Document and Entity Information
Document and Entity Information - USD ($) shares in Millions, $ in Billions | 12 Months Ended | ||
Dec. 31, 2020 | Feb. 19, 2021 | Jun. 30, 2020 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2020 | ||
Document Transition Report | false | ||
Entity File Number | 001-35636 | ||
Entity Registrant Name | ASGN Inc | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 95-4023433 | ||
Entity Address, Address Line One | 4400 Cox Road, Suite 110 | ||
Entity Address, City or Town | Glen Allen, | ||
Entity Address, State or Province | VA | ||
Entity Address, Postal Zip Code | 23060 | ||
City Area Code | 888 | ||
Local Phone Number | 482-8068 | ||
Title of 12(b) Security | Common Stock | ||
Trading Symbol | ASGN | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 3.4 | ||
Entity Common Stock, Shares Outstanding (in shares) | 53 | ||
Documents Incorporated by Reference | We are incorporating by reference into Part III of this Annual Report on Form 10-K portions of the registrant’s definitive proxy statement for the 2021 Annual Meeting of Stockholders, to be filed within 120 days of the close of the registrant’s fiscal year 2020. | ||
Entity Central Index Key | 0000890564 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
ICFR Auditor Attestation Flag | true |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Current Assets: | ||
Cash and Cash Equivalents | $ 274.4 | $ 95.2 |
Accounts receivable, net | 678.7 | 648.7 |
Prepaid expenses and income taxes | 23.3 | 29.4 |
Other current assets | 18 | 18.2 |
Total current assets | 994.4 | 791.5 |
Property and equipment, net | 69.4 | 73.7 |
Operating lease right of use assets | 84.9 | 94.6 |
Identifiable intangible assets, net | 487.9 | 476.5 |
Goodwill | 1,618.4 | 1,486.9 |
Other | 23 | 18.2 |
Total assets | 3,278 | 2,941.4 |
Current liabilities: | ||
Accounts payable | 39.8 | 39.2 |
Accrued payroll and contract professional pay | 266.1 | 203.2 |
Operating lease liabilities | 29.4 | 25.8 |
Other current liabilities | 80.9 | 72.7 |
Total current liabilities | 416.2 | 340.9 |
Long-term debt | 1,033.4 | 1,032.3 |
Operating lease liabilities | 62.9 | 75.7 |
Deferred income tax liabilities | 108.7 | 98.7 |
Other | 69.7 | 17.6 |
Total liabilities | 1,690.9 | 1,565.2 |
Commitments and contingencies (Note 9) | ||
Stockholders’ equity: | ||
Preferred stock, $0.01 par value, 1.0 million shares authorized, no shares issued | 0 | 0 |
Common stock, $0.01 par value, 75.0 million shares authorized, 52.9 million shares outstanding at December 31, 2020 and 2019 | 0.5 | 0.5 |
Paid-in capital | 661.3 | 638 |
Retained earnings | 926.3 | 744.7 |
Accumulated other comprehensive loss | (1) | (7) |
Total stockholders’ equity | 1,587.1 | 1,376.2 |
Total liabilities and stockholders’ equity | $ 3,278 | $ 2,941.4 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Stockholders’ equity: | ||
Preferred Stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred Stock, shares authorized (in shares) | 1 | 1 |
Preferred Stock, shares issued (in shares) | 0 | 0 |
Common Stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common Stock, shares authorized (in shares) | 75 | 75 |
Common Stock: shares outstanding (in shares) | 52.9 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Statement [Abstract] | |||
Revenues | $ 3,950.6 | $ 3,923.9 | $ 3,399.8 |
Cost of services | 2,861.3 | 2,793.9 | 2,376.1 |
Gross profit | 1,089.3 | 1,130 | 1,023.7 |
Selling, general and administrative expenses | 727.2 | 770.3 | 705 |
Amortization of intangible assets | 51.7 | 51.1 | 58.5 |
Operating income | 310.4 | 308.6 | 260.2 |
Interest expense | (39.7) | (52.9) | (56) |
Write-off of loan costs | 0 | (18.9) | 0 |
Income before income taxes | 270.7 | 236.8 | 204.2 |
Provision for income taxes | 70.4 | 62 | 46.2 |
Income from continuing operations | 200.3 | 174.8 | 158 |
Loss from discontinued operations, net of income taxes | 0 | (0.1) | (0.3) |
Net income | $ 200.3 | $ 174.7 | $ 157.7 |
Earnings per share: | |||
Basic earnings per share | $ 3.80 | $ 3.31 | $ 3.02 |
Diluted earnings per share | $ 3.76 | $ 3.28 | $ 2.98 |
Number of shares and share equivalents used to calculate earnings per share: | |||
Basic (in shares) | 52.7 | 52.8 | 52.3 |
Diluted (in shares) | 53.3 | 53.4 | 53.1 |
Reconciliation of net income to comprehensive income: | |||
Net Income | $ 200.3 | $ 174.7 | $ 157.7 |
Foreign currency translation adjustment | 6 | (0.7) | (2.7) |
Comprehensive income | $ 206.3 | $ 174 | $ 155 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Millions, $ in Millions | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
Balance (in shares) at Dec. 31, 2017 | 52.2 | ||||
Balance at Dec. 31, 2017 | $ 991.4 | $ 0.5 | $ 566.1 | $ 428.4 | $ (3.6) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Vesting of restricted stock units and restricted stock awards (in shares) | 0.1 | ||||
Vesting of restricted stock units and restricted stock awards | (4.7) | $ 0 | (4.7) | ||
Employee stock purchase plan (in shares) | 0.2 | ||||
Employee stock purchase plan | 8.8 | $ 0 | 8.8 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 0 | ||||
Exercise of common stock options | 0.6 | $ 0 | 0.6 | ||
Stock-based compensation expense | 31 | 31 | |||
Translation adjustments | (2.7) | (2.7) | |||
Net income | 157.7 | 157.7 | |||
Balance (in shares) at Dec. 31, 2018 | 52.5 | ||||
Balance at Dec. 31, 2018 | 1,182.1 | $ 0.5 | 601.8 | 586.1 | (6.3) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Vesting of restricted stock units and restricted stock awards (in shares) | 0.4 | ||||
Vesting of restricted stock units and restricted stock awards | (12.1) | $ 0 | (12.1) | ||
Employee stock purchase plan (in shares) | 0.2 | ||||
Employee stock purchase plan | 12.6 | $ 0 | 12.6 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 0.1 | ||||
Exercise of common stock options | 0.1 | 0.1 | |||
Stock-based compensation expense | 39.5 | 39.5 | |||
Stock Repurchased and Retired During Period, Shares | (0.3) | ||||
Stock Repurchased and Retired During Period, Value | (20) | $ 0 | (3.9) | (16.1) | |
Translation adjustments | (0.7) | (0.7) | |||
Net income | 174.7 | 174.7 | |||
Balance (in shares) at Dec. 31, 2019 | 52.9 | ||||
Balance at Dec. 31, 2019 | 1,376.2 | $ 0.5 | 638 | 744.7 | (7) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Vesting of restricted stock units and restricted stock awards (in shares) | 0.3 | ||||
Vesting of restricted stock units and restricted stock awards | (12) | $ 0 | (12) | ||
Employee stock purchase plan (in shares) | 0.4 | ||||
Employee stock purchase plan | 11.1 | $ 0 | 11.1 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 0.1 | ||||
Exercise of common stock options | 1 | 1 | |||
Stock-based compensation expense | 32.4 | 32.4 | |||
Stock Repurchased and Retired During Period, Shares | (0.8) | ||||
Stock Repurchased and Retired During Period, Value | (27.9) | $ 0 | (9.2) | (18.7) | |
Translation adjustments | 6 | 6 | |||
Net income | 200.3 | 200.3 | |||
Balance (in shares) at Dec. 31, 2020 | 52.9 | ||||
Balance at Dec. 31, 2020 | $ 1,587.1 | $ 0.5 | $ 661.3 | $ 926.3 | $ (1) |
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 Income | $ 200.3 | $ 174.7 | $ 157.7 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 89.7 | 91.2 | 95 |
Share-based compensation | 32.3 | 39.3 | 31.5 |
Deferred Income Taxes and Tax Credits | 1.3 | 18.9 | 11.2 |
Write-off of loan costs | 0 | 18.9 | 0 |
Other | 5.9 | 16 | 18.6 |
Changes in operating assets and liabilities, net of effects of acquisitions: | |||
Accounts receivable | (12.9) | (24.3) | (90.7) |
Prepaid expenses and income taxes | 6.5 | (20.8) | 14.8 |
Income taxes payable | (0.3) | (2.2) | 2.1 |
Accounts payable | 0.8 | (7.3) | 23.3 |
Accrued payroll and contract professional pay | 12.6 | 5 | 25.4 |
Operating Right of Use Assets | 31.4 | 28 | 0 |
Operating Lease Liabilities | (31) | (26.7) | 0 |
Payroll tax deferral and other | 88.2 | 2.5 | (1.5) |
Net cash provided by operating activities | 424.8 | 313.2 | 287.4 |
Cash Flows from Investing Activities | |||
Cash paid for property and equipment | (32.6) | (32.7) | (28.7) |
Cash paid for acquisitions, net of cash acquired | (186.2) | (116.4) | (760.2) |
Other | (0.2) | 0 | 0.2 |
Net cash used in investing activities | (219) | (149.1) | (788.7) |
Cash Flows from Financing Activities | |||
Proceeds from Issuance of Long-term Debt | 65.5 | 653 | 822 |
Principal payments of long-term debt | (65.5) | (736.2) | (286) |
Debt issuance or amendment costs | (1.2) | (7.8) | (22.5) |
Proceeds from option exercises and employee stock purchase plan | 12.1 | 12.7 | 9.4 |
Payment of employment taxes related to release of restricted stock awards | (12) | (12.2) | (5.6) |
Repurchase of common stock | (27.9) | (20) | 0 |
Other | 0 | 0 | (9.5) |
Net cash (used in) provided by financing activities | (29) | (110.5) | 507.8 |
Effect of exchange rate changes on cash and cash equivalents | 2.4 | (0.2) | (1.4) |
Net Increase in Cash and Cash Equivalents | 179.2 | 53.4 | 5.1 |
Cash and Cash Equivalents | 274.4 | 95.2 | 41.8 |
Supplemental Disclosure of Cash Flow Information | |||
Income taxes | 64.2 | 56.6 | 21.4 |
Interest | 37.6 | 44.9 | 51 |
Non-Cash Investing and Financing Activities: | |||
Operating lease right-of-use assets obtained in exchange for operating lease liabilities | $ 20.6 | $ 30 | $ 0 |
Organization, Consolidation and
Organization, Consolidation and Presentation of Financial Statements | 12 Months Ended |
Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Accounting | 1. General Basis of Presentation — The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") and the rules of the Securities and Exchange Commission ("SEC"). The consolidated financial statements include the accounts of ASGN Incorporated and its wholly owned subsidiaries ("ASGN" or the "Company"). The results of operations for acquired companies are included in the consolidated results of the Company from the date of acquisition (see Note 5. Acquisitions ). All intercompany accounts and transactions have been eliminated. Certain prior period amounts have been reclassified to conform to current period presentation. Use of Estimates — The preparation of financial statements in conformity with GAAP requires management 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 during the reporting period. Those estimates determined to be most critical to the preparation of the financial statements are discussed below in Note 2. Summary of Critical and Significant Accounting Policies — Critical Accounting Policies and Estimates. Actual results could differ from those estimates. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Significant Accounting Policies [Text Block] | 2. Summary of Critical and Significant Accounting Policies Critical Accounting Policies and Estimates Recognition of Goodwill and Acquired Intangible Assets — At the acquisition date, the Company records all tangible and intangible assets acquired and liabilities assumed in a business combination at fair value, the most significant of which would be goodwill and acquired intangible assets. Acquisition-date fair value represents the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants as measured on the acquisition date. Fair values were derived from valuations based on information that existed as of the acquisition date. The fair value assigned to identifiable intangible assets is primarily determined using estimates including future cash flows, discount rates, royalty rates and income tax rates utilized in a discounted cash flow model, which is a non-recurring fair value measurement based on unobservable inputs (Level 3 inputs). Acquired identified intangible assets typically include customer and contractual relationships, contractor relationships, contract backlog, non-compete agreements and trademarks. In an acquisition, the excess amount of the purchase consideration paid over the fair value of the net assets acquired and liabilities assumed is recorded as goodwill. Goodwill represents the acquired assembled workforce, potential new customers and future cash flows after the acquisition. During the measurement period, which does not exceed one year from the acquisition date, provisional amounts may be adjusted to reflect new information the Company has subsequently obtained regarding facts and circumstances that existed as of the acquisition date. Such fair value assessments require judgments and estimates, which may cause final amounts to differ materially from original estimates. Recoverability of Goodwill and Acquired Intangible Assets — Goodwill is evaluated for impairment annually, or more frequently if an event occurs or circumstances change, including but not limited to a significant decrease in expected revenues or cash flows; an adverse change in the business environment, regulatory environment or legal factors; or a substantial sustained decline in the market capitalization of our stock. Goodwill is tested at the reporting unit level, which is generally an operating segment or one level below the operating segment level, where a business operates and for which discrete financial information is available and reviewed by segment management. The Company performs its annual impairment assessment as of October 31 st for each of its four reporting units. When evaluating goodwill for impairment, the Company may first perform a qualitative assessment to determine whether it is more likely than not that a reporting unit is impaired. If the Company decides not to perform a qualitative assessment, or if it determines that it is more likely than not that the carrying amount of a reporting unit exceeds its fair value, a quantitative assessment is performed to determine the estimated fair value of the reporting unit. If the carrying amount of the reporting unit exceeds the estimated fair value, an impairment charge is recorded to reduce the carrying amount to its estimated fair value. The decision to perform a qualitative impairment assessment in a given year is influenced by a number of factors including: (i) the significance of the excess of the reporting units’ estimated fair value over carrying amount at the last quantitative assessment date, (ii) the amount of time between quantitative fair value assessments and (iii) the date of acquisition. The Company's only indefinite-lived intangible assets are trademarks. The Company performs its annual impairment assessment for its trademarks as of October 31 st . A qualitative assessment is performed for trademarks to determine if there are any indicators that the carrying amount might not be recovered. A quantitative analysis may be performed in order to test the trademarks for impairment. If a quantitative analysis is necessary, an income approach, specifically a relief-from-royalty method, is used to estimate the fair value of the trademarks. The estimated fair value of each trademark is compared with its carrying amount to determine if impairment exists. If the carrying amount of a trademark exceeds the estimated fair value, an impairment charge would be recorded to reduce the carrying amount of the trademark. The Company performed a qualitative assessment for the October 31, 2020 annual impairment test for three of its four reporting units. The Company determined there were no indicators of impairment and it was more likely than not that the fair value of each of the three reporting units exceeded its respective carrying amount by reviewing (i) macroeconomic, industry and market conditions; (ii) cost factors; (iii) overall financial performance compared with prior projections; (iv) the excess of fair value over carrying value as of the most recent quantitative assessment performed and (v) other relevant entity-specific events. The remaining reporting unit, Creative Circle, has had a slower recovery from the COVID-19 pandemic. Consequently, the Company performed a quantitative assessment on the reporting unit and its trademark. For the Creative Circle goodwill, which was $358.0 million at October, 31, 2020, this quantitative assessment estimated the fair value of the Creative Circle reporting unit using a combination of: (i) a discounted cash flow ("DCF") model, (ii) a market approach using a guideline company method and (iii) a market approach using a similar transaction method, with a higher weighting placed on the DCF model. The significant inputs to the DCF model included future revenues and the discount rate. Estimates of future financial results are subject to change and may be affected by both micro and macroeconomic conditions. The quantitative assessment indicated there was excess fair value over the reporting unit's carrying amount at October 31, 2020. For the Creative Circle trademark, which was $66.1 million at October 31, 2020, the quantitative assessment estimated the fair value of the Creative Circle trademark using an income approach, specifically the relief-from-royalty method, which was based on the assumption that, in lieu of ownership, a company would be willing to pay a royalty in order to exploit the benefits of the trademark. The significant inputs to the model included future revenues and the discount rate. Estimates of future financial results are subject to change and may be affected by both micro and macroeconomic conditions. The quantitative assessment indicated there was excess fair value over the trademark's carrying amount at October 31, 2020. Significant Accounting Policies Revenue Recognition — Revenues are recognized as control of the promised service is transferred to customers, in an amount that reflects the consideration expected in exchange for the services. The Company recognizes revenues on a gross basis as it acts as a principal for all of its revenue transactions. The Company has direct contractual relationships with its customers, bears the risks and rewards of its arrangements, has the discretion to select the contract professionals and establish the price for the services to be provided. The majority of the Company's services are provided under time-and-materials ("T&M") contracts where payments are based on fixed hourly rates for each direct labor hour expended and reimbursements for allowable material costs and out-of-pocket expenses. Revenues for T&M contracts are recognized over time, based on hours worked, because the customer simultaneously receives and consumes the benefits as services are provided. Generally, the performance of the requested service over time is a single performance obligation. To the extent actual direct labor and associated costs vary in relation to the agreed upon billing rates, the generated profit may vary. The Federal Government business also provides services under cost-reimbursable and firm-fixed-price ("FFP") contracts, which are recognized over time based on the amount invoiced as those amounts directly correspond with the value received by a customer. Generally, these contracts contain a single performance obligation involving a significant integration of various activities that are performed together to deliver a combined service or solution. Cost reimbursable contracts are usually subject to lower risk and tend to have lower margins. From time to time, the Company may have FFP contracts in which revenues are recognized using a cost-to-cost measurement method. Under certain commercial contracts, customers may receive discounts (e.g., volume discounts, rebates, prompt-pay discounts) and adjustments to the amounts billed, which are considered variable consideration. Volume discounts are the largest component of variable consideration and are estimated using (i) the most likely amount method prescribed by ASC 606, (ii) contract terms and (iii) estimates of revenue. Revenues are recognized net of variable consideration to the extent it is probable a significant reversal of revenues will not occur in subsequent periods. The Company includes billable expenses (allowable material costs and out-of-pocket reimbursable expenses) in revenues and the associated expenses are included in costs of services. There are no incremental contract costs to obtain contracts. Contract fulfillment costs include, but are not limited to, direct labor for both employees and subcontractors, allowable materials such as third-party hardware and software that are integrated as part of the overall services and solutions provided to customers and out-of-pocket reimbursable expenses. Contract fulfillment costs are expensed as incurred, except for certain set-up costs for an ECS project, which were capitalized and are being amortized over the expected period of benefit. The Company’s contracts have termination for convenience provisions and do not have substantive termination penalties; therefore, the contract duration for accounting purposes may be less than the stated terms. For accounting purposes, the Company's contracts with customers are considered to be of a short-term nature (one year or less). The Company does not disclose the value of remaining performance obligations for short-term contracts. The Company has contract liabilities for payments received in advance of providing services under certain contracts. Contract liabilities for advance payments were $18.4 million and $8.4 million at December 31, 2020 and 2019, respectively. Contract liabilities are included in other current liabilities in the accompanying consolidated balance sheets and are generally recognized as revenues within three months from the balance sheet date. Payment terms vary and the time between invoicing and when payment is due is not significant. There are no financing components to the Company’s arrangements. Costs of Services — Costs of services include direct costs consisting primarily of payroll, payroll taxes and benefit costs for the Company’s contract professionals. Costs of services also include other direct costs and reimbursable out-of-pocket expenses. Stock-Based Compensation — Stock-based compensation expense is measured based on the grant-date fair value of the respective awards and recognized over the requisite service period, net of an estimated forfeiture rate. Amortization of Finite-Lived Intangible Assets — Finite-lived intangible assets are amortized over their useful lives and are tested for recoverability whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Customer and contractual relationships and contract backlog are amortized based on the annual cash flows observed in the valuation of the asset, which generally accelerates the amortization into the earlier years reflective of the economic life of the asset. Contractor relationships and non-compete agreements are amortized using the straight-line method. Income Taxes — Income taxes are accounted for using the liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Deferred tax assets are reduced by a valuation allowance if it is more likely than not that a portion of the deferred tax asset will not be realized. The Company reviews its uncertain tax positions regularly. An uncertain tax position represents the Company’s expected treatment of a tax position taken in a filed return, or planned to be taken in a future tax return or claim that has not been reflected in measuring income tax expense for financial reporting purposes. The Company recognizes the tax benefit from an uncertain tax position when it is more-likely-than-not that the position will be sustained upon examination on the basis of the technical merits or the statute of limitations for the relevant taxing authority to examine and challenge the tax position has expired. Foreign Currency Translation — The functional currency of the Company’s foreign operations is their local currency. Assets and liabilities are translated into U.S. dollars at the rate of exchange in effect on the balance sheet date. Revenues and expenses are translated at the average rates of exchange prevailing during each monthly period. The related translation adjustments are recorded as cumulative foreign currency translation adjustments in accumulated other comprehensive (loss) income as a separate component of stockholders’ equity. Cash and Cash Equivalents — The Company considers all highly liquid investments with maturities of three months or less when purchased to be cash equivalents. Accounts Receivable Allowances — The Company estimates an allowance for expected credit losses (the inability of customers to make required payments). These estimates are based on (i) a combination of past experience and current trends, (ii) consideration of the current aging of receivables and (iii) a specific review for potential bad debts. The resulting bad debt expense is included in SG&A expenses in the accompanying consolidated statements of operations and comprehensive income. Receivables are written off when deemed uncollectible. The accounts receivable allowance was $4.7 million and $5.1 million at December 31, 2020 and December 31, 2019, respectively. Leases — The Company has operating leases for corporate offices, branch offices and data centers, which have lease terms ranging from six months to 11 years. At the inception of a contract, the Company determines if the contract contains a lease. A contract contains a lease if it conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Operating lease ROU assets and lease liabilities are recognized at the lease commencement date, based on the present value of the future minimum lease payments. The Company’s leases do not provide an implicit rate of return. Therefore, the Company uses its incremental borrowing rate ("IBR") in determining the present value of lease payments. In determining the IBR, the Company considers its credit rating and the current market interest rates. The IBR approximates the interest rate the Company would pay on collateralized debt with similar terms and payments as the lease agreements and in a similar economic environment where the leased assets are located. Leases with an initial term of 12 months or less are not recorded on the balance sheet. The Company does not have finance leases. Lease expense is recognized on a straight-line basis over the lease term and is primarily included in SG&A expenses in the accompanying consolidated statements of operations and comprehensive income. Some lease agreements offer renewal options, which are assessed against relevant economic factors to determine whether it is reasonably certain that these renewal options will be exercised. As a result of this assessment, for most leases, renewal options were excluded from the minimum lease payments when calculating the operating lease assets and liabilities, as the Company does not consider the exercise of such options to be reasonably certain. The Company has lease agreements with lease and non-lease components, which are accounted for as a single lease component for all underlying asset classes. Some leases require variable payments for common area maintenance, property taxes, parking, insurance and other variable costs. The variable portion of lease payments is not included in operating lease assets or liabilities. Variable lease costs are expensed when incurred. Property and Equipment — Property and equipment are stated at cost. Depreciation and amortization are provided using the straight-line method over the estimated useful lives of the related assets, generally three to five years. Leasehold improvements are amortized over the shorter of the life of the related asset or the remaining term of the lease. Costs associated with customized internal-use software systems that have reached the application development stage and meet recoverability tests are capitalized and include external direct costs utilized in developing or obtaining the applications and payroll and payroll-related expenses for employees who are directly associated with the application development. Impairment or Disposal of Long-Lived Assets — The Company evaluates long-lived assets, other than goodwill and identifiable intangible assets with indefinite lives, for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. An impairment loss is recognized when the sum of the undiscounted future cash flows is less than the carrying amount of the asset, in which case a write down is recorded to reduce the related asset to its estimated fair value. There were no significant impairments of long-lived assets in 2020, 2019 and 2018. Workers’ Compensation Loss Reserves — The Company carries retention policies for its workers’ compensation liability exposures. Under these policies, the Company pays a base premium plus actual losses incurred, not to exceed certain stop-loss limits. The Company is insured for losses above these limits. The Company estimates its workers' compensation loss reserves based on a third- party actuarial study based on claims filed and claims incurred but not reported. The Company accounts for claims incurred but not yet reported based on estimates derived from historical claims experience and current trends of industry data. Changes in estimates, differences in estimates and actual payments for claims are recognized in the period when the estimate changed or the payment was made. Contingencies — The Company records an estimated loss from a loss contingency when information available prior to issuance of its financial statements indicates it is probable that an asset has been impaired or a liability has been incurred at the date of the financial statements and the amount of the loss can be reasonably estimated. Accounting for contingencies, such as legal settlements and workers’ compensation matters, requires the Company to use judgment. Concentration of Credit Risk — Financial instruments that potentially subject the Company to credit risks consist primarily of cash and cash equivalents and trade receivables. The Company places its cash and cash equivalents with high-quality financial institutions. Concentration of credit risk with respect to accounts receivable for the Apex and Oxford segments is limited because of the large number of clients and their dispersion across different industries and geographies, thus spreading the trade credit risk. The Company performs ongoing credit evaluations to identify risks and maintains an allowance to address these risks. Accounts receivables from the ECS segment are primarily from the U.S. government and are considered to have low credit risk. Earnings per Share — |
Accounting Standards Update
Accounting Standards Update | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Changes and Error Corrections [Abstract] | |
Accounting Standards Update | On January 1, 2020, the Company adopted ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326). This standard requires a financial asset to be presented at the net amount expected to be collected. The financial assets of the Company in scope of ASU 2016-13 were primarily accounts receivable. The adoption of this standard did not have a significant impact to the Company's consolidated financial statements. On January 1, 2020, the Company adopted ASU No. 2018-15, Intangibles - Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract . This update provides guidance regarding the capitalization of implementation costs incurred in a cloud computing arrangement that is a service contract. ASU 2018-15 was adopted prospectively and cloud computing implementation costs incurred on January 1, 2020 or later are included in other noncurrent assets in the accompanying consolidated balance sheet and are presented within operating cash flows. As of December 31, 2020, capitalized implementation costs for cloud computing arrangements were not significant. On January 1, 2020, the Company adopted ASU No. 2017-04, Intangibles - Goodwill and Other (Topic 350) Simplifying the Test for Goodwill Impairment. This guidance eliminates Step 2 of the goodwill impairment test and goodwill impairment will now be measured as the amount by which a reporting unit’s carrying amount exceeds its fair value. The adoption of this guidance did not have a material impact on the Company's consolidated financial statements. In March 2020, the Financial Accounting Standards Board ("FASB") issued ASU No. 2020-04, Reference Rate Reform (Topic 848) - Facilitation of the Effects of Reference Rate Reform on Financial Reporting. ASU 2020-04 contains practical expedients for reference rate reform related activities that impact debt, leases and other contracts. This guidance is optional and may be elected over time as reference rate reform activities occur. The adoption of this guidance did not have a material impact on the Company's consolidated financial statements. In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740) , which removes certain exceptions to the general principles in Topic 740. The amendments in this update also improve consistent application of and simplify GAAP for other areas of Topic 740 by clarifying and amending existing guidance. The amendments in this update are effective for interim and annual periods for the Company beginning on January 1, 2021, with early adoption permitted. The adoption of this guidance did not have a material impact on the Company's consolidated financial statements. |
Leases (Notes)
Leases (Notes) | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Lease Disclosure | 4. Leases Components of lease expense for the year ended December 31, 2020 and 2019 were as follows (in millions): 2020 2019 Operating lease expense $ 32.9 $ 32.1 Short-term lease expense 6.6 2.1 Variable lease expense 6.4 5.8 Total lease expense $ 45.9 $ 40.0 Supplemental information related to leases for December 31, 2020 and 2019 (in millions): 2020 2019 Weighted-average remaining lease term of operating leases 3.7 years 4.2 years Weighted-average discount rate of operating leases 3.91 % 4.26 % Cash paid for operating lease liabilities $ 34.0 $ 32.1 Maturities of operating lease liabilities at December 31, 2020 (in millions): 2021 $ 32.4 2022 25.9 2023 20.1 2024 12.7 2025 5.4 Thereafter 2.7 Total future minimum lease payments 99.2 Less: imputed interest 6.9 Total operating lease liabilities $ 92.3 The Company has operating leases for corporate offices, branch offices and data centers. Two of these properties were owned indirectly in part by certain board members and an executive of the Company until they were sold to an unrelated party in June 2020. Rent expense for these properties for the period they were owned in part by related parties was $0.4 million, $1.2 million and $1.3 million for the years ended December 31, 2020, 2019 and 2018. At December 31, 2020, the Company did not have any significant leases that had not yet commenced. |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2020 | |
Business Combinations [Abstract] | |
Acquisitions | 5. Acquisitions 2020 Acquisitions — In 2020, the Company acquired four businesses having an aggregate purchase price of $186.0 million. Additional contingent consideration with a fair value of $5.0 million (maximum potential of $19.0 million) is to be paid in cash based on the achievement of certain specified earnings results in 2021. These acquisitions increased the Company's investment in IT consulting in its Federal Government and Commercial businesses. At December 31, 2020, the Company had not finalized the determination of fair values allocated to all of the assets and liabilities for these acquisitions. None of these acquisitions were material individually or in the aggregate; therefore, we did not present any pro forma results on these acquisitions. 2019 Acquisitions — In 2019, the Company acquired two businesses having an aggregate purchase price of $113.0 million. These acquisitions increased the Company's investment in IT consulting in its Federal Government and Commercial businesses. The purchase accounting for these acquisitions is final. None of these acquisitions were material individually or in the aggregate; therefore, we did not present any pro forma results on these acquisitions. 2018 Acquisition — On April 2, 2018, the Company acquired all of the outstanding equity interests of ECS Federal, LLC ("ECS") for $775.0 million. Acquisition expenses were approximately $12.0 million and were included in SG&A expenses. ECS, which is headquartered in Fairfax, Virginia, is a leading provider of government IT services and solutions. The ECS acquisition allows the Company to compete in the federal IT and professional services sector. ECS is reported as a separate segment of the Company. The accompanying consolidated statements of operations and comprehensive income for the year ended December 31, 2018 included revenues from ECS of $493.0 million and income before income taxes of $14.2 million, respectively. Goodwill related to this acquisition totaled $528.2 million, of which $514.2 million is estimated to be deductible for income tax purposes. The following table summarizes the consideration paid and the fair value of assets acquired and liabilities assumed (in millions): Cash $ 12.4 Accounts receivable 97.2 Prepaid expenses and other current assets 8.6 Property and equipment 29.0 Identifiable intangible assets 195.0 Goodwill 528.2 Other non-current assets 1.2 Total assets acquired 871.6 Current liabilities 94.7 Long-term liabilities 4.3 Total liabilities assumed 99.0 Total purchase price $ 772.6 The following table summarizes the acquired identifiable intangible assets of ECS (in millions): Useful life Amount Contractual customer relationships 12.75 $ 144.6 Contract Backlog 2.75 23.1 Non-compete agreements 4 to 7 years 10.3 Favorable contracts 5 years 0.5 Trademarks Indefinite 16.5 Total identifiable intangible assets acquired $ 195.0 The weighted-average amortization period for identifiable intangible assets, excluding trademark, is 11 years. The summary below (in millions, except for per share data) presents pro forma unaudited consolidated results of operations for the year ended December 31, 2018 as if the acquisition of ECS by the Company and the acquisition of a business by ECS in April 2017, both occurred on January 1, 2017. The pro forma unaudited consolidated results give effect to, among other things: (i) amortization of intangible assets, (ii) stock-based compensation expense and the related dilution for restricted stock units granted to ECS employees, (iii) interest expense on acquisition-related debt and (iv) the exclusion of nonrecurring expenses incurred by ECS prior to its acquisition by the Company for ECS’ acquisition-related activities and costs incurred in the sale of ECS to the Company. The pro forma unaudited consolidated results are not necessarily indicative of the operating results that would have occurred if the acquisition had been consummated as of the date indicated, nor are they necessarily indicative of future operating results. 2018 Revenues $ 3,548.9 Income from continuing operations $ 169.6 Net income $ 169.3 Earnings per share: Basic $ 3.24 Diluted $ 3.19 Number of shares and share equivalents used to calculate earnings per share: Basic 52.4 Diluted 53.2 |
Goodwill and Identifiable Asset
Goodwill and Identifiable Assets | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Identifiable Intangible Assets | 6. Goodwill and Other Identifiable Intangible Assets The following table summarizes the activity related to the carrying amount of goodwill by reportable segment for the years ended December 31, 2020 and 2019 (in millions): Apex Oxford ECS Total Balance as of December 31, 2018 $ 662.1 $ 230.8 $ 528.2 $ 1,421.1 2019 acquisitions (1) 41.4 — 24.7 66.1 Translation adjustment — (0.3) — (0.3) Balance as of December 31, 2019 703.5 230.5 552.9 1,486.9 2020 acquisitions (1) 40.3 — 89.2 129.5 Translation adjustment (0.1) 2.1 — 2.0 Balance as of December 31, 2020 $ 743.7 $ 232.6 $ 642.1 $ 1,618.4 _____ (1) For the 2020 and 2019 acquisitions, approximately $77.1 million and $63.3 million of the goodwill was deductible for income tax purposes, respectively. Acquired intangible assets consisted of the following (in millions): December 31, 2020 December 31, 2019 Estimated Useful Life (in years) Gross Carrying Amount (1) Accumulated Amortization Net Carrying Amount Gross Carrying Amount (1) Accumulated Amortization Net Carrying Amount Subject to amortization: Customer and contractual relationships 7.3 - 12.75 $ 441.3 $ 222.9 $ 218.4 $ 384.9 $ 179.9 $ 205.0 Contractor relationships 4 71.2 71.0 0.2 71.1 70.6 0.5 Contract Backlog 1 - 2.75 29.3 28.5 0.8 25.0 23.9 1.1 Non-compete agreements 4 - 7 27.8 18.2 9.6 24.8 13.8 11.0 569.6 340.6 229.0 505.8 288.2 217.6 Not subject to amortization: Trademarks 258.9 — 258.9 258.9 — 258.9 Total $ 828.5 $ 340.6 $ 487.9 $ 764.7 $ 288.2 $ 476.5 _____ (1) The 2020 and 2019 acquisitions added $62.9 million in acquired intangible assets with a weighted-average useful life of 7.5 years and $42.8 million in acquired identified intangible assets with a weighted-average useful life of 10.5 years, respectively. Amortization expense for intangible assets with finite lives was $51.7 million in 2020, $51.1 million in 2019 and $58.5 million in 2018. Estimated amortization for each of the next five years and thereafter follows (in millions): 2021 $ 47.8 2022 39.1 2023 33.9 2024 26.6 2025 21.5 Thereafter 60.1 $ 229.0 |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment. | 7. Property and Equipment Net property and equipment at December 31, 2020 and 2019 consisted of the following (in millions): 2020 2019 Computer hardware and software $ 201.6 $ 180.2 Furniture, fixtures and equipment 28.0 26.8 Leasehold improvements 28.9 24.7 Work-in-progress 4.8 7.0 263.3 238.7 Less: accumulated depreciation (193.9) (165.0) $ 69.4 $ 73.7 The Company has capitalized costs related to its various technology initiatives. At December 31, 2020, the net book value of computer software was $34.2 million, which included work-in-progress of $4.8 million. At December 31, 2019, the total net book value of computer software was $34.8 million, which included work-in-progress of $6.4 million. The following table summarizes the presentation of depreciation expense within the accompanying consolidated statements of operations for the years ended December 31, 2020, 2019 and 2018: 2020 2019 2018 Selling, general and administrative expenses $ 33.4 $ 29.8 $ 28.8 Costs of services 4.6 10.3 7.7 $ 38.0 $ 40.1 $ 36.5 |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | 8. Long-Term Debt At December 31, 2020 and 2019, long-term debt consisted of the following (in millions): 2020 2019 Senior Secured Credit Facility: $250 million revolving credit facility, due 2024 $ — $ — Term B loan facility, due 2025 490.8 490.8 Unsecured Senior Notes, due 2028 550.0 550.0 1,040.8 1,040.8 Unamortized deferred loan costs (7.4) (8.5) Total long-term debt $ 1,033.4 $ 1,032.3 Senior Secured Credit Facility — On November 22, 2019, the Company entered into the sixth amendment to its senior credit agreement, which provides for, among other things: (i) an increase in the aggregate commitments available under the revolving credit facility to $250.0 million and an extension of its maturity date to November 2024 and (ii) a reduction of 25 basis points in the applicable margin for the term loans. The Company wrote-off deferred loan costs totaling $18.9 million related to repayment (and retirement) of the term B loan facility due 2022 and partial repayment of the outstanding loans under the term B loan facility due 2025. The senior secured credit facility ("Credit Facility") consists of a term B loan and a revolving credit facility with a maximum borrowing capacity of $250.0 million ("Revolver"). Borrowings under the term B loan bear interest at LIBOR plus 1.75 percent, or the bank’s base rate plus 0.75 percent. Borrowings under the Revolver bear interest at LIBOR plus 1.25 to 2.25 percent or the bank’s base rate plus 0.25 to 1.25 percent, depending on leverage levels. A commitment fee of 0.20 to 0.35 percent is payable on the undrawn portion of the Revolver. There are no required minimum payments on the Credit Facility and it is secured by substantially all of the Company's assets and includes various restrictive covenants. The Company is required to make mandatory prepayments on its term B loan from excess cash flow and with the proceeds of asset sales, debt issuances and specified other events, subject to certain exceptions. The Revolver is limited to a maximum ratio of senior secured debt to trailing 12-months of lender-defined consolidated EBITDA of 4.00 to 1.00, which was 1.14 to 1.00 at December 31, 2020. At December 31, 2020, the Company was in compliance with its debt covenants, and the interest rate on the term B loan was 1.90 percent. At December 31, 2020, the Company had no outstanding borrowings under the Revolver and had $4.0 million in undrawn stand-by letters of credit to secure certain obligations and full availability under its revolving credit facility. Unsecured Senior Notes — On November 22, 2019, the Company issued $550.0 million of 4.625 percent senior notes due 2028 (the "Senior Notes"). The Company used the proceeds from the Senior Notes to repay or pay down borrowings under its senior credit facility. Interest on the Senior Notes is payable in arrears on May 15 and November 15 of each year beginning on May 15, 2020. The Senior Notes are senior unsecured obligations and are effectively subordinated to the Company’s existing and future secured indebtedness (including the secured indebtedness under the Company's senior credit agreement) to the extent of the value of the collateral securing that indebtedness and are structurally subordinated to all of the liabilities of any of the Company's subsidiaries that do not guarantee the notes. The Senior Notes also contain certain customary limitations including, among other terms and conditions, the Company's ability to incur additional indebtedness, engage in mergers and acquisitions, transfer or sell assets and make certain distributions. In connection with the issuance of the Senior Notes and the sixth amendment to the senior credit agreement, the Company incurred $9.1 million of debt issuance and amendment costs, of which $8.6 million were presented in the accompanying consolidated balance sheets as a reduction of outstanding debt and are being amortized over the term of the Senior Notes and the term loans and $0.5 million fees were presented in other current assets and other non-current assets and are being amortized over the term of the revolving credit facility. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 9. Commitments and Contingencies Purchase Obligations — The Company's purchase obligations include non-cancelable job board service agreements, software maintenance and license agreements and software subscriptions. The following is a summary of these obligations as of December 31, 2020, which excludes lease liabilities and other current liabilities that are included in the accompanying consolidated balance sheets (in millions): 2021 $ 16.0 2022 14.3 2023 7.6 Total $ 37.9 Other Commitments — The workers' compensation loss reserves were $2.3 million and $2.4 million, net of anticipated insurance and indemnification recoveries of $10.9 million and $13.8 million, at December 31, 2020 and 2019, respectively. To secure obligations for workers’ compensation claims and other obligations, the Company has undrawn stand-by letters of credit of $4.0 million and $3.9 million at December 31, 2020 and 2019, respectively. Certain acquisitions completed in 2020 contained provisions requiring that the Company pay contingent consideration in the event the acquired businesses achieved certain specified earnings results in 2021 (see Note 5. Acquisitions ). At December 31, 2020, the maximum amount due under these agreements is $19.0 million, with a fair value of $5.0 million. Certain employees participate in the Company’s Amended and Restated Change in Control Severance Plan and/or have separate agreements that provide for certain benefits in the event of termination at the Company's convenience, as defined by the plan or agreement. Generally, these benefits are based on the employee’s position in the Company and include severance, continuation of health insurance and may contain acceleration of equity grants and a pro-rata bonus based on the amount earned prior to a change in control. Legal Proceedings — The Company is involved in various legal proceedings, claims and litigation arising in the ordinary course of business. The Company does not believe that the disposition of matters that are pending or asserted will have a material effect on its consolidated financial statements. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Stockholders' Equity Note Disclosure | 10. Stockholders' Equity On May 31, 2019, the Board of Directors approved a $250.0 million, two-year stock repurchase program. Under this program, the Company repurchased 0.8 million shares of its common stock at a cost of $27.9 million in 2020. All repurchased shares were retired, which resulted in a reduction in paid-in capital of $9.2 million and a reduction in retained earnings of $18.7 million in 2020. In 2019, the Company repurchased 0.3 million shares of its common stock at a cost of $20.0 million. All repurchased shares were retired, which resulted in a reduction in paid-in capital of $3.9 million and a reduction in retained earnings of $16.1 million in 2019. |
Stock-based Compensation and Ot
Stock-based Compensation and Other Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Stock-based Compensation: Incentive Award Plan and Employee Stock Purchase Plan | 11. Stock-Based Compensation and Other Employee Benefit Plans The Company believes that stock-based compensation aligns the interests of its employees and directors with those of its stockholders. Stock-based compensation provides incentives to retain and motivate executive officers and key employees responsible for driving Company performance and maintaining important relationships that contribute to the growth of the Company. As of December 31, 2020, the Company has two stock-based compensation plans: 2010 Plan — On June 13, 2019, the stockholders of the Company approved the Second Amended and Restated 2010 Incentive Award Plan (the "2010 Plan"). This plan permits the grant of incentive stock options, nonqualified stock options, dividend equivalent rights, stock payments, deferred stock, restricted stock awards, RSUs, performance shares and other incentive awards, stock appreciation rights and cash awards to its employees, directors and consultants. As of December 31, 2020, there were 2.6 million shares available for issuance under the 2010 Plan. 2012 Plan — The Board of Directors adopted the Second Amended and Restated 2012 Employment Inducement Incentive Award Plan on April 26, 2018 (the "2012 Plan"). This plan allows for grants of stock to employees as employment inducement awards pursuant to NYSE rules. The terms of the 2012 Plan are similar to the 2010 Plan. As of December 31, 2020, there were 0.1 million shares available for issuance under the 2012 Plan. Total stock-based compensation expense for the years ended December 31, 2020, 2019 and 2018 was as follows: 2020 2019 2018 Stock-based compensation included in SG&A expenses $ 32.3 $ 39.3 $ 31.5 Excess tax benefits recognized from stock-based compensation $ 1.6 $ 1.1 $ 2.7 Restricted Stock Units — The Company issues RSUs with (i) service conditions, (ii) performance conditions, (iii) a combination of performance and service conditions and (iv) a combination of market and service conditions. RSUs generally vest over one- to five-year periods, and the RSUs that have performance conditions are based on the achievement of specified annual financial or other targets. Beginning in 2020, the Company also included market conditions based on relative total shareholder return ("TSR") or "TSR Awards." These TSR Awards vest solely based on achievement of TSR relative to an objectively selected group of industry peers over a three-year period, with payouts ranging from zero to 200% of the target award. The fair value of each RSU is based on the grant-date fair market value of the awards. The fair value of the Company's RSUs were determined on the grant date based on the closing market price for the Company's stock. The fair value for the TSR Awards was $49.11 per share, which was determined on the grant date using a Monte Carlo simulation model based on the following assumptions: Expected term (years) 3.0 Dividend yield — Volatility factor 38.8 % Risk-free interest rate 0.3 % Compensation expense for RSUs is determined based on the grant-date fair value of those awards, net of an estimated forfeiture rate. The forfeiture rate estimates the number of awards that will eventually vest and is based on historical vesting patterns. Compensation expense for RSUs with performance conditions based on financial targets are measured on the amount of shares ultimately expected to vest, estimated at each reporting date based on management’s expectations regarding the relevant performance criteria. Compensation expense for all other RSUs are recognized on a straight-line basis, net of an estimated forfeiture rate over the requisite service period of the award. A summary of the status of the Company’s unvested RSUs as of December 31, 2020 and changes during the year then ended are presented below (number of units in millions, except fair value per unit): Service Conditions Performance/Market Total Weighted-Average Grant-Date Fair Value Per Unit Unvested RSUs outstanding at December 31, 2019 0.5 0.7 1.2 $ 63.21 Granted 0.2 0.3 0.5 $ 61.23 Vested (0.1) (0.4) (0.5) $ 59.51 Unvested RSUs outstanding at December 31, 2020 0.6 0.6 1.2 $ 63.66 Unvested and expected to vest RSUs outstanding at December 31, 2020 0.5 0.6 1.1 $ 63.51 As of December 31, 2020, there was unrecognized compensation expense of $37.9 million related to unvested RSUs based on awards that are expected to vest. The unrecognized compensation expense is expected to be recognized over a weighted-average period of approximately 1.9 years. The fair value of RSUs that vested during 2020, 2019 and 2018 was $34.4 million, $38.7 million and $16.4 million, respectively. The weighted-average grant-date fair value of RSUs granted during 2020, 2019 and 2018 was $61.23, $62.26 and $74.61 per unit, respectively. The total number of shares vested in the table above includes 0.2 million shares surrendered by the employees to the Company for payment of employees' income taxes. The surrendered shares are available for issuance under the 2010 Plan. Employee Stock Purchase Plan — The stockholders of the Company approved the Second Amended and Restated 2010 Employee Stock Purchase Plan (“ESPP”) on June 18, 2020. The ESPP allows eligible employees to purchase common stock of the Company, through payroll deductions, at a 15 percent discount of the lower of the market price on the first day or the last day of the semi-annual purchase periods. Participants are required to hold the shares for a 12-month period after the purchase date. The ESPP is intended to qualify as an employee stock purchase plan under the Internal Revenue Service ("IRS") Code Section 423. Eligible employees may contribute up to a certain percentage set by the plan administrator of their eligible earnings toward the purchase of the stock (subject to certain IRS limitations). As of December 31, 2020, there were 1.3 million shares available for issuance under the ESPP. Shares of common stock are transferred to participating employees at the conclusion of each six-month offering period, which ends on the last business day of the month in March and September each year. Compensation expense is measured using a Black-Scholes valuation model. The fair values of the options granted under the ESPP were estimated using the Black-Scholes valuation model at the date of grant based on the following assumptions during the years ended December 31, 2020, 2019 and 2018: 2020 2019 2018 Expected term (years) 0.5 0.5 0.5 Dividend yield — — — Expected volatility 32.0 - 63.3% 25.0 - 38.5% 23.0 - 30.3% Weighted-average risk-free interest rate 0.1 - 1.8% 2.1 - 2.4% 1.2 - 1.9% Average Black-Scholes valuation per share $ 12.53 $ 17.11 $ 15.09 Shares issued (millions) 0.4 0.2 0.2 Stock-based compensation expense (millions) $ 4.0 $ 4.1 $ 2.7 Stock Options and Liability Awards — The Company has not granted stock options since 2012 and liability awards since 2019. The activity related to exercised stock options and liability awards during the years ended 2020, 2019 and 2018 was insignificant. There were no liability awards outstanding at December 31, 2020, and the number of outstanding liability awards at the end of 2019 and 2018 was insignificant. The number of outstanding stock options at the end of these years were also insignificant. Deferred Compensation Plan — The Company’s Deferred Compensation Plan, which became effective on June 1, 2017 and has been amended from time to time (the "DCP"), allows for eligible management and highly compensated key employees to elect to defer a portion of their compensation to later years. These deferrals are immediately vested and are subject to investment risk and a risk of forfeiture under certain circumstances. Participants may choose from various investment options representing a broad range of asset classes. The Company’s deferred compensation plan liability was $14.4 million and $11.8 million at December 31, 2020 and 2019, respectively, which was primarily included in other long-term liabilities. The Company established a rabbi trust to fund the deferred compensation plan (see Note 15. Fair Value Measurements ). Employee Defined Contribution Plans |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 12. Income Taxes The provision for income taxes consists of the following (in millions): Year Ended December 31, 2020 2019 2018 Current: Federal $ 47.7 $ 29.9 $ 20.6 State 16.5 8.6 10.6 Foreign 4.8 4.6 3.9 69.0 43.1 35.1 Deferred: Federal and State 1.8 19.9 11.5 Foreign (0.4) (1.0) (0.4) 1.4 18.9 11.1 $ 70.4 $ 62.0 $ 46.2 Income from continuing operations before income taxes consists of the following (in millions): Year Ended December 31, 2020 2019 2018 United States $ 250.7 $ 218.7 $ 190.7 Foreign 20.0 18.1 13.5 $ 270.7 $ 236.8 $ 204.2 The components of deferred tax (liabilities) assets are as follows (in millions): December 31, 2020 2019 Intangibles $ (146.0) $ (112.7) Depreciation expense (14.3) (13.3) Operating lease right-of-use assets (22.1) (24.8) Operating lease liabilities 23.3 25.7 Allowance for doubtful accounts 1.4 1.8 Employee-related accruals 14.8 12.0 Stock-based compensation 8.4 9.2 Payroll tax deferral 22.5 — Net operating loss carryforwards–foreign 0.8 0.8 Other 3.0 3.4 Subtotal (108.2) (97.9) Valuation allowance (0.5) (0.8) $ (108.7) $ (98.7) The reconciliation between the amount computed by applying the U.S. federal statutory tax rate of 21 percent in 2020, 2019 and 2018 to income before income taxes, for each respective year and the income tax provision is as follows (in millions): Year Ended December 31, 2020 2019 2018 Income tax provision at the statutory rate $ 56.8 $ 49.7 $ 42.9 State income taxes, net of federal benefit 13.3 11.5 9.4 Disallowed meals and entertainment expenses 0.8 1.7 1.6 Excess stock-based compensation benefit (1.3) (0.9) (2.2) Work opportunity tax credit (2.0) (2.5) (3.1) Impact of tax reform — — (3.0) Other 2.8 2.5 0.6 $ 70.4 $ 62.0 $ 46.2 As of December 31, 2020, the Company had no domestic net operating losses and had $1.7 million of foreign net operating losses, which have no expiration date. The Company has recorded a valuation allowance of approximately $0.5 million and $0.8 million at December 31, 2020 and 2019, respectively, related to net operating loss carryforwards. At December 31, 2020, the Company had undistributed earnings of foreign subsidiaries of approximately $29.5 million, substantially all of which are permanently reinvested. The Company will repatriate a portion of these foreign earnings in situations it deems advantageous for business operations, tax or cash management reasons. In doing so, the Company could be subject to state income and foreign taxes which would be insignificant. The determination of the amount of unrecognized deferred income tax liability for any basis differences on the permanently reinvested foreign earnings is not practicable due to the complexities associated with this hypothetical calculation. The Company had gross deferred tax assets of $80.5 million and $58.3 million and gross deferred tax liabilities of $188.7 million and $156.2 million at December 31, 2020 and 2019, respectively. Management has determined the gross deferred tax assets are realizable, with the exception of certain foreign net operating losses discussed above. At December 31, 2020, 2019 and 2018, there were $1.3 million, $1.3 million and $0.4 million of unrecognized tax benefits, respectively, and changes during those years were not significant. If recognized, these unrecognized tax benefits would affect the annual effective tax rate. The gross unrecognized tax benefits are included in other long-term liabilities. The Company recognizes interest and penalties related to uncertain tax positions in income tax expense. The amount of interest and penalties recognized in the financial statements is not significant. The Company believes that there will be no significant decrease in unrecognized tax benefits by the end of 2021. |
Earnings per Share
Earnings per Share | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Earnings per share | 13. Earnings per Share The following is a reconciliation of the number of shares and share equivalents used to calculate basic and diluted earnings per share (in millions, except per share amounts): Year Ended December 31, 2020 2019 2018 Net income $ 200.3 $ 174.7 $ 157.7 Weighted-average number of common shares outstanding - basic 52.7 52.8 52.3 Dilutive effect of share equivalents 0.6 0.6 0.8 Number of common shares and share equivalents outstanding - diluted 53.3 53.4 53.1 Basic earnings per share $ 3.80 $ 3.31 $ 3.02 Diluted earnings per share $ 3.76 $ 3.28 $ 2.98 Number of anti-dilutive share equivalents — — — |
Business Segments
Business Segments | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | 14. Business Segments ASGN provides professional staffing and IT consulting services in the technology, digital, creative, engineering and life sciences fields across commercial and government sectors. ASGN operates through its Commercial and Federal Government businesses. The Commercial business is comprised of the Apex and Oxford segments. The Federal Government business is the ECS segment. The Apex segment provides technology, digital, creative, scientific, engineering staffing and consulting services to Fortune 1000 and mid-market clients across the United States and Canada. The Oxford segment provides hard-to-find technology, digital, engineering and life sciences staffing and consulting services in select skill and geographic markets in the United States and Europe. The ECS segment delivers advanced solutions in cloud, cybersecurity, artificial intelligence, machine learning, application and IT modernization, science and engineering to U.S. defense, intelligence and federal civilian agencies. Management evaluates the performance of each segment primarily based on revenues, gross profit and operating income, which is derived directly from internal financial reporting of the segments used for corporate management purposes, which is presented below by segment (in millions): Year Ended December 31, 2020 2019 2018 Apex Revenues $ 2,421.2 $ 2,520.0 $ 2,300.3 Gross profit 710.8 746.0 687.9 Operating income 276.6 287.7 262.4 Amortization 22.9 20.3 26.2 Oxford Revenues $ 525.2 $ 605.7 $ 606.5 Gross profit 209.6 242.9 248.9 Operating income 43.9 48.4 54.1 Amortization 0.7 3.7 4.2 ECS Revenues $ 1,004.2 $ 798.2 $ 493.0 Gross profit 168.9 141.1 86.9 Operating income 58.0 42.2 15.5 Amortization 28.1 27.1 28.1 Consolidated Revenues $ 3,950.6 $ 3,923.9 $ 3,399.8 Gross profit 1,089.3 1,130.0 1,023.7 Operating income (1) 310.4 308.6 260.2 Amortization 51.7 51.1 58.5 ___________________ (1) Consolidated operating income includes corporate operating expenses that are not allocated to the segments, consisting of consolidated stock-based compensation expense; compensation for corporate employees; acquisition, integration and strategic planning expenses; public company expenses; and depreciation expense for corporate assets. The Company has three major revenue sources: (i) Assignment, (ii) Consulting and (iii) Federal Government. Permanent placement revenues for full year 2020 were approximately 2.6 percent of total revenues and are no longer significant to our consolidated results for disclosure purposes. Consequently, we no longer present these revenues separately in our financial statements and instead they are included in assignment revenues. For comparability, all prior periods have been recast for this change in presentation. The following table presents disaggregated revenues by type (in millions): Year Ended December 31, 2020 2019 2018 Apex Assignment $ 2,040.3 $ 2,190.9 $ 2,050.1 Consulting 380.9 329.1 250.2 2,421.2 2,520.0 2,300.3 Oxford Assignment 468.6 549.4 558.1 Consulting 56.6 56.3 48.4 525.2 605.7 606.5 ECS Firm-fixed-price 272.0 214.0 133.1 Time and materials 322.6 267.8 143.4 Cost reimbursable 409.6 316.4 216.5 1,004.2 798.2 493.0 Consolidated $ 3,950.6 $ 3,923.9 $ 3,399.8 The following table presents the ECS segment revenues by customer type (in millions): Year Ended December 31, 2020 2019 2018 Department of Defense and Intelligence Agencies $ 558.5 $ 453.9 $ 311.0 Federal Civilian 370.6 293.6 150.9 Other 75.1 50.7 31.1 $ 1,004.2 $ 798.2 $ 493.0 The Company operates internationally, with operations in Europe, Canada and Mexico. Most of the Company's revenues are generated in the United States. Revenues from outside the United States accounted for less than 5.0 percent of consolidated revenues for 2020, 2019 and 2018. The following table presents revenues by geographic location (in millions): Year Ended December 31, 2020 2019 2018 Domestic $ 3,778.1 $ 3,749.2 $ 3,241.8 Foreign 172.5 174.7 158.0 $ 3,950.6 $ 3,923.9 $ 3,399.8 The following table presents long-lived assets by geographic location (in millions): December 31, 2020 2019 Domestic $ 67.6 $ 71.4 Foreign 1.8 2.3 $ 69.4 $ 73.7 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 15. Fair Value Measurements Recurring Fair Value Measurements — The carrying amounts of cash and cash equivalents, accounts receivable, accounts payable and accrued payroll and contractor professional pay approximate their fair value based on their short-term nature. Long-term debt at December 31, 2020 was $1.0 billion, excluding $7.4 million of unamortized deferred loan costs (see Note 8. Long-Term Debt ). The fair value of long-term debt was $1.1 billion on December 31, 2020 and was determined using quoted prices in active markets for identical liabilities (Level 1 inputs). The Company had investments, primarily mutual funds, of $14.4 million and $11.8 million at December 31, 2020 and 2019, respectively, held in a rabbi trust restricted to fund the Company's deferred compensation plan, which are measured at fair value using the net asset value practical expedient. These assets were primarily included in other non-current assets in the accompanying consolidated balance sheets. Certain acquisitions completed in 2020 contained provisions requiring that the Company pay contingent consideration in the event the acquired businesses achieved certain specified earnings results in 2021 (see Note 5. Acquisitions ). The Company determined the fair value of the contingent consideration as of each acquisition date using a valuation model which included the evaluation of the expected performance of the acquired entity against the target performance metric and the application of an appropriate discount rate (Level 3 inputs). At the end of each reporting period, the fair value of the contingent consideration was remeasured and any changes were recorded as an adjustment to goodwill if the purchase accounting window was still open. Contingent consideration liabilities had a fair value of $5.0 million as of December 31, 2020. Nonrecurring Fair Value Measurements — Certain assets, such as goodwill and trademarks, are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances, such as, when there is evidence of impairment. See Note 2. Summary of Critical and Significant Accounting Policies for discussion of our assessment performed as of December 31, 2020. There were no fair value adjustments for non-financial assets or liabilities in the years ended December 31, 2020, 2019 and 2018. |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2020 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
SEC Schedule, 12-09, Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | Description Balance at beginning of year Charged to costs and expenses Deductions (1) Balance at end of year Year ended December 31, 2020 Allowance for doubtful accounts $ 5.1 1.0 (1.4) $ 4.7 Workers’ compensation loss reserves $ 16.2 2.9 (5.8) $ 13.3 Year ended December 31, 2019 Allowance for doubtful accounts $ 4.8 3.7 (3.4) $ 5.1 Workers’ compensation loss reserves $ 17.4 3.3 (4.5) $ 16.2 Year ended December 31, 2018 Allowance for doubtful accounts $ 8.5 3.3 (7.0) $ 4.8 Workers’ compensation loss reserves $ 14.8 3.6 (1.0) $ 17.4 ______ (1) Deductions from allowance for doubtful accounts include write-offs of uncollectible accounts receivable. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended | 12 Months Ended |
Dec. 31, 2020 | Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Basis of Accounting, Policy | Basis of Presentation — The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") and the rules of the Securities and Exchange Commission ("SEC"). The consolidated financial statements include the accounts of ASGN Incorporated and its wholly owned subsidiaries ("ASGN" or the "Company"). The results of operations for acquired companies are included in the consolidated results of the Company from the date of acquisition (see Note 5. Acquisitions ). All intercompany accounts and transactions have been eliminated. Certain prior period amounts have been reclassified to conform to current period presentation. | |
Use of Estimates | Use of Estimates — The preparation of financial statements in conformity with GAAP requires management 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 during the reporting period. Those estimates determined to be most critical to the preparation of the financial statements are discussed below in Note 2. Summary of Critical and Significant Accounting Policies — Critical Accounting Policies and Estimates. Actual results could differ from those estimates. | |
Critical Accounting Policy and Estimate | Critical Accounting Policies and Estimates Recognition of Goodwill and Acquired Intangible Assets — At the acquisition date, the Company records all tangible and intangible assets acquired and liabilities assumed in a business combination at fair value, the most significant of which would be goodwill and acquired intangible assets. Acquisition-date fair value represents the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants as measured on the acquisition date. Fair values were derived from valuations based on information that existed as of the acquisition date. The fair value assigned to identifiable intangible assets is primarily determined using estimates including future cash flows, discount rates, royalty rates and income tax rates utilized in a discounted cash flow model, which is a non-recurring fair value measurement based on unobservable inputs (Level 3 inputs). Acquired identified intangible assets typically include customer and contractual relationships, contractor relationships, contract backlog, non-compete agreements and trademarks. In an acquisition, the excess amount of the purchase consideration paid over the fair value of the net assets acquired and liabilities assumed is recorded as goodwill. Goodwill represents the acquired assembled workforce, potential new customers and future cash flows after the acquisition. During the measurement period, which does not exceed one year from the acquisition date, provisional amounts may be adjusted to reflect new information the Company has subsequently obtained regarding facts and circumstances that existed as of the acquisition date. Such fair value assessments require judgments and estimates, which may cause final amounts to differ materially from original estimates. Recoverability of Goodwill and Acquired Intangible Assets — Goodwill is evaluated for impairment annually, or more frequently if an event occurs or circumstances change, including but not limited to a significant decrease in expected revenues or cash flows; an adverse change in the business environment, regulatory environment or legal factors; or a substantial sustained decline in the market capitalization of our stock. Goodwill is tested at the reporting unit level, which is generally an operating segment or one level below the operating segment level, where a business operates and for which discrete financial information is available and reviewed by segment management. The Company performs its annual impairment assessment as of October 31 st for each of its four reporting units. When evaluating goodwill for impairment, the Company may first perform a qualitative assessment to determine whether it is more likely than not that a reporting unit is impaired. If the Company decides not to perform a qualitative assessment, or if it determines that it is more likely than not that the carrying amount of a reporting unit exceeds its fair value, a quantitative assessment is performed to determine the estimated fair value of the reporting unit. If the carrying amount of the reporting unit exceeds the estimated fair value, an impairment charge is recorded to reduce the carrying amount to its estimated fair value. The decision to perform a qualitative impairment assessment in a given year is influenced by a number of factors including: (i) the significance of the excess of the reporting units’ estimated fair value over carrying amount at the last quantitative assessment date, (ii) the amount of time between quantitative fair value assessments and (iii) the date of acquisition. The Company's only indefinite-lived intangible assets are trademarks. The Company performs its annual impairment assessment for its trademarks as of October 31 st . A qualitative assessment is performed for trademarks to determine if there are any indicators that the carrying amount might not be recovered. A quantitative analysis may be performed in order to test the trademarks for impairment. If a quantitative analysis is necessary, an income approach, specifically a relief-from-royalty method, is used to estimate the fair value of the trademarks. The estimated fair value of each trademark is compared with its carrying amount to determine if impairment exists. If the carrying amount of a trademark exceeds the estimated fair value, an impairment charge would be recorded to reduce the carrying amount of the trademark. The Company performed a qualitative assessment for the October 31, 2020 annual impairment test for three of its four reporting units. The Company determined there were no indicators of impairment and it was more likely than not that the fair value of each of the three reporting units exceeded its respective carrying amount by reviewing (i) macroeconomic, industry and market conditions; (ii) cost factors; (iii) overall financial performance compared with prior projections; (iv) the excess of fair value over carrying value as of the most recent quantitative assessment performed and (v) other relevant entity-specific events. The remaining reporting unit, Creative Circle, has had a slower recovery from the COVID-19 pandemic. Consequently, the Company performed a quantitative assessment on the reporting unit and its trademark. For the Creative Circle goodwill, which was $358.0 million at October, 31, 2020, this quantitative assessment estimated the fair value of the Creative Circle reporting unit using a combination of: (i) a discounted cash flow ("DCF") model, (ii) a market approach using a guideline company method and (iii) a market approach using a similar transaction method, with a higher weighting placed on the DCF model. The significant inputs to the DCF model included future revenues and the discount rate. Estimates of future financial results are subject to change and may be affected by both micro and macroeconomic conditions. The quantitative assessment indicated there was excess fair value over the reporting unit's carrying amount at October 31, 2020. | |
Revenue Recognition | Revenue Recognition — Revenues are recognized as control of the promised service is transferred to customers, in an amount that reflects the consideration expected in exchange for the services. The Company recognizes revenues on a gross basis as it acts as a principal for all of its revenue transactions. The Company has direct contractual relationships with its customers, bears the risks and rewards of its arrangements, has the discretion to select the contract professionals and establish the price for the services to be provided. The majority of the Company's services are provided under time-and-materials ("T&M") contracts where payments are based on fixed hourly rates for each direct labor hour expended and reimbursements for allowable material costs and out-of-pocket expenses. Revenues for T&M contracts are recognized over time, based on hours worked, because the customer simultaneously receives and consumes the benefits as services are provided. Generally, the performance of the requested service over time is a single performance obligation. To the extent actual direct labor and associated costs vary in relation to the agreed upon billing rates, the generated profit may vary. The Federal Government business also provides services under cost-reimbursable and firm-fixed-price ("FFP") contracts, which are recognized over time based on the amount invoiced as those amounts directly correspond with the value received by a customer. Generally, these contracts contain a single performance obligation involving a significant integration of various activities that are performed together to deliver a combined service or solution. Cost reimbursable contracts are usually subject to lower risk and tend to have lower margins. From time to time, the Company may have FFP contracts in which revenues are recognized using a cost-to-cost measurement method. Under certain commercial contracts, customers may receive discounts (e.g., volume discounts, rebates, prompt-pay discounts) and adjustments to the amounts billed, which are considered variable consideration. Volume discounts are the largest component of variable consideration and are estimated using (i) the most likely amount method prescribed by ASC 606, (ii) contract terms and (iii) estimates of revenue. Revenues are recognized net of variable consideration to the extent it is probable a significant reversal of revenues will not occur in subsequent periods. The Company includes billable expenses (allowable material costs and out-of-pocket reimbursable expenses) in revenues and the associated expenses are included in costs of services. There are no incremental contract costs to obtain contracts. Contract fulfillment costs include, but are not limited to, direct labor for both employees and subcontractors, allowable materials such as third-party hardware and software that are integrated as part of the overall services and solutions provided to customers and out-of-pocket reimbursable expenses. Contract fulfillment costs are expensed as incurred, except for certain set-up costs for an ECS project, which were capitalized and are being amortized over the expected period of benefit. The Company’s contracts have termination for convenience provisions and do not have substantive termination penalties; therefore, the contract duration for accounting purposes may be less than the stated terms. For accounting purposes, the Company's contracts with customers are considered to be of a short-term nature (one year or less). The Company does not disclose the value of remaining performance obligations for short-term contracts. The Company has contract liabilities for payments received in advance of providing services under certain contracts. Contract liabilities for advance payments were $18.4 million and $8.4 million at December 31, 2020 and 2019, respectively. Contract liabilities are included in other current liabilities in the accompanying consolidated balance sheets and are generally recognized as revenues within three months from the balance sheet date. | |
Cost of Services | Costs of Services — Costs of services include direct costs consisting primarily of payroll, payroll taxes and benefit costs for the Company’s contract professionals. Costs of services also include other direct costs and reimbursable out-of-pocket expenses. | |
Stock-based Compensation | Stock-Based Compensation — Stock-based compensation expense is measured based on the grant-date fair value of the respective awards and recognized over the requisite service period, net of an estimated forfeiture rate. | |
Intangible Assets, Finite-Lived, Policy | Amortization of Finite-Lived Intangible Assets — Finite-lived intangible assets are amortized over their useful lives and are tested for recoverability whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Customer and contractual relationships and contract backlog are amortized based on the annual cash flows observed in the valuation of the asset, which generally accelerates the amortization into the earlier years reflective of the economic life of the asset. Contractor relationships and non-compete agreements are amortized using the straight-line method. | |
Income Taxes | Income Taxes — Income taxes are accounted for using the liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Deferred tax assets are reduced by a valuation allowance if it is more likely than not that a portion of the deferred tax asset will not be realized. The Company reviews its uncertain tax positions regularly. An uncertain tax position represents the Company’s expected treatment of a tax position taken in a filed return, or planned to be taken in a future tax return or claim that has not been reflected in measuring income tax expense for financial reporting purposes. The Company recognizes the tax benefit from an uncertain tax position when it is more-likely-than-not that the position will be sustained upon examination on the basis of the technical merits or the statute of limitations for the relevant taxing authority to examine and challenge the tax position has expired. | |
Foreign Currency Translation | Foreign Currency Translation — The functional currency of the Company’s foreign operations is their local currency. Assets and liabilities are translated into U.S. dollars at the rate of exchange in effect on the balance sheet date. Revenues and expenses are translated at the average rates of exchange prevailing during each monthly period. The related translation adjustments are recorded as cumulative foreign currency translation adjustments in accumulated other comprehensive (loss) income as a separate component of stockholders’ equity. | |
Cash and Cash Equivalents | Cash and Cash Equivalents — The Company considers all highly liquid investments with maturities of three months or less when purchased to be cash equivalents. | |
Accounts Receivable Allowances | Accounts Receivable Allowances — The Company estimates an allowance for expected credit losses (the inability of customers to make required payments). These estimates are based on (i) a combination of past experience and current trends, (ii) consideration of the current aging of receivables and (iii) a specific review for potential bad debts. The resulting bad debt expense is included in SG&A expenses in the accompanying consolidated statements of operations and comprehensive income. Receivables are written off when deemed uncollectible. | |
Leases | Leases — The Company has operating leases for corporate offices, branch offices and data centers, which have lease terms ranging from six months to 11 years. At the inception of a contract, the Company determines if the contract contains a lease. A contract contains a lease if it conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Operating lease ROU assets and lease liabilities are recognized at the lease commencement date, based on the present value of the future minimum lease payments. The Company’s leases do not provide an implicit rate of return. Therefore, the Company uses its incremental borrowing rate ("IBR") in determining the present value of lease payments. In determining the IBR, the Company considers its credit rating and the current market interest rates. The IBR approximates the interest rate the Company would pay on collateralized debt with similar terms and payments as the lease agreements and in a similar economic environment where the leased assets are located. Leases with an initial term of 12 months or less are not recorded on the balance sheet. The Company does not have finance leases. Lease expense is recognized on a straight-line basis over the lease term and is primarily included in SG&A expenses in the accompanying consolidated statements of operations and comprehensive income. Some lease agreements offer renewal options, which are assessed against relevant economic factors to determine whether it is reasonably certain that these renewal options will be exercised. As a result of this assessment, for most leases, renewal options were excluded from the minimum lease payments when calculating the operating lease assets and liabilities, as the Company does not consider the exercise of such options to be reasonably certain. | |
Property and Equipment | Property and Equipment — Property and equipment are stated at cost. Depreciation and amortization are provided using the straight-line method over the estimated useful lives of the related assets, generally three to five years. Leasehold improvements are amortized over the shorter of the life of the related asset or the remaining term of the lease. Costs associated with customized internal-use software systems that have reached the application development stage and meet recoverability tests are capitalized and include external direct costs utilized in developing or obtaining the applications and payroll and payroll-related expenses for employees who are directly associated with the application development. | |
Impairment or Disposal of Long-Lived Assets | Impairment or Disposal of Long-Lived Assets — The Company evaluates long-lived assets, other than goodwill and identifiable intangible assets with indefinite lives, for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. An impairment loss is recognized when the sum of the undiscounted future cash flows is less than the carrying amount of the asset, in which case a write down is recorded to reduce the related asset to its estimated fair value. There were no significant impairments of long-lived assets in 2020, 2019 and 2018. | |
workers compensation loss reserve | Workers’ Compensation Loss Reserves — The Company carries retention policies for its workers’ compensation liability exposures. Under these policies, the Company pays a base premium plus actual losses incurred, not to exceed certain stop-loss limits. The Company is insured for losses above these limits. The Company estimates its workers' compensation loss reserves based on a third- party actuarial study based on claims filed and claims incurred but not reported. The Company accounts for claims incurred but not yet reported based on estimates derived from historical claims experience and current trends of industry data. Changes in estimates, differences in estimates and actual payments for claims are recognized in the period when the estimate changed or the payment was made. | |
Contingencies | Contingencies — The Company records an estimated loss from a loss contingency when information available prior to issuance of its financial statements indicates it is probable that an asset has been impaired or a liability has been incurred at the date of the financial statements and the amount of the loss can be reasonably estimated. Accounting for contingencies, such as legal settlements and workers’ compensation matters, requires the Company to use judgment. | |
Concentration of Credit Risk | Concentration of Credit Risk — Financial instruments that potentially subject the Company to credit risks consist primarily of cash and cash equivalents and trade receivables. The Company places its cash and cash equivalents with high-quality financial institutions. Concentration of credit risk with respect to accounts receivable for the Apex and Oxford segments is limited because of the large number of clients and their dispersion across different industries and geographies, thus spreading the trade credit risk. The Company performs ongoing credit evaluations to identify risks and maintains an allowance to address these risks. Accounts receivables from the ECS segment are primarily from the U.S. government and are considered to have low credit risk. | |
Earnings Per Share, Policy | Earnings per Share — |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Lease, Cost [Table Text Block] | Components of lease expense for the year ended December 31, 2020 and 2019 were as follows (in millions): 2020 2019 Operating lease expense $ 32.9 $ 32.1 Short-term lease expense 6.6 2.1 Variable lease expense 6.4 5.8 Total lease expense $ 45.9 $ 40.0 |
Lessee, Operating Lease, Disclosure | Supplemental information related to leases for December 31, 2020 and 2019 (in millions): 2020 2019 Weighted-average remaining lease term of operating leases 3.7 years 4.2 years Weighted-average discount rate of operating leases 3.91 % 4.26 % Cash paid for operating lease liabilities $ 34.0 $ 32.1 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Maturities of operating lease liabilities at December 31, 2020 (in millions): 2021 $ 32.4 2022 25.9 2023 20.1 2024 12.7 2025 5.4 Thereafter 2.7 Total future minimum lease payments 99.2 Less: imputed interest 6.9 Total operating lease liabilities $ 92.3 |
Acquisitions (Tables)
Acquisitions (Tables) | Apr. 02, 2018 | Dec. 31, 2020 |
Business Combinations [Abstract] | ||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | The following table summarizes the consideration paid and the fair value of assets acquired and liabilities assumed (in millions): Cash $ 12.4 Accounts receivable 97.2 Prepaid expenses and other current assets 8.6 Property and equipment 29.0 Identifiable intangible assets 195.0 Goodwill 528.2 Other non-current assets 1.2 Total assets acquired 871.6 Current liabilities 94.7 Long-term liabilities 4.3 Total liabilities assumed 99.0 Total purchase price $ 772.6 | |
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block] | The following table summarizes the acquired identifiable intangible assets of ECS (in millions): Useful life Amount Contractual customer relationships 12.75 $ 144.6 Contract Backlog 2.75 23.1 Non-compete agreements 4 to 7 years 10.3 Favorable contracts 5 years 0.5 Trademarks Indefinite 16.5 Total identifiable intangible assets acquired $ 195.0 | |
Business Acquisition, Pro Forma Information [Table Text Block] | The summary below (in millions, except for per share data) presents pro forma unaudited consolidated results of operations for the year ended December 31, 2018 as if the acquisition of ECS by the Company and the acquisition of a business by ECS in April 2017, both occurred on January 1, 2017. The pro forma unaudited consolidated results give effect to, among other things: (i) amortization of intangible assets, (ii) stock-based compensation expense and the related dilution for restricted stock units granted to ECS employees, (iii) interest expense on acquisition-related debt and (iv) the exclusion of nonrecurring expenses incurred by ECS prior to its acquisition by the Company for ECS’ acquisition-related activities and costs incurred in the sale of ECS to the Company. The pro forma unaudited consolidated results are not necessarily indicative of the operating results that would have occurred if the acquisition had been consummated as of the date indicated, nor are they necessarily indicative of future operating results. 2018 Revenues $ 3,548.9 Income from continuing operations $ 169.6 Net income $ 169.3 Earnings per share: Basic $ 3.24 Diluted $ 3.19 Number of shares and share equivalents used to calculate earnings per share: Basic 52.4 Diluted 53.2 |
Goodwill and Identifiable Ass_2
Goodwill and Identifiable Assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The following table summarizes the activity related to the carrying amount of goodwill by reportable segment for the years ended December 31, 2020 and 2019 (in millions): Apex Oxford ECS Total Balance as of December 31, 2018 $ 662.1 $ 230.8 $ 528.2 $ 1,421.1 2019 acquisitions (1) 41.4 — 24.7 66.1 Translation adjustment — (0.3) — (0.3) Balance as of December 31, 2019 703.5 230.5 552.9 1,486.9 2020 acquisitions (1) 40.3 — 89.2 129.5 Translation adjustment (0.1) 2.1 — 2.0 Balance as of December 31, 2020 $ 743.7 $ 232.6 $ 642.1 $ 1,618.4 |
Schedule of Acquired Intangible Assets | Acquired intangible assets consisted of the following (in millions): December 31, 2020 December 31, 2019 Estimated Useful Life (in years) Gross Carrying Amount (1) Accumulated Amortization Net Carrying Amount Gross Carrying Amount (1) Accumulated Amortization Net Carrying Amount Subject to amortization: Customer and contractual relationships 7.3 - 12.75 $ 441.3 $ 222.9 $ 218.4 $ 384.9 $ 179.9 $ 205.0 Contractor relationships 4 71.2 71.0 0.2 71.1 70.6 0.5 Contract Backlog 1 - 2.75 29.3 28.5 0.8 25.0 23.9 1.1 Non-compete agreements 4 - 7 27.8 18.2 9.6 24.8 13.8 11.0 569.6 340.6 229.0 505.8 288.2 217.6 Not subject to amortization: Trademarks 258.9 — 258.9 258.9 — 258.9 Total $ 828.5 $ 340.6 $ 487.9 $ 764.7 $ 288.2 $ 476.5 |
Schedule of Estimated Future Amortization Expense | Amortization expense for intangible assets with finite lives was $51.7 million in 2020, $51.1 million in 2019 and $58.5 million in 2018. Estimated amortization for each of the next five years and thereafter follows (in millions): 2021 $ 47.8 2022 39.1 2023 33.9 2024 26.6 2025 21.5 Thereafter 60.1 $ 229.0 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment | Net property and equipment at December 31, 2020 and 2019 consisted of the following (in millions): 2020 2019 Computer hardware and software $ 201.6 $ 180.2 Furniture, fixtures and equipment 28.0 26.8 Leasehold improvements 28.9 24.7 Work-in-progress 4.8 7.0 263.3 238.7 Less: accumulated depreciation (193.9) (165.0) $ 69.4 $ 73.7 |
Depreciation Expense | The following table summarizes the presentation of depreciation expense within the accompanying consolidated statements of operations for the years ended December 31, 2020, 2019 and 2018: 2020 2019 2018 Selling, general and administrative expenses $ 33.4 $ 29.8 $ 28.8 Costs of services 4.6 10.3 7.7 $ 38.0 $ 40.1 $ 36.5 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt | At December 31, 2020 and 2019, long-term debt consisted of the following (in millions): 2020 2019 Senior Secured Credit Facility: $250 million revolving credit facility, due 2024 $ — $ — Term B loan facility, due 2025 490.8 490.8 Unsecured Senior Notes, due 2028 550.0 550.0 1,040.8 1,040.8 Unamortized deferred loan costs (7.4) (8.5) Total long-term debt $ 1,033.4 $ 1,032.3 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Contractual Cash Obligation Payments | The following is a summary of these obligations as of December 31, 2020, which excludes lease liabilities and other current liabilities that are included in the accompanying consolidated balance sheets (in millions): 2021 $ 16.0 2022 14.3 2023 7.6 Total $ 37.9 |
Stock-based Compensation and _2
Stock-based Compensation and Other Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount | Total stock-based compensation expense for the years ended December 31, 2020, 2019 and 2018 was as follows: 2020 2019 2018 Stock-based compensation included in SG&A expenses $ 32.3 $ 39.3 $ 31.5 Excess tax benefits recognized from stock-based compensation $ 1.6 $ 1.1 $ 2.7 |
Share-based Payment Arrangement, Restricted Stock Unit, Activity [Table Text Block] | A summary of the status of the Company’s unvested RSUs as of December 31, 2020 and changes during the year then ended are presented below (number of units in millions, except fair value per unit): Service Conditions Performance/Market Total Weighted-Average Grant-Date Fair Value Per Unit Unvested RSUs outstanding at December 31, 2019 0.5 0.7 1.2 $ 63.21 Granted 0.2 0.3 0.5 $ 61.23 Vested (0.1) (0.4) (0.5) $ 59.51 Unvested RSUs outstanding at December 31, 2020 0.6 0.6 1.2 $ 63.66 Unvested and expected to vest RSUs outstanding at December 31, 2020 0.5 0.6 1.1 $ 63.51 |
Fair Value Measurement Inputs and Valuation Techniques | The fair value for the TSR Awards was $49.11 per share, which was determined on the grant date using a Monte Carlo simulation model based on the following assumptions: Expected term (years) 3.0 Dividend yield — Volatility factor 38.8 % Risk-free interest rate 0.3 % |
Schedule of Share-based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions | The fair values of the options granted under the ESPP were estimated using the Black-Scholes valuation model at the date of grant based on the following assumptions during the years ended December 31, 2020, 2019 and 2018: 2020 2019 2018 Expected term (years) 0.5 0.5 0.5 Dividend yield — — — Expected volatility 32.0 - 63.3% 25.0 - 38.5% 23.0 - 30.3% Weighted-average risk-free interest rate 0.1 - 1.8% 2.1 - 2.4% 1.2 - 1.9% Average Black-Scholes valuation per share $ 12.53 $ 17.11 $ 15.09 Shares issued (millions) 0.4 0.2 0.2 Stock-based compensation expense (millions) $ 4.0 $ 4.1 $ 2.7 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Taxes | The provision for income taxes consists of the following (in millions): Year Ended December 31, 2020 2019 2018 Current: Federal $ 47.7 $ 29.9 $ 20.6 State 16.5 8.6 10.6 Foreign 4.8 4.6 3.9 69.0 43.1 35.1 Deferred: Federal and State 1.8 19.9 11.5 Foreign (0.4) (1.0) (0.4) 1.4 18.9 11.1 $ 70.4 $ 62.0 $ 46.2 |
Income (Loss) before Income Tax Provision | Income from continuing operations before income taxes consists of the following (in millions): Year Ended December 31, 2020 2019 2018 United States $ 250.7 $ 218.7 $ 190.7 Foreign 20.0 18.1 13.5 $ 270.7 $ 236.8 $ 204.2 |
Schedule of Deferred Tax Assets and Liabilities | The components of deferred tax (liabilities) assets are as follows (in millions): December 31, 2020 2019 Intangibles $ (146.0) $ (112.7) Depreciation expense (14.3) (13.3) Operating lease right-of-use assets (22.1) (24.8) Operating lease liabilities 23.3 25.7 Allowance for doubtful accounts 1.4 1.8 Employee-related accruals 14.8 12.0 Stock-based compensation 8.4 9.2 Payroll tax deferral 22.5 — Net operating loss carryforwards–foreign 0.8 0.8 Other 3.0 3.4 Subtotal (108.2) (97.9) Valuation allowance (0.5) (0.8) $ (108.7) $ (98.7) |
Schedule of Effective Income Tax Rate Reconciliation | The reconciliation between the amount computed by applying the U.S. federal statutory tax rate of 21 percent in 2020, 2019 and 2018 to income before income taxes, for each respective year and the income tax provision is as follows (in millions): Year Ended December 31, 2020 2019 2018 Income tax provision at the statutory rate $ 56.8 $ 49.7 $ 42.9 State income taxes, net of federal benefit 13.3 11.5 9.4 Disallowed meals and entertainment expenses 0.8 1.7 1.6 Excess stock-based compensation benefit (1.3) (0.9) (2.2) Work opportunity tax credit (2.0) (2.5) (3.1) Impact of tax reform — — (3.0) Other 2.8 2.5 0.6 $ 70.4 $ 62.0 $ 46.2 |
Schedule of Unrecognized Tax Benefits Roll Forward |
Earnings per Share (Tables)
Earnings per Share (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following is a reconciliation of the number of shares and share equivalents used to calculate basic and diluted earnings per share (in millions, except per share amounts): Year Ended December 31, 2020 2019 2018 Net income $ 200.3 $ 174.7 $ 157.7 Weighted-average number of common shares outstanding - basic 52.7 52.8 52.3 Dilutive effect of share equivalents 0.6 0.6 0.8 Number of common shares and share equivalents outstanding - diluted 53.3 53.4 53.1 Basic earnings per share $ 3.80 $ 3.31 $ 3.02 Diluted earnings per share $ 3.76 $ 3.28 $ 2.98 Number of anti-dilutive share equivalents — — — |
Business Segments (Tables)
Business Segments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Revenue from External Customer [Line Items] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Year Ended December 31, 2020 2019 2018 Apex Revenues $ 2,421.2 $ 2,520.0 $ 2,300.3 Gross profit 710.8 746.0 687.9 Operating income 276.6 287.7 262.4 Amortization 22.9 20.3 26.2 Oxford Revenues $ 525.2 $ 605.7 $ 606.5 Gross profit 209.6 242.9 248.9 Operating income 43.9 48.4 54.1 Amortization 0.7 3.7 4.2 ECS Revenues $ 1,004.2 $ 798.2 $ 493.0 Gross profit 168.9 141.1 86.9 Operating income 58.0 42.2 15.5 Amortization 28.1 27.1 28.1 Consolidated Revenues $ 3,950.6 $ 3,923.9 $ 3,399.8 Gross profit 1,089.3 1,130.0 1,023.7 Operating income (1) 310.4 308.6 260.2 Amortization 51.7 51.1 58.5 ___________________ (1) Consolidated operating income includes corporate operating expenses that are not allocated to the segments, consisting of consolidated stock-based compensation expense; compensation for corporate employees; acquisition, integration and strategic planning expenses; public company expenses; and depreciation expense for corporate assets. |
Revenue from External Customers by Geographic Areas [Table Text Block] | The Company operates internationally, with operations in Europe, Canada and Mexico. Most of the Company's revenues are generated in the United States. Revenues from outside the United States accounted for less than 5.0 percent of consolidated revenues for 2020, 2019 and 2018. The following table presents revenues by geographic location (in millions): Year Ended December 31, 2020 2019 2018 Domestic $ 3,778.1 $ 3,749.2 $ 3,241.8 Foreign 172.5 174.7 158.0 $ 3,950.6 $ 3,923.9 $ 3,399.8 |
Long-lived Assets by Geographic Areas [Table Text Block] | The following table presents long-lived assets by geographic location (in millions): December 31, 2020 2019 Domestic $ 67.6 $ 71.4 Foreign 1.8 2.3 $ 69.4 $ 73.7 |
Disaggregation of Revenue [Table Text Block] | The following table presents disaggregated revenues by type (in millions): Year Ended December 31, 2020 2019 2018 Apex Assignment $ 2,040.3 $ 2,190.9 $ 2,050.1 Consulting 380.9 329.1 250.2 2,421.2 2,520.0 2,300.3 Oxford Assignment 468.6 549.4 558.1 Consulting 56.6 56.3 48.4 525.2 605.7 606.5 ECS Firm-fixed-price 272.0 214.0 133.1 Time and materials 322.6 267.8 143.4 Cost reimbursable 409.6 316.4 216.5 1,004.2 798.2 493.0 Consolidated $ 3,950.6 $ 3,923.9 $ 3,399.8 |
ECS | |
Revenue from External Customer [Line Items] | |
Revenue from External Customers by Products and Services [Table Text Block] | The following table presents the ECS segment revenues by customer type (in millions): Year Ended December 31, 2020 2019 2018 Department of Defense and Intelligence Agencies $ 558.5 $ 453.9 $ 311.0 Federal Civilian 370.6 293.6 150.9 Other 75.1 50.7 31.1 $ 1,004.2 $ 798.2 $ 493.0 |
General (Details)
General (Details) | Dec. 31, 2020USD ($) |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Deferred Payroll Taxes CARES Act | $ 85,700,000 |
Deferred Payroll Taxes CARES Act, Current Portion | $ 42,800,000 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies Lease Term (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Oct. 31, 2020 | Dec. 31, 2019 | |
Leases | |||
Accounts Receivable, Allowance for Credit Loss, Current | $ 4.7 | $ 5.1 | |
Contract with Customer, Liability | 18.4 | 8.4 | |
Goodwill | $ 1,618.4 | $ 1,486.9 | |
The Creative Circle | |||
Leases | |||
Goodwill | $ 358 | ||
The Creative Circle | Trademarks | |||
Leases | |||
Indefinite-lived Intangible Assets (Excluding Goodwill) | $ 66.1 | ||
Minimum [Member] | |||
Leases | |||
Lessee, Operating Lease, Term of Contract | 6 months | ||
Property, Plant and Equipment, Estimated Useful Lives | three | ||
Maximum [Member] | |||
Leases | |||
Lessee, Operating Lease, Term of Contract | 11 years | ||
Property, Plant and Equipment, Estimated Useful Lives | five years |
Leases Lease Cost (Details)
Leases Lease Cost (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Lease, Cost [Abstract] | ||
Operating Lease, Expense | $ 32.9 | $ 32.1 |
Short-term Lease, Expense | 6.6 | 2.1 |
Variable Lease, Expense | 6.4 | 5.8 |
Total Lease, Expense | $ 45.9 | $ 40 |
Leases Supplemental Information
Leases Supplemental Information (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | ||
Operating Lease, Weighted Average Remaining Lease Term | 3 years 8 months 12 days | 4 years 2 months 12 days |
Operating Lease, Weighted Average Discount Rate, Percent | 3.91% | 4.26% |
Operating lease liabilities | $ 34 | $ 32.1 |
Leases Operating Lease Liabilit
Leases Operating Lease Liability Payments Due (Details) $ in Millions | Dec. 31, 2020USD ($) |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | |
2021 | $ 32.4 |
2022 | 25.9 |
2023 | 20.1 |
2024 | 12.7 |
2025 | 5.4 |
Thereafter | 2.7 |
Future minimum lease payments | 99.2 |
Imputed interest | (6.9) |
Operating Lease, Liability | $ 92.3 |
Leases (Details)
Leases (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020USD ($)property | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Leases [Abstract] | |||
Number of Leased Properties Owned by Related Parties | property | 2 | ||
Costs and Expenses, Related Party | $ | $ 0.4 | $ 1.2 | $ 1.3 |
Acquisitions Acquisition Costs,
Acquisitions Acquisition Costs, by Acquisition (Details) - USD ($) $ in Millions | Apr. 02, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Business Acquisition [Line Items] | ||||
Payments to Acquire Businesses, Gross | $ 186 | $ 113 | ||
Goodwill | 1,618.4 | 1,486.9 | ||
Revenues | 3,950.6 | 3,923.9 | $ 3,399.8 | |
Apex | ||||
Business Acquisition [Line Items] | ||||
Revenues | 2,421.2 | 2,520 | 2,300.3 | |
ECS | ||||
Business Acquisition [Line Items] | ||||
Payments to Acquire Businesses, Gross | $ 775 | |||
Business Acquisition, Transaction Costs | 12 | |||
Goodwill | 528.2 | |||
Revenues | $ 1,004.2 | $ 798.2 | 493 | |
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | $ 14.2 | |||
Business Acquisition, Goodwill, Expected Tax Deductible Amount | 514.2 | |||
Identifiable intangible assets | $ 195 | |||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 11 years |
Acquisitions Schedule of Purcha
Acquisitions Schedule of Purchase Price Allocation (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2020 | Apr. 02, 2018 | |
Business Acquisition [Line Items] | |||
Goodwill | $ 1,486.9 | $ 1,618.4 | |
Business Combination, Contingent Consideration, Liability, Noncurrent | 5 | ||
Business Combination, Contingent Consideration, Liability, Noncurrent | 5 | ||
Maximum [Member] | |||
Business Acquisition [Line Items] | |||
Business Combination, Contingent Consideration, Liability, Noncurrent | 19 | ||
Business Combination, Contingent Consideration, Liability, Noncurrent | $ 19 | ||
ECS | |||
Business Acquisition [Line Items] | |||
Revenues | 3,548.9 | ||
Cash | $ 12.4 | ||
Accounts receivable | 97.2 | ||
Prepaid expenses and other current assets | 8.6 | ||
Property and equipment | 29 | ||
Identifiable intangible assets | 195 | ||
Goodwill | 528.2 | ||
Other non-current assets | 1.2 | ||
Total assets acquired | 871.6 | ||
Current liabilities | 94.7 | ||
Long-term liabilities | 4.3 | ||
Total liabilities assumed | 99 | ||
Total purchase price | $ 772.6 | ||
Income from continuing operations | 169.6 | ||
Net income | $ 169.3 | ||
Basic | $ 3.24 | ||
Diluted | $ 3.19 | ||
Basic Shares | 52.4 | ||
Diluted Shares | 53.2 |
Acquisitions Schedule of Intang
Acquisitions Schedule of Intangible Assets Acquired as Part of Business Combination (Details) - USD ($) $ in Millions | Apr. 02, 2018 | Dec. 31, 2020 |
Minimum [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 4 years | |
Minimum [Member] | Contractual customer relationships | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 7 years 3 months 18 days | |
Minimum [Member] | Backlog | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 1 year | |
Minimum [Member] | Non-compete agreements | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 4 years | |
Maximum [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 7 years | |
Maximum [Member] | Contractual customer relationships | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 12 years 9 months | |
Maximum [Member] | Backlog | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 2 years 9 months | |
Maximum [Member] | Non-compete agreements | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 7 years | |
ECS | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Identifiable intangible assets | $ 195 | |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 11 years | |
ECS | Trademarks | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 16.5 | |
ECS | Contractual customer relationships | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 144.6 | |
ECS | Backlog | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 23.1 | |
Finite-Lived Intangible Asset, Useful Life | 2 years 9 months | |
ECS | Non-compete agreements | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 10.3 | |
ECS | Favorable contracts | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 0.5 | |
Finite-Lived Intangible Asset, Useful Life | 5 years | |
ECS | Minimum [Member] | Contractual customer relationships | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 12 years 9 months |
Acquisitions Business Acquisiti
Acquisitions Business Acquisition, Pro Forma Revenue (Details) - ECS $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($)$ / sharesshares | |
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | |
Revenues | $ 3,548.9 |
Income from continuing operations | 169.6 |
Net income | $ 169.3 |
Basic | $ / shares | $ 3.24 |
Diluted | $ / shares | $ 3.19 |
Basic Shares | shares | 52.4 |
Diluted Shares | shares | 53.2 |
Goodwill and Identifiable Ass_3
Goodwill and Identifiable Assets Goodwill (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Apr. 02, 2018 | |
Goodwill [Line Items] | ||||
Amortization of intangible assets | $ 51.7 | $ 51.1 | $ 58.5 | |
Goodwill [Roll Forward] | ||||
Gross goodwill, period start | 1,486.9 | 1,421.1 | ||
Translation adjustment | 2 | (0.3) | ||
Gross goodwill, period end | 1,618.4 | 1,486.9 | 1,421.1 | |
Apex | ||||
Goodwill [Roll Forward] | ||||
Gross goodwill, period start | (703.5) | 662.1 | ||
Translation adjustment | (0.1) | |||
Gross goodwill, period end | (743.7) | (703.5) | 662.1 | |
Oxford | ||||
Goodwill [Roll Forward] | ||||
Gross goodwill, period start | (230.5) | 230.8 | ||
Translation adjustment | 2.1 | (0.3) | ||
Gross goodwill, period end | (232.6) | (230.5) | 230.8 | |
ECS | ||||
Goodwill [Roll Forward] | ||||
Gross goodwill, period start | 552.9 | 528.2 | ||
Gross goodwill, period end | 642.1 | 552.9 | $ 528.2 | |
Business Acquisition, Goodwill, Expected Tax Deductible Amount | $ 514.2 | |||
Business Acquisition, Goodwill, Expected Tax Deductible Amount | $ 514.2 | |||
2019 Acquisitions | ||||
Goodwill [Roll Forward] | ||||
Goodwill, Acquired During Period | 66.1 | |||
Business Acquisition, Goodwill, Expected Tax Deductible Amount | 63.3 | |||
Business Acquisition, Goodwill, Expected Tax Deductible Amount | 63.3 | |||
2019 Acquisitions | Apex | ||||
Goodwill [Roll Forward] | ||||
Goodwill, Acquired During Period | 41.4 | |||
2019 Acquisitions | ECS | ||||
Goodwill [Roll Forward] | ||||
Goodwill, Acquired During Period | $ 24.7 | |||
Other Acquisitions | ||||
Goodwill [Roll Forward] | ||||
Goodwill, Acquired During Period | 129.5 | |||
Business Acquisition, Goodwill, Expected Tax Deductible Amount | 77.1 | |||
Business Acquisition, Goodwill, Expected Tax Deductible Amount | 77.1 | |||
Other Acquisitions | Apex | ||||
Goodwill [Roll Forward] | ||||
Goodwill, Acquired During Period | 40.3 | |||
Other Acquisitions | ECS | ||||
Goodwill [Roll Forward] | ||||
Goodwill, Acquired During Period | $ 89.2 |
Goodwill and Identifiable Ass_4
Goodwill and Identifiable Assets Acquired Intangible Assets (Details) - USD ($) $ in Millions | Apr. 02, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Intangible Assets [Line Items] | ||||
Amortization of intangible assets | $ 51.7 | $ 51.1 | $ 58.5 | |
Identifiable intangible assets, net | 487.9 | 476.5 | ||
Intangible Assets, Gross (Excluding Goodwill) | 828.5 | 764.7 | ||
Intangible assets subject to amortization: | ||||
Gross Carrying Amount | 569.6 | 505.8 | ||
Accumulated Amortization | 340.6 | 288.2 | ||
Net Carrying Amount | 229 | 217.6 | ||
Intangible assets not subject to amortization: | ||||
Trademarks, Carrying Amount | 258.9 | 258.9 | ||
Minimum [Member] | ||||
Intangible assets not subject to amortization: | ||||
Finite-Lived Intangible Asset, Useful Life | 4 years | |||
Maximum [Member] | ||||
Intangible assets not subject to amortization: | ||||
Finite-Lived Intangible Asset, Useful Life | 7 years | |||
Other Acquisitions | ||||
Intangible assets subject to amortization: | ||||
Gross Carrying Amount | $ 62.9 | |||
Intangible assets not subject to amortization: | ||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 7 years 6 months | |||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 7 years 6 months | |||
2019 Acquisitions | ||||
Intangible assets subject to amortization: | ||||
Gross Carrying Amount | $ 42.8 | |||
Intangible assets not subject to amortization: | ||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 10 years 6 months | |||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 10 years 6 months | |||
Contractual customer relationships | ||||
Intangible assets subject to amortization: | ||||
Gross Carrying Amount | $ 441.3 | $ 384.9 | ||
Accumulated Amortization | 222.9 | 179.9 | ||
Net Carrying Amount | $ 218.4 | 205 | ||
Contractual customer relationships | Minimum [Member] | ||||
Intangible assets not subject to amortization: | ||||
Finite-Lived Intangible Asset, Useful Life | 7 years 3 months 18 days | |||
Contractual customer relationships | Maximum [Member] | ||||
Intangible assets not subject to amortization: | ||||
Finite-Lived Intangible Asset, Useful Life | 12 years 9 months | |||
Contractor relations | ||||
Intangible assets subject to amortization: | ||||
Gross Carrying Amount | $ 71.2 | 71.1 | ||
Accumulated Amortization | 71 | 70.6 | ||
Net Carrying Amount | 0.2 | 0.5 | ||
Backlog | ||||
Intangible assets subject to amortization: | ||||
Gross Carrying Amount | 29.3 | 25 | ||
Accumulated Amortization | 28.5 | 23.9 | ||
Net Carrying Amount | $ 0.8 | 1.1 | ||
Backlog | Minimum [Member] | ||||
Intangible assets not subject to amortization: | ||||
Finite-Lived Intangible Asset, Useful Life | 1 year | |||
Backlog | Maximum [Member] | ||||
Intangible assets not subject to amortization: | ||||
Finite-Lived Intangible Asset, Useful Life | 2 years 9 months | |||
Non-compete agreements | ||||
Intangible assets subject to amortization: | ||||
Gross Carrying Amount | $ 27.8 | 24.8 | ||
Accumulated Amortization | 18.2 | 13.8 | ||
Net Carrying Amount | $ 9.6 | $ 11 | ||
Non-compete agreements | Minimum [Member] | ||||
Intangible assets not subject to amortization: | ||||
Finite-Lived Intangible Asset, Useful Life | 4 years | |||
Non-compete agreements | Maximum [Member] | ||||
Intangible assets not subject to amortization: | ||||
Finite-Lived Intangible Asset, Useful Life | 7 years |
Goodwill and Identifiable Ass_5
Goodwill and Identifiable Assets Future Amortization Expense (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||
2020 | $ 47.8 | |
2021 | 39.1 | |
2022 | 33.9 | |
2023 | 26.6 | |
2024 | 21.5 | |
Thereafter | 60.1 | |
Net Carrying Amount | $ 229 | $ 217.6 |
Property and Equipment (Details
Property and Equipment (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Property, Plant and Equipment [Line Items] | |||
Property and equipment | $ 263.3 | $ 238.7 | |
Less: accumulated depreciation | 193.9 | 165 | |
Total | 69.4 | 73.7 | |
Depreciation | 38 | 40.1 | $ 36.5 |
Cost of Sales [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Depreciation | 4.6 | 10.3 | 7.7 |
Selling, General and Administrative Expenses | |||
Property, Plant and Equipment [Line Items] | |||
Depreciation | 33.4 | 29.8 | $ 28.8 |
Computer hardware and software [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment | 201.6 | 180.2 | |
Furniture, fixtures and equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment | 28 | 26.8 | |
Leasehold improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment | 28.9 | 24.7 | |
Work-in-progress [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment | $ 4.8 | $ 7 |
Property and Equipment (Narrati
Property and Equipment (Narratives) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Property, Plant and Equipment [Line Items] | |||
Net book value | $ 69.4 | $ 73.7 | |
Depreciation | 38 | 40.1 | $ 36.5 |
Cost of Sales [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Depreciation | 4.6 | 10.3 | $ 7.7 |
Software Development | |||
Property, Plant and Equipment [Line Items] | |||
Net book value | 34.2 | 34.8 | |
Software Development Work-in-Progress | |||
Property, Plant and Equipment [Line Items] | |||
Net book value | $ 4.8 | $ 6.4 |
Long-Term Debt (Details)
Long-Term Debt (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Nov. 22, 2019 | |
Debt Instrument [Line Items] | ||||
Write-off of loan costs | $ 0 | $ 18.9 | $ 0 | |
Leverage Ratio | 1,140,000 | |||
Letters of Credit Outstanding, Amount | $ 4 | 3.9 | ||
Senior Notes | 550 | 550 | $ 550 | |
Long-term Debt, Gross | 1,040.8 | 1,040.8 | ||
Unamortized Debt Issuance Expense | (7.4) | (8.5) | ||
Long-term Debt | 1,033.4 | 1,032.3 | ||
Letters of Credit Outstanding, Amount | 4 | 3.9 | ||
Debt Issuance Costs, Gross | 9.1 | |||
Write-off of loan costs | $ 0 | 18.9 | $ 0 | |
Debt Issuance Costs, Line of Credit Arrangements, Gross | 0.5 | |||
Leverage Ratio | 1,140,000 | |||
$490.8 Million Term B Loan Facility, due April 2025 [Domain] | ||||
Debt Instrument [Line Items] | ||||
Secured Debt | $ 490.8 | 490.8 | ||
Secured Debt | $ 490.8 | $ 490.8 | ||
$490.8 Million Term B Loan Facility, due April 2025 [Domain] | bank base rate [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 0.75% | |||
Basis spread on variable rate borrowings | 0.75% | |||
$250 Million Revolving Credit Facility, Due November 2024 [Member] | ||||
Debt Instrument [Line Items] | ||||
Secured Debt | 250 | |||
Secured Debt | $ 250 | |||
Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 4.625% | |||
Debt Instrument, Interest Rate, Stated Percentage | 4.625% | |||
Debt Issuance Costs, Senior Notes, Gross | $ 8.6 | |||
LIBOR [Member] | $490.8 Million Term B Loan Facility, due April 2025 [Domain] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | |||
Basis spread on variable rate borrowings | 1.75% | |||
Minimum [Member] | $250 Million Revolving Credit Facility, Due November 2024 [Member] | LIBOR [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | |||
Basis spread on variable rate borrowings | 1.25% | |||
Minimum [Member] | $250 Million Revolving Credit Facility, Due November 2024 [Member] | bank base rate [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 0.25% | |||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.20% | |||
Basis spread on variable rate borrowings | 0.25% | |||
Revolving credit facility, unused portion, commitment fee percentage | 0.20% | |||
Maximum [Member] | $490.8 Million Term B Loan Facility, due April 2025 [Domain] | ||||
Debt Instrument [Line Items] | ||||
Line of Credit Facility, Interest Rate During Period | 1.90% | |||
Line of Credit Facility, Interest Rate During Period | 1.90% | |||
Maximum [Member] | $250 Million Revolving Credit Facility, Due November 2024 [Member] | LIBOR [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 2.25% | |||
Basis spread on variable rate borrowings | 2.25% | |||
Maximum [Member] | $250 Million Revolving Credit Facility, Due November 2024 [Member] | bank base rate [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | |||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.35% | |||
Basis spread on variable rate borrowings | 1.25% | |||
Revolving credit facility, unused portion, commitment fee percentage | 0.35% |
Long-Term Debt - Unsecured Seni
Long-Term Debt - Unsecured Senior Notes (Details) $ in Millions | Nov. 22, 2019USD ($) |
Debt Instrument [Line Items] | |
Debt Issuance Costs, Gross | $ 9.1 |
Debt Issuance Costs, Line of Credit Arrangements, Gross | 0.5 |
Senior Notes | |
Debt Instrument [Line Items] | |
Debt Issuance Costs, Senior Notes, Gross | $ 8.6 |
Commitments and Contingencies_2
Commitments and Contingencies (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Commitments and Contingencies Disclosure [Abstract] | ||
Self Insurance Reserve | $ 2.3 | $ 2.4 |
Workers' compensation receivable | 10.9 | 13.8 |
Letters of Credit Outstanding, Amount | 4 | $ 3.9 |
Business Combination, Contingent Consideration, Liability, Noncurrent | $ 5 |
Commitments and Contingencies C
Commitments and Contingencies Contractual Obligations (Details) $ in Millions | Dec. 31, 2020USD ($) |
Purchase Obligations | |
2021 | $ 16 |
2022 | 14.3 |
2023 | 7.6 |
Total | $ 37.9 |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | May 31, 2019 | |
Equity [Abstract] | ||||
Share-based compensation | $ 32.3 | $ 39.3 | $ 31.5 | |
Stock Repurchase Program, Authorized Amount | $ 250 |
Stock-based Compensation and _3
Stock-based Compensation and Other Employee Benefit Plans RSU and RSAs (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 1.2 | 1.2 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 0.5 | ||
Vested (in shares) | (0.5) | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested and Expected to Vest | 1.1 | ||
Deferred Compensation Liability, Current and Noncurrent | $ 14.4 | $ 11.8 | |
Employee Stock Purchase Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% | 0.00% | 0.00% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 6 months | 6 months | 6 months |
asgn_TSRmember | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% | ||
Fair Value Assumptions, Weighted Average Volatility Rate (Deprecated 2018-01-31) | 38.80% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 0.30% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 49.11 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 3 years | ||
Award with service conditions [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 0.6 | 0.5 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 0.2 | ||
Vested (in shares) | (0.1) | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested and Expected to Vest | 0.5 | ||
Awards with performance and service conditions [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 0.6 | 0.7 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 0.3 | ||
Vested (in shares) | (0.4) | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested and Expected to Vest | 0.6 | ||
Restricted Stock Units and Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 61.23 | $ 62.26 | $ 74.61 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 63.66 | $ 63.21 | |
Shares surrendered by the employees to the Company for payment of minimum tax withholding obligations | 0.2 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $ 59.51 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Unvested and Expected to Vest, Weighted Average Grant Date Fair Value | $ 63.51 | ||
Unrecognized compensation expense | $ 37.9 | ||
Total intrinsic value of options exercised | 34.4 | $ 38.7 | $ 16.4 |
Unrecognized compensation expense | 37.9 | ||
Total intrinsic value of options exercised | $ 34.4 | $ 38.7 | $ 16.4 |
Shares surrendered by the employees to the Company for payment of minimum tax withholding obligations | 0.2 |
Stock-based Compensation and _4
Stock-based Compensation and Other Employee Benefit Plans Employee Stock Purchase Plan (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 0.1 | ||
Employee Stock Purchase Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Discount from Market Price, Purchase Date | 15.00% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 1.3 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 12.53 | $ 17.11 | $ 15.09 |
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 0.4 | 0.2 | 0.2 |
Share-based Payment Arrangement, Expense | $ 4 | $ 4.1 | $ 2.7 |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 6 months | 6 months | 6 months |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% | 0.00% | 0.00% |
Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 32.00% | 25.00% | 23.00% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 0.10% | 2.10% | 1.20% |
Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 63.30% | 38.50% | 30.30% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.80% | 2.40% | 1.90% |
Stock-based Compensation and _5
Stock-based Compensation and Other Employee Benefit Plans Employee Benefit Plans (Details) - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Defined Benefit Plans and Other Postretirement Benefit Plans [Abstract] | |||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 16.4 | $ 16.2 | $ 13 |
Deferred Compensation Liability, Current and Noncurrent | 14.4 | 11.8 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation | 32.3 | 39.3 | 31.5 |
Share-based Payment Arrangement, Expense, Tax Benefit | $ 1.6 | $ 1.1 | $ 2.7 |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 0.1 | ||
Restricted Stock Units and Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 2.6 |
Income Taxes (Narratives) (Deta
Income Taxes (Narratives) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Retained earnings | $ 926.3 | $ 744.7 | |
U.S. federal statutory tax rate | 21.00% | 21.00% | 21.00% |
Deferred Tax Assets, Operating Loss Carryforwards, Foreign | $ 1.7 | ||
Deferred Tax Assets, Operating Loss Carryforwards, Domestic | 0 | ||
Gross deferred tax assets | 80.5 | $ 58.3 | |
Gross deferred tax liabilities | 188.7 | 156.2 | |
Deferred Tax Assets, Valuation Allowance | 0.5 | 0.8 | |
Unrecognized Tax Benefits | 1.3 | $ 1.3 | $ 0.4 |
Foreign [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Retained earnings | $ 29.5 |
Income Taxes (Income Tax Compon
Income Taxes (Income Tax Components) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Current: | |||
Federal | $ 47.7 | $ 29.9 | $ 20.6 |
State | 16.5 | 8.6 | 10.6 |
Foreign | 4.8 | 4.6 | 3.9 |
Total Current | 69 | 43.1 | 35.1 |
Deferred: | |||
Federal & State | 1.8 | 19.9 | 11.5 |
Foreign | (0.4) | (1) | (0.4) |
Total Deferred | 1.4 | 18.9 | 11.1 |
Total | $ 70.4 | $ 62 | $ 46.2 |
Income Taxes (Income Before Tax
Income Taxes (Income Before Tax) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
United States | $ 250.7 | $ 218.7 | $ 190.7 |
Foreign | 20 | 18.1 | 13.5 |
Income before income taxes | $ 270.7 | $ 236.8 | $ 204.2 |
Income Taxes (Deferred Tax Asse
Income Taxes (Deferred Tax Assets And Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Income Tax Disclosure [Abstract] | ||
Depreciation expense | $ (14.3) | $ (13.3) |
Deferred Tax Assets Leasing liabilities | 23.3 | 25.7 |
Deferred Tax Liability Leasing Asset | (22.1) | (24.8) |
Allowance for doubtful accounts | 1.4 | 1.8 |
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Employee Compensation | 14.8 | 12 |
Stock-based compensation | 8.4 | 9.2 |
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Other | 22.5 | 0 |
Other | 3 | 3.4 |
Net operating loss carryforwards - foreign | 0.8 | 0.8 |
Valuation allowance | (0.5) | (0.8) |
Deferred Tax Liabilities, net of deferred tax assets and valuation allowance | 108.7 | 98.7 |
Total deferred income tax assets (liabilities) | (108.2) | (97.9) |
Deferred Tax Liabilities, Goodwill and Intangible Assets | $ 146 | $ 112.7 |
Income Taxes (Tax Rate Reconcil
Income Taxes (Tax Rate Reconciliation) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
Income tax provision at the statutory rate | $ 56.8 | $ 49.7 | $ 42.9 |
State income taxes, net of federal benefit | 13.3 | 11.5 | 9.4 |
Permanent difference – non deductible items | 0.8 | 1.7 | 1.6 |
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Share-based Payment Arrangement, Amount | (1.3) | (0.9) | (2.2) |
Work opportunity tax credit | (2) | (2.5) | (3.1) |
Tax Adjustments, Settlements, and Unusual Provisions | 0 | 0 | (3) |
Other | 2.8 | 2.5 | 0.6 |
Total | $ 70.4 | $ 62 | $ 46.2 |
U.S. federal statutory tax rate | 21.00% | 21.00% | 21.00% |
Earnings per Share (Details)
Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Weighted Average Number of Shares Outstanding Reconciliation | |||
Net Income | $ 200.3 | $ 174.7 | $ 157.7 |
Weighted-average number of common shares outstanding - basic | 52.7 | 52.8 | 52.3 |
Dilutive effect of share equivalents | 0.6 | 0.6 | 0.8 |
Weighted Average Number of Shares Outstanding, Diluted, Total | 53.3 | 53.4 | 53.1 |
Basic earnings per share | $ 3.80 | $ 3.31 | $ 3.02 |
Diluted earnings per share | $ 3.76 | $ 3.28 | $ 2.98 |
Number of anti-dilutive share equivalents | 0 | 0 |
Business Segments Segment Repor
Business Segments Segment Reporting Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Segment Reporting Information [Line Items] | |||
Revenues | $ 3,950.6 | $ 3,923.9 | $ 3,399.8 |
Gross profit | 1,089.3 | 1,130 | 1,023.7 |
Operating Income (Loss) | 310.4 | 308.6 | 260.2 |
Amortization of intangible assets | 51.7 | 51.1 | 58.5 |
Apex | |||
Segment Reporting Information [Line Items] | |||
Revenues | 2,421.2 | 2,520 | 2,300.3 |
Gross profit | 710.8 | 746 | 687.9 |
Operating Income (Loss) | 276.6 | 287.7 | 262.4 |
Amortization | 22.9 | 20.3 | 26.2 |
Oxford | |||
Segment Reporting Information [Line Items] | |||
Revenues | 525.2 | 605.7 | 606.5 |
Gross profit | 209.6 | 242.9 | 248.9 |
Operating Income (Loss) | 43.9 | 48.4 | 54.1 |
Amortization | 0.7 | 3.7 | 4.2 |
ECS | |||
Segment Reporting Information [Line Items] | |||
Revenues | 1,004.2 | 798.2 | 493 |
Gross profit | 168.9 | 141.1 | 86.9 |
Operating Income (Loss) | 58 | 42.2 | 15.5 |
Amortization | $ 28.1 | $ 27.1 | $ 28.1 |
Business Segments Disaggregated
Business Segments Disaggregated Revenue (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenue from External Customer [Line Items] | |||
Revenues | $ 3,950.6 | $ 3,923.9 | $ 3,399.8 |
Apex | |||
Revenue from External Customer [Line Items] | |||
Revenues | 2,421.2 | 2,520 | 2,300.3 |
Apex | Assignment | |||
Revenue from External Customer [Line Items] | |||
Revenues | 2,040.3 | 2,190.9 | 2,050.1 |
Apex | Consulting | |||
Revenue from External Customer [Line Items] | |||
Revenues | 380.9 | 329.1 | 250.2 |
Oxford | |||
Revenue from External Customer [Line Items] | |||
Revenues | 525.2 | 605.7 | 606.5 |
Oxford | Assignment | |||
Revenue from External Customer [Line Items] | |||
Revenues | 468.6 | 549.4 | 558.1 |
Oxford | Consulting | |||
Revenue from External Customer [Line Items] | |||
Revenues | 56.6 | 56.3 | 48.4 |
ECS | |||
Revenue from External Customer [Line Items] | |||
Revenues | 1,004.2 | 798.2 | 493 |
ECS | Firm-fixed-price | |||
Revenue from External Customer [Line Items] | |||
Revenues | 272 | 214 | 133.1 |
ECS | Time and materials | |||
Revenue from External Customer [Line Items] | |||
Revenues | 322.6 | 267.8 | 143.4 |
ECS | Cost reimbursable | |||
Revenue from External Customer [Line Items] | |||
Revenues | $ 409.6 | $ 316.4 | $ 216.5 |
Business Segments ECS Segment R
Business Segments ECS Segment Revenues by Customer Type (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenue from External Customer [Line Items] | |||
Revenues | $ 3,950.6 | $ 3,923.9 | $ 3,399.8 |
ECS | |||
Revenue from External Customer [Line Items] | |||
Revenues | 1,004.2 | 798.2 | 493 |
ECS | Department of Defense and Intelligence Agencies | |||
Revenue from External Customer [Line Items] | |||
Revenues | 558.5 | 453.9 | 311 |
ECS | Federal Civilian | |||
Revenue from External Customer [Line Items] | |||
Revenues | 370.6 | 293.6 | 150.9 |
ECS | Other | |||
Revenue from External Customer [Line Items] | |||
Revenues | $ 75.1 | $ 50.7 | $ 31.1 |
Business Segments Total Assets
Business Segments Total Assets by Segment (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | $ 3,278 | $ 2,941.4 |
Business Segments Long-lived as
Business Segments Long-lived assets by Segment (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Revenues | $ 3,950.6 | $ 3,923.9 | $ 3,399.8 |
Property and equipment, net | 69.4 | 73.7 | |
Domestic [Member] | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Revenues | 3,778.1 | 3,749.2 | 3,241.8 |
Property and equipment, net | 67.6 | 71.4 | |
Foreign [Member] | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Revenues | 172.5 | 174.7 | $ 158 |
Property and equipment, net | $ 1.8 | $ 2.3 |
Fair Value Measurements Fair Va
Fair Value Measurements Fair Value Inputs, Liabilities, Quantitative Information (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Fair Value Disclosures [Abstract] | ||
Long-term Debt, Fair Value | $ 1,100 | |
Unamortized Debt Issuance Expense | (7.4) | $ (8.5) |
Business Combination, Contingent Consideration, Liability, Noncurrent | 5 | |
Long-term Debt, Gross | 1,040.8 | 1,040.8 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value Disclosures [Abstract] | ||
Deferred Compensation Plan Assets | 14.4 | 11.8 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Deferred Compensation Plan Assets | $ 14.4 | $ 11.8 |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Allowance for Doubtful Accounts and Bilinig Adjustments | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of year | $ 5.1 | $ 4.8 | $ 8.5 |
Provisions | 1 | 3.7 | 3.3 |
Deductions | (1.4) | (3.4) | (7) |
Balance at end of year | 4.7 | 5.1 | 4.8 |
Allowance for Workers' Compensation and Medical Malpractice Loss Reserves | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of year | 16.2 | 17.4 | 14.8 |
Provisions | 2.9 | 3.3 | 3.6 |
Deductions | (5.8) | (4.5) | (1) |
Balance at end of year | $ 13.3 | $ 16.2 | $ 17.4 |