity [Abstract] | |
Shareholders' Equity | (11) Shareholders’ Equity The components of accumulated other comprehensive loss, net of tax, were as follows: March 31, December 31, 2023 2022 Foreign currency translation $ ( 322.7 ) $ ( 369.7 ) Translation loss on long-term intercompany loans, net of income taxes of $ 19.1 on both dates ( 132.9 ) ( 132.8 ) Gain on derivative instruments, net of income tax benefit of $( 8.1 ) and $( 5.3 ), respectively 14.7 53.4 Gain on interest rate swap, net of income taxes of $ 0.4 on both dates 1.3 1.4 Defined benefit pension plans, net of income tax benefit of $( 20.3 ) and $( 20.4 ), respectively ( 13.0 ) ( 12.2 ) Retiree health care plan, net of income taxes of $ 1.9 on both dates 1.0 1.2 Accumulated other comprehensive loss $ ( 451.6 ) $ ( 458.7 ) Noncontrolling Interests Noncontrolling interests, reported in total shareholders' equity in our Consolidated Balance Sheets, represent amounts related to majority-owned subsidiaries in which we have a controlling financial interest. Net earnings attributable to these noncontrolling interests are recorded in interest and other expenses, net in our Consolidated Statements of Operations. We recorded no amount for the three months ended March 31, 2023 and expenses of $ 0.5 for the three months ended March 31, 2022. The Board of Directors declared a semi-annual dividend of $ 1.47 and $ 1.36 per share on May 5, 2023 and May 6, 2022 , respectively. The 2023 dividends are payable on June 15, 2023 to shareholders of record as of June 1, 2023 . The 2022 dividends were paid on June 15, 2022 to shareholders of record as of June 1, 2022 . Share Repurchases In August 2021, the Board of Directors authorized the repurchase of 4.0 million shares of our common stock, with terms consistent with the previous authorizations. This authorization was in addition to the August 2019 Board authorizations to repurchase 6.0 million shares of our common stock. Share repurchases may be made from time to time through a variety of methods, including open market purchases, block transactions, privately negotiated transactions or similar facilities. During the three months ended March 31, 2023, we repurchased a total of 0.4 million shares under the 2021 authorization at a cost of $ 30.0 . During the three months ended March 31, 2022, we repurchased 0.6 million shares under the 2019 authorization at a cost of $ 59.9 . As of March 31, 2023, there were 1.6 million shares remaining authorized for repurchase under the 2021 authorization and no shares remaining authorized for repurchase under the 2019 authorization. |
Interest and Other Expenses, Ne
Interest and Other Expenses, Net | 3 Months Ended |
Mar. 31, 2023 | |
Other Nonoperating Income (Expense) [Abstract] | |
Interest and Other Expenses, Net | (12) Interest and Other Expenses, Net Interest and other expenses, net consisted of the following: Three Months Ended March 31, 2023 2022 Interest expense $ 18.7 $ 10.4 Interest income ( 8.1 ) ( 2.8 ) Foreign exchange loss 3.1 1.8 Miscellaneous income, net ( 6.2 ) ( 6.7 ) Interest and other expenses, net $ 7.5 $ 2.7 |
Derivative Financial Instrument
Derivative Financial Instruments and Fair Value Measurements | 3 Months Ended |
Mar. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments and Fair Value Measurements | (13) Derivative Financial Instruments and Fair Value Measurements Derivative Financial Instruments We are exposed to various market risks relating to our ongoing business operations. The primary market risks, which are managed using derivative instruments, are foreign currency exchange rate risk and interest rate risk. In certain circumstances, we enter into foreign currency forward exchange contracts and cross-currency swaps to reduce the effects of fluctuating foreign currency exchange rates on our cash flows denominated in foreign currencies. Our exposure to market risk for changes in interest rates relates primarily to our long-term debt obligations. We have historically managed interest rate risk through the use of a combination of fixed and variable rate borrowings. Net Investment Hedges We use cross-currency swaps, forward contracts and a portion of our foreign currency denominated debt, a non-derivative financial instrument, to protect the value of our net investments in certain of our foreign subsidiaries. For derivative instruments that are designated and qualify as hedges of our net investments in foreign operations, the changes in fair values of the derivative instruments are recognized in foreign currency translation, a component of accumulated other comprehensive income (“AOCI”), to offset the changes in the values of the net investments being hedged. For non-derivative financial instruments that are designated and qualify as hedges of net investments in foreign operations, the change in the carrying value of the designated portion of the non-derivative financial instrument due to changes in foreign currency exchange rates is recorded in foreign currency translation adjustments. Our € 500.0 ($ 539.7 ) notes due June 2026 and € 400.0 ($ 429.6 ) notes due June 2027 were designated as a hedge of our net investment in our foreign subsidiaries with a Euro-functional currency as of March 31, 2023. 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 net converts fixed-rate Swiss franc (“CHF”) payments to fixed-rate United States dollar payments. This swap was designated as a net investment hedge of our foreign subsidiary with CHF functional currency. The effect of our net investment hedges on AOCI for the three months ended March 31, 2023 and 2022 was as follows: Gain (Loss) Recognized in Other Comprehensive Income Three Months Ended March 31, Instrument 2023 2022 Euro Notes $ ( 12.3 ) $ 27.3 Cross-currency swaps ( 0.4 ) 2.9 We use cross-currency swaps to hedge the changes in cash flows of certain of our foreign currency denominated debt due to changes in foreign currency exchange rates. For our cross-currency swaps, we record the change in carrying value of the foreign currency denominated debt due to changes in exchange rates into earnings each period. The changes in fair value of the cross-currency swap derivatives are recorded in AOCI with an immediate reclassification into earnings for the change in fair value attributable to fluctuations in foreign currency exchange rates. In April 2019, we entered into a cross-currency swap agreement to convert our intercompany fixed-rate, CHF denominated note, including the annual interest payment and the payment of remaining principal at maturity, to a fixed-rate Euro denominated note. The economic effect of the swap agreement is to eliminate the uncertainty of cash flows in CHF associated with the note by fixing the principal at € 202.3 with a fixed annual interest rate of 1.256 %. This hedging arrangement has been designated as a cash flow hedge. The swap 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. 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 will be 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 other comprehensive income (“OCI”), AOCI and earnings for the three months ended March 31, 2023 and 2022: Gain (Loss) Recognized in OCI Gain (Loss) Reclassified from AOCI into Income Three Months Ended March 31, Location of Gain (Loss) Reclassified Three Months Ended March 31, Instrument 2023 2022 from AOCI into Income 2023 2022 Cross-currency swaps $ — $ ( 1.0 ) Interest and other expenses, net $ — $ ( 0.9 ) Forward starting interest swap — — Interest and other expenses, net 0.1 — We expect the net amount of pre-tax derivative gains included in AOCI at March 31, 2023 to be reclassified into earnings within the next 12 months will not be significant. The actual amount that will be reclassified to earnings over the next 12 months will vary due to future currency exchange rates. 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 with 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. Impact of foreign exchange rate changes on the value of the note is offset by gains and losses from the hedges. The following tables present the impact that the fair value hedges had on OCI and earnings for the three months ended March 2023 and 2022: Gain (Loss) Recognized in OCI Gain (Loss) Recognized in Income Three Months Ended March 31, Location of Gain (Loss) Three Months Ended March 31, Instrument 2023 2022 Recognized in Income 2023 2022 Intercompany CHF note $ — $ — Interest and other expenses, net $ 0.7 $ ( 2.6 ) Cross-currency swaps ( 1.7 ) — Interest and other expenses, net ( 0.7 ) 2.6 Non-designated instruments We also use certain derivatives, which are not designated as hedging instruments, as economic hedges of foreign currency and interest rate exposure. For our forward contracts that are not designated as hedges, any gain or loss resulting from the change in fair value is recognized in current period earnings. These gains or losses are offset by the exposure related to receivables and payables with our foreign subsidiaries and to interest due on our Euro-denominated notes, which is paid annually in June and September. The effect of our forward contracts that are not designated as hedging instruments on the consolidated statements of operations for the three months ended March 31, 2023 and 2022 was as follows: Gain (Loss) Recognized in Income Location of Gain (Loss) Three Months Ended March 31, Instrument Recognized in Income 2023 2022 Foreign currency forward contracts Interest and other expenses, net $ ( 0.6 ) $ ( 4.8 ) The following tables present the fair value of derivative and non-derivative assets and liabilities on the Consolidated Balance Sheets as of March 31, 2023 and December 31, 2022: Assets March 31, December 31, Balance Sheet Location 2023 2022 Instruments designated as fair value hedges: Cross-currency swaps Accounts Receivable, net 11.6 13.8 Instruments not designated as hedges: Foreign currency forward contracts Accounts Receivable, net — 0.2 Total instruments $ 11.6 $ 14.0 Liabilities March 31, December 31, Balance Sheet Location 2023 2022 Instruments designated as net investment hedges: Euro Notes due in 2026 Long-term debt 539.7 532.7 Euro Notes due in 2027 Long-term debt 429.6 423.9 Cross-currency swaps Accrued liabilities 26.1 25.8 Instruments not designated as hedges: Foreign currency forward contracts Accrued liabilities 0.5 — Total instruments $ 995.9 $ 982.4 Fair Value Measurements The carrying value of the long-term debt approximates fair value, except for the Euro-denominated notes, because the interest rates are variable and reflect current market rates. The fair value of the Euro-denominated notes, as observable at commonly quoted intervals (Level 2 inputs), was $ 940.4 and $ 921.7 as of March 31, 2023 and December 31, 2022, respectively, compared to a carrying value of $ 969.3 and $ 956.6 , respectively. Our deferred compensation plan assets were $ 127.1 and $ 115.3 as of March 31, 2023 and December 31, 2022, respectively. We determine the fair value of these assets, comprised of publicly traded securities, by using market quotes as of the last day of the period (Level 1 inputs). We measure the fair value of the foreign currency forward contracts and cross-currency swaps at the value based on either directly or indirectly observable inputs from third parties (Level 2 inputs). |
Leases
Leases | 3 Months Ended |
Mar. 31, 2023 | |
Leases [Abstract] | |
Leases | (14) Leases The components of lease expense were as follows: Three Months Ended March 31, 2023 2022 Operating lease expense $ 34.7 $ 32.9 Short-term lease expense 1.1 1.2 Other lease expense (1) 4.1 4.7 Total lease expense $ 39.9 $ 38.8 (1) Other lease expense includes variable lease expense and sublease income. Other information related to leases was as follows: Three Months Ended March 31, Supplemental Cash Flow Information 2023 2022 Cash paid for amounts included in the measurement of operating lease liabilities $ 33.4 $ 33.3 Operating ROU assets obtained in exchange for lease obligations 30.7 9.5 March 31, December 31, Supplemental Balance Sheet Information 2023 2022 Operating Leases Operating lease ROU assets $ 381.8 $ 365.7 Operating lease liabilities - current (1) $ 104.7 $ 105.5 Operating lease liabilities - long-term 282.6 266.6 Total operating lease liabilities $ 387.3 $ 372.1 (1) Operating lease liabilities - current are included in accrued expenses on our Consolidated Balance Sheets. March 31, 2023 2022 Weighted Average Remaining Lease Term Operating leases 5.5 years 5.1 years Weighted Average Discount Rate Operating leases 3.2 % 2.4 % Maturities of operating lease liabilities as of March 31, 2023 were as follows: Period Ending March 31, 2023 Operating Leases 2023 88.8 2024 90.2 2025 64.1 2026 47.7 2027 40.3 2028 31.6 Thereafter 69.3 Total future undiscounted lease payments 432.0 Less imputed interest ( 44.7 ) Total operating lease liabilities $ 387.3 |
Segment Data
Segment Data | 3 Months Ended |
Mar. 31, 2023 | |
Segment Reporting [Abstract] | |
Segment Data | (15) Segment Data We are organized and managed primarily on a geographic basis. Each country and business unit generally has its own distinct operations and management team, providing services under our global brands, and maintains its own financial reports. We have an executive sponsor for each global brand who is responsible for ensuring the integrity and consistency of delivery across the company. Each operation reports directly or indirectly through a regional manager, to a member of executive management. Given this reporting structure, we operate using the following reporting segments: Americas, which includes United States and Other Americas; Southern Europe, which includes France, Italy and Other Southern Europe; Northern Europe; and APME. The segments derive a significant majority of their revenues from our staffing and interim services. The remaining revenues within these segments are derived from our outcome-based solutions and consulting services, permanent recruitment services, and other services. Segment revenues represent sales to external clients. We provide services to a wide variety of clients, none of which individually comprise a significant portion of revenues for us as a whole. Due to the nature of our business, we generally do not have export sales. Three Months Ended March 31, 2023 2022 Revenues from services: Americas: United States (a) $ 770.0 $ 889.4 Other Americas 360.2 361.8 1,130.2 1,251.2 Southern Europe: France 1,169.3 1,192.4 Italy 422.2 445.0 Other Southern Europe 476.4 556.5 2,067.9 2,193.9 Northern Europe 967.6 1,094.5 APME 605.9 618.2 4,771.6 5,157.8 Intercompany Eliminations ( 19.3 ) ( 14.5 ) Consolidated (b) $ 4,752.3 $ 5,143.3 Operating unit profit: (c) Americas: United States $ 31.1 $ 58.3 Other Americas 17.5 14.5 48.6 72.8 Southern Europe: France 44.9 49.6 Italy 30.7 29.0 Other Southern Europe 14.3 16.6 89.9 95.2 Northern Europe 5.0 3.3 APME 21.1 19.0 164.6 190.3 Corporate expenses ( 37.9 ) ( 42.0 ) Intangible asset amortization expense ( 8.8 ) ( 9.6 ) Operating profit 117.9 138.7 Interest and other expenses, net ( 7.5 ) ( 2.7 ) Earnings before income taxes $ 110.4 $ 136.0 (a) In the United States, revenues from services included fees received from the related franchise offices of $ 3.2 and $ 2.9 for the three months ended March 31, 2023 and 2022, respectively. These fees are primarily based on revenues generated by the franchise offices, which were $ 99.3 and $ 110.8 for the three months ended March 31, 2023 and 2022, respectively. (b) Our consolidated revenues from services include fees received from our franchise offices of $ 3.9 and $ 3.6 for the three months ended March 31, 2023 and 2022, respectively. These fees are primarily based on revenues generated by the franchise offices, which were $ 250.2 and $ 265.2 for the three months ended March 31, 2023 and 2022, respectively. (c) We evaluate segment performance based on operating unit profit (“OUP”), which is equal to segment revenues less cost of services and branch and national headquarters operating costs. This profit measure does not include goodwill and intangible asset impairment charges or amortization of intangibles related to acquisitions, corporate expenses, interest and other income and expense amounts or income taxes. |
Basis of Presentation and Acc_2
Basis of Presentation and Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation Certain information and footnote disclosures normally included in the financial statements prepared in accordance with United States Generally Accepted Accounting Principles ("GAAP") have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission, although we believe that the disclosures are adequate to make the information presented not misleading. These Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements included in our 2022 Annual Report on Form 10-K. The information furnished reflects all adjustments that, in the opinion of management, were necessary for a fair statement of the Consolidated Financial Statements for the periods presented. Such adjustments were of a normal recurring nature, unless otherwise disclosed. |
Allowance for Doubtful Accounts | Allowance for Doubtful Accounts We have an allowance for doubtful accounts recorded as an estimate of the accounts receivable that may not be collected. This allowance is calculated on an entity-by-entity basis with consideration of historical write-off experience, age of receivables, market conditions, and a specific review for potential bad debts. Items that affect this balance mainly include bad debt expense and the write-off of accounts receivable balances. A rollforward of our allowance for doubtful accounts is shown below: Three Months Ended Balance, December 31, 2022 109.3 Provisions charged to earnings 0.1 Write-offs ( 2.2 ) Translation adjustments 1.3 Balance, March 31, 2023 $ 108.5 |
Leases | Leases We determine whether a contract is or contains a lease at contract inception. Right-of-use (“ROU”) assets and long-term lease liabilities are presented as separate line items on our Consolidated Balance Sheets. Current operating lease liabilities are included in accrued expenses on our Consolidated Balance Sheets. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Lease liabilities are recognized at commencement date based on the present value of remaining lease payments over the lease term. As the rate implicit in the lease is not readily determinable in most of our leases, we use our incremental borrowing rate. We determine our incremental borrowing rate at the commencement date using our unsecured borrowing rate, adjusted for collateralization, lease term, economic environment, currency and other factors. ROU assets are recognized at commencement date at the value of the related lease liabilities, adjusted for any prepayments, lease incentives received, and initial direct costs incurred. Our lease terms include options to renew or not terminate the lease when it is reasonably certain that we will exercise that option. Lease expenses for operating leases are recognized on a straight-line basis over the lease term and recorded in selling and administrative expenses on the Consolidated Statements of Operations. |
Goodwill Impairment | Goodwill Impairment In accordance with the accounting guidance on goodwill, we perform an annual impairment test of goodwill at our reporting unit level during the third quarter, or more frequently if events or circumstances change that would more likely than not reduce the fair value of our reporting units below their carrying value. We evaluate the recoverability of goodwill utilizing an income approach that estimates the fair value of the future discounted cash flows to which the goodwill relates. This approach reflects management’s internal outlook of the reporting units, which is believed to be the best determination of value due to management’s insight and experience with the reporting units. Significant assumptions used in our goodwill impairment tests include: expected future revenue growth rates, operating unit profit margins, working capital levels, discount rates, and a terminal value multiple. During the fourth 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. As a result, we wrote the carrying value of the Netherlands reporting unit down to its estimated fair value and recognized a non-cash impairment charge of $ 50.0 . Key assumptions included in the Netherlands discounted cash flow valuation performed during the fourth quarter of 2022 were 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 $ 55.8 as of March 31, 2023, 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. |
Basis of Presentation and Acc_3
Basis of Presentation and Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Summary of Rollforward of Allowance for Doubtful Accounts | A rollforward of our allowance for doubtful accounts is shown below: Three Months Ended Balance, December 31, 2022 109.3 Provisions charged to earnings 0.1 Write-offs ( 2.2 ) Translation adjustments 1.3 Balance, March 31, 2023 $ 108.5 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | In the following table, revenue is disaggregated by service types for each of our reportable segments. See Note 2 to the Consolidated Financial Statements in our 2022 Annual Report on Form 10-K for descriptions of revenue service types. Three Months Ended March 31, 2023 2022 (1) Staffing Outcome- Permanent Other Total Staffing Outcome- Permanent Other Total Americas: United States $ 687.1 $ 4.2 $ 37.8 $ 40.9 $ 770.0 $ 792.7 $ 4.3 $ 54.2 $ 38.2 $ 889.4 Other Americas 335.6 11.1 11.7 1.8 360.2 336.9 12.0 11.2 1.7 361.8 1,022.7 15.3 49.5 42.7 1,130.2 1,129.6 16.3 65.4 39.9 1,251.2 Southern Europe: France 1,061.7 73.2 16.5 17.9 1,169.3 1,101.5 70.3 16.5 4.1 1,192.4 Italy 392.7 9.4 15.0 5.1 422.2 417.8 8.1 13.7 5.4 445.0 Other Southern Europe 372.6 80.6 15.9 7.3 476.4 443.5 94.1 15.8 3.1 556.5 1,827.0 163.2 47.4 30.3 2,067.9 1,962.8 172.5 46.0 12.6 2,193.9 Northern Europe 810.6 89.4 43.4 24.2 967.6 938.1 94.0 45.3 17.1 1,094.5 APME 454.9 100.9 39.0 11.1 605.9 463.1 109.3 37.2 8.6 618.2 4,115.2 368.8 179.3 108.3 4,771.6 4,493.6 392.1 193.9 78.2 5,157.8 Intercompany Eliminations ( 19.3 ) ( 14.5 ) Total $ 4,752.3 $ 5,143.3 (1) Certain service line revenues for the United States and Northern Europe were reclassified for the 2022 comparative period to align with the current period presentation. In the United States, $ 52.8 was reclassified from Outcome-Based Solutions and Consulting to Staffing and Interim. In Northern Europe, $ 39.0 was reclassified from Staffing and Interim to Outcome-Based Solutions and Consulting. In the following table, revenue is disaggregated by timing of revenue recognition for each of our reportable segments: Three Months Ended March 31, 2023 2022 Services Services Total Services Services Total Americas: United States $ 748.4 $ 21.6 $ 770.0 $ 858.8 $ 30.6 $ 889.4 Other Americas 352.9 7.3 360.2 355.0 6.8 361.8 1,101.3 28.9 1,130.2 1,213.8 37.4 1,251.2 Southern Europe: France 1,154.1 15.2 1,169.3 1,177.0 15.4 1,192.4 Italy 408.2 14.0 422.2 432.4 12.6 445.0 Other Southern Europe 463.3 13.1 476.4 543.3 13.2 556.5 2,025.6 42.3 2,067.9 2,152.7 41.2 2,193.9 Northern Europe 933.1 34.5 967.6 1,057.2 37.3 1,094.5 APME 584.6 21.3 605.9 597.1 21.1 618.2 4,644.6 127.0 4,771.6 5,020.8 137.0 5,157.8 Intercompany Eliminations ( 19.3 ) ( 14.5 ) Total $ 4,752.3 $ 5,143.3 |
Share-Based Compensation Plans
Share-Based Compensation Plans (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Shares Granted and Weighted Average Fair Value Per Share | The number of shares subject to equity awards granted to employees and members of our Board of Directors, as well as the weighted-average fair value per share, for the 2023 and 2022 annual grants are presented in the table below: For the Three Months Ended March 31, 2023 2022 Shares Wtd.-Avg. Shares Wtd.-Avg. Restricted Stock Units 260 81.92 245 104.50 Performance Share Units 133 86.48 134 106.40 Deferred Stock Units 15 83.21 13 97.33 Total Shares Granted 408 $ 83.45 392 $ 104.91 |
Restructuring Costs (Tables)
Restructuring Costs (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Changes in Restructuring Reserve | Changes in the restructuring reserve by reportable segment and Corporate are shown below. Americas (1) Southern (2) Northern APME Corporate Total Balance, December 31, 2022 $ 1.0 $ 1.0 $ 11.0 $ 0.2 $ — $ 13.2 Severance costs 0.9 0.3 1.1 2.5 0.4 5.2 Other Costs — — 1.4 — — 1.4 Costs paid ( 1.1 ) ( 0.1 ) ( 4.1 ) — ( 0.3 ) ( 5.6 ) Balance, March 31, 2023 $ 0.8 $ 1.2 $ 9.4 $ 2.7 $ 0.1 $ 14.2 (1) Balances related to the United States were $ 0.6 and $ 0.7 as of December 31, 2022 and March 31, 2023 , respectively. (2) Balances related to France were $ 0.9 as of both December 31, 2022 and March 31, 2023 . |
Net Earnings (Loss) Per Share (
Net Earnings (Loss) Per Share (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [Abstract] | |
Calculations of Net Earnings (Loss) Per Share - Basic and Diluted | The calculations of net earnings per share - basic and net earnings per share - diluted were as follows: Three Months Ended March 31, 2023 2022 Net earnings available to common shareholders $ 77.8 $ 91.6 Weighted-average common shares outstanding (in millions) Weighted-average common shares outstanding - basic 50.9 53.6 Effect of dilutive securities - stock options 0.1 0.1 Effect of other share-based awards 0.6 0.7 Weighted-average common shares outstanding - diluted 51.6 54.4 Net earnings per share - basic $ 1.53 $ 1.71 Net earnings per share - diluted $ 1.51 $ 1.68 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill and Intangible Assets | We have goodwill, finite-lived intangible assets and indefinite-lived intangible assets as follows: March 31, 2023 December 31, 2022 Gross Accumulated Net Gross Accumulated Net Goodwill (1) $ 1,631.7 $ — $ 1,631.7 $ 1,628.1 $ — $ 1,628.1 Intangible assets: Finite-lived: Customer relationships $ 820.4 $ 457.7 $ 362.7 $ 818.9 $ 448.1 $ 370.8 Other 21.5 20.7 0.8 21.3 20.2 1.1 841.9 478.4 363.5 840.2 468.3 371.9 Indefinite-lived: Tradenames (2) 52.0 — 52.0 52.0 — 52.0 Reacquired franchise rights 125.9 — 125.9 125.6 — 125.6 177.9 — 177.9 177.6 — 177.6 Total intangible assets $ 1,019.8 $ 478.4 $ 541.4 $ 1,017.8 $ 468.3 $ 549.5 (1) Balances were net of accumulated impairment loss of $ 694.2 as of both March 31, 2023 and December 31, 2022 . (2) Balances were net of accumulated impairment loss of $ 139.5 as of both March 31, 2023 and December 31, 2022 . |
Changes in Carrying Value of Goodwill by Reportable Segment | Changes in the carrying value of goodwill by reportable segment and Corporate were as follows: Americas (1) Southern (2) Northern APME Corporate (3) Total Balance, December 31, 2022 $ 1,049.6 $ 148.2 $ 234.8 $ 69.5 $ 126.0 $ 1,628.1 Currency impact 0.4 1.5 2.2 ( 0.5 ) — 3.6 Balance, March 31, 2023 $ 1,050.0 $ 149.7 $ 237.0 $ 69.0 $ 126.0 $ 1,631.7 (1) Balances related to the United States were $ 1,006.5 a s of both December 31, 2022 and March 31, 2023 . (2) Balances related to France were $ 73.3 and $ 74.3 as of December 31, 2022 and March 31, 2023, respectively. Balances related to Italy were $ 3.7 as of both December 31, 2022 and March 31, 2023 . (3) The majority of the Corporate balance relates to goodwill attributable to our acquisitions of Right Management ($ 62.1 ) and Jefferson Wells ($ 55.5 ). Jefferson Wells is part of the United States reporting unit. 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 balances to the respective reportable segments as this is commensurate with how we operate our business. We do, however, include these balances within the appropriate reporting units for our goodwill impairment testing. See table below for the breakout of goodwill balances by reporting unit. |
Schedule of Goodwill Balances by Reporting Unit | Goodwill balances by reporting unit were as follows: March 31, December 31, 2023 2022 United States $ 1,085.3 $ 1,085.3 United Kingdom 101.9 100.2 France 80.4 79.5 Netherlands 55.8 55.1 Canada 41.7 41.6 Other reporting units 266.6 266.4 Total goodwill $ 1,631.7 $ 1,628.1 |
Retirement Plans (Tables)
Retirement Plans (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Retirement Benefits [Abstract] | |
Components of Net Periodic Benefit Cost (Credit) | The components of the net periodic benefit cost (credit) for our plans were as follows: Three Months Ended March 31, Defined Benefit Pension Retiree Health Care Plan 2023 2022 2023 2022 Service cost $ 3.8 $ 5.1 $ — $ — Interest cost 5.2 2.3 0.1 0.1 Expected return on assets ( 4.6 ) ( 3.9 ) — — Net (gain) loss ( 0.9 ) 0.5 — — Prior service cost (credit) 0.2 0.2 ( 0.2 ) ( 0.2 ) Total benefit cost (credit) $ 3.7 $ 4.2 $ ( 0.1 ) $ ( 0.1 ) |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Equity [Abstract] | |
Components of Accumulated Other Comprehensive Loss, Net of Tax | The components of accumulated other comprehensive loss, net of tax, were as follows: March 31, December 31, 2023 2022 Foreign currency translation $ ( 322.7 ) $ ( 369.7 ) Translation loss on long-term intercompany loans, net of income taxes of $ 19.1 on both dates ( 132.9 ) ( 132.8 ) Gain on derivative instruments, net of income tax benefit of $( 8.1 ) and $( 5.3 ), respectively 14.7 53.4 Gain on interest rate swap, net of income taxes of $ 0.4 on both dates 1.3 1.4 Defined benefit pension plans, net of income tax benefit of $( 20.3 ) and $( 20.4 ), respectively ( 13.0 ) ( 12.2 ) Retiree health care plan, net of income taxes of $ 1.9 on both dates 1.0 1.2 Accumulated other comprehensive loss $ ( 451.6 ) $ ( 458.7 ) |
Interest and Other Expenses, _2
Interest and Other Expenses, Net (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Other Nonoperating Income (Expense) [Abstract] | |
Schedule of Interest and Other Expenses Net | Interest and other expenses, net consisted of the following: Three Months Ended March 31, 2023 2022 Interest expense $ 18.7 $ 10.4 Interest income ( 8.1 ) ( 2.8 ) Foreign exchange loss 3.1 1.8 Miscellaneous income, net ( 6.2 ) ( 6.7 ) Interest and other expenses, net $ 7.5 $ 2.7 |
Derivative Financial Instrume_2
Derivative Financial Instruments and Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Effect of Net Investment Hedges on AOCI | The effect of our net investment hedges on AOCI for the three months ended March 31, 2023 and 2022 was as follows: Gain (Loss) Recognized in Other Comprehensive Income Three Months Ended March 31, Instrument 2023 2022 Euro Notes $ ( 12.3 ) $ 27.3 Cross-currency swaps ( 0.4 ) 2.9 |
Impact of Changes in Fair Values of Derivatives Designated as Cash Flow Hedges on OCI, AOCI and Earnings | The following tables present the impact that changes in the fair values of derivatives designated as cash flow hedges had on other comprehensive income (“OCI”), AOCI and earnings for the three months ended March 31, 2023 and 2022: Gain (Loss) Recognized in OCI Gain (Loss) Reclassified from AOCI into Income Three Months Ended March 31, Location of Gain (Loss) Reclassified Three Months Ended March 31, Instrument 2023 2022 from AOCI into Income 2023 2022 Cross-currency swaps $ — $ ( 1.0 ) Interest and other expenses, net $ — $ ( 0.9 ) Forward starting interest swap — — Interest and other expenses, net 0.1 — |
Schedule of fair value hedges instruments | The following tables present the impact that the fair value hedges had on OCI and earnings for the three months ended March 2023 and 2022: Gain (Loss) Recognized in OCI Gain (Loss) Recognized in Income Three Months Ended March 31, Location of Gain (Loss) Three Months Ended March 31, Instrument 2023 2022 Recognized in Income 2023 2022 Intercompany CHF note $ — $ — Interest and other expenses, net $ 0.7 $ ( 2.6 ) Cross-currency swaps ( 1.7 ) — Interest and other expenses, net ( 0.7 ) 2.6 |
Effect of Forward Contracts not Designated as Hedging Instrument | The effect of our forward contracts that are not designated as hedging instruments on the consolidated statements of operations for the three months ended March 31, 2023 and 2022 was as follows: Gain (Loss) Recognized in Income Location of Gain (Loss) Three Months Ended March 31, Instrument Recognized in Income 2023 2022 Foreign currency forward contracts Interest and other expenses, net $ ( 0.6 ) $ ( 4.8 ) |
Fair Value of Derivative and Non-Derivative Assets and Liabilities on the Consolidated Balance Sheets | The following tables present the fair value of derivative and non-derivative assets and liabilities on the Consolidated Balance Sheets as of March 31, 2023 and December 31, 2022: Assets March 31, December 31, Balance Sheet Location 2023 2022 Instruments designated as fair value hedges: Cross-currency swaps Accounts Receivable, net 11.6 13.8 Instruments not designated as hedges: Foreign currency forward contracts Accounts Receivable, net — 0.2 Total instruments $ 11.6 $ 14.0 Liabilities March 31, December 31, Balance Sheet Location 2023 2022 Instruments designated as net investment hedges: Euro Notes due in 2026 Long-term debt 539.7 532.7 Euro Notes due in 2027 Long-term debt 429.6 423.9 Cross-currency swaps Accrued liabilities 26.1 25.8 Instruments not designated as hedges: Foreign currency forward contracts Accrued liabilities 0.5 — Total instruments $ 995.9 $ 982.4 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Leases [Abstract] | |
Components of Lease Expense and Other Information | The components of lease expense were as follows: Three Months Ended March 31, 2023 2022 Operating lease expense $ 34.7 $ 32.9 Short-term lease expense 1.1 1.2 Other lease expense (1) 4.1 4.7 Total lease expense $ 39.9 $ 38.8 (1) Other lease expense includes variable lease expense and sublease income. Other information related to leases was as follows: Three Months Ended March 31, Supplemental Cash Flow Information 2023 2022 Cash paid for amounts included in the measurement of operating lease liabilities $ 33.4 $ 33.3 Operating ROU assets obtained in exchange for lease obligations 30.7 9.5 |
Supplemental Balance Sheet Information | March 31, December 31, Supplemental Balance Sheet Information 2023 2022 Operating Leases Operating lease ROU assets $ 381.8 $ 365.7 Operating lease liabilities - current (1) $ 104.7 $ 105.5 Operating lease liabilities - long-term 282.6 266.6 Total operating lease liabilities $ 387.3 $ 372.1 (1) Operating lease liabilities - current are included in accrued expenses on our Consolidated Balance Sheets. |
Weighted Average Remaining Lease Term and Discount Rate | March 31, 2023 2022 Weighted Average Remaining Lease Term Operating leases 5.5 years 5.1 years Weighted Average Discount Rate Operating leases 3.2 % 2.4 % |
Maturities of Operating Lease Liabilities | Maturities of operating lease liabilities as of March 31, 2023 were as follows: Period Ending March 31, 2023 Operating Leases 2023 88.8 2024 90.2 2025 64.1 2026 47.7 2027 40.3 2028 31.6 Thereafter 69.3 Total future undiscounted lease payments 432.0 Less imputed interest ( 44.7 ) Total operating lease liabilities $ 387.3 |
Segment Data (Tables)
Segment Data (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Segment Reporting [Abstract] | |
Schedule of Segment Data | Three Months Ended March 31, 2023 2022 Revenues from services: Americas: United States (a) $ 770.0 $ 889.4 Other Americas 360.2 361.8 1,130.2 1,251.2 Southern Europe: France 1,169.3 1,192.4 Italy 422.2 445.0 Other Southern Europe 476.4 556.5 2,067.9 2,193.9 Northern Europe 967.6 1,094.5 APME 605.9 618.2 4,771.6 5,157.8 Intercompany Eliminations ( 19.3 ) ( 14.5 ) Consolidated (b) $ 4,752.3 $ 5,143.3 Operating unit profit: (c) Americas: United States $ 31.1 $ 58.3 Other Americas 17.5 14.5 48.6 72.8 Southern Europe: France 44.9 49.6 Italy 30.7 29.0 Other Southern Europe 14.3 16.6 89.9 95.2 Northern Europe 5.0 3.3 APME 21.1 19.0 164.6 190.3 Corporate expenses ( 37.9 ) ( 42.0 ) Intangible asset amortization expense ( 8.8 ) ( 9.6 ) Operating profit 117.9 138.7 Interest and other expenses, net ( 7.5 ) ( 2.7 ) Earnings before income taxes $ 110.4 $ 136.0 (a) In the United States, revenues from services included fees received from the related franchise offices of $ 3.2 and $ 2.9 for the three months ended March 31, 2023 and 2022, respectively. These fees are primarily based on revenues generated by the franchise offices, which were $ 99.3 and $ 110.8 for the three months ended March 31, 2023 and 2022, respectively. (b) Our consolidated revenues from services include fees received from our franchise offices of $ 3.9 and $ 3.6 for the three months ended March 31, 2023 and 2022, respectively. These fees are primarily based on revenues generated by the franchise offices, which were $ 250.2 and $ 265.2 for the three months ended March 31, 2023 and 2022, respectively. (c) We evaluate segment performance based on operating unit profit (“OUP”), which is equal to segment revenues less cost of services and branch and national headquarters operating costs. This profit measure does not include goodwill and intangible asset impairment charges or amortization of intangibles related to acquisitions, corporate expenses, interest and other income and expense amounts or income taxes. |
Basis of Presentation and Acc_4
Basis of Presentation and Accounting Policies - Summary of Rollforward of Allowance for Doubtful Accounts (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Accounting Policies [Abstract] | |
Balance, December 31, 2022 | $ 109.3 |
Provisions charged to earnings | 0.1 |
Write-offs | (2.2) |
Translation adjustments | (1.3) |
Balance, March 31, 2023 | $ 108.5 |
Basis of Presentation and Acc_5
Basis of Presentation and Accounting Policies - Additional Information (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 USD ($) | Mar. 31, 2023 USD ($) | ||
Accounting Policies [Line Items] | |||
Goodwill | [1] | $ 1,628.1 | $ 1,631.7 |
Netherlands | |||
Accounting Policies [Line Items] | |||
Non-cash impairment charge loss | $ 50 | ||
Netherlands | Discount Rates | |||
Accounting Policies [Line Items] | |||
Discount rate for goodwill impairment test (as a percent) | 0.135 | ||
Netherlands | Terminal Value Revenue Growth Rate | |||
Accounting Policies [Line Items] | |||
Discount rate for goodwill impairment test (as a percent) | 0.020 | ||
Netherlands | Terminal Value OUP Margin | |||
Accounting Policies [Line Items] | |||
Discount rate for goodwill impairment test (as a percent) | 0.040 | ||
Northern Europe | United Kingdom | |||
Accounting Policies [Line Items] | |||
Goodwill | $ 100.2 | 101.9 | |
Northern Europe | Netherlands | |||
Accounting Policies [Line Items] | |||
Goodwill | $ 55.8 | ||
Minimum | Other Reporting Units | |||
Accounting Policies [Line Items] | |||
Percentage of goodwill over fair value of reporting unit | 20% | ||
Minimum | Netherlands | Measurement In Put Revenue Growth | |||
Accounting Policies [Line Items] | |||
Discount rate for goodwill impairment test (as a percent) | 0 | ||
Maximum [Member] | Netherlands | Measurement In Put Revenue Growth | |||
Accounting Policies [Line Items] | |||
Discount rate for goodwill impairment test (as a percent) | 0.030 | ||
[1] Balances were net of accumulated impairment loss of $ 694.2 as of both March 31, 2023 and December 31, 2022 . |
Recent Accounting Standards - A
Recent Accounting Standards - Additional Information (Details) | Mar. 31, 2020 |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |
Change in accounting principle, accounting standards update, adopted | true |
LIBOR | |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |
Change in accounting principle, accounting standards update, adoption date | Dec. 31, 2024 |
Change in accounting principle, accounting standards update, immaterial effect | true |
Revenue Recognition - Additiona
Revenue Recognition - Additional Information (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Revenue from Contract with Customer [Abstract] | ||
Deferred revenue | $ 36.1 | $ 35.6 |
Revenue Recognition - Disaggreg
Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | ||
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 4,752.3 | $ 5,143.3 | ||
Intercompany Eliminations | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | (19.3) | (14.5) | ||
Outcome-Based Solutions and Consulting | United States | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 52.8 | |||
Americas | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 1,130.2 | 1,251.2 | ||
Americas | Services transferred over time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 1,101.3 | 1,213.8 | ||
Americas | Services transferred at a point in time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 28.9 | 37.4 | ||
Americas | United States | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 770 | 889.4 | ||
Americas | United States | Reportable Subsegments [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 770 | 889.4 | ||
Americas | United States | Services transferred over time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 748.4 | 858.8 | ||
Americas | United States | Services transferred at a point in time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 21.6 | 30.6 | ||
Americas | Other Americas | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 360.2 | 361.8 | ||
Americas | Other Americas | Reportable Subsegments [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 360.2 | 361.8 | ||
Americas | Other Americas | Services transferred over time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 352.9 | 355 | ||
Americas | Other Americas | Services transferred at a point in time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 7.3 | 6.8 | ||
Americas | Staffing and Interim | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 1,022.7 | 1,129.6 | ||
Americas | Staffing and Interim | United States | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 687.1 | 792.7 | ||
Americas | Staffing and Interim | Other Americas | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 335.6 | 336.9 | ||
Americas | Outcome-Based Solutions and Consulting | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 15.3 | 16.3 | ||
Americas | Outcome-Based Solutions and Consulting | United States | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 4.2 | [1] | 4.3 | |
Americas | Outcome-Based Solutions and Consulting | Other Americas | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 11.1 | 12 | ||
Americas | Permanent Recruitment | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 49.5 | 65.4 | ||
Americas | Permanent Recruitment | United States | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 37.8 | 54.2 | ||
Americas | Permanent Recruitment | Other Americas | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 11.7 | 11.2 | ||
Americas | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 42.7 | 39.9 | ||
Americas | Other | United States | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 40.9 | 38.2 | ||
Americas | Other | Other Americas | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 1.8 | 1.7 | ||
Southern Europe | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 2,067.9 | 2,193.9 | ||
Southern Europe | Services transferred over time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 2,025.6 | 2,152.7 | ||
Southern Europe | Services transferred at a point in time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 42.3 | 41.2 | ||
Southern Europe | France | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 1,169.3 | 1,192.4 | ||
Southern Europe | France | Reportable Subsegments [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 1,169.3 | 1,192.4 | ||
Southern Europe | France | Services transferred over time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 1,154.1 | 1,177 | ||
Southern Europe | France | Services transferred at a point in time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 15.2 | 15.4 | ||
Southern Europe | Italy | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 422.2 | 445 | ||
Southern Europe | Italy | Reportable Subsegments [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 422.2 | 445 | ||
Southern Europe | Italy | Services transferred over time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 408.2 | 432.4 | ||
Southern Europe | Italy | Services transferred at a point in time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 14 | 12.6 | ||
Southern Europe | Other Southern Europe | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 476.4 | 556.5 | ||
Southern Europe | Other Southern Europe | Reportable Subsegments [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 476.4 | 556.5 | ||
Southern Europe | Other Southern Europe | Services transferred over time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 463.3 | 543.3 | ||
Southern Europe | Other Southern Europe | Services transferred at a point in time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 13.1 | 13.2 | ||
Southern Europe | Staffing and Interim | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 1,827 | 1,962.8 | ||
Southern Europe | Staffing and Interim | France | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 1,061.7 | 1,101.5 | ||
Southern Europe | Staffing and Interim | Italy | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 392.7 | 417.8 | ||
Southern Europe | Staffing and Interim | Other Southern Europe | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 372.6 | 443.5 | ||
Southern Europe | Outcome-Based Solutions and Consulting | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 163.2 | 172.5 | ||
Southern Europe | Outcome-Based Solutions and Consulting | France | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 73.2 | 70.3 | ||
Southern Europe | Outcome-Based Solutions and Consulting | Italy | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 9.4 | 8.1 | ||
Southern Europe | Outcome-Based Solutions and Consulting | Other Southern Europe | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 80.6 | 94.1 | ||
Southern Europe | Permanent Recruitment | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 47.4 | 46 | ||
Southern Europe | Permanent Recruitment | France | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 16.5 | 16.5 | ||
Southern Europe | Permanent Recruitment | Italy | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 15 | 13.7 | ||
Southern Europe | Permanent Recruitment | Other Southern Europe | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 15.9 | 15.8 | ||
Southern Europe | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 30.3 | 12.6 | ||
Southern Europe | Other | France | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 17.9 | 4.1 | ||
Southern Europe | Other | Italy | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 5.1 | 5.4 | ||
Southern Europe | Other | Other Southern Europe | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 7.3 | 3.1 | ||
Northern Europe | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 967.6 | 1,094.5 | ||
Northern Europe | Reportable Subsegments [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 967.6 | 1,094.5 | ||
Northern Europe | Services transferred over time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 933.1 | 1,057.2 | ||
Northern Europe | Services transferred at a point in time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 34.5 | 37.3 | ||
Northern Europe | Staffing and Interim | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 810.6 | 938.1 | $ 39 | |
Northern Europe | Outcome-Based Solutions and Consulting | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 89.4 | 94 | ||
Northern Europe | Permanent Recruitment | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 43.4 | 45.3 | ||
Northern Europe | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 24.2 | 17.1 | ||
APME | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 605.9 | 618.2 | ||
APME | Services transferred over time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 584.6 | 597.1 | ||
APME | Services transferred at a point in time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 21.3 | 21.1 | ||
APME | Staffing and Interim | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 454.9 | 463.1 | ||
APME | Outcome-Based Solutions and Consulting | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 100.9 | 109.3 | ||
APME | Permanent Recruitment | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 39 | 37.2 | ||
APME | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 11.1 | 8.6 | ||
Northern Europe and APME | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 4,771.6 | 5,157.8 | ||
Northern Europe and APME | Services transferred over time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 4,644.6 | 5,020.8 | ||
Northern Europe and APME | Services transferred at a point in time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 127 | 137 | ||
Northern Europe and APME | Staffing and Interim | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 4,115.2 | 4,493.6 | ||
Northern Europe and APME | Outcome-Based Solutions and Consulting | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 368.8 | 392.1 | ||
Northern Europe and APME | Permanent Recruitment | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 179.3 | 193.9 | ||
Northern Europe and APME | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 108.3 | $ 78.2 | ||
[1] (1) Certain service line revenues for the United States and Northern Europe were reclassified for the 2022 comparative period to align with the current period presentation. In the United States, $ 52.8 was reclassified from Outcome-Based Solutions and Consulting to Staffing and Interim. In Northern Europe, $ 39.0 was reclassified from Staffing and Interim to Outcome-Based Solutions and Consulting. |
Revenue Recognition - Disaggr_2
Revenue Recognition - Disaggregation of Revenue (Parenthetical) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 4,752.3 | $ 5,143.3 | |
Outcome-Based Solutions and Consulting | United States | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 52.8 | ||
Northern Europe | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 967.6 | 1,094.5 | |
Northern Europe | Outcome-Based Solutions and Consulting | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 89.4 | 94 | |
Northern Europe | Staffing and Interim | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 810.6 | $ 938.1 | $ 39 |
Share-Based Compensation Plan_2
Share-Based Compensation Plans - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Share-based compensation | $ 5.1 | $ 10.6 |
Consideration received from share-based awards | 1.7 | 0.3 |
Selling and administrative expenses | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Share-based compensation | $ 5.1 | $ 10.6 |
Share-Based Compensation Plan_3
Share-Based Compensation Plans - Shares Granted and Weighted Average Fair Value Per Share (Details) - $ / shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Total shares granted, options and non-options (in shares) | 408 | 392 |
Weighted-average per share value, options and non-options (in dollars per share) | $ 83.45 | $ 104.91 |
Restricted Stock Units | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Number of shares granted, non-options (in shares) | 260 | 245 |
Weighted-average per share fair value, non-options (in dollars per share) | $ 81.92 | $ 104.50 |
Performance Share Units | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Number of shares granted, non-options (in shares) | 133 | 134 |
Weighted-average per share fair value, non-options (in dollars per share) | $ 86.48 | $ 106.40 |
Deferred Stock Units | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Number of shares granted, non-options (in shares) | 15 | 13 |
Weighted-average per share fair value, non-options (in dollars per share) | $ 83.21 | $ 97.33 |
Acquisitions and Dispositions -
Acquisitions and Dispositions - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Jan. 17, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Business Acquisition [Line Items] | ||||
Proceeds from Divestiture of Businesses | $ 3.2 | |||
Gain (Loss) on Disposition of Business | 8 | |||
Cash consideration paid | $ 0 | $ 0 | ||
Intangible Assets, Net (Excluding Goodwill) | 541.4 | $ 549.5 | ||
Carrying value, intangible assets | $ 363.5 | $ 371.9 | ||
Selling, General and Administrative Expenses [Member] | ||||
Business Acquisition [Line Items] | ||||
Gain (Loss) on Disposition of Business | $ 9.7 | |||
Interest And Other Income Expenses Net [Member] | ||||
Business Acquisition [Line Items] | ||||
Gain (Loss) on Disposition of Business | $ 1.7 |
Acquisitions and Dispositions_2
Acquisitions and Dispositions - Schedule of Preliminary Allocation of Assets and Liabilities (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 | |
Business Acquisition [Line Items] | |||
Operating lease right-of-use assets | $ 381.8 | $ 365.7 | |
Goodwill | [1] | 1,631.7 | 1,628.1 |
Long-term operating lease liability | $ (282.6) | $ (266.6) | |
[1] Balances were net of accumulated impairment loss of $ 694.2 as of both March 31, 2023 and December 31, 2022 . |
Restructuring Costs - Additiona
Restructuring Costs - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Dec. 31, 2022 | |
Restructuring and Related Activities [Abstract] | ||
Restructuring costs | $ 6.6 | |
Payments for restructuring reserve | 5.6 | |
Reserve will be paid by end of period | $ 14.2 | $ 13.2 |
Restructuring Costs - Schedule
Restructuring Costs - Schedule of Changes in Restructuring Reserve (Details) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 USD ($) | ||
Restructuring Cost and Reserve [Line Items] | ||
Balance, beginning of period | $ 13.2 | |
Severance costs | 5.2 | |
Other Costs | 1.4 | |
Costs paid | (5.6) | |
Balance, end of period | 14.2 | |
Reportable segments | Americas | ||
Restructuring Cost and Reserve [Line Items] | ||
Balance, beginning of period | 1 | [1] |
Severance costs | 0.9 | [1] |
Other Costs | 0 | |
Costs paid | (1.1) | [1] |
Balance, end of period | 0.8 | [1] |
Reportable segments | Southern Europe | ||
Restructuring Cost and Reserve [Line Items] | ||
Balance, beginning of period | 1 | [2] |
Severance costs | 0.3 | [2] |
Other Costs | 0 | |
Costs paid | (0.1) | [2] |
Balance, end of period | 1.2 | [2] |
Reportable segments | Northern Europe | ||
Restructuring Cost and Reserve [Line Items] | ||
Balance, beginning of period | 11 | |
Severance costs | 1.1 | |
Other Costs | 1.4 | |
Costs paid | (4.1) | |
Balance, end of period | 9.4 | |
Reportable segments | APME | ||
Restructuring Cost and Reserve [Line Items] | ||
Balance, beginning of period | 0.2 | |
Severance costs | 2.5 | |
Other Costs | 0 | |
Costs paid | 0 | |
Balance, end of period | 2.7 | |
Corporate | ||
Restructuring Cost and Reserve [Line Items] | ||
Balance, beginning of period | 0 | |
Severance costs | 0.4 | |
Other Costs | 0 | |
Costs paid | (0.3) | |
Balance, end of period | $ 0.1 | |
[1] Balances related to the United States were $ 0.6 and $ 0.7 as of December 31, 2022 and March 31, 2023 , respectively. Balances related to France were $ 0.9 as of both December 31, 2022 and March 31, 2023 . |
Restructuring Costs - Schedul_2
Restructuring Costs - Schedule of Changes in Restructuring Reserve (Parenthetical) (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Restructuring Cost and Reserve [Line Items] | ||
Restructuring reserve | $ 14.2 | $ 13.2 |
Americas | United States | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring reserve | 0.7 | 0.6 |
Southern Europe | France | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring reserve | $ 0.9 | $ 0.9 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Jan. 01, 2023 | Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Income Tax [Line Items] | ||||
Effective income tax rate (as percent) | 29.50% | 32.60% | ||
Effective tax rate | 29.50% | |||
U.S. Federal statutory rate (as percent) | 21% | |||
Gross unrecognized tax benefits | $ 80.9 | $ 81.6 | ||
Gross recognized tax benefits | $ 6 | |||
Earliest Tax Year | ||||
Income Tax [Line Items] | ||||
Income tax examination year under examination | 2016 | |||
Latest Tax Year | ||||
Income Tax [Line Items] | ||||
Income tax examination year under examination | 2023 | |||
French | Maximum [Member] | ||||
Income Tax [Line Items] | ||||
Effective tax rate | 0.375% | |||
French | Minimum [Member] | ||||
Income Tax [Line Items] | ||||
Effective tax rate | 0.75% |
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 | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||
Net earnings (loss) available to common shareholders | $ 77.8 | $ 91.6 |
Weighted-average common shares outstanding (in millions) | ||
Weighted-average common shares outstanding - basic | 50.9 | 53.6 |
Weighted-average common shares outstanding - diluted | 51.6 | 54.4 |
Net earnings (loss) per share - basic | $ 1.53 | $ 1.71 |
Net earnings (loss) per share - diluted | $ 1.51 | $ 1.68 |
Effect of dilutive securities - stock options | ||
Weighted-average common shares outstanding (in millions) | ||
Effect of dilutive securities | 0.1 | 0.1 |
Effect of other share-based awards | ||
Weighted-average common shares outstanding (in millions) | ||
Effect of dilutive securities | 0.6 | 0.7 |
Net Earnings Per Share - Additi
Net Earnings Per Share - Additional Information (Details) - shares shares in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Share-Based Awards | ||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||
Antidilutive securities excluded from the calculation of net earnings (loss) per share - diluted (in shares) | 0.5 | 0.2 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Schedule of Goodwill and Intangible Assets (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 | |
Goodwill [Line Items] | |||
Goodwill | [1] | $ 1,631.7 | $ 1,628.1 |
Finite-lived: | |||
Gross | 841.9 | 840.2 | |
Accumulated Amortization | 478.4 | 468.3 | |
Net | 363.5 | 371.9 | |
Indefinite-lived: | |||
Gross | 177.9 | 177.6 | |
Total intangible assets | |||
Gross | 1,019.8 | 1,017.8 | |
Accumulated Amortization | 478.4 | 468.3 | |
Net | 541.4 | 549.5 | |
Tradenames | |||
Indefinite-lived: | |||
Gross | [2] | 52 | 52 |
Reacquired franchise rights | |||
Indefinite-lived: | |||
Gross | 125.9 | 125.6 | |
Customer relationships | |||
Finite-lived: | |||
Gross | 820.4 | 818.9 | |
Accumulated Amortization | 457.7 | 448.1 | |
Net | 362.7 | 370.8 | |
Other | |||
Finite-lived: | |||
Gross | 21.5 | 21.3 | |
Accumulated Amortization | 20.7 | 20.2 | |
Net | $ 0.8 | $ 1.1 | |
[1] Balances were net of accumulated impairment loss of $ 694.2 as of both March 31, 2023 and December 31, 2022 . Balances were net of accumulated impairment loss of $ 139.5 as of both March 31, 2023 and December 31, 2022 . |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Schedule of Goodwill and Intangible Assets (Parenthetical) (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Total intangible assets | ||
Goodwill, accumulated impairment loss | $ 694.2 | $ 694.2 |
Indefinite-lived, accumulated impairment loss | $ 139.5 | $ 139.5 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Additional Information (Details) $ in Millions | Mar. 31, 2023 USD ($) |
Intangible Assets, Future Amortization Expense by Fiscal Year [Abstract] | |
Estimated amortization expense, 2023 | $ 26.5 |
Estimated amortization expense, 2024 | 32 |
Estimated amortization expense, 2025 | 30.3 |
Estimated amortization expense, 2026 | 26.7 |
Estimated amortization expense, 2027 | 26.2 |
Estimated amortization expense, 2028 | $ 26.2 |
Goodwill and Other Intangible_6
Goodwill and Other Intangible Assets - Changes in Carrying Value of Goodwill by Reportable Segment (Details) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 USD ($) | ||
Goodwill [Roll Forward] | ||
Balance, December 31, 2021 | $ 1,628.1 | [1] |
Currency impact | (3.6) | |
Balance, September 30, 2022 | 1,631.7 | [1] |
Reportable segments | Americas | ||
Goodwill [Roll Forward] | ||
Balance, December 31, 2021 | 1,049.6 | [2] |
Currency impact | (0.4) | [2] |
Balance, September 30, 2022 | 1,050 | [2] |
Reportable segments | Southern Europe | ||
Goodwill [Roll Forward] | ||
Balance, December 31, 2021 | 148.2 | [3] |
Currency impact | (1.5) | [3] |
Balance, September 30, 2022 | 149.7 | [3] |
Reportable segments | Northern Europe | ||
Goodwill [Roll Forward] | ||
Balance, December 31, 2021 | 234.8 | |
Currency impact | (2.2) | |
Balance, September 30, 2022 | 237 | |
Reportable segments | APME | ||
Goodwill [Roll Forward] | ||
Balance, December 31, 2021 | 69.5 | |
Currency impact | (0.5) | |
Balance, September 30, 2022 | 69 | |
Corporate | ||
Goodwill [Roll Forward] | ||
Balance, December 31, 2021 | 126 | [4] |
Balance, September 30, 2022 | $ 126 | [4] |
[1] Balances were net of accumulated impairment loss of $ 694.2 as of both March 31, 2023 and December 31, 2022 . Balances related to the United States were $ 1,006.5 a s of both December 31, 2022 and March 31, 2023 . Balances related to France were $ 73.3 and $ 74.3 as of December 31, 2022 and March 31, 2023, respectively. Balances related to Italy were $ 3.7 as of both December 31, 2022 and March 31, 2023 . The majority of the Corporate balance relates to goodwill attributable to our acquisitions of Right Management ($ 62.1 ) and Jefferson Wells ($ 55.5 ). Jefferson Wells is part of the United States reporting unit. 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 balances 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 and Other Intangible_7
Goodwill and Other Intangible Assets - Changes in Carrying Value of Goodwill by Reportable Segment (Parenthetical) (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 | |
Goodwill [Roll Forward] | |||
Goodwill | [1] | $ 1,631.7 | $ 1,628.1 |
Jefferson Wells | |||
Goodwill [Roll Forward] | |||
Goodwill | 55.5 | ||
Right Management | |||
Goodwill [Roll Forward] | |||
Goodwill | 62.1 | ||
France | |||
Goodwill [Roll Forward] | |||
Goodwill | 74.3 | 73.3 | |
Americas | United States | |||
Goodwill [Roll Forward] | |||
Goodwill | 1,006.5 | 1,006.5 | |
Americas | United States | Jefferson Wells | |||
Goodwill [Roll Forward] | |||
Goodwill | 1,085.3 | 1,085.3 | |
Southern Europe | France | |||
Goodwill [Roll Forward] | |||
Goodwill | 80.4 | 79.5 | |
Southern Europe | Italy | |||
Goodwill [Roll Forward] | |||
Goodwill | $ 3.7 | $ 3.7 | |
[1] Balances were net of accumulated impairment loss of $ 694.2 as of both March 31, 2023 and December 31, 2022 . |
Goodwill and Other Intangible_8
Goodwill and Other Intangible Assets - Schedule of Goodwill Balances by Reporting Unit (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 | |
Goodwill [Line Items] | |||
Goodwill | [1] | $ 1,631.7 | $ 1,628.1 |
Jefferson Wells | |||
Goodwill [Line Items] | |||
Goodwill | 55.5 | ||
Netherlands | Jefferson Wells | |||
Goodwill [Line Items] | |||
Goodwill | 55.8 | 55.1 | |
France | |||
Goodwill [Line Items] | |||
Goodwill | 74.3 | 73.3 | |
Canada | |||
Goodwill [Line Items] | |||
Goodwill | 41.7 | 41.6 | |
Americas | United States | |||
Goodwill [Line Items] | |||
Goodwill | 1,006.5 | 1,006.5 | |
Americas | United States | Jefferson Wells | |||
Goodwill [Line Items] | |||
Goodwill | 1,085.3 | 1,085.3 | |
Northern Europe | Netherlands | |||
Goodwill [Line Items] | |||
Goodwill | 55.8 | ||
Northern Europe | United Kingdom | |||
Goodwill [Line Items] | |||
Goodwill | 101.9 | 100.2 | |
Southern Europe | France | |||
Goodwill [Line Items] | |||
Goodwill | 80.4 | 79.5 | |
Other Reporting Units | |||
Goodwill [Line Items] | |||
Goodwill | $ 266.6 | $ 266.4 | |
[1] Balances were net of accumulated impairment loss of $ 694.2 as of both March 31, 2023 and December 31, 2022 . |
Debt (Additional Information) (
Debt (Additional Information) (Details) $ in Millions | Sep. 30, 2019 USD ($) |
Debt Instrument [Line Items] | |
Principal amount | $ 55.4 |
Retirement Plans - Components o
Retirement Plans - Components of Net Periodic Benefit Cost (Credit) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Defined Benefit Pension Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | $ 3.8 | $ 5.1 |
Interest cost | 5.2 | 2.3 |
Expected return on assets | (4.6) | (3.9) |
Net (gain) loss | (0.9) | 0.5 |
Prior service cost (credit) | 0.2 | 0.2 |
Total benefit cost (credit) | 3.7 | 4.2 |
Retiree Health Care Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 0 | 0 |
Interest cost | 0.1 | 0.1 |
Expected return on assets | 0 | 0 |
Net (gain) loss | 0 | 0 |
Prior service cost (credit) | (0.2) | (0.2) |
Total benefit cost (credit) | $ (0.1) | $ (0.1) |
Retirement Plans - Additional I
Retirement Plans - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Defined Benefit Pension Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Estimated employer contribution to pension plans during remainder of current fiscal year | $ 21 | |
Retiree Health Care Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Contributions to pension plans | $ 5.2 | $ 0.3 |
Shareholders' Equity - Componen
Shareholders' Equity - Components of Accumulated Other Comprehensive Loss, Net of Tax (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated other comprehensive loss | $ 2,509.4 | $ 2,458.1 | $ 2,556.1 | $ 2,531.7 |
Defined benefit pension plans, net of income tax benefit of $(0.0) and $(20.4), respectively | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated other comprehensive loss | (13) | (12.2) | ||
Retiree health care plan, net of income taxes of $0.0 and $1.9, respectively | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated other comprehensive loss | 1 | 1.2 | ||
Gain on interest rate swap | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated other comprehensive loss | 1.3 | 1.4 | ||
Foreign currency translation | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated other comprehensive loss | (322.7) | (369.7) | ||
Gain (loss) on derivative instruments, net of income taxes (benefit) of $(0.0) and $(5.3), respectively | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated other comprehensive loss | 14.7 | 53.4 | ||
Translation loss on long-term intercompany loans | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated other comprehensive loss | (132.9) | (132.8) | ||
Accumulated other comprehensive loss | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated other comprehensive loss | $ (451.6) | $ (458.7) | $ (399.6) | $ (389.4) |
Shareholders' Equity - Compon_2
Shareholders' Equity - Components of Accumulated Other Comprehensive Loss, Net of Tax (Parenthetical) (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Gain on interest rate swap | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Accumulated other comprehensive loss, income taxes | $ 0.4 | $ 0.4 |
Defined benefit pension plans, net of income tax benefit of $(0.0) and $(20.4), respectively | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Accumulated other comprehensive loss, income taxes | (20.3) | (20.4) |
Gain (loss) on derivative instruments, net of income taxes (benefit) of $(0.0) and $(5.3), respectively | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Accumulated other comprehensive loss, income taxes | (8.1) | (5.3) |
Translation loss on long-term intercompany loans, net of income taxes of $0.0 and $19.1, respectively | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Accumulated other comprehensive loss, income taxes | 19.1 | 19.1 |
Retiree health care plan, net of income taxes of $0.0 and $1.9, respectively | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Accumulated other comprehensive loss, income taxes | $ 1.9 | $ 1.9 |
Shareholders' Equity - Addition
Shareholders' Equity - Additional Information (Details) - USD ($) | 3 Months Ended | ||||
May 05, 2023 | May 06, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | Aug. 31, 2021 | |
Equity, Class of Treasury Stock [Line Items] | |||||
Net earnings, net of tax, attributable to noncontrolling interests | $ 7,500,000 | $ 2,700,000 | |||
Dividend declared per share | $ 1.47 | $ 1.36 | |||
Dividend declared date | May 05, 2023 | May 06, 2022 | |||
Dividend payable date | Jun. 15, 2023 | Jun. 15, 2022 | |||
Dividends Payable, Date of Record | Jun. 01, 2023 | Jun. 01, 2022 | |||
Shares authorized to be repurchased (in shares) | 6,000,000 | 4,000,000 | |||
Shares repurchased (in shares) | 400,000 | ||||
August 2021 Authorization | |||||
Equity, Class of Treasury Stock [Line Items] | |||||
Shares remaining authorized for repurchase (in shares) | 1,600,000 | ||||
August 2019 Authorization | |||||
Equity, Class of Treasury Stock [Line Items] | |||||
Shares repurchased (in shares) | 600,000 | ||||
Total cost of shares repurchased | $ 30,000,000 | $ 59,900,000 | |||
Non-Controlling Interests | |||||
Equity, Class of Treasury Stock [Line Items] | |||||
Net earnings, net of tax, attributable to noncontrolling interests | $ 0 | $ 500,000 |
Interest and Other Expenses, _3
Interest and Other Expenses, Net - Schedule of Interest and Other Expenses, Net (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Other Nonoperating Income (Expense) [Abstract] | ||
Interest expense | $ 18.7 | $ 10.4 |
Interest income | (8.1) | (2.8) |
Foreign exchange loss | 3.1 | 1.8 |
Miscellaneous income, net | (6.2) | (6.7) |
Interest and other expenses, net | $ 7.5 | $ 2.7 |
Derivative Financial Instrume_3
Derivative Financial Instruments and Fair Value Measurements - Additional Information (Details) € in Millions, $ in Millions | 3 Months Ended | |||||||
Jun. 09, 2022 EUR (€) | Mar. 17, 2022 USD ($) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 USD ($) | Mar. 31, 2023 EUR (€) | Dec. 31, 2022 USD ($) | Sep. 30, 2022 | Sep. 30, 2019 USD ($) | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||
Principal amount | $ 55.4 | |||||||
Net cash inflow | $ (13.2) | $ (18.6) | ||||||
Forward agreement gain/loss | 2 | |||||||
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair value measured on a recurring basis | ||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||
Deferred compensation plan assets | 127.1 | $ 115.3 | ||||||
Cash flow hedge | ||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||
Net cash inflow | $ 19.2 | |||||||
Forward agreement notional amount | € | € 300 | |||||||
Forward agreement interest rate | 1.936% | |||||||
Derivatives Notes Repay | € | € 400 | |||||||
Forward agreement maturity date | Sep. 30, 2022 | |||||||
Fair Value Hedge | ||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||
Interest rate (as a percent) | 1.05973% | 1.7975% | ||||||
Euro-denominated notes | Estimate of fair value measurement | Significant Other Observable Inputs (Level 2) | ||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||
Carrying value of long-term debt | 940.4 | 921.7 | ||||||
Euro-denominated notes | Carrying value | Significant Other Observable Inputs (Level 2) | ||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||
Carrying value of long-term debt | $ 969.3 | $ 956.6 | ||||||
Cross-currency swap | Cash flow hedge | ||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||
Principal amount | € | € 202.3 | |||||||
Interest rate (as a percent) | 1.256% | 1.256% | 1.143% | |||||
Designated as hedging instrument | Notes due June 2027 | Euro-denominated notes | ||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||
Principal amount | $ 429.6 | € 400 | ||||||
Designated as hedging instrument | Notes Due June 2026 | Euro-denominated notes | ||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||
Principal amount | $ 539.7 | € 500 |
Derivative Financial Instrume_4
Derivative Financial Instruments and Fair Value Measurements - Effect of Net Investment Hedges on AOCI (Details) - Net Investment Hedging - Designated as hedging instrument - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Euro Notes | ||
Derivative [Line Items] | ||
Gain (Loss) Recognized in Other Comprehensive Income | $ (12.3) | $ 27.3 |
Cross-currency swap | ||
Derivative [Line Items] | ||
Gain (Loss) Recognized in Other Comprehensive Income | $ (0.4) | $ 2.9 |
Derivative Financial Instrume_5
Derivative Financial Instruments and Fair Value Measurements - Impact of Changes in Fair Values of Derivatives Designated as Cash Flow Hedges on OCI, AOCI and Earnings (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Derivative [Line Items] | ||
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 |
(Loss) Gain Reclassified from AOCI into Income | $ 0.1 | $ 0 |
Not Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
(Loss) Gain Reclassified from AOCI into Income | (0.7) | 2.6 |
Cash flow hedge | Designated as hedging instrument | ||
Derivative [Line Items] | ||
(Loss) Gain Reclassified from AOCI into Income | 0 | 0.9 |
Cash flow hedge | Not Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
(Loss) Gain Reclassified from AOCI into Income | 0.7 | (2.6) |
Cross-currency swap | Cash flow hedge | Designated as hedging instrument | ||
Derivative [Line Items] | ||
Gain (Loss) Recognized in OCI | 0 | (1) |
Cross-currency swap | Cash flow hedge | Not Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Gain (Loss) Recognized in OCI | (1.7) | 0 |
Cross-currency swap | Net Investment Hedging [Member] | Designated as hedging instrument | ||
Derivative [Line Items] | ||
Gain (Loss) Recognized in OCI | (0.4) | 2.9 |
Intercompany CHF note [Member] | Cash flow hedge | Not Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Gain (Loss) Recognized in OCI | 0 | 0 |
Forward Starting Interest Swap | Cash flow hedge | Designated as hedging instrument | ||
Derivative [Line Items] | ||
Gain (Loss) Recognized in OCI | $ 0 | $ 0 |
Derivative Financial Instrume_6
Derivative Financial Instruments and Fair Value Measurements - Effect of Forward Contracts not Designated and Fair Value Hedging Instrument (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Derivative [Line Items] | ||
Amount of Gain (Loss) Recognized in Income | $ 2 | |
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Interest And Other Non Operating Expenses | |
Not designated as hedging instrument | Foreign Exchange Forward | ||
Derivative [Line Items] | ||
Amount of Gain (Loss) Recognized in Income | $ (0.6) | $ (4.8) |
Derivative Financial Instrume_7
Derivative Financial Instruments and Fair Value Measurements - Fair Value of Derivative and Non-Derivative Assets and Liabilities on the Consolidated Balance Sheets (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Derivatives, Fair Value [Line Items] | ||
Assets | $ 11.6 | $ 14 |
Liabilities | 995.9 | 982.4 |
Not designated as hedging instrument | Foreign currency forward contracts | Prepaid expenses and other assets | ||
Derivatives, Fair Value [Line Items] | ||
Assets | 0 | 0.2 |
Not designated as hedging instrument | Foreign currency forward contracts | Accrued liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Liabilities | 0.5 | 0 |
Fair Value Hedge | Designated as hedging instrument | Cross-currency swap | Prepaid expenses and other assets | ||
Derivatives, Fair Value [Line Items] | ||
Assets | 11.6 | 13.8 |
Net Investment Hedging | Designated as hedging instrument | Cross-currency swap | Accrued liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Liabilities | 26.1 | 25.8 |
Net Investment Hedging | Designated as hedging instrument | Euro Notes due in 2026 | Long-term debt | ||
Derivatives, Fair Value [Line Items] | ||
Liabilities | 539.7 | 532.7 |
Net Investment Hedging | Designated as hedging instrument | Euro Notes Due In 2027 | Long-term debt | ||
Derivatives, Fair Value [Line Items] | ||
Liabilities | $ 429.6 | $ 423.9 |
Leases - Components of Lease Ex
Leases - Components of Lease Expense and Other Information (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | ||
Leases [Abstract] | |||
Operating lease expense | $ 34.7 | $ 32.9 | |
Short-term lease expense | 1.1 | 1.2 | |
Other lease expense | [1] | 4.1 | 4.7 |
Total lease expense | 39.9 | 38.8 | |
Supplemental Cash Flow Information | |||
Cash paid for amounts included in the measurement of operating lease liabilities | 33.4 | 33.3 | |
Operating ROU assets obtained in exchange for lease obligations | $ 30.7 | $ 9.5 | |
[1] Other lease expense includes variable lease expense and sublease income. |
Leases - Supplemental Balance S
Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 | |
Operating Leases | |||
Operating lease ROU assets | $ 381.8 | $ 365.7 | |
Operating lease liabilities - current | [1] | 104.7 | 105.5 |
Operating lease liabilities - long-term | 282.6 | 266.6 | |
Total operating lease liabilities | $ 387.3 | $ 372.1 | |
[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) | Mar. 31, 2023 | Mar. 31, 2022 |
Weighted Average Remaining Lease Term | ||
Operating leases | 5 years 6 months | 5 years 1 month 6 days |
Weighted Average Discount Rate | ||
Operating leases | 3.20% | 2.40% |
Leases - Maturities of Operatin
Leases - Maturities of Operating Lease Liabilities (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Period Ending March 31, 2021 | ||
2023 | $ 88.8 | |
2024 | 90.2 | |
2025 | 64.1 | |
2026 | 47.7 | |
2027 | 40.3 | |
2028 | 31.6 | |
Thereafter | 69.3 | |
Total future undiscounted lease payments | 432 | |
Less imputed interest | (44.7) | |
Total operating lease liabilities | $ 387.3 | $ 372.1 |
Segment Data - Schedule of Segm
Segment Data - Schedule of Segment Data (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Segment Reporting Information [Line Items] | ||
Revenues from services | $ 4,752.3 | $ 5,143.3 |
Operating unit profit | 164.6 | 190.3 |
Corporate expenses | (37.9) | (42) |
Intangible asset amortization expense | (8.8) | (9.6) |
Operating profit | 117.9 | 138.7 |
Interest and other expenses, net | (7.5) | (2.7) |
Earnings before income taxes | 110.4 | 136 |
Americas | ||
Segment Reporting Information [Line Items] | ||
Revenues from services | 1,130.2 | 1,251.2 |
Operating unit profit | 48.6 | 72.8 |
Southern Europe | ||
Segment Reporting Information [Line Items] | ||
Revenues from services | 2,067.9 | 2,193.9 |
Operating unit profit | 89.9 | 95.2 |
Northern Europe | ||
Segment Reporting Information [Line Items] | ||
Revenues from services | 967.6 | 1,094.5 |
Operating unit profit | 5 | 3.3 |
APME | ||
Segment Reporting Information [Line Items] | ||
Revenues from services | 605.9 | 618.2 |
Operating unit profit | 21.1 | 19 |
Northern Europe and APME | ||
Segment Reporting Information [Line Items] | ||
Revenues from services | 4,771.6 | 5,157.8 |
Intercompany Eliminations | ||
Segment Reporting Information [Line Items] | ||
Revenues from services | (19.3) | (14.5) |
United States | Americas | ||
Segment Reporting Information [Line Items] | ||
Revenues from services | 770 | 889.4 |
Other Americas | Americas | ||
Segment Reporting Information [Line Items] | ||
Revenues from services | 360.2 | 361.8 |
France | Southern Europe | ||
Segment Reporting Information [Line Items] | ||
Revenues from services | 1,169.3 | 1,192.4 |
Italy | Southern Europe | ||
Segment Reporting Information [Line Items] | ||
Revenues from services | 422.2 | 445 |
Other Southern Europe | Southern Europe | ||
Segment Reporting Information [Line Items] | ||
Revenues from services | 476.4 | 556.5 |
Reportable subsegments | Northern Europe | ||
Segment Reporting Information [Line Items] | ||
Revenues from services | 967.6 | 1,094.5 |
Reportable subsegments | United States | Americas | ||
Segment Reporting Information [Line Items] | ||
Revenues from services | 770 | 889.4 |
Operating unit profit | 31.1 | 58.3 |
Reportable subsegments | Other Americas | Americas | ||
Segment Reporting Information [Line Items] | ||
Revenues from services | 360.2 | 361.8 |
Operating unit profit | 17.5 | 14.5 |
Reportable subsegments | France | Southern Europe | ||
Segment Reporting Information [Line Items] | ||
Revenues from services | 1,169.3 | 1,192.4 |
Operating unit profit | 44.9 | 49.6 |
Reportable subsegments | Italy | Southern Europe | ||
Segment Reporting Information [Line Items] | ||
Revenues from services | 422.2 | 445 |
Operating unit profit | 30.7 | 29 |
Reportable subsegments | Other Southern Europe | Southern Europe | ||
Segment Reporting Information [Line Items] | ||
Revenues from services | 476.4 | 556.5 |
Operating unit profit | $ 14.3 | $ 16.6 |
Segment Data - Schedule of Se_2
Segment Data - Schedule of Segment Data (Parenthetical) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Segment Reporting Information [Line Items] | |||
Revenues from services | $ 4,752.3 | $ 5,143.3 | |
Franchise revenue | 250.2 | 265.2 | |
Franchise fees | |||
Segment Reporting Information [Line Items] | |||
Revenues from services | 3.9 | 3.6 | |
Americas | |||
Segment Reporting Information [Line Items] | |||
Revenues from services | 1,130.2 | 1,251.2 | |
Americas | United States | |||
Segment Reporting Information [Line Items] | |||
Revenues from services | 770 | 889.4 | |
Americas | United States | Franchise fees | |||
Segment Reporting Information [Line Items] | |||
Revenues from services | 3.2 | $ 2.9 | |
Franchise revenue | $ 99.3 | $ 110.8 |