Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2019 | Jul. 31, 2019 | |
Document And Entity Information [Abstract] | ||
Entity Registrant Name | ManpowerGroup Inc. | |
Entity Central Index Key | 0000871763 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Trading Symbol | MAN | |
Entity Common Stock, Shares Outstanding | 59,840,094 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q2 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2019 | |
Entity Shell Company | false | |
Entity Current Reporting Status | Yes | |
Entity File Number | 1-10686 | |
Entity Tax Identification Number | 391672779 | |
Entity Address, Address Line One | 100 Manpower Place | |
Entity Address, City or Town | Milwaukee | |
Entity Address, State or Province | Wisconsin | |
Entity Address, Postal Zip Code | 53212 | |
City Area Code | (414) | |
Local Phone Number | 961-1000 |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 770.4 | $ 591.9 |
Accounts receivable, less allowance for doubtful accounts of $121.0 and $115.7, respectively | 5,415.6 | 5,276.1 |
Prepaid expenses and other assets | 190.8 | 129.1 |
Total current assets | 6,376.8 | 5,997.1 |
OTHER ASSETS: | ||
Goodwill | 1,262.4 | 1,297.1 |
Intangible assets, less accumulated amortization of $382.6 and $367.7, respectively | 276.3 | 246.3 |
Operating lease right-of-use asset | 458.5 | |
Other assets | 526.6 | 826.7 |
Total other assets | 2,523.8 | 2,370.1 |
PROPERTY AND EQUIPMENT: | ||
Land, buildings, leasehold improvements and equipment | 613.4 | 613.6 |
Less: accumulated depreciation and amortization | 465.7 | 461 |
Net property and equipment | 147.7 | 152.6 |
Total assets | 9,048.3 | 8,519.8 |
CURRENT LIABILITIES: | ||
Accounts payable | 2,413.9 | 2,266.7 |
Employee compensation payable | 184.8 | 209.7 |
Accrued liabilities | 542.5 | 411 |
Accrued payroll taxes and insurance | 659.5 | 729.8 |
Value added taxes payable | 511.5 | 508.6 |
Short-term borrowings and current maturities of long-term debt | 47.7 | 50.1 |
Total current liabilities | 4,359.9 | 4,175.9 |
OTHER LIABILITIES: | ||
Long-term debt | 1,025.8 | 1,025.3 |
Long-term operating lease liability | 334.3 | |
Other long-term liabilities | 633.8 | 620.1 |
Total other liabilities | 1,993.9 | 1,645.4 |
ManpowerGroup shareholders' equity | ||
Preferred stock, $0.01 par value, authorized 25,000,000 shares, none issued | 0 | 0 |
Common stock, $0.01 par value, authorized 125,000,000 shares, issued 117,163,468 and 116,795,899 shares, respectively | 1.2 | 1.2 |
Capital in excess of par value | 3,354.4 | 3,337.5 |
Retained earnings | 3,273.3 | 3,157.7 |
Accumulated other comprehensive loss | (416.5) | (399.8) |
Treasury stock at cost, 57,330,065 and 56,044,485 shares, respectively | (3,579.9) | (3,471.7) |
Total ManpowerGroup shareholders’ equity | 2,632.5 | 2,624.9 |
Noncontrolling interests | 62 | 73.6 |
Total shareholders’ equity | 2,694.5 | 2,698.5 |
Total liabilities and shareholders’ equity | $ 9,048.3 | $ 8,519.8 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
CURRENT ASSETS: | ||
Allowance for doubtful accounts | $ 121 | $ 115.7 |
OTHER ASSETS: | ||
Accumulated amortization on intangible assets | $ 382.6 | $ 367.7 |
SHAREHOLDERS’ EQUITY: | ||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, authorized (in shares) | 25,000,000 | 25,000,000 |
Preferred stock, issued (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, authorized (in shares) | 125,000,000 | 125,000,000 |
Common stock, issued (in shares) | 117,163,468 | 116,795,899 |
Treasury stock at cost (in shares) | 57,330,065 | 56,044,485 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Income Statement [Abstract] | ||||
Revenues from services | $ 5,373.1 | $ 5,656.9 | $ 10,418 | $ 11,179.3 |
Cost of services | 4,502.7 | 4,734.2 | 8,742.8 | 9,371.2 |
Gross profit | 870.4 | 922.7 | 1,675.2 | 1,808.1 |
Selling and administrative expenses, excluding goodwill impairment charge | 675.6 | 714.4 | 1,374.9 | 1,446 |
Goodwill impairment charge | 64 | 64 | ||
Selling and administrative expenses | 739.6 | 714.4 | 1,438.9 | 1,446 |
Operating profit | 130.8 | 208.3 | 236.3 | 362.1 |
Interest and other (income) expenses, net | (70.2) | 10.5 | (58.3) | 26.6 |
Earnings before income taxes | 201 | 197.8 | 294.6 | 335.5 |
Provision for income taxes | 73.7 | 54.4 | 113.8 | 95.1 |
Net earnings | $ 127.3 | $ 143.4 | $ 180.8 | $ 240.4 |
Net earnings per share - basic (in dollars per share) | $ 2.12 | $ 2.18 | $ 3 | $ 3.65 |
Net earnings per share - diluted (in dollars per share) | $ 2.11 | $ 2.17 | $ 2.98 | $ 3.62 |
Weighted average shares - basic (in shares) | 60 | 65.7 | 60.3 | 65.8 |
Weighted average shares - diluted (in shares) | 60.4 | 66.1 | 60.7 | 66.4 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net earnings | $ 127.3 | $ 143.4 | $ 180.8 | $ 240.4 |
Other comprehensive loss: | ||||
Foreign currency translation adjustments | (32.1) | (140.3) | (62.7) | (92.6) |
Reclassification of currency translation adjustment to income related to disposition of partially held equity interest (see Note 5) | 32.5 | 32.5 | ||
Translation adjustments on derivative instruments, net of income taxes of $(3.1), $10.6, $2.0 and $5.8, respectively | (11.1) | 36.5 | 6.3 | 20.1 |
Translation adjustments of long-term intercompany loans | (4.2) | (7.7) | 6.8 | (0.1) |
Defined benefit pension plans and retiree health care plan, net of income taxes of $0.0, $(0.1), $0.1 and $0.1, respectively | 0.2 | (0.3) | 0.4 | 0.2 |
Total other comprehensive loss | (14.7) | (111.8) | (16.7) | (72.4) |
Comprehensive income | $ 112.6 | $ 31.6 | $ 164.1 | $ 168 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Other comprehensive loss: | ||||
Income tax expense (benefit) on translation adjustments on derivative instruments | $ (3.1) | $ 10.6 | $ 2 | $ 5.8 |
Income tax expense on defined benefit pension plans and retiree health care plan | $ 0 | $ (0.1) | $ 0.1 | $ 0.1 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net earnings | $ 180.8 | $ 240.4 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Depreciation and amortization | 39 | 42.9 |
Noncash gain on disposition of previously held equity interest | 80.4 | |
Noncash lease expense | 63.6 | |
Noncash goodwill impairment charge | 64 | |
Deferred income taxes | 13.7 | (16.6) |
Provision for doubtful accounts | 11.5 | 10.9 |
Share-based compensation | 12.9 | 12.8 |
Changes in operating assets and liabilities, excluding the impact of acquisitions: | ||
Accounts receivable | (120.9) | (132) |
Other assets | 81.3 | 85.9 |
Other liabilities | 11.6 | (68.7) |
Cash provided by operating activities | 277.1 | 175.6 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Capital expenditures | (24) | (26.8) |
Acquisitions of businesses, net of cash acquired | 114.7 | (8.2) |
Proceeds from the sale of subsidiaries, investments, property and equipment | 8 | 6.7 |
Cash provided by (used in) investing activities | 98.7 | (28.3) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Net change in short-term borrowings | (3) | (4.5) |
Proceeds from long-term debt | 7.6 | 583.3 |
Repayments of long-term debt | (0.1) | (408.1) |
Payments of debt issuance costs | (2.4) | |
Payments of contingent consideration for acquisitions | (22.8) | (15.1) |
Proceeds from share-based awards and sale of subsidiaries | 5.5 | 4 |
Payments to noncontrolling interests | (2.1) | (1.9) |
Other share-based award transactions | (7.3) | (17.3) |
Repurchases of common stock | (101) | (113.2) |
Dividends paid | (65.2) | (66) |
Cash used in financing activities | (188.4) | (41.2) |
Effect of exchange rate changes on cash | (8.9) | (27.6) |
Change in cash and cash equivalents | 178.5 | 78.5 |
Cash and cash equivalents, beginning of year | 591.9 | 689 |
Cash and cash equivalents, end of period | 770.4 | 767.5 |
SUPPLEMENTAL CASH FLOW INFORMATION: | ||
Interest paid | 21.4 | 31.1 |
Income taxes paid, net | 74.8 | $ 106.7 |
Non-cash operating activity: | ||
Right-of-use assets obtained in exchange for new operating lease liabilities | $ 69.7 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity Statement - USD ($) $ in Millions | Total | Common Stock | Capital in Excess of Par Value | Retained Earnings | Accumulated Other Comprehensive Loss | Treasury Stock | Non-Controlling Interests |
Balance, beginning of period at Dec. 31, 2017 | $ 2,857.6 | $ 1.2 | $ 3,302.6 | $ 2,713 | $ (288.2) | $ (2,953.7) | $ 82.7 |
Balance, beginning of period (in shares) at Dec. 31, 2017 | 116,303,729 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net earnings | 97 | 97 | |||||
Other comprehensive income (loss) | 39.4 | 39.4 | |||||
Issuances under equity plans | (13.8) | 2.9 | (16.7) | ||||
Issuances under equity plans (in shares) | 437,703 | ||||||
Share-based compensation expense | 7.5 | 7.5 | |||||
Repurchases of common stock | (50.1) | (50.1) | |||||
Noncontrolling interest transactions | 1.4 | 0.3 | 1.1 | ||||
Balance, end of period at Mar. 31, 2018 | 2,939 | $ 1.2 | 3,313.3 | 2,825.3 | (264.1) | (3,020.5) | 83.8 |
Balance, end of period (in shares) at Mar. 31, 2018 | 116,741,432 | ||||||
Balance, beginning of period at Dec. 31, 2017 | 2,857.6 | $ 1.2 | 3,302.6 | 2,713 | (288.2) | (2,953.7) | 82.7 |
Balance, beginning of period (in shares) at Dec. 31, 2017 | 116,303,729 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Other comprehensive income (loss) | (72.4) | ||||||
Balance, end of period at Jun. 30, 2018 | 2,847.5 | $ 1.2 | 3,320.1 | 2,902.7 | (375.9) | (3,084.1) | 83.5 |
Balance, end of period (in shares) at Jun. 30, 2018 | 116,778,224 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Unrealized gain reclassified due to new accounting guidance on investments | 15.3 | (15.3) | |||||
Balance, beginning of period at Mar. 31, 2018 | 2,939 | $ 1.2 | 3,313.3 | 2,825.3 | (264.1) | (3,020.5) | 83.8 |
Balance, beginning of period (in shares) at Mar. 31, 2018 | 116,741,432 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net earnings | 143.4 | 143.4 | |||||
Other comprehensive income (loss) | (111.8) | (111.8) | |||||
Issuances under equity plans | (0.6) | (0.1) | (0.5) | ||||
Issuances under equity plans (in shares) | 36,792 | ||||||
Share-based compensation expense | 5.3 | 5.3 | |||||
Repurchases of common stock | (63.1) | (63.1) | |||||
Dividends | (66) | (66) | |||||
Noncontrolling interest transactions | 1.3 | 1.6 | (0.3) | ||||
Balance, end of period at Jun. 30, 2018 | 2,847.5 | $ 1.2 | 3,320.1 | 2,902.7 | (375.9) | (3,084.1) | 83.5 |
Balance, end of period (in shares) at Jun. 30, 2018 | 116,778,224 | ||||||
Balance, beginning of period at Dec. 31, 2018 | 2,698.5 | $ 1.2 | 3,337.5 | 3,157.7 | (399.8) | (3,471.7) | 73.6 |
Balance, beginning of period (in shares) at Dec. 31, 2018 | 116,795,899 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net earnings | 53.5 | 53.5 | |||||
Other comprehensive income (loss) | (2) | (2) | |||||
Issuances under equity plans | (4.9) | 0.4 | (5.3) | ||||
Issuances under equity plans (in shares) | 247,325 | ||||||
Share-based compensation expense | 4.6 | 4.6 | |||||
Repurchases of common stock | (101) | (101) | |||||
Noncontrolling interest transactions | 1.2 | 0.5 | 0.7 | ||||
Balance, end of period at Mar. 31, 2019 | 2,649.9 | $ 1.2 | 3,343 | 3,211.2 | (401.8) | (3,578) | 74.3 |
Balance, end of period (in shares) at Mar. 31, 2019 | 117,043,224 | ||||||
Balance, beginning of period at Dec. 31, 2018 | 2,698.5 | $ 1.2 | 3,337.5 | 3,157.7 | (399.8) | (3,471.7) | 73.6 |
Balance, beginning of period (in shares) at Dec. 31, 2018 | 116,795,899 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Other comprehensive income (loss) | (16.7) | ||||||
Balance, end of period at Jun. 30, 2019 | 2,694.5 | $ 1.2 | 3,354.4 | 3,273.3 | (416.5) | (3,579.9) | 62 |
Balance, end of period (in shares) at Jun. 30, 2019 | 117,163,468 | ||||||
Balance, beginning of period at Mar. 31, 2019 | 2,649.9 | $ 1.2 | 3,343 | 3,211.2 | (401.8) | (3,578) | 74.3 |
Balance, beginning of period (in shares) at Mar. 31, 2019 | 117,043,224 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net earnings | 127.3 | 127.3 | |||||
Other comprehensive income (loss) | (14.7) | (14.7) | |||||
Issuances under equity plans | 2 | 3.9 | (1.9) | ||||
Issuances under equity plans (in shares) | 120,244 | ||||||
Share-based compensation expense | 8.3 | 8.3 | |||||
Dividends | (65.2) | (65.2) | |||||
Noncontrolling interest transactions | (13.1) | (0.8) | (12.3) | ||||
Balance, end of period at Jun. 30, 2019 | $ 2,694.5 | $ 1.2 | $ 3,354.4 | $ 3,273.3 | $ (416.5) | $ (3,579.9) | $ 62 |
Balance, end of period (in shares) at Jun. 30, 2019 | 117,163,468 |
Basis of Presentation and Accou
Basis of Presentation and Accounting Policies | 6 Months Ended |
Jun. 30, 2019 | |
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 2018 Annual Report on Form 10-K. The information furnished reflects all adjustments that, in the opinion of management, were necessary for a fair statement of the Consolidated Financial Statements for the periods presented. Such adjustments were of a normal recurring nature, unless otherwise disclosed. Leases We determine whether a contract is or contains a lease at contract inception. Right-of-use (“ROU”) assets and long-term lease liabilities are presented as separate line items on our Consolidated Balance Sheets. Current operating lease liabilities are included in accrued expenses on our Consolidated Balance Sheets. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Lease liabilities are recognized at commencement date based on the present value of remaining lease payments over the lease term. As the rate implicit in the lease is not readily determinable in most of our leases, we use our incremental borrowing rate. We determine our incremental borrowing rate at the commencement date using our unsecured borrowing rate, adjusted for collaterization, lease term, economic environment, currency and other factors. ROU assets are recognized at commencement date at the value of the related lease liabilities, adjusted for any prepayments, lease incentives received, and initial direct costs incurred. Our lease terms include options to renew or not terminate the lease when it is reasonably certain that we will exercise that option. Lease expenses for operating leases are recognized on a straight-line basis over the lease term and recorded in selling and administrative expenses on the Consolidated Statements of Operations. Payroll Tax Credit In April 2019, we sold a portion of our French payroll tax credits earned in 2018 for net proceeds of $103.5 (€92.0). In April 2018, we sold substantially all of our French payroll tax credits earned in 2017 for net proceeds of $234.5 (€190.9). We derecognized these receivables and the additional interest upon the sale date as the terms of the agreement are such that the transaction qualifies for sale treatment in accordance with the accounting guidance on the transfer and servicing of assets. The discount on the sale of these receivables was recorded in cost of services as a reduction of the payroll tax credits. Goodwill Impairment In accordance with the accounting guidance on goodwill and other intangible assets, we perform an annual impairment test of goodwill at our reporting unit level and indefinite-lived assets at our unit of account level during the third quarter, or more frequently if events or circumstances change that would more likely than not reduce the fair value of the reporting units below their carrying value. The most recent annual impairment test was performed during the third quarter of 2018. For the second quarter of 2019, in connection with the preparation of our quarterly financial statements, we assessed the changes in circumstances that occurred during the quarter to determine if it was more likely than not that the fair value of any reporting unit was below its carrying amount. We identified several factors related to our Germany 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. These factors included a further downward trend in the performance of the business due to current market conditions, a more cautious outlook for the business stemming from the impact of changes to temporary staffing regulation s in Germany , and the recording of a valuation allowance against our Germany deferred tax assets during the second quarter. As we determined that it was more likely than not that the fair value of the Germany reporting unit was below its carrying amount, we performed an interim impairment test on this reporting unit as of June 30, 2019. As a result of our interim test, we recognized a non-cash impairment loss of $60.2. The Germany reporting unit is included in the Northern Europe segment. In performing our interim impairment test, we determined the fair value of the reporting unit by utilizing an income approach derived from a discounted cash flow methodology. The income approach is developed from management’s forecasted cash flow data. Significant assumptions used in our interim goodwill impairment test included: expected revenue growth rates, operating unit profit margins, working capital levels, discount rate, and a terminal value multiple. In addition, we recorded a goodwill impairment charge of $3.8 related to our New Zealand operations as a result of not meeting profitability expectations. Subsequent Events On July 10, 2019, our joint venture in Greater China, ManpowerGroup Greater China Limited, became listed on the Main Board of the Stock Exchange of Hong Kong Limited through an initial public offering. Prior to the initial public offering, we owned a 51% controlling interest in the joint venture and consolidated the financial position and results of its operations into our Consolidated Financial Statements as part of our APME segment. As a result of the offering, in which ManpowerGroup Greater China Limited issued new shares representing 25% of the equity of the company, our ownership interest was diluted to 38.25%, subject to further dilution to 36.87% if the underwriters exercise their overallotment option in full. As a result, we will deconsolidate the joint venture as of the listing date and account for our remaining interest under the equity method of accounting and record our share of equity income or loss in interest and other (income) expenses, net in the Consolidated Statement of Operations. We will finalize our accounting for this transaction during the third quarter of 2019. We have evaluated all other events and transactions occurring after the balance sheet date through our filing date and have accrued or disclosed any related accounting impacts, if appropriate. |
Recently Issued Accounting Stan
Recently Issued Accounting Standards | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Changes And Error Corrections [Abstract] | |
Recently Issued Accounting Standards | (2) Recent Accounting Standards Accounting Standards Effective as of January 1, 2019 In February 2016, the Financial Accounting Standards Board ("FASB") issued new accounting guidance on leases, ASU No. 2016-02, Leases (Topic 842), which we adopted on January 1, 2019. The new guidance requires that a lessee recognize ROU assets and lease liabilities on the balance sheet for leases with lease terms longer than 12 months. The recognition, measurement and presentation of lease expenses and cash flows depend on the classification by the lessee as a finance or operating lease. We determined that no cumulative effect adjustment to retained earnings was necessary upon adoption. As of the transition date, the ROU asset and total lease liability (current and long-term) were $458.1 and $458.7, respectively. We elected the package of three practical expedients which lessened the transitional burden of implementing the new guidance. Accordingly, we did not reassess: 1) whether any expired or existing contracts are or contain leases; 2) the lease classification for any expired or existing leases; or 3) the initial direct costs for any existing leases. We have also elected the practical expedient to not separate lease and non-lease components. Lastly, we have elected to apply the short-term lease exception for all underlying asset classes. In August 2017, the FASB issued new guidance on hedge accounting. The amendments in this guidance include the elimination of the concept of recognizing periodic hedge ineffectiveness for cash flow and net investment hedges, recognition and presentation of changes in the fair value of the hedging instrument, recognition and presentation of components excluded from an entity's hedge effectiveness assessment, addition of the ability to elect to perform subsequent effectiveness assessments qualitatively, and addition of new disclosure requirements. We adopted this guidance effective January 1, 2019. There was no impact of this adoption on our Consolidated Financial Statements. See Note 13 to the Consolidated Financial Statements for the modified disclosures. In February 2018, the FASB issued new guidance on reporting comprehensive income. The new guidance allows a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the United States Tax Cuts and Jobs Act of 2017 ("Tax Act"). The guidance was effective for us as of January 1, 2019. We elected not to adopt this optional reclassification. In June 2018, the FASB issued new guidance on the accounting for share-based payment awards. The guidance makes the accounting for share-based payment awards issued to nonemployees la rgely consistent with the accounting for share-based payment awards issued to employees. here was no impact of this adoption on our Consolidated Financial Statements. Recently Issued Accounting Standards In June 2016, the FASB issued new accounting guidance on financial instruments. The new guidance requires application of an impairment model known as the current expected credit loss (“CECL”) model to certain financial instruments. Using the CECL model, an entity recognizes an allowance for expected credit losses based on historical experience, current conditions, and forecasted information rather than the current methodology of delaying recognition of credit losses until it is probable loss has been incurred. The new guidance is effective for us in 2020. We do not expect the adoption of this guidance to have a material impact on our Consolidated Financial Statements. In August 2018, the FASB issued new guidance on disclosures related to fair value measurements. The guidance is intended to improve the effectiveness of the notes to financial statements by facilitating clearer communication, and it includes multiple new, eliminated and modified disclosure requirements. The guidance is effective for us in 2020. The adoption of this guidance will have no impact on our Consolidated Financial Statements. In August 2018, the FASB issued new guidance on the accounting for internal-use software. The guidance aligns the accounting for costs incurred to implement a cloud computing arrangement that is a service arrangement with the guidance on capitalizing costs associated with developing or obtaining internal-use software. The guidance is effective for us in 2020. We are assessing the impact of the adoption of this guidance on our Consolidated Financial Statements. In August 2018, the FASB issued new guidance on disclosures related to defined benefit plans. The guidance amends the current disclosure requirements to add, remove and clarify disclosure requirements for defined benefit pension and other postretirement plans. The guidance is effective for us in 2021. The adoption of this guidance will have no impact on our Consolidated Financial Statements . |
Revenue Recognition
Revenue Recognition | 6 Months Ended |
Jun. 30, 2019 | |
Revenue From Contract With Customer [Abstract] | |
Revenue Recognition | (3) Revenue Recognition For certain client contracts where we recognize revenues over time, we recognize the amount that we have the right to invoice, which corresponds directly to the value provided to the client of our performance to date. We do not disclose the amount of unsatisfied performance obligations for client contracts with an original expected length of one year or less and those client contracts for which we recognize revenues at the amount to which we have the right to invoice for services performed. We have other contracts with revenues expected to be recognized subsequent to June 30, 2019, related to remaining performance obligations, which are not material. We record accounts receivable when our right to consideration becomes unconditional. Contract assets primarily relate to our rights to consideration for services provided that they are conditional on satisfaction of future performance obligations. We record contract liabilities (deferred revenue) when payments are made or due prior to the related performance obligations being satisfied. The current portion of our contract liabilities is included in accrued liabilities in our Consolidated Balance Sheets. We do not have any material contract assets or long-term contract liabilities. Our deferred revenue was $42.5 at June 30, 2019 and $42.8 at December 31, 2018. The decrease is due to $35.6 of revenues recognized related to amounts that were included in the December 31, 2018 balance, partially offset by payments or amounts due in advance of satisfying our performance obligations in the six months ended June 30, 2019. In the following table, revenue is disaggregated by service types for each of our reportable segments. See Note 2 to the Consolidated Financial Statements in our 2018 Annual Report on Form10-K for descriptions of revenue service types. 3 Months Ended June 30, 2019 2018 Staffing and Interim Outcome- Based Solutions and Consulting Permanent Recruitment Other Total Staffing and Interim Outcome- Based Solutions and Consulting Permanent Recruitment Other Total Americas: United States $ 551.3 $ 33.1 $ 24.1 $ 22.4 $ 630.9 $ 559.1 $ 34.6 $ 24.4 $ 22.4 $ 640.5 Other Americas 392.8 12.3 6.2 1.2 412.5 392.3 12.3 6.5 0.9 412.0 944.1 45.4 30.3 23.6 1,043.4 951.4 46.9 30.9 23.3 1,052.5 Southern Europe: France 1,345.7 56.7 13.6 4.2 1,420.2 1,436.8 55.2 14.5 6.0 1,512.5 Italy 365.2 11.7 10.7 6.4 394.0 413.9 12.8 10.2 6.1 443.0 Other Southern Europe 471.9 83.2 16.0 1.9 573.0 383.8 76.6 14.1 4.0 478.5 2,182.8 151.6 40.3 12.5 2,387.2 2,234.5 144.6 38.8 16.1 2,434.0 Northern Europe 1,050.8 86.5 38.2 7.7 1,183.2 1,234.0 106.1 45.0 8.1 1,393.2 APME 582.0 73.5 50.1 3.3 708.9 599.5 69.0 52.0 4.3 724.8 Right Management — 12.3 — 38.1 50.4 — 12.5 — 39.9 52.4 Total $ 4,759.7 $ 369.3 $ 158.9 $ 85.2 $ 5,373.1 $ 5,019.4 $ 379.1 $ 166.7 $ 91.7 $ 5,656.9 6 Months Ended June 30, 2019 2018 Staffing and Interim Outcome- Based Solutions and Consulting Permanent Recruitment Other Total Staffing and Interim Outcome- Based Solutions and Consulting Permanent Recruitment Other Total Americas: United States $ 1,080.0 $ 64.1 $ 47.0 $ 43.4 $ 1,234.5 $ 1,102.3 $ 63.9 $ 46.2 $ 44.4 $ 1,256.8 Other Americas 778.2 24.0 12.0 2.0 816.2 780.5 23.5 12.5 1.8 818.3 1,858.2 88.1 59.0 45.4 2,050.7 1,882.8 87.4 58.7 46.2 2,075.1 Southern Europe: France 2,570.2 114.0 28.1 9.3 2,721.6 2,781.4 114.3 29.4 11.4 2,936.5 Italy 695.2 21.2 20.6 12.9 749.9 800.9 24.3 19.4 12.0 856.6 Other Southern Europe 818.9 163.3 30.2 5.5 1,017.9 762.5 154.3 28.6 7.5 952.9 4,084.3 298.5 78.9 27.7 4,489.4 4,344.8 292.9 77.4 30.9 4,746.0 Northern Europe 2,104.2 176.2 76.3 16.2 2,372.9 2,489.2 215.9 89.5 16.2 2,810.8 APME 1,165.4 142.9 93.8 6.7 1,408.8 1,198.7 137.4 101.0 7.9 1,445.0 Right Management — 22.4 — 73.8 96.2 — 24.0 — 78.4 102.4 Total $ 9,212.1 $ 728.1 $ 308.0 $ 169.8 $ 10,418.0 $ 9,915.5 $ 757.6 $ 326.6 $ 179.6 $ 11,179.3 In the following table, revenue is disaggregated by timing of revenue recognition for each of our reportable segments: 3 Months Ended June 30, 2019 2018 Services transferred over time Services transferred at a point in time Total Services transferred over time Services transferred at a point in time Total Americas: United States $ 617.2 $ 13.7 $ 630.9 $ 626.7 $ 13.8 $ 640.5 Other Americas 408.2 4.3 412.5 407.8 4.2 412.0 1,025.4 18.0 1,043.4 1,034.5 18.0 1,052.5 Southern Europe: France 1,407.5 12.7 1,420.2 1,498.5 14.0 1,512.5 Italy 384.2 9.8 394.0 433.5 9.5 443.0 Other Southern Europe 559.8 13.2 573.0 466.6 11.9 478.5 2,351.5 35.7 2,387.2 2,398.6 35.4 2,434.0 Northern Europe 1,149.9 33.3 1,183.2 1,354.8 38.4 1,393.2 APME 675.7 33.2 708.9 689.5 35.3 724.8 Right Management 50.4 - 50.4 52.4 - 52.4 Total $ 5,252.9 $ 120.2 $ 5,373.1 $ 5,529.8 $ 127.1 $ 5,656.9 6 Months Ended June 30, 2019 2018 Services transferred over time Services transferred at a point in time Total Services transferred over time Services transferred at a point in time Total Americas: United States $ 1,207.8 $ 26.7 $ 1,234.5 $ 1,231.1 $ 25.7 $ 1,256.8 Other Americas 807.9 8.3 816.2 809.8 8.5 818.3 2,015.7 35.0 2,050.7 2,040.9 34.2 2,075.1 Southern Europe: France 2,695.2 26.4 2,721.6 2,908.1 28.4 2,936.5 Italy 730.7 19.2 749.9 838.4 18.2 856.6 Other Southern Europe 992.8 25.1 1,017.9 928.6 24.3 952.9 4,418.7 70.7 4,489.4 4,675.1 70.9 4,746.0 Northern Europe 2,306.5 66.4 2,372.9 2,734.0 76.8 2,810.8 APME 1,347.1 61.7 1,408.8 1,378.4 66.6 1,445.0 Right Management 96.2 - 96.2 102.4 - 102.4 Total $ 10,184.2 $ 233.8 $ 10,418.0 $ 10,930.8 $ 248.5 $ 11,179.3 |
Share-Based Compensation Plans
Share-Based Compensation Plans | 6 Months Ended |
Jun. 30, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Share-Based Compensation Plans | (4) Share-Based Compensation Plans During the three months ended June 30, 2019 and 2018, we recognized share-based compensation expense of $8.3 and $5.3, respectively, and $12.9 and $12.8 for the six months ended June 30, 2019 and 2018, respectively. The expense relates to stock options, deferred stock, restricted stock and performance share units. We recognize share-based compensation expense in selling and administrative expenses on a straight-line basis over the service period of each award. Consideration received from share-based awards was $5.3 and $4.0 for the six months ended June 30, 2019 and 2018, respectively. |
Acquisitions
Acquisitions | 6 Months Ended |
Jun. 30, 2019 | |
Business Combinations [Abstract] | |
Acquisitions | (5) Acquisitions On April 3, 2019, we acquired the remaining 51% controlling interest in our Swiss franchise (“Manpower Switzerland”) to obtain full ownership of the entity. Additionally, as part of the purchase agreement we acquired the remaining 20% interest in Experis AG. Manpower Switzerland provides contingent staffing services under our Manpower brand in the four main language regions in Switzerland. Both Manpower Switzerland and Experis AG are reported in our Southern Europe segment. The aggregate cash consideration paid was $212.7 and was funded through cash on hand. Of the total consideration paid, $58.3 was for the acquired interests and the remaining $154.4 was for cash and cash equivalents. The amounts paid are subject to certain working capital and net debt adjustments based on the actual working capital and net debt existing on the acquisition date compared to target amounts. The acquisition of the remaining interest of Experis AG was accounted for as an equity transaction as we previously consolidated the entity. Our investment in Manpower Switzerland prior to the acquisition was accounted for under the equity method of accounting and we recorded our share of equity income or loss in interest and other (income) expenses, net on the Consolidated Statements of Operations. The acquisition of the remaining controlling interest in Manpower Switzerland was accounted for as a business combination and the assets and liabilities of Manpower Switzerland were included in the June 30, 2019 Consolidated Balance Sheets, and the results of its operations have been included in the Consolidated Statements of Operations subsequent to the acquisition date. The aggregate of the consideration paid and the fair value of previously held equity interest totaled $408.3, or $90.8 net of cash acquired. In connection with the business combination, we recognized a one-time, non-cash gain on the disposition of our previously held equity interest in Manpower Switzerland of $80.4, which is included within interest and other (income) expenses, net on the Consolidated Statements of Operations. Of the $80.4, $32.5 represented the reclassification of foreign currency translation adjustments related to the previously held equity interest, from accumulated other comprehensive income. The assets and liabilities are included in the Consolidated Balance Sheet as of June 30, 2019 within our Southern Europe segment. The acquired assets and assumed liabilities include the following: April 3, 2019 Cash and cash equivalents $ 317.5 Accounts receivable 60.4 Prepaid expenses and other assets 31.4 Goodwill 31.2 Intangible assets subject to amortization, customer relationship 19.6 Intangible assets not subject to amortization, reacquired franchise rights 25.5 Property and equipment 0.4 Accounts payable 21.6 Employee compensation payable 2.5 Accrued liabilities 13.7 Accrued payroll taxes and insurance 7.5 Value added taxes payable 7.4 Other long-term liabilities 25.0 Total assets acquired and liabilities assumed $ 408.3 The amounts in the above table represent the preliminary allocation of purchase price and are subject to revision when valuations are finalized for intangible assets, which are expected in 2019. The customer relationship intangible asset is expected to be amortized over a 15 year useful life. The goodwill from the acquisition is not expected to be deductible for income tax purposes. Manpower Switzerland contributed net revenues from services of $111.0 since the acquisition. Our consolidated unaudited proforma historical net revenues from services, as if Manpower Switzerland had been acquired at the beginning of 2018, are estimated as follows: For the Three Months Ended June 30, For the Six Months Ended June 30, 2019 2018 2019 2018 Net revenues from services $ 5,373.1 $ 5,780.9 $ 10,516.6 $ 11,397.7 From time to time, we acquire and invest in companies throughout the world, including franchises. The total cash consideration paid for acquisitions excluding Manpower Switzerland and Experis AG, net of cash acquired, was $17.7 for the six months ended June 30, 2019. This balance represents contingent consideration payments related to previous acquisitions, of which $13.0 had been recognized as a liability at the acquisition date. For the six months ended June 30, 2018, the total cash consideration for acquisitions, net of cash acquired, was $47.4, the majority of which took place in the Netherlands. This balance includes initial acquisition payments of $8.2 and contingent consideration payments of $39.2, of which $15.1 had been recognized as a liability at the acquisition date. |
Restructuring Costs
Restructuring Costs | 6 Months Ended |
Jun. 30, 2019 | |
Restructuring And Related Activities [Abstract] | |
Restructuring Costs | (6) Restructuring Costs We recorded net restructuring costs of $41.4 and $39.3 during the six months ended June 30, 2019 and June 30, 2018, respectively, in selling and administrative expenses, primarily related to severances and office closures and consolidations in multiple countries and territories. During the six months ended June 30, 2019, the costs paid, utilized or transferred out of our restructuring reserve was $31.9. We expect a majority of the remaining $25.0 reserve will be paid, utilized or transferred out by the end of 2019. Changes in the restructuring reserve by reportable segment and Corporate are shown below. Americas (1) Southern Europe (2) Northern Europe APME Right Management Corporate Total Balance, December 31, 2018 $ 0.3 $ 1.7 $ 13.1 $ — $ 0.4 $ — $ 15.5 Severance costs 3.8 5.3 16.5 3.5 0.2 2.3 31.6 Office closure costs and other 1.3 0.1 2.2 0.9 4.5 0.8 9.8 Costs paid, utilized or transferred out (3) (4.2 ) (3.1 ) (16.5 ) (2.2 ) (5.0 ) (0.9 ) (31.9 ) Balance, June 30, 2019 $ 1.2 $ 4.0 $ 15.3 $ 2.2 $ 0.1 $ 2.2 $ 25.0 (1) Balances related to the United States were $0.3 and $0.9 as of December 31, 2018 and June 30, 2019, respectively. (2) Balances related to France were $0.9 as of both December 31, 2018 and June 30, 2019. Balances related to Italy were $0.5 and $1.0 as of December 31, 2018 and June 30, 2019, respectively. (3) Restructuring reserve of $7.1 was transferred to current operating lease liabilities during the six months ended June 30, 2019. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | (7) Income Taxes We recorded income tax expense at an effective rate of 36.7% for three months ended June 30, 2019, as compared to an effective rate of 27.5% for the three months ended June 30, 2018. The 2019 rate was unfavorably impacted by the transition of the French CICE subsidy, which was non-taxable, to new French subsidies in January 2019 that are taxable, the goodwill impairment related to our investments in Germany and New Zealand, which was nondeductible, and the recognition of a valuation allowance in Germany. These items were partially offset by the favorable impact of the gain from the acquisition of Manpower Switzerland, which was non-taxable. The 36.7% effective tax rate in the quarter was higher than the United States Federal statutory rate of 21% primarily due to the French business tax, restructuring costs recorded in the quarter, our overall mix of earnings, and the recognition of a valuation allowance in Germany. We recorded income tax expense at the effective rate of 38.6% for the six months ended June 30, 2019, as compared to an effective rate of 28.3% for the six months ended June 30, 2018. The 38.6% effective tax rate for the six months ended June 30, 2019 was higher than the United States Federal statutory rate of 21% primarily due to the French business tax, our overall mix of earnings, and the recognition of a valuation allowance in Germany. As of June 30, 2019, we had gross unrecognized tax benefits related to various tax jurisdictions, including interest and penalties, of $35.2 that would favorably impact the effective tax rate if recognized. As of December 31, 2018, we had gross unrecognized tax benefits related to various tax jurisdictions, including interest and penalties of $34.2. We do not expect our unrecognized tax benefits to change significantly over the next 12 months. We conduct business globally in various countries and territories. We are routinely audited by the tax authorities of the various tax jurisdictions in which we operate. Generally, the tax years that could be subject to examination are 2012 through 2019 for our major operations in France, Germany, Japan, the United Kingdom and the United States. As of June 30, 2019, we are subject to tax audits in Austria, Canada, Denmark, France, Germany and the United States. We believe that the resolution of these audits will not have a material impact on earnings. |
Net Earnings Per Share
Net Earnings Per Share | 6 Months Ended |
Jun. 30, 2019 | |
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: 3 Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Net earnings available to common shareholders $ 127.3 $ 143.4 $ 180.8 $ 240.4 Weighted-average common shares outstanding (in millions) Weighted-average common shares outstanding - basic 60.0 65.7 60.3 65.8 Effect of dilutive securities - stock options 0.1 0.1 0.1 0.2 Effect of other share-based awards 0.3 0.3 0.3 0.4 Weighted-average common shares outstanding - diluted 60.4 66.1 60.7 66.4 Net earnings per share - basic $ 2.12 $ 2.18 $ 3.00 $ 3.65 Net earnings per share - diluted $ 2.11 $ 2.17 $ 2.98 $ 3.62 There were 0.4 million and 0.3 million share-based awards excluded from the calculation of net earnings per share – diluted for the three months ended June 30, 2019 and 2018, respectively, and the calculations of earnings per share – diluted for the six months ended June 30, 2019 and June 30, 2018 because their impact was anti-dilutive. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 6 Months Ended |
Jun. 30, 2019 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | (9) Goodwill and Other Intangible Assets We have goodwill, finite-lived intangible assets and indefinite-lived intangible assets as follows: June 30, 2019 December 31, 2018 Gross Accumulated Amortization Net Gross Accumulated Amortization Net Goodwill (1) $ 1,262.4 $ — $ 1,262.4 $ 1,297.1 $ — $ 1,297.1 Intangible assets: Finite-lived: Customer relationships $ 464.2 $ 365.5 $ 98.7 $ 444.8 $ 351.7 $ 93.1 Other 18.4 17.1 1.3 18.5 16.0 2.5 482.6 382.6 100.0 463.3 367.7 95.6 Indefinite-lived: Tradenames (2) 52.0 — 52.0 52.0 — 52.0 Reacquired franchise rights 124.3 — 124.3 98.7 — 98.7 176.3 — 176.3 150.7 — 150.7 Total intangible assets $ 658.9 $ 382.6 $ 276.3 $ 614.0 $ 367.7 $ 246.3 (1) Balances were net of accumulated impairment loss of $577.4 and $513.4 as of June 30, 2019 and December 31, 2018, respectively. (2) Balances were net of accumulated impairment loss of $139.5 Total consolidated amortization expense related to intangible assets for the remainder of 2019 is expected to be $15.1 and in each of the next five years as follows: 2020- $25.4, 2021- $14.7, 2022- $11.1, 2023- $9.0, 2024- $7.7. Changes in the carrying value of goodwill by reportable segment and Corporate were as follows: Americas (1) Southern Europe (2) Northern Europe (3) APME (3) Right Management Corporate (4) Total Balance, December 31, 2018 $ 519.9 $ 112.2 $ 435.4 $ 102.0 $ 62.1 $ 65.5 $ 1,297.1 Goodwill acquired 0.4 31.2 - - - - 31.6 Currency and other impacts 1.7 (0.6 ) (4.1 ) 0.7 - - (2.3 ) Impairment charge - - (60.2 ) (3.8 ) - - (64.0 ) Balance, June 30, 2019 $ 522.0 $ 142.8 $ 371.1 $ 98.9 $ 62.1 $ 65.5 $ 1,262.4 (1) Balances related to the United States were $476.5 as of both December 31, 2018 and June 30, 2019. (2) Balances related to France were $68.9 and $68.3 as of December 31, 2018 and June 30, 2019, respectively. Balances related to Italy were $4.8 and $4.7 as of December 31, 2018 and June 30, 2019, respectively. (3) The impairment charges of $60.2 and $3.8 relate to our Germany and New Zealand reporting units, respectively, which were recorded during the second quarter of 2019. See Note 1 to the Consolidated Financial Statements for further information. ( 4 ) The majority of the Corporate balance relates to goodwill attributable to our acquisition of Jefferson Wells ($55.5) which is now part of the United States reporting unit. For purposes of monitoring our total assets by segment, we do not allocate the Corporate balance to the respective reportable segments as this is commensurate with how we operate our business. We do, however, include these balances within the appropriate reporting units for our goodwill impairment testing. See table below for the breakout of goodwill balances by reporting unit. Goodwill balances by reporting unit were as follows: June 30, December 31, 2019 2018 United States $ 532.0 $ 532.0 Netherlands 111.1 112.0 United Kingdom 93.2 93.7 France 68.3 68.9 Germany 67.5 129.2 Right Management 62.1 62.1 Other reporting units 328.2 299.2 Total goodwill $ 1,262.4 $ 1,297.1 |
Retirement Plans
Retirement Plans | 6 Months Ended |
Jun. 30, 2019 | |
Compensation And Retirement Disclosure [Abstract] | |
Retirement Plans | (10) Retirement Plans The components of the net periodic benefit cost (credit) for our plans were as follows: Defined Benefit Pension Plan 3 Months Ended 6 Months Ended June 30, June 30, 2019 2018 2019 2018 Service cost $ 4.3 $ 2.8 $ 6.8 $ 5.6 Interest cost 3.2 2.9 6.3 5.9 Expected return on assets (3.6 ) (2.7 ) (5.9 ) (5.5 ) Other 0.4 0.3 0.9 0.7 Total benefit cost $ 4.3 $ 3.3 $ 8.1 $ 6.7 Retiree Health Care Plan 3 Months Ended 6 Months Ended June 30, June 30, 2019 2018 2019 2018 Interest cost $ 0.2 $ 0.1 $ 0.3 $ 0.2 Prior service credit (0.2 ) (0.2 ) (0.4 ) (0.4 ) Total benefit credit $ - $ (0.1 ) $ (0.1 ) $ (0.2 ) During the three and six months ended June 30, 2019, contributions made to our pension plans were $2.9 and $4.4, respectively, and contributions made to our retiree health care plan were $0.3 and $0.6, respectively. During 2019, we expect to make total contributions of approximately $13.0 to our pension plans and to fund our retiree health care payments as incurred. |
Shareholders' Equity
Shareholders' Equity | 6 Months Ended |
Jun. 30, 2019 | |
Equity [Abstract] | |
Shareholders' Equity | (11) Shareholders’ Equity The components of accumulated other comprehensive loss, net of tax, were as follows: June 30, December 31, 2019 2018 Foreign currency translation $ (285.9 ) $ (223.2 ) Reclassification of currency translation adjustment to income related to disposition of partially held equity interest (see Note 5) 32.5 - Translation gain (loss) on derivative instruments, net of income taxes of $(10.9) and $(12.9), respectively 1.6 (4.7 ) Translation loss on long-term intercompany loans (130.4 ) (137.2 ) Defined benefit pension plans, net of income taxes of $(23.0) and $(23.2), respectively (37.2 ) (37.9 ) Retiree health care plan, net of income taxes of $1.9 and $2.0 for 2019 and 2018, respectively 2.9 3.2 Accumulated other comprehensive loss $ (416.5 ) $ (399.8 ) 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 (income) expenses, net in our Consolidated Statements of Operations. We recorded expenses of $0.1 and $1.0 for the three months ended June 30, 2019 and 2018, respectively, and $1.1 and $2.2 for the six months ended June 30, 2019 and June 30, 2018, respectively. The portion of earnings attributed to the noncontrolling interest for ManpowerGroup Greater China Limited is included in the above amounts. (See Note 1 to the Consolidated Financial Statements for further information on the subsequent deconsolidation of the entity.) Dividends On May 10, 2019 and May 4, 2018, the Board of Directors declared a semi-annual cash dividend of $1.09 and $1.01 per share, respectively. The 2019 dividends were paid on June 14, 2019 to shareholders of record on June 3, 2019. The 2018 dividends were paid on June 15, 2018 to shareholders of record on June 1, 2018. Share Repurchases In August 2019, the Board of Directors authorized the repurchase of 6.0 million shares of our common stock, with terms consistent with the previous authorizations. This authorization is in addition to the August 2018 and July 2016 Board authorizations to purchase 6.0 million shares of our common stock each. Share repurchases may be made from time to time through a variety of methods, including open market purchases, block transactions, privately negotiated transactions or similar facilities. During the first six months of 2019, we repurchased a total of 1.2 million shares at a cost of $101.0 under the 2018 authorization. During the first six months of 2018, we repurchased 1.0 million shares at a cost of $113.2 under the 2016 authorization. As of June 30, 2019, there were 1.9 million shares remaining authorized for repurchase under the 2018 authorization and no shares remaining authorized for repurchase under the 2016 authorization. |
Interest and Other (Income) Exp
Interest and Other (Income) Expenses, Net | 6 Months Ended |
Jun. 30, 2019 | |
Other Nonoperating Income Expense [Abstract] | |
Interest and Other (Income) Expenses, Net | (12) Interest and Other (Income) Expenses, Net Interest and other (income) expenses, net consisted of the following: 3 Months Ended 6 Months Ended June 30, June 30, 2019 2018 2019 2018 Interest expense $ 11.2 $ 13.3 $ 21.4 $ 26.9 Interest income (1.1 ) (1.4 ) (2.6 ) (2.6 ) Foreign exchange (gain) loss (0.5 ) (0.1 ) 2.4 (0.2 ) Miscellaneous (income) expense, net (1) (79.8 ) (1.3 ) (79.5 ) 2.5 Interest and other (income) expenses, net $ (70.2 ) $ 10.5 $ (58.3 ) $ 26.6 (1) Includes an $80.4 gain related to our acquisition of the remaining controlling interest in Manpower Switzerland. See Note 5 to the Consolidated Financial Statements for further information. |
Derivative Financial Instrument
Derivative Financial Instruments and Fair Value Measurements | 6 Months Ended |
Jun. 30, 2019 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments and Fair Value Measurements | (13) Derivative Financial Instruments and Fair Value Measurements Derivative Financial Instruments We are exposed to various market risks relating to our ongoing business operations. The primary market risks, which are managed using derivative instruments, are foreign currency exchange rate risk and interest rate risk. In certain circumstances, we enter into foreign currency forward exchange contracts (“forward contracts”) and cross-currency swaps to reduce the effects of fluctuating foreign currency exchange rates on our cash flows denominated in foreign currencies. Our exposure to market risk for changes in interest rates relates primarily to our long-term debt obligations. We have historically managed interest rate risk through the use of a combination of fixed and variable rate borrowings. The €400.0 ($453.3) notes due September 2022 and the €500.0 ($563.4) notes due June 2026 were designated as a hedge of our net investment in our foreign subsidiaries with a Euro-functional currency as of June 30, 2019. The gain or loss associated with foreign currency translation on these notes is recorded as a component of accumulated other comprehensive loss ("AOCI"), net of taxes. On occasion, forward contracts are also designated as a hedge of our net investment in our foreign subsidiaries. In April 2019, we entered into a cross-currency swap agreement to convert our intercompany fixed-rate, Swiss franc (“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 was to eliminate the uncertainty of cash flows in CHF associated with the notes by fixing the principal at €202.3 with a fixed annual interest rate of 1.256%. This hedging arrangement has been designated as a cash flow hedge. The swap matures in April 2022, which matches the term of the intercompany note. Gains and losses from the hedge offsets the changes in the value of principal and interest payments as a result of changes in foreign exchange rates. We assessed the hedging relationship at the inception of the hedge in order to determine whether the derivatives that are used in the hedging transaction are highly effective in offsetting the cash flows of the hedged item and will continue to assess the relationship on an ongoing basis. We use the hypothetical derivative method in conjunction with regression analysis using a third party valuation to measure effectiveness of our cross-currency swap agreement. The change in the fair value of the swap is deferred in AOCI in the Consolidated Statement of Operations until the hedged item impacts earnings. The effect of our net investment hedges and cross-currency swaps on AOCI for the three and six months ended June 30, 2019, and 2018 was as follows: Gain (Loss) Recognized in Location of Gain Reclassified Gain Reclassified Instrument Other Comprehensive Income from AOCI into Income from AOCI into Income 3 Months Ended June 30, 3 Months Ended June 30, 2019 2018 (1) 2019 2018 (1) Euro Notes $ (13.9 ) $ 47.1 Interest and other (income) expenses, net $ - $ - Cross-currency swaps 5.0 - Interest and other (income) expenses, net 5.4 - Gain Recognized in Location of Gain Reclassified Gain Reclassified Instrument Other Comprehensive Income from AOCI into Income from AOCI into Income 6 Months Ended June 30, 6 Months Ended June 30, 2019 2018 (1) 2019 2018 (1) Euro Notes $ 8.5 $ 25.9 Interest and other (income) expenses, net $ - $ - Cross-currency swaps 5.0 - Interest and other (income) expenses, net 5.4 - (1) The prior period amounts have been revised to conform with the current period presentation. We expect the net amount of pre-tax derivative gains and losses included in AOCI at June 30, 2019 to be reclassified into earnings within the next twelve months will not be significant. The actual amount that will be reclassified to earnings over the next twelve months will vary due to future currency exchange rates. For our forward contracts that are not designated as hedges, any gain or loss resulting from the change in fair value is recognized in the current period earnings. These gains or losses are offset by the exposure related to receivables and payables with our foreign subsidiaries and to interest due on our Euro-denominated notes, which is paid annually in June and September. The effect of our forward contracts that are not designated as hedging instruments on the Consolidated Statements of Operations for the three and six months ended June 30 was as follows: Location of Gain Amount of Gain Recognized in Income Instrument Recognized in Income 3 Months Ended June 30, 6 Months Ended June 30, 2019 2018 2019 2018 Foreign currency forward contracts Interest and other (income) expenses, net $ 9.1 $ 2.1 $ 9.2 $ 2.1 The following tables present the fair value of derivative and non-derivative assets and liabilities on the Consolidated Balance Sheets as of June 30, 2019 and December 31, 2018: Assets June 30, December 31, Balance Sheet Location 2019 2018 Instruments designated as hedges: Cross-currency swaps Prepaid expenses and other assets $ 5.1 $ - Instruments not designated as hedges: Foreign currency forward contracts Accounts receivable, net 9.2 0.1 Total instruments $ 14.3 $ 0.1 Liabilities June 30, December 31, Balance Sheet Location 2019 2018 Instruments designated as hedges: Euro Notes Long-term debt 1,083.5 1,032.0 Instruments not designated as hedges: Foreign currency forward contracts Accrued liabilities — 0.1 Total instruments $ 1,083.5 $ 1,032.1 Fair Value Measurements The carrying value of long-term debt approximates fair value, except for the Euro-denominated notes. The fair value of the Euro-denominated notes, as observable at commonly quoted intervals (Level 2 inputs), was $1,083.5 and $1,052.9 as of June 30, 2019 and December 31, 2018, respectively, compared to a carrying value of $1,016.7 and $1,024.6, respectively. Our deferred compensation plan assets were $101.6 and $89.5 as of June 30, 2019 and December 31, 2018 respectively. We determine the fair value of these assets, comprised of publicly traded securities, by using market quotes as of the last day of the period (Level 1 inputs). We measure the fair value of the foreign currency forward contracts and cross-currency swaps at the value based on either directly or indirectly observable inputs from third parties (Level 2 inputs). |
Leases
Leases | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Leases | (14) Leases We have operating leases for real estate, vehicles, and equipment. Our leases have remaining lease terms of 1 month to 12 years. Our lease agreements may include renewal or termination options for varying periods that are generally at our discretion. In our lease term, we only include those periods related to renewal options we are reasonably certain to exercise. However, we generally do not include these renewal options as we are not reasonably certain to renew at the lease commencement date. This determination is based on our consideration of certain economic, strategic and other factors that we evaluate at lease commencement date and reevaluate throughout the lease term. Some leases also include options to terminate the leases and we only include those periods beyond the termination date if we are reasonably certain not to exercise the termination option. Some leasing arrangements require variable payments that are dependent on usage or may vary for other reasons, such as payments for insurance and tax payments. The variable portion of lease payments is not included in our ROU assets or lease liabilities. Rather, variable payments, other than those dependent upon an index or rate, are expensed when the obligation for those payments is incurred and are included in lease expenses recorded in selling and administrative expenses on the Consolidated Statements of Operations. We have lease agreements with both lease and non-lease components that are treated as a single lease component for all underlying asset classes. Accordingly, all expenses associated with a lease contract are accounted for as lease expenses. We have elected to apply the short-term lease exception for all underlying asset classes. That is, leases with a term of 12 months or less are not recognized on the balance sheet, but rather expensed on a straight-line basis over the lease term. We do not include significant restrictions or covenants in our lease agreements, and residual value guarantees are generally not included within our operating leases. As of June 30, 2019, we did not have any material additional operating leases that have not yet commenced. The components of lease expense were as follows: 3 Months Ended 6 Months Ended June 30, June 30, 2019 2019 Operating lease expense $ 35.0 $ 69.7 Short-term lease expense 6.0 12.1 Other lease expense (1) $ 4.8 $ 9.9 Total lease expense $ 45.8 $ 91.7 (1) Other lease expense includes immaterial variable lease expense and sublease income. Other information related to leases was as follows: 6 Months Ended June 30, Supplemental Cash Flows Information 2019 Cash paid for amounts included in the measurement of operating lease liabilities $ 64.8 Operating ROU assets obtained in exchange for lease obligations $ 69.7 June 30, Supplemental balance sheet information 2019 Operating Leases Operating lease ROU assets $ 458.5 Operating lease liabilities - current (1) $ 126.6 Operating lease liabilities - long-term 334.3 Total operating lease liabilities $ 460.9 (1) Operating lease liabilities - current are included in accrued expenses on our Consolidated Balance Sheets. Weighted Average Remaining Lease Term Operating leases 5.6 Weighted Average Discount Rate Operating leases 2.8 % Maturities of operating lease liabilities as of June 30, 2019 were as follows: (In millions) Period Ending June 30, 2019 Operating Leases 2019 (excluding the six months ended June 30, 2019) $ 64.5 2020 120.9 2021 91.8 2022 68.1 2023 46.2 2024 33.7 Thereafter 80.5 Total future undiscounted lease payments $ 505.7 Less imputed interest $ (44.8 ) Total operating lease liabilities $ 460.9 Maturities of operating leases accounted for under ASC 840 as of December 31, 2018 (In millions) Period Ending December 31, 2018 Operating Leases 2019 $ 151.4 2020 115.2 2021 85.5 2022 65.0 2023 44.1 Thereafter 105.6 Total minimum lease payments $ 566.8 |
Segment Data
Segment Data | 6 Months Ended |
Jun. 30, 2019 | |
Segment Reporting [Abstract] | |
Segment Data | (15) Segment Data We are organized and managed primarily on a geographic basis, with Right Management currently operating as a separate global business unit. Each country and business unit generally has its own distinct operations and management team, providing services under our global brands, and maintains its own financial reports. We have an executive sponsor for each global brand who is responsible for ensuring the integrity and consistency of delivery locally. Each operation reports directly or indirectly through a regional manager, to a member of executive management. Given this reporting structure, we operate using the following reporting segments: Americas, which includes United States and Other Americas; Southern Europe, which includes France, Italy and Other Southern Europe; Northern Europe; APME; and Right Management. The Americas, Southern Europe, Northern Europe and APME segments derive a significant majority of their revenues from our staffing and interim services. The remaining revenues within these segments are derived from our outcome-based solutions and consulting services, permanent recruitment services and other services. The Right Management segment revenues are derived from outplacement and talent management services. Segment revenues represent sales to external clients. We provide services to a wide variety of clients, none of which individually comprise a significant portion of revenues for us as a whole. Due to the nature of our business, we generally do not have export sales. 3 Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Revenues from services: Americas: United States (a) $ 630.9 $ 640.5 $ 1,234.5 $ 1,256.8 Other Americas 412.5 412.0 816.2 818.3 1,043.4 1,052.5 2,050.7 2,075.1 Southern Europe: France 1,420.2 1,512.5 2,721.6 2,936.5 Italy 394.0 443.0 749.9 856.6 Other Southern Europe 573.0 478.5 1,017.9 952.9 2,387.2 2,434.0 4,489.4 4,746.0 Northern Europe 1,183.2 1,393.2 2,372.9 2,810.8 APME 708.9 724.8 1,408.8 1,445.0 Right Management 50.4 52.4 96.2 102.4 Consolidated (b) $ 5,373.1 $ 5,656.9 $ 10,418.0 $ 11,179.3 Operating unit profit: (c) Americas: United States $ 32.2 $ 38.2 $ 48.6 $ 64.9 Other Americas 17.3 18.5 32.1 34.7 49.5 56.7 80.7 99.6 Southern Europe: France 75.7 73.0 131.2 130.7 Italy 29.8 31.9 50.2 57.1 Other Southern Europe 18.0 16.8 29.0 31.6 123.5 121.7 210.4 219.4 Northern Europe 24.3 24.7 24.9 41.3 APME 28.1 29.2 48.2 55.1 Right Management 9.0 10.5 11.1 16.9 234.4 242.8 375.3 432.3 Corporate expenses (31.9 ) (25.9 ) (59.8 ) (52.7 ) Goodwill impairment charge (64.0 ) - (64.0 ) - Intangible asset amortization expense (7.7 ) (8.6 ) (15.2 ) (17.5 ) Operating profit 130.8 208.3 236.3 362.1 Interest and other (income) expenses, net 70.2 (10.5 ) 58.3 (26.6 ) Earnings before income taxes $ 201.0 $ 197.8 $ 294.6 $ 335.5 (a) In the United States, revenues from services included fees received from the related franchise offices of $3.7 and $3.9 for the three months ended June 30, 2019 and 2018, and $7.3 and $7.1 for the six months ended June 30, 2019 and June 30, 2018, respectively. These fees are primarily based on revenues generated by the franchise offices, which were $154.3 and $166.7 for the three months ended three months ended June 30, 2019 and 2018, respectively, and $311.2 and $315.7 six months ended June 30, 2019 and June 30, 2018 respectively. (b) Our consolidated revenues from services include fees received from our franchise offices of $4.1 and $6.2 for the three months ended three months ended June 30, 2019 and 2018, respectively, and $9.7 and $11.4 for the six months ended June 30, 2019 and June 30, 2018, respectively. These fees are primarily based on revenues generated by the franchise offices, which were $163.2 and $273.9 for the three months ended June 30, 2019 and 2018, respectively, and $406.2 and $510.7 for the six months ended June 30, 2019 and June 30, 2018, respectively. (c) We evaluate segment performance based on operating unit profit (“OUP”), which is equal to segment revenues less cost of services and branch and national headquarters operating costs. This profit measure does not include goodwill and intangible asset impairment charges or amortization of intangibles related to acquisitions, corporate expenses, interest and other income and expense amounts or income taxes. |
Contingencies
Contingencies | 6 Months Ended |
Jun. 30, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Contingencies | (16) Contingencies Litigation On April 26, 2017, the sellers of 7S, a company we acquired in 2015, formally disputed the contingent consideration related to the acquisition, claiming that they were owed an additional $23.7 (€20.8), plus interest. The dispute was submitted to an arbitration tribunal in Germany. On June 28, 2019, the arbitration forum handed down its decision, rejecting the claims brought by the 7S sellers. Finding in favor of ManpowerGroup, the arbitration tribunal confirmed that no further amounts are owed by us, and also awarded us reimbursement of legal fees and other costs. |
Basis of Presentation and Acc_2
Basis of Presentation and Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation Certain information and footnote disclosures normally included in the financial statements prepared in accordance with United States Generally Accepted Accounting Principles ("GAAP") have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission, although we believe that the disclosures are adequate to make the information presented not misleading. These Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements included in our 2018 Annual Report on Form 10-K. The information furnished reflects all adjustments that, in the opinion of management, were necessary for a fair statement of the Consolidated Financial Statements for the periods presented. Such adjustments were of a normal recurring nature, unless otherwise disclosed. |
Leases | Leases We determine whether a contract is or contains a lease at contract inception. Right-of-use (“ROU”) assets and long-term lease liabilities are presented as separate line items on our Consolidated Balance Sheets. Current operating lease liabilities are included in accrued expenses on our Consolidated Balance Sheets. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Lease liabilities are recognized at commencement date based on the present value of remaining lease payments over the lease term. As the rate implicit in the lease is not readily determinable in most of our leases, we use our incremental borrowing rate. We determine our incremental borrowing rate at the commencement date using our unsecured borrowing rate, adjusted for collaterization, lease term, economic environment, currency and other factors. ROU assets are recognized at commencement date at the value of the related lease liabilities, adjusted for any prepayments, lease incentives received, and initial direct costs incurred. Our lease terms include options to renew or not terminate the lease when it is reasonably certain that we will exercise that option. Lease expenses for operating leases are recognized on a straight-line basis over the lease term and recorded in selling and administrative expenses on the Consolidated Statements of Operations. |
Payroll Tax Credit | Payroll Tax Credit In April 2019, we sold a portion of our French payroll tax credits earned in 2018 for net proceeds of $103.5 (€92.0). In April 2018, we sold substantially all of our French payroll tax credits earned in 2017 for net proceeds of $234.5 (€190.9). We derecognized these receivables and the additional interest upon the sale date as the terms of the agreement are such that the transaction qualifies for sale treatment in accordance with the accounting guidance on the transfer and servicing of assets. The discount on the sale of these receivables was recorded in cost of services as a reduction of the payroll tax credits. |
Recently Issued Accounting Standards | (2) Recent Accounting Standards Accounting Standards Effective as of January 1, 2019 In February 2016, the Financial Accounting Standards Board ("FASB") issued new accounting guidance on leases, ASU No. 2016-02, Leases (Topic 842), which we adopted on January 1, 2019. The new guidance requires that a lessee recognize ROU assets and lease liabilities on the balance sheet for leases with lease terms longer than 12 months. The recognition, measurement and presentation of lease expenses and cash flows depend on the classification by the lessee as a finance or operating lease. We determined that no cumulative effect adjustment to retained earnings was necessary upon adoption. As of the transition date, the ROU asset and total lease liability (current and long-term) were $458.1 and $458.7, respectively. We elected the package of three practical expedients which lessened the transitional burden of implementing the new guidance. Accordingly, we did not reassess: 1) whether any expired or existing contracts are or contain leases; 2) the lease classification for any expired or existing leases; or 3) the initial direct costs for any existing leases. We have also elected the practical expedient to not separate lease and non-lease components. Lastly, we have elected to apply the short-term lease exception for all underlying asset classes. In August 2017, the FASB issued new guidance on hedge accounting. The amendments in this guidance include the elimination of the concept of recognizing periodic hedge ineffectiveness for cash flow and net investment hedges, recognition and presentation of changes in the fair value of the hedging instrument, recognition and presentation of components excluded from an entity's hedge effectiveness assessment, addition of the ability to elect to perform subsequent effectiveness assessments qualitatively, and addition of new disclosure requirements. We adopted this guidance effective January 1, 2019. There was no impact of this adoption on our Consolidated Financial Statements. See Note 13 to the Consolidated Financial Statements for the modified disclosures. In February 2018, the FASB issued new guidance on reporting comprehensive income. The new guidance allows a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the United States Tax Cuts and Jobs Act of 2017 ("Tax Act"). The guidance was effective for us as of January 1, 2019. We elected not to adopt this optional reclassification. In June 2018, the FASB issued new guidance on the accounting for share-based payment awards. The guidance makes the accounting for share-based payment awards issued to nonemployees la rgely consistent with the accounting for share-based payment awards issued to employees. here was no impact of this adoption on our Consolidated Financial Statements. Recently Issued Accounting Standards In June 2016, the FASB issued new accounting guidance on financial instruments. The new guidance requires application of an impairment model known as the current expected credit loss (“CECL”) model to certain financial instruments. Using the CECL model, an entity recognizes an allowance for expected credit losses based on historical experience, current conditions, and forecasted information rather than the current methodology of delaying recognition of credit losses until it is probable loss has been incurred. The new guidance is effective for us in 2020. We do not expect the adoption of this guidance to have a material impact on our Consolidated Financial Statements. In August 2018, the FASB issued new guidance on disclosures related to fair value measurements. The guidance is intended to improve the effectiveness of the notes to financial statements by facilitating clearer communication, and it includes multiple new, eliminated and modified disclosure requirements. The guidance is effective for us in 2020. The adoption of this guidance will have no impact on our Consolidated Financial Statements. In August 2018, the FASB issued new guidance on the accounting for internal-use software. The guidance aligns the accounting for costs incurred to implement a cloud computing arrangement that is a service arrangement with the guidance on capitalizing costs associated with developing or obtaining internal-use software. The guidance is effective for us in 2020. We are assessing the impact of the adoption of this guidance on our Consolidated Financial Statements. In August 2018, the FASB issued new guidance on disclosures related to defined benefit plans. The guidance amends the current disclosure requirements to add, remove and clarify disclosure requirements for defined benefit pension and other postretirement plans. The guidance is effective for us in 2021. The adoption of this guidance will have no impact on our Consolidated Financial Statements . |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Revenue From Contract With Customer [Abstract] | |
Disaggregation of Revenue | In the following table, revenue is disaggregated by service types for each of our reportable segments. See Note 2 to the Consolidated Financial Statements in our 2018 Annual Report on Form10-K for descriptions of revenue service types. 3 Months Ended June 30, 2019 2018 Staffing and Interim Outcome- Based Solutions and Consulting Permanent Recruitment Other Total Staffing and Interim Outcome- Based Solutions and Consulting Permanent Recruitment Other Total Americas: United States $ 551.3 $ 33.1 $ 24.1 $ 22.4 $ 630.9 $ 559.1 $ 34.6 $ 24.4 $ 22.4 $ 640.5 Other Americas 392.8 12.3 6.2 1.2 412.5 392.3 12.3 6.5 0.9 412.0 944.1 45.4 30.3 23.6 1,043.4 951.4 46.9 30.9 23.3 1,052.5 Southern Europe: France 1,345.7 56.7 13.6 4.2 1,420.2 1,436.8 55.2 14.5 6.0 1,512.5 Italy 365.2 11.7 10.7 6.4 394.0 413.9 12.8 10.2 6.1 443.0 Other Southern Europe 471.9 83.2 16.0 1.9 573.0 383.8 76.6 14.1 4.0 478.5 2,182.8 151.6 40.3 12.5 2,387.2 2,234.5 144.6 38.8 16.1 2,434.0 Northern Europe 1,050.8 86.5 38.2 7.7 1,183.2 1,234.0 106.1 45.0 8.1 1,393.2 APME 582.0 73.5 50.1 3.3 708.9 599.5 69.0 52.0 4.3 724.8 Right Management — 12.3 — 38.1 50.4 — 12.5 — 39.9 52.4 Total $ 4,759.7 $ 369.3 $ 158.9 $ 85.2 $ 5,373.1 $ 5,019.4 $ 379.1 $ 166.7 $ 91.7 $ 5,656.9 6 Months Ended June 30, 2019 2018 Staffing and Interim Outcome- Based Solutions and Consulting Permanent Recruitment Other Total Staffing and Interim Outcome- Based Solutions and Consulting Permanent Recruitment Other Total Americas: United States $ 1,080.0 $ 64.1 $ 47.0 $ 43.4 $ 1,234.5 $ 1,102.3 $ 63.9 $ 46.2 $ 44.4 $ 1,256.8 Other Americas 778.2 24.0 12.0 2.0 816.2 780.5 23.5 12.5 1.8 818.3 1,858.2 88.1 59.0 45.4 2,050.7 1,882.8 87.4 58.7 46.2 2,075.1 Southern Europe: France 2,570.2 114.0 28.1 9.3 2,721.6 2,781.4 114.3 29.4 11.4 2,936.5 Italy 695.2 21.2 20.6 12.9 749.9 800.9 24.3 19.4 12.0 856.6 Other Southern Europe 818.9 163.3 30.2 5.5 1,017.9 762.5 154.3 28.6 7.5 952.9 4,084.3 298.5 78.9 27.7 4,489.4 4,344.8 292.9 77.4 30.9 4,746.0 Northern Europe 2,104.2 176.2 76.3 16.2 2,372.9 2,489.2 215.9 89.5 16.2 2,810.8 APME 1,165.4 142.9 93.8 6.7 1,408.8 1,198.7 137.4 101.0 7.9 1,445.0 Right Management — 22.4 — 73.8 96.2 — 24.0 — 78.4 102.4 Total $ 9,212.1 $ 728.1 $ 308.0 $ 169.8 $ 10,418.0 $ 9,915.5 $ 757.6 $ 326.6 $ 179.6 $ 11,179.3 In the following table, revenue is disaggregated by timing of revenue recognition for each of our reportable segments: 3 Months Ended June 30, 2019 2018 Services transferred over time Services transferred at a point in time Total Services transferred over time Services transferred at a point in time Total Americas: United States $ 617.2 $ 13.7 $ 630.9 $ 626.7 $ 13.8 $ 640.5 Other Americas 408.2 4.3 412.5 407.8 4.2 412.0 1,025.4 18.0 1,043.4 1,034.5 18.0 1,052.5 Southern Europe: France 1,407.5 12.7 1,420.2 1,498.5 14.0 1,512.5 Italy 384.2 9.8 394.0 433.5 9.5 443.0 Other Southern Europe 559.8 13.2 573.0 466.6 11.9 478.5 2,351.5 35.7 2,387.2 2,398.6 35.4 2,434.0 Northern Europe 1,149.9 33.3 1,183.2 1,354.8 38.4 1,393.2 APME 675.7 33.2 708.9 689.5 35.3 724.8 Right Management 50.4 - 50.4 52.4 - 52.4 Total $ 5,252.9 $ 120.2 $ 5,373.1 $ 5,529.8 $ 127.1 $ 5,656.9 6 Months Ended June 30, 2019 2018 Services transferred over time Services transferred at a point in time Total Services transferred over time Services transferred at a point in time Total Americas: United States $ 1,207.8 $ 26.7 $ 1,234.5 $ 1,231.1 $ 25.7 $ 1,256.8 Other Americas 807.9 8.3 816.2 809.8 8.5 818.3 2,015.7 35.0 2,050.7 2,040.9 34.2 2,075.1 Southern Europe: France 2,695.2 26.4 2,721.6 2,908.1 28.4 2,936.5 Italy 730.7 19.2 749.9 838.4 18.2 856.6 Other Southern Europe 992.8 25.1 1,017.9 928.6 24.3 952.9 4,418.7 70.7 4,489.4 4,675.1 70.9 4,746.0 Northern Europe 2,306.5 66.4 2,372.9 2,734.0 76.8 2,810.8 APME 1,347.1 61.7 1,408.8 1,378.4 66.6 1,445.0 Right Management 96.2 - 96.2 102.4 - 102.4 Total $ 10,184.2 $ 233.8 $ 10,418.0 $ 10,930.8 $ 248.5 $ 11,179.3 |
Acquisitions (Tables)
Acquisitions (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Business Combinations [Abstract] | |
Schedule of Preliminary Allocation of Assets Acquired and Liabilities Assumed | The assets and liabilities are included in the Consolidated Balance Sheet as of June 30, 2019 within our Southern Europe segment. The acquired assets and assumed liabilities include the following: April 3, 2019 Cash and cash equivalents $ 317.5 Accounts receivable 60.4 Prepaid expenses and other assets 31.4 Goodwill 31.2 Intangible assets subject to amortization, customer relationship 19.6 Intangible assets not subject to amortization, reacquired franchise rights 25.5 Property and equipment 0.4 Accounts payable 21.6 Employee compensation payable 2.5 Accrued liabilities 13.7 Accrued payroll taxes and insurance 7.5 Value added taxes payable 7.4 Other long-term liabilities 25.0 Total assets acquired and liabilities assumed $ 408.3 |
Summary of Consolidated Unaudited Proforma Historical Net Revenues from Services | Our consolidated unaudited proforma historical net revenues from services, as if Manpower Switzerland had been acquired at the beginning of 2018, are estimated as follows: For the Three Months Ended June 30, For the Six Months Ended June 30, 2019 2018 2019 2018 Net revenues from services $ 5,373.1 $ 5,780.9 $ 10,516.6 $ 11,397.7 |
Restructuring Costs (Tables)
Restructuring Costs (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
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 Europe (2) Northern Europe APME Right Management Corporate Total Balance, December 31, 2018 $ 0.3 $ 1.7 $ 13.1 $ — $ 0.4 $ — $ 15.5 Severance costs 3.8 5.3 16.5 3.5 0.2 2.3 31.6 Office closure costs and other 1.3 0.1 2.2 0.9 4.5 0.8 9.8 Costs paid, utilized or transferred out (3) (4.2 ) (3.1 ) (16.5 ) (2.2 ) (5.0 ) (0.9 ) (31.9 ) Balance, June 30, 2019 $ 1.2 $ 4.0 $ 15.3 $ 2.2 $ 0.1 $ 2.2 $ 25.0 (1) Balances related to the United States were $0.3 and $0.9 as of December 31, 2018 and June 30, 2019, respectively. (2) Balances related to France were $0.9 as of both December 31, 2018 and June 30, 2019. Balances related to Italy were $0.5 and $1.0 as of December 31, 2018 and June 30, 2019, respectively. (3) Restructuring reserve of $7.1 was transferred to current operating lease liabilities during the six months ended June 30, 2019. |
Net Earnings Per Share (Tables)
Net Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
Calculations of Net Earnings Per Share - Basic and Diluted | The calculations of net earnings per share – basic and net earnings per share – diluted were as follows: 3 Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Net earnings available to common shareholders $ 127.3 $ 143.4 $ 180.8 $ 240.4 Weighted-average common shares outstanding (in millions) Weighted-average common shares outstanding - basic 60.0 65.7 60.3 65.8 Effect of dilutive securities - stock options 0.1 0.1 0.1 0.2 Effect of other share-based awards 0.3 0.3 0.3 0.4 Weighted-average common shares outstanding - diluted 60.4 66.1 60.7 66.4 Net earnings per share - basic $ 2.12 $ 2.18 $ 3.00 $ 3.65 Net earnings per share - diluted $ 2.11 $ 2.17 $ 2.98 $ 3.62 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill and Intangible Assets | We have goodwill, finite-lived intangible assets and indefinite-lived intangible assets as follows: June 30, 2019 December 31, 2018 Gross Accumulated Amortization Net Gross Accumulated Amortization Net Goodwill (1) $ 1,262.4 $ — $ 1,262.4 $ 1,297.1 $ — $ 1,297.1 Intangible assets: Finite-lived: Customer relationships $ 464.2 $ 365.5 $ 98.7 $ 444.8 $ 351.7 $ 93.1 Other 18.4 17.1 1.3 18.5 16.0 2.5 482.6 382.6 100.0 463.3 367.7 95.6 Indefinite-lived: Tradenames (2) 52.0 — 52.0 52.0 — 52.0 Reacquired franchise rights 124.3 — 124.3 98.7 — 98.7 176.3 — 176.3 150.7 — 150.7 Total intangible assets $ 658.9 $ 382.6 $ 276.3 $ 614.0 $ 367.7 $ 246.3 (1) Balances were net of accumulated impairment loss of $577.4 and $513.4 as of June 30, 2019 and December 31, 2018, respectively. (2) Balances were net of accumulated impairment loss of $139.5 |
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 Europe (2) Northern Europe (3) APME (3) Right Management Corporate (4) Total Balance, December 31, 2018 $ 519.9 $ 112.2 $ 435.4 $ 102.0 $ 62.1 $ 65.5 $ 1,297.1 Goodwill acquired 0.4 31.2 - - - - 31.6 Currency and other impacts 1.7 (0.6 ) (4.1 ) 0.7 - - (2.3 ) Impairment charge - - (60.2 ) (3.8 ) - - (64.0 ) Balance, June 30, 2019 $ 522.0 $ 142.8 $ 371.1 $ 98.9 $ 62.1 $ 65.5 $ 1,262.4 (1) Balances related to the United States were $476.5 as of both December 31, 2018 and June 30, 2019. (2) Balances related to France were $68.9 and $68.3 as of December 31, 2018 and June 30, 2019, respectively. Balances related to Italy were $4.8 and $4.7 as of December 31, 2018 and June 30, 2019, respectively. (3) The impairment charges of $60.2 and $3.8 relate to our Germany and New Zealand reporting units, respectively, which were recorded during the second quarter of 2019. See Note 1 to the Consolidated Financial Statements for further information. ( 4 ) The majority of the Corporate balance relates to goodwill attributable to our acquisition of Jefferson Wells ($55.5) which is now part of the United States reporting unit. For purposes of monitoring our total assets by segment, we do not allocate the Corporate balance to the respective reportable segments as this is commensurate with how we operate our business. We do, however, include these balances within the appropriate reporting units for our goodwill impairment testing. See table below for the breakout of goodwill balances by reporting unit. |
Schedule of Goodwill Balances by Reporting Unit | Goodwill balances by reporting unit were as follows: June 30, December 31, 2019 2018 United States $ 532.0 $ 532.0 Netherlands 111.1 112.0 United Kingdom 93.2 93.7 France 68.3 68.9 Germany 67.5 129.2 Right Management 62.1 62.1 Other reporting units 328.2 299.2 Total goodwill $ 1,262.4 $ 1,297.1 |
Retirement Plans (Tables)
Retirement Plans (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Compensation And Retirement Disclosure [Abstract] | |
Components of Net Periodic Benefit Cost (Credit) | The components of the net periodic benefit cost (credit) for our plans were as follows: Defined Benefit Pension Plan 3 Months Ended 6 Months Ended June 30, June 30, 2019 2018 2019 2018 Service cost $ 4.3 $ 2.8 $ 6.8 $ 5.6 Interest cost 3.2 2.9 6.3 5.9 Expected return on assets (3.6 ) (2.7 ) (5.9 ) (5.5 ) Other 0.4 0.3 0.9 0.7 Total benefit cost $ 4.3 $ 3.3 $ 8.1 $ 6.7 Retiree Health Care Plan 3 Months Ended 6 Months Ended June 30, June 30, 2019 2018 2019 2018 Interest cost $ 0.2 $ 0.1 $ 0.3 $ 0.2 Prior service credit (0.2 ) (0.2 ) (0.4 ) (0.4 ) Total benefit credit $ - $ (0.1 ) $ (0.1 ) $ (0.2 ) |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Equity [Abstract] | |
Components of Accumulated Other Comprehensive Loss, Net of Tax | The components of accumulated other comprehensive loss, net of tax, were as follows: June 30, December 31, 2019 2018 Foreign currency translation $ (285.9 ) $ (223.2 ) Reclassification of currency translation adjustment to income related to disposition of partially held equity interest (see Note 5) 32.5 - Translation gain (loss) on derivative instruments, net of income taxes of $(10.9) and $(12.9), respectively 1.6 (4.7 ) Translation loss on long-term intercompany loans (130.4 ) (137.2 ) Defined benefit pension plans, net of income taxes of $(23.0) and $(23.2), respectively (37.2 ) (37.9 ) Retiree health care plan, net of income taxes of $1.9 and $2.0 for 2019 and 2018, respectively 2.9 3.2 Accumulated other comprehensive loss $ (416.5 ) $ (399.8 ) |
Interest and Other (Income) E_2
Interest and Other (Income) Expenses, Net (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Other Nonoperating Income Expense [Abstract] | |
Schedule of Interest and Other (Income) Expenses, Net | Interest and other (income) expenses, net consisted of the following: 3 Months Ended 6 Months Ended June 30, June 30, 2019 2018 2019 2018 Interest expense $ 11.2 $ 13.3 $ 21.4 $ 26.9 Interest income (1.1 ) (1.4 ) (2.6 ) (2.6 ) Foreign exchange (gain) loss (0.5 ) (0.1 ) 2.4 (0.2 ) Miscellaneous (income) expense, net (1) (79.8 ) (1.3 ) (79.5 ) 2.5 Interest and other (income) expenses, net $ (70.2 ) $ 10.5 $ (58.3 ) $ 26.6 (1) Includes an $80.4 gain related to our acquisition of the remaining controlling interest in Manpower Switzerland. See Note 5 to the Consolidated Financial Statements for further information. |
Derivative Financial Instrume_2
Derivative Financial Instruments and Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Effect of Net Investment Hedges and Cross-Currency Swaps on AOCI | The effect of our net investment hedges and cross-currency swaps on AOCI for the three and six months ended June 30, 2019, and 2018 was as follows: Gain (Loss) Recognized in Location of Gain Reclassified Gain Reclassified Instrument Other Comprehensive Income from AOCI into Income from AOCI into Income 3 Months Ended June 30, 3 Months Ended June 30, 2019 2018 (1) 2019 2018 (1) Euro Notes $ (13.9 ) $ 47.1 Interest and other (income) expenses, net $ - $ - Cross-currency swaps 5.0 - Interest and other (income) expenses, net 5.4 - Gain Recognized in Location of Gain Reclassified Gain Reclassified Instrument Other Comprehensive Income from AOCI into Income from AOCI into Income 6 Months Ended June 30, 6 Months Ended June 30, 2019 2018 (1) 2019 2018 (1) Euro Notes $ 8.5 $ 25.9 Interest and other (income) expenses, net $ - $ - Cross-currency swaps 5.0 - Interest and other (income) expenses, net 5.4 - (1) The prior period amounts have been revised to conform with the current period presentation. |
Effect of Forward Contracts not Designated as Hedging Instrument | The effect of our forward contracts that are not designated as hedging instruments on the Consolidated Statements of Operations for the three and six months ended June 30 was as follows: Location of Gain Amount of Gain Recognized in Income Instrument Recognized in Income 3 Months Ended June 30, 6 Months Ended June 30, 2019 2018 2019 2018 Foreign currency forward contracts Interest and other (income) expenses, net $ 9.1 $ 2.1 $ 9.2 $ 2.1 |
Fair Value of Derivative and Non-Derivative Assets and Liabilities on the Consolidated Balance Sheets | The following tables present the fair value of derivative and non-derivative assets and liabilities on the Consolidated Balance Sheets as of June 30, 2019 and December 31, 2018: Assets June 30, December 31, Balance Sheet Location 2019 2018 Instruments designated as hedges: Cross-currency swaps Prepaid expenses and other assets $ 5.1 $ - Instruments not designated as hedges: Foreign currency forward contracts Accounts receivable, net 9.2 0.1 Total instruments $ 14.3 $ 0.1 Liabilities June 30, December 31, Balance Sheet Location 2019 2018 Instruments designated as hedges: Euro Notes Long-term debt 1,083.5 1,032.0 Instruments not designated as hedges: Foreign currency forward contracts Accrued liabilities — 0.1 Total instruments $ 1,083.5 $ 1,032.1 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Components of Lease Expense and Other Information | The components of lease expense were as follows: 3 Months Ended 6 Months Ended June 30, June 30, 2019 2019 Operating lease expense $ 35.0 $ 69.7 Short-term lease expense 6.0 12.1 Other lease expense (1) $ 4.8 $ 9.9 Total lease expense $ 45.8 $ 91.7 (1) Other lease expense includes immaterial variable lease expense and sublease income. Other information related to leases was as follows: 6 Months Ended June 30, Supplemental Cash Flows Information 2019 Cash paid for amounts included in the measurement of operating lease liabilities $ 64.8 Operating ROU assets obtained in exchange for lease obligations $ 69.7 Weighted Average Remaining Lease Term Operating leases 5.6 Weighted Average Discount Rate Operating leases 2.8 % |
Supplemental Balance Sheet Information | June 30, Supplemental balance sheet information 2019 Operating Leases Operating lease ROU assets $ 458.5 Operating lease liabilities - current (1) $ 126.6 Operating lease liabilities - long-term 334.3 Total operating lease liabilities $ 460.9 (1) Operating lease liabilities - current are included in accrued expenses on our Consolidated Balance Sheets. |
Maturities of Operating Lease Liabilities | Maturities of operating lease liabilities as of June 30, 2019 were as follows: (In millions) Period Ending June 30, 2019 Operating Leases 2019 (excluding the six months ended June 30, 2019) $ 64.5 2020 120.9 2021 91.8 2022 68.1 2023 46.2 2024 33.7 Thereafter 80.5 Total future undiscounted lease payments $ 505.7 Less imputed interest $ (44.8 ) Total operating lease liabilities $ 460.9 |
Maturities of Operating Leases Accounted for Under ASC 840 | Maturities of operating leases accounted for under ASC 840 as of December 31, 2018 (In millions) Period Ending December 31, 2018 Operating Leases 2019 $ 151.4 2020 115.2 2021 85.5 2022 65.0 2023 44.1 Thereafter 105.6 Total minimum lease payments $ 566.8 |
Segment Data (Tables)
Segment Data (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Segment Reporting [Abstract] | |
Schedule of Segment Data | 3 Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Revenues from services: Americas: United States (a) $ 630.9 $ 640.5 $ 1,234.5 $ 1,256.8 Other Americas 412.5 412.0 816.2 818.3 1,043.4 1,052.5 2,050.7 2,075.1 Southern Europe: France 1,420.2 1,512.5 2,721.6 2,936.5 Italy 394.0 443.0 749.9 856.6 Other Southern Europe 573.0 478.5 1,017.9 952.9 2,387.2 2,434.0 4,489.4 4,746.0 Northern Europe 1,183.2 1,393.2 2,372.9 2,810.8 APME 708.9 724.8 1,408.8 1,445.0 Right Management 50.4 52.4 96.2 102.4 Consolidated (b) $ 5,373.1 $ 5,656.9 $ 10,418.0 $ 11,179.3 Operating unit profit: (c) Americas: United States $ 32.2 $ 38.2 $ 48.6 $ 64.9 Other Americas 17.3 18.5 32.1 34.7 49.5 56.7 80.7 99.6 Southern Europe: France 75.7 73.0 131.2 130.7 Italy 29.8 31.9 50.2 57.1 Other Southern Europe 18.0 16.8 29.0 31.6 123.5 121.7 210.4 219.4 Northern Europe 24.3 24.7 24.9 41.3 APME 28.1 29.2 48.2 55.1 Right Management 9.0 10.5 11.1 16.9 234.4 242.8 375.3 432.3 Corporate expenses (31.9 ) (25.9 ) (59.8 ) (52.7 ) Goodwill impairment charge (64.0 ) - (64.0 ) - Intangible asset amortization expense (7.7 ) (8.6 ) (15.2 ) (17.5 ) Operating profit 130.8 208.3 236.3 362.1 Interest and other (income) expenses, net 70.2 (10.5 ) 58.3 (26.6 ) Earnings before income taxes $ 201.0 $ 197.8 $ 294.6 $ 335.5 (a) In the United States, revenues from services included fees received from the related franchise offices of $3.7 and $3.9 for the three months ended June 30, 2019 and 2018, and $7.3 and $7.1 for the six months ended June 30, 2019 and June 30, 2018, respectively. These fees are primarily based on revenues generated by the franchise offices, which were $154.3 and $166.7 for the three months ended three months ended June 30, 2019 and 2018, respectively, and $311.2 and $315.7 six months ended June 30, 2019 and June 30, 2018 respectively. (b) Our consolidated revenues from services include fees received from our franchise offices of $4.1 and $6.2 for the three months ended three months ended June 30, 2019 and 2018, respectively, and $9.7 and $11.4 for the six months ended June 30, 2019 and June 30, 2018, respectively. These fees are primarily based on revenues generated by the franchise offices, which were $163.2 and $273.9 for the three months ended June 30, 2019 and 2018, respectively, and $406.2 and $510.7 for the six months ended June 30, 2019 and June 30, 2018, respectively. (c) We evaluate segment performance based on operating unit profit (“OUP”), which is equal to segment revenues less cost of services and branch and national headquarters operating costs. This profit measure does not include goodwill and intangible asset impairment charges or amortization of intangibles related to acquisitions, corporate expenses, interest and other income and expense amounts or income taxes. |
Basis of Presentation and Acc_3
Basis of Presentation and Accounting Policies - Additional Information (Details) € in Millions, $ in Millions | Jul. 10, 2019 | Jul. 09, 2019 | Apr. 30, 2019USD ($) | Apr. 30, 2019EUR (€) | Apr. 30, 2018USD ($) | Apr. 30, 2018EUR (€) | Jun. 30, 2019USD ($) | Jun. 30, 2019USD ($) |
Subsequent Event [Line Items] | ||||||||
Net proceeds from sale of tax credits | $ 103.5 | € 92 | $ 234.5 | € 190.9 | ||||
Noncash goodwill impairment charge | $ 64 | $ 64 | ||||||
ManpowerGroup Greater China Limited | Initial Public Offering | ||||||||
Subsequent Event [Line Items] | ||||||||
Percentage of diluted ownership interest, description | 36.87% if the underwriters exercise their overallotment option in full. | |||||||
Subsequent Event | ManpowerGroup Greater China Limited | Initial Public Offering | ||||||||
Subsequent Event [Line Items] | ||||||||
Percentage of shares issued in equity | 25.00% | |||||||
Percentage of diluted ownership interest | 38.25% | |||||||
Percentage of diluted ownership interest, if underwriter exercises of overallotment option in full | 36.87% | |||||||
Northern Europe | Germany | ||||||||
Subsequent Event [Line Items] | ||||||||
Noncash goodwill impairment charge | 60.2 | |||||||
APME | Subsequent Event | ManpowerGroup Greater China Limited | ||||||||
Subsequent Event [Line Items] | ||||||||
Percentage of controlling interest | 51.00% | |||||||
APME | New Zealand | ||||||||
Subsequent Event [Line Items] | ||||||||
Noncash goodwill impairment charge | $ 3.8 |
Recently Issued Accounting St_2
Recently Issued Accounting Standards - Additional Information (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Jan. 01, 2019 |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||
Operating lease right-of-use asset | $ 458.5 | |
Total lease liability | $ 460.9 | |
ASU No. 2016-02 | ||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||
Operating lease right-of-use asset | $ 458.1 | |
Total lease liability | $ 458.7 |
Revenue Recognition - Additiona
Revenue Recognition - Additional Information (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2019 | Dec. 31, 2018 | |
Revenue From Contract With Customer [Abstract] | ||
Deferred revenue | $ 42.5 | $ 42.8 |
Revenue recognized related to amounts reported as deferred revenue at prior year end | $ 35.6 |
Revenue Recognition - Disaggreg
Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 5,373.1 | $ 5,656.9 | $ 10,418 | $ 11,179.3 |
Services transferred over time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 5,252.9 | 5,529.8 | 10,184.2 | 10,930.8 |
Services transferred at a point in time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 120.2 | 127.1 | 233.8 | 248.5 |
Staffing and Interim | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 4,759.7 | 5,019.4 | 9,212.1 | 9,915.5 |
Outcome-Based Solutions and Consulting | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 369.3 | 379.1 | 728.1 | 757.6 |
Permanent Recruitment | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 158.9 | 166.7 | 308 | 326.6 |
Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 85.2 | 91.7 | 169.8 | 179.6 |
Americas | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 1,043.4 | 1,052.5 | 2,050.7 | 2,075.1 |
Americas | Services transferred over time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 1,025.4 | 1,034.5 | 2,015.7 | 2,040.9 |
Americas | Services transferred at a point in time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 18 | 18 | 35 | 34.2 |
Americas | United States | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 630.9 | 640.5 | 1,234.5 | 1,256.8 |
Americas | United States | Services transferred over time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 617.2 | 626.7 | 1,207.8 | 1,231.1 |
Americas | United States | Services transferred at a point in time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 13.7 | 13.8 | 26.7 | 25.7 |
Americas | Other Americas | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 412.5 | 412 | 816.2 | 818.3 |
Americas | Other Americas | Services transferred over time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 408.2 | 407.8 | 807.9 | 809.8 |
Americas | Other Americas | Services transferred at a point in time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 4.3 | 4.2 | 8.3 | 8.5 |
Americas | Staffing and Interim | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 944.1 | 951.4 | 1,858.2 | 1,882.8 |
Americas | Staffing and Interim | United States | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 551.3 | 559.1 | 1,080 | 1,102.3 |
Americas | Staffing and Interim | Other Americas | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 392.8 | 392.3 | 778.2 | 780.5 |
Americas | Outcome-Based Solutions and Consulting | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 45.4 | 46.9 | 88.1 | 87.4 |
Americas | Outcome-Based Solutions and Consulting | United States | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 33.1 | 34.6 | 64.1 | 63.9 |
Americas | Outcome-Based Solutions and Consulting | Other Americas | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 12.3 | 12.3 | 24 | 23.5 |
Americas | Permanent Recruitment | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 30.3 | 30.9 | 59 | 58.7 |
Americas | Permanent Recruitment | United States | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 24.1 | 24.4 | 47 | 46.2 |
Americas | Permanent Recruitment | Other Americas | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 6.2 | 6.5 | 12 | 12.5 |
Americas | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 23.6 | 23.3 | 45.4 | 46.2 |
Americas | Other | United States | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 22.4 | 22.4 | 43.4 | 44.4 |
Americas | Other | Other Americas | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 1.2 | 0.9 | 2 | 1.8 |
Southern Europe | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 2,387.2 | 2,434 | 4,489.4 | 4,746 |
Southern Europe | Services transferred over time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 2,351.5 | 2,398.6 | 4,418.7 | 4,675.1 |
Southern Europe | Services transferred at a point in time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 35.7 | 35.4 | 70.7 | 70.9 |
Southern Europe | France | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 1,420.2 | 1,512.5 | 2,721.6 | 2,936.5 |
Southern Europe | France | Services transferred over time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 1,407.5 | 1,498.5 | 2,695.2 | 2,908.1 |
Southern Europe | France | Services transferred at a point in time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 12.7 | 14 | 26.4 | 28.4 |
Southern Europe | Italy | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 394 | 443 | 749.9 | 856.6 |
Southern Europe | Italy | Services transferred over time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 384.2 | 433.5 | 730.7 | 838.4 |
Southern Europe | Italy | Services transferred at a point in time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 9.8 | 9.5 | 19.2 | 18.2 |
Southern Europe | Other Southern Europe | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 573 | 478.5 | 1,017.9 | 952.9 |
Southern Europe | Other Southern Europe | Services transferred over time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 559.8 | 466.6 | 992.8 | 928.6 |
Southern Europe | Other Southern Europe | Services transferred at a point in time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 13.2 | 11.9 | 25.1 | 24.3 |
Southern Europe | Staffing and Interim | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 2,182.8 | 2,234.5 | 4,084.3 | 4,344.8 |
Southern Europe | Staffing and Interim | France | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 1,345.7 | 1,436.8 | 2,570.2 | 2,781.4 |
Southern Europe | Staffing and Interim | Italy | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 365.2 | 413.9 | 695.2 | 800.9 |
Southern Europe | Staffing and Interim | Other Southern Europe | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 471.9 | 383.8 | 818.9 | 762.5 |
Southern Europe | Outcome-Based Solutions and Consulting | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 151.6 | 144.6 | 298.5 | 292.9 |
Southern Europe | Outcome-Based Solutions and Consulting | France | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 56.7 | 55.2 | 114 | 114.3 |
Southern Europe | Outcome-Based Solutions and Consulting | Italy | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 11.7 | 12.8 | 21.2 | 24.3 |
Southern Europe | Outcome-Based Solutions and Consulting | Other Southern Europe | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 83.2 | 76.6 | 163.3 | 154.3 |
Southern Europe | Permanent Recruitment | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 40.3 | 38.8 | 78.9 | 77.4 |
Southern Europe | Permanent Recruitment | France | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 13.6 | 14.5 | 28.1 | 29.4 |
Southern Europe | Permanent Recruitment | Italy | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 10.7 | 10.2 | 20.6 | 19.4 |
Southern Europe | Permanent Recruitment | Other Southern Europe | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 16 | 14.1 | 30.2 | 28.6 |
Southern Europe | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 12.5 | 16.1 | 27.7 | 30.9 |
Southern Europe | Other | France | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 4.2 | 6 | 9.3 | 11.4 |
Southern Europe | Other | Italy | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 6.4 | 6.1 | 12.9 | 12 |
Southern Europe | Other | Other Southern Europe | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 1.9 | 4 | 5.5 | 7.5 |
Northern Europe | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 1,183.2 | 1,393.2 | 2,372.9 | 2,810.8 |
Northern Europe | Services transferred over time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 1,149.9 | 1,354.8 | 2,306.5 | 2,734 |
Northern Europe | Services transferred at a point in time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 33.3 | 38.4 | 66.4 | 76.8 |
Northern Europe | Staffing and Interim | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 1,050.8 | 1,234 | 2,104.2 | 2,489.2 |
Northern Europe | Outcome-Based Solutions and Consulting | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 86.5 | 106.1 | 176.2 | 215.9 |
Northern Europe | Permanent Recruitment | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 38.2 | 45 | 76.3 | 89.5 |
Northern Europe | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 7.7 | 8.1 | 16.2 | 16.2 |
APME | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 708.9 | 724.8 | 1,408.8 | 1,445 |
APME | Services transferred over time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 675.7 | 689.5 | 1,347.1 | 1,378.4 |
APME | Services transferred at a point in time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 33.2 | 35.3 | 61.7 | 66.6 |
APME | Staffing and Interim | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 582 | 599.5 | 1,165.4 | 1,198.7 |
APME | Outcome-Based Solutions and Consulting | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 73.5 | 69 | 142.9 | 137.4 |
APME | Permanent Recruitment | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 50.1 | 52 | 93.8 | 101 |
APME | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 3.3 | 4.3 | 6.7 | 7.9 |
Right Management | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 50.4 | 52.4 | 96.2 | 102.4 |
Right Management | Services transferred over time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 50.4 | 52.4 | 96.2 | 102.4 |
Right Management | Services transferred at a point in time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 0 | 0 | 0 | 0 |
Right Management | Staffing and Interim | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 0 | 0 | 0 | 0 |
Right Management | Outcome-Based Solutions and Consulting | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 12.3 | 12.5 | 22.4 | 24 |
Right Management | Permanent Recruitment | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 0 | 0 | 0 | 0 |
Right Management | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 38.1 | $ 39.9 | $ 73.8 | $ 78.4 |
Share-Based Compensation Plans
Share-Based Compensation Plans - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||||
Share-based compensation expense | $ 8.3 | $ 5.3 | $ 12.9 | $ 12.8 |
Consideration received from share-based awards | $ 5.3 | $ 4 |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Details) - USD ($) $ in Millions | Apr. 03, 2019 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 |
Business Acquisition [Line Items] | |||||
Cash consideration for acquisitions | $ 47.4 | ||||
Business combination, net of cash acquired | $ (114.7) | 8.2 | |||
Reclassification of foreign currency translation adjustments related to previously held equity interest | $ (32.5) | (32.5) | |||
Net revenues from services since the acquisition | $ 111 | ||||
Payment for contingent consideration liability, financing activities | $ 13 | 15.1 | |||
Payments of contingent consideration for acquisitions | 39.2 | ||||
Customer relationships | |||||
Business Acquisition [Line Items] | |||||
Intangible asset amortized useful life | 15 years | ||||
Manpower Switzerland | |||||
Business Acquisition [Line Items] | |||||
Percentage interest acquired | 51.00% | ||||
Cash consideration for acquisitions | $ 212.7 | ||||
Acquired interests | 58.3 | ||||
Cash and cash equivalents | 154.4 | ||||
Aggregate of consideration paid and fair value of previously held equity interest | 408.3 | ||||
Business combination, net of cash acquired | 90.8 | ||||
Reclassification of foreign currency translation adjustments related to previously held equity interest | 32.5 | ||||
Manpower Switzerland | Interest and Other (Income) Expenses, Net | |||||
Business Acquisition [Line Items] | |||||
Non-cash gain on disposition of previously held equity interest | $ 80.4 | $ 80.4 | $ 80.4 | $ 80.4 | $ 80.4 |
Experis AG | |||||
Business Acquisition [Line Items] | |||||
Percentage interest acquired | 20.00% | ||||
Excluding Manpower Switzerland and Experis AG | |||||
Business Acquisition [Line Items] | |||||
Business combination, net of cash acquired | $ 17.7 |
Acquisitions - Schedule of Prel
Acquisitions - Schedule of Preliminary Allocation of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Apr. 03, 2019 | Dec. 31, 2018 |
Business Acquisition [Line Items] | |||
Goodwill | $ 1,262.4 | $ 1,297.1 | |
Southern Europe | |||
Business Acquisition [Line Items] | |||
Cash and cash equivalents | $ 317.5 | ||
Accounts receivable | 60.4 | ||
Prepaid expenses and other assets | 31.4 | ||
Goodwill | 31.2 | ||
Intangible assets subject to amortization, customer relationship | 19.6 | ||
Intangible assets not subject to amortization, reacquired franchise rights | 25.5 | ||
Property and equipment | 0.4 | ||
Accounts payable | 21.6 | ||
Employee compensation payable | 2.5 | ||
Accrued liabilities | 13.7 | ||
Accrued payroll taxes and insurance | 7.5 | ||
Value added taxes payable | 7.4 | ||
Other long-term liabilities | 25 | ||
Total assets acquired and liabilities assumed | $ 408.3 |
Acquisitions - Summary of Conso
Acquisitions - Summary of Consolidated Unaudited Proforma Historical Net Revenues from Services (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Manpower Switzerland | ||||
Business Acquisition [Line Items] | ||||
Net revenues from services | $ 5,373.1 | $ 5,780.9 | $ 10,516.6 | $ 11,397.7 |
Restructuring Costs - Additiona
Restructuring Costs - Additional Information (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Restructuring And Related Activities [Abstract] | ||
Net restructuring costs | $ 41.4 | $ 39.3 |
Costs paid, utilized or transferred out | 31.9 | |
Balance, end of period | $ 25 |
Restructuring Costs - Schedule
Restructuring Costs - Schedule of Changes in Restructuring Reserve (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2019USD ($) | |
Restructuring Cost and Reserve [Line Items] | |
Balance, beginning of period | $ 15.5 |
Severance costs | 31.6 |
Office closure costs and other | 9.8 |
Costs paid, utilized or transferred out | (31.9) |
Balance, end of period | 25 |
Reportable segments | Americas | |
Restructuring Cost and Reserve [Line Items] | |
Balance, beginning of period | 0.3 |
Severance costs | 3.8 |
Office closure costs and other | 1.3 |
Costs paid, utilized or transferred out | (4.2) |
Balance, end of period | 1.2 |
Reportable segments | Southern Europe | |
Restructuring Cost and Reserve [Line Items] | |
Balance, beginning of period | 1.7 |
Severance costs | 5.3 |
Office closure costs and other | 0.1 |
Costs paid, utilized or transferred out | (3.1) |
Balance, end of period | 4 |
Reportable segments | Northern Europe | |
Restructuring Cost and Reserve [Line Items] | |
Balance, beginning of period | 13.1 |
Severance costs | 16.5 |
Office closure costs and other | 2.2 |
Costs paid, utilized or transferred out | (16.5) |
Balance, end of period | 15.3 |
Reportable segments | APME | |
Restructuring Cost and Reserve [Line Items] | |
Balance, beginning of period | 0 |
Severance costs | 3.5 |
Office closure costs and other | 0.9 |
Costs paid, utilized or transferred out | (2.2) |
Balance, end of period | 2.2 |
Reportable segments | Right Management | |
Restructuring Cost and Reserve [Line Items] | |
Balance, beginning of period | 0.4 |
Severance costs | 0.2 |
Office closure costs and other | 4.5 |
Costs paid, utilized or transferred out | (5) |
Balance, end of period | 0.1 |
Corporate | |
Restructuring Cost and Reserve [Line Items] | |
Balance, beginning of period | 0 |
Severance costs | 2.3 |
Office closure costs and other | 0.8 |
Costs paid, utilized or transferred out | (0.9) |
Balance, end of period | $ 2.2 |
Restructuring Costs - Schedul_2
Restructuring Costs - Schedule of Changes in Restructuring Reserve (Parenthetical) (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2019 | Dec. 31, 2018 | |
Restructuring Cost and Reserve [Line Items] | ||
Restructuring reserve | $ 25 | $ 15.5 |
Restructuring reserve transferred to current operating lease liabilities | (7.1) | |
Americas | United States | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring reserve | 0.9 | 0.3 |
Southern Europe | France | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring reserve | 0.9 | 0.9 |
Southern Europe | Italy | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring reserve | $ 1 | $ 0.5 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||||
Effective income tax rate (as percent) | 36.70% | 27.50% | 38.60% | 28.30% | |
U.S. Federal statutory rate (as percent) | 21.00% | 21.00% | |||
Gross unrecognized tax benefits, including interest and penalties | $ 35.2 | $ 35.2 | $ 34.2 |
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 | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||||
Net earnings available to common shareholders | $ 127.3 | $ 143.4 | $ 180.8 | $ 240.4 |
Weighted-average common shares outstanding (in millions) | ||||
Weighted-average common shares outstanding - basic (in shares) | 60 | 65.7 | 60.3 | 65.8 |
Weighted-average common shares outstanding - diluted (in shares) | 60.4 | 66.1 | 60.7 | 66.4 |
Net earnings per share - basic (in dollars per share) | $ 2.12 | $ 2.18 | $ 3 | $ 3.65 |
Net earnings per share - diluted (in dollars per share) | $ 2.11 | $ 2.17 | $ 2.98 | $ 3.62 |
Effect of dilutive securities - stock options | ||||
Weighted-average common shares outstanding (in millions) | ||||
Effect of dilutive securities | 0.1 | 0.1 | 0.1 | 0.2 |
Effect of other share-based awards | ||||
Weighted-average common shares outstanding (in millions) | ||||
Effect of dilutive securities | 0.3 | 0.3 | 0.3 | 0.4 |
Net Earnings Per Share - Additi
Net Earnings Per Share - Additional Information (Details) - shares shares in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Share-Based Awards | ||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||||
Antidilutive securities excluded from the calculation of net earnings per share - diluted (in shares) | 0.4 | 0.3 | 0.4 | 0.3 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Schedule of Goodwill and Intangible Assets (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Goodwill [Line Items] | ||
Goodwill | $ 1,262.4 | $ 1,297.1 |
Finite-lived: | ||
Gross | 482.6 | 463.3 |
Accumulated Amortization | 382.6 | 367.7 |
Net | 100 | 95.6 |
Indefinite-lived: | ||
Gross | 176.3 | 150.7 |
Total intangible assets | ||
Gross | 658.9 | 614 |
Accumulated Amortization | 382.6 | 367.7 |
Net | 276.3 | 246.3 |
Tradenames | ||
Indefinite-lived: | ||
Gross | 52 | 52 |
Reacquired franchise rights | ||
Indefinite-lived: | ||
Gross | 124.3 | 98.7 |
Customer relationships | ||
Finite-lived: | ||
Gross | 464.2 | 444.8 |
Accumulated Amortization | 365.5 | 351.7 |
Net | 98.7 | 93.1 |
Other | ||
Finite-lived: | ||
Gross | 18.4 | 18.5 |
Accumulated Amortization | 17.1 | 16 |
Net | $ 1.3 | $ 2.5 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Schedule of Goodwill and Intangible Assets (Parenthetical) (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Total intangible assets | ||
Goodwill, accumulated impairment loss | $ 577.4 | $ 513.4 |
Tradenames | ||
Total intangible assets | ||
Indefinite-lived, accumulated impairment loss | $ 139.5 | $ 139.5 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Additional Information (Details) $ in Millions | Jun. 30, 2019USD ($) |
Intangible Assets, Future Amortization Expense by Fiscal Year [Abstract] | |
Estimated amortization expense, remainder of 2019 | $ 15.1 |
Estimated amortization expense, 2020 | 25.4 |
Estimated amortization expense, 2021 | 14.7 |
Estimated amortization expense, 2022 | 11.1 |
Estimated amortization expense, 2023 | 9 |
Estimated amortization expense, 2024 | $ 7.7 |
Goodwill and Other Intangible_6
Goodwill and Other Intangible Assets - Changes in Carrying Value of Goodwill by Reportable Segment (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended |
Jun. 30, 2019 | Jun. 30, 2019 | |
Goodwill [Roll Forward] | ||
Balance, December 31, 2018 | $ 1,297.1 | |
Goodwill acquired | 31.6 | |
Currency and other impacts | (2.3) | |
Impairment charge | $ (64) | (64) |
Balance, June 30, 2019 | 1,262.4 | 1,262.4 |
Reportable segments | Americas | ||
Goodwill [Roll Forward] | ||
Balance, December 31, 2018 | 519.9 | |
Goodwill acquired | 0.4 | |
Currency and other impacts | 1.7 | |
Balance, June 30, 2019 | 522 | 522 |
Reportable segments | Southern Europe | ||
Goodwill [Roll Forward] | ||
Balance, December 31, 2018 | 112.2 | |
Goodwill acquired | 31.2 | |
Currency and other impacts | (0.6) | |
Balance, June 30, 2019 | 142.8 | 142.8 |
Reportable segments | Northern Europe | ||
Goodwill [Roll Forward] | ||
Balance, December 31, 2018 | 435.4 | |
Currency and other impacts | (4.1) | |
Impairment charge | (60.2) | |
Balance, June 30, 2019 | 371.1 | 371.1 |
Reportable segments | APME | ||
Goodwill [Roll Forward] | ||
Balance, December 31, 2018 | 102 | |
Currency and other impacts | 0.7 | |
Impairment charge | (3.8) | |
Balance, June 30, 2019 | 98.9 | 98.9 |
Reportable segments | Right Management | ||
Goodwill [Roll Forward] | ||
Balance, December 31, 2018 | 62.1 | |
Balance, June 30, 2019 | 62.1 | 62.1 |
Corporate | ||
Goodwill [Roll Forward] | ||
Balance, December 31, 2018 | 65.5 | |
Balance, June 30, 2019 | $ 65.5 | $ 65.5 |
Goodwill and Other Intangible_7
Goodwill and Other Intangible Assets - Changes in Carrying Value of Goodwill by Reportable Segment (Parenthetical) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2019 | Apr. 03, 2019 | Dec. 31, 2018 | |
Goodwill [Roll Forward] | ||||
Goodwill | $ 1,262.4 | $ 1,262.4 | $ 1,297.1 | |
Impairment charges | 64 | 64 | ||
Jefferson Wells | ||||
Goodwill [Roll Forward] | ||||
Goodwill | 55.5 | 55.5 | ||
Americas | United States | ||||
Goodwill [Roll Forward] | ||||
Goodwill | 476.5 | 476.5 | 476.5 | |
Americas | United States | Jefferson Wells | ||||
Goodwill [Roll Forward] | ||||
Goodwill | 532 | 532 | 532 | |
Southern Europe | ||||
Goodwill [Roll Forward] | ||||
Goodwill | $ 31.2 | |||
Southern Europe | France | ||||
Goodwill [Roll Forward] | ||||
Goodwill | 68.3 | 68.3 | 68.9 | |
Southern Europe | Italy | ||||
Goodwill [Roll Forward] | ||||
Goodwill | 4.7 | 4.7 | 4.8 | |
Northern Europe | Germany | ||||
Goodwill [Roll Forward] | ||||
Goodwill | 67.5 | $ 67.5 | $ 129.2 | |
Impairment charges | 60.2 | |||
APME | New Zealand | ||||
Goodwill [Roll Forward] | ||||
Impairment charges | $ 3.8 |
Goodwill and Other Intangible_8
Goodwill and Other Intangible Assets - Schedule of Goodwill Balances by Reporting Unit (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Apr. 03, 2019 | Dec. 31, 2018 |
Goodwill [Line Items] | |||
Goodwill | $ 1,262.4 | $ 1,297.1 | |
Jefferson Wells | |||
Goodwill [Line Items] | |||
Goodwill | 55.5 | ||
Americas | United States | |||
Goodwill [Line Items] | |||
Goodwill | 476.5 | 476.5 | |
Americas | United States | Jefferson Wells | |||
Goodwill [Line Items] | |||
Goodwill | 532 | 532 | |
Northern Europe | Netherlands | |||
Goodwill [Line Items] | |||
Goodwill | 111.1 | 112 | |
Northern Europe | United Kingdom | |||
Goodwill [Line Items] | |||
Goodwill | 93.2 | 93.7 | |
Northern Europe | Germany | |||
Goodwill [Line Items] | |||
Goodwill | 67.5 | 129.2 | |
Southern Europe | |||
Goodwill [Line Items] | |||
Goodwill | $ 31.2 | ||
Southern Europe | France | |||
Goodwill [Line Items] | |||
Goodwill | 68.3 | 68.9 | |
Other Reporting Units | |||
Goodwill [Line Items] | |||
Goodwill | 328.2 | 299.2 | |
Reportable segments | Americas | |||
Goodwill [Line Items] | |||
Goodwill | 522 | 519.9 | |
Reportable segments | Northern Europe | |||
Goodwill [Line Items] | |||
Goodwill | 371.1 | 435.4 | |
Reportable segments | Southern Europe | |||
Goodwill [Line Items] | |||
Goodwill | 142.8 | 112.2 | |
Reportable segments | Right Management | |||
Goodwill [Line Items] | |||
Goodwill | $ 62.1 | $ 62.1 |
Retirement Plans - Components o
Retirement Plans - Components of Net Periodic Benefit Cost (Credit) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Defined Benefit Pension Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 4.3 | $ 2.8 | $ 6.8 | $ 5.6 |
Interest cost | 3.2 | 2.9 | 6.3 | 5.9 |
Expected return on assets | (3.6) | (2.7) | (5.9) | (5.5) |
Other | 0.4 | 0.3 | 0.9 | 0.7 |
Total benefit cost (credit) | 4.3 | 3.3 | 8.1 | 6.7 |
Retiree Health Care Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Interest cost | 0.2 | 0.1 | 0.3 | 0.2 |
Prior service credit | (0.2) | (0.2) | (0.4) | (0.4) |
Total benefit cost (credit) | $ 0 | $ (0.1) | $ (0.1) | $ (0.2) |
Retirement Plans - Additional I
Retirement Plans - Additional Information (Details) $ in Millions | 3 Months Ended | 6 Months Ended |
Jun. 30, 2019USD ($) | Jun. 30, 2019USD ($) | |
Defined Benefit Pension Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Contributions to pension plans | $ 2.9 | $ 4.4 |
Estimated employer contribution to pension plans during remainder of current fiscal year | 13 | 13 |
Retiree Health Care Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Contributions to retiree health care plan | $ 0.3 | $ 0.6 |
Shareholders' Equity - Componen
Shareholders' Equity - Components of Accumulated Other Comprehensive Loss, Net of Tax (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Total shareholders' equity | $ 2,694.5 | $ 2,649.9 | $ 2,698.5 | $ 2,847.5 | $ 2,939 | $ 2,857.6 |
Foreign currency translation | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Total shareholders' equity | (285.9) | (223.2) | ||||
Reclassification of currency translation adjustment to income to income related to disposition of partially held equity interest | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Total shareholders' equity | 32.5 | |||||
Translation gain (loss) on derivative instruments, net of income taxes of $(10.9) and $(12.9), respectively | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Total shareholders' equity | 1.6 | (4.7) | ||||
Translation loss on long-term intercompany loans | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Total shareholders' equity | (130.4) | (137.2) | ||||
Defined benefit pension plans and Retiree health care plan | Defined benefit pension plans, net of income taxes of $(23.0) and $(23.2), respectively | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Total shareholders' equity | (37.2) | (37.9) | ||||
Defined benefit pension plans and Retiree health care plan | Retiree health care plan, net of income taxes of $1.9 and $2.0 for 2019 and 2018, respectively | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Total shareholders' equity | 2.9 | 3.2 | ||||
Accumulated other comprehensive loss | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Total shareholders' equity | $ (416.5) | $ (401.8) | $ (399.8) | $ (375.9) | $ (264.1) | $ (288.2) |
Shareholders' Equity - Compon_2
Shareholders' Equity - Components of Accumulated Other Comprehensive Loss, Net of Tax (Parenthetical) (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Translation gain (loss) on derivative instruments, net of income taxes of $(10.9) and $(12.9), respectively | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Accumulated other comprehensive loss, income taxes | $ (10.9) | $ (12.9) |
Defined benefit pension plans and Retiree health care plan | Defined benefit pension plans, net of income taxes of $(23.0) and $(23.2), respectively | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Accumulated other comprehensive loss, income taxes | (23) | (23.2) |
Defined benefit pension plans and Retiree health care plan | Retiree health care plan, net of income taxes of $1.9 and $2.0 for 2019 and 2018, respectively | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Accumulated other comprehensive loss, income taxes | $ 1.9 | $ 2 |
Shareholders' Equity - Addition
Shareholders' Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions | May 10, 2019 | May 04, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Aug. 31, 2019 | Aug. 31, 2018 | Jul. 31, 2016 |
Equity, Class of Treasury Stock [Line Items] | |||||||||
Interest and other (income) expenses, net | $ (70.2) | $ 10.5 | $ (58.3) | $ 26.6 | |||||
Dividends declared (in dollars per share) | $ 1.09 | $ 1.01 | |||||||
Dividends paid date | Jun. 14, 2019 | Jun. 15, 2018 | |||||||
Dividends record date | Jun. 3, 2019 | Jun. 1, 2018 | |||||||
Total cost of shares repurchased | $ 101 | $ 113.2 | |||||||
Common Stock Repurchase 2019 Authorization | Scenario Forecast | |||||||||
Equity, Class of Treasury Stock [Line Items] | |||||||||
Shares authorized to be repurchased (in shares) | 6,000,000 | ||||||||
Common Stock Repurchase 2018 Authorization | |||||||||
Equity, Class of Treasury Stock [Line Items] | |||||||||
Shares authorized to be repurchased (in shares) | 6,000,000 | ||||||||
Shares repurchased during period (in shares) | 1,200,000 | ||||||||
Total cost of shares repurchased | $ 101 | ||||||||
Shares remaining authorized for repurchase (in shares) | 1,900,000 | 1,900,000 | |||||||
2016 Authorization | |||||||||
Equity, Class of Treasury Stock [Line Items] | |||||||||
Shares authorized to be repurchased (in shares) | 6,000,000 | ||||||||
Shares repurchased during period (in shares) | 1,000,000 | ||||||||
Total cost of shares repurchased | $ 113.2 | ||||||||
Shares remaining authorized for repurchase (in shares) | 0 | 0 | |||||||
Non-Controlling Interests | |||||||||
Equity, Class of Treasury Stock [Line Items] | |||||||||
Interest and other (income) expenses, net | $ 0.1 | $ 1 | $ 1.1 | $ 2.2 |
Interest and Other (Income) E_3
Interest and Other (Income) Expenses, Net - Schedule of Interest and Other (Income) Expenses, Net (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Other Nonoperating Income Expense [Abstract] | ||||
Interest expense | $ 11.2 | $ 13.3 | $ 21.4 | $ 26.9 |
Interest income | (1.1) | (1.4) | (2.6) | (2.6) |
Foreign exchange (gain) loss | (0.5) | (0.1) | 2.4 | (0.2) |
Miscellaneous (income) expense, net | (79.8) | (1.3) | (79.5) | 2.5 |
Interest and other (income) expenses, net | $ (70.2) | $ 10.5 | $ (58.3) | $ 26.6 |
Interest and Other (Income) E_4
Interest and Other (Income) Expenses, Net - Schedule of Interest and Other (Income) Expenses, Net (Parenthetical) (Details) - USD ($) $ in Millions | Apr. 03, 2019 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 |
Manpower Switzerland | Interest and Other (Income) Expenses, Net | |||||
Other Nonoperating Income (Expense) [Line Items] | |||||
Gain on acquisition of remaining controlling interest | $ 80.4 | $ 80.4 | $ 80.4 | $ 80.4 | $ 80.4 |
Derivative Financial Instrume_3
Derivative Financial Instruments and Fair Value Measurements - Additional Information (Details) $ in Millions | Jun. 30, 2019USD ($) | Jun. 30, 2019EUR (€) | Apr. 30, 2019USD ($) | Dec. 31, 2018USD ($) |
Level 1 Inputs | Fair value measured on a recurring basis | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Deferred compensation plan assets | $ 101.6 | $ 89.5 | ||
Euro-denominated notes | Fair value | Level 2 Inputs | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Carrying value of long-term debt | 1,083.5 | 1,052.9 | ||
Euro-denominated notes | Carrying value | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Carrying value of long-term debt | 1,016.7 | $ 1,024.6 | ||
Cross-currency swap | Cash flow hedge | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Long-term debt | $ 202.3 | |||
Fixed annual interest rate | 1.256% | |||
Designated as hedging instrument | Notes due September 2022 | Euro-denominated notes | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Long-term debt | 453.3 | € 400,000,000 | ||
Designated as hedging instrument | Notes Due June 2026 | Euro-denominated notes | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Long-term debt | $ 563.4 | € 500,000,000 |
Derivative Financial Instrume_4
Derivative Financial Instruments and Fair Value Measurements - Effect of Net Investment Hedges and Cross-Currency Swaps on AOCI (Details) - Net Investment Hedging - Designated as hedging instrument - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Euro-denominated notes | ||||
Derivative [Line Items] | ||||
Gain(Loss) Recognized in Other Comprehensive Income | $ (13.9) | $ 47.1 | $ 8.5 | $ 25.9 |
Cross-currency swap | ||||
Derivative [Line Items] | ||||
Gain(Loss) Recognized in Other Comprehensive Income | 5 | 5 | ||
Cross-currency swap | Interest and Other (Income) Expenses, Net | ||||
Derivative [Line Items] | ||||
Gain (Loss) Reclassified from AOCI into Income | $ 5.4 | $ 5.4 |
Derivative Financial Instrume_5
Derivative Financial Instruments and Fair Value Measurements - Effect of Forward Contracts not Designated as Hedging Instrument (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Not designated as hedging instrument | Foreign Exchange Forward | Interest and Other (Income) Expenses, Net | ||||
Derivative [Line Items] | ||||
Amount of Gain Recognized in Income | $ 9.1 | $ 2.1 | $ 9.2 | $ 2.1 |
Derivative Financial Instrume_6
Derivative Financial Instruments and Fair Value Measurements - Fair Value of Derivative and Non-Derivative Assets and Liabilities on the Consolidated Balance Sheets (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Derivatives, Fair Value [Line Items] | ||
Assets | $ 14.3 | $ 0.1 |
Liabilities | 1,083.5 | 1,032.1 |
Designated as hedging instrument | Cross-currency swap | Prepaid expenses and other assets | ||
Derivatives, Fair Value [Line Items] | ||
Assets | 5.1 | 0 |
Designated as hedging instrument | Euro Notes | Long-term debt | ||
Derivatives, Fair Value [Line Items] | ||
Liabilities | 1,083.5 | 1,032 |
Not designated as hedging instrument | Foreign currency forward contracts | Accounts receivable, net | ||
Derivatives, Fair Value [Line Items] | ||
Assets | 9.2 | 0.1 |
Not designated as hedging instrument | Foreign currency forward contracts | Accrued liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Liabilities | $ 0 | $ 0.1 |
Leases - Additional Information
Leases - Additional Information (Details) | 6 Months Ended |
Jun. 30, 2019 | |
Minimum | |
Lessee, Lease, Description [Line Items] | |
Remaining lease terms | 1 month |
Maximum | |
Lessee, Lease, Description [Line Items] | |
Remaining lease terms | 12 years |
Leases - Components of Lease Ex
Leases - Components of Lease Expense and Other Information (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended |
Jun. 30, 2019 | Jun. 30, 2019 | |
Leases [Abstract] | ||
Operating lease expense | $ 35 | $ 69.7 |
Short-term lease expense | 6 | 12.1 |
Variable lease expense | 4.8 | 9.9 |
Total lease expense | $ 45.8 | 91.7 |
Supplemental Cash Flows Information | ||
Cash paid for amounts included in the measurement of operating lease liabilities | 64.8 | |
Operating ROU assets obtained in exchange for lease obligations | $ 69.7 |
Leases - Supplemental Balance S
Leases - Supplemental Balance Sheet Information (Details) $ in Millions | Jun. 30, 2019USD ($) |
Operating Leases | |
Operating lease ROU assets | $ 458.5 |
Operating lease liabilities - current | 126.6 |
Operating lease liabilities - long-term | 334.3 |
Total operating lease liabilities | $ 460.9 |
Leases - Weighted Average Remai
Leases - Weighted Average Remaining Lease Term and Discount Rate (Details) | Jun. 30, 2019 |
Weighted Average Remaining Lease Term | |
Operating leases | 5 years 7 months 6 days |
Weighted Average Discount Rate | |
Operating leases | 2.80% |
Leases - Maturities of Operatin
Leases - Maturities of Operating Lease Liabilities (Details) $ in Millions | Jun. 30, 2019USD ($) |
Period Ending June 30, 2019 | |
2019 (excluding the six months ended June 30, 2019) | $ 64.5 |
2020 | 120.9 |
2021 | 91.8 |
2022 | 68.1 |
2023 | 46.2 |
2024 | 33.7 |
Thereafter | 80.5 |
Total future undiscounted lease payments | 505.7 |
Less imputed interest | (44.8) |
Total operating lease liabilities | $ 460.9 |
Leases - Maturities of Operat_2
Leases - Maturities of Operating Leases Accounted for Under ASC 840 (Details) $ in Millions | Dec. 31, 2018USD ($) |
Period Ending December 31, 2018 | |
2019 | $ 151.4 |
2020 | 115.2 |
2021 | 85.5 |
2022 | 65 |
2023 | 44.1 |
Thereafter | 105.6 |
Total minimum lease payments | $ 566.8 |
Segment Data - Schedule of Segm
Segment Data - Schedule of Segment Data (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Segment Reporting Information [Line Items] | ||||
Revenues from services | $ 5,373.1 | $ 5,656.9 | $ 10,418 | $ 11,179.3 |
Operating unit profit | 234.4 | 242.8 | 375.3 | 432.3 |
Corporate expenses | (31.9) | (25.9) | (59.8) | (52.7) |
Goodwill impairment charge | (64) | (64) | ||
Intangible asset amortization expense | (7.7) | (8.6) | (15.2) | (17.5) |
Operating profit | 130.8 | 208.3 | 236.3 | 362.1 |
Interest and other (income) expenses, net | 70.2 | (10.5) | 58.3 | (26.6) |
Earnings before income taxes | 201 | 197.8 | 294.6 | 335.5 |
Americas | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from services | 1,043.4 | 1,052.5 | 2,050.7 | 2,075.1 |
Operating unit profit | 49.5 | 56.7 | 80.7 | 99.6 |
Americas | United States | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from services | 630.9 | 640.5 | 1,234.5 | 1,256.8 |
Americas | United States | Reportable subsegments | ||||
Segment Reporting Information [Line Items] | ||||
Operating unit profit | 32.2 | 38.2 | 48.6 | 64.9 |
Americas | Other Americas | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from services | 412.5 | 412 | 816.2 | 818.3 |
Americas | Other Americas | Reportable subsegments | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from services | 412.5 | 412 | 816.2 | 818.3 |
Operating unit profit | 17.3 | 18.5 | 32.1 | 34.7 |
Southern Europe | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from services | 2,387.2 | 2,434 | 4,489.4 | 4,746 |
Operating unit profit | 123.5 | 121.7 | 210.4 | 219.4 |
Southern Europe | France | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from services | 1,420.2 | 1,512.5 | 2,721.6 | 2,936.5 |
Southern Europe | France | Reportable subsegments | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from services | 1,420.2 | 1,512.5 | 2,721.6 | 2,936.5 |
Operating unit profit | 75.7 | 73 | 131.2 | 130.7 |
Southern Europe | Italy | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from services | 394 | 443 | 749.9 | 856.6 |
Southern Europe | Italy | Reportable subsegments | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from services | 394 | 443 | 749.9 | 856.6 |
Operating unit profit | 29.8 | 31.9 | 50.2 | 57.1 |
Southern Europe | Other Southern Europe | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from services | 573 | 478.5 | 1,017.9 | 952.9 |
Southern Europe | Other Southern Europe | Reportable subsegments | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from services | 573 | 478.5 | 1,017.9 | 952.9 |
Operating unit profit | 18 | 16.8 | 29 | 31.6 |
Northern Europe | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from services | 1,183.2 | 1,393.2 | 2,372.9 | 2,810.8 |
Operating unit profit | 24.3 | 24.7 | 24.9 | 41.3 |
APME | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from services | 708.9 | 724.8 | 1,408.8 | 1,445 |
Operating unit profit | 28.1 | 29.2 | 48.2 | 55.1 |
Right Management | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from services | 50.4 | 52.4 | 96.2 | 102.4 |
Operating unit profit | $ 9 | $ 10.5 | $ 11.1 | $ 16.9 |
Segment Data - Schedule of Se_2
Segment Data - Schedule of Segment Data (Parenthetical) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Segment Reporting Information [Line Items] | ||||
Revenues from services | $ 5,373.1 | $ 5,656.9 | $ 10,418 | $ 11,179.3 |
Franchise revenue | 163.2 | 273.9 | 406.2 | 510.7 |
Franchise | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from services | 4.1 | 6.2 | 9.7 | 11.4 |
Americas | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from services | 1,043.4 | 1,052.5 | 2,050.7 | 2,075.1 |
Americas | United States | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from services | 630.9 | 640.5 | 1,234.5 | 1,256.8 |
Americas | United States | Franchise | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from services | 3.7 | 3.9 | 7.3 | 7.1 |
Franchise revenue | $ 154.3 | $ 166.7 | $ 311.2 | $ 315.7 |
Contingencies - Additional Info
Contingencies - Additional Information (Details) - Apr. 26, 2017 € in Millions, $ in Millions | USD ($) | EUR (€) |
7S | ||
Loss Contingencies [Line Items] | ||
Additional consideration sought from the seller of 7S | $ 23.7 | € 20.8 |