Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Feb. 17, 2021 | Jun. 30, 2020 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2020 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | MANPOWERGROUP INC. | ||
Entity Central Index Key | 0000871763 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Interactive Data Current | Yes | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
ICFR Auditor Attestation Flag | true | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Public Float | $ 3,991,124,225 | ||
Entity Common Stock, Shares Outstanding | 54,994,858 | ||
Entity Shell Company | false | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Title of 12(b) Security | Common Stock, $.01 par value | ||
Trading Symbol | MAN | ||
Security Exchange Name | NYSE | ||
Entity File Number | 1-10686 | ||
Entity Incorporation, State or Country Code | WI | ||
Entity Tax Identification Number | 39-1672779 | ||
Entity Address, Address Line One | 100 manpower place | ||
Entity Address, City or Town | milwaukee | ||
Entity Address, State or Province | WI | ||
Entity Address, Postal Zip Code | 53212 | ||
City Area Code | 414 | ||
Local Phone Number | 961-1000 | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Documents Incorporated by Reference | Part III is incorporated by reference from the Proxy Statement for the Annual Meeting of Shareholders to be held on May 7, 2021. |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Statement [Abstract] | |||
Revenues from services | $ 18,001,000,000 | $ 20,863,500,000 | $ 21,991,200,000 |
Cost of services | 15,176,300,000 | 17,488,400,000 | 18,412,200,000 |
Gross profit | 2,824,700,000 | 3,375,100,000 | 3,579,000,000 |
Selling and administrative expenses, excluding goodwill impairment charges | 2,570,300,000 | 2,666,200,000 | 2,782,300,000 |
Goodwill impairment charges | 66,800,000 | 64,000,000 | |
Selling and administrative expenses | 2,637,100,000 | 2,730,200,000 | 2,782,300,000 |
Operating profit | 187,600,000 | 644,900,000 | 796,700,000 |
Interest and other expenses (income), net | 39,900,000 | (40,600,000) | 42,000,000 |
Earnings before income taxes | 147,700,000 | 685,500,000 | 754,700,000 |
Provision for income taxes | 123,900,000 | 219,800,000 | 198,000,000 |
Net earnings | $ 23,800,000 | $ 465,700,000 | $ 556,700,000 |
Net earnings per share - basic | $ 0.41 | $ 7.78 | $ 8.62 |
Net earnings per share - diluted | $ 0.41 | $ 7.72 | $ 8.56 |
Weighted average shares - basic | 58 | 59.9 | 64.6 |
Weighted average shares - diluted | 58.3 | 60.3 | 65.1 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Net earnings | $ 23.8 | $ 465.7 | $ 556.7 |
Other comprehensive income (loss): | |||
Foreign currency translation | 188.4 | (11) | (135.5) |
Translation adjustments on derivative instruments, net of income taxes of $(25.8), $3.8 and $10.2, respectively | (94.3) | 17.8 | 35.2 |
Translation adjustments on long-term intercompany loans | (11.8) | 15.7 | (8.4) |
Defined benefit pension plans and retiree health care plan, net of income taxes of $(11.6), $(8.1) and $4.6, respectively | (47.9) | (37.4) | 12.4 |
Pension settlements, net of taxes of $4.5 | 9.3 | ||
Total other comprehensive income (loss) | 43.7 | (41.2) | (96.3) |
Comprehensive income | $ 67.5 | 424.5 | $ 460.4 |
Manpower Switzerland | |||
Other comprehensive income (loss): | |||
Reclassification of currency translation adjustment to income related to disposition of partially held equity interest (see Note 4) | (32.5) | ||
ManpowerGroup Greater China Limited | |||
Other comprehensive income (loss): | |||
Reclassification of currency translation adjustment to income related to disposition of partially held equity interest (see Note 4) | $ 6.2 |
CONSOLIDATED STATEMENTS OF CO_2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Other comprehensive income (loss): | |||
Income tax expense (benefit) on translation adjustments on derivative instruments | $ (25.8) | $ 3.8 | $ 10.2 |
Income tax expense on defined benefit pension plans and retiree health care plan | (11.6) | $ (8.1) | $ 4.6 |
Income tax expense on pension plan settlement | $ 4.5 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Current Assets | ||
Cash and cash equivalents | $ 1,567.1 | $ 1,025.8 |
Accounts receivable, less allowance for doubtful accounts of $128.1 and $113.5, respectively | 4,912.4 | 5,273.1 |
Prepaid expenses and other assets | 186.9 | 185.6 |
Total current assets | 6,666.4 | 6,484.5 |
Other Assets | ||
Goodwill | 1,225.8 | 1,260.1 |
Intangible assets, less accumulated amortization of $425.4 and $389.4, respectively | 248.6 | 268.6 |
Operating lease right-of-use asset | 400.7 | 448.5 |
Other assets | 651.6 | 618.8 |
Total other assets | 2,526.7 | 2,596 |
Property and Equipment | ||
Land, buildings, leasehold improvements and equipment | 614.7 | 605.5 |
Less: accumulated depreciation and amortization | 479.6 | 462.2 |
Net property and equipment | 135.1 | 143.3 |
Total assets | 9,328.2 | 9,223.8 |
Current Liabilities | ||
Accounts payable | 2,527.4 | 2,474.9 |
Employee compensation payable | 231.8 | 206.4 |
Accrued liabilities | 602.1 | 545.4 |
Accrued payroll taxes and insurance | 752 | 649.7 |
Value added taxes payable | 551.1 | 504 |
Short-term borrowings and current maturities of long-term debt | 20.4 | 61 |
Total current liabilities | 4,684.8 | 4,441.4 |
Other liabilities | ||
Long-term debt | 1,103.5 | 1,012.4 |
Long-term operating lease liability | 305.1 | 336.7 |
Other long-term liabilities | 781.2 | 671.8 |
Total other liabilities | 2,189.8 | 2,020.9 |
Shareholders’ Equity | ||
Preferred stock, $.01 par value, authorized 25,000,000 shares, none issued | 0 | 0 |
Common stock, $.01 par value, authorized 125,000,000 shares, issued 117,555,991 and 117,190,883 shares, respectively | 1.2 | 1.2 |
Capital in excess of par value | 3,402.5 | 3,370.6 |
Retained earnings | 3,388.8 | 3,494.1 |
Accumulated other comprehensive loss | (397.3) | (441) |
Treasury stock at cost, 61,990,021 and 58,517,128 shares, respectively | (3,954.2) | (3,681.9) |
Total ManpowerGroup shareholders' equity | 2,441 | 2,743 |
Noncontrolling interests | 12.6 | 18.5 |
Total shareholders’ equity | 2,453.6 | 2,761.5 |
Total liabilities and shareholders’ equity | $ 9,328.2 | $ 9,223.8 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Current Assets | ||
Allowance for doubtful accounts | $ 128.1 | $ 113.5 |
Other Assets | ||
Accumulated amortization on intangible assets | $ 425.4 | $ 389.4 |
Shareholders' Equity | ||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, authorized (in shares) | 25,000,000 | 25,000,000 |
Preferred stock, issued (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, authorized (in shares) | 125,000,000 | 125,000,000 |
Common stock, issued (in shares) | 117,555,991 | 117,190,883 |
Treasury stock at cost (in shares) | 61,990,021 | 58,517,128 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash Flows from Operating Activities | |||
Net earnings | $ 23.8 | $ 465.7 | $ 556.7 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | |||
Depreciation and amortization | 76.3 | 77.2 | 85.8 |
Non-cash gain on disposition of previously held equity interest | (80.4) | ||
Non-cash gain on disposition of previously held controlling interest | (30.4) | ||
Non-cash goodwill and other impairment charges | 71.3 | 64 | |
Non-cash operating lease right-of-use assets impairment | 27.3 | ||
Deferred income taxes | (10.4) | (43) | (11.9) |
Provision for doubtful accounts | 20.3 | 21.8 | 23 |
Share-based compensation | 24.2 | 26.3 | 27.8 |
Change in operating assets and liabilities, excluding the impact of acquisitions: | |||
Accounts receivable | 586.9 | (80.2) | (146.4) |
Other assets | 29.9 | 122.3 | 58.7 |
Other liabilities | 86.8 | 271.1 | (110.6) |
Cash provided by operating activities | 936.4 | 814.4 | 483.1 |
Cash Flows from Investing Activities | |||
Capital expenditures | (50.7) | (52.9) | (64.7) |
Acquisitions of businesses, net of cash acquired | (0.7) | 77.8 | (9.1) |
Impact to cash resulting from deconsolidation of subsidiaries | (57.9) | ||
Proceeds from the sale of subsidiaries, investments, property and equipment | 9 | 16.8 | 18.9 |
Cash used in investing activities | (42.4) | (16.2) | (54.9) |
Cash Flows from Financing Activities | |||
Net change in short-term borrowings | (40.8) | 11.2 | 3.5 |
Proceeds from long-term debt | 2.7 | 9.6 | 583.3 |
Repayments of long-term debt | (0.4) | (1.3) | (408.6) |
Payments for debt issuance costs | (2.5) | ||
Payments of contingent consideration for acquisitions | (1.9) | (22.8) | (18.6) |
Proceeds from share-based awards and sale of subsidiaries | 7.4 | 7.5 | 5.2 |
Payments to noncontrolling interests | (0.8) | (2.1) | (1.9) |
Other share-based award transactions | (7.6) | (7.2) | (17.3) |
Repurchases of common stock | (264.7) | (203) | (500.7) |
Dividends paid | (129.1) | (129.3) | (127.3) |
Cash used in financing activities | (435.2) | (337.4) | (484.9) |
Effect of exchange rate changes on cash | 82.5 | (26.9) | (40.4) |
Change in cash and cash equivalents | 541.3 | 433.9 | (97.1) |
Cash and cash equivalents, beginning of year | 1,025.8 | 591.9 | 689 |
Cash and cash equivalents, end of year | 1,567.1 | 1,025.8 | 591.9 |
Cash paid during the period for: | |||
Interest | 40.8 | 42.4 | 49.9 |
Income taxes, net | 149.8 | 179.2 | $ 184.6 |
Operating lease liabilities | 142 | 150.1 | |
Non-cash operating activity: | |||
Right-of-use assets obtained in exchange for new operating lease liabilities | $ 63.6 | $ 129.3 |
CONSOLIDATED STATEMENTS OF SHAR
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Millions | Total | Common Stock | Capital in Excess of Par Value | Retained Earnings | Retained EarningsCumulative Effect, Period of Adoption, Adjustment | Accumulated Other Comprehensive (Loss) Income | Accumulated Other Comprehensive (Loss) IncomeCumulative Effect, Period of Adoption, Adjustment | Treasury Stock | Non- controlling Interests |
Balance, beginning of period at Dec. 31, 2017 | $ 2,857.6 | $ 1.2 | $ 3,302.6 | $ 2,713 | $ 15.3 | $ (288.2) | $ (15.3) | $ (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] | |||||||||
Accounting Standards Update [Extensible List] | us-gaap:AccountingStandardsUpdate201613Member | ||||||||
Net earnings | $ 556.7 | 556.7 | |||||||
Other comprehensive income (loss) | (96.3) | (96.3) | |||||||
Issuances under equity plans | (12.1) | 5.2 | (17.3) | ||||||
Issuances under equity plans (in shares) | 492,170 | ||||||||
Share-based compensation expense | 27.8 | 27.8 | |||||||
Dividends | (127.3) | (127.3) | |||||||
Repurchases of common stock | (500.7) | (500.7) | |||||||
Noncontrolling interest transactions | (7.2) | 1.9 | (9.1) | ||||||
Balance, end 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, end of period (in shares) at Dec. 31, 2018 | 116,795,899 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net earnings | 465.7 | 465.7 | |||||||
Other comprehensive income (loss) | (41.2) | (41.2) | |||||||
Issuances under equity plans | (0.2) | 7 | (7.2) | ||||||
Issuances under equity plans (in shares) | 394,984 | ||||||||
Share-based compensation expense | 26.3 | 26.3 | |||||||
Dividends | (129.3) | (129.3) | |||||||
Repurchases of common stock | (203) | (203) | |||||||
Noncontrolling interest transactions | (55.3) | (0.2) | (55.1) | ||||||
Balance, end of period at Dec. 31, 2019 | 2,761.5 | $ 1.2 | 3,370.6 | 3,494.1 | (441) | (3,681.9) | 18.5 | ||
Balance, end of period (in shares) at Dec. 31, 2019 | 117,190,883 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net earnings | 23.8 | 23.8 | |||||||
Other comprehensive income (loss) | 43.7 | 43.7 | |||||||
Issuances under equity plans | 0.1 | 7.7 | (7.6) | ||||||
Issuances under equity plans (in shares) | 365,108 | ||||||||
Share-based compensation expense | 24.2 | 24.2 | |||||||
Dividends | (129.1) | (129.1) | |||||||
Repurchases of common stock | (264.7) | (264.7) | |||||||
Noncontrolling interest transactions | (5.9) | (5.9) | |||||||
Balance, end of period at Dec. 31, 2020 | $ 2,453.6 | $ 1.2 | $ 3,402.5 | $ 3,388.8 | $ (397.3) | $ (3,954.2) | $ 12.6 | ||
Balance, end of period (in shares) at Dec. 31, 2020 | 117,555,991 |
CONSOLIDATED STATEMENTS OF SH_2
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement Of Stockholders Equity [Abstract] | |||||||||||
Dividends per share (in dollars per share) | $ 1.17 | $ 0 | $ 1.09 | $ 0 | $ 1.09 | $ 0 | $ 1.09 | $ 0 | $ 2.26 | $ 2.18 | $ 2.02 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | (1) Summary of Significant Accounting Policies Nature of Operations ManpowerGroup Inc. is a world leader in the innovative workforce solutions and services industry. Our global network of over 2,200 offices in 75 countries and territories allows us to meet the needs of our global, multinational and local clients across all major industry segments. Our largest operations, based on revenues, are located in France, the United States, the United Kingdom and Italy. We specialize in permanent, temporary and contract recruitment and assessment; training and development; outsourcing; career management and workforce consulting services. We provide services to a wide variety of clients, none of which individually comprise a significant portion of revenues for us as a whole. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses for the reporting period. Actual results could differ from these estimates. COVID-19 The global spread of COVID-19, which was declared a global pandemic by the World Health Organization in March 2020, has created significant volatility, uncertainty and global macroeconomic disruption. Our business, operations and consolidated financial statements for 2020 were significantly negatively impacted by the COVID-19 crisis. By the end of March, significant lockdown measures had been implemented in our main markets in Europe and North America, as well as in certain other countries. At the beginning of the third quarter, the impact of the COVID-19 crisis stabilized in many parts of the world, and economies slowly reopened. However, in late 2020, a number of countries started to see increased cases of COVID-19 that led to the implementation of new restrictions in an effort to mitigate the spread. Unlike the lockdowns and restrictions experienced earlier in the year, the same country-wide lockdowns did not occur, but more targeted and localized restrictions. Continued uncertainty remains as to the future impact of the pandemic on global and local economies. We are continuing to monitor and assess the impacts of the COVID-19 pandemic and we expect that our financial condition, liquidity and future results of operations will continue to be adversely affected. However, we cannot predict with certainty what the impact will be on future periods. For further information on the impacts of COVID-19 on our business, operations and financial results, see Part I, Item 2: Management’s Discussion and Analysis of Financial Condition and Results of Operations. Basis of Consolidation The Consolidated Financial Statements include our operating results and the operating results of all of our majority-owned subsidiaries and entities in which we have a controlling financial interest. We have a controlling financial interest if we own a majority of the outstanding voting common stock and the noncontrolling shareholders do not have substantive participating rights, or we have significant control over an entity through contractual or economic interests in which we are the primary beneficiary. We account for equity investments in companies over which we have the ability to exercise significant influence, but not control, using the equity method of accounting. We recognize our ownership share of earnings of these equity method investments, amortization of basis differences, and related gains or losses in the Consolidated Financial Statements. These investments, as well as certain other relationships, are also evaluated for consolidation under the accounting guidance on consolidation of variable interest entities. These investments were $106.6 and $97.8 as of December 31, 2020 and 2019, respectively, and are included in other assets in the Consolidated Balance Sheets. Included in shareholders’ equity as of December 31, 2020 and 2019 are $8.0 and $3.4, respectively, of unremitted earnings from investments accounted for using the equity method. The remaining amounts as of December 31, 2020 relate to accounting for our remaining interest in ManpowerGroup Greater China under the equity method subsequent to deconsolidation (see Note 4 for further information). As described further in Note 14, effective in the first quarter of 2020 our segment reporting was realigned due to our Right Management business being combined with each of our respective country business units. Accordingly, our former reportable segment, Right Management, is now reported within each of our respective reportable segments. All previously reported results have been restated to conform to the current year presentation. Revenues As of January 1, 2018, we adopted the new accounting guidance on revenue recognition using the modified retrospective approach applied to those contracts that were not completed as of January 1, 2018. We determined that no cumulative effect adjustment to retained earnings was necessary upon adoption as there were no significant revenue recognition differences identified between the new and previous accounting guidance. We recognize revenues when control of the promised services is transferred to our clients, in an amount that reflects the consideration we expect to be entitled to receive in exchange for those services. Our revenues are recorded net of any sales, value added, or other taxes collected from our clients. A performance obligation is a promise in a contract to transfer a distinct service to the client, and it is the unit of account in the new accounting guidance for revenue recognition. The majority of our contracts have a single performance obligation as the promise to transfer the individual services is not separately identifiable from other promises in our contracts and, therefore, is not distinct. However, we have multiple performance obligations within our Recruitment Process Outsourcing (RPO) contracts as discussed below. For performance obligations that we satisfy over time, revenues are recognized by consistently applying a method of measuring progress toward satisfaction of that performance obligation. We generally utilize an input measure of time (e.g., hours, weeks, months) of service provided, which most accurately depicts the progress toward completion of each performance obligation. We generally determine standalone selling prices based on the prices included in the client contracts, using expected costs plus margin, or other observable prices. The price as specified in our client contracts is generally considered the standalone selling price as it is an observable input that depicts the price as if sold to a similar client in similar circumstances. Certain client contracts have variable consideration, including credits, sales allowances, rebates or other similar items that generally reduce the transaction price. We estimate variable consideration using whichever method, either the expected value method or most likely amount method, better predicts the amount of consideration to which we will become entitled based on the terms of the client contract and historical evidence. These amounts may be constrained and are only included in revenues to the extent we do not expect a significant reversal when the uncertainty associated with the variable consideration is resolved. Our variable consideration amounts are not material, and we do not believe that there will be significant changes to our estimates. Our client contracts generally include standard payment terms acceptable in each of the countries and territories in which we operate. The payment terms vary by the type and location of our clients and services offered. Client payments are typically due approximately 60 days after invoicing but may be a shorter or longer term depending on the contract. Our client contracts are generally short-term in nature with a term of one year or less. The timing between satisfaction of the performance obligation, invoicing and payment is not significant. For certain services and client types, we may require payment prior to delivery of services to the client, for which deferred revenue is recorded. In certain scenarios where a third-party vendor is involved in our revenue transactions with our clients, we evaluate whether we are the principal or the agent in the transaction. In situations where we act as principal in the transaction, we control the performance obligation prior to transfer to the client, and we report the related amounts as gross revenues and cost of services. When we act as agent in the transaction, we do not control the performance obligation prior to transfer to the client, and we report the related amounts as revenues on a net basis. A majority of these agent transactions occur within our TAPFIN - Managed Service Provider (MSP) programs where our performance obligation is to manage our client’s contingent workforce, and we earn a commission based on the amount of staffing services that are managed through the program. We are the agent in these transactions as we do not control the third-party providers' staffing services provided to the client through our MSP program prior to those services being transferred to the client. For certain client contracts where we recognize revenues over time, we recognize the amount that we have the right to invoice, which corresponds directly to the value provided to the client of our performance to date. As allowed under the new guidance, we do not disclose the amount of unsatisfied performance obligations for client contracts with an original expected length of one year or less and those client contracts for which we recognize revenues at the amount to which we have the right to invoice for services performed. We have other contracts with revenues expected to be recognized subsequent to December 31, 2020 related to remaining performance obligations, which are not material. Accounts Receivable, Contract Assets and Contract Liabilities We record accounts receivable when our right to consideration becomes unconditional. Contract assets primarily relate to our rights to consideration for services provided that they are conditional on satisfaction of future performance obligations. We record contract liabilities (deferred revenue) when payments are made or due prior to the related performance obligations being satisfied. The current portion of our contract liabilities is included in accrued liabilities in our Consolidated Balance Sheets. We do not have any material contract assets or long-term contract liabilities. Our deferred revenue was $34.9 at December 31, 2020 and $44.5 at December 31, 2019. We recognized the entire amount of the deferred revenue balance as of December 31, 2019 as revenue during the year ended December 31, 2020. We expect to recognize the entire amount of deferred revenue balance as of December 31, 2020 as revenue during the year ended December 31, 2021. Allowance for Doubtful Accounts We have an allowance for doubtful accounts recorded as an estimate of the accounts receivable balance that may not be collected. This allowance is calculated on an entity-by-entity basis with consideration for historical write-off experience, the current aging of receivables, market conditions and a specific review for potential bad debts. Items that affect this balance mainly include bad debt expense and the write-off of accounts receivable balances. Balance at Beginning of Year Provisions Charged to Earnings Write-Offs Translation Adjustments Reclassifications and Other Balance at End of Year 2020 $ 113.5 $ 20.3 $ (17.8 ) $ 8.1 $ 4.0 $ 128.1 2019 115.7 21.8 (19.1 ) (5.0 ) 0.1 113.5 2018 110.8 23.0 (12.0 ) (6.3 ) 0.2 115.7 Bad debt expense is recorded as selling and administrative expenses in our Consolidated Statements of Operations and was $20.3, $21.8 and $23.0 in 2020, 2019 and, 2018 respectively. Factors that would cause this provision to increase primarily relate to increased bankruptcies by our clients and other difficulties collecting amounts billed. On the other hand, an improved write-off experience and aging of receivables would result in a decrease to the provision. Write-offs were $17.8, $19.1 and $12.0 for 2020, 2019 and 2018, respectively. Advertising Costs We expense production costs of advertising as they are incurred. Advertising expenses were $22.2, $25.7 and $27.9 in 2020, 2019 and 2018, respectively. Restructuring Costs We recorded net restructuring costs of $110.7, $42.0 and $39.3 in 2020, 2019 and 2018, respectively, in selling and administrative expenses, primarily related to severances and office closures and consolidations in multiple countries and territories. As a result of the adoption of the new accounting guidance on leases as of January 1, 2019, the office closure costs of $27.3 during 2020 were recorded as an impairment to the operating lease right-of-use asset and, thus, are not included in the restructuring reserve balance as of December 31, 2020. The costs paid, utilized or transferred out of our restructuring reserve were $71.9 and $50.2 in 2020 and 2019, respectively. We expect a majority of the remaining $46.1 reserve will be paid by the end of 2021. As described further in Note 14, effective in the first quarter of 2020 our segment reporting was realigned due to our Right Management business being combined with each of our respective country business units. Accordingly, our former reportable segment, Right Management, is now reported within each of our respective reportable segments. All previously reported results have been restated to conform to the current year presentation. Changes in the restructuring reserve by reportable segment and Corporate are shown below: Americas (1) Southern Europe (2) Northern Europe APME Corporate Total Balance, December 31, 2018 $ 0.5 $ 1.9 $ 13.1 $ — $ — $ 15.5 Severance costs 3.8 5.2 17.6 3.5 2.3 32.4 Office closure costs 5.8 0.1 2.0 0.9 0.8 9.6 Costs paid or utilized (9.7 ) (6.5 ) (26.5 ) (4.4 ) (3.1 ) (50.2 ) Balance, December 31, 2019 $ 0.4 $ 0.7 $ 6.2 $ — $ — $ 7.3 Severance costs 5.5 16.2 49.8 2.5 0.2 74.2 Office closure costs 19.6 5.1 2.1 0.5 — 27.3 Other costs 4.4 3.2 0.5 1.1 — 9.2 Costs paid, utilized or transferred out (28.0 ) (21.7 ) (17.9 ) (4.1 ) (0.2 ) (71.9 ) Balance, December 31, 2020 $ 1.9 $ 3.5 $ 40.7 $ — $ — $ 46.1 (1) Balance related to United States was $0.3 as of December 31, 2018. In 2019, United States incurred $1.3 for severance costs and $5.4 for office closure costs and paid/utilized $6.7, leaving a $0.3 liability as of December 31, 2019. In 2020, United States incurred $3.8 for severance costs, $17.8 for office closure costs and $4.2 for other costs and paid/utilized $24.7, leaving a $1.4 liability as of December 31, 2020. (2) Balance related to France was $1.1 as of December 31, 2018. In 2019, France paid/utilized $1.1, leaving no liability as of December 31, 2019. In 2020, France incurred $2.6 for office closure costs and $1.2 for other costs and paid/utilized $3.2, leaving a $0.6 liability as of December 31, 2020. Balance related to Italy was $0.5 as of December 31, 2018. In 2019, Italy incurred $2.3 for severance costs and paid/utilized $2.5, leaving a $0.3 liability as of December 31, 2019. In 2020, Italy incurred $1.9 for severance costs, $0.5 for office closure costs and $1.0 for other costs and paid/utilized $2.3, leaving a $1.4 liability as of December 31, 2020. Income Taxes We account for income taxes in accordance with the accounting guidance on income taxes. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between financial statement carrying amounts of existing assets and liabilities and their respective tax basis, and net operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured Fair Value Measurements The assets and liabilities measured and recorded at fair value on a recurring basis were as follows: Fair Value Measurements Using Fair Value Measurements Using December 31, 2020 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) December 31, 2019 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Deferred compensation plan assets $ 119.4 $ 119.4 $ — $ — $ 107.3 $ 107.3 $ — $ — Cross-currency swaps 12.1 — 12.1 — 9.7 — 9.7 — Foreign currency forward contracts 1.0 — 1.0 — — — — — $ 132.5 $ 119.4 $ 13.1 $ — $ 117.0 $ 107.3 $ 9.7 $ — Liabilities Cross-currency swaps $ 30.5 $ — $ 30.5 $ — $ 6.0 $ — $ 6.0 $ — $ 30.5 $ — $ 30.5 $ — $ 6.0 $ — $ 6.0 $ — We determine the fair value of our deferred compensation plan assets, comprised of publicly traded securities, by using market quotes as of the last day of the period. The fair value of the cross-currency swaps and foreign currency forward contracts are measured at the value based on a third party valuation model that performs a discounted cash flow analysis based on the terms of the contracts and market observable inputs such as current and forward interest rates and current and forward foreign exchange rates The carrying values of cash and cash equivalents, accounts receivable, accounts payable, and other current assets and liabilities approximate their fair values because of the short-term nature of these instruments. The carrying value of our variable-rate long-term debt approximates fair value. The fair value of the Euro-denominated notes, as observable at commonly quoted intervals (Level 2 inputs), was $1,094.5 and $1,062.5 as of December 31, 2020 and 2019, respectively, compared to a carrying value of $1,159.1 and $1,002.9, respectively. Goodwill and Other Intangible Assets We had goodwill, finite-lived intangible assets and indefinite-lived intangible assets as follows: December 31, 2020 December 31, 2019 Gross Accumulated Amortization Net Gross Accumulated Amortization Net Goodwill (1) $ 1,225.8 $ — $ 1,225.8 $ 1,260.1 $ — $ 1,260.1 Intangible assets: Finite-lived: Customer relationships $ 473.0 $ 403.8 $ 69.2 $ 460.5 $ 375.7 $ 84.8 Other 21.9 21.6 0.3 20.9 13.7 7.2 494.9 425.4 69.5 481.4 389.4 92.0 Indefinite-lived: Tradenames (2) 52.0 — 52.0 52.0 — 52.0 Reacquired franchise rights 127.1 — 127.1 124.6 — 124.6 179.1 — 179.1 176.6 — 176.6 Total intangible assets $ 674.0 $ 425.4 $ 248.6 $ 658.0 $ 389.4 $ 268.6 (1) Balances were net of accumulated impairment loss of $644.2 and $577.4 as of December 31, 2020 and 2019, respectively. (2) Balances were net of accumulated impairment loss of $139.5 as of both December 31, 2020 and 2019. The consolidated amortization expense related to intangibles was $27.2, $29.8 and $35.1 in 2020, 2019 and 2018, respectively. Amortization expense expected in each of the next five years related to acquisitions completed as of December 31, 2020 is as follows: 2021 - $16.8, 2022 - $13.4, 2023 - $10.7, 2024 - $8.4 and 2025 - $6.3. The weighted-average useful lives of the customer relationships and other are approximately 12 and 3 years, respectively. The tradenames have been assigned an indefinite life based on our expectation of renewing the tradenames, as required, without material modifications and at a minimal cost, and our expectation of positive cash flows beyond the foreseeable future. Indefinite-lived reacquired franchise rights resulted from our franchise acquisitions in the United States, Switzerland and Canada. These rights entitled the franchisees with unilateral control to operate perpetually in particular territories, and have therefore been assigned an indefinite life. In accordance with the accounting guidance on goodwill and other intangible assets, we perform an annual impairment test of goodwill at our reporting unit level and indefinite-lived intangible assets at our unit of account level during the third quarter, or more frequently if events or circumstances change that would more likely than not reduce the fair value of our reporting units below their carrying value. We performed our annual impairment test of our goodwill and indefinite-lived intangible assets during the third quarter of 2020, 2019 and 2018, and determined that there was no impairment of our goodwill or indefinite-lived intangible as a result of our annual tests. The fair value of each reporting unit was at least 20% in excess of the respective reporting unit’s carrying value with the exception of the United Kingdom and Netherlands reporting units. The United Kingdom reporting unit had a fair value exceeding carrying value of approximately 12%. Key assumptions included in the United Kingdom (Northern Europe Segment) discounted cash flow valuation performed during the third quarter of 2020 were a discount rate of 11.5%, a terminal value revenue growth rate of 1.0%, and a terminal value OUP margin of 3.1%. The Netherlands reporting unit fair value exceeded its carrying value by less than 10%, approximating 3.3%. The Netherlands is part of the Northern Europe Segment. Key assumptions included in the Netherlands discounted cash flow valuation performed during the third quarter of 2020 included a discount rate of 10.9%, a terminal value revenue growth rate of 2.0%, and a terminal value OUP margin of 3.5%. Should the operations of the United Kingdom and Netherlands businesses incur further decreases in the operating results, including declines in profitability and cash flow due to continued deterioration in macroeconomic, industry and market conditions, including uncertainty of the financial impacts from COVID-19, some or all of the recorded goodwill for the Netherlands or United Kingdom reporting units, which were $119.3 and $100.2, respectively, as of December 31, 2020 could be subject to impairment. We determine 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 annual goodwill impairment test during the third quarter of 2020 included: expected future revenue growth rates, operating unit profit (“OUP”) margins, working capital levels, discount rates ranging from 9.1% to 13.5%, and a terminal value multiple. The expected future revenue growth rates and OUP margins were determined after taking into consideration our historical revenue growth rates and OUP margins, our assessment of future market potential, and our expectations of future business performance. We would record a goodwill impairment charge by the amount for which a reporting unit's carrying value exceeds its fair value, not to exceed the carrying amount of the goodwill. We are also required to test our indefinite-lived intangible assets for impairment by comparing the fair value of the intangible asset with its carrying value. If the intangible asset’s fair value is less than its carrying value, an impairment loss is recognized for the difference. For the second quarter of 2020, 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 sustained operating losses resulted from the ongoing decline and increased uncertainty in the outlook of the manufacturing sector, particularly the automotive sector in Germany, coupled with the significant implications of COVID-19. 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, 2020. As a result of our interim test, we recognized a non-cash impairment loss of $66.8, which resulted in full impairment of the remaining goodwill in the Germany reporting unit. The Germany reporting unit is included in the Northern Europe segment. The goodwill impairment charge resulted from reductions in the estimated fair value for our Germany reporting unit based on lower expectations for future revenue, profitability and cash flows as compared to the expectations of the 2019 annual goodwill impairment test and our quarterly assessments in the intervening periods due to the factors discussed above. During the second quarter of 2019, we determined that it was more likely than not that the fair value of the Germany reporting unit was below its carrying amount and performed an interim goodwill impairment test. As a result of the interim test, we wrote down the carrying value of the Germany reporting unit to its estimated fair value and recognized a non-cash impairment charge loss of $60.2 during the second quarter of 2019. In addition, during the second quarter of 2019, we recorded a goodwill impairment charge of $3.8 related to our New Zealand operations as a result of it not meeting profitability expectations. The New Zealand reporting unit is included in the APME segment. Marketable Securities Prior to April 2019, when we acquired the remaining 51% controlling interest in our Swiss franchise to obtain full ownership of the entity, we accounted for our 49% interest in our Swiss franchise under the equity method of accounting. The Swiss franchise maintained an investment portfolio with a market value of $219.9 as of December 31, 2018. The portfolio was comprised of a wide variety of European and United States debt and equity securities and various professionally-managed funds, all of which were classified as available-for-sale, as well as cash and cash equivalents. Since January 1, 2018, upon adoption of the new accounting guidance on financial instruments, we recognized all the changes in fair value on the investment portfolio in the current period earnings. Our share of net unrealized gains and unrealized losses that were determined to be temporary related to these investments was included in accumulated other comprehensive loss, with the offsetting amount increasing or decreasing our investment in the franchise. For the years ended December 31, 2020, 2019 and 2018, realized gains totaled $0.0, $0.3 and $12.7, respectively, and realized losses totaled $0.0, $0.2 and $2.1, respectively. Other-than-temporary impairment amounts were insignificant for 2020, 2019 and 2018. Capitalized Software for Internal Use We capitalize purchased software as well as internally developed software. Internal software development costs are capitalized from the time when the internal-use software is considered probable of completion until the software is ready for use. Business analysis, system evaluation, selection and software maintenance costs are expensed as incurred. Capitalized software costs are amortized using the straight-line method over the estimated useful life of the software which ranges from 3 to 10 years. The net capitalized software balance of $19.2 and $7.5 as of December 31, 2020 and 2019, respectively, is included in other assets in the Consolidated Balance Sheets. Amortization expense related to the capitalized software costs was $1.8, $2.0 and $1.5 for 2020, 2019 and 2018, respectively. Property and Equipment A summary of property and equipment as of December 31 is as follows: 2020 2019 Land $ 0.5 $ 0.5 Buildings 7.1 10.2 Furniture, fixtures, and autos 167.1 164.8 Computer equipment 133.8 130.3 Leasehold improvements 306.2 299.7 Property and equipment $ 614.7 $ 605.5 Property and equipment are stated at cost and are depreciated using primarily the straight-line method over the following estimated useful lives: buildings - up to 40 years; furniture, fixtures, autos and computer equipment - 2 to 15 years Leases As of January 1, 2019, we adopted the new accounting guidance on leases, which requires a lessee to recognize right-of-use (“ROU”) assets and lease liabilities of 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. Results for reporting periods beginning after January 1, 2019 are presented under the new guidance, while prior periods continue to be reported in accordance with previous accounting guidance. We determined that no cumulative effect adjustment to retained earnings was necessary upon adoption. We have operating leases for real estate, vehicles, and equipment. Our leases have remaining lease terms of 1 month to 11 years. Our lease agreements may include renewal or termination options for varying periods that are generally at our discretion. In our lease term, we only include those periods related to renewal options we are reasonably certain to exercise. However, we generally do not include these renewal options as we are not reasonably certain to renew at the lease commencement date. This determination is based on our consideration of certain economic, strategic and other factors that we evaluate at lease commencement date and reevaluate throughout the lease term. Some leases also include options to terminate the leases and we only include those periods beyond the termination date if we are reasonably certain not to exercise the termination option. Some leasing arrangements require variable payments that are dependent on usage or may vary for other reasons, such as payments for insurance and tax payments. The variable portion of lease payments is not included in our ROU assets or lease liabilities. Rather, variable payments, other than those dependent upon an index or rate, are expensed when the obligation for those payments is incurred and are included in lease expenses recorded in selling and administrative expenses on the Consolidated Statements of Operations. We have lease agreements with both lease and non-lease components that are treated as a single lease component for all underlying asset classes. Accordingly, all expenses associated with a lease contract are accounted for as lease expenses. 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. Derivative Financial Instruments We account for our derivative instruments in accordance with the accounting guidance on derivative instruments and hedging activities. Derivative instruments are recorded on the balance sheet as either an asset or liability measured at their fair value. If the derivative is designated as a fair value hedge, the changes in the fair value of the derivative and of the hedged item attributable to the hedged risk are recognized in earnings. If the derivative is designated as a cash flow hedge, the effective portions of the changes in the fair value of the derivative are recorded as a component of accumulated other comprehensive loss and recognized in the Consolidated Statements of Operations when the hedged item affects earnings. The ineffective portions of the changes in the fair value of cash flow hedges are recognized in earnings. Foreign Currency Translation The financial statements of our non-United States subsidiaries have been translated in accordance with the accounting guidance on foreign currency translation. Under the accounting guidance, asset and liability accounts are translated at the current exchange rates and income statement items are translated at the average exchange rates each month. The resulting translation adjustments are recorded as a component of accumulated other comprehensive loss, which is included in shareholders’ equity. As of July 1, 2018, the Argentina economy was designated as highly-inflationary and was treated as such for accounting purposes starting in the third quarter of 2018. A portion of our Euro-denominated notes is accounted for as a hedge of our net investment in our subsidiaries with a Euro-functional currenc |
Revenue Recognition
Revenue Recognition | 12 Months Ended |
Dec. 31, 2020 | |
Revenue From Contract With Customer [Abstract] | |
Revenue Recognition | (2) Revenue Recognition Revenue Service Types The following is a description of our revenue service types, including Staffing and Interim, Outcome-Based Solutions and Consulting, Permanent Recruitment and Other services. Staffing and Interim Staffing and Interim services include the augmentation of clients’ workforce with our contingent employees performing services under the client’s supervision, which provides our clients with a source of flexible labor. Staffing and Interim client contracts are generally short-term in nature, and we generally enter into contracts that include only a single performance obligation. We recognize revenues over time based on a fixed amount for each hour of Staffing and Interim service provided as our clients benefit from our services as we provide them. Outcome-Based Solutions and Consulting Our Outcome-Based Solutions and Consulting services include utilizing consultants and contingent employees who are generally experts in a specific field advising the client to help find strategic solutions to specific matters or achieve a particular outcome. Our services may also include managing certain processes and functions within the client’s organization. We recognize revenues over time based on (i) our clients benefiting from our services as we are providing them, (ii) our clients controlling an asset as it is created or enhanced, or (iii) our performance not creating an asset with an alternative use and having an enforceable right to payment for the services we have provided to date. We generally utilize an input measure of time for the service provided, which most accurately depicts the progress toward completion of these performance obligations. The price as specified in our client contracts is generally considered the standalone selling price as it is an observable input that depicts the price as if sold to a similar client in similar circumstances. Permanent Recruitment Permanent Recruitment services include providing qualified candidates to our clients to hire on a permanent basis. We recognize revenues for our Permanent Recruitment services at a point in time when we place the qualified candidate, because we have determined that control of the performance obligation has transferred to the client (i.e., service performed) as we have the right to payment for our service and the client has accepted our service of providing a qualified candidate to fill a permanent position. Revenues recognized from our Permanent Recruitment services are based upon either a fixed fee per placement or as a percentage of the candidate’s salary. Our RPO services are also included in our Permanent Recruitment revenues. RPO services include the various activities of managing a client's permanent workforce, which can include candidate assessments, screening, conducting candidate interviews, providing sourcing technology, and providing our marketing and recruiting expertise. We perform these activities to fulfill the overall obligation to provide permanent workforce management services, so they are not individually distinct and, therefore, we account for them as a single performance obligation. We generally utilize an input measure of time in months, but we do have a few contracts for which we use labor hours of management services provided as this more accurately depicts the progress toward completion of the performance obligation. We recognize revenues over time for each month of management services provided, as each month of management services is distinct and the client benefits from each month of management services as we provide them. For those contracts for which we use labor hours as the input measure, we recognize revenues over time based on a fixed amount for each labor hour of management services provided as our clients benefit from our services as we provide them. We consider the RPO management services and placement services to be distinct and, therefore, separate performance obligations within our RPO contracts as (i) our clients can benefit from each service on its own, and (ii) each service is separately identifiable within the client contract. The prices as specified in our contracts will generally be broken out between management fees and placement fees, which we consider the standalone selling price of each service as they are the observable inputs which depict the prices as if they were sold to a similar client in similar circumstances. The consideration from our client contracts is allocated to each performance obligation based on the relative standalone selling price. Other Services Other services include revenues from outplacement services, MSP services, training services and franchise fees. • Outplacement services include assisting our clients in managing their workforce transitions and their employees in managing career changes by developing additional skills and finding new employment. We recognize revenues over time as we provide the service (i.e., transfer control of the performance obligation) using the input measure of hours of service to measure progress toward completion of the performance obligation. • MSP services include overall program management of our clients’ contingent workforce and generally include various activities such as reporting and tracking, supplier selection and management and order distribution, depending on each client contract. We provide these services to fulfill the overall obligation of contingent workforce management services so the individual activities are not distinct and therefore we account for them as a single performance obligation. We • • Our franchise fees include the performance obligation of providing the right to use our intellectual property in a specifically defined exclusive te rritory as defined in a franchise agreement. Our franchise agreements generally state that franchise fees are calculated based on a percentage of revenues earned by the franchise operations and are payable on a monthly basis. As such, we record franchise fee revenues monthly over time calculated based on the specific fee percentage and the monthly revenues of the franchise operations. Franchise fees were $14.1, $18.4 and $24.1 for the years ended December 31, 2020, 2019 and 2018, respectively. Disaggregation of Revenues In the following table, revenue is disaggregated by service types and timing of revenue recognition and includes a reconciliation of the disaggregated revenues by reportable segment. As described further in Note 14, effective in the first quarter of 2020 our segment reporting was realigned due to our Right Management business being combined with each of our respective country business units. Accordingly, our former reportable segment, Right Management, is now reported within each of our respective reportable segments. All previously reported results have been restated to conform to the current year presentation. Year Ended December 31, 2020 2019 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 $ 1,942.9 $ 125.3 $ 88.4 $ 170.6 $ 2,327.2 $ 2,186.8 $ 150.7 $ 98.0 $ 155.1 $ 2,590.6 Other Americas 1,393.0 41.8 17.8 12.6 1,465.2 1,596.6 53.0 25.4 13.0 1,688.0 3,335.9 167.1 106.2 183.2 3,792.4 3,783.4 203.7 123.4 168.1 4,278.6 Southern Europe: France 3,985.6 295.7 39.7 17.1 4,338.1 5,159.5 237.8 52.1 30.2 5,479.6 Italy 1,296.7 30.1 27.0 16.9 1,370.7 1,401.9 45.5 37.6 23.3 1,508.3 Other Southern Europe 1,752.0 341.5 39.9 13.0 2,146.4 1,800.7 333.8 58.9 13.1 2,206.5 7,034.3 667.3 106.6 47.0 7,855.2 8,362.1 617.1 148.6 66.6 9,194.4 Northern Europe 3,545.7 264.9 100.3 65.8 3,976.7 4,180.9 339.9 145.6 69.1 4,735.5 APME 1,876.3 340.7 121.6 38.1 2,376.7 2,159.7 301.7 159.9 33.7 2,655.0 Total $ 15,792.2 $ 1,440.0 $ 434.7 $ 334.1 $ 18,001.0 $ 18,486.1 $ 1,462.4 $ 577.5 $ 337.5 $ 20,863.5 Year Ended December 31, 2020 2019 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 $ 2,281.7 $ 45.5 $ 2,327.2 $ 2,536.7 $ 53.9 $ 2,590.6 Other Americas 1,453.6 11.6 1,465.2 1,670.6 17.4 1,688.0 3,735.3 57.1 3,792.4 4,207.3 71.3 4,278.6 Southern Europe: France 4,301.8 36.3 4,338.1 5,430.7 48.9 5,479.6 Italy 1,345.4 25.3 1,370.7 1,473.6 34.7 1,508.3 Other Southern Europe 2,113.0 33.4 2,146.4 2,157.7 48.8 2,206.5 7,760.2 95.0 7,855.2 9,062.0 132.4 9,194.4 Northern Europe 3,889.2 87.5 3,976.7 4,608.7 126.8 4,735.5 APME 2,310.0 66.7 2,376.7 2,554.1 100.9 2,655.0 Total $ 17,694.7 $ 306.3 $ 18,001.0 $ 20,432.1 $ 431.4 $ 20,863.5 |
Share-Based Compensation Plans
Share-Based Compensation Plans | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Share-Based Compensation Plans | (3) Share-Based Compensation Plans During 2020, 2019 and 2018, we recognized $24.2, $26.3 and $27.8, respectively, in share-based compensation expense related to stock options, deferred stock, restricted stock and performance share units, all of which is recorded in selling and administrative expenses. Consideration received from share-based awards for 2020, 2019 and 2018 was $7.4, $7.0 and $5.2, respectively. The total income tax benefit recognized related to share-based compensation during 2020, 2019 and 2018 was $1.7, $1.8 and $4.5, respectively. We recognize compensation expense on grants of share-based compensation awards on a straight-line basis over the vesting period of each award. Stock Options All share-based compensation is granted under the 2011 Equity Incentive Plan of ManpowerGroup Inc. (“2011 Plan”). Options and stock appreciation rights are granted at a price not less than 100% of the fair market value of the common stock at the date of grant. Generally, options are granted with a ratable vesting period of up to four years and expire ten years from date of grant. No stock appreciation rights had been granted or were outstanding as of December 31, 2020 or 2019. A summary of stock option activity is as follows: Shares (000) Wtd. Avg. Exercise Price Per Share Wtd. Avg. Remaining Contractual Term (years) Aggregate Intrinsic Value (in millions) Outstanding, January 1, 2018 574 $77 Granted 122 123 Exercised (24) 78 $1 Expired or cancelled — — Outstanding, December 31, 2018 672 $85 5.9 $1 Exercisable, December 31, 2018 401 $76 4.5 $1 Outstanding, January 1, 2019 672 $85 Granted 174 84 Exercised (79) 65 $2 Expired or cancelled (44) 91 Outstanding, December 31, 2019 723 $87 6.1 $10 Exercisable, December 31, 2019 426 $82 4.5 $8 Outstanding, January 1, 2020 723 $87 Granted 156 93 Exercised (90) 59 $3 Expired or cancelled (1) 54 Outstanding, December 31, 2020 788 $91 6.2 $4 Exercisable, December 31, 2020 455 $90 4.5 $3 Options outstanding and exercisable as of December 31, 2020 were as follows: Options Outstanding Options Exercisable Exercise Price Shares (000) Weighted- Average Remaining Contractual Life (years) Weighted- Average Exercise Price Shares (000) Weighted- Average Exercise Price $75-$79 208 4.3 $76 208 $76 $80-$89 180 7.5 84 65 84 $90-$99 287 7.1 95 108 97 $100-$123 113 5.2 123 74 123 788 6.2 $91 455 $90 We recognized expense of $3.3, $4.0 and $4.0 related to stock options for the years ended December 31, 2020, 2019 and 2018, respectively. The total fair value of options vested during the same periods was $2.3, $2.3 and $3.1, respectively. As of December 31, 2020, total unrecognized compensation cost was approximately $2.0, net of estimated forfeitures, which we expect to recognize over a weighted-average period of approximately 1 year. We estimated the fair value of each stock option on the date of grant using the Black-Scholes option pricing model and the following assumptions: Year Ended December 31 2020 2019 2018 Average risk-free interest rate 1.5 % 2.5 % 2.6 % Expected dividend yield 2.5 % 2.9 % 1.6 % Expected volatility 27.0 % 27.0 % 27.0 % Expected term (years) 6.0 6.0 6.0 The average risk-free interest rate is based on United States Treasury security rates corresponding to the expected term in effect as of the grant date. The expected dividend yield is based on the expected annual dividend as a percentage of the market value of our common stock as of the grant date. We determined expected volatility using a weighted average of daily historical volatility (weighted 75%) of our stock price over the past five years and implied volatility (weighted 25%) based upon exchange traded options for our common stock. We believe that a blend of historical volatility and implied volatility better reflects future market conditions and better indicates expected volatility than considering purely historical volatility. We determined the expected term of the stock options using historical data. The weighted-average grant-date fair value per option granted during the year was $18.95, $17.78 and $31.46 in 2020, 2019 and 2018, respectively. Deferred Stock Our non-employee directors may elect to receive deferred stock in lieu of part or all of their annual cash retainer otherwise payable to them. The number of shares of deferred stock is determined pursuant to a formula set forth in the terms and conditions adopted under the 2011 Plan; the deferred stock is settled in shares of common stock according to these terms and conditions. During December 31, 2020, 2019 and 2018, there were 1,432, 1,275 and 5,551, respectively, shares of deferred stock awarded under this arrangement, all of which are vested. Non-employee directors also receive an annual grant of deferred stock (or restricted stock, if they so elect) as additional compensation for board service. The award vests in equal quarterly installments over one year and the vested portion of the deferred stock is settled in shares of common stock either upon a director’s termination of service or three years after the date of grant (which may in most cases be extended at the directors’ election) in accordance with the terms and conditions under the 2011 Plan. During 2020, 2019 and 2018, there were 11,004, 18,172 and 10,152, respectively, shares of deferred stock and 7,208, 7,407 and 6,345, respectively, shares of restricted stock granted under this arrangement, all of which are vested except for 1,666 shares of restricted stock granted in 2018 that were cancelled. We recognized expense of $1.3, $1.4 and $1.9 related to deferred stock in 2020, 2019 and 2018, respectively. Restricted Stock We grant restricted stock and restricted stock unit awards to certain employees and to non-employee directors who may elect to receive restricted stock rather than deferred stock as described above. Restrictions lapse over periods ranging up to six years, and in some cases upon retirement. We value restricted stock awards at the closing market value of our common stock on the date of grant. A summary of restricted stock activity is as follows: Shares (000) Wtd. Avg. Price Per Share Wtd. Avg. Remaining Contractual Term (years) Aggregate Intrinsic Value (in millions) Unvested, January 1, 2018 448 $77 1.2 Granted 145 119 Vested (174) 77 Forfeited (23) 89 Unvested, December 31, 2018 396 $92 1.3 Granted 236 $84 Vested (150) 76 Forfeited (36) 93 Unvested, December 31, 2019 446 $97 1.5 Granted 200 $92 Vested (145) 95 Forfeited (17) 93 Unvested, December 31, 2020 484 $94 1.4 $44 During 2020, 2019 and 2018, we recognized $15.7, $15.5 and $13.3, respectively, of expense related to restricted stock awards. As of December 31, 2020, there was approximately $17.2 of total unrecognized compensation cost related to unvested restricted stock, which we expect to recognize over a weighted-average period of approximately 2.0 years. Performance Share Units Our 2011 Plan allows us to grant performance share units. Historically, our performance shares have been granted with a typical performance period of three years. Vesting of units occurs at the end of the performance period or after a subsequent holding period, except in the case of termination of employment where the units are forfeited immediately. Upon retirement, a prorated number of units vest depending on the period worked from the grant date to retirement date or in certain cases all of the units vest. In the case of death or disability, the units immediately vest at the Target Award level if the death or disability date is during the performance period, or at the level determined by the performance criteria met during the performance period if the death or disability occurs during the subsequent holding period. The units are settled in shares of our common stock. A payout multiple is applied to the units awarded based on the performance criteria determined by the Executive Compensation and Human Resources Committee of the Board of Directors at the time of grant. In the event the performance criteria exceeds the Target Award level, an additional number of shares, up to the Outstanding Award level, may be granted. In the event the performance criteria falls below the Target Award level, a reduced number of shares, as low as the Threshold Award level, may be granted. If the performance criteria falls below the Threshold Award level, no shares will be granted. A summary of the performance share units detail by grant year is as follows: 2017 2018 2019 2020 Grant Date(s) February 9, 2017 February 15, 2018 February 15, 2019 February 14, 2020 Performance Period (years) 2017-2019 2018-2020 2019-2021 2020-2022 Vesting Date February 2020(a) February 2021(a) February 2022(a) February 2023(a) Payout Levels (in units): Threshold Award 57,563 42,361 61,381 59,698 Target Award 115,125 84,726 122,761 119,395 Outstanding Award 230,250 169,452 245,522 238,790 Shares Issued in 2020 88,807 — — — Payout Achieved Over Performance Period — 42,361 — — (a) 2018, 2019 and 2020 awards are scheduled to vest in February 2021, 2022 and 2023, respectively, when the Executive Compensation and Human Resources Committee of the Board of Directors determines the achievement of the performance criteria. We recognize and adjust compensation expense based on the likelihood of the performance criteria specified in the award being achieved. The compensation expense is recognized over the performance and holding periods and is recorded in selling and administrative expenses. We have recognized total compensation expense of $3.7, $5.2 and $8.4 in 2020, 2019 and 2018, respectively, related to the performance share units. |
Acquisitions and Dispositions
Acquisitions and Dispositions | 12 Months Ended |
Dec. 31, 2020 | |
Business Combinations [Abstract] | |
Acquisitions and Dispositions | (4) Acquisitions and Dispositions Switzerland 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 $219.5 and was funded through cash on hand. Of the total consideration paid, $58.3 was for the acquired interests and the remaining $161.2 was for cash and cash equivalents. 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 expenses (income), 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 Consolidated Balance Sheets as of the acquisition date and the results of its operations have been included in the Consolidated Statements of Operations subsequent to the acquisition date. The total cash impact of the acquisition was an inflow of $98.0, net of cash acquired of $317.5 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 expenses (income), net on the Consolidated Statements of Operations. Of the $80.4, $32.5 represented foreign currency translation adjustments related to the previously held equity interest from accumulated other comprehensive loss. The following table summarizes the fair value of the assets and liabilities as of the acquisition date of April 3, 2019: Cash and cash equivalents $ 317.5 Accounts receivable 60.4 Prepaid expenses and other assets 31.4 Goodwill 33.8 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 (9.9 ) Accrued payroll taxes and insurance (7.5 ) Value added taxes payable (7.4 ) Other long-term liabilities (24.6 ) Total assets acquired and liabilities assumed $ 415.1 Other Acquisitions From time to time, we acquire and invest in companies throughout the world, including franchises. The total cash consideration paid for acquisitions excluding Manpower Switzerland and Experis AG, net of cash acquired, for the years ended December 31, 2020, 2019 and 2018 was $2.6, $47.7 and $51.8, respectively. The 2020 and 2019 balances include consideration payments for franchises in the United States and contingent consideration payments related to previous acquisitions, of which $1.9 and $13.0, respectively, had been recognized as a liability at the acquisition date. The 2018 balance includes initial acquisition payments of $9.1 and contingent consideration payments of $42.7, of which $18.6 had been recognized as a liability at the acquisition date. No goodwill and intangible assets resulted from acquisitions in 2020. As of December 31, 2019, goodwill and intangible assets resulting from the 2019 acquisitions, excluding Manpower Switzerland, were $14.2 and $9.0, respectively. As of December 31, 2018, goodwill and intangible assets resulting from the 2018 acquisitions were $6.1 and $0.7, respectively. ManpowerGroup Greater China Limited Disposition 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%, and then further diluted to 36.87% as the underwriters exercised their overallotment option in full on August 7, 2019. As a result, we deconsolidated 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 expenses (income), net in the Consolidated Statement of Operations. In connection with the deconsolidation of the joint venture, we recognized a one-time non-cash gain of $30.4, which was included in selling and administrative expenses in the Consolidated Statement of Operations in the year ended December 31, 2019. Included in the $30.4 was foreign currency translation adjustment losses of $6.2 related to the joint venture from accumulated other comprehensive loss. Other Dispositions Occasionally, we dispose of parts of our operations in order to optimize our global strategic and geographic footprint and synergies. On September 30, 2020 we disposed of four businesses (Serbia, Croatia, Slovenia, Bulgaria) in our Southern Europe segment for $5.8 subject to normal post close working capital adjustments, and simultaneously entered into franchise agreements with the new ownership of these businesses. In connection with the disposition, we recognized a one-time loss on disposition of $5.8, which was included in the selling and administrative expenses in the Consolidated Statement of Operations for the year ended December 31, 2020. In December 2018, we sold one of our business units in the Netherlands for an after tax net gain of $3.8 and divested a majority interest in a fully consolidated entity in China for an immaterial gain. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | (5) Income Taxes The provision for income taxes was as follows: Year Ended December 31 2020 2019 2018 Current United States Federal $ 5.2 $ 16.7 $ 17.2 State 4.5 2.5 10.8 Non-United States 124.6 243.6 181.9 Total current 134.3 262.8 209.9 Deferred United States Federal (11.0 ) (22.1 ) (7.5 ) State (4.9 ) 1.1 1.0 Non-United States 5.5 (22.0 ) (5.4 ) Total deferred (10.4 ) (43.0 ) (11.9 ) Total provision $ 123.9 $ 219.8 $ 198.0 A tax reconciliation between taxes computed at the United States federal statutory rate of 21% and the consolidated effective tax rate is as follows: Year Ended December 31 2020 2019 2018 Income tax based on statutory rate $ 31.0 $ 143.9 $ 158.5 Increase (decrease) resulting from: Non-United States tax rate difference: French business tax (1) 43.7 54.9 59.1 French CICE (2) — — (39.9 ) Other (1)(2) 9.7 37.3 20.0 Repatriation of non-United States earnings (2.0 ) (17.8 ) 2.5 State income taxes, net of federal benefit (1.3 ) 3.1 8.2 Change in valuation allowance (3) 48.5 20.0 0.7 Work Opportunity Tax Credit (4) (4.9 ) (10.4 ) (8.8 ) Foreign-Derived Intangible Income deduction (8.8 ) (11.9 ) (12.5 ) United States Tax Act and French tax reform — — 3.2 Goodwill impairment (5) 13.4 11.9 — Gain related to Manpower Switzerland and Greater China transactions (6) — (22.8 ) — Other, net (5.4 ) 11.6 7.0 Tax provision $ 123.9 $ 219.8 $ 198.0 (1) The French business tax is allowed as a deduction for French income tax purposes. The gross amount of the French business tax was $55.3, $69.5 and $74.8 for 2020, 2019 and 2018, respectively. The amounts in the table above of $43.7, $54.9 and $59.1 for 2020, 2019 and 2018, respectively, represent the French business tax expense net of the French tax benefit using the United States federal rate of 21%. Included in Other Non-United States tax rate differences are benefits of $6.1, $9.3 and $10.1 for 2020, 2019 and 2018, respectively, related to the difference between the United States federal rate and the French tax rate applied to the respective gross amounts of the French business tax. In December 2020, the French Parliament approved the Finance Bill for 2021 which lowered the business tax rate from 1.5% to 0.75%. The benefit of this tax rate reduction will be reflected in our 2021 Consolidated Financial Statements. (2) The French CICE was a payroll tax credit that was tax-free for French tax purposes and increased French earnings. The amount in the table above of $39.9 for 2018 represents the French tax benefit using the United States federal rate of 21%. Included in Other Non-United States tax rate differences is a benefit of $25.5 for 2018 related to the difference between the United States federal rate and French tax rate applied to the respective gross French CICE amount. (3) In 2020, we determined that it was more likely than not that certain deferred tax assets in Germany and the Netherlands would not be realized and recorded income tax expense of $36.9 and $8.1, respectively, to establish valuation allowances. (4) In December 2020, the Consolidation Appropriations Act, 2021 was signed into law, which includes a five-year extension of the Work Opportunity Tax Credit through December 31, 2025. (5) Non-deductible portion of the goodwill impairment charges recorded in Germany in June 2020 and 2019. (6) Non-taxable gains on the disposition of our previously held equity interest in Manpower Switzerland in April 2019 and the deconsolidation of ManpowerGroup Greater China Limited in July 2019. Deferred income taxes are recorded based on temporary differences at the tax rate expected to be in effect when the temporary differences reverse. Temporary differences, which give rise to the deferred taxes, are as follows: December 31 2020 2019 Future Income Tax Benefits (Expense) Accrued payroll taxes and insurance $ 32.2 $ 12.8 Employee compensation payable 26.2 27.2 Pension and postretirement benefits 79.1 62.3 Intangible assets (113.6 ) (108.7 ) Repatriation of non-United States earnings (10.0 ) (8.8 ) Loans denominated in foreign currencies 13.5 (16.4 ) Operating lease ROU assets (106.2 ) (115.8 ) Operating lease liabilities 112.0 118.1 Net operating losses 136.2 89.5 Other 127.9 135.0 Valuation allowance (149.4 ) (87.8 ) Total future tax benefits $ 147.9 $ 107.4 Deferred tax asset $ 165.7 $ 126.2 Deferred tax liability (17.8 ) (18.8 ) Total future tax benefits $ 147.9 $ 107.4 Pre-tax earnings of non-United States operations were $86.3, $416.6 and $551.0 in 2020, 2019 and 2018, respectively. We have not provided deferred taxes on $439.0 of unremitted earnings of non-United States subsidiaries that are considered permanently invested. We have not estimated the deferred tax liability on these earnings as such estimation is not practicable to determine. As of December 31, 2020, deferred taxes for non-United States withholding and other taxes were provided on $2,077.6 of unremitted earnings of non-United States subsidiaries that may be remitted to the United States. As of December 31, 2020 and 2019, we have recorded a deferred tax liability of $10.0 and $8.8, respectively, related to these non-United States earnings that may be remitted. We had United States federal and non-United States net operating loss carryforwards and United States state net operating loss carryforwards totaling $658.6 and $167.2, respectively, as of December 31, 2020. The net operating loss carryforwards expire as follows: United States Federal and Non-United States United States State 2021 $ 5.2 $ 4.6 2022 6.7 5.0 2023 3.9 9.8 2024 7.2 55.9 2025 20.7 5.6 Thereafter 49.6 85.5 No expirations 565.3 0.8 Total net operating loss carryforwards $ 658.6 $ 167.2 We have recorded a deferred tax asset of $136.2 as of December 31, 2020, for the benefit of these net operating losses. Realization of this asset is dependent on generating sufficient taxable income prior to the expiration of the loss carryforwards. A related valuation allowance of $115.2 was recorded as of December 31, 2020, as management believes that realization of certain net operating loss carryforwards is unlikely. We had gross unrecognized tax benefits related to various tax jurisdictions, including interest and penalties, of $64.5, $69.5 and $34.2 in 2020, 2019 and 2018, respectively, that would favorably affect the effective tax rate if recognized. We do not expect our unrecognized tax benefits to change significantly over the next year. We recognize accrued interest and penalties related to unrecognized tax benefits in income tax expense. We accrued net interest and penalties of $0.0 and $1.6 in 2020 and 2019, respectively. In 2018, we recognized a reduction of interest and penalties of $18.4 due to the settlement of tax litigation. The following table summarizes the activity related to our unrecognized tax benefits during 2020, 2019 and 2018: 2020 2019 2018 Gross unrecognized tax benefits, beginning of year $ 65.9 $ 32.2 $ 46.1 Increases in prior year tax positions 1.4 35.7 11.4 Decreases in prior year tax positions (4.1 ) (2.6 ) (1.8 ) Increases for current year tax positions 3.2 4.7 5.9 Expiration of statute of limitations and audit settlements (5.5 ) (4.1 ) (29.4 ) Gross unrecognized tax benefits, end of year $ 60.9 $ 65.9 $ 32.2 Potential interest and penalties 3.6 3.6 2.0 Balance, end of year $ 64.5 $ 69.5 $ 34.2 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 2013 through 2020 for our major operations in France, Italy, the United Kingdom and the United States. As of December 31, 2020, we were subject to tax audits in Austria, 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 | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Net Earnings Per Share | (6) Net Earnings Per Share The calculation of net earnings per share - basic and net earnings per share - diluted were as follows: Year Ended December 31 2020 2019 2018 Net earnings available to common shareholders: $ 23.8 $ 465.7 $ 556.7 Weighted-average common shares outstanding (in millions): Weighted-average common shares outstanding - basic 58.0 59.9 64.6 Effect of dilutive securities - stock options — — 0.1 Effect of other share-based awards 0.3 0.4 0.4 Weighted-average common shares outstanding - diluted 58.3 60.3 65.1 Net earnings per share - basic $ 0.41 $ 7.78 $ 8.62 Net earnings per share - diluted $ 0.41 $ 7.72 $ 8.56 There were 0.6 million, 0.4 million, and 0.3 million share-based awards excluded from the calculation of net earnings per share - diluted for the year ended December 31, 2020, 2019 and 2018, respectively, because their impact was anti-dilutive. |
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill | (7) Goodwill As described further in Note 14, effective in the first quarter of 2020 our segment reporting was realigned due to our Right Management business being combined with each of our respective country business units. Accordingly, our former reportable segment, Right Management, is now reported within each of our respective reportable segments. All previously reported results have been restated to conform to the current year presentation. Changes in the carrying value of goodwill by reportable segment and Corporate were as follows: Americas (1) Southern Europe (2) Northern Europe APME Corporate (3) Total (4) Balance, January 1, 2019 $ 519.9 $ 112.2 $ 435.4 $ 102.0 $ 127.6 $ 1,297.1 Goodwill acquired 14.2 33.8 — — — 48.0 Goodwill allocated to business units deconsolidated (5) — — — (18.5 ) (1.6 ) (20.1 ) Impairment charge (6) — — (60.2 ) (3.8 ) — (64.0 ) Currency impact and other 1.5 (1.2 ) (0.6 ) (0.6 ) — (0.9 ) Balance, December 31, 2019 535.6 144.8 374.6 79.1 126.0 1,260.1 Impairment charge (7) — — (66.8 ) — — (66.8 ) Currency impact and other 1.0 10.1 18.8 2.6 — 32.5 Balance, December 31, 2020 $ 536.6 $ 154.9 $ 326.6 $ 81.7 $ 126.0 $ 1,225.8 (1) Balances related to United States were $490.3 as of January 1, 2019 and December 31, 2019 and $490.2 as of December 31, 2020. (2) Balances related to France were $68.9, $67.3 and $73.3 as of January 1, 2019, December 31, 2019 and December 31, 2020, respectively. Balances related to Italy were $4.8, $4.6 and $4.2 as of January 1, 2019, December 31, 2019 and December 31, 2020, respectively. (3) The majority of the Corporate balance as of December 31, 2019 and 2020 relates to goodwill attributable to our acquisitions of Right Management ($62.1) and Jefferson Wells ($55.5). Jefferson Wells is part of the United States reporting unit. For purposes of monitoring our total assets by segment, we do not allocate the Corporate balance to the respective reportable segments as this is commensurate with how we operate our business. We do, however, include these balances within the appropriate reporting units for our goodwill impairment testing. See table below for the breakout of goodwill balances by reporting unit. (4) Balances were net of accumulated impairment loss of $513.4 ($235.2 related to Right Management and $278.2 related to Corporate) as of January 1, 2019, $577.4 ($60.2 related to Northern Europe, $3.8 related to APME, $235.2 related to Right Management and $278.2 related to Corporate) as of December 31, 2019, and $644.2 ($127.0 related to Northern Europe, $3.8 related to APME, $235.2 related to Right Management and $278.2 related to Corporate) as of December 31, 2020. (5) Reductions relate to our China and Hong Kong reporting units, which were deconsolidated as of July 10, 2019. See Note 4 to the Consolidated Financial Statements for further information. (6) The 2019 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. (7) The 2020 impairment charge of $66.8 relates to our Germany reporting unit, which was recorded during the second quarter of 2020. See Note 1 to the Consolidated Financial Statements for further information. Goodwill balances by reporting unit were as follows: December 31 2020 2019 United States $ 545.7 $ 545.8 Netherlands 119.3 109.5 United Kingdom 100.2 97.3 France 73.3 67.3 Germany — 67.2 Other reporting units 387.3 373.0 Total goodwill $ 1,225.8 $ 1,260.1 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Debt | (8) Debt Information concerning short-term borrowings is as follows: December 31 2020 2019 Short-term borrowings $ 20.4 $ 61.0 Weighted-average interest rates 7.9 % 7.7 % We maintain separate bank credit lines with financial institutions to meet working capital needs of our subsidiary operations. As of December 31, 2020, such uncommitted credit lines totaled $340.3, of which $310.9 was unused. Under our revolving credit agreement, total subsidiary borrowings cannot exceed $300.0 in the first, second and fourth quarters, and $600.0 in the third quarter of each year. Due to these limitations, additional borrowings of $270.6 could have been made under these lines as of December 31, 2020. A summary of long-term debt is as follows: December 31 2020 2019 Euro-denominated notes: €500.0 due June 2026 $ 606.7 $ 555.8 €400.0 due September 2022 487.8 447.1 Other 9.0 9.5 1,103.5 1,012.4 Less current maturities — — Long-term debt $ 1,103.5 $ 1,012.4 Euro Notes On June 22, 2018, we offered and sold €500.0 aggregate principal amount of the Company’s 1.750% notes due June 2026 (the “€500.0 notes”). The net proceeds from the €500.0 notes of €495.7 were used to repay our €350.0 notes due June 22, 2018, with the remaining balance used for general corporate purposes, which included share repurchases. The €500.0 notes were issued at a price of 99.564% to yield an effective interest rate of 1.809%. Interest on the €500.0 notes is payable in arrears on June 22 of each year. The €500.0 notes are unsecured senior obligations and will rank equally with all of the Company’s existing and future senior unsecured debt and other liabilities. Our €400.0 aggregate principal amount 1.875% notes (the "€400.0 notes") are due September 2022. When the notes mature, we plan to repay the amounts with available cash, borrowings under our $600.0 revolving credit facility or a new borrowing. The credit terms, including interest rate and facility fees, of any replacement borrowings will be dependent upon the condition of the credit markets at that time. We currently do not anticipate any problems accessing the credit markets should we decide to replace either the €500.0 notes or the €400.0 notes. Both the €500.0 notes and €400.0 notes contain certain customary non-financial restrictive covenants and events of default and are unsecured senior obligations and rank equally with all of our existing and future senior unsecured debt and other liabilities. These notes have been designated as a hedge of our net investment in subsidiaries with a Euro-functional currency as of December 31, 2020. Since our net investment in these subsidiaries exceeds the respective amount of the designated borrowings, the related translation gains or losses are included as a component of accumulated other comprehensive loss. (See Note 12 to the Consolidated Financial Statements for further information.) Revolving Credit Agreement We have a Five Year Credit Agreement with a syndicate of commercial banks with a termination date of June 18, 2023. The Credit Agreement allows for borrowing of $600.0 in various currencies, and up to $150.0 may be used for the issuance of stand-by letters of credit. We had no borrowings under this facility as of both December 31, 2020 and 2019. Outstanding letters of credit issued under the Credit Agreement totaled $0.5 as of both December 31, 2020 and 2019. Additional borrowings of $599.5 were available to us under the facility as of both December 31, 2020 and 2019. Under the Credit Agreement, a credit ratings-based pricing grid determines the facility fee and the credit spread that we add to the applicable interbank borrowing rate on all borrowings. At our current credit rating, the annual facility fee is 12.5 basis points paid on the entire facility and the credit spread is 100.0 basis points on any borrowings. The Credit Agreement contains customary restrictive covenants pertaining to our management and operations, including limitations on the amount of subsidiary debt that we may incur and limitations on our ability to pledge assets, as well as financial covenants requiring, among other things, that we comply with a leverage ratio (Net Debt-to-Net Earnings before interest and other expenses, provision for income taxes, intangible asset amortization expense, depreciation and amortization expense ("EBITDA")) of not greater than 3.5 to 1 and a fixed charge coverage ratio of not less than 1.5 to 1. The Credit Agreement also contains customary events of default, including, among others, payment defaults, material inaccuracy of representations and warranties, covenant defaults, bankruptcy or involuntary proceedings, certain monetary and non-monetary judgments, change of control and customary ERISA defaults. Debt Maturities The maturities of long-term debt payable within each of the four years subsequent to December 31, 2021 are as follows: 2022 - $494.0, 2023 - $0.0, 2024 - $0.0, 2025 - $0.0. |
Retirement and Deferred Compens
Retirement and Deferred Compensation Plans | 12 Months Ended |
Dec. 31, 2020 | |
Compensation And Retirement Disclosure [Abstract] | |
Retirement and Deferred Compensation Plans | (9) Retirement and Deferred Compensation Plans For all of our United States defined benefit and retiree health care plans, we adopted the Society of Actuaries’ Pri-2012 Mortality Table with MP-2020 Mortality Improvement Scale in determining the plans’ benefit obligations as of December 31, 2020. Defined Benefit Pension Plans We sponsor several qualified and nonqualified pension plans covering permanent employees. In 2020, we fully settled our United States Qualified Retirement Plan (the “Plan”) liability. We purchased annuities of $19.2 and settled lump sum payments of $3.2 from the Plan in January and February 2020, respectively. The completion of lump sum payments in February and transfer of remaining participants to the Pension Benefit Guarantee Corporation (“PBGC”) in March triggered final settlement of the plan. Upon settlement of the pension liability, we reclassified the related pension losses of $6.6, net of tax, recorded in accumulated other comprehensive loss to the Consolidated Statements of Comprehensive Income (Loss). The total amount of the required payout to plan participants was determined based on employee elections and market conditions at the time of settlement. The remaining plan assets of $16.6, which were in excess of the pension liability upon settlement, will be utilized to fund future qualified 401(k) plan contributions following the conclusion of the standard PBGC audit. In 2020 we recognized a partial settlement in our Switzerland pension plan as a result of local regulations and turnover common to our industry. As a result of the partial settlement we reclassified pension losses of $2.7, net of tax, recorded in accumulated other comprehensive loss to the Consolidated Statements of Comprehensive Income (Loss). In 2019, a new pension plan was added as a result of our acquisition of the remaining controlling interest in Manpower Switzerland. (See Note 4 to the Consolidated Financial Statements for further information.) The reconciliation of the changes in the plans’ benefit obligations and the fair value of plan assets and the funded status of the plans are as follows. The actuarial (gain) loss related to the Non-United States plans benefit obligation as of December 31, 2020 was primarily related to changes in discount rates. United States Plans Non-United States Plans Year Ended December 31 2020 2019 2020 2019 Change in Benefit Obligation Benefit obligation, beginning of year $ 52.8 $ 48.9 $ 794.8 $ 450.0 Service cost — — 21.0 15.1 Interest cost 0.8 1.8 8.6 10.9 Acquisitions — — — 201.2 Settlements (22.3 ) — (42.2 ) (40.9 ) Transfers — — 27.0 52.7 Actuarial (gain) loss (0.4 ) 6.3 90.9 100.1 Plan participant contributions — — 11.6 9.0 Benefits paid (2.4 ) (4.2 ) (13.2 ) (11.3 ) Currency exchange rate changes — — 67.1 8.0 Benefit obligation, end of year $ 28.5 $ 52.8 $ 965.6 $ 794.8 United States Plans Non-United States Plans Year Ended December 31 2020 2019 2020 2019 Change in Plan Assets Fair value of plan assets, beginning of year $ 38.8 $ 36.1 $ 655.4 $ 354.1 Actual return on plan assets 0.1 4.4 49.7 69.5 Acquisitions — — — 196.8 Settlements (22.3 ) — (42.2 ) (40.9 ) Transfers — — 26.2 51.6 Plan participant contributions — — 11.6 9.0 Company contributions (14.2 ) 2.5 16.1 15.4 Benefits paid (2.4 ) (4.2 ) (13.2 ) (11.3 ) Currency exchange rate changes — — 50.0 11.2 Fair value of plan assets, end of year $ — $ 38.8 $ 753.6 $ 655.4 Funded Status at End of Year Funded status, end of year $ (28.5 ) $ (14.0 ) $ (211.9 ) $ (139.4 ) Amounts Recognized Noncurrent assets $ — $ 15.0 $ 32.1 $ 41.4 Current liabilities (2.4 ) (2.5 ) (1.2 ) (0.7 ) Noncurrent liabilities (26.1 ) (26.5 ) (242.8 ) (180.1 ) Net amount recognized $ (28.5 ) $ (14.0 ) $ (211.9 ) $ (139.4 ) Amounts recognized in accumulated other comprehensive loss, net of tax, consisted of: United States Plans Non-United States Plans Year Ended December 31 2020 2019 2020 2019 Net loss $ 8.6 $ 15.8 $ 95.2 $ 50.5 Prior service cost — — 7.6 7.8 Total $ 8.6 $ 15.8 $ 102.8 $ 58.3 The accumulated benefit obligation (ABO) for all qualified defined benefit pension plans was $957.0 and $817.6 as of December 31, 2020 and 2019, respectively. The ABO for plans that have plan assets was $841.6 and $717.2 as of December 31, 2020 and 2019, respectively. The accumulated benefit obligation for some of our plans exceeded the fair value of plan assets as follows: December 31 2020 2019 Accumulated benefit obligation $ 491.5 $ 163.8 Plan assets 368.8 80.4 In 2020, one of our larger plans became further underfunded and its accumulated benefit obligation exceeded its plan assets as of December 31, 2020. As a result, this plan was included in the amounts disclosed above for 2020 but not for 2019. The projected benefit obligation (PBO) for all qualified defined benefit pension plans was $994.1 and $847.6 as of December 31, 2020 and 2019. The PBO for some of our plans exceeded the fair value of plan assets as follows: December 31 2020 2019 Projected benefit obligation $ 503.2 $ 414.6 Plan assets 368.8 324.3 By their nature, certain of our plans do not have plan assets. The accumulated benefit obligation for these plans was $115.4 and $100.4 as of December 31, 2020 and 2019, respectively. The components of the net periodic benefit cost and other amounts recognized in other comprehensive loss for all plans were as follows: Year Ended December 31 2020 2019 2018 Net Periodic Benefit Cost Service cost $ 21.0 $ 15.1 $ 10.9 Interest cost 9.4 12.7 11.6 Expected return on assets (13.5 ) (12.9 ) (10.6 ) Settlements 13.8 0.4 — Net loss 2.7 1.2 1.4 Prior service cost 0.7 0.7 0.6 Net periodic benefit cost 34.1 17.2 13.9 Other Changes in Plan Assets and Benefit Obligation Recognized in Other Comprehensive Income/Loss Net loss (gain) 44.1 45.5 (16.6 ) Prior service cost 0.4 1.0 1.4 Amortization of net loss (6.3 ) (1.6 ) (1.4 ) Amortization of prior service cost (0.7 ) (0.7 ) (0.6 ) Total recognized in other comprehensive income/loss 37.5 44.2 (17.2 ) Total recognized in net periodic benefit cost and other comprehensive income/loss $ 71.6 $ 61.4 $ (3.3 ) The weighted-average assumptions used in the measurement of the benefit obligation were as follows: United States Plans Non-United States Plans Year Ended December 31 2020 2019 2020 2019 Discount rate 2.1 % 2.5 % 0.6 % 1.1 % Rate of compensation increase — 3.0 % 1.7 % 1.7 % The weighted-average assumptions used in the measurement of the net periodic benefit cost were as follows: United States Plans Non-United States Plans Year Ended December 31 2020 2019 2018 2020 2019 2018 Discount rate - service cost 2.5 % 4.2 % 3.6 % 1.1 % 1.8 % 2.1 % Discount rate - interest cost 2.5 % 4.2 % 3.2 % 1.1 % 1.8 % 2.1 % Expected long-term return on plan assets — 4.3 % 4.5 % 2.2 % 2.7 % 2.7 % Rate of compensation increase — 3.0 % 3.0 % 1.7 % 1.7 % 1.8 % Interest crediting rates for cash balance plans — — — 2.0 % 2.0 % — We determine our assumption for the discount rate based on an index of high-quality corporate bond yields and matched-funding yield curve analysis as of the end of each fiscal year. Our overall expected long-term rate of return used in the measurement of the 2020 net periodic benefit cost on non-United States plans varied by country and ranged from 0.6% to 3.0%. None of our United States plans had plan assets as of December 31, 2020 due to the settlement of the Qualified Retirement Plan liability during the first quarter of 2020. For a majority of our plans, a building block approach has been employed to establish this return. Historical markets are studied and long-term historical relationships between equity securities and fixed income instruments are preserved consistent with the widely accepted capital market principle that assets with higher volatility generate a greater return over time. Current market factors such as inflation and interest rates are evaluated before long-term capital market assumptions are determined. The long-term portfolio return is established with proper consideration of diversification and rebalancing. We also use guaranteed insurance contracts for four of our foreign plans. Peer data and historical returns are reviewed to check for reasonableness and appropriateness of our expected rate of return. Projected salary levels utilized in the determination of the projected benefit obligation for the pension plans are based upon historical experience and the future expectations for each respective country. Our plans’ investment policies are to optimize the long-term return on plan assets at an acceptable level of risk and to maintain careful control of the risk level within each asset class. Our long-term objective is to minimize plan expenses and contributions by outperforming plan liabilities. We have historically used a balanced portfolio strategy based primarily on a target allocation of equity securities and fixed-income instruments, which vary by location. These target allocations, which are similar to the 2020 allocations, are determined based on the favorable risk tolerance characteristics of the plan and, at times, may be adjusted within a specified range to advance our overall objective. The fair values of our Level 1 and Level 2 pension plan assets are primarily determined by using market quotes and other relevant information that is generated by market transactions involving identical or comparable assets. Insurance contracts and annuity contracts are measured at the present value of expected future benefit payments primarily using associated interest curves. Hedge funds consist of a number of diversified funds including those investing in international securities, equity and private partnership interests valued using market available data and various models and assumptions. The fair value of our pension plan assets by asset category was as follows. As of December 31, 2020, all of our plan assets were associated with non-United States plans. Fair Value Measurements Using December 31, 2020 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Asset Category Cash and cash equivalents $ 16.1 $ 16.1 $ — $ — Equity securities: Mutual funds 116.1 116.1 — — Common stock 25.4 25.4 — — Fixed income instruments: Fixed income funds 185.6 — 185.6 — Annuity contract 56.2 — — 56.2 Bonds 41.4 — 41.4 — Guaranteed insurance contracts 21.0 — 21.0 — Other types of investments: Insurance contracts 157.8 — — 157.8 Real estate funds 92.1 — 90.8 1.3 Hedge funds 32.0 — 11.4 20.6 Other 9.9 — 3.2 6.7 $ 753.6 $ 157.6 $ 353.4 $ 242.6 United States Plans Non-United States Plans Fair Value Measurements Using Fair Value Measurements Using December 31, 2019 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) December 31, 2019 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Asset Category Cash and cash equivalents (1) $ 5.8 $ — $ 5.8 $ — $ 5.5 $ 5.5 $ — $ — Equity securities: Mutual funds 7.8 7.8 — — 98.0 98.0 — — Common stock — — — — 22.3 22.3 — — Fixed income instruments: Fixed income funds 25.2 — 25.2 — 160.0 — 160.0 — Annuity contract — — — — 52.5 — — 52.5 Bonds — — — — 37.0 — 37.0 — Guaranteed insurance contracts — — — — 18.5 — 18.5 — Other types of investments: Insurance contracts — — — — 130.6 — — 130.6 Real estate funds — — — — 93.3 — 87.3 6.0 Hedge funds — — — — 29.3 — 9.6 19.7 Other — — — — 8.4 — 2.4 6 $ 38.8 $ 7.8 $ 31.0 $ — $ 655.4 $ 125.8 $ 314.8 $ 214.8 (1) This category includes a prime obligations money market portfolio. The following table summarizes the changes in fair value of the pension assets that are measured using Level 3 inputs. We determined that transfers between fair-value-measurement levels occurred on the date of the event that caused the transfer. Year Ended December 31 2020 2019 Balance, beginning of year $ 214.8 $ 153.9 Actual return on plan assets 16.4 30.5 Acquisitions — 27.6 Purchases, sales and settlements, net (6.3 ) 2.5 Currency exchange rate changes 17.7 0.3 Balance, end of year $ 242.6 $ 214.8 Retiree Health Care Plan We provide medical and dental benefits to certain eligible retired employees in the United States. Due to the nature of the plan, there are no plan assets. The reconciliation of the changes in the plan’s benefit obligation and the statement of the funded status of the plan were as follows: Year Ended December 31 2020 2019 Change in Benefit Obligation Benefit obligation, beginning of year $ 14.1 $ 13.7 Interest cost 0.4 0.5 Actuarial loss 1.0 0.8 Benefits paid (0.9 ) (0.9 ) Benefit obligation, end of year $ 14.6 $ 14.1 Funded Status at End of Year Funded status, end of year $ (14.6 ) $ (14.1 ) Amounts Recognized Current liabilities $ (1.1 ) $ (1.1 ) Noncurrent liabilities (13.5 ) (13.0 ) Net amount recognized $ (14.6 ) $ (14.1 ) The amount recognized in accumulated other comprehensive loss, net of tax, consists of a net loss of $2.3 and $1.5 as of December 31, 2020 and 2019, respectively, and a prior service credit of $2.9 and $3.5 as of December 31, 2020 and 2019, respectively. The discount rate used in the measurement of the benefit obligation was 2.2% and 3.0% in 2020 and 2019, respectively. The discount rate used in the measurement of net periodic benefit cost was 3.0%, 4.2% and 3.2% in 2020, 2019, and 2018, respectively. The components of net periodic benefit cost and other amounts recognized in other comprehensive loss for this plan were as follows: Year Ended December 31 2020 2019 2018 Net Periodic Benefit Credit Interest cost $ 0.4 $ 0.5 $ 0.5 Net loss 0.1 — 0.1 Prior service credit (0.8 ) (0.8 ) (0.8 ) Net periodic benefit credit $ (0.3 ) $ (0.3 ) $ (0.2 ) Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income/Loss Net loss (gain) $ 1.1 $ 0.8 $ (0.5 ) Amortization of net loss (0.1 ) — (0.1 ) Amortization of prior service credit 0.8 0.8 0.8 Total recognized in other comprehensive income/loss 1.8 1.6 0.2 Total recognized in net periodic benefit cost and other comprehensive income/loss $ 1.5 $ 1.3 $ — The health care cost trend rate is assumed to be 6.5% for 2021, decreasing gradually to an ultimate rate of 4.5% in 2027. Assumed health care cost trend rates are not expected to have a material effect on the amounts reported. Future Contributions and Payments During 2021, we plan to contribute approximately $16.0 to our pension plans and to fund our retiree health care payments as incurred. Projected benefit payments from the plans as of December 31, 2020 were estimated as follows: Year Pension Plans Retiree Health Care Plan 2021 $ 65.8 $ 1.1 2022 35.6 1.1 2023 27.1 1.1 2024 25.7 1.0 2025 25.0 1.0 2026–2029 150.0 4.6 Total projected benefit payments $ 329.2 $ 9.9 Defined Contribution Plans and Deferred Compensation Plans We have defined contribution plans covering substantially all permanent United States employees and various other employees throughout the world. With our company-sponsored plans, employees may elect to contribute a portion of their salary to the plans and we match a portion of their contributions up to a maximum percentage of the employee’s salary. In addition, profit sharing contributions are made if a targeted earnings level is reached at management’s discretion. The total expense for our match and any profit sharing contributions was $16.6, $16.9 and $17.7 for the years ended December 31, 2020, 2019 and 2018, respectively. In certain countries with statutory defined contribution plans, we pay a percentage of the employees' salary in pension premiums. The total expense for the statutory defined contribution plans was $27.5, $32.1 and $37.4 for the years ended December 31, 2020, 2019 and 2018, respectively. We also have deferred compensation plans in the United States. One of the plans had an asset and liability of $118.4 and $106.2 as of December 31, 2020 and 2019, respectively, with the remaining plans holding immaterial amounts of assets and liabilities. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | (10) Accumulated Other Comprehensive Loss The components of accumulated other comprehensive loss, net of tax, were as follows: December 31 2020 2019 Foreign currency translation $ (72.1 ) $ (260.5 ) Translation (loss) gain on derivative instruments, net of income taxes of $(34.9) and $(9.1), respectively (81.2 ) 13.1 Translation loss on long-term intercompany loans (133.3 ) (121.5 ) Defined benefit pension plans, net of income taxes of $(38.2) and $(30.9), respectively (111.4 ) (74.1 ) Retiree health care plan, net of income taxes of $1.8 and $1.6, respectively 0.7 2.0 Accumulated other comprehensive loss $ (397.3 ) $ (441.0 ) |
Interest and Other Expenses (In
Interest and Other Expenses (Income), Net | 12 Months Ended |
Dec. 31, 2020 | |
Other Nonoperating Income Expense [Abstract] | |
Interest and Other Expenses (Income), Net | (11) Interest and Other Expenses (Income), Net Interest and other expenses (income), net consisted of the following: Year Ended December 31 2020 2019 2018 Interest expense $ 43.3 $ 44.4 $ 47.0 Interest income (13.1 ) (6.0 ) (6.0 ) Foreign exchange loss 4.9 6.7 1.4 Miscellaneous expenses (income), net (1) 4.8 (85.7 ) (0.4 ) Interest and other expenses (income), net $ 39.9 $ (40.6 ) $ 42.0 (1) Included in 2019 is an $80.4 gain related to our acquisition of the remaining controlling interest in Manpower Switzerland. See Note 4 to the Consolidated Financial Statements for further information. |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2020 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | (12) Derivative Financial Instruments We are exposed to various market risks relating to our ongoing business operations. The primary market risks, which are managed using derivative instruments, are foreign currency exchange rate risk and interest rate risk. In certain circumstances, we enter into cross-currency swaps and foreign currency forward exchange contracts (“forward contracts”) to reduce the effects of fluctuating foreign currency exchange rates on our cash flows denominated in foreign currencies. Our exposure to market risk for changes in interest rates relates primarily to our long-term debt obligations. We have historically managed interest rate risk through the use of a combination of fixed and variable rate borrowings. Net Investment Hedges We use cross-currency swaps, forward contracts and a portion of our foreign currency denominated debt, a non-derivative financial instrument, to protect the value of our net investments in certain of our foreign subsidiaries. For derivative instruments that are designated and qualify as hedges of our net investments in foreign operations, the changes in fair values of the derivative instruments are recognized in foreign currency translation adjustments, a component of accumulated other comprehensive loss (“AOCL”), to offset the changes in the values of the net investments being hedged. For non-derivative financial instruments that are designated and qualify as hedges of net investments in foreign operations, the change in the carrying value of the designated portion of the non-derivative financial instrument due to changes in foreign currency exchange rates is recorded in foreign currency translation adjustments. The €400.0 ($487.8) notes due September 2022 and the €500.0 ($606.7) notes due June 2026 were designated as a hedge of our net investment in our foreign subsidiaries with a Euro-functional currency as of December 31, 2020. In September 2019, we entered into a cross-currency swap agreement that net converts fixed-rate Swiss franc (“CHF”) payments to fixed-rate United States dollar payments. This swap was designated as a net investment hedge of our foreign subsidiary with CHF functional currency. The effect of our net investment hedges on OCI for the year ended December 31, 2020, and 2019 was as follows: (Loss) Gain Recognized in Other Comprehensive Income Year Ended December 31, Instrument 2020 2019 Euro Notes $ (90.3 ) $ 22.9 Cross-currency swaps (23.0 ) (9.0 ) Cash Flow Hedges We use cross-currency swaps to hedge the changes in cash flows of certain of our foreign currency denominated debt due to changes in foreign currency exchange rates. For our cross-currency swaps, we record the change in carrying value of the foreign currency denominated debt due to changes in exchange rates into earnings each period. The changes in fair value of the cross-currency swap derivatives are recorded in other comprehensive income (“OCI”) with an immediate reclassification into earnings for the change in fair value attributable to fluctuations in foreign currency exchange rates. In April 2019, we entered into a cross-currency swap agreement to convert our intercompany fixed-rate, CHF denominated note, including the annual interest payment and the payment of remaining principal at maturity, to a fixed-rate Euro denominated note. The economic effect of the swap agreement is to eliminate the uncertainty of cash flows in CHF associated with the note by fixing the principal at €202.3 with a fixed annual interest rate of 1.256%. This hedging arrangement has been designated as a cash flow hedge. The swap matures in April 2022, which matches the term of the intercompany note. Gains and losses from the hedge offset the changes in the value of principal and interest payments as a result of changes in foreign exchange rates. In September 2019, we entered into to a cross-currency swap agreement to convert an additional intercompany fixed-rate CHF note, including the annual interest payment and the payment of remaining principal at maturity, to a fixed-rate Euro denominated note. The economic effect of the swap is identical to the original April 2019 swap, and fixes the principal of €55.4 with a fixed interest rate of 1.143%. The swap matures in September 2022, which matches the term of the intercompany note. We assessed the hedging relationship at the inception of the hedge in order to determine whether the derivatives that are used in the hedging transaction are highly effective in offsetting the cash flows of the hedged item and will continue to assess the relationship on an ongoing basis. We apply the hypothetical derivative method in conjunction with regression analysis using a third-party valuation to measure effectiveness of our cross-currency swap agreement. The following tables present the impact that changes in the fair values of derivatives designated as cash flow hedges had on OCI, AOCL and earnings for the year ended December 31, 2020, and 2019: Gain Reclassified Gain Recognized in OCI from AOCL into Income Year Ended December 31, Location of Gain Reclassified Year Ended December 31, Instrument 2020 2019 from AOCL into Income 2020 2019 Cross-currency swaps $ 1.4 $ 7.3 Interest and other expenses (income), net $ 1.1 $ 8.3 We expect the net amount of pre-tax derivative gains and losses included in AOCL at December 31, 2020 to be reclassified into earnings to approximate $1.0 over the next twelve months. The actual amount that will be reclassified to earnings will vary due to future currency exchange rates. Non-Designated Instruments We also use certain derivatives, which are not designated as hedging instruments, as economic hedges of foreign currency and interest rate exposure. For our forward contracts that are not designated as hedges, any gain or loss resulting from the change in fair value is recognized in current period earnings. These gains or losses are offset by the exposure related to receivables and payables with our foreign subsidiaries and to interest due on our Euro-denominated notes, which is paid annually in June and September. The effect of our forward contracts that are not designated as hedging instruments on the consolidated statements of operations for the year ended December 31, 2020 was as follows: Location of Gain Amount of Gain Recognized in Income Instrument Recognized in Income Year Ended December 31, 2020 2019 Foreign currency forward contracts Interest and other expenses (income), net $ 1.1 $ 11.9 Derivative and Non-Derivative Assets and Liabilities The following tables present the fair value of derivative and non-derivative assets and liabilities on the Consolidated Balance Sheets as of December 31, 2020, and 2019: Assets December 31, Balance Sheet Location 2020 2019 Instruments designated as cash flow hedges: Cross-currency swaps Prepaid expenses and other assets $ 12.1 $ 9.7 Instruments not designated as hedges: Foreign currency forward contracts Accounts receivable, net 1.0 — Total instruments $ 13.1 $ 9.7 Liabilities December 31, Balance Sheet Location 2020 2019 Instruments designated as net investment hedges: Euro Notes Long-term debt $ 1,094.5 $ 1,002.9 Cross-currency swaps Accrued liabilities 30.5 6.0 Total instruments $ 1,125.0 $ 1,008.9 The fair value measurements of these items recorded in our Consolidated Balance Sheets for the years ended December 31, 2020 and 2019 are disclosed in Note 1 to the Consolidated Financial Statements. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Leases | (13) Leases The components of lease expense were as follows: Year Ended December 31, 2020 2019 Operating lease expense $ 143.1 $ 153.5 Short-term lease expense 11.3 17.6 Other lease expense (1) 16.7 15.8 Total lease expense $ 171.1 $ 186.9 (1) Other lease expense includes variable lease expense and sublease income. Other information related to leases was as follows: Year Ended December 31, Supplemental Cash Flow Information 2020 2019 Cash paid for amounts included in the measurement of operating lease liabilities $ 142.0 $ 150.1 Operating ROU assets obtained in exchange for lease obligations 63.6 129.3 December 31, Supplemental Balance Sheet Information 2020 2019 Operating Leases Operating lease ROU assets $ 400.7 $ 448.5 Operating lease liabilities - current (1) $ 119.3 $ 122.1 Operating lease liabilities - long-term 305.1 336.7 Total operating lease liabilities $ 424.4 $ 458.8 (1) Operating lease liabilities - current are included in accrued expenses on our Consolidated Balance Sheets. December 31, 2020 2019 Weighted Average Remaining Lease Term Operating leases 5.2 years 5.6 years Weighted Average Discount Rate Operating leases 2.9 % 3.1 % Maturities of operating lease liabilities as of December 31, 2020 were as follows: Period Ending December 31, 2020 Operating Leases 2021 $ 129.6 2022 99.9 2023 69.9 2024 50.6 2025 34.0 Thereafter 77.3 Total future undiscounted lease payments $ 461.3 Less imputed interest $ (36.9 ) Total operating lease liabilities $ 424.4 |
Segment Data
Segment Data | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Segment Data | (14) Segment Data Effective January 1, 2020, our segment reporting was realigned due to our Right Management business being combined with each of our respective country business units. Accordingly, our former reportable segment, Right Management, is now reported within each of our respective reportable segments. All previously reported results have been restated to conform to the current year presentation. We are organized and managed primarily on a geographic basis. Each country and business unit generally has its own distinct operations and management team, providing services under our global brands, and maintains its own financial reports. We have an executive sponsor for each global brand who is responsible for ensuring the integrity and consistency of delivery locally. Each operation reports directly or indirectly through a regional manager, to a member of executive management. Given this reporting structure, we operate using the following reporting segments: Americas, which includes United States and Other Americas; Southern Europe, which includes France, Italy and Other Southern Europe; Northern Europe; and APME. The segments derive a significant majority of their revenues from our staffing and interim services. The remaining revenues within these segments are derived from our outcome-based solutions and consulting services, permanent recruitment services, outplacement services, talent management services, and other services. Segment revenues represent sales to external clients. We provide services to a wide variety of clients, none of which individually comprise a significant portion of revenues for us as a whole. Due to the nature of our business, we generally do not have export sales. Total assets for the segments are reported after the elimination of investments in subsidiaries and intercompany accounts. Year Ended December 31 2020 2019 2018 Revenues from Services (a) Americas: United States (b) $ 2,327.2 $ 2,590.6 $ 2,608.9 Other Americas 1,465.2 1,688.0 1,650.0 3,792.4 4,278.6 4,258.9 Southern Europe: France 4,338.1 5,479.6 5,846.4 Italy 1,370.7 1,508.3 1,673.9 Other Southern Europe 2,146.4 2,206.5 1,879.6 7,855.2 9,194.4 9,399.9 Northern Europe 3,976.7 4,735.5 5,417.5 APME 2,376.7 2,655.0 2,914.9 18,001.0 20,863.5 21,991.2 Operating Unit Profit (Loss) Americas: United States $ 60.9 $ 128.0 $ 149.9 Other Americas 55.1 75.4 75.0 116.0 203.4 224.9 Southern Europe: France 149.0 284.9 290.9 Italy 64.2 102.5 111.3 Other Southern Europe 23.8 67.9 66.5 237.0 455.3 468.7 Northern Europe (27.6 ) 74.4 129.9 APME 70.1 127.5 118.3 $ 395.5 $ 860.6 $ 941.8 Corporate expenses (113.9 ) (121.9 ) (110.0 ) Goodwill impairment charges (66.8 ) (64.0 ) — Intangible asset amortization expense (c) (27.2 ) (29.8 ) (35.1 ) Interest and other (expenses) income, net (39.9 ) 40.6 (42.0 ) Earnings before income taxes $ 147.7 $ 685.5 $ 754.7 (a) Further breakdown of revenues from services by geographical region was as follows: Revenues from Services 2020 2019 2018 United States $ 2,327.2 $ 2,590.6 $ 2,608.9 France 4,338.1 5,479.6 5,846.4 Italy 1,370.7 1,508.3 1,673.9 United Kingdom 1,402.9 1,598.6 1,672.1 Total Foreign 15,673.8 18,272.9 19,382.3 (b) The United States revenues above represent revenues from our company-owned branches and franchise fees received from our franchise operations, which were $12.6, $15.6 and $16.1 for 2020, 2019 and 2018, respectively. (c) Intangible asset amortization related to acquisitions is excluded from operating costs within the reportable segments and corporate expenses, and shown separately. Year Ended December 31 2020 2019 2018 Depreciation and Amortization Expense Americas: United States $ 7.8 $ 8.6 $ 9.8 Other Americas 2.3 2.4 2.5 10.1 11.0 12.3 Southern Europe: France 14.4 13.9 14.2 Italy 2.1 1.8 1.9 Other Southern Europe 5.3 4.9 5.0 21.8 20.6 21.1 Northern Europe 8.9 9.8 11.4 APME 8.2 5.9 5.8 Corporate expenses 0.1 0.1 0.1 Intangible asset amortization expense(a) 27.2 29.8 35.1 $ 76.3 $ 77.2 $ 85.8 Earnings from Equity Investments Americas: United States $ — $ — $ — Other Americas — — — — — — Southern Europe: France — — — Italy (0.1 ) (0.1 ) (0.2 ) Other Southern Europe — 47.5 1.7 (0.1 ) 47.4 1.5 Northern Europe — — — APME — — — Corporate 4.7 3.1 (0.3 ) $ 4.6 $ 50.5 $ 1.2 (a) Intangible asset amortization related to acquisitions is excluded from operating costs within the reportable segments and corporate expenses, and shown separately. As of December 31 2020 2019 2018 Total Assets Americas: United States $ 2,103.8 $ 2,153.8 $ 1,888.1 Other Americas 381.3 382.4 344.0 2,485.1 2,536.2 2,232.1 Southern Europe: France 2,778.3 2,732.6 2,740.9 Italy 540.4 464.2 406.5 Other Southern Europe 848.5 778.7 583.5 4,167.2 3,975.5 3,730.9 Northern Europe 1,366.7 1,478.5 1,240.9 APME 806.0 744.2 795.0 Corporate (a) 503.2 489.4 520.9 $ 9,328.2 $ 9,223.8 $ 8,519.8 Equity Investments Americas: United States $ — $ — $ — Other Americas — — — — — — Southern Europe: France — — — Italy 0.1 0.3 0.3 Other Southern Europe — — 157.8 0.1 0.3 158.1 Northern Europe — — — APME — — 2.3 Corporate 106.5 97.5 1.0 $ 106.6 $ 97.8 $ 161.4 (a) Corporate assets include assets that were not used in the operations of any segment, the most significant of which were purchased intangibles and cash. A s of and Year Ended December 31 2020 2019 2018 Long-lived Assets (a) Americas: United States $ 16.5 $ 20.5 $ 22.4 Other Americas 7.5 8.2 6.3 24.0 28.7 28.7 Southern Europe: France 44.8 46.9 50.1 Italy 6.0 5.2 5.0 Other Southern Europe 21.0 23.5 23.4 71.8 75.6 78.5 Northern Europe 26.5 27.5 30.6 APME 25.5 18.9 22.1 Corporate 6.5 0.2 0.1 $ 154.3 $ 150.9 $ 160.0 Additions to Long-Lived Assets Americas: United States $ 7.0 $ 8.3 $ 7.7 Other Americas 2.5 4.4 2.9 9.5 12.7 10.6 Southern Europe: France 9.3 12.9 18.1 Italy 2.6 2.1 2.2 Other Southern Europe 4.4 5.0 5.9 16.3 20.0 26.2 Northern Europe 7.3 7.7 16.6 APME 14.1 8.2 6.8 Corporate — 0.1 0.1 $ 47.2 $ 48.7 $ 60.3 (a) Further breakdown of long-lived assets by geographical region was as follows: Long-Lived Assets 2020 2019 2018 United States $ 16.5 $ 20.5 $ 22.4 France 44.8 46.9 50.1 Italy 6.0 5.2 5.0 United Kingdom 5.0 5.8 7.0 Total Foreign 137.8 130.4 137.6 |
Contingencies
Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Commitments And Contingencies Disclosure [Abstract] | |
Contingencies | (15) Contingencies Litigation In the normal course of business, the Company is named as a defendant in various legal proceedings in which claims are asserted against the Company. We record accruals for loss contingencies based on the circumstances of each claim, when it is probable that a loss has been incurred as of the balance sheet date and can be reasonably estimated. Although the outcome of litigation cannot be predicted with certainty, we believe the ultimate resolution of these legal proceedings will not have a material effect on our business or financial condition. Guarantees We have entered into certain guarantee contracts and stand-by letters of credit that total $890.0 as of December 31, 2020 ($838.4 for guarantees and $51.6 for stand-by letters of credit, respectively). The guarantees primarily relate to staffing license requirements, operating leases and indebtedness. The stand-by letters of credit mainly relate to workers’ compensation in the United States. If certain conditions were met under these arrangements, we would be required to satisfy our obligation in cash. Due to the nature of these arrangements and our historical experience, we do not expect to make any significant payments under these arrangements. |
Quarterly Data (Unaudited)
Quarterly Data (Unaudited) | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Data (Unaudited) | (16) Quarterly Data (Unaudited) First Quarter Second Quarter Third Quarter Fourth Quarter Total Year Ended December 31, 2020 Revenues from services $ 4,619.1 $ 3,742.2 $ 4,584.8 $ 5,054.9 $ 18,001.0 Gross profit 724.0 576.7 725.1 798.9 2,824.7 Operating profit (loss) (a)( c )(d) (e) 37.7 (50.0 ) 61.6 138.3 187.6 Net earnings (loss) (a)(b)(c)(d) (e)(f) 1.7 (64.4 ) 10.3 76.2 23.8 Net earnings (loss) per share - basic $ 0.03 $ (1.11 ) $ 0.18 $ 1.34 $ 0.41 Net earnings (loss) per share - diluted ( g ) 0.03 (1.11 ) 0.18 1.33 0.41 Dividends per share — 1.09 — 1.17 2.26 Year Ended December 31, 2019 Revenues from services $ 5,044.9 $ 5,373.1 $ 5,248.9 $ 5,196.6 $ 20,863.5 Gross profit 804.8 870.4 840.3 859.6 3,375.1 Operating profit ( h ) (i)(k) 105.5 130.8 217.0 191.6 644.9 Net earnings ( h ) (i)(j)(k) 53.5 127.3 146.1 138.8 465.7 Net earnings per share - basic $ 0.88 $ 2.12 $ 2.44 $ 2.35 $ 7.78 Net earnings per share - diluted ( l ) 0.88 2.11 2.42 2.33 7.72 Dividends per share — 1.09 — 1.09 2.18 (a) Included restructuring costs of $48.2, $40.2 net of tax, $49.9, $42.1 net of tax, and $12.6, $8.7 net of tax, recorded in the first, third and fourth quarter, respectively. (b) Included pension settlement expenses related to one of our United States plans of $10.2, $6.3 net of tax, recorded in the first quarter. (c) Included goodwill impairment charge of $66.8 recorded in selling and administrative expenses and related tax charges of $3.7 recorded in provision for income taxes in the second quarter. (d) Included software impairment charge of $6.0, $4.5 net of tax, recorded in the second quarter. (e) Included loss on the disposition of subsidiaries of $5.8, $5.2 net of tax, recorded in the third quarter. (f) Included discrete valuation allowance in Germany of $12.4 recorded in the third quarter. (g) Included in the results are restructuring costs per diluted share of $(0.69), $(0.72), and $(0.15) for the first, third, and fourth quarter, respectively, pension settlement expenses per diluted share of $(0.11) for the first quarter, goodwill and related tax charges per diluted share of $(1.21) for the second quarter, software impairment charge of $(0.08) for the second quarter, loss on the disposition of subsidiaries of $(0.09) for the third quarter, and discrete valuation allowance in Germany of $(0.21) for the third quarter. (h) Included restructuring costs of $39.8, $31.4 net of tax, recorded in the first quarter. (i) Included goodwill impairment and related charges of $65.6 recorded in selling and administrative expenses and related tax charges of $10.3 recorded in provision for income taxes in the second quarter. (j) Included gain of $80.4 from the acquisition of the remaining controlling interest in Manpower Switzerland recorded in interest and other expenses (income), net in the second quarter. (k) Included gain of $30.4 from the ManpowerGroup Greater China Limited IPO recorded in the third quarter. (l) Included in the results are restructuring costs per diluted share of $(0.51) for the first quarter, goodwill and related tax and other charges per diluted share of $(1.26) for the second quarter, Manpower Switzerland acquisition gain per diluted share of $1.32 for the second quarter and ManpowerGroup Greater China Limited IPO gain per diluted share of $0.50 for the third quarter. |
Schedule II VALUATION AND QUALI
Schedule II VALUATION AND QUALIFYING ACCOUNTS | 12 Months Ended |
Dec. 31, 2020 | |
Valuation And Qualifying Accounts [Abstract] | |
Schedule II VALUATION AND QUALIFYING ACCOUNTS | SCHEDULE II—Valuation and Qualifying Accounts For the years ended December 31, 2020, 2019 and 2018, in millions: Allowance for Doubtful Accounts: Balance at Beginning of Year Provisions Charged to Earnings Write-Offs Translation Adjustments Reclassifications and Other Balance at End of Year 2020 $ 113.5 $ 20.3 $ (17.8 ) $ 8.1 $ 4.0 $ 128.1 2019 115.7 21.8 (19.1 ) (5.0 ) 0.1 113.5 2018 110.8 23.0 (12.0 ) (6.3 ) 0.2 115.7 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses for the reporting period. Actual results could differ from these estimates. |
COVID-19 | COVID-19 The global spread of COVID-19, which was declared a global pandemic by the World Health Organization in March 2020, has created significant volatility, uncertainty and global macroeconomic disruption. Our business, operations and consolidated financial statements for 2020 were significantly negatively impacted by the COVID-19 crisis. By the end of March, significant lockdown measures had been implemented in our main markets in Europe and North America, as well as in certain other countries. At the beginning of the third quarter, the impact of the COVID-19 crisis stabilized in many parts of the world, and economies slowly reopened. However, in late 2020, a number of countries started to see increased cases of COVID-19 that led to the implementation of new restrictions in an effort to mitigate the spread. Unlike the lockdowns and restrictions experienced earlier in the year, the same country-wide lockdowns did not occur, but more targeted and localized restrictions. Continued uncertainty remains as to the future impact of the pandemic on global and local economies. We are continuing to monitor and assess the impacts of the COVID-19 pandemic and we expect that our financial condition, liquidity and future results of operations will continue to be adversely affected. However, we cannot predict with certainty what the impact will be on future periods. For further information on the impacts of COVID-19 on our business, operations and financial results, see Part I, Item 2: Management’s Discussion and Analysis of Financial Condition and Results of Operations. |
Basis of Consolidation | Basis of Consolidation The Consolidated Financial Statements include our operating results and the operating results of all of our majority-owned subsidiaries and entities in which we have a controlling financial interest. We have a controlling financial interest if we own a majority of the outstanding voting common stock and the noncontrolling shareholders do not have substantive participating rights, or we have significant control over an entity through contractual or economic interests in which we are the primary beneficiary. We account for equity investments in companies over which we have the ability to exercise significant influence, but not control, using the equity method of accounting. We recognize our ownership share of earnings of these equity method investments, amortization of basis differences, and related gains or losses in the Consolidated Financial Statements. These investments, as well as certain other relationships, are also evaluated for consolidation under the accounting guidance on consolidation of variable interest entities. These investments were $106.6 and $97.8 as of December 31, 2020 and 2019, respectively, and are included in other assets in the Consolidated Balance Sheets. Included in shareholders’ equity as of December 31, 2020 and 2019 are $8.0 and $3.4, respectively, of unremitted earnings from investments accounted for using the equity method. The remaining amounts as of December 31, 2020 relate to accounting for our remaining interest in ManpowerGroup Greater China under the equity method subsequent to deconsolidation (see Note 4 for further information). As described further in Note 14, effective in the first quarter of 2020 our segment reporting was realigned due to our Right Management business being combined with each of our respective country business units. Accordingly, our former reportable segment, Right Management, is now reported within each of our respective reportable segments. All previously reported results have been restated to conform to the current year presentation. |
Revenues | Revenues As of January 1, 2018, we adopted the new accounting guidance on revenue recognition using the modified retrospective approach applied to those contracts that were not completed as of January 1, 2018. We determined that no cumulative effect adjustment to retained earnings was necessary upon adoption as there were no significant revenue recognition differences identified between the new and previous accounting guidance. We recognize revenues when control of the promised services is transferred to our clients, in an amount that reflects the consideration we expect to be entitled to receive in exchange for those services. Our revenues are recorded net of any sales, value added, or other taxes collected from our clients. A performance obligation is a promise in a contract to transfer a distinct service to the client, and it is the unit of account in the new accounting guidance for revenue recognition. The majority of our contracts have a single performance obligation as the promise to transfer the individual services is not separately identifiable from other promises in our contracts and, therefore, is not distinct. However, we have multiple performance obligations within our Recruitment Process Outsourcing (RPO) contracts as discussed below. For performance obligations that we satisfy over time, revenues are recognized by consistently applying a method of measuring progress toward satisfaction of that performance obligation. We generally utilize an input measure of time (e.g., hours, weeks, months) of service provided, which most accurately depicts the progress toward completion of each performance obligation. We generally determine standalone selling prices based on the prices included in the client contracts, using expected costs plus margin, or other observable prices. The price as specified in our client contracts is generally considered the standalone selling price as it is an observable input that depicts the price as if sold to a similar client in similar circumstances. Certain client contracts have variable consideration, including credits, sales allowances, rebates or other similar items that generally reduce the transaction price. We estimate variable consideration using whichever method, either the expected value method or most likely amount method, better predicts the amount of consideration to which we will become entitled based on the terms of the client contract and historical evidence. These amounts may be constrained and are only included in revenues to the extent we do not expect a significant reversal when the uncertainty associated with the variable consideration is resolved. Our variable consideration amounts are not material, and we do not believe that there will be significant changes to our estimates. Our client contracts generally include standard payment terms acceptable in each of the countries and territories in which we operate. The payment terms vary by the type and location of our clients and services offered. Client payments are typically due approximately 60 days after invoicing but may be a shorter or longer term depending on the contract. Our client contracts are generally short-term in nature with a term of one year or less. The timing between satisfaction of the performance obligation, invoicing and payment is not significant. For certain services and client types, we may require payment prior to delivery of services to the client, for which deferred revenue is recorded. In certain scenarios where a third-party vendor is involved in our revenue transactions with our clients, we evaluate whether we are the principal or the agent in the transaction. In situations where we act as principal in the transaction, we control the performance obligation prior to transfer to the client, and we report the related amounts as gross revenues and cost of services. When we act as agent in the transaction, we do not control the performance obligation prior to transfer to the client, and we report the related amounts as revenues on a net basis. A majority of these agent transactions occur within our TAPFIN - Managed Service Provider (MSP) programs where our performance obligation is to manage our client’s contingent workforce, and we earn a commission based on the amount of staffing services that are managed through the program. We are the agent in these transactions as we do not control the third-party providers' staffing services provided to the client through our MSP program prior to those services being transferred to the client. For certain client contracts where we recognize revenues over time, we recognize the amount that we have the right to invoice, which corresponds directly to the value provided to the client of our performance to date. As allowed under the new guidance, we do not disclose the amount of unsatisfied performance obligations for client contracts with an original expected length of one year or less and those client contracts for which we recognize revenues at the amount to which we have the right to invoice for services performed. We have other contracts with revenues expected to be recognized subsequent to December 31, 2020 related to remaining performance obligations, which are not material. |
Accounts Receivable, Contract Assets and Contract Liabilities | Accounts Receivable, Contract Assets and Contract Liabilities We record accounts receivable when our right to consideration becomes unconditional. Contract assets primarily relate to our rights to consideration for services provided that they are conditional on satisfaction of future performance obligations. We record contract liabilities (deferred revenue) when payments are made or due prior to the related performance obligations being satisfied. The current portion of our contract liabilities is included in accrued liabilities in our Consolidated Balance Sheets. We do not have any material contract assets or long-term contract liabilities. Our deferred revenue was $34.9 at December 31, 2020 and $44.5 at December 31, 2019. We recognized the entire amount of the deferred revenue balance as of December 31, 2019 as revenue during the year ended December 31, 2020. We expect to recognize the entire amount of deferred revenue balance as of December 31, 2020 as revenue during the year ended December 31, 2021. |
Allowance for Doubtful Accounts | Allowance for Doubtful Accounts We have an allowance for doubtful accounts recorded as an estimate of the accounts receivable balance that may not be collected. This allowance is calculated on an entity-by-entity basis with consideration for historical write-off experience, the current aging of receivables, market conditions and a specific review for potential bad debts. Items that affect this balance mainly include bad debt expense and the write-off of accounts receivable balances. Balance at Beginning of Year Provisions Charged to Earnings Write-Offs Translation Adjustments Reclassifications and Other Balance at End of Year 2020 $ 113.5 $ 20.3 $ (17.8 ) $ 8.1 $ 4.0 $ 128.1 2019 115.7 21.8 (19.1 ) (5.0 ) 0.1 113.5 2018 110.8 23.0 (12.0 ) (6.3 ) 0.2 115.7 Bad debt expense is recorded as selling and administrative expenses in our Consolidated Statements of Operations and was $20.3, $21.8 and $23.0 in 2020, 2019 and, 2018 respectively. Factors that would cause this provision to increase primarily relate to increased bankruptcies by our clients and other difficulties collecting amounts billed. On the other hand, an improved write-off experience and aging of receivables would result in a decrease to the provision. Write-offs were $17.8, $19.1 and $12.0 for 2020, 2019 and 2018, respectively. |
Advertising Costs | Advertising Costs We expense production costs of advertising as they are incurred. Advertising expenses were $22.2, $25.7 and $27.9 in 2020, 2019 and 2018, respectively. |
Restructuring Costs | Restructuring Costs We recorded net restructuring costs of $110.7, $42.0 and $39.3 in 2020, 2019 and 2018, respectively, in selling and administrative expenses, primarily related to severances and office closures and consolidations in multiple countries and territories. As a result of the adoption of the new accounting guidance on leases as of January 1, 2019, the office closure costs of $27.3 during 2020 were recorded as an impairment to the operating lease right-of-use asset and, thus, are not included in the restructuring reserve balance as of December 31, 2020. The costs paid, utilized or transferred out of our restructuring reserve were $71.9 and $50.2 in 2020 and 2019, respectively. We expect a majority of the remaining $46.1 reserve will be paid by the end of 2021. As described further in Note 14, effective in the first quarter of 2020 our segment reporting was realigned due to our Right Management business being combined with each of our respective country business units. Accordingly, our former reportable segment, Right Management, is now reported within each of our respective reportable segments. All previously reported results have been restated to conform to the current year presentation. Changes in the restructuring reserve by reportable segment and Corporate are shown below: Americas (1) Southern Europe (2) Northern Europe APME Corporate Total Balance, December 31, 2018 $ 0.5 $ 1.9 $ 13.1 $ — $ — $ 15.5 Severance costs 3.8 5.2 17.6 3.5 2.3 32.4 Office closure costs 5.8 0.1 2.0 0.9 0.8 9.6 Costs paid or utilized (9.7 ) (6.5 ) (26.5 ) (4.4 ) (3.1 ) (50.2 ) Balance, December 31, 2019 $ 0.4 $ 0.7 $ 6.2 $ — $ — $ 7.3 Severance costs 5.5 16.2 49.8 2.5 0.2 74.2 Office closure costs 19.6 5.1 2.1 0.5 — 27.3 Other costs 4.4 3.2 0.5 1.1 — 9.2 Costs paid, utilized or transferred out (28.0 ) (21.7 ) (17.9 ) (4.1 ) (0.2 ) (71.9 ) Balance, December 31, 2020 $ 1.9 $ 3.5 $ 40.7 $ — $ — $ 46.1 (1) Balance related to United States was $0.3 as of December 31, 2018. In 2019, United States incurred $1.3 for severance costs and $5.4 for office closure costs and paid/utilized $6.7, leaving a $0.3 liability as of December 31, 2019. In 2020, United States incurred $3.8 for severance costs, $17.8 for office closure costs and $4.2 for other costs and paid/utilized $24.7, leaving a $1.4 liability as of December 31, 2020. (2) Balance related to France was $1.1 as of December 31, 2018. In 2019, France paid/utilized $1.1, leaving no liability as of December 31, 2019. In 2020, France incurred $2.6 for office closure costs and $1.2 for other costs and paid/utilized $3.2, leaving a $0.6 liability as of December 31, 2020. Balance related to Italy was $0.5 as of December 31, 2018. In 2019, Italy incurred $2.3 for severance costs and paid/utilized $2.5, leaving a $0.3 liability as of December 31, 2019. In 2020, Italy incurred $1.9 for severance costs, $0.5 for office closure costs and $1.0 for other costs and paid/utilized $2.3, leaving a $1.4 liability as of December 31, 2020. |
Income Taxes | Income Taxes We account for income taxes in accordance with the accounting guidance on income taxes. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between financial statement carrying amounts of existing assets and liabilities and their respective tax basis, and net operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured |
Fair Value Measurements | Fair Value Measurements The assets and liabilities measured and recorded at fair value on a recurring basis were as follows: Fair Value Measurements Using Fair Value Measurements Using December 31, 2020 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) December 31, 2019 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Deferred compensation plan assets $ 119.4 $ 119.4 $ — $ — $ 107.3 $ 107.3 $ — $ — Cross-currency swaps 12.1 — 12.1 — 9.7 — 9.7 — Foreign currency forward contracts 1.0 — 1.0 — — — — — $ 132.5 $ 119.4 $ 13.1 $ — $ 117.0 $ 107.3 $ 9.7 $ — Liabilities Cross-currency swaps $ 30.5 $ — $ 30.5 $ — $ 6.0 $ — $ 6.0 $ — $ 30.5 $ — $ 30.5 $ — $ 6.0 $ — $ 6.0 $ — We determine the fair value of our deferred compensation plan assets, comprised of publicly traded securities, by using market quotes as of the last day of the period. The fair value of the cross-currency swaps and foreign currency forward contracts are measured at the value based on a third party valuation model that performs a discounted cash flow analysis based on the terms of the contracts and market observable inputs such as current and forward interest rates and current and forward foreign exchange rates The carrying values of cash and cash equivalents, accounts receivable, accounts payable, and other current assets and liabilities approximate their fair values because of the short-term nature of these instruments. The carrying value of our variable-rate long-term debt approximates fair value. The fair value of the Euro-denominated notes, as observable at commonly quoted intervals (Level 2 inputs), was $1,094.5 and $1,062.5 as of December 31, 2020 and 2019, respectively, compared to a carrying value of $1,159.1 and $1,002.9, respectively. |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets We had goodwill, finite-lived intangible assets and indefinite-lived intangible assets as follows: December 31, 2020 December 31, 2019 Gross Accumulated Amortization Net Gross Accumulated Amortization Net Goodwill (1) $ 1,225.8 $ — $ 1,225.8 $ 1,260.1 $ — $ 1,260.1 Intangible assets: Finite-lived: Customer relationships $ 473.0 $ 403.8 $ 69.2 $ 460.5 $ 375.7 $ 84.8 Other 21.9 21.6 0.3 20.9 13.7 7.2 494.9 425.4 69.5 481.4 389.4 92.0 Indefinite-lived: Tradenames (2) 52.0 — 52.0 52.0 — 52.0 Reacquired franchise rights 127.1 — 127.1 124.6 — 124.6 179.1 — 179.1 176.6 — 176.6 Total intangible assets $ 674.0 $ 425.4 $ 248.6 $ 658.0 $ 389.4 $ 268.6 (1) Balances were net of accumulated impairment loss of $644.2 and $577.4 as of December 31, 2020 and 2019, respectively. (2) Balances were net of accumulated impairment loss of $139.5 as of both December 31, 2020 and 2019. The consolidated amortization expense related to intangibles was $27.2, $29.8 and $35.1 in 2020, 2019 and 2018, respectively. Amortization expense expected in each of the next five years related to acquisitions completed as of December 31, 2020 is as follows: 2021 - $16.8, 2022 - $13.4, 2023 - $10.7, 2024 - $8.4 and 2025 - $6.3. The weighted-average useful lives of the customer relationships and other are approximately 12 and 3 years, respectively. The tradenames have been assigned an indefinite life based on our expectation of renewing the tradenames, as required, without material modifications and at a minimal cost, and our expectation of positive cash flows beyond the foreseeable future. Indefinite-lived reacquired franchise rights resulted from our franchise acquisitions in the United States, Switzerland and Canada. These rights entitled the franchisees with unilateral control to operate perpetually in particular territories, and have therefore been assigned an indefinite life. In accordance with the accounting guidance on goodwill and other intangible assets, we perform an annual impairment test of goodwill at our reporting unit level and indefinite-lived intangible assets at our unit of account level during the third quarter, or more frequently if events or circumstances change that would more likely than not reduce the fair value of our reporting units below their carrying value. We performed our annual impairment test of our goodwill and indefinite-lived intangible assets during the third quarter of 2020, 2019 and 2018, and determined that there was no impairment of our goodwill or indefinite-lived intangible as a result of our annual tests. The fair value of each reporting unit was at least 20% in excess of the respective reporting unit’s carrying value with the exception of the United Kingdom and Netherlands reporting units. The United Kingdom reporting unit had a fair value exceeding carrying value of approximately 12%. Key assumptions included in the United Kingdom (Northern Europe Segment) discounted cash flow valuation performed during the third quarter of 2020 were a discount rate of 11.5%, a terminal value revenue growth rate of 1.0%, and a terminal value OUP margin of 3.1%. The Netherlands reporting unit fair value exceeded its carrying value by less than 10%, approximating 3.3%. The Netherlands is part of the Northern Europe Segment. Key assumptions included in the Netherlands discounted cash flow valuation performed during the third quarter of 2020 included a discount rate of 10.9%, a terminal value revenue growth rate of 2.0%, and a terminal value OUP margin of 3.5%. Should the operations of the United Kingdom and Netherlands businesses incur further decreases in the operating results, including declines in profitability and cash flow due to continued deterioration in macroeconomic, industry and market conditions, including uncertainty of the financial impacts from COVID-19, some or all of the recorded goodwill for the Netherlands or United Kingdom reporting units, which were $119.3 and $100.2, respectively, as of December 31, 2020 could be subject to impairment. We determine 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 annual goodwill impairment test during the third quarter of 2020 included: expected future revenue growth rates, operating unit profit (“OUP”) margins, working capital levels, discount rates ranging from 9.1% to 13.5%, and a terminal value multiple. The expected future revenue growth rates and OUP margins were determined after taking into consideration our historical revenue growth rates and OUP margins, our assessment of future market potential, and our expectations of future business performance. We would record a goodwill impairment charge by the amount for which a reporting unit's carrying value exceeds its fair value, not to exceed the carrying amount of the goodwill. We are also required to test our indefinite-lived intangible assets for impairment by comparing the fair value of the intangible asset with its carrying value. If the intangible asset’s fair value is less than its carrying value, an impairment loss is recognized for the difference. For the second quarter of 2020, 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 sustained operating losses resulted from the ongoing decline and increased uncertainty in the outlook of the manufacturing sector, particularly the automotive sector in Germany, coupled with the significant implications of COVID-19. 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, 2020. As a result of our interim test, we recognized a non-cash impairment loss of $66.8, which resulted in full impairment of the remaining goodwill in the Germany reporting unit. The Germany reporting unit is included in the Northern Europe segment. The goodwill impairment charge resulted from reductions in the estimated fair value for our Germany reporting unit based on lower expectations for future revenue, profitability and cash flows as compared to the expectations of the 2019 annual goodwill impairment test and our quarterly assessments in the intervening periods due to the factors discussed above. During the second quarter of 2019, we determined that it was more likely than not that the fair value of the Germany reporting unit was below its carrying amount and performed an interim goodwill impairment test. As a result of the interim test, we wrote down the carrying value of the Germany reporting unit to its estimated fair value and recognized a non-cash impairment charge loss of $60.2 during the second quarter of 2019. In addition, during the second quarter of 2019, we recorded a goodwill impairment charge of $3.8 related to our New Zealand operations as a result of it not meeting profitability expectations. The New Zealand reporting unit is included in the APME segment. |
Marketable Securities | Marketable Securities Prior to April 2019, when we acquired the remaining 51% controlling interest in our Swiss franchise to obtain full ownership of the entity, we accounted for our 49% interest in our Swiss franchise under the equity method of accounting. The Swiss franchise maintained an investment portfolio with a market value of $219.9 as of December 31, 2018. The portfolio was comprised of a wide variety of European and United States debt and equity securities and various professionally-managed funds, all of which were classified as available-for-sale, as well as cash and cash equivalents. Since January 1, 2018, upon adoption of the new accounting guidance on financial instruments, we recognized all the changes in fair value on the investment portfolio in the current period earnings. Our share of net unrealized gains and unrealized losses that were determined to be temporary related to these investments was included in accumulated other comprehensive loss, with the offsetting amount increasing or decreasing our investment in the franchise. For the years ended December 31, 2020, 2019 and 2018, realized gains totaled $0.0, $0.3 and $12.7, respectively, and realized losses totaled $0.0, $0.2 and $2.1, respectively. Other-than-temporary impairment amounts were insignificant for 2020, 2019 and 2018. |
Capitalized Software for Internal Use | Capitalized Software for Internal Use We capitalize purchased software as well as internally developed software. Internal software development costs are capitalized from the time when the internal-use software is considered probable of completion until the software is ready for use. Business analysis, system evaluation, selection and software maintenance costs are expensed as incurred. Capitalized software costs are amortized using the straight-line method over the estimated useful life of the software which ranges from 3 to 10 years. The net capitalized software balance of $19.2 and $7.5 as of December 31, 2020 and 2019, respectively, is included in other assets in the Consolidated Balance Sheets. Amortization expense related to the capitalized software costs was $1.8, $2.0 and $1.5 for 2020, 2019 and 2018, respectively. |
Property and Equipment | Property and Equipment A summary of property and equipment as of December 31 is as follows: 2020 2019 Land $ 0.5 $ 0.5 Buildings 7.1 10.2 Furniture, fixtures, and autos 167.1 164.8 Computer equipment 133.8 130.3 Leasehold improvements 306.2 299.7 Property and equipment $ 614.7 $ 605.5 Property and equipment are stated at cost and are depreciated using primarily the straight-line method over the following estimated useful lives: buildings - up to 40 years; furniture, fixtures, autos and computer equipment - 2 to 15 years |
Leases | Leases As of January 1, 2019, we adopted the new accounting guidance on leases, which requires a lessee to recognize right-of-use (“ROU”) assets and lease liabilities of 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. Results for reporting periods beginning after January 1, 2019 are presented under the new guidance, while prior periods continue to be reported in accordance with previous accounting guidance. We determined that no cumulative effect adjustment to retained earnings was necessary upon adoption. We have operating leases for real estate, vehicles, and equipment. Our leases have remaining lease terms of 1 month to 11 years. Our lease agreements may include renewal or termination options for varying periods that are generally at our discretion. In our lease term, we only include those periods related to renewal options we are reasonably certain to exercise. However, we generally do not include these renewal options as we are not reasonably certain to renew at the lease commencement date. This determination is based on our consideration of certain economic, strategic and other factors that we evaluate at lease commencement date and reevaluate throughout the lease term. Some leases also include options to terminate the leases and we only include those periods beyond the termination date if we are reasonably certain not to exercise the termination option. Some leasing arrangements require variable payments that are dependent on usage or may vary for other reasons, such as payments for insurance and tax payments. The variable portion of lease payments is not included in our ROU assets or lease liabilities. Rather, variable payments, other than those dependent upon an index or rate, are expensed when the obligation for those payments is incurred and are included in lease expenses recorded in selling and administrative expenses on the Consolidated Statements of Operations. We have lease agreements with both lease and non-lease components that are treated as a single lease component for all underlying asset classes. Accordingly, all expenses associated with a lease contract are accounted for as lease expenses. 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. |
Derivative Financial Instruments | Derivative Financial Instruments We account for our derivative instruments in accordance with the accounting guidance on derivative instruments and hedging activities. Derivative instruments are recorded on the balance sheet as either an asset or liability measured at their fair value. If the derivative is designated as a fair value hedge, the changes in the fair value of the derivative and of the hedged item attributable to the hedged risk are recognized in earnings. If the derivative is designated as a cash flow hedge, the effective portions of the changes in the fair value of the derivative are recorded as a component of accumulated other comprehensive loss and recognized in the Consolidated Statements of Operations when the hedged item affects earnings. The ineffective portions of the changes in the fair value of cash flow hedges are recognized in earnings. |
Foreign Currency Translation | Foreign Currency Translation The financial statements of our non-United States subsidiaries have been translated in accordance with the accounting guidance on foreign currency translation. Under the accounting guidance, asset and liability accounts are translated at the current exchange rates and income statement items are translated at the average exchange rates each month. The resulting translation adjustments are recorded as a component of accumulated other comprehensive loss, which is included in shareholders’ equity. As of July 1, 2018, the Argentina economy was designated as highly-inflationary and was treated as such for accounting purposes starting in the third quarter of 2018. A portion of our Euro-denominated notes is accounted for as a hedge of our net investment in our subsidiaries with a Euro-functional currency. For this portion of the Euro-denominated notes, since our net investment in these subsidiaries exceeds the amount of the related borrowings, net of tax, the related translation gains or losses are included as a component of accumulated other comprehensive loss. |
Shareholders' Equity | Shareholders’ Equity The Board of Directors authorized the repurchase of 6.0 million shares of our common stock in each of August 2019, August 2018 and July 2016. 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 2020, we repurchased a total of 3.4 million shares comprised of 0.8 million shares under the 2018 authorization and 2.6 million shares under the 2019 authorization, at a total cost of $264.7. The repurchases in 2020 occurred within the first quarter and fourth quarter of 2020. In 2019, we repurchased a total of 2.4 million shares at a total cost of $203.0 under the 2018 authorization. In 2018, we repurchased a total of 5.7 million shares, comprised of 2.9 million shares under the 2018 authorization and 2.8 million shares under the 2016 authorization, at a total cost of $500.7. As of December 31, 2020, there were 3.4 million shares remaining authorized for repurchase under the 2019 authorization and no shares remaining authorized for repurchase under either the 2018 or 2016 authorization. During 2020, 2019 and 2018, the Board of Directors declared total cash dividends of $2.26, $2.18 and $2.02 per share, respectively, resulting in total dividend payments of $129.1, $129.3 and $127.3, respectively. Noncontrolling interests, included in total shareholders' equity in our Consolidated Balance Sheets, represent amounts related to majority-owned subsidiaries in which we have a controlling financial interest. Net earnings attributable to these noncontrolling interests are recorded in interest and other expenses in our Consolidated Statements of Operations. We recorded income of $4.7 and $4.9 for 2020 and 2018, respectively, and expense of $1.8 for 2019. The income recorded in 2020 was due to losses in a joint venture in Germany. The income recorded in 2018 was due to a revision in one of our joint venture agreements. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents comprise cash on hand, term deposits with banks and short-term highly-liquid financial investments that are readily convertible to known amounts of cash which are subject to insignificant risk of changes in value; and have a maturity of three months or less from the date of acquisition. |
Payroll Tax Credit | Payroll Tax Credit In January 2013, the French government passed legislation, Credit d’Impôt pour la Compétitivité et l’Emploi (“CICE”), that provided payroll tax credits based on a percentage of wages paid to employees receiving less than two-and-a-half times 6% The payroll tax credit was creditable against our current French income tax payable, with any remaining amount being paid after three years. Given the amount of our current income taxes payable, we would generally receive the vast majority of these payroll tax credits after the three-year period. In April 2019 and April 2018, we entered into agreements to sell the credits earned in 2018 and 2017, respectively, for net proceeds of $103.5 (€92.0) and $234.5 (€190.9),respectively, which represented approximately half of the credits earned in 2018 and substantially all the credits earned in 2017. We derecognized these receivables upon the sale as the terms of the agreement were such that the transaction qualified for sale treatment according to the accounting guidance on the transfer and servicing of assets. The discount on the sale of these receivables was recorded in cost of services as a reduction of the payroll tax credits earned in the respective year. |
Recently Issued Accounting Standards | Accounting Standards Effective as of January 1, 2020 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 was effective for us as of January 1, 2020. The adoption of this guidance did not 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 was effective for us as of January 1, 2020. The adoption of this guidance had 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 was effective for us as of January 1, 2020. The adoption of this guidance had no impact 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 was effective for us as of January 1, 2020. The adoption of this guidance had no impact on our Consolidated Financial Statements. In March 2020, the FASB issued new guidance on accounting for contract modifications, including hedging relationships, due to the transition from LIBOR and other interbank offerings related to alternative reference interest rates. The guidance is effective upon issuance and can be applied to applicable contract modifications through December 31, 2022. We are currently assessing the impact of the transition from LIBOR to alternative reference interest rates. We do not expect a material impact on our Consolidated Financial Statements. Recently Issued Accounting Standards In December 2019, the FASB issued new guidance on income taxes. The guidance removes certain exceptions to the general income tax accounting principles and clarifies and amends existing guidance to facilitate consistent application of the accounting principles. The new guidance is effective for us as of January 1, 2021. We do not expect the adoption of this guidance to have a material impact on our Consolidated Financial Statements. In January 2020, the FASB issued new guidance on equity method investments. The guidance clarifies the interactions between the existing accounting standards on equity securities, equity method and joint ventures, and derivatives and hedging. The new guidance addresses accounting for the transition into and out of the equity method and measuring certain purchased options and forward contracts to acquire investments. The new guidance is effective for us as of January 1, 2021. We do not expect the adoption of this guidance to have a material impact on our Consolidated Financial Statements. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Summary of Rollforward of Allowance for Doubtful Accounts | We have an allowance for doubtful accounts recorded as an estimate of the accounts receivable balance that may not be collected. This allowance is calculated on an entity-by-entity basis with consideration for historical write-off experience, the current aging of receivables, market conditions and a specific review for potential bad debts. Items that affect this balance mainly include bad debt expense and the write-off of accounts receivable balances. Balance at Beginning of Year Provisions Charged to Earnings Write-Offs Translation Adjustments Reclassifications and Other Balance at End of Year 2020 $ 113.5 $ 20.3 $ (17.8 ) $ 8.1 $ 4.0 $ 128.1 2019 115.7 21.8 (19.1 ) (5.0 ) 0.1 113.5 2018 110.8 23.0 (12.0 ) (6.3 ) 0.2 115.7 |
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 Corporate Total Balance, December 31, 2018 $ 0.5 $ 1.9 $ 13.1 $ — $ — $ 15.5 Severance costs 3.8 5.2 17.6 3.5 2.3 32.4 Office closure costs 5.8 0.1 2.0 0.9 0.8 9.6 Costs paid or utilized (9.7 ) (6.5 ) (26.5 ) (4.4 ) (3.1 ) (50.2 ) Balance, December 31, 2019 $ 0.4 $ 0.7 $ 6.2 $ — $ — $ 7.3 Severance costs 5.5 16.2 49.8 2.5 0.2 74.2 Office closure costs 19.6 5.1 2.1 0.5 — 27.3 Other costs 4.4 3.2 0.5 1.1 — 9.2 Costs paid, utilized or transferred out (28.0 ) (21.7 ) (17.9 ) (4.1 ) (0.2 ) (71.9 ) Balance, December 31, 2020 $ 1.9 $ 3.5 $ 40.7 $ — $ — $ 46.1 (1) Balance related to United States was $0.3 as of December 31, 2018. In 2019, United States incurred $1.3 for severance costs and $5.4 for office closure costs and paid/utilized $6.7, leaving a $0.3 liability as of December 31, 2019. In 2020, United States incurred $3.8 for severance costs, $17.8 for office closure costs and $4.2 for other costs and paid/utilized $24.7, leaving a $1.4 liability as of December 31, 2020. (2) Balance related to France was $1.1 as of December 31, 2018. In 2019, France paid/utilized $1.1, leaving no liability as of December 31, 2019. In 2020, France incurred $2.6 for office closure costs and $1.2 for other costs and paid/utilized $3.2, leaving a $0.6 liability as of December 31, 2020. Balance related to Italy was $0.5 as of December 31, 2018. In 2019, Italy incurred $2.3 for severance costs and paid/utilized $2.5, leaving a $0.3 liability as of December 31, 2019. In 2020, Italy incurred $1.9 for severance costs, $0.5 for office closure costs and $1.0 for other costs and paid/utilized $2.3, leaving a $1.4 liability as of December 31, 2020. |
Schedule of Fair Value of Assets and Liabilities Measured on a Recurring Basis | The assets and liabilities measured and recorded at fair value on a recurring basis were as follows: Fair Value Measurements Using Fair Value Measurements Using December 31, 2020 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) December 31, 2019 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Deferred compensation plan assets $ 119.4 $ 119.4 $ — $ — $ 107.3 $ 107.3 $ — $ — Cross-currency swaps 12.1 — 12.1 — 9.7 — 9.7 — Foreign currency forward contracts 1.0 — 1.0 — — — — — $ 132.5 $ 119.4 $ 13.1 $ — $ 117.0 $ 107.3 $ 9.7 $ — Liabilities Cross-currency swaps $ 30.5 $ — $ 30.5 $ — $ 6.0 $ — $ 6.0 $ — $ 30.5 $ — $ 30.5 $ — $ 6.0 $ — $ 6.0 $ — |
Schedule of Goodwill, Finite-Lived Intangible Assets and Indefinite-Lived Intangible Assets | We had goodwill, finite-lived intangible assets and indefinite-lived intangible assets as follows: December 31, 2020 December 31, 2019 Gross Accumulated Amortization Net Gross Accumulated Amortization Net Goodwill (1) $ 1,225.8 $ — $ 1,225.8 $ 1,260.1 $ — $ 1,260.1 Intangible assets: Finite-lived: Customer relationships $ 473.0 $ 403.8 $ 69.2 $ 460.5 $ 375.7 $ 84.8 Other 21.9 21.6 0.3 20.9 13.7 7.2 494.9 425.4 69.5 481.4 389.4 92.0 Indefinite-lived: Tradenames (2) 52.0 — 52.0 52.0 — 52.0 Reacquired franchise rights 127.1 — 127.1 124.6 — 124.6 179.1 — 179.1 176.6 — 176.6 Total intangible assets $ 674.0 $ 425.4 $ 248.6 $ 658.0 $ 389.4 $ 268.6 (1) Balances were net of accumulated impairment loss of $644.2 and $577.4 as of December 31, 2020 and 2019, respectively. (2) Balances were net of accumulated impairment loss of $139.5 as of both December 31, 2020 and 2019. |
Summary of Property and Equipment | A summary of property and equipment as of December 31 is as follows: 2020 2019 Land $ 0.5 $ 0.5 Buildings 7.1 10.2 Furniture, fixtures, and autos 167.1 164.8 Computer equipment 133.8 130.3 Leasehold improvements 306.2 299.7 Property and equipment $ 614.7 $ 605.5 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Revenue From Contract With Customer [Abstract] | |
Disaggregation of Revenue | In the following table, revenue is disaggregated by service types and timing of revenue recognition and includes a reconciliation of the disaggregated revenues by reportable segment. As described further in Note 14, effective in the first quarter of 2020 our segment reporting was realigned due to our Right Management business being combined with each of our respective country business units. Accordingly, our former reportable segment, Right Management, is now reported within each of our respective reportable segments. All previously reported results have been restated to conform to the current year presentation. Year Ended December 31, 2020 2019 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 $ 1,942.9 $ 125.3 $ 88.4 $ 170.6 $ 2,327.2 $ 2,186.8 $ 150.7 $ 98.0 $ 155.1 $ 2,590.6 Other Americas 1,393.0 41.8 17.8 12.6 1,465.2 1,596.6 53.0 25.4 13.0 1,688.0 3,335.9 167.1 106.2 183.2 3,792.4 3,783.4 203.7 123.4 168.1 4,278.6 Southern Europe: France 3,985.6 295.7 39.7 17.1 4,338.1 5,159.5 237.8 52.1 30.2 5,479.6 Italy 1,296.7 30.1 27.0 16.9 1,370.7 1,401.9 45.5 37.6 23.3 1,508.3 Other Southern Europe 1,752.0 341.5 39.9 13.0 2,146.4 1,800.7 333.8 58.9 13.1 2,206.5 7,034.3 667.3 106.6 47.0 7,855.2 8,362.1 617.1 148.6 66.6 9,194.4 Northern Europe 3,545.7 264.9 100.3 65.8 3,976.7 4,180.9 339.9 145.6 69.1 4,735.5 APME 1,876.3 340.7 121.6 38.1 2,376.7 2,159.7 301.7 159.9 33.7 2,655.0 Total $ 15,792.2 $ 1,440.0 $ 434.7 $ 334.1 $ 18,001.0 $ 18,486.1 $ 1,462.4 $ 577.5 $ 337.5 $ 20,863.5 Year Ended December 31, 2020 2019 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 $ 2,281.7 $ 45.5 $ 2,327.2 $ 2,536.7 $ 53.9 $ 2,590.6 Other Americas 1,453.6 11.6 1,465.2 1,670.6 17.4 1,688.0 3,735.3 57.1 3,792.4 4,207.3 71.3 4,278.6 Southern Europe: France 4,301.8 36.3 4,338.1 5,430.7 48.9 5,479.6 Italy 1,345.4 25.3 1,370.7 1,473.6 34.7 1,508.3 Other Southern Europe 2,113.0 33.4 2,146.4 2,157.7 48.8 2,206.5 7,760.2 95.0 7,855.2 9,062.0 132.4 9,194.4 Northern Europe 3,889.2 87.5 3,976.7 4,608.7 126.8 4,735.5 APME 2,310.0 66.7 2,376.7 2,554.1 100.9 2,655.0 Total $ 17,694.7 $ 306.3 $ 18,001.0 $ 20,432.1 $ 431.4 $ 20,863.5 |
Share-Based Compensation Plans
Share-Based Compensation Plans (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of Stock Option Activity | A summary of stock option activity is as follows: Shares (000) Wtd. Avg. Exercise Price Per Share Wtd. Avg. Remaining Contractual Term (years) Aggregate Intrinsic Value (in millions) Outstanding, January 1, 2018 574 $77 Granted 122 123 Exercised (24) 78 $1 Expired or cancelled — — Outstanding, December 31, 2018 672 $85 5.9 $1 Exercisable, December 31, 2018 401 $76 4.5 $1 Outstanding, January 1, 2019 672 $85 Granted 174 84 Exercised (79) 65 $2 Expired or cancelled (44) 91 Outstanding, December 31, 2019 723 $87 6.1 $10 Exercisable, December 31, 2019 426 $82 4.5 $8 Outstanding, January 1, 2020 723 $87 Granted 156 93 Exercised (90) 59 $3 Expired or cancelled (1) 54 Outstanding, December 31, 2020 788 $91 6.2 $4 Exercisable, December 31, 2020 455 $90 4.5 $3 |
Schedule of Options Outstanding and Exercisable | Options outstanding and exercisable as of December 31, 2020 were as follows: Options Outstanding Options Exercisable Exercise Price Shares (000) Weighted- Average Remaining Contractual Life (years) Weighted- Average Exercise Price Shares (000) Weighted- Average Exercise Price $75-$79 208 4.3 $76 208 $76 $80-$89 180 7.5 84 65 84 $90-$99 287 7.1 95 108 97 $100-$123 113 5.2 123 74 123 788 6.2 $91 455 $90 |
Assumptions Used to Estimate Fair Value of Share Awards | We estimated the fair value of each stock option on the date of grant using the Black-Scholes option pricing model and the following assumptions: Year Ended December 31 2020 2019 2018 Average risk-free interest rate 1.5 % 2.5 % 2.6 % Expected dividend yield 2.5 % 2.9 % 1.6 % Expected volatility 27.0 % 27.0 % 27.0 % Expected term (years) 6.0 6.0 6.0 |
Summary of Restricted Stock Activity | A summary of restricted stock activity is as follows: Shares (000) Wtd. Avg. Price Per Share Wtd. Avg. Remaining Contractual Term (years) Aggregate Intrinsic Value (in millions) Unvested, January 1, 2018 448 $77 1.2 Granted 145 119 Vested (174) 77 Forfeited (23) 89 Unvested, December 31, 2018 396 $92 1.3 Granted 236 $84 Vested (150) 76 Forfeited (36) 93 Unvested, December 31, 2019 446 $97 1.5 Granted 200 $92 Vested (145) 95 Forfeited (17) 93 Unvested, December 31, 2020 484 $94 1.4 $44 |
Performance Share Units | A summary of the performance share units detail by grant year is as follows: 2017 2018 2019 2020 Grant Date(s) February 9, 2017 February 15, 2018 February 15, 2019 February 14, 2020 Performance Period (years) 2017-2019 2018-2020 2019-2021 2020-2022 Vesting Date February 2020(a) February 2021(a) February 2022(a) February 2023(a) Payout Levels (in units): Threshold Award 57,563 42,361 61,381 59,698 Target Award 115,125 84,726 122,761 119,395 Outstanding Award 230,250 169,452 245,522 238,790 Shares Issued in 2020 88,807 — — — Payout Achieved Over Performance Period — 42,361 — — (a) 2018, 2019 and 2020 awards are scheduled to vest in February 2021, 2022 and 2023, respectively, when the Executive Compensation and Human Resources Committee of the Board of Directors determines the achievement of the performance criteria. |
Acquisitions and Dispositions (
Acquisitions and Dispositions (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Business Combinations [Abstract] | |
Schedule of Preliminary Allocation of Assets and Liabilities | The following table summarizes the fair value of the assets and liabilities as of the acquisition date of April 3, 2019: Cash and cash equivalents $ 317.5 Accounts receivable 60.4 Prepaid expenses and other assets 31.4 Goodwill 33.8 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 (9.9 ) Accrued payroll taxes and insurance (7.5 ) Value added taxes payable (7.4 ) Other long-term liabilities (24.6 ) Total assets acquired and liabilities assumed $ 415.1 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Schedule of provision for income taxes | The provision for income taxes was as follows: Year Ended December 31 2020 2019 2018 Current United States Federal $ 5.2 $ 16.7 $ 17.2 State 4.5 2.5 10.8 Non-United States 124.6 243.6 181.9 Total current 134.3 262.8 209.9 Deferred United States Federal (11.0 ) (22.1 ) (7.5 ) State (4.9 ) 1.1 1.0 Non-United States 5.5 (22.0 ) (5.4 ) Total deferred (10.4 ) (43.0 ) (11.9 ) Total provision $ 123.9 $ 219.8 $ 198.0 |
Income Tax Reconciliation | A tax reconciliation between taxes computed at the United States federal statutory rate of 21% and the consolidated effective tax rate is as follows: Year Ended December 31 2020 2019 2018 Income tax based on statutory rate $ 31.0 $ 143.9 $ 158.5 Increase (decrease) resulting from: Non-United States tax rate difference: French business tax (1) 43.7 54.9 59.1 French CICE (2) — — (39.9 ) Other (1)(2) 9.7 37.3 20.0 Repatriation of non-United States earnings (2.0 ) (17.8 ) 2.5 State income taxes, net of federal benefit (1.3 ) 3.1 8.2 Change in valuation allowance (3) 48.5 20.0 0.7 Work Opportunity Tax Credit (4) (4.9 ) (10.4 ) (8.8 ) Foreign-Derived Intangible Income deduction (8.8 ) (11.9 ) (12.5 ) United States Tax Act and French tax reform — — 3.2 Goodwill impairment (5) 13.4 11.9 — Gain related to Manpower Switzerland and Greater China transactions (6) — (22.8 ) — Other, net (5.4 ) 11.6 7.0 Tax provision $ 123.9 $ 219.8 $ 198.0 (1) The French business tax is allowed as a deduction for French income tax purposes. The gross amount of the French business tax was $55.3, $69.5 and $74.8 for 2020, 2019 and 2018, respectively. The amounts in the table above of $43.7, $54.9 and $59.1 for 2020, 2019 and 2018, respectively, represent the French business tax expense net of the French tax benefit using the United States federal rate of 21%. Included in Other Non-United States tax rate differences are benefits of $6.1, $9.3 and $10.1 for 2020, 2019 and 2018, respectively, related to the difference between the United States federal rate and the French tax rate applied to the respective gross amounts of the French business tax. In December 2020, the French Parliament approved the Finance Bill for 2021 which lowered the business tax rate from 1.5% to 0.75%. The benefit of this tax rate reduction will be reflected in our 2021 Consolidated Financial Statements. (2) The French CICE was a payroll tax credit that was tax-free for French tax purposes and increased French earnings. The amount in the table above of $39.9 for 2018 represents the French tax benefit using the United States federal rate of 21%. Included in Other Non-United States tax rate differences is a benefit of $25.5 for 2018 related to the difference between the United States federal rate and French tax rate applied to the respective gross French CICE amount. (3) In 2020, we determined that it was more likely than not that certain deferred tax assets in Germany and the Netherlands would not be realized and recorded income tax expense of $36.9 and $8.1, respectively, to establish valuation allowances. (4) In December 2020, the Consolidation Appropriations Act, 2021 was signed into law, which includes a five-year extension of the Work Opportunity Tax Credit through December 31, 2025. (5) Non-deductible portion of the goodwill impairment charges recorded in Germany in June 2020 and 2019. (6) Non-taxable gains on the disposition of our previously held equity interest in Manpower Switzerland in April 2019 and the deconsolidation of ManpowerGroup Greater China Limited in July 2019. |
Deferred Income Taxes Temporary Differences | Temporary differences, which give rise to the deferred taxes, are as follows: December 31 2020 2019 Future Income Tax Benefits (Expense) Accrued payroll taxes and insurance $ 32.2 $ 12.8 Employee compensation payable 26.2 27.2 Pension and postretirement benefits 79.1 62.3 Intangible assets (113.6 ) (108.7 ) Repatriation of non-United States earnings (10.0 ) (8.8 ) Loans denominated in foreign currencies 13.5 (16.4 ) Operating lease ROU assets (106.2 ) (115.8 ) Operating lease liabilities 112.0 118.1 Net operating losses 136.2 89.5 Other 127.9 135.0 Valuation allowance (149.4 ) (87.8 ) Total future tax benefits $ 147.9 $ 107.4 Deferred tax asset $ 165.7 $ 126.2 Deferred tax liability (17.8 ) (18.8 ) Total future tax benefits $ 147.9 $ 107.4 |
Summary of Net Operating Loss Carryforwards | The net operating loss carryforwards expire as follows: United States Federal and Non-United States United States State 2021 $ 5.2 $ 4.6 2022 6.7 5.0 2023 3.9 9.8 2024 7.2 55.9 2025 20.7 5.6 Thereafter 49.6 85.5 No expirations 565.3 0.8 Total net operating loss carryforwards $ 658.6 $ 167.2 |
Summary of Unrecognized Tax Benefit Activity | The following table summarizes the activity related to our unrecognized tax benefits during 2020, 2019 and 2018: 2020 2019 2018 Gross unrecognized tax benefits, beginning of year $ 65.9 $ 32.2 $ 46.1 Increases in prior year tax positions 1.4 35.7 11.4 Decreases in prior year tax positions (4.1 ) (2.6 ) (1.8 ) Increases for current year tax positions 3.2 4.7 5.9 Expiration of statute of limitations and audit settlements (5.5 ) (4.1 ) (29.4 ) Gross unrecognized tax benefits, end of year $ 60.9 $ 65.9 $ 32.2 Potential interest and penalties 3.6 3.6 2.0 Balance, end of year $ 64.5 $ 69.5 $ 34.2 |
Net Earnings Per Share (Tables)
Net Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Calculations of Net Earnings Per Share - Basic and Diluted | The calculation of net earnings per share - basic and net earnings per share - diluted were as follows: Year Ended December 31 2020 2019 2018 Net earnings available to common shareholders: $ 23.8 $ 465.7 $ 556.7 Weighted-average common shares outstanding (in millions): Weighted-average common shares outstanding - basic 58.0 59.9 64.6 Effect of dilutive securities - stock options — — 0.1 Effect of other share-based awards 0.3 0.4 0.4 Weighted-average common shares outstanding - diluted 58.3 60.3 65.1 Net earnings per share - basic $ 0.41 $ 7.78 $ 8.62 Net earnings per share - diluted $ 0.41 $ 7.72 $ 8.56 |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Changes in Carrying Value of Goodwill by Reportable Segment | Changes in the carrying value of goodwill by reportable segment and Corporate were as follows: Americas (1) Southern Europe (2) Northern Europe APME Corporate (3) Total (4) Balance, January 1, 2019 $ 519.9 $ 112.2 $ 435.4 $ 102.0 $ 127.6 $ 1,297.1 Goodwill acquired 14.2 33.8 — — — 48.0 Goodwill allocated to business units deconsolidated (5) — — — (18.5 ) (1.6 ) (20.1 ) Impairment charge (6) — — (60.2 ) (3.8 ) — (64.0 ) Currency impact and other 1.5 (1.2 ) (0.6 ) (0.6 ) — (0.9 ) Balance, December 31, 2019 535.6 144.8 374.6 79.1 126.0 1,260.1 Impairment charge (7) — — (66.8 ) — — (66.8 ) Currency impact and other 1.0 10.1 18.8 2.6 — 32.5 Balance, December 31, 2020 $ 536.6 $ 154.9 $ 326.6 $ 81.7 $ 126.0 $ 1,225.8 (1) Balances related to United States were $490.3 as of January 1, 2019 and December 31, 2019 and $490.2 as of December 31, 2020. (2) Balances related to France were $68.9, $67.3 and $73.3 as of January 1, 2019, December 31, 2019 and December 31, 2020, respectively. Balances related to Italy were $4.8, $4.6 and $4.2 as of January 1, 2019, December 31, 2019 and December 31, 2020, respectively. (3) The majority of the Corporate balance as of December 31, 2019 and 2020 relates to goodwill attributable to our acquisitions of Right Management ($62.1) and Jefferson Wells ($55.5). Jefferson Wells is part of the United States reporting unit. For purposes of monitoring our total assets by segment, we do not allocate the Corporate balance to the respective reportable segments as this is commensurate with how we operate our business. We do, however, include these balances within the appropriate reporting units for our goodwill impairment testing. See table below for the breakout of goodwill balances by reporting unit. (4) Balances were net of accumulated impairment loss of $513.4 ($235.2 related to Right Management and $278.2 related to Corporate) as of January 1, 2019, $577.4 ($60.2 related to Northern Europe, $3.8 related to APME, $235.2 related to Right Management and $278.2 related to Corporate) as of December 31, 2019, and $644.2 ($127.0 related to Northern Europe, $3.8 related to APME, $235.2 related to Right Management and $278.2 related to Corporate) as of December 31, 2020. (5) Reductions relate to our China and Hong Kong reporting units, which were deconsolidated as of July 10, 2019. See Note 4 to the Consolidated Financial Statements for further information. (6) The 2019 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. (7) The 2020 impairment charge of $66.8 relates to our Germany reporting unit, which was recorded during the second quarter of 2020. See Note 1 to the Consolidated Financial Statements for further information. |
Schedule of Goodwill Balances by Reporting Unit | Goodwill balances by reporting unit were as follows: December 31 2020 2019 United States $ 545.7 $ 545.8 Netherlands 119.3 109.5 United Kingdom 100.2 97.3 France 73.3 67.3 Germany — 67.2 Other reporting units 387.3 373.0 Total goodwill $ 1,225.8 $ 1,260.1 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of Short-Term Borrowings | Information concerning short-term borrowings is as follows: December 31 2020 2019 Short-term borrowings $ 20.4 $ 61.0 Weighted-average interest rates 7.9 % 7.7 % |
Summary of Long-Term Debt | A summary of long-term debt is as follows: December 31 2020 2019 Euro-denominated notes: €500.0 due June 2026 $ 606.7 $ 555.8 €400.0 due September 2022 487.8 447.1 Other 9.0 9.5 1,103.5 1,012.4 Less current maturities — — Long-term debt $ 1,103.5 $ 1,012.4 |
Retirement and Deferred Compe_2
Retirement and Deferred Compensation Plans (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Compensation And Retirement Disclosure [Abstract] | |
Reconciliation of Changes in Benefit Obligations and the Statement of Funded Status of Plan | The reconciliation of the changes in the plans’ benefit obligations and the fair value of plan assets and the funded status of the plans are as follows. The actuarial (gain) loss related to the Non-United States plans benefit obligation as of December 31, 2020 was primarily related to changes in discount rates. United States Plans Non-United States Plans Year Ended December 31 2020 2019 2020 2019 Change in Benefit Obligation Benefit obligation, beginning of year $ 52.8 $ 48.9 $ 794.8 $ 450.0 Service cost — — 21.0 15.1 Interest cost 0.8 1.8 8.6 10.9 Acquisitions — — — 201.2 Settlements (22.3 ) — (42.2 ) (40.9 ) Transfers — — 27.0 52.7 Actuarial (gain) loss (0.4 ) 6.3 90.9 100.1 Plan participant contributions — — 11.6 9.0 Benefits paid (2.4 ) (4.2 ) (13.2 ) (11.3 ) Currency exchange rate changes — — 67.1 8.0 Benefit obligation, end of year $ 28.5 $ 52.8 $ 965.6 $ 794.8 United States Plans Non-United States Plans Year Ended December 31 2020 2019 2020 2019 Change in Plan Assets Fair value of plan assets, beginning of year $ 38.8 $ 36.1 $ 655.4 $ 354.1 Actual return on plan assets 0.1 4.4 49.7 69.5 Acquisitions — — — 196.8 Settlements (22.3 ) — (42.2 ) (40.9 ) Transfers — — 26.2 51.6 Plan participant contributions — — 11.6 9.0 Company contributions (14.2 ) 2.5 16.1 15.4 Benefits paid (2.4 ) (4.2 ) (13.2 ) (11.3 ) Currency exchange rate changes — — 50.0 11.2 Fair value of plan assets, end of year $ — $ 38.8 $ 753.6 $ 655.4 Funded Status at End of Year Funded status, end of year $ (28.5 ) $ (14.0 ) $ (211.9 ) $ (139.4 ) Amounts Recognized Noncurrent assets $ — $ 15.0 $ 32.1 $ 41.4 Current liabilities (2.4 ) (2.5 ) (1.2 ) (0.7 ) Noncurrent liabilities (26.1 ) (26.5 ) (242.8 ) (180.1 ) Net amount recognized $ (28.5 ) $ (14.0 ) $ (211.9 ) $ (139.4 ) Year Ended December 31 2020 2019 Change in Benefit Obligation Benefit obligation, beginning of year $ 14.1 $ 13.7 Interest cost 0.4 0.5 Actuarial loss 1.0 0.8 Benefits paid (0.9 ) (0.9 ) Benefit obligation, end of year $ 14.6 $ 14.1 Funded Status at End of Year Funded status, end of year $ (14.6 ) $ (14.1 ) Amounts Recognized Current liabilities $ (1.1 ) $ (1.1 ) Noncurrent liabilities (13.5 ) (13.0 ) Net amount recognized $ (14.6 ) $ (14.1 ) |
Schedule of Amounts Recognized in Accumulated Other Comprehensive Loss, Net of Tax | Amounts recognized in accumulated other comprehensive loss, net of tax, consisted of: United States Plans Non-United States Plans Year Ended December 31 2020 2019 2020 2019 Net loss $ 8.6 $ 15.8 $ 95.2 $ 50.5 Prior service cost — — 7.6 7.8 Total $ 8.6 $ 15.8 $ 102.8 $ 58.3 |
Schedule of Plans With Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets | The accumulated benefit obligation for some of our plans exceeded the fair value of plan assets as follows: December 31 2020 2019 Accumulated benefit obligation $ 491.5 $ 163.8 Plan assets 368.8 80.4 |
Schedule of Plans With Projected Benefit Obligation in Excess of Fair Value of Plan Assets | The PBO for some of our plans exceeded the fair value of plan assets as follows: December 31 2020 2019 Projected benefit obligation $ 503.2 $ 414.6 Plan assets 368.8 324.3 |
Schedule of Components of Net Periodic Benefit Cost and Other Amounts Recognized in Other Comprehensive Loss | The components of the net periodic benefit cost and other amounts recognized in other comprehensive loss for all plans were as follows: Year Ended December 31 2020 2019 2018 Net Periodic Benefit Cost Service cost $ 21.0 $ 15.1 $ 10.9 Interest cost 9.4 12.7 11.6 Expected return on assets (13.5 ) (12.9 ) (10.6 ) Settlements 13.8 0.4 — Net loss 2.7 1.2 1.4 Prior service cost 0.7 0.7 0.6 Net periodic benefit cost 34.1 17.2 13.9 Other Changes in Plan Assets and Benefit Obligation Recognized in Other Comprehensive Income/Loss Net loss (gain) 44.1 45.5 (16.6 ) Prior service cost 0.4 1.0 1.4 Amortization of net loss (6.3 ) (1.6 ) (1.4 ) Amortization of prior service cost (0.7 ) (0.7 ) (0.6 ) Total recognized in other comprehensive income/loss 37.5 44.2 (17.2 ) Total recognized in net periodic benefit cost and other comprehensive income/loss $ 71.6 $ 61.4 $ (3.3 ) The components of net periodic benefit cost and other amounts recognized in other comprehensive loss for this plan were as follows: Year Ended December 31 2020 2019 2018 Net Periodic Benefit Credit Interest cost $ 0.4 $ 0.5 $ 0.5 Net loss 0.1 — 0.1 Prior service credit (0.8 ) (0.8 ) (0.8 ) Net periodic benefit credit $ (0.3 ) $ (0.3 ) $ (0.2 ) Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income/Loss Net loss (gain) $ 1.1 $ 0.8 $ (0.5 ) Amortization of net loss (0.1 ) — (0.1 ) Amortization of prior service credit 0.8 0.8 0.8 Total recognized in other comprehensive income/loss 1.8 1.6 0.2 Total recognized in net periodic benefit cost and other comprehensive income/loss $ 1.5 $ 1.3 $ — |
Schedule of Weighted-Average Assumptions Used in Measurement of Benefit Obligation and Net Periodic Benefit Cost | The weighted-average assumptions used in the measurement of the benefit obligation were as follows: United States Plans Non-United States Plans Year Ended December 31 2020 2019 2020 2019 Discount rate 2.1 % 2.5 % 0.6 % 1.1 % Rate of compensation increase — 3.0 % 1.7 % 1.7 % The weighted-average assumptions used in the measurement of the net periodic benefit cost were as follows: United States Plans Non-United States Plans Year Ended December 31 2020 2019 2018 2020 2019 2018 Discount rate - service cost 2.5 % 4.2 % 3.6 % 1.1 % 1.8 % 2.1 % Discount rate - interest cost 2.5 % 4.2 % 3.2 % 1.1 % 1.8 % 2.1 % Expected long-term return on plan assets — 4.3 % 4.5 % 2.2 % 2.7 % 2.7 % Rate of compensation increase — 3.0 % 3.0 % 1.7 % 1.7 % 1.8 % Interest crediting rates for cash balance plans — — — 2.0 % 2.0 % — |
Schedule of Fair Value of Plan Assets By Asset Category | The fair value of our pension plan assets by asset category was as follows. As of December 31, 2020, all of our plan assets were associated with non-United States plans. Fair Value Measurements Using December 31, 2020 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Asset Category Cash and cash equivalents $ 16.1 $ 16.1 $ — $ — Equity securities: Mutual funds 116.1 116.1 — — Common stock 25.4 25.4 — — Fixed income instruments: Fixed income funds 185.6 — 185.6 — Annuity contract 56.2 — — 56.2 Bonds 41.4 — 41.4 — Guaranteed insurance contracts 21.0 — 21.0 — Other types of investments: Insurance contracts 157.8 — — 157.8 Real estate funds 92.1 — 90.8 1.3 Hedge funds 32.0 — 11.4 20.6 Other 9.9 — 3.2 6.7 $ 753.6 $ 157.6 $ 353.4 $ 242.6 United States Plans Non-United States Plans Fair Value Measurements Using Fair Value Measurements Using December 31, 2019 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) December 31, 2019 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Asset Category Cash and cash equivalents (1) $ 5.8 $ — $ 5.8 $ — $ 5.5 $ 5.5 $ — $ — Equity securities: Mutual funds 7.8 7.8 — — 98.0 98.0 — — Common stock — — — — 22.3 22.3 — — Fixed income instruments: Fixed income funds 25.2 — 25.2 — 160.0 — 160.0 — Annuity contract — — — — 52.5 — — 52.5 Bonds — — — — 37.0 — 37.0 — Guaranteed insurance contracts — — — — 18.5 — 18.5 — Other types of investments: Insurance contracts — — — — 130.6 — — 130.6 Real estate funds — — — — 93.3 — 87.3 6.0 Hedge funds — — — — 29.3 — 9.6 19.7 Other — — — — 8.4 — 2.4 6 $ 38.8 $ 7.8 $ 31.0 $ — $ 655.4 $ 125.8 $ 314.8 $ 214.8 (1) This category includes a prime obligations money market portfolio. |
Schedule of Changes in Fair Value of Pension Assets Measured Using Level 3 Inputs | The following table summarizes the changes in fair value of the pension assets that are measured using Level 3 inputs. We determined that transfers between fair-value-measurement levels occurred on the date of the event that caused the transfer. Year Ended December 31 2020 2019 Balance, beginning of year $ 214.8 $ 153.9 Actual return on plan assets 16.4 30.5 Acquisitions — 27.6 Purchases, sales and settlements, net (6.3 ) 2.5 Currency exchange rate changes 17.7 0.3 Balance, end of year $ 242.6 $ 214.8 |
Schedule of Projected Future Benefit Payments | Projected benefit payments from the plans as of December 31, 2020 were estimated as follows: Year Pension Plans Retiree Health Care Plan 2021 $ 65.8 $ 1.1 2022 35.6 1.1 2023 27.1 1.1 2024 25.7 1.0 2025 25.0 1.0 2026–2029 150.0 4.6 Total projected benefit payments $ 329.2 $ 9.9 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Components of Accumulated Other Comprehensive Loss, Net of Tax | The components of accumulated other comprehensive loss, net of tax, were as follows: December 31 2020 2019 Foreign currency translation $ (72.1 ) $ (260.5 ) Translation (loss) gain on derivative instruments, net of income taxes of $(34.9) and $(9.1), respectively (81.2 ) 13.1 Translation loss on long-term intercompany loans (133.3 ) (121.5 ) Defined benefit pension plans, net of income taxes of $(38.2) and $(30.9), respectively (111.4 ) (74.1 ) Retiree health care plan, net of income taxes of $1.8 and $1.6, respectively 0.7 2.0 Accumulated other comprehensive loss $ (397.3 ) $ (441.0 ) |
Interest and Other Expenses (_2
Interest and Other Expenses (Income), Net (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Other Nonoperating Income Expense [Abstract] | |
Schedule of Interest and Other Expenses (Income), Net | Interest and other expenses (income), net consisted of the following: Year Ended December 31 2020 2019 2018 Interest expense $ 43.3 $ 44.4 $ 47.0 Interest income (13.1 ) (6.0 ) (6.0 ) Foreign exchange loss 4.9 6.7 1.4 Miscellaneous expenses (income), net (1) 4.8 (85.7 ) (0.4 ) Interest and other expenses (income), net $ 39.9 $ (40.6 ) $ 42.0 (1) Included in 2019 is an $80.4 gain related to our acquisition of the remaining controlling interest in Manpower Switzerland. See Note 4 to the Consolidated Financial Statements for further information. |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Effect of Net Investment Hedges on OCI | The effect of our net investment hedges on OCI for the year ended December 31, 2020, and 2019 was as follows: (Loss) Gain Recognized in Other Comprehensive Income Year Ended December 31, Instrument 2020 2019 Euro Notes $ (90.3 ) $ 22.9 Cross-currency swaps (23.0 ) (9.0 ) |
Impact of Changes in Fair Values of Derivatives Designated as Cash Flow Hedges on OCI, AOCL and Earnings | The following tables present the impact that changes in the fair values of derivatives designated as cash flow hedges had on OCI, AOCL and earnings for the year ended December 31, 2020, and 2019: Gain Reclassified Gain Recognized in OCI from AOCL into Income Year Ended December 31, Location of Gain Reclassified Year Ended December 31, Instrument 2020 2019 from AOCL into Income 2020 2019 Cross-currency swaps $ 1.4 $ 7.3 Interest and other expenses (income), net $ 1.1 $ 8.3 |
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 year ended December 31, 2020 was as follows: Location of Gain Amount of Gain Recognized in Income Instrument Recognized in Income Year Ended December 31, 2020 2019 Foreign currency forward contracts Interest and other expenses (income), net $ 1.1 $ 11.9 |
Fair Value of Derivative and Non-Derivative Assets and Liabilities on the Consolidated Balance Sheets | The following tables present the fair value of derivative and non-derivative assets and liabilities on the Consolidated Balance Sheets as of December 31, 2020, and 2019: Assets December 31, Balance Sheet Location 2020 2019 Instruments designated as cash flow hedges: Cross-currency swaps Prepaid expenses and other assets $ 12.1 $ 9.7 Instruments not designated as hedges: Foreign currency forward contracts Accounts receivable, net 1.0 — Total instruments $ 13.1 $ 9.7 Liabilities December 31, Balance Sheet Location 2020 2019 Instruments designated as net investment hedges: Euro Notes Long-term debt $ 1,094.5 $ 1,002.9 Cross-currency swaps Accrued liabilities 30.5 6.0 Total instruments $ 1,125.0 $ 1,008.9 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Components of Lease Expense and Other Information | The components of lease expense were as follows: Year Ended December 31, 2020 2019 Operating lease expense $ 143.1 $ 153.5 Short-term lease expense 11.3 17.6 Other lease expense (1) 16.7 15.8 Total lease expense $ 171.1 $ 186.9 (1) Other lease expense includes variable lease expense and sublease income. Other information related to leases was as follows: Year Ended December 31, Supplemental Cash Flow Information 2020 2019 Cash paid for amounts included in the measurement of operating lease liabilities $ 142.0 $ 150.1 Operating ROU assets obtained in exchange for lease obligations 63.6 129.3 December 31, 2020 2019 Weighted Average Remaining Lease Term Operating leases 5.2 years 5.6 years Weighted Average Discount Rate Operating leases 2.9 % 3.1 % |
Supplemental Balance Sheet Information | December 31, Supplemental Balance Sheet Information 2020 2019 Operating Leases Operating lease ROU assets $ 400.7 $ 448.5 Operating lease liabilities - current (1) $ 119.3 $ 122.1 Operating lease liabilities - long-term 305.1 336.7 Total operating lease liabilities $ 424.4 $ 458.8 (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 December 31, 2020 were as follows: Period Ending December 31, 2020 Operating Leases 2021 $ 129.6 2022 99.9 2023 69.9 2024 50.6 2025 34.0 Thereafter 77.3 Total future undiscounted lease payments $ 461.3 Less imputed interest $ (36.9 ) Total operating lease liabilities $ 424.4 |
Segment Data (Tables)
Segment Data (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Schedule of Segment Data | Year Ended December 31 2020 2019 2018 Revenues from Services (a) Americas: United States (b) $ 2,327.2 $ 2,590.6 $ 2,608.9 Other Americas 1,465.2 1,688.0 1,650.0 3,792.4 4,278.6 4,258.9 Southern Europe: France 4,338.1 5,479.6 5,846.4 Italy 1,370.7 1,508.3 1,673.9 Other Southern Europe 2,146.4 2,206.5 1,879.6 7,855.2 9,194.4 9,399.9 Northern Europe 3,976.7 4,735.5 5,417.5 APME 2,376.7 2,655.0 2,914.9 18,001.0 20,863.5 21,991.2 Operating Unit Profit (Loss) Americas: United States $ 60.9 $ 128.0 $ 149.9 Other Americas 55.1 75.4 75.0 116.0 203.4 224.9 Southern Europe: France 149.0 284.9 290.9 Italy 64.2 102.5 111.3 Other Southern Europe 23.8 67.9 66.5 237.0 455.3 468.7 Northern Europe (27.6 ) 74.4 129.9 APME 70.1 127.5 118.3 $ 395.5 $ 860.6 $ 941.8 Corporate expenses (113.9 ) (121.9 ) (110.0 ) Goodwill impairment charges (66.8 ) (64.0 ) — Intangible asset amortization expense (c) (27.2 ) (29.8 ) (35.1 ) Interest and other (expenses) income, net (39.9 ) 40.6 (42.0 ) Earnings before income taxes $ 147.7 $ 685.5 $ 754.7 (a) Further breakdown of revenues from services by geographical region was as follows: Revenues from Services 2020 2019 2018 United States $ 2,327.2 $ 2,590.6 $ 2,608.9 France 4,338.1 5,479.6 5,846.4 Italy 1,370.7 1,508.3 1,673.9 United Kingdom 1,402.9 1,598.6 1,672.1 Total Foreign 15,673.8 18,272.9 19,382.3 (b) The United States revenues above represent revenues from our company-owned branches and franchise fees received from our franchise operations, which were $12.6, $15.6 and $16.1 for 2020, 2019 and 2018, respectively. (c) Intangible asset amortization related to acquisitions is excluded from operating costs within the reportable segments and corporate expenses, and shown separately. |
Schedule of Revenues from Services by Geographical Region | Further breakdown of revenues from services by geographical region was as follows: Revenues from Services 2020 2019 2018 United States $ 2,327.2 $ 2,590.6 $ 2,608.9 France 4,338.1 5,479.6 5,846.4 Italy 1,370.7 1,508.3 1,673.9 United Kingdom 1,402.9 1,598.6 1,672.1 Total Foreign 15,673.8 18,272.9 19,382.3 |
Schedule of Segment Information - Depreciation and Amortization Expense, Earnings from Equity Investment, Total Assets, Equity Investments, Long-Lived Assets and Additions to Long-Lived Assets | Year Ended December 31 2020 2019 2018 Depreciation and Amortization Expense Americas: United States $ 7.8 $ 8.6 $ 9.8 Other Americas 2.3 2.4 2.5 10.1 11.0 12.3 Southern Europe: France 14.4 13.9 14.2 Italy 2.1 1.8 1.9 Other Southern Europe 5.3 4.9 5.0 21.8 20.6 21.1 Northern Europe 8.9 9.8 11.4 APME 8.2 5.9 5.8 Corporate expenses 0.1 0.1 0.1 Intangible asset amortization expense(a) 27.2 29.8 35.1 $ 76.3 $ 77.2 $ 85.8 Earnings from Equity Investments Americas: United States $ — $ — $ — Other Americas — — — — — — Southern Europe: France — — — Italy (0.1 ) (0.1 ) (0.2 ) Other Southern Europe — 47.5 1.7 (0.1 ) 47.4 1.5 Northern Europe — — — APME — — — Corporate 4.7 3.1 (0.3 ) $ 4.6 $ 50.5 $ 1.2 (a) Intangible asset amortization related to acquisitions is excluded from operating costs within the reportable segments and corporate expenses, and shown separately. As of December 31 2020 2019 2018 Total Assets Americas: United States $ 2,103.8 $ 2,153.8 $ 1,888.1 Other Americas 381.3 382.4 344.0 2,485.1 2,536.2 2,232.1 Southern Europe: France 2,778.3 2,732.6 2,740.9 Italy 540.4 464.2 406.5 Other Southern Europe 848.5 778.7 583.5 4,167.2 3,975.5 3,730.9 Northern Europe 1,366.7 1,478.5 1,240.9 APME 806.0 744.2 795.0 Corporate (a) 503.2 489.4 520.9 $ 9,328.2 $ 9,223.8 $ 8,519.8 Equity Investments Americas: United States $ — $ — $ — Other Americas — — — — — — Southern Europe: France — — — Italy 0.1 0.3 0.3 Other Southern Europe — — 157.8 0.1 0.3 158.1 Northern Europe — — — APME — — 2.3 Corporate 106.5 97.5 1.0 $ 106.6 $ 97.8 $ 161.4 (a) Corporate assets include assets that were not used in the operations of any segment, the most significant of which were purchased intangibles and cash. A s of and Year Ended December 31 2020 2019 2018 Long-lived Assets (a) Americas: United States $ 16.5 $ 20.5 $ 22.4 Other Americas 7.5 8.2 6.3 24.0 28.7 28.7 Southern Europe: France 44.8 46.9 50.1 Italy 6.0 5.2 5.0 Other Southern Europe 21.0 23.5 23.4 71.8 75.6 78.5 Northern Europe 26.5 27.5 30.6 APME 25.5 18.9 22.1 Corporate 6.5 0.2 0.1 $ 154.3 $ 150.9 $ 160.0 Additions to Long-Lived Assets Americas: United States $ 7.0 $ 8.3 $ 7.7 Other Americas 2.5 4.4 2.9 9.5 12.7 10.6 Southern Europe: France 9.3 12.9 18.1 Italy 2.6 2.1 2.2 Other Southern Europe 4.4 5.0 5.9 16.3 20.0 26.2 Northern Europe 7.3 7.7 16.6 APME 14.1 8.2 6.8 Corporate — 0.1 0.1 $ 47.2 $ 48.7 $ 60.3 (a) Further breakdown of long-lived assets by geographical region was as follows: Long-Lived Assets 2020 2019 2018 United States $ 16.5 $ 20.5 $ 22.4 France 44.8 46.9 50.1 Italy 6.0 5.2 5.0 United Kingdom 5.0 5.8 7.0 Total Foreign 137.8 130.4 137.6 |
Schedule of Long-Lived Assets by Geographical Region | Further breakdown of long-lived assets by geographical region was as follows: Long-Lived Assets 2020 2019 2018 United States $ 16.5 $ 20.5 $ 22.4 France 44.8 46.9 50.1 Italy 6.0 5.2 5.0 United Kingdom 5.0 5.8 7.0 Total Foreign 137.8 130.4 137.6 |
Quarterly Data (Unaudited) (Tab
Quarterly Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Data | First Quarter Second Quarter Third Quarter Fourth Quarter Total Year Ended December 31, 2020 Revenues from services $ 4,619.1 $ 3,742.2 $ 4,584.8 $ 5,054.9 $ 18,001.0 Gross profit 724.0 576.7 725.1 798.9 2,824.7 Operating profit (loss) (a)( c )(d) (e) 37.7 (50.0 ) 61.6 138.3 187.6 Net earnings (loss) (a)(b)(c)(d) (e)(f) 1.7 (64.4 ) 10.3 76.2 23.8 Net earnings (loss) per share - basic $ 0.03 $ (1.11 ) $ 0.18 $ 1.34 $ 0.41 Net earnings (loss) per share - diluted ( g ) 0.03 (1.11 ) 0.18 1.33 0.41 Dividends per share — 1.09 — 1.17 2.26 Year Ended December 31, 2019 Revenues from services $ 5,044.9 $ 5,373.1 $ 5,248.9 $ 5,196.6 $ 20,863.5 Gross profit 804.8 870.4 840.3 859.6 3,375.1 Operating profit ( h ) (i)(k) 105.5 130.8 217.0 191.6 644.9 Net earnings ( h ) (i)(j)(k) 53.5 127.3 146.1 138.8 465.7 Net earnings per share - basic $ 0.88 $ 2.12 $ 2.44 $ 2.35 $ 7.78 Net earnings per share - diluted ( l ) 0.88 2.11 2.42 2.33 7.72 Dividends per share — 1.09 — 1.09 2.18 (a) Included restructuring costs of $48.2, $40.2 net of tax, $49.9, $42.1 net of tax, and $12.6, $8.7 net of tax, recorded in the first, third and fourth quarter, respectively. (b) Included pension settlement expenses related to one of our United States plans of $10.2, $6.3 net of tax, recorded in the first quarter. (c) Included goodwill impairment charge of $66.8 recorded in selling and administrative expenses and related tax charges of $3.7 recorded in provision for income taxes in the second quarter. (d) Included software impairment charge of $6.0, $4.5 net of tax, recorded in the second quarter. (e) Included loss on the disposition of subsidiaries of $5.8, $5.2 net of tax, recorded in the third quarter. (f) Included discrete valuation allowance in Germany of $12.4 recorded in the third quarter. (g) Included in the results are restructuring costs per diluted share of $(0.69), $(0.72), and $(0.15) for the first, third, and fourth quarter, respectively, pension settlement expenses per diluted share of $(0.11) for the first quarter, goodwill and related tax charges per diluted share of $(1.21) for the second quarter, software impairment charge of $(0.08) for the second quarter, loss on the disposition of subsidiaries of $(0.09) for the third quarter, and discrete valuation allowance in Germany of $(0.21) for the third quarter. (h) Included restructuring costs of $39.8, $31.4 net of tax, recorded in the first quarter. (i) Included goodwill impairment and related charges of $65.6 recorded in selling and administrative expenses and related tax charges of $10.3 recorded in provision for income taxes in the second quarter. (j) Included gain of $80.4 from the acquisition of the remaining controlling interest in Manpower Switzerland recorded in interest and other expenses (income), net in the second quarter. (k) Included gain of $30.4 from the ManpowerGroup Greater China Limited IPO recorded in the third quarter. (l) Included in the results are restructuring costs per diluted share of $(0.51) for the first quarter, goodwill and related tax and other charges per diluted share of $(1.26) for the second quarter, Manpower Switzerland acquisition gain per diluted share of $1.32 for the second quarter and ManpowerGroup Greater China Limited IPO gain per diluted share of $0.50 for the third quarter. |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Details) $ / shares in Units, € in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||||||||
Apr. 30, 2019USD ($) | Apr. 30, 2019EUR (€) | Apr. 30, 2018USD ($) | Apr. 30, 2018EUR (€) | Sep. 30, 2020USD ($) | Jun. 30, 2020USD ($) | Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Dec. 31, 2020USD ($)OfficeCountry$ / sharesshares | Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2018USD ($)$ / sharesshares | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Aug. 31, 2019shares | Mar. 31, 2019 | Aug. 03, 2018shares | Jul. 28, 2016shares | |
Accounting Policies [Line Items] | |||||||||||||||||||||
Number of offices worldwide (over) | Office | 2,200 | ||||||||||||||||||||
Number of countries and territories | Country | 75 | ||||||||||||||||||||
Investments value | $ 106,600,000 | $ 97,800,000 | $ 161,400,000 | ||||||||||||||||||
Unremitted earning from investments | $ 8,000,000 | 3,400,000 | |||||||||||||||||||
Payment terms | 60 days | ||||||||||||||||||||
Description of timing | Our client contracts are generally short-term in nature with a term of one year or less. The timing between satisfaction of the performance obligation, invoicing and payment is not significant. | ||||||||||||||||||||
Deferred revenue | $ 34,900,000 | 44,500,000 | |||||||||||||||||||
Advertising expenses | 22,200,000 | 25,700,000 | 27,900,000 | ||||||||||||||||||
Restructuring costs | 110,700,000 | 42,000,000 | 39,300,000 | ||||||||||||||||||
Operating lease right-of-use asset impairment | 27,300,000 | ||||||||||||||||||||
Costs paid, utilized or transferred | 71,900,000 | 50,200,000 | |||||||||||||||||||
Reserve will be paid by end of period | 46,100,000 | 7,300,000 | 15,500,000 | ||||||||||||||||||
Consolidated amortization expense related to intangibles | 27,200,000 | 29,800,000 | 35,100,000 | ||||||||||||||||||
2021 | 16,800,000 | ||||||||||||||||||||
2022 | 13,400,000 | ||||||||||||||||||||
2023 | 10,700,000 | ||||||||||||||||||||
2024 | 8,400,000 | ||||||||||||||||||||
2025 | 6,300,000 | ||||||||||||||||||||
Non-cash impairment charge loss | $ 0 | $ 0 | $ 0 | 66,800,000 | 64,000,000 | ||||||||||||||||
Goodwill | 1,225,800,000 | 1,260,100,000 | 1,297,100,000 | ||||||||||||||||||
Percentage interest acquired | 51.00% | ||||||||||||||||||||
Percentage of ownership in Swiss franchise | 49.00% | ||||||||||||||||||||
Swiss franchise investment portfolio market value | 219,900,000 | ||||||||||||||||||||
Swiss franchise realized gains | 0 | 300,000 | 12,700,000 | ||||||||||||||||||
Swiss franchise realized losses | 0 | 200,000 | 2,100,000 | ||||||||||||||||||
Net capitalized software balance | 19,200,000 | 7,500,000 | |||||||||||||||||||
Amortization expense related to capitalized software cost | $ 1,800,000 | $ 2,000,000 | $ 1,500,000 | ||||||||||||||||||
Shares authorized to be repurchased (in shares) | shares | 6,000,000 | 6,000,000 | 6,000,000 | ||||||||||||||||||
Shares repurchased (in shares) | shares | 3,400,000 | 2,400,000 | 5,700,000 | ||||||||||||||||||
Total cost of shares repurchased | $ 264,700,000 | $ 203,000,000 | $ 500,700,000 | ||||||||||||||||||
Dividends declared (in dollars per share) | $ / shares | $ 2.26 | $ 2.18 | $ 2.02 | ||||||||||||||||||
Total dividend payments | $ 129,100,000 | $ 129,300,000 | $ 127,300,000 | ||||||||||||||||||
Net earnings, net of tax, attributable to noncontrolling interests | $ 39,900,000 | (40,600,000) | $ 42,000,000 | ||||||||||||||||||
CICE payroll tax credit | 6.00% | 7.00% | 6.00% | 6.00% | 6.00% | 4.00% | |||||||||||||||
Multiplier for payroll tax credits | 2.5 | ||||||||||||||||||||
Payment period | 3 years | ||||||||||||||||||||
Net proceeds from sale of tax credits | $ 103,500,000 | € 92 | $ 234,500,000 | € 190.9 | |||||||||||||||||
Accounting Standards Update 2016-13 | |||||||||||||||||||||
Accounting Policies [Line Items] | |||||||||||||||||||||
Change in accounting principle, accounting standards update, adopted | true | ||||||||||||||||||||
Change in accounting principle, accounting standards update, adoption date | Jan. 1, 2020 | ||||||||||||||||||||
Change in accounting principle, accounting standards update, immaterial effect | true | ||||||||||||||||||||
Accounting Standards Update 2018-13 | |||||||||||||||||||||
Accounting Policies [Line Items] | |||||||||||||||||||||
Change in accounting principle, accounting standards update, adopted | true | ||||||||||||||||||||
Change in accounting principle, accounting standards update, adoption date | Jan. 1, 2020 | ||||||||||||||||||||
Change in accounting principle, accounting standards update, immaterial effect | true | ||||||||||||||||||||
Accounting Standards Update 2018-15 | |||||||||||||||||||||
Accounting Policies [Line Items] | |||||||||||||||||||||
Change in accounting principle, accounting standards update, adopted | true | ||||||||||||||||||||
Change in accounting principle, accounting standards update, adoption date | Jan. 1, 2020 | ||||||||||||||||||||
Change in accounting principle, accounting standards update, immaterial effect | true | ||||||||||||||||||||
Accounting Standards Update 2018-14 | |||||||||||||||||||||
Accounting Policies [Line Items] | |||||||||||||||||||||
Change in accounting principle, accounting standards update, adopted | true | ||||||||||||||||||||
Change in accounting principle, accounting standards update, adoption date | Jan. 1, 2020 | ||||||||||||||||||||
Change in accounting principle, accounting standards update, immaterial effect | true | ||||||||||||||||||||
Noncontrolling Interests | |||||||||||||||||||||
Accounting Policies [Line Items] | |||||||||||||||||||||
Net earnings, net of tax, attributable to noncontrolling interests | $ 4,700,000 | $ (1,800,000) | $ 4,900,000 | ||||||||||||||||||
August 2019 Authorization | |||||||||||||||||||||
Accounting Policies [Line Items] | |||||||||||||||||||||
Shares repurchased (in shares) | shares | 2,600,000 | 2,400,000 | |||||||||||||||||||
Shares remaining authorized for repurchase (in shares) | shares | 3,400,000 | ||||||||||||||||||||
August 2018 Authorization | |||||||||||||||||||||
Accounting Policies [Line Items] | |||||||||||||||||||||
Shares repurchased (in shares) | shares | 800,000 | 2,900,000 | |||||||||||||||||||
Shares remaining authorized for repurchase (in shares) | shares | 0 | ||||||||||||||||||||
July 2016 Authorization | |||||||||||||||||||||
Accounting Policies [Line Items] | |||||||||||||||||||||
Shares repurchased (in shares) | shares | 2,800,000 | ||||||||||||||||||||
Shares remaining authorized for repurchase (in shares) | shares | 0 | ||||||||||||||||||||
Leasehold Improvements | |||||||||||||||||||||
Accounting Policies [Line Items] | |||||||||||||||||||||
Estimated useful lives | lesser of life of asset or expected lease term | ||||||||||||||||||||
United Kingdom | |||||||||||||||||||||
Accounting Policies [Line Items] | |||||||||||||||||||||
Percentage of goodwill over fair value of reporting unit | 12.00% | ||||||||||||||||||||
United Kingdom | Discount Rates | |||||||||||||||||||||
Accounting Policies [Line Items] | |||||||||||||||||||||
Discount rate for goodwill impairment test (as a percent) | 11.5 | ||||||||||||||||||||
United Kingdom | Terminal Value Revenue Growth Rate | |||||||||||||||||||||
Accounting Policies [Line Items] | |||||||||||||||||||||
Discount rate for goodwill impairment test (as a percent) | 1 | ||||||||||||||||||||
United Kingdom | Terminal Value OUP Margin | |||||||||||||||||||||
Accounting Policies [Line Items] | |||||||||||||||||||||
Discount rate for goodwill impairment test (as a percent) | 3.1 | ||||||||||||||||||||
Netherlands | |||||||||||||||||||||
Accounting Policies [Line Items] | |||||||||||||||||||||
Percentage of goodwill over fair value of reporting unit | 3.30% | ||||||||||||||||||||
Netherlands | Discount Rates | |||||||||||||||||||||
Accounting Policies [Line Items] | |||||||||||||||||||||
Discount rate for goodwill impairment test (as a percent) | 10.9 | ||||||||||||||||||||
Netherlands | Terminal Value Revenue Growth Rate | |||||||||||||||||||||
Accounting Policies [Line Items] | |||||||||||||||||||||
Discount rate for goodwill impairment test (as a percent) | 2 | ||||||||||||||||||||
Netherlands | Terminal Value OUP Margin | |||||||||||||||||||||
Accounting Policies [Line Items] | |||||||||||||||||||||
Discount rate for goodwill impairment test (as a percent) | 3.5 | ||||||||||||||||||||
Northern Europe | United Kingdom | |||||||||||||||||||||
Accounting Policies [Line Items] | |||||||||||||||||||||
Goodwill | $ 100,200,000 | $ 97,300,000 | |||||||||||||||||||
Northern Europe | Netherlands | |||||||||||||||||||||
Accounting Policies [Line Items] | |||||||||||||||||||||
Goodwill | $ 119,300,000 | 109,500,000 | |||||||||||||||||||
Northern Europe | Germany | |||||||||||||||||||||
Accounting Policies [Line Items] | |||||||||||||||||||||
Non-cash impairment charge loss | $ 66,800,000 | $ 60,200,000 | |||||||||||||||||||
Goodwill | $ 67,200,000 | ||||||||||||||||||||
APME | New Zealand | |||||||||||||||||||||
Accounting Policies [Line Items] | |||||||||||||||||||||
Non-cash impairment charge loss | $ 3,800,000 | ||||||||||||||||||||
Minimum | |||||||||||||||||||||
Accounting Policies [Line Items] | |||||||||||||||||||||
Percentage of goodwill over fair value of reporting unit | 20.00% | ||||||||||||||||||||
Remaining lease terms | 1 month | ||||||||||||||||||||
Minimum | Furniture, Fixtures, and Autos | |||||||||||||||||||||
Accounting Policies [Line Items] | |||||||||||||||||||||
Estimated useful lives | 2 years | ||||||||||||||||||||
Minimum | Computer Equipment | |||||||||||||||||||||
Accounting Policies [Line Items] | |||||||||||||||||||||
Estimated useful lives | 2 years | ||||||||||||||||||||
Minimum | Discount Rates | |||||||||||||||||||||
Accounting Policies [Line Items] | |||||||||||||||||||||
Discount rate for goodwill impairment test (as a percent) | 0.091 | ||||||||||||||||||||
Maximum | |||||||||||||||||||||
Accounting Policies [Line Items] | |||||||||||||||||||||
Remaining lease terms | 11 years | ||||||||||||||||||||
Maximum | Buildings | |||||||||||||||||||||
Accounting Policies [Line Items] | |||||||||||||||||||||
Estimated useful lives | 40 years | ||||||||||||||||||||
Maximum | Furniture, Fixtures, and Autos | |||||||||||||||||||||
Accounting Policies [Line Items] | |||||||||||||||||||||
Estimated useful lives | 15 years | ||||||||||||||||||||
Maximum | Computer Equipment | |||||||||||||||||||||
Accounting Policies [Line Items] | |||||||||||||||||||||
Estimated useful lives | 15 years | ||||||||||||||||||||
Maximum | Discount Rates | |||||||||||||||||||||
Accounting Policies [Line Items] | |||||||||||||||||||||
Discount rate for goodwill impairment test (as a percent) | 0.135 | ||||||||||||||||||||
Maximum | Netherlands | |||||||||||||||||||||
Accounting Policies [Line Items] | |||||||||||||||||||||
Percentage of goodwill over fair value of reporting unit | 10.00% | ||||||||||||||||||||
Customer relationships | |||||||||||||||||||||
Accounting Policies [Line Items] | |||||||||||||||||||||
Useful life | 12 years | ||||||||||||||||||||
Other | |||||||||||||||||||||
Accounting Policies [Line Items] | |||||||||||||||||||||
Useful life | 3 years | ||||||||||||||||||||
Computer software | Minimum | |||||||||||||||||||||
Accounting Policies [Line Items] | |||||||||||||||||||||
Useful life | 3 years | ||||||||||||||||||||
Computer software | Maximum | |||||||||||||||||||||
Accounting Policies [Line Items] | |||||||||||||||||||||
Useful life | 10 years | ||||||||||||||||||||
Euro-denominated notes | Estimate of fair value measurement | Significant Other Observable Inputs (Level 2) | |||||||||||||||||||||
Accounting Policies [Line Items] | |||||||||||||||||||||
Carrying value of long-term debt | $ 1,094,500,000 | $ 1,062,500,000 | |||||||||||||||||||
Euro-denominated notes | Carrying value | Significant Other Observable Inputs (Level 2) | |||||||||||||||||||||
Accounting Policies [Line Items] | |||||||||||||||||||||
Carrying value of long-term debt | 1,159,100,000 | 1,002,900,000 | |||||||||||||||||||
Allowance for doubtful accounts | |||||||||||||||||||||
Accounting Policies [Line Items] | |||||||||||||||||||||
Bad debt expense | 20,300,000 | 21,800,000 | $ 23,000,000 | ||||||||||||||||||
Write-offs | $ 17,800,000 | $ 19,100,000 | $ 12,000,000 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Summary of Rollforward of Allowance for Doubtful Accounts (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Accounting Policies [Abstract] | |||
Balance at Beginning of Year | $ 113.5 | $ 115.7 | $ 110.8 |
Provisions Charged to Earnings | 20.3 | 21.8 | 23 |
Write-Offs | (17.8) | (19.1) | (12) |
Translation Adjustments | 8.1 | (5) | (6.3) |
Reclassifications and Other | 4 | 0.1 | 0.2 |
Balance at End of Year | $ 128.1 | $ 113.5 | $ 115.7 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Schedule of Changes in Restructuring Reserve (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Restructuring Cost and Reserve [Line Items] | ||
Balance, beginning of period | $ 7.3 | $ 15.5 |
Severance costs | 74.2 | 32.4 |
Office closure costs | 27.3 | 9.6 |
Other costs | 9.2 | |
Costs paid, utilized or transferred out | (71.9) | (50.2) |
Balance at end of year | 46.1 | 7.3 |
Reportable segments | Americas | ||
Restructuring Cost and Reserve [Line Items] | ||
Balance, beginning of period | 0.4 | 0.5 |
Severance costs | 5.5 | 3.8 |
Office closure costs | 19.6 | 5.8 |
Other costs | 4.4 | |
Costs paid, utilized or transferred out | (28) | (9.7) |
Balance at end of year | 1.9 | 0.4 |
Reportable segments | Southern Europe | ||
Restructuring Cost and Reserve [Line Items] | ||
Balance, beginning of period | 0.7 | 1.9 |
Severance costs | 16.2 | 5.2 |
Office closure costs | 5.1 | 0.1 |
Other costs | 3.2 | |
Costs paid, utilized or transferred out | (21.7) | (6.5) |
Balance at end of year | 3.5 | 0.7 |
Reportable segments | Northern Europe | ||
Restructuring Cost and Reserve [Line Items] | ||
Balance, beginning of period | 6.2 | 13.1 |
Severance costs | 49.8 | 17.6 |
Office closure costs | 2.1 | 2 |
Other costs | 0.5 | |
Costs paid, utilized or transferred out | (17.9) | (26.5) |
Balance at end of year | 40.7 | 6.2 |
Reportable segments | APME | ||
Restructuring Cost and Reserve [Line Items] | ||
Balance, beginning of period | 0 | 0 |
Severance costs | 2.5 | 3.5 |
Office closure costs | 0.5 | 0.9 |
Other costs | 1.1 | |
Costs paid, utilized or transferred out | (4.1) | (4.4) |
Balance at end of year | 0 | 0 |
Corporate | ||
Restructuring Cost and Reserve [Line Items] | ||
Balance, beginning of period | 0 | 0 |
Severance costs | 0.2 | 2.3 |
Office closure costs | 0 | 0.8 |
Other costs | 0 | |
Costs paid, utilized or transferred out | (0.2) | (3.1) |
Balance at end of year | $ 0 | $ 0 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Schedule of Changes in Restructuring Reserve (Parenthetical) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Restructuring Cost and Reserve [Line Items] | ||
Balance, beginning of period | $ 7,300,000 | $ 15,500,000 |
Severance costs | 74,200,000 | 32,400,000 |
Office closure costs | 27,300,000 | 9,600,000 |
Other costs | 9,200,000 | |
Costs paid or utilized | 71,900,000 | 50,200,000 |
Balance at end of year | 46,100,000 | 7,300,000 |
Americas | United States | ||
Restructuring Cost and Reserve [Line Items] | ||
Balance, beginning of period | 300,000 | 300,000 |
Severance costs | 3,800,000 | 1,300,000 |
Office closure costs | 17,800,000 | 5,400,000 |
Other costs | 4,200,000 | |
Costs paid or utilized | 24,700,000 | 6,700,000 |
Balance at end of year | 1,400,000 | 300,000 |
Southern Europe | France | ||
Restructuring Cost and Reserve [Line Items] | ||
Balance, beginning of period | 0 | 1,100,000 |
Office closure costs | 2,600,000 | |
Other costs | 1,200,000 | |
Costs paid or utilized | 3,200,000 | 1,100,000 |
Balance at end of year | 600,000 | 0 |
Southern Europe | Italy | ||
Restructuring Cost and Reserve [Line Items] | ||
Balance, beginning of period | 300,000 | 500,000 |
Severance costs | 1,900,000 | 2,300,000 |
Office closure costs | 500,000 | |
Other costs | 1,000,000 | |
Costs paid or utilized | 2,300,000 | 2,500,000 |
Balance at end of year | $ 1,400,000 | $ 300,000 |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies - Schedule of Assets and Liabilities Measured and Recorded at Fair Value On Recurring Basis (Details) - Fair value measured on a recurring basis - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Assets | ||
Deferred compensation plan assets | $ 119.4 | $ 107.3 |
Cross-currency swaps | 12.1 | 9.7 |
Foreign currency forward contracts | 1 | 0 |
Total assets measured at fair value | 132.5 | 117 |
Liabilities | ||
Cross-currency swaps | 30.5 | 6 |
Total liabilities measured at fair value | 30.5 | 6 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets | ||
Deferred compensation plan assets | 119.4 | 107.3 |
Cross-currency swaps | 0 | 0 |
Foreign currency forward contracts | 0 | 0 |
Total assets measured at fair value | 119.4 | 107.3 |
Liabilities | ||
Cross-currency swaps | 0 | 0 |
Total liabilities measured at fair value | 0 | 0 |
Significant Other Observable Inputs (Level 2) | ||
Assets | ||
Deferred compensation plan assets | 0 | 0 |
Cross-currency swaps | 12.1 | 9.7 |
Foreign currency forward contracts | 1 | 0 |
Total assets measured at fair value | 13.1 | 9.7 |
Liabilities | ||
Cross-currency swaps | 30.5 | 6 |
Total liabilities measured at fair value | 30.5 | 6 |
Significant Unobservable Inputs (Level 3) | ||
Assets | ||
Deferred compensation plan assets | 0 | 0 |
Cross-currency swaps | 0 | 0 |
Foreign currency forward contracts | 0 | 0 |
Total assets measured at fair value | 0 | 0 |
Liabilities | ||
Cross-currency swaps | 0 | 0 |
Total liabilities measured at fair value | $ 0 | $ 0 |
Summary of Significant Accoun_9
Summary of Significant Accounting Policies - Schedule of Goodwill, Finite-Lived Intangible Assets and Indefinite-Lived Intangible Assets (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Goodwill [Line Items] | |||
Goodwill | $ 1,225.8 | $ 1,260.1 | $ 1,297.1 |
Finite-lived: | |||
Gross | 494.9 | 481.4 | |
Accumulated Amortization | 425.4 | 389.4 | |
Net | 69.5 | 92 | |
Indefinite-lived: | |||
Gross | 179.1 | 176.6 | |
Total intangible assets | |||
Gross | 674 | 658 | |
Accumulated Amortization | 425.4 | 389.4 | |
Net | 248.6 | 268.6 | |
Tradenames | |||
Indefinite-lived: | |||
Gross | 52 | 52 | |
Reacquired franchise rights | |||
Indefinite-lived: | |||
Gross | 127.1 | 124.6 | |
Customer relationships | |||
Finite-lived: | |||
Gross | 473 | 460.5 | |
Accumulated Amortization | 403.8 | 375.7 | |
Net | 69.2 | 84.8 | |
Other | |||
Finite-lived: | |||
Gross | 21.9 | 20.9 | |
Accumulated Amortization | 21.6 | 13.7 | |
Net | $ 0.3 | $ 7.2 |
Summary of Significant Accou_10
Summary of Significant Accounting Policies - Schedule of Goodwill, Finite-Lived Intangible Assets and Indefinite-Lived Intangible Assets (Parenthetical) (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2019 |
Total intangible assets | |||
Goodwill, accumulated impairment loss | $ 644.2 | $ 577.4 | $ 513.4 |
Tradenames | |||
Total intangible assets | |||
Indefinite-lived, accumulated impairment loss | $ 139.5 | $ 139.5 |
Summary of Significant Accou_11
Summary of Significant Accounting Policies - Summary of Property and Equipment (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment | $ 614.7 | $ 605.5 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 0.5 | 0.5 |
Buildings | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 7.1 | 10.2 |
Furniture, Fixtures, and Autos | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 167.1 | 164.8 |
Computer Equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 133.8 | 130.3 |
Leasehold Improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | $ 306.2 | $ 299.7 |
Revenue Recognition - Additiona
Revenue Recognition - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues from services | $ 5,054.9 | $ 4,584.8 | $ 3,742.2 | $ 4,619.1 | $ 5,196.6 | $ 5,248.9 | $ 5,373.1 | $ 5,044.9 | $ 18,001 | $ 20,863.5 | $ 21,991.2 |
Franchise fees | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues from services | $ 14.1 | $ 18.4 | $ 24.1 |
Revenue Recognition - Disaggreg
Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | $ 5,054.9 | $ 4,584.8 | $ 3,742.2 | $ 4,619.1 | $ 5,196.6 | $ 5,248.9 | $ 5,373.1 | $ 5,044.9 | $ 18,001 | $ 20,863.5 | $ 21,991.2 |
Services transferred over time | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 17,694.7 | 20,432.1 | |||||||||
Services transferred at a point in time | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 306.3 | 431.4 | |||||||||
Americas | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 3,792.4 | 4,278.6 | 4,258.9 | ||||||||
Americas | Services transferred over time | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 3,735.3 | 4,207.3 | |||||||||
Americas | Services transferred at a point in time | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 57.1 | 71.3 | |||||||||
Americas | United States | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 2,327.2 | 2,590.6 | 2,608.9 | ||||||||
Americas | United States | Services transferred over time | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 2,281.7 | 2,536.7 | |||||||||
Americas | United States | Services transferred at a point in time | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 45.5 | 53.9 | |||||||||
Americas | Other Americas | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 1,465.2 | 1,688 | |||||||||
Americas | Other Americas | Services transferred over time | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 1,453.6 | 1,670.6 | |||||||||
Americas | Other Americas | Services transferred at a point in time | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 11.6 | 17.4 | |||||||||
Southern Europe | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 7,855.2 | 9,194.4 | 9,399.9 | ||||||||
Southern Europe | Services transferred over time | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 7,760.2 | 9,062 | |||||||||
Southern Europe | Services transferred at a point in time | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 95 | 132.4 | |||||||||
Southern Europe | France | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 4,338.1 | 5,479.6 | |||||||||
Southern Europe | France | Services transferred over time | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 4,301.8 | 5,430.7 | |||||||||
Southern Europe | France | Services transferred at a point in time | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 36.3 | 48.9 | |||||||||
Southern Europe | Italy | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 1,370.7 | 1,508.3 | |||||||||
Southern Europe | Italy | Services transferred over time | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 1,345.4 | 1,473.6 | |||||||||
Southern Europe | Italy | Services transferred at a point in time | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 25.3 | 34.7 | |||||||||
Southern Europe | Other Southern Europe | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 2,146.4 | 2,206.5 | |||||||||
Southern Europe | Other Southern Europe | Services transferred over time | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 2,113 | 2,157.7 | |||||||||
Southern Europe | Other Southern Europe | Services transferred at a point in time | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 33.4 | 48.8 | |||||||||
Northern Europe | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 3,976.7 | 4,735.5 | 5,417.5 | ||||||||
Northern Europe | Services transferred over time | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 3,889.2 | 4,608.7 | |||||||||
Northern Europe | Services transferred at a point in time | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 87.5 | 126.8 | |||||||||
APME | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 2,376.7 | 2,655 | $ 2,914.9 | ||||||||
APME | Services transferred over time | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 2,310 | 2,554.1 | |||||||||
APME | Services transferred at a point in time | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 66.7 | 100.9 | |||||||||
Staffing and Interim | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 15,792.2 | 18,486.1 | |||||||||
Staffing and Interim | Americas | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 3,335.9 | 3,783.4 | |||||||||
Staffing and Interim | Americas | United States | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 1,942.9 | 2,186.8 | |||||||||
Staffing and Interim | Americas | Other Americas | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 1,393 | 1,596.6 | |||||||||
Staffing and Interim | Southern Europe | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 7,034.3 | 8,362.1 | |||||||||
Staffing and Interim | Southern Europe | France | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 3,985.6 | 5,159.5 | |||||||||
Staffing and Interim | Southern Europe | Italy | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 1,296.7 | 1,401.9 | |||||||||
Staffing and Interim | Southern Europe | Other Southern Europe | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 1,752 | 1,800.7 | |||||||||
Staffing and Interim | Northern Europe | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 3,545.7 | 4,180.9 | |||||||||
Staffing and Interim | APME | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 1,876.3 | 2,159.7 | |||||||||
Outcome-Based Solutions and Consulting | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 1,440 | 1,462.4 | |||||||||
Outcome-Based Solutions and Consulting | Americas | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 167.1 | 203.7 | |||||||||
Outcome-Based Solutions and Consulting | Americas | United States | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 125.3 | 150.7 | |||||||||
Outcome-Based Solutions and Consulting | Americas | Other Americas | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 41.8 | 53 | |||||||||
Outcome-Based Solutions and Consulting | Southern Europe | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 667.3 | 617.1 | |||||||||
Outcome-Based Solutions and Consulting | Southern Europe | France | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 295.7 | 237.8 | |||||||||
Outcome-Based Solutions and Consulting | Southern Europe | Italy | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 30.1 | 45.5 | |||||||||
Outcome-Based Solutions and Consulting | Southern Europe | Other Southern Europe | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 341.5 | 333.8 | |||||||||
Outcome-Based Solutions and Consulting | Northern Europe | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 264.9 | 339.9 | |||||||||
Outcome-Based Solutions and Consulting | APME | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 340.7 | 301.7 | |||||||||
Permanent Recruitment | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 434.7 | 577.5 | |||||||||
Permanent Recruitment | Americas | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 106.2 | 123.4 | |||||||||
Permanent Recruitment | Americas | United States | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 88.4 | 98 | |||||||||
Permanent Recruitment | Americas | Other Americas | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 17.8 | 25.4 | |||||||||
Permanent Recruitment | Southern Europe | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 106.6 | 148.6 | |||||||||
Permanent Recruitment | Southern Europe | France | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 39.7 | 52.1 | |||||||||
Permanent Recruitment | Southern Europe | Italy | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 27 | 37.6 | |||||||||
Permanent Recruitment | Southern Europe | Other Southern Europe | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 39.9 | 58.9 | |||||||||
Permanent Recruitment | Northern Europe | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 100.3 | 145.6 | |||||||||
Permanent Recruitment | APME | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 121.6 | 159.9 | |||||||||
Other | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 334.1 | 337.5 | |||||||||
Other | Americas | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 183.2 | 168.1 | |||||||||
Other | Americas | United States | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 170.6 | 155.1 | |||||||||
Other | Americas | Other Americas | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 12.6 | 13 | |||||||||
Other | Southern Europe | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 47 | 66.6 | |||||||||
Other | Southern Europe | France | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 17.1 | 30.2 | |||||||||
Other | Southern Europe | Italy | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 16.9 | 23.3 | |||||||||
Other | Southern Europe | Other Southern Europe | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 13 | 13.1 | |||||||||
Other | Northern Europe | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 65.8 | 69.1 | |||||||||
Other | APME | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | $ 38.1 | $ 33.7 |
Share-Based Compensation Plan_2
Share-Based Compensation Plans - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Share-based compensation | $ 24.2 | $ 26.3 | $ 27.8 | |
Consideration received from share-based awards | 7.4 | 7 | 5.2 | |
Income tax benefit recognized related to share-based compensation | $ 1.7 | $ 1.8 | $ 4.5 | |
Number of shares granted | 156,000 | 174,000 | 122,000 | |
Number of shares outstanding | 788,000 | 723,000 | 672,000 | 574,000 |
Maximum | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Performance period range | 3 years | |||
Stock option | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Share-based compensation | $ 3.3 | $ 4 | $ 4 | |
Share-based payment award vesting period | 4 years | |||
Expiration period | 10 years | |||
Fair value of options vested | $ 2.3 | $ 2.3 | $ 3.1 | |
Total unrecognized compensation cost, net of estimated forfeitures | $ 2 | |||
Total unrecognized compensation cost, weighted-average period for recognition | 1 year | |||
Weighted average of daily historical volatility of Company's stock price, weight (as a percent) | 75.00% | |||
Period considered to determine expected volatility of stock price | 5 years | |||
Implied volatility based on exchange traded options for Company's common stock, weight (as a percent) | 25.00% | |||
Weighted-average grant-date fair value of options granted (in dollars per share) | $ 18.95 | $ 17.78 | $ 31.46 | |
Stock option | Minimum | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Purchase price (as a percent) | 100.00% | |||
Stock Appreciation Rights | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Number of shares granted | 0 | 0 | ||
Number of shares outstanding | 0 | 0 | ||
Deferred Stock | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Share-based compensation | $ 1.3 | $ 1.4 | $ 1.9 | |
Deferred Stock | In Lieu of Annual Cash Retainer | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Granted (in shares) | 1,432 | 1,275 | 5,551 | |
Deferred Stock | Additional Compensation for Board Service | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Share-based payment award vesting period | 1 year | |||
Expiration period | 3 years | |||
Granted (in shares) | 11,004 | 18,172 | 10,152 | |
Restricted Stock | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Share-based compensation | $ 15.7 | $ 15.5 | $ 13.3 | |
Total unrecognized compensation cost, net of estimated forfeitures | $ 17.2 | |||
Total unrecognized compensation cost, weighted-average period for recognition | 2 years | |||
Granted (in shares) | 200,000 | 236,000 | 145,000 | |
Forfeited (in shares) | 17,000 | 36,000 | 23,000 | |
Term for restrictions to lapse | 6 years | |||
Restricted Stock | Additional Compensation for Board Service | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Granted (in shares) | 7,208 | 7,407 | 6,345 | |
Forfeited (in shares) | 1,666 | |||
Performance Shares | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Share-based compensation | $ 3.7 | $ 5.2 | $ 8.4 |
Share-Based Compensation Plan_3
Share-Based Compensation Plans - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Shares | |||
Outstanding at beginning of period (in shares) | 723 | 672 | 574 |
Granted (in shares) | 156 | 174 | 122 |
Exercised (in shares) | (90) | (79) | (24) |
Expired or cancelled (in shares) | (1) | (44) | |
Outstanding at end of period (in shares) | 788 | 723 | 672 |
Exercisable (in shares) | 455 | 426 | 401 |
Wtd. Avg. Exercise Price Per Share | |||
Outstanding at beginning of period (in dollars per share) | $ 87 | $ 85 | $ 77 |
Granted (in dollars per share) | 93 | 84 | 123 |
Exercised (in dollars per share) | 59 | 65 | 78 |
Expired or cancelled (in dollars per share) | 54 | 91 | |
Outstanding at end of period (in dollars per share) | 91 | 87 | 85 |
Exercisable (in dollars per share) | $ 90 | $ 82 | $ 76 |
Wtd. Avg. Remaining Contractual Term and Aggregate Intrinsic Value | |||
Outstanding (in years) | 6 years 2 months 12 days | 6 years 1 month 6 days | 5 years 10 months 24 days |
Exercisable (in years) | 4 years 6 months | 4 years 6 months | 4 years 6 months |
Outstanding | $ 4 | $ 10 | $ 1 |
Exercised | 3 | 2 | 1 |
Exercisable | $ 3 | $ 8 | $ 1 |
Share-Based Compensation Plan_4
Share-Based Compensation Plans - Schedule of Options Outstanding and Exercisable (Details) shares in Thousands | 12 Months Ended |
Dec. 31, 2019$ / sharesshares | |
Stock option | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Options outstanding, shares (in shares) | shares | 788 |
Options outstanding, weighted-average remaining contractual life | 6 years 2 months 12 days |
Options outstanding, weighted-average exercise price (in dollars per share) | $ 91 |
Options exercisable, shares (in shares) | shares | 455 |
Options exercisable, weighted-average exercise price (in dollars per share) | $ 90 |
$75-$79 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Exercise price range, lower range limit (in dollars per share) | 75 |
Exercise price range, upper range limit (in dollars per share) | $ 79 |
$75-$79 | Stock option | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Options outstanding, shares (in shares) | shares | 208 |
Options outstanding, weighted-average remaining contractual life | 4 years 3 months 18 days |
Options outstanding, weighted-average exercise price (in dollars per share) | $ 76 |
Options exercisable, shares (in shares) | shares | 208 |
Options exercisable, weighted-average exercise price (in dollars per share) | $ 76 |
$80-$89 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Exercise price range, lower range limit (in dollars per share) | 80 |
Exercise price range, upper range limit (in dollars per share) | $ 89 |
$80-$89 | Stock option | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Options outstanding, shares (in shares) | shares | 180 |
Options outstanding, weighted-average remaining contractual life | 7 years 6 months |
Options outstanding, weighted-average exercise price (in dollars per share) | $ 84 |
Options exercisable, shares (in shares) | shares | 65 |
Options exercisable, weighted-average exercise price (in dollars per share) | $ 84 |
$90-$99 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Exercise price range, lower range limit (in dollars per share) | 90 |
Exercise price range, upper range limit (in dollars per share) | $ 99 |
$90-$99 | Stock option | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Options outstanding, shares (in shares) | shares | 287 |
Options outstanding, weighted-average remaining contractual life | 7 years 1 month 6 days |
Options outstanding, weighted-average exercise price (in dollars per share) | $ 95 |
Options exercisable, shares (in shares) | shares | 108 |
Options exercisable, weighted-average exercise price (in dollars per share) | $ 97 |
$100-$123 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Exercise price range, lower range limit (in dollars per share) | 100 |
Exercise price range, upper range limit (in dollars per share) | $ 123 |
$100-$123 | Stock option | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Options outstanding, shares (in shares) | shares | 113 |
Options outstanding, weighted-average remaining contractual life | 5 years 2 months 12 days |
Options outstanding, weighted-average exercise price (in dollars per share) | $ 123 |
Options exercisable, shares (in shares) | shares | 74 |
Options exercisable, weighted-average exercise price (in dollars per share) | $ 123 |
Share-Based Compensation Plan_5
Share-Based Compensation Plans - Assumptions Used to Estimate Fair Value of Share Awards (Details) - Stock option | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Average risk-free interest rate (as a percent) | 1.50% | 2.50% | 2.60% |
Expected dividend yield (as a percent) | 2.50% | 2.90% | 1.60% |
Expected volatility (as a percent) | 27.00% | 27.00% | 27.00% |
Expected term (years) | 6 years | 6 years | 6 years |
Share-Based Compensation Plan_6
Share-Based Compensation Plans - Summary of Restricted Stock Activity (Details) - Restricted Stock - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2016 | |
Shares | ||||
Unvested at beginning of period (in shares) | 446 | 396 | 448 | |
Granted (in shares) | 200 | 236 | 145 | |
Vested (in shares) | (145) | (150) | (174) | |
Forfeited (in shares) | (17) | (36) | (23) | |
Unvested at end of period (in shares) | 484 | 446 | 396 | |
Wtd. Avg. Price Per Share | ||||
Unvested at beginning of period (in dollars per share) | $ 97 | $ 92 | $ 77 | |
Granted (in dollars per share) | 92 | 84 | 119 | |
Vested (in dollars per share) | 95 | 76 | 77 | |
Forfeited (in dollars per share) | 93 | 93 | 89 | |
Unvested at end of period (in dollars per share) | $ 94 | $ 97 | $ 92 | |
Equity Other Than Options, Additional [Abstract] | ||||
Unvested (in years) | 1 year 4 months 24 days | 1 year 6 months | 1 year 3 months 18 days | 1 year 2 months 12 days |
Unvested, aggregate intrinsic value | $ 44 |
Share-Based Compensation Plan_7
Share-Based Compensation Plans - Performance Share Units (Details) - Performance Shares - shares | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Payout Levels (in units): | ||||
Threshold Award (in shares) | 59,698 | 61,381 | 42,361 | 57,563 |
Target Award (in shares) | 119,395 | 122,761 | 84,726 | 115,125 |
Outstanding Award (in shares) | 238,790 | 245,522 | 169,452 | 230,250 |
Shares Issued (in shares) | 88,807 | |||
Payout Achieved Over Performance Period | 42,361 |
Acquisitions and Dispositions -
Acquisitions and Dispositions - Additional Information (Details) | Sep. 30, 2020USD ($)Business | Aug. 07, 2019 | Jul. 10, 2019 | Jul. 09, 2019 | Apr. 03, 2019USD ($) | Dec. 31, 2018USD ($)business_unit | Sep. 30, 2020USD ($) | Jun. 30, 2019USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Mar. 31, 2019 |
Business Acquisition [Line Items] | ||||||||||||
Percentage interest acquired | 51.00% | |||||||||||
Total cash consideration paid for acquisitions, net of cash acquired | $ 2,600,000 | $ 47,700,000 | $ 51,800,000 | |||||||||
Business combination, net of cash acquired | 700,000 | (77,800,000) | 9,100,000 | |||||||||
Total contingent consideration payments for acquisitions | 42,700,000 | |||||||||||
Payment for contingent consideration liability, financing activities | 1,900,000 | 13,000,000 | 18,600,000 | |||||||||
Goodwill acquired during the period | 0 | 48,000,000 | 6,100,000 | |||||||||
Intangible assets acquired during the period | $ 0 | $ 700,000 | ||||||||||
Non-cash gain on deconsolidation | 30,400,000 | |||||||||||
Number of businesses disposed | Business | 4 | |||||||||||
Net proceeds from disposal of businesses | $ 5,800,000 | |||||||||||
One-time loss on disposition | $ 5,800,000 | |||||||||||
ManpowerGroup Greater China Limited | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Percentage of diluted ownership interest, description | 36.87% as the underwriters exercised their overallotment option in full | |||||||||||
Foreign currency translation adjustment | 6,200,000 | |||||||||||
ManpowerGroup Greater China Limited | APME | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Percentage of controlling interest | 51.00% | |||||||||||
ManpowerGroup Greater China Limited | Initial Public Offering | ||||||||||||
Business Acquisition [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% | |||||||||||
Netherlands Business Unit | Disposed of by Sale | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Number of business units sold | business_unit | 1 | |||||||||||
After tax net gain | $ 3,800,000 | |||||||||||
Selling and Administrative Expenses | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
One-time loss on disposition | $ 5,800,000 | |||||||||||
Selling and Administrative Expenses | ManpowerGroup Greater China Limited | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Non-cash gain on deconsolidation | 30,400,000 | |||||||||||
Manpower Switzerland | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Percentage interest acquired | 51.00% | |||||||||||
Cash consideration for acquisitions | $ 219,500,000 | |||||||||||
Acquired interests | 58,300,000 | |||||||||||
Cash and cash equivalents | 161,200,000 | |||||||||||
Total cash impact of the acquisition | 98,000,000 | |||||||||||
Cash acquired | 317,500,000 | |||||||||||
Reclassification of foreign currency translation adjustments related to previously held equity interest | 32,500,000 | 32,500,000 | ||||||||||
Manpower Switzerland | Interest and Other Expenses (Income), Net | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Non-cash gain on disposition of previously held equity interest | $ 80,400,000 | $ 80,400,000 | ||||||||||
Experis AG | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Percentage interest acquired | 20.00% | |||||||||||
2019 Acquisitions Excluding Manpower Switzerland | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Goodwill acquired during the period | 14,200,000 | |||||||||||
Intangible assets acquired during the period | $ 9,000,000 |
Acquisitions and Dispositions_2
Acquisitions and Dispositions - Schedule of Preliminary Allocation of Assets and Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | Apr. 03, 2019 | Dec. 31, 2018 |
Business Acquisition [Line Items] | ||||
Goodwill | $ 1,225.8 | $ 1,260.1 | $ 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 | 33.8 | |||
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 | (9.9) | |||
Accrued payroll taxes and insurance | (7.5) | |||
Value added taxes payable | (7.4) | |||
Other long-term liabilities | (24.6) | |||
Total assets acquired and liabilities assumed | $ 415.1 |
Income Taxes - Schedule of Prov
Income Taxes - Schedule of Provision for Income Taxes (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Current | |||
Federal | $ 5.2 | $ 16.7 | $ 17.2 |
State | 4.5 | 2.5 | 10.8 |
Non-United States | 124.6 | 243.6 | 181.9 |
Total current | 134.3 | 262.8 | 209.9 |
Deferred | |||
Federal | (11) | (22.1) | (7.5) |
State | (4.9) | 1.1 | 1 |
Non-United States | 5.5 | (22) | (5.4) |
Total deferred | (10.4) | (43) | (11.9) |
Total provision | $ 123.9 | $ 219.8 | $ 198 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax [Line Items] | |||
Pretax income of non-United States operations | $ 86.3 | $ 416.6 | $ 551 |
Unremitted earnings of non-United States subsidiaries that are considered to be permanently invested | 439 | ||
Unremitted earnings of non-United States subsidiaries that may be remitted | 2,077.6 | ||
Deferred tax liability, undistributed foreign earnings | 10 | 8.8 | |
Deferred tax asset on net operating losses | 136.2 | 89.5 | |
Valuation allowance, net operating losses | 115.2 | ||
Gross unrecognized tax benefits | 64.5 | 69.5 | 34.2 |
Interest and penalties related to unrecognized tax benefits | $ 0 | $ 1.6 | $ (18.4) |
Earliest Tax Year | |||
Income Tax [Line Items] | |||
Income tax examination year under examination | 2013 | ||
Latest Tax Year | |||
Income Tax [Line Items] | |||
Income tax examination year under examination | 2020 | ||
United States | |||
Income Tax [Line Items] | |||
U.S. Federal statutory rate (as percent) | 21.00% | 21.00% | 21.00% |
United States Federal and Non-United States | |||
Income Tax [Line Items] | |||
Net operating loss carryforwards | $ 658.6 | ||
United States State | |||
Income Tax [Line Items] | |||
Net operating loss carryforwards | $ 167.2 |
Income Taxes - Income Tax Recon
Income Taxes - Income Tax Reconciliation (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax [Line Items] | |||
Income tax based on statutory rate | $ 31 | $ 143.9 | $ 158.5 |
Increase (decrease) resulting from: | |||
Repatriation of non-United States earnings | (2) | (17.8) | 2.5 |
State income taxes, net of federal benefit | (1.3) | 3.1 | 8.2 |
Change in valuation allowance | 48.5 | 20 | 0.7 |
Work Opportunity Tax Credit | (4.9) | (10.4) | (8.8) |
Foreign-Derived Intangible Income deduction | (8.8) | (11.9) | (12.5) |
United States Tax Act and French tax reform | 3.2 | ||
Goodwill impairment | 13.4 | 11.9 | |
Other, net | (5.4) | 11.6 | 7 |
Total provision | 123.9 | 219.8 | 198 |
Manpower Switzerland and Greater China | |||
Increase (decrease) resulting from: | |||
Gain related to Manpower Switzerland and Greater China transactions | (22.8) | ||
French Business Tax | |||
Increase (decrease) resulting from: | |||
Non-United States tax rate difference: | 43.7 | 54.9 | 59.1 |
French CICE | |||
Increase (decrease) resulting from: | |||
Non-United States tax rate difference: | (39.9) | ||
Other | |||
Increase (decrease) resulting from: | |||
Non-United States tax rate difference: | $ 9.7 | $ 37.3 | $ 20 |
Income Taxes - Income Tax Rec_2
Income Taxes - Income Tax Reconciliation (Parenthetical) (Details) - USD ($) $ in Millions | Nov. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Income Tax [Line Items] | |||||
French business tax, gross | $ 55.3 | $ 69.5 | $ 74.8 | ||
French business tax rate | 1.50% | 0.75% | |||
Repatriation of non-United States earnings | (2) | (17.8) | 2.5 | ||
Provision for income taxes | 123.9 | 219.8 | 198 | ||
Germany | |||||
Income Tax [Line Items] | |||||
Provision for income taxes | 36.9 | ||||
Netherlands | |||||
Income Tax [Line Items] | |||||
Provision for income taxes | 8.1 | ||||
French Business Tax | |||||
Income Tax [Line Items] | |||||
Non-United States tax rate difference: | $ 43.7 | $ 54.9 | $ 59.1 | ||
United States | |||||
Income Tax [Line Items] | |||||
U.S. Federal statutory rate (as percent) | 21.00% | 21.00% | 21.00% | ||
French business tax difference | |||||
Income Tax [Line Items] | |||||
Non-United States tax rate difference: | $ (6.1) | $ (9.3) | $ (10.1) | ||
Repatriation of non-United States earnings | (25.5) | ||||
French CICE | |||||
Income Tax [Line Items] | |||||
Non-United States tax rate difference: | $ (39.9) |
Income Taxes - Deferred Income
Income Taxes - Deferred Income Taxes Temporary Differences (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Future Income Tax Benefits (Expense) | ||
Accrued payroll taxes and insurance | $ 32.2 | $ 12.8 |
Employee compensation payable | 26.2 | 27.2 |
Pension and postretirement benefits | 79.1 | 62.3 |
Intangible assets | (113.6) | (108.7) |
Repatriation of non-United States earnings | (10) | (8.8) |
Loans denominated in foreign currencies | 13.5 | (16.4) |
Operating lease ROU assets | (106.2) | (115.8) |
Operating lease liabilities | 112 | 118.1 |
Net operating losses | 136.2 | 89.5 |
Other | 127.9 | 135 |
Valuation allowance | (149.4) | (87.8) |
Total future tax benefits | 147.9 | 107.4 |
Deferred tax asset | 165.7 | 126.2 |
Deferred tax liability | (17.8) | (18.8) |
Total future tax benefits | $ 147.9 | $ 107.4 |
Income Taxes - Summary of Net O
Income Taxes - Summary of Net Operating Loss Carryforwards (Details) $ in Millions | Dec. 31, 2020USD ($) |
United States Federal and Non-United States | |
Income Tax Contingency [Line Items] | |
2021 | $ 5.2 |
2022 | 6.7 |
2023 | 3.9 |
2024 | 7.2 |
2025 | 20.7 |
Thereafter | 49.6 |
No expirations | 565.3 |
Total net operating loss carryforwards | 658.6 |
United States State | |
Income Tax Contingency [Line Items] | |
2021 | 4.6 |
2022 | 5 |
2023 | 9.8 |
2024 | 55.9 |
2025 | 5.6 |
Thereafter | 85.5 |
No expirations | 0.8 |
Total net operating loss carryforwards | $ 167.2 |
Income Taxes - Summary of Unrec
Income Taxes - Summary of Unrecognized Tax Benefit Activity (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Gross unrecognized tax benefits, beginning of year | $ 65.9 | $ 32.2 | $ 46.1 |
Increases in prior year tax positions | 1.4 | 35.7 | 11.4 |
Decreases in prior year tax positions | (4.1) | (2.6) | (1.8) |
Increases for current year tax positions | 3.2 | 4.7 | 5.9 |
Expiration of statute of limitations and audit settlements | (5.5) | (4.1) | (29.4) |
Gross unrecognized tax benefits, end of year | 60.9 | 65.9 | 32.2 |
Potential interest and penalties | 3.6 | 3.6 | 2 |
Balance, end of year | $ 64.5 | $ 69.5 | $ 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 | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||||||||||
Net earnings available to common shareholders | $ 76.2 | $ 10.3 | $ (64.4) | $ 1.7 | $ 138.8 | $ 146.1 | $ 127.3 | $ 53.5 | $ 23.8 | $ 465.7 | $ 556.7 |
Weighted-average common shares outstanding (in millions): | |||||||||||
Weighted-average common shares outstanding - basic (in shares) | 58 | 59.9 | 64.6 | ||||||||
Weighted-average common shares outstanding - diluted (in shares) | 58.3 | 60.3 | 65.1 | ||||||||
Net earnings per share - basic | $ 1.34 | $ 0.18 | $ (1.11) | $ 0.03 | $ 2.35 | $ 2.44 | $ 2.12 | $ 0.88 | $ 0.41 | $ 7.78 | $ 8.62 |
Net earnings per share - diluted | $ 1.33 | $ 0.18 | $ (1.11) | $ 0.03 | $ 2.33 | $ 2.42 | $ 2.11 | $ 0.88 | $ 0.41 | $ 7.72 | $ 8.56 |
Effect of dilutive securities - stock options | |||||||||||
Weighted-average common shares outstanding (in millions): | |||||||||||
Effect of dilutive securities | 0 | 0 | 0.1 | ||||||||
Effect of other share-based awards | |||||||||||
Weighted-average common shares outstanding (in millions): | |||||||||||
Effect of dilutive securities | 0.3 | 0.4 | 0.4 |
Net Earnings Per Share - Additi
Net Earnings Per Share - Additional Information (Details) - shares shares in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 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) | 0.6 | 0.4 | 0.3 |
Goodwill - Changes in Carrying
Goodwill - Changes in Carrying Value of Goodwill by Reportable Segment (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Goodwill [Roll Forward] | ||||||
Balance at beginning of period | $ 1,260,100,000 | $ 1,297,100,000 | ||||
Goodwill acquired during the period | 0 | 48,000,000 | $ 6,100,000 | |||
Goodwill allocated to business units sold/deconsolidated | (20,100,000) | |||||
Impairment charge | $ 0 | $ 0 | $ 0 | (66,800,000) | (64,000,000) | |
Currency impact and other | 32,500,000 | (900,000) | ||||
Balance at end of period | 1,225,800,000 | 1,260,100,000 | 1,297,100,000 | |||
Reportable segments | Americas | ||||||
Goodwill [Roll Forward] | ||||||
Balance at beginning of period | 535,600,000 | 519,900,000 | ||||
Goodwill acquired during the period | 14,200,000 | |||||
Currency impact and other | 1,000,000 | 1,500,000 | ||||
Balance at end of period | 536,600,000 | 535,600,000 | 519,900,000 | |||
Reportable segments | Southern Europe | ||||||
Goodwill [Roll Forward] | ||||||
Balance at beginning of period | 144,800,000 | 112,200,000 | ||||
Goodwill acquired during the period | 33,800,000 | |||||
Currency impact and other | 10,100,000 | (1,200,000) | ||||
Balance at end of period | 154,900,000 | 144,800,000 | 112,200,000 | |||
Reportable segments | Northern Europe | ||||||
Goodwill [Roll Forward] | ||||||
Balance at beginning of period | 374,600,000 | 435,400,000 | ||||
Impairment charge | (66,800,000) | (60,200,000) | ||||
Currency impact and other | 18,800,000 | (600,000) | ||||
Balance at end of period | 326,600,000 | 374,600,000 | 435,400,000 | |||
Reportable segments | APME | ||||||
Goodwill [Roll Forward] | ||||||
Balance at beginning of period | 79,100,000 | 102,000,000 | ||||
Goodwill allocated to business units sold/deconsolidated | (18,500,000) | |||||
Impairment charge | (3,800,000) | |||||
Currency impact and other | 2,600,000 | (600,000) | ||||
Balance at end of period | 81,700,000 | 79,100,000 | 102,000,000 | |||
Corporate | ||||||
Goodwill [Roll Forward] | ||||||
Balance at beginning of period | 126,000,000 | 127,600,000 | ||||
Goodwill allocated to business units sold/deconsolidated | (1,600,000) | |||||
Balance at end of period | $ 126,000,000 | $ 126,000,000 | $ 127,600,000 |
Goodwill - Changes in Carryin_2
Goodwill - Changes in Carrying Value of Goodwill by Reportable Segment (Parenthetical) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||
Sep. 30, 2020 | Jun. 30, 2020 | Sep. 30, 2019 | Jun. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Apr. 03, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | |
Goodwill [Roll Forward] | ||||||||||
Goodwill | $ 1,225,800,000 | $ 1,260,100,000 | $ 1,297,100,000 | |||||||
Goodwill, accumulated impairment loss | 644,200,000 | 577,400,000 | $ 513,400,000 | |||||||
Goodwill impairment charges | $ 0 | $ 0 | $ 0 | 66,800,000 | 64,000,000 | |||||
Corporate | ||||||||||
Goodwill [Roll Forward] | ||||||||||
Goodwill | 126,000,000 | 126,000,000 | $ 127,600,000 | |||||||
Goodwill, accumulated impairment loss | 278,200,000 | 278,200,000 | 278,200,000 | |||||||
Jefferson Wells | ||||||||||
Goodwill [Roll Forward] | ||||||||||
Goodwill | 55,500,000 | 55,500,000 | ||||||||
Right Management | ||||||||||
Goodwill [Roll Forward] | ||||||||||
Goodwill | 62,100,000 | 62,100,000 | ||||||||
Americas | United States | ||||||||||
Goodwill [Roll Forward] | ||||||||||
Goodwill | 490,200,000 | 490,300,000 | 490,300,000 | |||||||
Americas | United States | Jefferson Wells | ||||||||||
Goodwill [Roll Forward] | ||||||||||
Goodwill | 545,700,000 | 545,800,000 | ||||||||
Southern Europe | ||||||||||
Goodwill [Roll Forward] | ||||||||||
Goodwill | $ 33,800,000 | |||||||||
Southern Europe | France | ||||||||||
Goodwill [Roll Forward] | ||||||||||
Goodwill | 73,300,000 | 67,300,000 | 68,900,000 | |||||||
Southern Europe | Italy | ||||||||||
Goodwill [Roll Forward] | ||||||||||
Goodwill | 4,200,000 | 4,600,000 | 4,800,000 | |||||||
Right Management | ||||||||||
Goodwill [Roll Forward] | ||||||||||
Goodwill, accumulated impairment loss | 235,200,000 | 235,200,000 | $ 235,200,000 | |||||||
Northern Europe | ||||||||||
Goodwill [Roll Forward] | ||||||||||
Goodwill, accumulated impairment loss | 127,000,000 | 60,200,000 | ||||||||
Northern Europe | Germany | ||||||||||
Goodwill [Roll Forward] | ||||||||||
Goodwill | 67,200,000 | |||||||||
Goodwill impairment charges | $ 66,800,000 | $ 60,200,000 | ||||||||
APME | ||||||||||
Goodwill [Roll Forward] | ||||||||||
Goodwill, accumulated impairment loss | $ 3,800,000 | $ 3,800,000 | ||||||||
APME | New Zealand | ||||||||||
Goodwill [Roll Forward] | ||||||||||
Goodwill impairment charges | $ 3,800,000 |
Goodwill - Schedule of Goodwill
Goodwill - Schedule of Goodwill Balances by Reporting Unit (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | Apr. 03, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
Goodwill [Line Items] | |||||
Goodwill | $ 1,225.8 | $ 1,260.1 | $ 1,297.1 | ||
Jefferson Wells | |||||
Goodwill [Line Items] | |||||
Goodwill | 55.5 | 55.5 | |||
Americas | United States | |||||
Goodwill [Line Items] | |||||
Goodwill | 490.2 | 490.3 | $ 490.3 | ||
Americas | United States | Jefferson Wells | |||||
Goodwill [Line Items] | |||||
Goodwill | 545.7 | 545.8 | |||
Northern Europe | Germany | |||||
Goodwill [Line Items] | |||||
Goodwill | 67.2 | ||||
Northern Europe | Netherlands | |||||
Goodwill [Line Items] | |||||
Goodwill | 119.3 | 109.5 | |||
Northern Europe | United Kingdom | |||||
Goodwill [Line Items] | |||||
Goodwill | 100.2 | 97.3 | |||
Southern Europe | |||||
Goodwill [Line Items] | |||||
Goodwill | $ 33.8 | ||||
Southern Europe | France | |||||
Goodwill [Line Items] | |||||
Goodwill | 73.3 | 67.3 | $ 68.9 | ||
Other Reporting Units | |||||
Goodwill [Line Items] | |||||
Goodwill | $ 387.3 | $ 373 |
Debt - Schedule of Short-Term B
Debt - Schedule of Short-Term Borrowings (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Debt Disclosure [Abstract] | ||
Short-term borrowings | $ 20.4 | $ 61 |
Weighted-average interest rates | 7.90% | 7.70% |
Debt - Additional Information (
Debt - Additional Information (Details) | Jun. 22, 2018EUR (€) | Dec. 31, 2020USD ($) | Dec. 31, 2020EUR (€) | Dec. 31, 2019USD ($) |
Debt Instrument [Line Items] | ||||
Credit lines, remaining borrowing capacity | $ 270,600,000 | |||
2022 | 494,000,000 | |||
2023 | 0 | |||
2024 | 0 | |||
2025 | 0 | |||
Notes due June 2026 | ||||
Debt Instrument [Line Items] | ||||
Principal amount | € | € 500,000,000 | € 500,000,000 | ||
Interest rate (as a percent) | 1.75% | |||
Net proceeds | € | € 495,700,000 | |||
Discounted issue price (as a percent) | 99.564% | |||
Effective interest rate (as a percent) | 1.809% | |||
Notes due June 2026 | Designated as economic hedges | Euro-denominated notes | ||||
Debt Instrument [Line Items] | ||||
Principal amount | $ 606,700,000 | 500,000,000 | ||
Notes due June 2018 | ||||
Debt Instrument [Line Items] | ||||
Principal amount | € | € 350,000,000 | |||
Notes due September 2022 | ||||
Debt Instrument [Line Items] | ||||
Principal amount | € | € 400,000,000 | |||
Interest rate (as a percent) | 1.875% | 1.875% | ||
Notes due September 2022 | Designated as economic hedges | Euro-denominated notes | ||||
Debt Instrument [Line Items] | ||||
Principal amount | $ 487,800,000 | € 400,000,000 | ||
Uncommitted credit lines | ||||
Debt Instrument [Line Items] | ||||
Credit lines, maximum borrowing capacity | 340,300,000 | |||
Credit lines, remaining borrowing capacity | 310,900,000 | |||
Uncommitted credit lines | First, second, and fourth quarters | ||||
Debt Instrument [Line Items] | ||||
Credit lines, maximum borrowing capacity | 300,000,000 | |||
Uncommitted credit lines | Third quarter | ||||
Debt Instrument [Line Items] | ||||
Credit lines, maximum borrowing capacity | 600,000,000 | |||
Five year credit agreement | ||||
Debt Instrument [Line Items] | ||||
Credit lines, maximum borrowing capacity | 600,000,000 | |||
Credit lines, remaining borrowing capacity | $ 599,500,000 | $ 599,500,000 | ||
Credit agreement term | 5 years | |||
Outstanding letters of credit | $ 500,000 | 500,000 | ||
Credit facility, expiration date | Jun. 18, 2023 | |||
Facility fee (as a percent) | 0.125% | |||
Credit spread (as a percent) | 1.00% | |||
Maximum debt-to-EBITDA ratio | 0.035 | |||
Minimum fixed charge coverage ratio | 0.015 | |||
Stand-by letters of credit | ||||
Debt Instrument [Line Items] | ||||
Credit lines, maximum borrowing capacity | $ 150,000,000 | |||
Outstanding letters of credit | $ 0 | $ 0 |
Debt - Summary of Long-Term Deb
Debt - Summary of Long-Term Debt (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | ||
Long-term debt | $ 1,103.5 | $ 1,012.4 |
Long-term debt | 1,103.5 | 1,012.4 |
Notes due June 2026 | ||
Debt Instrument [Line Items] | ||
Long-term debt | 606.7 | 555.8 |
€400 due September 2022 | ||
Debt Instrument [Line Items] | ||
Long-term debt | 487.8 | 447.1 |
Other | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 9 | $ 9.5 |
Debt - Summary of Long-Term D_2
Debt - Summary of Long-Term Debt (Parenthetical) (Details) - EUR (€) | Dec. 31, 2020 | Jun. 22, 2018 |
Notes due June 2026 | ||
Debt Instrument [Line Items] | ||
Principal amount | € 500,000,000 | € 500,000,000 |
€400 due September 2022 | ||
Debt Instrument [Line Items] | ||
Principal amount | € 400,000,000 |
Retirement and Deferred Compe_3
Retirement and Deferred Compensation Plans - Additional Information (Details) $ in Millions | 1 Months Ended | 12 Months Ended | |||
Feb. 29, 2020USD ($) | Jan. 31, 2020USD ($) | Dec. 31, 2020USD ($)Insurance_contract | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |||||
Settlement of lump sum payments | $ 3.2 | ||||
Pension liability | $ 6.6 | ||||
Remaining plan assets in excess of pension liability | 16.6 | ||||
Pension liability | 9.3 | ||||
Deferred compensation plans, asset and liability | 118.4 | $ 106.2 | |||
Company Sponsored Plans | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total expense | 16.6 | 16.9 | $ 17.7 | ||
Statutory Plans | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total expense | 27.5 | 32.1 | $ 37.4 | ||
Pension Plan | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Remaining plan assets in excess of pension liability | 368.8 | 80.4 | |||
Accumulated benefit obligation for plan | 841.6 | 717.2 | |||
Accumulated benefit obligation for plans that do not have plan assets | 115.4 | 100.4 | |||
Estimated employer contribution to pension plans during next fiscal year | 16 | ||||
Pension Plan | Qualified Plan | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Accumulated benefit obligation for plan | 957 | 817.6 | |||
Projected benefit obligation for plans | 994.1 | 847.6 | |||
Retiree health care plan | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Net loss recognized in accumulated other comprehensive loss | 2.3 | 1.5 | |||
Prior service cost (credit) recognized in accumulated other comprehensive loss | $ (2.9) | $ (3.5) | |||
Discount rate used in measurement of benefit obligation (as a percent) | 2.20% | 3.00% | |||
Discount rate used in measurement of net periodic benefit cost (as a percent) | 3.00% | 4.20% | 3.20% | ||
Health care cost trend rate assumed for next fiscal year (as a percent) | 6.50% | ||||
Ultimate health care cost trend rate (as a percent) | 4.50% | ||||
Non-United States Plans | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Pension liability | $ 2.7 | ||||
Non-United States Plans | Pension Plan | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Settlement of lump sum payments | $ 42.2 | $ 40.9 | |||
Expected long-term return on plan assets | 2.20% | 2.70% | 2.70% | ||
Number of foreign plans using guaranteed insurance contracts | Insurance_contract | 4 | ||||
Net loss recognized in accumulated other comprehensive loss | $ 95.2 | $ 50.5 | |||
Prior service cost (credit) recognized in accumulated other comprehensive loss | $ 7.6 | $ 7.8 | |||
Discount rate used in measurement of benefit obligation (as a percent) | 0.60% | 1.10% | |||
Non-United States Plans | Pension Plan | Minimum | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Expected long-term return on plan assets | 0.60% | ||||
Non-United States Plans | Pension Plan | Maximum | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Expected long-term return on plan assets | 3.00% | ||||
United States Plans | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Contributions to pension plans | $ 19.2 | ||||
United States Plans | Pension Plan | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Settlement of lump sum payments | $ 22.3 | ||||
Expected long-term return on plan assets | 0.00% | 4.30% | 4.50% | ||
Net loss recognized in accumulated other comprehensive loss | $ 8.6 | $ 15.8 | |||
Discount rate used in measurement of benefit obligation (as a percent) | 2.10% | 2.50% |
Retirement and Deferred Compe_4
Retirement and Deferred Compensation Plans - Reconciliation of Changes in Benefit Obligations and the Statement of Funded Status of Plan (Details) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | ||
Feb. 29, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Change in Plan Assets | ||||
Settlements | $ (3.2) | |||
Pension Plan | ||||
Change in Benefit Obligation | ||||
Service cost | $ 21 | $ 15.1 | $ 10.9 | |
Interest cost | 9.4 | 12.7 | 11.6 | |
Pension Plan | United States Plans | ||||
Change in Benefit Obligation | ||||
Benefit obligation, beginning of year | 52.8 | 48.9 | ||
Interest cost | 0.8 | 1.8 | ||
Settlements | (22.3) | |||
Actuarial (gain) loss | (0.4) | 6.3 | ||
Benefits paid | (2.4) | (4.2) | ||
Benefit obligation, end of year | 28.5 | 52.8 | 48.9 | |
Change in Plan Assets | ||||
Fair value of plan assets, beginning of year | 38.8 | 36.1 | ||
Actual return on plan assets | 0.1 | 4.4 | ||
Settlements | (22.3) | |||
Company contributions | (14.2) | 2.5 | ||
Benefits paid | (2.4) | (4.2) | ||
Fair value of plan assets, end of year | 38.8 | 36.1 | ||
Funded Status at End of Year | ||||
Funded status, end of year | (28.5) | (14) | ||
Amounts Recognized | ||||
Noncurrent assets | 15 | |||
Current liabilities | (2.4) | (2.5) | ||
Noncurrent liabilities | (26.1) | (26.5) | ||
Net amount recognized | (28.5) | (14) | ||
Pension Plan | Non-United States Plans | ||||
Change in Benefit Obligation | ||||
Benefit obligation, beginning of year | 794.8 | 450 | ||
Service cost | 21 | 15.1 | ||
Interest cost | 8.6 | 10.9 | ||
Acquisitions | 201.2 | |||
Settlements | (42.2) | (40.9) | ||
Transfers | 27 | 52.7 | ||
Actuarial (gain) loss | 90.9 | 100.1 | ||
Plan participant contributions | 11.6 | 9 | ||
Benefits paid | (13.2) | (11.3) | ||
Currency exchange rate changes | 67.1 | 8 | ||
Benefit obligation, end of year | 965.6 | 794.8 | 450 | |
Change in Plan Assets | ||||
Fair value of plan assets, beginning of year | 655.4 | 354.1 | ||
Actual return on plan assets | 49.7 | 69.5 | ||
Acquisitions | 196.8 | |||
Settlements | (42.2) | (40.9) | ||
Transfers | 26.2 | 51.6 | ||
Plan participant contributions | 11.6 | 9 | ||
Company contributions | 16.1 | 15.4 | ||
Benefits paid | (13.2) | (11.3) | ||
Currency exchange rate changes | 50 | 11.2 | ||
Fair value of plan assets, end of year | 753.6 | 655.4 | 354.1 | |
Funded Status at End of Year | ||||
Funded status, end of year | (211.9) | (139.4) | ||
Amounts Recognized | ||||
Noncurrent assets | 32.1 | 41.4 | ||
Current liabilities | (1.2) | (0.7) | ||
Noncurrent liabilities | (242.8) | (180.1) | ||
Net amount recognized | (211.9) | (139.4) | ||
Retiree health care plan | ||||
Change in Benefit Obligation | ||||
Benefit obligation, beginning of year | 14.1 | 13.7 | ||
Interest cost | 0.4 | 0.5 | 0.5 | |
Actuarial (gain) loss | 1 | 0.8 | ||
Benefits paid | (0.9) | (0.9) | ||
Benefit obligation, end of year | 14.6 | 14.1 | $ 13.7 | |
Funded Status at End of Year | ||||
Funded status, end of year | (14.6) | (14.1) | ||
Amounts Recognized | ||||
Current liabilities | (1.1) | (1.1) | ||
Noncurrent liabilities | (13.5) | (13) | ||
Net amount recognized | $ (14.6) | $ (14.1) |
Retirement and Deferred Compe_5
Retirement and Deferred Compensation Plans - Schedule of Amounts Recognized in Accumulated Other Comprehensive Loss, Net of Tax (Details) - Pension Plan - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
United States Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net loss | $ 8.6 | $ 15.8 |
Total | 8.6 | 15.8 |
Non-United States Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net loss | 95.2 | 50.5 |
Prior service cost | 7.6 | 7.8 |
Total | $ 102.8 | $ 58.3 |
Retirement and Deferred Compe_6
Retirement and Deferred Compensation Plans - Schedule of Plans with Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets | $ 16.6 | |
Pension Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accumulated benefit obligation | 491.5 | $ 163.8 |
Plan assets | $ 368.8 | $ 80.4 |
Retirement and Deferred Compe_7
Retirement and Deferred Compensation Plans - Schedule of Plans with Projected Benefit Obligation in Excess of Fair Value of Plan Assets (Details) - Pension Plan - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | $ 503.2 | $ 414.6 |
Plan assets | $ 368.8 | $ 324.3 |
Retirement and Deferred Compe_8
Retirement and Deferred Compensation Plans - Schedule of Components of Net Periodic Benefit Cost and Other Amounts Recognized in Other Comprehensive Loss (Income) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Net Periodic Benefit Cost | ||||
Settlements | $ 10.2 | |||
Pension Plan | ||||
Net Periodic Benefit Cost | ||||
Service cost | $ 21 | $ 15.1 | $ 10.9 | |
Interest cost | 9.4 | 12.7 | 11.6 | |
Expected return on assets | (13.5) | (12.9) | (10.6) | |
Settlements | 13.8 | 0.4 | ||
Net loss | 2.7 | 1.2 | 1.4 | |
Prior service cost | 0.7 | 0.7 | 0.6 | |
Net periodic benefit cost | 34.1 | 17.2 | 13.9 | |
Other Changes in Plan Assets and Benefit Obligation Recognized in Other Comprehensive Income/Loss | ||||
Net loss (gain) | 44.1 | 45.5 | (16.6) | |
Prior service cost | 0.4 | 1 | 1.4 | |
Amortization of net loss | (6.3) | (1.6) | (1.4) | |
Amortization of prior service cost | (0.7) | (0.7) | (0.6) | |
Total recognized in other comprehensive income/loss | 37.5 | 44.2 | (17.2) | |
Total recognized in net periodic benefit cost and other comprehensive income/loss | 71.6 | 61.4 | (3.3) | |
Retiree health care plan | ||||
Net Periodic Benefit Cost | ||||
Interest cost | 0.4 | 0.5 | 0.5 | |
Net loss | 0.1 | 0.1 | ||
Prior service cost | (0.8) | (0.8) | (0.8) | |
Net periodic benefit cost | (0.3) | (0.3) | (0.2) | |
Other Changes in Plan Assets and Benefit Obligation Recognized in Other Comprehensive Income/Loss | ||||
Net loss (gain) | 1.1 | 0.8 | (0.5) | |
Amortization of net loss | (0.1) | (0.1) | ||
Amortization of prior service cost | 0.8 | 0.8 | 0.8 | |
Total recognized in other comprehensive income/loss | 1.8 | 1.6 | $ 0.2 | |
Total recognized in net periodic benefit cost and other comprehensive income/loss | $ 1.5 | $ 1.3 |
Retirement and Deferred Compe_9
Retirement and Deferred Compensation Plans - Schedule of Weighted-Average Assumptions Used in Measurement of Benefit Obligation and Net Periodic Benefit Cost (Details) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
United States Plans | |||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | |||
Rate of compensation increase | 3.00% | ||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||
Rate of compensation increase | 3.00% | 3.00% | |
United States Plans | Pension Plan | |||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | |||
Discount rate | 2.10% | 2.50% | |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||
Discount rate - service cost | 2.50% | 4.20% | 3.60% |
Discount rate - interest cost | 2.50% | 4.20% | 3.20% |
Expected long-term return on plan assets | 0.00% | 4.30% | 4.50% |
Non-United States Plans | |||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | |||
Rate of compensation increase | 1.70% | 1.70% | |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||
Interest crediting rates for cash balance plans | 2.00% | 2.00% | |
Rate of compensation increase | 1.70% | 1.70% | 1.80% |
Non-United States Plans | Pension Plan | |||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | |||
Discount rate | 0.60% | 1.10% | |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||
Discount rate - service cost | 1.10% | 1.80% | 2.10% |
Discount rate - interest cost | 1.10% | 1.80% | 2.10% |
Expected long-term return on plan assets | 2.20% | 2.70% | 2.70% |
Retirement and Deferred Comp_10
Retirement and Deferred Compensation Plans - Schedule of Fair Value of Pension Plan Assets by Asset Category (Details) - Pension Plan - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 242.6 | $ 214.8 | $ 153.9 |
Non-United States Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 753.6 | 655.4 | 354.1 |
Non-United States Plans | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 157.6 | 125.8 | |
Non-United States Plans | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 353.4 | 314.8 | |
Non-United States Plans | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 242.6 | 214.8 | |
United States Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 38.8 | $ 36.1 | |
United States Plans | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 7.8 | ||
United States Plans | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 31 | ||
United States Plans | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Cash and cash equivalents | Non-United States Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 16.1 | 5.5 | |
Cash and cash equivalents | Non-United States Plans | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 16.1 | 5.5 | |
Cash and cash equivalents | Non-United States Plans | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Cash and cash equivalents | Non-United States Plans | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Cash and cash equivalents | United States Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 5.8 | ||
Cash and cash equivalents | United States Plans | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Cash and cash equivalents | United States Plans | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 5.8 | ||
Cash and cash equivalents | United States Plans | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Mutual funds | Non-United States Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 116.1 | 98 | |
Mutual funds | Non-United States Plans | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 116.1 | 98 | |
Mutual funds | Non-United States Plans | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Mutual funds | Non-United States Plans | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Mutual funds | United States Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 7.8 | ||
Mutual funds | United States Plans | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 7.8 | ||
Mutual funds | United States Plans | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Mutual funds | United States Plans | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Common stock | Non-United States Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 25.4 | 22.3 | |
Common stock | Non-United States Plans | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 25.4 | 22.3 | |
Common stock | Non-United States Plans | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Common stock | Non-United States Plans | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Common stock | United States Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Common stock | United States Plans | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Common stock | United States Plans | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Common stock | United States Plans | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Fixed income funds | Non-United States Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 185.6 | 160 | |
Fixed income funds | Non-United States Plans | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Fixed income funds | Non-United States Plans | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 185.6 | 160 | |
Fixed income funds | Non-United States Plans | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Fixed income funds | United States Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 25.2 | ||
Fixed income funds | United States Plans | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Fixed income funds | United States Plans | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 25.2 | ||
Fixed income funds | United States Plans | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Annuity contract | Non-United States Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 56.2 | 52.5 | |
Annuity contract | Non-United States Plans | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Annuity contract | Non-United States Plans | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Annuity contract | Non-United States Plans | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 56.2 | 52.5 | |
Annuity contract | United States Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Annuity contract | United States Plans | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Annuity contract | United States Plans | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Annuity contract | United States Plans | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Bonds | Non-United States Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 41.4 | 37 | |
Bonds | Non-United States Plans | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Bonds | Non-United States Plans | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 41.4 | 37 | |
Bonds | Non-United States Plans | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Bonds | United States Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Bonds | United States Plans | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Bonds | United States Plans | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Bonds | United States Plans | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Guaranteed insurance contracts | Non-United States Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 21 | 18.5 | |
Guaranteed insurance contracts | Non-United States Plans | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Guaranteed insurance contracts | Non-United States Plans | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 21 | 18.5 | |
Guaranteed insurance contracts | Non-United States Plans | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Guaranteed insurance contracts | United States Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Guaranteed insurance contracts | United States Plans | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Guaranteed insurance contracts | United States Plans | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Guaranteed insurance contracts | United States Plans | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Insurance contracts | Non-United States Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 157.8 | 130.6 | |
Insurance contracts | Non-United States Plans | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Insurance contracts | Non-United States Plans | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Insurance contracts | Non-United States Plans | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 157.8 | 130.6 | |
Insurance contracts | United States Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Insurance contracts | United States Plans | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Insurance contracts | United States Plans | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Insurance contracts | United States Plans | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Real estate funds | Non-United States Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 92.1 | 93.3 | |
Real estate funds | Non-United States Plans | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Real estate funds | Non-United States Plans | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 90.8 | 87.3 | |
Real estate funds | Non-United States Plans | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1.3 | 6 | |
Real estate funds | United States Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Real estate funds | United States Plans | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Real estate funds | United States Plans | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Real estate funds | United States Plans | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Hedge funds | Non-United States Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 32 | 29.3 | |
Hedge funds | Non-United States Plans | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Hedge funds | Non-United States Plans | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 11.4 | 9.6 | |
Hedge funds | Non-United States Plans | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 20.6 | 19.7 | |
Hedge funds | United States Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Hedge funds | United States Plans | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Hedge funds | United States Plans | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Hedge funds | United States Plans | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Other | Non-United States Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 9.9 | 8.4 | |
Other | Non-United States Plans | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Other | Non-United States Plans | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 3.2 | 2.4 | |
Other | Non-United States Plans | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 6.7 | 6 | |
Other | United States Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Other | United States Plans | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Other | United States Plans | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Other | United States Plans | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 0 |
Retirement and Deferred Comp_11
Retirement and Deferred Compensation Plans - Schedule of Changes in Fair Value of Pension Assets Measured Using Level 3 Inputs (Details) - Pension Plan - Significant Unobservable Inputs (Level 3) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets, beginning of year | $ 214.8 | $ 153.9 |
Actual return on plan assets | 16.4 | 30.5 |
Acquisitions | 27.6 | |
Purchases, sales and settlements, net | (6.3) | 2.5 |
Currency exchange rate changes | 17.7 | 0.3 |
Fair value of plan assets, end of year | $ 242.6 | $ 214.8 |
Retirement and Deferred Comp_12
Retirement and Deferred Compensation Plans - Schedule of Projected Benefit Payment Estimates (Details) $ in Millions | Dec. 31, 2020USD ($) |
Pension Plan | |
Defined Benefit Plan Disclosure [Line Items] | |
2021 | $ 65.8 |
2022 | 35.6 |
2023 | 27.1 |
2024 | 25.7 |
2025 | 25 |
2026–2029 | 150 |
Total projected benefit payments | 329.2 |
Retiree health care plan | |
Defined Benefit Plan Disclosure [Line Items] | |
2021 | 1.1 |
2022 | 1.1 |
2023 | 1.1 |
2024 | 1 |
2025 | 1 |
2026–2029 | 4.6 |
Total projected benefit payments | $ 9.9 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss - Components of Accumulated Other Comprehensive Loss, Net of Tax (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Accumulated other comprehensive loss | $ 2,453.6 | $ 2,761.5 | $ 2,698.5 | $ 2,857.6 |
Foreign currency translation | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Accumulated other comprehensive loss | (72.1) | (260.5) | ||
Translation (loss) gain on derivative instruments, net of income taxes of $(34.9) and $(9.1), respectively | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Accumulated other comprehensive loss | (81.2) | 13.1 | ||
Translation loss on long-term intercompany loans | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Accumulated other comprehensive loss | (133.3) | (121.5) | ||
Defined benefit pension plans and Retiree health care plan | Defined benefit pension plans, net of income taxes of $(37.9) and $(30.9), respectively | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Accumulated other comprehensive loss | (111.4) | (74.1) | ||
Defined benefit pension plans and Retiree health care plan | Retiree health care plan, net of income taxes of $0.7 and $1.6, respectively | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Accumulated other comprehensive loss | 0.7 | 2 | ||
Accumulated other comprehensive loss | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Accumulated other comprehensive loss | $ (397.3) | $ (441) | $ (399.8) | $ (288.2) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Loss - Components of Accumulated Other Comprehensive Loss, Net of Tax (Parenthetical) (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Translation (loss) gain on derivative instruments, net of income taxes of $(34.9) and $(9.1), respectively | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Accumulated other comprehensive loss, income taxes | $ (34.9) | $ (9.1) |
Defined benefit pension plans and Retiree health care plan | Defined benefit pension plans, net of income taxes of $(37.9) and $(30.9), respectively | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Accumulated other comprehensive loss, income taxes | (38.2) | (30.9) |
Defined benefit pension plans and Retiree health care plan | Retiree health care plan, net of income taxes of $0.7 and $1.6, respectively | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Accumulated other comprehensive loss, income taxes | $ 1.8 | $ 1.6 |
Interest and Other Expenses (_3
Interest and Other Expenses (Income), Net - Schedule of Interest and Other Expenses (Income), Net (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Other Nonoperating Income Expense [Abstract] | |||
Interest expense | $ 43.3 | $ 44.4 | $ 47 |
Interest income | (13.1) | (6) | (6) |
Foreign exchange loss | 4.9 | 6.7 | 1.4 |
Miscellaneous expenses (income), net | 4.8 | (85.7) | (0.4) |
Interest and other expenses (income), net | $ 39.9 | $ (40.6) | $ 42 |
Interest and Other Expenses (_4
Interest and Other Expenses (Income), Net - Schedule of Interest and Other Expenses (Income), Net (Parenthetical) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Manpower Switzerland | Interest and Other Expenses (Income), Net | |
Other Non Operating Income Expense [Line Items] | |
Gain on disposition of remaining controlling interest | $ 80.4 |
Derivative Financial Instrume_3
Derivative Financial Instruments - Additional Information (Details) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2020USD ($) | Dec. 31, 2020EUR (€) | Sep. 30, 2019EUR (€) | Apr. 30, 2019EUR (€) | Jun. 22, 2018EUR (€) | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Pre-tax derivative gains and losses included in AOCI to be reclassified into earnings over the next twelve months | $ | $ 1 | ||||
Cross-currency swap | Cash flow hedge | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Long-term debt | € 55,400,000 | € 202,300,000 | |||
Fixed annual interest rate | 1.143% | 1.256% | |||
Notes due September 2022 | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Long-term debt | € 400,000,000 | ||||
Fixed annual interest rate | 1.875% | 1.875% | |||
Notes Due June 2026 | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Long-term debt | € 500,000,000 | € 500,000,000 | |||
Fixed annual interest rate | 1.75% | ||||
Designated as hedging instrument | Notes due September 2022 | Euro-denominated notes | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Long-term debt | $ 487.8 | 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 | $ 606.7 | € 500,000,000 |
Derivative Financial Instrume_4
Derivative Financial Instruments - Effect of Net Investment Hedges on OCI (Details) - Net Investment Hedging - Designated as hedging instrument - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Euro-denominated notes | ||
Derivative [Line Items] | ||
(Loss) Gain Recognized in Other Comprehensive Income | $ (90.3) | $ 22.9 |
Cross-currency swap | ||
Derivative [Line Items] | ||
(Loss) Gain Recognized in Other Comprehensive Income | $ (23) | $ (9) |
Derivative Financial Instrume_5
Derivative Financial Instruments - Impact of Changes in Fair Values of Derivatives Designated as Cash Flow Hedges on OCI, AOCL and Earnings (Details) - Cross-currency swap - Cash flow hedge - Designated as hedging instrument - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Derivative [Line Items] | ||
Gain Recognized in OCI | $ 1.4 | $ 7.3 |
Interest and Other Expenses (Income), Net | ||
Derivative [Line Items] | ||
Gain Reclassified from AOCL into Income | $ 1.1 | $ 8.3 |
Derivative Financial Instrume_6
Derivative Financial Instruments - Effect of Forward Contracts not Designated as Hedging Instrument (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Not designated as hedging instrument | Foreign Exchange Forward | Interest and Other Expenses (Income), Net | ||
Derivative [Line Items] | ||
Amount of Gain Recognized in Income | $ 1.1 | $ 11.9 |
Derivative Financial Instrume_7
Derivative Financial Instruments - Fair Value of Derivative and Non-Derivative Assets and Liabilities on the Consolidated Balance Sheets (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Derivatives, Fair Value [Line Items] | ||
Assets | $ 13.1 | $ 9.7 |
Liabilities | 1,125 | 1,008.9 |
Not designated as hedging instrument | Foreign currency forward contracts | Accounts receivable, net | ||
Derivatives, Fair Value [Line Items] | ||
Assets | 1 | |
Cash flow hedge | Designated as hedging instrument | Cross-currency swap | Prepaid expenses and other assets | ||
Derivatives, Fair Value [Line Items] | ||
Assets | 12.1 | 9.7 |
Net Investment Hedging | Designated as hedging instrument | Cross-currency swap | Accrued liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Liabilities | 30.5 | 6 |
Net Investment Hedging | Designated as hedging instrument | Euro Notes | Long-term debt | ||
Derivatives, Fair Value [Line Items] | ||
Liabilities | $ 1,094.5 | $ 1,002.9 |
Leases - Components of Lease Ex
Leases - Components of Lease Expense and Other Information (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Leases [Abstract] | ||
Operating lease expense | $ 143.1 | $ 153.5 |
Short-term lease expense | 11.3 | 17.6 |
Variable lease expense | 16.7 | 15.8 |
Total lease expense | 171.1 | 186.9 |
Supplemental Cash Flow Information | ||
Cash paid for amounts included in the measurement of operating lease liabilities | 142 | 150.1 |
Operating ROU assets obtained in exchange for lease obligations | $ 63.6 | $ 129.3 |
Leases - Supplemental Balance S
Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Operating Leases | ||
Operating lease ROU assets | $ 400.7 | $ 448.5 |
Operating lease liabilities - current | $ 119.3 | $ 122.1 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | us-gaap:AccruedLiabilitiesMember | us-gaap:AccruedLiabilitiesMember |
Operating lease liabilities - long-term | $ 305.1 | $ 336.7 |
Total operating lease liabilities | $ 424.4 | $ 458.8 |
Leases - Weighted Average Remai
Leases - Weighted Average Remaining Lease Term and Discount Rate (Details) | Dec. 31, 2020 | Dec. 31, 2019 |
Weighted Average Remaining Lease Term | ||
Operating leases | 5 years 2 months 12 days | 5 years 7 months 6 days |
Weighted Average Discount Rate | ||
Operating leases | 2.90% | 3.10% |
Leases - Maturities of Operatin
Leases - Maturities of Operating Lease Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Period Ending December 31, 2020 | ||
2021 | $ 129.6 | |
2022 | 99.9 | |
2023 | 69.9 | |
2024 | 50.6 | |
2025 | 34 | |
Thereafter | 77.3 | |
Total future undiscounted lease payments | 461.3 | |
Less imputed interest | (36.9) | |
Total operating lease liabilities | $ 424.4 | $ 458.8 |
Segment Data - Schedule of Segm
Segment Data - Schedule of Segment Data (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Segment Reporting Information [Line Items] | ||||||||||||
Revenues from Services | $ 5,054,900,000 | $ 4,584,800,000 | $ 3,742,200,000 | $ 4,619,100,000 | $ 5,196,600,000 | $ 5,248,900,000 | $ 5,373,100,000 | $ 5,044,900,000 | $ 18,001,000,000 | $ 20,863,500,000 | $ 21,991,200,000 | |
Operating Unit Profit (Loss) | 395,500,000 | 860,600,000 | 941,800,000 | |||||||||
Corporate expenses | (113,900,000) | (121,900,000) | (110,000,000) | |||||||||
Impairment charge | $ 0 | $ 0 | $ 0 | (66,800,000) | (64,000,000) | |||||||
Intangible asset amortization expense | (27,200,000) | (29,800,000) | (35,100,000) | |||||||||
Interest and other (expenses) income, net | (39,900,000) | 40,600,000 | (42,000,000) | |||||||||
Earnings before income taxes | 147,700,000 | 685,500,000 | 754,700,000 | |||||||||
Depreciation and Amortization Expense | 76,300,000 | 77,200,000 | 85,800,000 | |||||||||
Earnings from Equity Investments | 4,600,000 | 50,500,000 | 1,200,000 | |||||||||
Total Assets | 9,328,200,000 | 9,223,800,000 | 9,328,200,000 | 9,223,800,000 | 8,519,800,000 | |||||||
Equity Investments | 106,600,000 | 97,800,000 | 106,600,000 | 97,800,000 | 161,400,000 | |||||||
Long-Lived Assets | 154,300,000 | 150,900,000 | 154,300,000 | 150,900,000 | 160,000,000 | |||||||
Additions to Long-Lived Assets | 47,200,000 | 48,700,000 | 60,300,000 | |||||||||
Corporate | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Depreciation and Amortization Expense | 100,000 | 100,000 | 100,000 | |||||||||
Earnings from Equity Investments | 4,700,000 | 3,100,000 | (300,000) | |||||||||
Total Assets | 503,200,000 | 489,400,000 | 503,200,000 | 489,400,000 | 520,900,000 | |||||||
Equity Investments | 106,500,000 | 97,500,000 | 106,500,000 | 97,500,000 | 1,000,000 | |||||||
Long-Lived Assets | 6,500,000 | 200,000 | 6,500,000 | 200,000 | 100,000 | |||||||
Additions to Long-Lived Assets | 0 | 100,000 | 100,000 | |||||||||
Segment Reconciling Items | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Intangible asset amortization expense | 27,200,000 | 29,800,000 | 35,100,000 | |||||||||
Americas | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues from Services | 3,792,400,000 | 4,278,600,000 | 4,258,900,000 | |||||||||
Operating Unit Profit (Loss) | 116,000,000 | 203,400,000 | 224,900,000 | |||||||||
Earnings from Equity Investments | 0 | 0 | 0 | |||||||||
Americas | Reportable segments | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Depreciation and Amortization Expense | 10,100,000 | 11,000,000 | 12,300,000 | |||||||||
Total Assets | 2,485,100,000 | 2,536,200,000 | 2,485,100,000 | 2,536,200,000 | 2,232,100,000 | |||||||
Equity Investments | 0 | 0 | 0 | 0 | 0 | |||||||
Long-Lived Assets | 24,000,000 | 28,700,000 | 24,000,000 | 28,700,000 | 28,700,000 | |||||||
Americas | Segment Reconciling Items | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Additions to Long-Lived Assets | 9,500,000 | 12,700,000 | 10,600,000 | |||||||||
Southern Europe | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues from Services | 7,855,200,000 | 9,194,400,000 | 9,399,900,000 | |||||||||
Operating Unit Profit (Loss) | 237,000,000 | 455,300,000 | 468,700,000 | |||||||||
Earnings from Equity Investments | (100,000) | 47,400,000 | 1,500,000 | |||||||||
Southern Europe | Reportable segments | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Depreciation and Amortization Expense | 21,800,000 | 20,600,000 | 21,100,000 | |||||||||
Total Assets | 4,167,200,000 | 3,975,500,000 | 4,167,200,000 | 3,975,500,000 | 3,730,900,000 | |||||||
Equity Investments | 100,000 | 300,000 | 100,000 | 300,000 | 158,100,000 | |||||||
Long-Lived Assets | 71,800,000 | 75,600,000 | 71,800,000 | 75,600,000 | 78,500,000 | |||||||
Southern Europe | Segment Reconciling Items | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Additions to Long-Lived Assets | 16,300,000 | 20,000,000 | 26,200,000 | |||||||||
Northern Europe | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues from Services | 3,976,700,000 | 4,735,500,000 | 5,417,500,000 | |||||||||
Operating Unit Profit (Loss) | (27,600,000) | 74,400,000 | 129,900,000 | |||||||||
Earnings from Equity Investments | 0 | 0 | 0 | |||||||||
Northern Europe | Reportable segments | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Impairment charge | (66,800,000) | (60,200,000) | ||||||||||
Depreciation and Amortization Expense | 8,900,000 | 9,800,000 | 11,400,000 | |||||||||
Total Assets | 1,366,700,000 | 1,478,500,000 | 1,366,700,000 | 1,478,500,000 | 1,240,900,000 | |||||||
Equity Investments | 0 | 0 | 0 | 0 | 0 | |||||||
Long-Lived Assets | 26,500,000 | 27,500,000 | 26,500,000 | 27,500,000 | 30,600,000 | |||||||
Northern Europe | Segment Reconciling Items | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Additions to Long-Lived Assets | 7,300,000 | 7,700,000 | 16,600,000 | |||||||||
APME | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues from Services | 2,376,700,000 | 2,655,000,000 | 2,914,900,000 | |||||||||
Operating Unit Profit (Loss) | 70,100,000 | 127,500,000 | 118,300,000 | |||||||||
Earnings from Equity Investments | 0 | 0 | 0 | |||||||||
APME | Reportable segments | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Impairment charge | (3,800,000) | |||||||||||
Depreciation and Amortization Expense | 8,200,000 | 5,900,000 | 5,800,000 | |||||||||
Total Assets | 806,000,000 | 744,200,000 | 806,000,000 | 744,200,000 | 795,000,000 | |||||||
Equity Investments | 0 | 0 | 0 | 0 | 2,300,000 | |||||||
Long-Lived Assets | 25,500,000 | 18,900,000 | 25,500,000 | 18,900,000 | 22,100,000 | |||||||
APME | Segment Reconciling Items | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Additions to Long-Lived Assets | 14,100,000 | 8,200,000 | 6,800,000 | |||||||||
United States | Americas | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues from Services | 2,327,200,000 | 2,590,600,000 | 2,608,900,000 | |||||||||
Earnings from Equity Investments | 0 | 0 | 0 | |||||||||
United States | Americas | Reportable segments | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Depreciation and Amortization Expense | 7,800,000 | 8,600,000 | 9,800,000 | |||||||||
Total Assets | 2,103,800,000 | 2,153,800,000 | 2,103,800,000 | 2,153,800,000 | 1,888,100,000 | |||||||
Equity Investments | 0 | 0 | 0 | 0 | 0 | |||||||
Long-Lived Assets | 16,500,000 | 20,500,000 | 16,500,000 | 20,500,000 | 22,400,000 | |||||||
United States | Americas | Segment Reconciling Items | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Additions to Long-Lived Assets | 7,000,000 | 8,300,000 | 7,700,000 | |||||||||
Other Americas | Americas | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues from Services | 1,465,200,000 | 1,688,000,000 | ||||||||||
Earnings from Equity Investments | 0 | 0 | 0 | |||||||||
Other Americas | Americas | Reportable segments | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Depreciation and Amortization Expense | 2,300,000 | 2,400,000 | 2,500,000 | |||||||||
Total Assets | 381,300,000 | 382,400,000 | 381,300,000 | 382,400,000 | 344,000,000 | |||||||
Equity Investments | 0 | 0 | 0 | 0 | 0 | |||||||
Long-Lived Assets | 7,500,000 | 8,200,000 | 7,500,000 | 8,200,000 | 6,300,000 | |||||||
Other Americas | Americas | Segment Reconciling Items | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Additions to Long-Lived Assets | 2,500,000 | 4,400,000 | 2,900,000 | |||||||||
France | Southern Europe | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues from Services | 4,338,100,000 | 5,479,600,000 | ||||||||||
Earnings from Equity Investments | 0 | 0 | 0 | |||||||||
France | Southern Europe | Reportable segments | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Depreciation and Amortization Expense | 14,400,000 | 13,900,000 | 14,200,000 | |||||||||
Total Assets | 2,778,300,000 | 2,732,600,000 | 2,778,300,000 | 2,732,600,000 | 2,740,900,000 | |||||||
Equity Investments | 0 | 0 | 0 | 0 | 0 | |||||||
Long-Lived Assets | 44,800,000 | 46,900,000 | 44,800,000 | 46,900,000 | 50,100,000 | |||||||
France | Southern Europe | Segment Reconciling Items | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Additions to Long-Lived Assets | 9,300,000 | 12,900,000 | 18,100,000 | |||||||||
Italy | Southern Europe | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues from Services | 1,370,700,000 | 1,508,300,000 | ||||||||||
Earnings from Equity Investments | (100,000) | (100,000) | (200,000) | |||||||||
Italy | Southern Europe | Reportable segments | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Depreciation and Amortization Expense | 2,100,000 | 1,800,000 | 1,900,000 | |||||||||
Total Assets | 540,400,000 | 464,200,000 | 540,400,000 | 464,200,000 | 406,500,000 | |||||||
Equity Investments | 100,000 | 300,000 | 100,000 | 300,000 | 300,000 | |||||||
Long-Lived Assets | 6,000,000 | 5,200,000 | 6,000,000 | 5,200,000 | 5,000,000 | |||||||
Italy | Southern Europe | Segment Reconciling Items | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Additions to Long-Lived Assets | 2,600,000 | 2,100,000 | 2,200,000 | |||||||||
Other Southern Europe | Southern Europe | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues from Services | 2,146,400,000 | 2,206,500,000 | ||||||||||
Earnings from Equity Investments | 0 | 47,500,000 | 1,700,000 | |||||||||
Other Southern Europe | Southern Europe | Reportable segments | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Depreciation and Amortization Expense | 5,300,000 | 4,900,000 | 5,000,000 | |||||||||
Total Assets | 848,500,000 | 778,700,000 | 848,500,000 | 778,700,000 | 583,500,000 | |||||||
Equity Investments | 0 | 0 | 0 | 0 | 157,800,000 | |||||||
Long-Lived Assets | $ 21,000,000 | $ 23,500,000 | 21,000,000 | 23,500,000 | 23,400,000 | |||||||
Other Southern Europe | Southern Europe | Segment Reconciling Items | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Additions to Long-Lived Assets | 4,400,000 | 5,000,000 | 5,900,000 | |||||||||
Reportable subsegments | United States | Americas | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Operating Unit Profit (Loss) | 60,900,000 | 128,000,000 | 149,900,000 | |||||||||
Reportable subsegments | Other Americas | Americas | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues from Services | 1,465,200,000 | 1,688,000,000 | 1,650,000,000 | |||||||||
Operating Unit Profit (Loss) | 55,100,000 | 75,400,000 | 75,000,000 | |||||||||
Reportable subsegments | France | Southern Europe | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues from Services | 4,338,100,000 | 5,479,600,000 | 5,846,400,000 | |||||||||
Operating Unit Profit (Loss) | 149,000,000 | 284,900,000 | 290,900,000 | |||||||||
Reportable subsegments | Italy | Southern Europe | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues from Services | 1,370,700,000 | 1,508,300,000 | 1,673,900,000 | |||||||||
Operating Unit Profit (Loss) | 64,200,000 | 102,500,000 | 111,300,000 | |||||||||
Reportable subsegments | Other Southern Europe | Southern Europe | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues from Services | 2,146,400,000 | 2,206,500,000 | 1,879,600,000 | |||||||||
Operating Unit Profit (Loss) | $ 23,800,000 | $ 67,900,000 | $ 66,500,000 |
Segment Data - Segment Informat
Segment Data - Segment Information by Geographical Region (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenues from Services | $ 5,054.9 | $ 4,584.8 | $ 3,742.2 | $ 4,619.1 | $ 5,196.6 | $ 5,248.9 | $ 5,373.1 | $ 5,044.9 | $ 18,001 | $ 20,863.5 | $ 21,991.2 |
Long-Lived Assets | 154.3 | 150.9 | 154.3 | 150.9 | 160 | ||||||
United States Plans | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenues from Services | 2,327.2 | 2,590.6 | 2,608.9 | ||||||||
Long-Lived Assets | 16.5 | 20.5 | 16.5 | 20.5 | 22.4 | ||||||
France | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenues from Services | 4,338.1 | 5,479.6 | 5,846.4 | ||||||||
Long-Lived Assets | 44.8 | 46.9 | 44.8 | 46.9 | 50.1 | ||||||
Italy | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenues from Services | 1,370.7 | 1,508.3 | 1,673.9 | ||||||||
Long-Lived Assets | 6 | 5.2 | 6 | 5.2 | 5 | ||||||
United Kingdom | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenues from Services | 1,402.9 | 1,598.6 | 1,672.1 | ||||||||
Long-Lived Assets | 5 | 5.8 | 5 | 5.8 | 7 | ||||||
Total Foreign | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenues from Services | 15,673.8 | 18,272.9 | 19,382.3 | ||||||||
Long-Lived Assets | $ 137.8 | $ 130.4 | $ 137.8 | $ 130.4 | $ 137.6 |
Segment Data - Schedule of Se_2
Segment Data - Schedule of Segment Data (Parenthetical) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Segment Reporting Information [Line Items] | |||||||||||
Revenues from services | $ 5,054.9 | $ 4,584.8 | $ 3,742.2 | $ 4,619.1 | $ 5,196.6 | $ 5,248.9 | $ 5,373.1 | $ 5,044.9 | $ 18,001 | $ 20,863.5 | $ 21,991.2 |
Franchise fees | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues from services | 14.1 | 18.4 | 24.1 | ||||||||
Americas | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues from services | 3,792.4 | 4,278.6 | 4,258.9 | ||||||||
Americas | United States | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues from services | 2,327.2 | 2,590.6 | 2,608.9 | ||||||||
Americas | United States | Franchise fees | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues from services | $ 12.6 | $ 15.6 | $ 16.1 |
Contingencies - Additional Info
Contingencies - Additional Information (Details) $ in Millions | Dec. 31, 2020USD ($) |
Loss Contingencies [Line Items] | |
Loss contingency | $ 890 |
Guarantees | |
Loss Contingencies [Line Items] | |
Loss contingency | 838.4 |
Stand-by letters of credit | |
Loss Contingencies [Line Items] | |
Loss contingency | $ 51.6 |
Quarterly Data (Unaudited) (Det
Quarterly Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Revenues from services | $ 5,054.9 | $ 4,584.8 | $ 3,742.2 | $ 4,619.1 | $ 5,196.6 | $ 5,248.9 | $ 5,373.1 | $ 5,044.9 | $ 18,001 | $ 20,863.5 | $ 21,991.2 |
Gross profit | 798.9 | 725.1 | 576.7 | 724 | 859.6 | 840.3 | 870.4 | 804.8 | 2,824.7 | 3,375.1 | 3,579 |
Operating profit (loss) | 138.3 | 61.6 | (50) | 37.7 | 191.6 | 217 | 130.8 | 105.5 | 187.6 | 644.9 | 796.7 |
Net earnings (loss) | $ 76.2 | $ 10.3 | $ (64.4) | $ 1.7 | $ 138.8 | $ 146.1 | $ 127.3 | $ 53.5 | $ 23.8 | $ 465.7 | $ 556.7 |
Net earnings (loss) per share - basic | $ 1.34 | $ 0.18 | $ (1.11) | $ 0.03 | $ 2.35 | $ 2.44 | $ 2.12 | $ 0.88 | $ 0.41 | $ 7.78 | $ 8.62 |
Net earnings (loss) per share - diluted | 1.33 | 0.18 | (1.11) | 0.03 | 2.33 | 2.42 | 2.11 | 0.88 | 0.41 | 7.72 | 8.56 |
Dividends per share (in dollars per share) | $ 1.17 | $ 0 | $ 1.09 | $ 0 | $ 1.09 | $ 0 | $ 1.09 | $ 0 | $ 2.26 | $ 2.18 | $ 2.02 |
Quarterly Data (Unaudited) (Par
Quarterly Data (Unaudited) (Parenthetical) (Details) - USD ($) | Apr. 03, 2019 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 | Dec. 31, 2020 | Dec. 31, 2019 |
Quarterly Financial Information Disclosure [Line Items] | |||||||||||
Restructuring costs | $ 12,600,000 | $ 49,900,000 | $ 48,200,000 | $ 39,800,000 | |||||||
Restructuring costs, net of tax | $ 8,700,000 | $ 42,100,000 | 40,200,000 | $ 31,400,000 | |||||||
Settlements | 10,200,000 | ||||||||||
Pension settlement expenses, net of tax | $ 6,300,000 | ||||||||||
Defined Benefit Plan, Sponsor Location [Extensible List] | country:US | ||||||||||
Restructuring costs per diluted share (in dollars per share) | $ (0.15) | $ (0.72) | $ (0.69) | $ (0.51) | |||||||
Goodwill impairment charges | $ 0 | $ 0 | $ 0 | $ 66,800,000 | $ 64,000,000 | ||||||
Software impairment charge | $ 6,000,000 | ||||||||||
Software impairment charge, net of tax | $ 4,500,000 | ||||||||||
One-time loss on disposition | 5,800,000 | ||||||||||
Loss on disposition of subsidiaries, net of tax | $ 5,200,000 | ||||||||||
Gain on disposition of previously held controlling interest | $ 30,400,000 | ||||||||||
Goodwill and related tax and other charges per diluted share (in dollars per share) | $ (1.26) | ||||||||||
Goodwill and related tax charges per diluted share (in dollars per share) | $ (1.21) | ||||||||||
Pension settlement expenses per diluted share (in dollars per share) | $ (0.11) | ||||||||||
Software impairment charge per diluted share (in dollars per share) | $ (0.08) | ||||||||||
Loss on disposition of subsidiaries per diluted share (in dollars per share) | $ (0.09) | ||||||||||
Germany | |||||||||||
Quarterly Financial Information Disclosure [Line Items] | |||||||||||
Discrete valuation allowance | $ 12,400,000 | ||||||||||
Discrete valuation allowance per diluted share (in dollars per share) | $ (0.21) | ||||||||||
Selling and Administrative Expenses | |||||||||||
Quarterly Financial Information Disclosure [Line Items] | |||||||||||
Goodwill impairment and related charges | $ 65,600,000 | ||||||||||
Goodwill impairment charges | $ 66,800,000 | ||||||||||
One-time loss on disposition | $ 5,800,000 | ||||||||||
Provision for Income Taxes | |||||||||||
Quarterly Financial Information Disclosure [Line Items] | |||||||||||
Goodwill impairment, related tax charges | $ 3,700,000 | $ 10,300,000 | |||||||||
Manpower Switzerland | |||||||||||
Quarterly Financial Information Disclosure [Line Items] | |||||||||||
Gain on disposition of previously held equity interest per diluted share (in dollars per share) | $ 1.32 | ||||||||||
Manpower Switzerland | Interest and Other Expenses (Income), Net | |||||||||||
Quarterly Financial Information Disclosure [Line Items] | |||||||||||
Gain on disposition of previously held equity interest | $ 80,400,000 | $ 80,400,000 | |||||||||
ManpowerGroup Greater China Limited | |||||||||||
Quarterly Financial Information Disclosure [Line Items] | |||||||||||
Gain on disposition of previously held controlling interest | $ 30,400,000 | ||||||||||
Gain on disposition of previously held controlling interest per diluted share (in dollars per share) | $ 0.50 |
Schedule II VALUATION AND QUA_2
Schedule II VALUATION AND QUALIFYING ACCOUNTS (Details) - Allowance for doubtful accounts - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Year | $ 113.5 | $ 115.7 | $ 110.8 |
Provisions Charged to Earnings | 20.3 | 21.8 | 23 |
Write-Offs | (17.8) | (19.1) | (12) |
Translation Adjustments | 8.1 | (5) | (6.3) |
Reclassifications and other, additions | 4 | 0.1 | 0.2 |
Balance at End of Year | $ 128.1 | $ 113.5 | $ 115.7 |